3 of 4 townhomes appear to have been taken off the market without selling. The fourth (unit #6) has dropped their price to $25,000 less than they paid in 2005. Full update in the forums here.

I need a shower….

oh no a developer made a mistake by trying to sell a conversion in Kenmore…thats signs of a huge downturn. There are idiot projects like this all over the place, not really news. The people who bought in to conversions are suckers and better have very long term plans.

What are you talking about? Conversions? Did you even read the post?

It’s the long flat spot between Lake Forest Park and Bothell as you travel east on Lake City Way. It’s just 12 miles from Bellevue Square Mall! Next time you’re at Bell Square, pop on over!

BTW where is Kenmore? I have lived here 4 years never been to the place… isnt this Seattle bubble lol.

At least they are not burying statues of Saint Joseph in the back yard, or are they?

A couple of “gems” (not the kind of “gems” Ray likes to talk about) quoted from the article. Other than the typical “we are different here” mantra, I didn’t know local realtors were getting so transcendent about their work.

Real estate market still strong here

….”We (realtors) say don’t pay attention to the national media. Pay attention to the local market,” she said. “Seattle is insulated. Interest rates are excellent and businesses are coming in.”…

….”Have you ever gone into a house and felt subconsciously that something was not right here? Feng shui makes the home more inviting with a positive flow of energy which moves in proper directions with color and placement.”…..
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The harder truth is that not even the lower priced units are selling. That makes the higher priced look even more ridiculous!

I used to think the recorded-sale would drop faster (because of stubborn selers like the guys selling these units).

Yet, when I look around my neighborhood in johnlscott, the “red” (sold) houses seem to have prices generally higher than the ones for sale.

Probably the mix of sales (only high end is selling).

Tim, those town homes will need to collapse in price as interest rates need to soar soon. Apparently, we have no choice.

Here’s an interesting blog from Dr. Roubini’s website:

“…Pimco’s Gross to ‘President’ Obama: Double the Budget Deficit

Bond king Bill Gross called on presidential nominee Barack Obama to double the federal budget deficit to $1 trillion by fiscal 2011 if he became president.

“The economy will need an additional jolt of $500 billion or so of government spending real quick,” said Gross in a letter to “President” Obama posted on Pimco’s Web site. “It must replace both reduced residential investment and consumption whose decline has placed the U.S. economy near, if not in a recession.”

Gross noted that this year’s budget deficit should be about $500 billion. By doubling that to $1 trillion in three years, that would put the deficit at about 6% of gross domestic product, “a mere pittance by Japanese standards.” He said its deficit exceeded 10% at its peak a decade ago.

In taking shots at President Bush and the “mess” Obama would inherit as chief executive, Gross – a registered Republican – said, “Although your campaign slogan says, ‘Yes we can,’ I have my doubts.” While saying increased income taxes under an Obama administration would end “an eight-year lease extension on the ‘high life,’” he called on the presumptive Democratic presidential nominee to drop pretenses of Obama’s plans not adding to the budget deficit.

“While the Republicans will blame you for years and label you ‘Trillion Dollar Obama’ in future campaigns, there is in fact not much that you or any other President can do,” said Gross. “You’ve inherited an asset-based economy whose well has been pumped nearly dry with lower and lower interest rates and lender of last resort liquidity provisions that have managed to support Ponzi-style prosperity in recent years.”

As a result, “What you need now is fiscal spending and lots of it. No ordinary Starbucks will do, Mr. President, you need to step up for a six-pack of Red Bull.”

Gross noted that the spending will help push inflation higher still early next decade, with Treasury yields likely to continue rising into a potential second Obama term. “Your term will not go down in history as investor friendly,” he said. – Kevin Kingsbury and Shara Tibken…”

http://www.rgemonitor.com/blog/roubini/252887/

http://www.ballardnewstribune.com/articles/2008/06/30/news/local_news/news01.txt

INVENTORY OF BALLARD LISTINGS DOUBLE, BUT PRICES DROP JUST SLIGHTLY. Although prices of single-family homes have dropped about 8 percent in a year in Ballard, experts feel the local market is still strong.

I wouldn’t buy a house there for 340k much less something with no walls and a shared yard. Good luck to the sellers though.