Seattle Bubble

Okay, when I saw this this morning, I just had to mention it. There’s a little 8-unit townhome complex in my neighborhood (Kenmore) that I have mentioned on here a number of times in the past. Most recently, two of the eight units were up for sale. As of this morning, four of the eight are on the market. Here’s a brief summary:

These nearly-identical 2 bed / 2.25 bath units are between 1,418 and 1,578 square feet and come with $191 a month in dues that apparently just pays for building upkeep (as in, there are no shared areas).

Just around the corner, a developer has dumped thirty-three 2 bed / 2.25 bath 1,325 square foot units on the market for $279,000 (according to their sandwich board signs anyway) as part of an 84-unit complex. These new construction units sport a nice shared park with a hot tub and all that rot, for monthly dues of just $142. Oh, and this ridiculous-looking ad that has been on their website for a month now claims that they’ll furnish it, too.

Anybody think the used townhomes around the corner have much chance of selling at $340k? It’s like watching a super-slow-motion train wreck.

The condo battle in my neighborhood (Kenmore) seems to be heating up. In April I mentioned a nearby townhome in an 8-unit complex that went up for sale at $360,000, 20% higher than any unit in the complex has ever sold for in the past, and a mere $30k less than a unit just up the hill with a sweet view (which incidentally has been sitting unsold on the market for 290 days now).

Unfortunately for our hopeful seller, their townhome has sat on the market for over 45 days now with no bites. Even worse, 10 days ago one of their neighbors decided to sell… with a $20,000 lower asking price ($340,000). Uh oh. Of course, they’re not idiots, so they have responded by lowering their price to $345,000. Unfortunately for Seller #1, Seller #2 bought for $71k less than Seller #1 and is using Redfin, so they can presumably afford to drop the price quite a bit further.

And in a bit of bad news for both of these folks, a brand new townhome complex is opening up just around the corner with asking prices that are lower still, plus far nicer amenities. A similar 2 bed, 2.25 bath, 1,300 square foot unit in the “Totally Hot Totally New” Northshore Kenmore complex (which I mentioned on the forums) has an asking price of “just” $300,000. For $335,000 you can get nearly 1,500 square feet and an extra bedroom.

Of course, this all assumes that you are in the market for a $300k+ townhome. In Kenmore. Granted, as the Northshore Kenmore website so proudly proclaims, we are “Just 12 Miles from Bellevue Square,” but having lived in the neighborhood for over four years now, I have to say I’m just not feeling it like the smiling couple mysteriously floating in front of the seaplane apparently are.

What kind of amusing home listing action have you seen in your neighborhood?