Seattle Condo Review: Reviews, News, and Seattle Condo Market Updates - The Conversation

Comment by ben on "Seattle's Top Condo Investments"

ben — 2009-11-06T16:02:29-08:00

Are you factoring in the 6% agent commission? e.g. If I sold my one bedroom at Concord for 97%, the transaction costs me 6% as well, so the actual net is 91%.

Cristalla is worse than I had thought, but you missed the #1 worst which is Madison Towers/Hotel 1000. I've seen several sell far underwater, and at least one that lost 37% y-o-y.

Comment by Wendy Leung on "Seattle's Top Condo Investments"

Wendy Leung — 2009-11-04T10:11:54-08:00

@Kevin
The numbers are from MLS so they are pretty reliable. The data was compiled based on average price per square foot sold for 1 bedroom condos during the peak of the market (~fall 2007) and fall 2008-2009. The 2008-2009 average price per square foot retention is 97% (for Concord and Klee) of what sold during the peak of the market. They're not referring to the increase in average price per square foot. Hope that helps!

Comment by Kevin on "Seattle's Top Condo Investments"

Kevin — 2009-11-04T02:41:03-08:00

I will wait for Wendy to respond if she will.

Of course I know offer price is different from sold price - sold price will be lower at current market so it will probably be sold around or below end of 2004 prices.

I can't see where the 97% increase is - unless a disproportionate number of sales happened in 2008 at before-crash prices.

Comment by hareem on "Seattle's Top Condo Investments"

hareem — 2009-11-03T23:15:35-08:00

@kevin: Price offered and price sold are two different things. Also, I believe Wendy looked at all the 1BR's in each building in aggregate so one off examples might be an exception.

Comment by Kevin on "Seattle's Top Condo Investments"

Kevin — 2009-11-03T17:54:51-08:00

Wendy, are you sure your numbers are correct?

There is an unit in Concord and the price offered is only 20K higher than the purchase price at the end of 2004.

Comment by FancyPants on "Seattle's Top Condo Investments"

FancyPants — 2009-11-02T13:39:32-08:00

I live in the Ellington and this is rather surprising to me. I currently have a 1 bedroom for sale, and I purchased directly from the seller in 2007 at peak value. While it's depreciated about 16% per Zillow over the past two years, seeing it represented on this list is somewhat comforting.

Comment by SLU resident on "Enso Update"

SLU resident — 2009-11-02T13:17:02-08:00

How about that closing date?
If is was pushed back to give existing buyers more time to review the new prices, I think they've had more than enough time to look now - what is delaying the buyers' decision are the prices, it's still too high! Even if the unit prices have dropped, the HOA dues are still very expensive for a building that will be barely half occupied, and need to be readjusted if Enso wants the buyers to come forth and finalize the sales.

Comment by The MD on "Bulk Buy Project Offers Classes"

The MD — 2009-10-24T08:36:25-07:00

If you have to offer classes to someone just to figure out how to make the real estate transaction happen, then you better think twice before adhering to this kind of transaction. Also, consider who is offering the "course." This isn't an independent firm that doesn't stand to profit from your transaction. The people offering the "course" are those that will directly profit from your transaction. Hmmmmmmmmmmmm.....

Comment by Chris on "Bulk Buy Project Offers Classes"

Chris — 2009-10-23T15:11:35-07:00

Pricing is now posted online at http://leung.typepad.com/DecaturBulkBuyPricing.pdf

Comment by The MD on "Bulk Buy Project Offers Classes"

The MD — 2009-10-22T20:57:01-07:00

Condo Bulk Buy is B.S. Another gimmick to control the buyers in our fair city. Just don't do it. Don't allow this kind of below-board (clearly it isn't above board) tactics dictate your purchase price. Just offer a fair price for the place. That is ALL THERE IS TO REAL ESTATE. If they accept it, great! If they don't, piss on 'em and move on! God only knows there's more inventory out there for you to fall in love with.

Comment by LD on "Bulk Buy Project Offers Classes"

LD — 2009-10-22T09:44:42-07:00

Psychologically it is very difficult to commit to buying without knowing what price you are going to pay for. The only way I would get into this bulk buying process is if I knew I would qualify for the highest price I could end up with.
Then again if I am going to qualify for the highest price, why get into this bulk buying game and stress over the wait. I can take my highest price and look for a bargain elsewhere.

Comment by Heineken on "Bulk Buy Project Offers Classes"

Heineken — 2009-10-21T09:15:12-07:00

The poll also clearly indicates that buyers think Condo Bulk Buy is a really bad idea. It lacks buyer transparency and is really just a sales gimmick.

