Comments on: Puget Sound Counties August NWMLS Update http://seattlebubble.com/blog/2008/09/23/puget-sound-counties-august-nwmls-update/ News & discussion about real estate & the housing bubble in the Seattle area. Sat, 21 Nov 2009 10:02:55 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: Rodney http://seattlebubble.com/blog/2008/09/23/puget-sound-counties-august-nwmls-update/#comment-57424 Rodney Fri, 26 Sep 2008 13:26:59 +0000 http://seattlebubble.com/blog/?p=2780#comment-57424 To respond to John: my Microsoft team (20 people on it) just hired two full time guys that are placed in the new Vancouver BC MS campus. Two full time jobs that couldn't be located here because of visas. Tons more of the *new* positions will end up there, because VA BC has few restrictions on foreign employees. Bottom line: WaMu will lose thousands of 70k jobs locally. Boeing will stop hiring and eventually start laying off as they always do as demand slows down. New MS positions that pay 70k plus will increasingly head north of the border. The recession is just starting. Part of the reason prices skyrocketed in our area was that literally anyone could get a loan. Now the buyers have been reduced to only those with good credit and good jobs. The inflation that this market incurred because of all those under-qualified buyers will now be corrected. The baliouts are only delaying the effects. Look for another 15 - 20% drop (which is still less than many places in the country) before prices start heading up again.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('57424','Rodney',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('57424','Rodney','To respond to John: my Microsoft team (20 people on it) just hired two full time guys that are placed in the new Vancouver BC MS campus. Two full time jobs that couldn\'t be located here because of visas. Tons more of the *new* positions will end up there, because VA BC has few restrictions on foreign employees. \r\n\r\nBottom line: WaMu will lose thousands of 70k jobs locally. Boeing will stop hiring and eventually start laying off as they always do as demand slows down. New MS positions that pay 70k plus will increasingly head north of the border. The recession is just starting. \r\n\r\nPart of the reason prices skyrocketed in our area was that literally anyone could get a loan. Now the buyers have been reduced to only those with good credit and good jobs. The inflation that this market incurred because of all those under-qualified buyers will now be corrected. The baliouts are only delaying the effects. Look for another 15 - 20% drop (which is still less than many places in the country) before prices start heading up again.',''); return false;">Quote</a></div> To respond to John: my Microsoft team (20 people on it) just hired two full time guys that are placed in the new Vancouver BC MS campus. Two full time jobs that couldn’t be located here because of visas. Tons more of the *new* positions will end up there, because VA BC has few restrictions on foreign employees.

Bottom line: WaMu will lose thousands of 70k jobs locally. Boeing will stop hiring and eventually start laying off as they always do as demand slows down. New MS positions that pay 70k plus will increasingly head north of the border. The recession is just starting.

Part of the reason prices skyrocketed in our area was that literally anyone could get a loan. Now the buyers have been reduced to only those with good credit and good jobs. The inflation that this market incurred because of all those under-qualified buyers will now be corrected. The baliouts are only delaying the effects. Look for another 15 – 20% drop (which is still less than many places in the country) before prices start heading up again.

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]]> By: MarkM http://seattlebubble.com/blog/2008/09/23/puget-sound-counties-august-nwmls-update/#comment-57278 MarkM Thu, 25 Sep 2008 14:53:41 +0000 http://seattlebubble.com/blog/?p=2780#comment-57278 145 days on average to sell in Seattle if this article is correct: http://seattlepi.nwsource.com/business/380463_homesales25.html<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('57278','MarkM',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('57278','MarkM','145 days on average to sell in Seattle if this article is correct:\n\nhttp:\/\/seattlepi.nwsource.com\/business\/380463_homesales25.html',''); return false;">Quote</a></div> 145 days on average to sell in Seattle if this article is correct:

http://seattlepi.nwsource.com/business/380463_homesales25.html

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]]> By: attybrian http://seattlebubble.com/blog/2008/09/23/puget-sound-counties-august-nwmls-update/#comment-57221 attybrian Wed, 24 Sep 2008 15:42:21 +0000 http://seattlebubble.com/blog/?p=2780#comment-57221 Sorry to be crass, but what in the hell are sellers and seller's agents thinking? I'm up here in Snohomish County, waiting to buy a house. I am living with friends, so have no real hurry; I make good money, but lately all the new houses I've seen on the market that are acceptable are priced anywhere from 160 to 180 bucks a foot. WTF? These houses are just gonna sit, aren't they?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('57221','attybrian',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('57221','attybrian','Sorry to be crass, but what in the hell are sellers and seller\'s agents thinking? I\'m up here in Snohomish County, waiting to buy a house. I am living with friends, so have no real hurry; I make good money, but lately all the new houses I\'ve seen on the market that are acceptable are priced anywhere from 160 to 180 bucks a foot. WTF?\r\nThese houses are just gonna sit, aren\'t they?',''); return false;">Quote</a></div> Sorry to be crass, but what in the hell are sellers and seller’s agents thinking? I’m up here in Snohomish County, waiting to buy a house. I am living with friends, so have no real hurry; I make good money, but lately all the new houses I’ve seen on the market that are acceptable are priced anywhere from 160 to 180 bucks a foot. WTF?
These houses are just gonna sit, aren’t they?
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]]> By: Red http://seattlebubble.com/blog/2008/09/23/puget-sound-counties-august-nwmls-update/#comment-57220 Red Wed, 24 Sep 2008 14:23:00 +0000 http://seattlebubble.com/blog/?p=2780#comment-57220 What would be the bottom price per SqFt for Redmond(in King county), once we hit the real bottom in realestate. I strongly belive still the current prices are still too much in Redmond? Any comments?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('57220','Red',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('57220','Red','What would be the bottom price per SqFt for Redmond(in King county), once we hit the real bottom in realestate.\r\n\r\nI strongly belive still the current prices are still too much in Redmond? Any comments?',''); return false;">Quote</a></div> What would be the bottom price per SqFt for Redmond(in King county), once we hit the real bottom in realestate.

