Living most of my life in Florida, cockroaches were a fact of life. In general, if you spotted one cockroach, that meant there were at least 1,000 others somewhere, waiting in the wings. In the past few months homeowner subprime sob stories have been coming at us from all over the country, ad nauseam. With…
Author: synthetik
Developers! Developers! Developers!
Reporter Aubrey Cohen and the Seattle PI are at it again, this time pimping new development in Columbia City. A Seattle developer has proposed a mixed-use project in Columbia City aimed at providing homes typical workers can afford to buy, while another developer also has condo plans in the up-and-coming South Seattle neighborhood. The 63-condo…
Vulcan Ridiculous @ 2200
Ah, the joys condodebtorship. When Jerry O’Leary, 54 and retired, put down over $100,000 dollars toward a new million-dollar condominium in February 2005, he thought he was buying his way into an innovative downtown lifestyle proposed by Vulcan Inc. Vulcan Real Estate’s $200 million 2200 project on two and a half acres at Westlake Avenue……
Condomania in Tacoma!
Tacoma: Your mission, should you choose to accept it, is to sell 1,500 high-end condos in 14 months: Hundreds of new, pricey condominiums exclude young singles needed for a thriving city core, according to the author of a study analyzing the downtown housing market. Builders and developers say land costs and water views push prices…
Condomania in Everett!
Better be careful the next time you drive through Everett, you’re likely to get burned, the condo market there is so hot! On paper at least, downtown Everett is poised for explosive growth. Nearly 800 new downtown condos and apartments are in various stages of planning. There’s a good chance some of the projects scattered…
Condo Shoppers Lie Low
This article appeared on the front page of the Puget Sound Business Journal early this month. While typically not read by the general public, “Biz Journals” are widely circulated throughout the business community. Local businesses use the publication to keep tabs on their customers and competitors and to stay abreast of local business news. I’ve…
Always Trust The ‘Experts’
What’s the point about worrying about global warming when we’re getting all this hot air from Elizabeth Rhodes? Please enjoy this year end feel good article about our robust housing market here in Rain City. One of this year’s biggest residential real-estate topics was the anticipated slowdown in sales and appreciation. Would the Puget Sound…
Dance Monkey Dance!
San Francisco has always been a favorite place of mine to visit. I even lived there during a brief time in 1999 when the vacancy rate was less than half a percent! One thing that always struck me about San Francisco was the homeless. Not simply the sheer volume of homeless but the lengths at…
Seattle Times Pumps Interest Only Loans
From the Seattle Times over the weekend: Almost every dollar Todd Asher earns is spoken for. He has one daughter in college, another in high school and a toddler in diapers. “We made a decision to have my wife stay at home with our 18-month-old son, so we’re living off my income, paying for tuition,…
Sell It In The Slow Season
Story from HeraldNet.com, November 26, 2006 Summer, the prime time for selling a home, was approaching and Jeanne and Eric Mehan wanted to sell fast. In the rush to sell before fall, the Woodinville couple acted on some bad advice. Put it on the market, full of clutter, not cleaned, at top price, even if…
Trend: More Price Reductions for Seattle
From Bubble Markets Inventory Tracking: Percentage of Reduced Listings Per Market. Ventura County:10/22: 51.3%—> 11/18: 50.3% Sacramento Metro:1/30: 30.5%—> 10/20: 49.0%—> 11/18: 49.0% Orange County:1/30: 22.8%—> 10/20: 45.8%—> 11/18: 45.0% San Diego County:1/30: 26.3%—> 10/20: 43.9%—> 11/18: 42.9% Phoenix Metro:1/30: 28.0%—> 10/20: 43.2%—> 11/18: 42.2% Riverside County:1/30: 27.3%—> 10/20: 40.2%—> 11/18: 39.5% Las Vegas Metro:1/30:…
Spotlight: Condo Flipper in Greenwood
Found on Ziprealty.com: 633 NW 8th St, Ballard/Loyal Heights (98117) A developer from California has purchased a 1978 six unit apartment complex and began converting to condos in June. They’ve been working on a unit by unit basis and appear to be close to finishing unit #201, listed 3 days ago. There’s no image posted…
Our Town A to Z
Alki – What you will become after your home becomes a boat anchor Belltown – Experience fine dining while warding off homeless and addicts Capitol Hill – Enjoy wearing your fauxhawk while calling 9-11 Denny-ile – Denial over the negative appreciation in your recent downtown Seattle condo purchase Eastside – Close to Microsoft. Location, Location,…
God Save the Queen
A Seattle developer says he plans to save two historic apartment buildings by converting the units to condos. “The trouble with many of these old buildings is it just doesn’t pay to keep them up when you’ve got them as apartments,” Ben Rankin, a principal of developer Pioneer Property Group, said while touring the Pittsburgh…
Got Bankruptcy?
