new construction 3/2 Ballard townhomes break $400K barrier

[femto]

Price on this listing just dropped $25K, making this the first brand new 3+BR, 2+BA townhome I've seen in Ballard for under $400K.

http://www.redfin.com/stingray/do/print ... -id=542367

There's tons of inventory just like this already on the market: a Redfin search for 3+/2+ homes between 1250 and 1750 sq ft built in 2007 shows 22 units (not all of them completed yet) in Ballard, with prices from (now) $399,000 to $469,000.

I think this class of home is interesting to study since the product is so uniform: new construction, hardwood floors, granite, stainless steel are all standard features. I'm pretty sure I remember seeing townhomes of this ilk priced at (and perhaps selling for?) the $525,000 range earlier this year, which if accurate means we're already over 20% down from peak prices (A similar unit on Phinney is still priced at $549,000). If anyone can point me to some historical sales I'll try to pull together a "Ballard 3/2 Townhome" index.

[femto]

Here's a 2006 vintage that went for $420K last September (which the "motivated" seller is trying to unload for $480K, I guess they haven't checked comps lately?)

http://www.redfin.com/stingray/do/print ... -id=987434

And here's a 2004 vintage (no prior sale price listed) that has one of the best Realtor-isms I've seen in a while: "Like new construction but better!" (There's larger, brand new homes going for less right across the street)

http://www.redfin.com/stingray/do/print ... id=1191590

[deejayoh]

[femto]

Here's a quickie chart. I'll call the peak as some where between March and June this year, with prices already back down to about mid 2006.

[kpom]