I strongly belive still the current prices are still too much in Redmond? Any comments?

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]]> By: Buceri http://seattlebubble.com/blog/2008/09/23/puget-sound-counties-august-nwmls-update/#comment-57216 Buceri Wed, 24 Sep 2008 11:51:29 +0000 http://seattlebubble.com/blog/?p=2780#comment-57216 The events of the last few months are making me reconsider my estimated bottom of $150/sq.ft. We might be looking at $125 or below. Of course, this would be for King/Snoho.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('57216','Buceri',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('57216','Buceri','The events of the last few months are making me reconsider my estimated bottom of $150\/sq.ft.\r\n\r\nWe might be looking at $125 or below. Of course, this would be for King\/Snoho.',''); return false;">Quote</a></div> The events of the last few months are making me reconsider my estimated bottom of $150/sq.ft.

We might be looking at $125 or below. Of course, this would be for King/Snoho.

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]]> By: richie http://seattlebubble.com/blog/2008/09/23/puget-sound-counties-august-nwmls-update/#comment-57215 richie Wed, 24 Sep 2008 07:38:58 +0000 http://seattlebubble.com/blog/?p=2780#comment-57215 NWMLS statistics does not include houses that were taken out of the market for calculating MOS. My experience is that for every house sold, five were removed from the market. Many of them became rental properties. Sometimes they may resurface as new listings. Here are some examples: http://www.redfin.com/WA/Seattle/2421-N-75-98103/home/306905 (on the market for more than nine months then disappeared but is showing as a new listing at $20k discount.) http://www.redfin.com/WA/Seattle/3022-NE-87th-98115/home/316457 (On the market for more than nine months then disappeared but is showing as a new listing at $50k discount) http://www.redfin.com/WA/Seattle/8514-Inverness-Dr-NE-98115/home/321062 (On the market for more than a year rather than 96 days on redfin) http://www.redfin.com/WA/Seattle/2107-N-63rd-St-98103/home/304596 (On the market for more than a year, owner dropped $210,000, disappeared for a month and just resurfaced again.) http://www.redfin.com/WA/Seattle/6019-Mckinley-Pl-N-98103/home/305804 (An unsuccessful pre-foreclosed sale of $699,000 for nine months; court auctioned and bought by a flipper for $531,251 on 8/1/08 and was removed from the market, resurfaced lately as a new listing.) http://www.redfin.com/WA/Seattle/6400-E-Green-Lake-Way-N-98103/home/304468 This house actually has been on the market for ten months rather than 93 days. The owner relisted four times.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('57215','richie',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('57215','richie','NWMLS statistics does not include houses that were taken out of the market for calculating MOS. My experience is that for every house sold, five were removed from the market. Many of them became rental properties. Sometimes they may resurface as new listings. Here are some examples:\r\n\r\n http:\/\/www.redfin.com\/WA\/Seattle\/2421-N-75-98103\/home\/306905 (on the market for more than nine months then disappeared but is showing as a new listing at $20k discount.)\r\n\r\nhttp:\/\/www.redfin.com\/WA\/Seattle\/3022-NE-87th-98115\/home\/316457\r\n(On the market for more than nine months then disappeared but is showing as a new listing at $50k discount)\r\n\r\nhttp:\/\/www.redfin.com\/WA\/Seattle\/8514-Inverness-Dr-NE-98115\/home\/321062\r\n(On the market for more than a year rather than 96 days on redfin)\r\n\r\nhttp:\/\/www.redfin.com\/WA\/Seattle\/2107-N-63rd-St-98103\/home\/304596\r\n(On the market for more than a year, owner dropped $210,000, disappeared for a month and just resurfaced again.)\r\n\r\n\r\nhttp:\/\/www.redfin.com\/WA\/Seattle\/6019-Mckinley-Pl-N-98103\/home\/305804\r\n(An unsuccessful pre-foreclosed sale of $699,000 for nine months; court auctioned and bought by a flipper for $531,251 on 8\/1\/08 and was removed from the market, resurfaced lately as a new listing.)\r\n\r\nhttp:\/\/www.redfin.com\/WA\/Seattle\/6400-E-Green-Lake-Way-N-98103\/home\/304468\r\nThis house actually has been on the market for ten months rather than 93 days. The owner relisted four times.',''); return false;">Quote</a></div> NWMLS statistics does not include houses that were taken out of the market for calculating MOS. My experience is that for every house sold, five were removed from the market. Many of them became rental properties. Sometimes they may resurface as new listings. Here are some examples:

http://www.redfin.com/WA/Seattle/2421-N-75-98103/home/306905 (on the market for more than nine months then disappeared but is showing as a new listing at $20k discount.)

