I think a trend is starting in Real Estate here in Seattle and some good real estate deals will be made for those ready to make an offer.
This past weekend I saw 3 ads for coming auctions. One is in a condo building on Capitol Hill in which I happen to own a rental. I personally think it's a great building, well constructed (Harbor Properties) and the condo conversion was very well done. Minimum bids starting @ 40% less than current asking prices.
There are also 90+ homes to be auctioned, some east and some west of the mountains. Those east could be great vacation/2nd homes. Those on this side are close in enough for commuters. Everett (Silver Lake), Lake Stevens and Issaquah are the areas where properties are located. New homes...great prices.
The auction company is out of California, where auctions are more commonplace than in our area. In a previous posting I detailed an auction I attended several weeks ago. There were some great deals but not all of them were great. The auctioneers work to get the crowd excited to get the prices up. Good strategy - take your client, determine a maximum price you will pay for your desired properties and then don't bid once the auctioneer starts the bids. By jumping in quickly it only increases the price quicker and could surpass your determined amount quicker.
I think we will see a few more auctions but luckily Seattle doesn't have the amount of inventory that other markets are currently carrying.
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