Tough time to refinance...

This is a great article from The Seattle Times on some homeowners that are having difficulty refinancing under new restrictions from the mortgage industry. Many people bought homes in the last few years under one type of lending rules and now have to deal with a new set of rules. Since lenders are more strict about who they lend money to right now, some looking to refinance are suffering the consequences.

Read the full article here.

Cheap option for renters...

A new and generally untested product will be coming to Seattle neighborhoods soon. A company called Unico Properties is marketing a pre-fabricated structure that investors can buy to create a cheap apartment complex. The main portions of the building are built in a warehouse and then erected at the site where the apartments are to stand.

By untested, I mean that whether or not renters will want to live in them is still unknown. But they look modern and the price per square foot will be enticing for lower income earners. A project is slated for Dexter Avenue North.

Read the full article here.

Seattle Housing Inventory

Here is a simple chart provided by Trendgraphix, Inc. that shows the current inventory for homes in the Seattle metro area. In other words, if no other home came onto the market starting now...it would take 6.2 months to sell all of the homes currently for sale. Compare that to the frenzy of a year ago! This means more competition for sellers and more choices for buyers.

Ballard Denny's set for development...

The former Denny's in Ballard has been the center of a recent debate. Tear down the old structure or preserve it as a historic landmark? While it might not look like much to the casual observer, the old building with a swooping roof line is an example of "Googie" architecture. The Landmarks Preservation Board managed to designate the building as a city landmark back in February. However, a recent recommendation from the city will likely pave the way for developers to demolish the existing structure in order to build an 8-story mixed use property.

Read the full article here.

FHA loans are becoming all the rage...

With the recent downturn in the lending market, many potential borrowers find themselves in a weak position to acquire a loan for a house. Lenders are nervous to lend money to people that statistically show a higher chance of defaulting on the loan. Enter: the FHA loan. While FHA loans fell out of favor during the past boom, they are now becoming more and more popular because backing from the Federal Housing Administration protects lenders from loss.

So if you are in the market for a house but have a dinged credit history or do not have 20% to put down...ask your lender about FHA.

Read the full article here.

Sales outlook for 30 cities...

This Yahoo article takes a look at the projected sales for thirty major U.S. cities. See how Seattle stacks up to the rest!

Read the full article here.

Green ownership

The current turmoil in the real estate world has created an opportunity for conservationists to go even greener. With land values dropping, land trusts have seized the opportunity to acquire land that was previously slated for development. Since developers are hurting, their projects are being scrapped and paving the way for that land to be purchased for conservation. Dailyrecord.com reports on the story.

Read the full article here.

Skyscrapers in South Lake Union?

A South Lake Union group is considering plans to rezone the area to accommodate 300-400 foot tall buildings. The development in that area has been steady and more is planned for the near future. As more and more companies line up for the opportunity to lease space in SLU, developers will attempt to find ways to fit them. Understandably, neighbors and residents of SLU are not happy about this proposal. The Seattle PI reports on the controversy.

Read the full article here.

Plans to expand U-Village

The University Village mall recently filed papers to dramatically expand their retail, office and parking space. The mall has has slowly grown over time but with an occupancy rate of 99.8%, they have good reason to desire more retail space. Not to mention they are always short on parking!

Read the full article here.

Home Prices Climbing!

April was the third month in a row that home prices have climbed in King County. While prices are still down from a year ago, this upwards movement starting to be a trend. Keep your eye on these monthly reports...it's more evidence that the Seattle area is much healthier than the rest of the country.

Read the full article here.

A condo shortage in Seattle?

Most casual observers would laugh at the idea of a condominium shortage in downtown Seattle. With all of the new construction taking place, the general public often thinks there will soon be a glut of condos for sale with not enough people to buy. Think again. The majority of that new construction is office space. In addition, several condo projects have been placed on hold due to the difficulty of obtaining financing for such projects.


This article from Puget Sound Business Journal discusses how experts foresee a condo shortage by 2010 that will in turn drive up prices.



Read the full article here.