http://www.redfin.com/WA/Seattle/3022-NE-87th-98115/home/316457
(On the market for more than nine months then disappeared but is showing as a new listing at $50k discount)

http://www.redfin.com/WA/Seattle/8514-Inverness-Dr-NE-98115/home/321062
(On the market for more than a year rather than 96 days on redfin)

http://www.redfin.com/WA/Seattle/2107-N-63rd-St-98103/home/304596
(On the market for more than a year, owner dropped $210,000, disappeared for a month and just resurfaced again.)

http://www.redfin.com/WA/Seattle/6019-Mckinley-Pl-N-98103/home/305804
(An unsuccessful pre-foreclosed sale of $699,000 for nine months; court auctioned and bought by a flipper for $531,251 on 8/1/08 and was removed from the market, resurfaced lately as a new listing.)

http://www.redfin.com/WA/Seattle/6400-E-Green-Lake-Way-N-98103/home/304468
This house actually has been on the market for ten months rather than 93 days. The owner relisted four times.

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]]> By: Mike2 http://seattlebubble.com/blog/2008/09/23/puget-sound-counties-august-nwmls-update/#comment-57208 Mike2 Wed, 24 Sep 2008 03:00:11 +0000 http://seattlebubble.com/blog/?p=2780#comment-57208 Anyone have any insight on why Kitsap looks relatively strong? Is it sales mix, or something more fundamental?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('57208','Mike2',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('57208','Mike2','Anyone have any insight on why Kitsap looks relatively strong? Is it sales mix, or something more fundamental?',''); return false;">Quote</a></div> Anyone have any insight on why Kitsap looks relatively strong? Is it sales mix, or something more fundamental?
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]]> By: John http://seattlebubble.com/blog/2008/09/23/puget-sound-counties-august-nwmls-update/#comment-57206 John Tue, 23 Sep 2008 21:33:29 +0000 http://seattlebubble.com/blog/?p=2780#comment-57206 Look man, Microsoft, Boeing, got that? We special.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('57206','John',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('57206','John','Look man, Microsoft, Boeing, got that? We special.',''); return false;">Quote</a></div> Look man, Microsoft, Boeing, got that? We special.
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]]> By: timber http://seattlebubble.com/blog/2008/09/23/puget-sound-counties-august-nwmls-update/#comment-57205 timber Tue, 23 Sep 2008 19:17:45 +0000 http://seattlebubble.com/blog/?p=2780#comment-57205 TIMBER!!! The bailout will only slow down if ever so slightly the housing collapse which has already been set in motion. The numbers are speeding up in the sound and the bottom isn't anywhere in sight.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('57205','timber',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('57205','timber','TIMBER!!! The bailout will only slow down if ever so slightly the housing collapse which has already been set in motion. The numbers are speeding up in the sound and the bottom isn\'t anywhere in sight.',''); return false;">Quote</a></div> TIMBER!!! The bailout will only slow down if ever so slightly the housing collapse which has already been set in motion. The numbers are speeding up in the sound and the bottom isn’t anywhere in sight.
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]]> By: softwarengineer http://seattlebubble.com/blog/2008/09/23/puget-sound-counties-august-nwmls-update/#comment-57204 softwarengineer Tue, 23 Sep 2008 18:15:35 +0000 http://seattlebubble.com/blog/?p=2780#comment-57204 LOOKS LIKE THE DOW JONES NUMBERS YOY TOO<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('57204','softwarengineer',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('57204','softwarengineer','LOOKS LIKE THE DOW JONES NUMBERS YOY TOO',''); return false;">Quote</a></div> LOOKS LIKE THE DOW JONES NUMBERS YOY TOO
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]]> By: Chris http://seattlebubble.com/blog/2008/09/23/puget-sound-counties-august-nwmls-update/#comment-57203 Chris Tue, 23 Sep 2008 18:14:08 +0000 http://seattlebubble.com/blog/?p=2780#comment-57203 Island's certainly getting hammered. A house just down from our cabin was put on the market in July 07 for $812K. Got relisted over the weekend for $595K. I'd hate to be the folks next door to it that bought their place last year for $540 that's half the size, half the quality and half the lot.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('57203','Chris',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('57203','Chris','Island\'s certainly getting hammered. A house just down from our cabin was put on the market in July 07 for $812K. Got relisted over the weekend for $595K. I\'d hate to be the folks next door to it that bought their place last year for $540 that\'s half the size, half the quality and half the lot.',''); return false;">Quote</a></div> Island’s certainly getting hammered. A house just down from our cabin was put on the market in July 07 for $812K. Got relisted over the weekend for $595K. I’d hate to be the folks next door to it that bought their place last year for $540 that’s half the size, half the quality and half the lot.
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