Paul Allen lost $60 million on the startup Mercata that tried to do the same thing. How long will it take condo developers and Realogics to learn that lesson?

http://news.cnet.com/2100-1017-250529.html

Comment by Heineken on "1521 and Fine Art"

Heineken — 2009-10-21T09:11:24-07:00

1521 - the retirement home for lawyers and their trophy wives.

Comment by Al on "Escala Hard Hat Tour"

Al — 2009-10-19T00:32:11-07:00

I want to know why Escala is Sinking ship? I am interested in buying a unit there. Will you let me know what happened to you?

Comment by virginia@blueribboncooking.com on "Fifteen Twenty One, not just another number"

virginia@blueribboncooking.com — 2009-10-18T02:58:30-07:00

I am interested in buying at 1521 as well. Please call Virginia on 206-940-9182 if you have a lead.

Comment by Ana on "Escala Hard Hat Tour"

Ana — 2009-10-16T20:36:44-07:00

Good-bye, Escala:
I am also wanting to get out of the Escala contract can u contact me with more information torxnado@gmail.com....thx Ana..

Comment by Amir on "Seattle Condo Market Update (September 09)"

Amir — 2009-10-15T12:10:42-07:00

Wow, who would've thought, some people actually (gasp!) want home prices to go down.

Don't start fretting just yet, Seattle home prices are still too high for its fundamentals (e.g. rents, incomes) to support ... that's why Seattle was one of just three metros in the latest Case Shiller seasonally-adjusted home price index to decline (for the 24th consecutive month). The other 17 metros have already starting going up, and the national index has gone up for two consecutive months now.

Further declines in the Seattle market are likely, but nothing extreme, I'm expecting 5-10% more. So if you have high rent, it may still make sense to buy now, with the tax credit and low lending rates. I think it'll be an better time 3-5 months from now though.

Comment by none on "Madison Tower / Hotel 1000"

none — 2009-10-15T07:43:40-07:00

Prices at Madison Tower are starting to come down. 1502 sold recently for $550 a sq foot (a 36% decline from 2008). 2104 has been discounted nearly $200k recently. I suspect the speculator holding on to a bunch of units must be nearing the end of the road as well.

The main problem is the building doesn't qualify for FHA. Several sellers are offering their own financing, which is always a sign that they are keen to sell and would probably take a lowball cash offer. Keep an eye on it as I think in a few months it might be possible to pick up a real bargain at Madison Tower.

My only other concern would be the stability of the company running Hotel 1000 in this economic environment, since it's not clear how the building would operate if they went under.

Comment by none on "5th and Madison Update"

none — 2009-10-15T07:32:16-07:00

I toured this building again recently, and it's pretty obvious 5th and Madison has been a disaster for everyone who 'invested' in it. Prices have been sinking every month, and the developer has started to slash prices on their unsold units, which has made it a race to the bottom. They don't appear to be able to sell condo's even under $500 sq ft, and it a big chunk of the building is empty, including several of the upper floors and the entire penthouse level.

People who paid top dollar to buy in this building are going to be underwater for a long time, because it lacks amenities to compete with other condo's. It hasn't aged well either, and it's starting to look a little shabby in the common areas.

I did have to laugh at the perpetual cheeriness of the Williams agent though. Those people must be on a large dose of happy pills. I'd be ready to throw myself out the window if I'd been trying to sell this turkey for three years.

Comment by Luis Mathews on "Maison Jiselle Condos"

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Comment by Luis Mathews on "Belltown Court"

Luis Mathews — 2009-10-15T00:55:07-07:00

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Comment by Wendy Leung on "Seattle Condo Market Update (September 09)"

Wendy Leung — 2009-10-14T20:30:36-07:00

@Kevin:
Most of Gallery auction homes are not on the MLS. Almost 50% of the pending sales in Belltown/Downtown area came from Marselle and Enso. If we include Gallery auction homes, it will drive up the pending sales number.

Comment by Kevin on "Seattle Condo Market Update (September 09)"

Kevin — 2009-10-14T18:31:49-07:00

Wendy, does the Sep pending sales number include the 80 units at Gallery and Brix?

The auction results really made me wonder whether there are further price rooms to fall for Belltown condos. Seems that nicer units would easily go for $450 / sq feet. That's a little disappointing because I am still hoping for pre-2005 price level. =)

Comment by Kevin on "Brix and Gallery Auction Events"

Kevin — 2009-10-14T18:28:09-07:00

SLU is filled with investors who is pinning their hope on Amazon - anyone actually thinking of living there will see, as it now stands, it's vastly inferior to Belltown.

Comment by Lastchancevance on "Eleven Eleven East Pike"

Lastchancevance — 2009-10-13T23:14:28-07:00

Yeah, sounds about right. Just be fair in your pricing & offer a decent product instead of hiding a bad offering in an elaborate scheme.