Downtown Condo Q&A

While this feature in the Seattle Times may be old news for some of you, I finally got around to reading through it this morning. I feel the questions asked and answers provided cover what the average person might be wondering as it relates to Seattle condos. Dean Jones, CEO of condo-research and -marketing firm Realogics, fielded questions online on October 8th. Seattle-based Realogics is a real estate consulting firm specializing in market research, product development, marketing and sales solutions for in-city condominiums and mixed-use properties.

Happy reading and Happy Halloween!

Read the Condo Q&A here.

Seattle real estate pegged as a hot market

There have been recent articles anointing Seattle as a hot market for both commercial and residential real estate. The Seattle PI ran a story that sited outside research and named Seattle as the #1 market for commercial real estate in 2009. Another article in Smart Money magazine listed Seattle in the top 25 markets poised for a quick rebound in 2009.

The reasoning behind these reports are things many of us have been saying for a long time now. Seattle's physical boundaries are limited on most sides by water and this has prevented extreme over development seen in other areas like Arizona. Our job picture remains very positive as mega-employers like Microsoft, Boeing and Amazon.com remain relatively strong. Job growth dropped again recently and more people continue to move to the area in greater numbers than they leave. Watch for the massive development in South Lake Union to add to the desire for housing in both downtown as well as the neighborhoods north of the lake: Queen Anne, Wallingford, Ballard, Green Lake and Fremont. 2009 looks great for Seattle, so take advantage of the soft prices while they last!

Here are the articles I mentioned:

Seattle in top 25 for residential real estate! (This is an abbreviated version published by Yahoo!)

Seattle is #1 commercial real estate market for 2009!

September pending sales increase!

Pending sales in September have increased 8.8% from a year ago and 1.8% from August. Below is an article that discusses this increase and what it might forecast for the market's future. Some feel it is due to approval for financing taking longer for buyers. Others feel it is a small sign of market stabilization. Since the market really slowed down in September of 2007, the 8.8% increase of pending sales one year later may indicate more sales to come.

Read the article discussing these numbers here.

Great Condo in Sand Point!

Very stylish condo in Sand Point neighborhood. Close to Magnuson Park, Children's Hospital and the University of Washington! Crown molding, granite and stainless steel make this unique home glisten. For more information, click here.

Finally...some good news!

This is a recent article from the Seattle PI written by Aubrey Cohen. He discusses recently released statistics from September that show a stabilization in the Seattle housing market. The article states,

Pending sales of houses and condominiums in Seattle increased 8.8 percent from a year earlier and 1.8 percent from August, while sales countywide went up 4.2% from September 2007 and declined 0.8 percent from August, according to
the Northwest Multiple Listing Service.

This is welcome news for us here in Seattle and perhaps the first signs that the bottom everyone is waiting for is arriving shortly. Granted, this is only a small improvement for one month but when the Seattle market turns the corner...I promise you it will happen quickly!

Read the full article here.