Realtors buy big ad campaign ‘It’s a great time to buy or sell a home,’ says $40 million marketing push It might go down as the “Got milk?” moment for the housing sector. Just as dairy associations, with their widespread ads, have tried to convince Americans of the many benefits of milk, the National Association…
Goldilocks Has Analgesia
This article from the Seattle Times this morning, Housing Bust? No, a cyclical correction, reminded me of a recent episode of Grey’s Anatomy. A young girl believes she has superpowers because she feels no pain. If Goldilocks had Analgesia she could have easily gorged herself on the hottest of porridge without a second thought. “With…
Nutcracker
I’ve never taken part in a “blog war” before and I don’t really know what one looks like, but after witnessing the events over the past few days I’d say we’re in the middle of one. You might have seen Rain City Guide’s recent post by Galen Ward, “There will never be a real estate…
The Bubble Isn’t Bursting Here!
Yesterday afternoon I received the following friendly mass e-mail from our resident ziprealty.com representative and real estate expert, Jennifer Fisser. This PDF was attached to the e-mail. Hi Chad: The bubble isn’t bursting here! Please see this breakdown of renting vs owning. I thought you might find it of value. Hope things are well. :)…
Hey! Look Over Here!
Happy Monday. Feel free to enjoy these two posts, complements of the Seattle PI. Opportunity is Knocking at Your Next Front Door “The unfortunate reality here is that good news seems to get buried in the newspapers and it’s the negative headlines that get all the attention. What we’re trying to do [with the ad]…
Nightmare Renting Scenarios
I’ll freely admit it – renting is suck. This evening I opened my door to take out the trash and my 16 pound psychotic Pug broke loose and ran down the hall to meet my new neighbor, who was headed for the elevator. The man, easily in his early 50’s, backed into the wall while…
Seattle PI’s Take on Sept. NWMLS Numbers
Signs of housing slowdown Seattle’s median home price in September was up just 4.4 percent from a year ago and down from both July and August, according to new statistics. It’s the lowest year-to-year increase and the first time prices have dipped two months in a row since January 2004. The median home sold for…
There Is No Spoon
A post by Susan Ryan over at the PI’s RE Blog proclaims “Just Say No to Bubble Talk” “As I’ve said repeatedly, stock market terms do not apply to real estate. There is no real estate bubble and never will be. A decrease in acceleration is not an implosion (or even a pop). Kendra Todd…
This Wasn’t The Way it Was Last Year
From Tacoma: Weekend article from The News Tribune Home builders are advertising more incentives. “Price Reduced” placards hang below “For Sale” signs. And the house down the block that you’d thought would sell in a few days? It’s been on the market for a few months. For buyers, it’s great news. They can be more…
A Glimmer Of Hope?
Do you think demand for commercial space will result in a continued rise in property values in King County? Evidently, Susan Ryan at the P-I Real Estate Blog thinks so… An article in today’s PI on the institutional investor interest in Seattle, highlights one of the reasons the local residential real estate remains strong. Low…
More Homes Than They Could Afford
Seattle was mentioned today in this piece from CNNMoney. NEW YORK (CNNMoney.com) — Home price increases have slowed nationwide and even reversed in many markets. Inventories are up and new home builders are cutting back. More and more sellers are having difficulty selling their properties.…For some sellers selling their old home quickly is critical: They’ve…
Failure to Launch
Thanks to msrelo for pointing out today’s article in the PI. “…living with mom and dad, or mom and dad-in-law, is just practical. The Gwinns are using would-be rent money to pay off debts and save up to buy into Seattle’s out-of-reach housing market. And they are not alone. While moving home with a spouse…
Redfin Is Pornographic
Fast Company Article regarding how digital maps are enhancing the user experience. “Traditionally, in real estate, you’d have to go to the county records office or the police station, and pore through dusty file cabinets, to get the information that a Web site such as Redfin.com can display in a couple of clicks. “We want…
Friends Don’t Let Friends Buy Sub Prime
Have you ever wanted to ask a friend or co-worker, “So… how much did you pay for this baby?” Of course, it’s really none of your business, but inquiring minds want to know. That’s one of the great (or not so great) things about Zillow. You can pry into someone’s life and be as rude…