Short-Sale mania in the heart of Bellevue.

I was doing a project for a client and discovered some interesting information. I was looking at real estate from $900k-$1.5m between 520 & I-90 and 405 to the lake. I pulled what had sold and which properties had received offers on them since May 1, 2009. 64% of the 22 homes that are in the Pending status were Short-Sales (SS) or Bank-Owned. Of those 26 that closed since May 1, 12 were SS or Bank-Owned. Since these properties were selling between 10-20% less than the asking price it is making it harder for those sellers whose homes are not financially distressed to compete in the market place. I pulled the same criteria for the Seattle/Capitol Hill area and found no SS. Probably because Bellevue has a lot more new construction and Capitol Hill is pretty built out. There are still more SS homes on the market and I'm hoping they all get sold quickly.

15 of the 20 cities in the Case-Shiller Index show improvement but Seattle slips 0.3%.

This isn't bad at all considering this index counts housing from Tacoma to Everett as part of the Seattle number and those areas further north and south are still dealing with a high number of Short-Sales and Foreclosures. Click here for the entire Seattle Times articles on the Case-Shiller Index report for Seattle housing.

Meth-Lab homes - how to discover them.

Though the number of meth-lab homes has decreased dramatically in Seattle since 2001 the after effects of a meth-lab can be enormous. The amount of clean-up is staggering and it is hard to know if methamphetamine was ever made in any home. This Seattle Times article has links on where to gather information about meth-lab homes and is worth the read. Click here for the entire article on methamphetamine homes from the Seattle Times.

Simple steps can prevent buying a home disaster, per the Seattle Times.

There are a few things a Buyer can do to ensure they know what they are buying. First, closely read the disclosure statement (also called the Form 17) the Seller will provide to see if there looks like there could be potential problems. Second, do a thorough inspection with a reputable inspector. Third, if it feels like something is wrong with the house, there probably is so follow your gut. There will never be a perfect house but take the time and diligent effort to know what you are buying. Click here to see the entire Seattle Times article on buying a home and simple steps to prevent big problems.

Case-Shiller index reflects house pricing increase - first in 3 years. Maybe a recovery?

The Case-Shiller Index is closely watched and has some good news to report; housing prices are up, the first increase since the summer of 2006. Though it's still down from a year ago at least it is headed in the right direction. It will take a couple more months of improvements to really show a trend. This good news should help bolster consumer confidence. Click here to see the entire Associated Press story on the Case-Shiller report on the home price increases.

New home construction picks up with Quadrant, the largest builder in WA.

This is great news in the Seattle Times since many builders watch what is happening with the biggest builders to predict where the market is going. They have increased the number of new homes they will be completing daily by 1, or 30 in a month. Click here to read the entire Seattle Times story on the uptick in new home construction.

Tax assessment rates drop along with the market.

I knew it would happen. I recently received my new 2009 tax assessment for my home and it's down 12.2% from 2 years ago. I knew it would be down, just not sure by how much. I had dinner with some friends last night and they saw drops between 15-20% so I should consider my lucky. (?) Thought my taxes should go down I've ready that levies are going up so I don't know if I will be paying less after all. On the bright side, at least the tax assessed value didn't drop as much as my retirement account (@38%). Click here to see an article concerning tax assessments.

Nationally, home sales continue to climb for the 3rd consecutive month, as reported in the Seattle Times.

3 months of increased national sales might just be the start of a trend. We are not out of the woods yet but might be getting closer. Sales of previously owned homes increased while sales of foreclosures and new homes declined, all good signs. Click here to see the full story of increased sales in the Seattle Times.

A old housing idea, a rooming house, is built again on Capitol Hill.

The Seattle Times reports of a new development on Capitol Hill, a rooming house. The rooms range from 90-168 Sq Ft, have no kitchen, a small bath and no closets. One of the partners in this project, Calhoun Properties, already owns several rooming houses in the U District and they fit a real estate need nicely. Though there are only 6 parking spaces for the 46 rooms the owners say that few of the renters of their other properties have cars so it will probably not be an issue. I think they are right. The location is good for bus access and those who want to live in this type of rental probably don't have the money for a car or don't want a car. With a shortage of low-cost housing I think this idea is brilliant. Click here to see the entire Seattle Times article on the rooming house.

Puget Sound Business Journal reports Seattle prices down only 6.6% from peak.

That's great for Seattle and very good news but I still have to question where the starting point was and what is include in this report. I KNOW that several areas around Seattle and still very hot and selling like hotcakes (just ask my clients who keep losing out on offers they are making) but other areas and price points are still challenged. This is still a great report and click here to see the entire report and article from the Puget Sound Business Journal.

High-end, high-rise condos are slow to sell, some offering 20% discounts.

Well duh. Real estate supply and demand is ALWAYS trying to find equilibrium and even supply and demand amongst different price points is always hard to have perfectly balanced so it's no surprise that there is an over supply of high-end condos right now. A lot of condos have been recently built and sales in the $1m plus are slow both in condos and single-family homes right now. Supply is high and though money is available for loans many buyers aren't willing to buy yet. They are either waiting for their current house to sell, are nervous about jobs or just paralyzed because their private portfolio is down 30%+. Lowered pricing will get some off the fence but not for everyone. Consumer confidence has to return. Warren Buffet always says you should be doing the exact opposite of what everyone else is doing and right now that would be buying real estate, especially in great neighborhoods or great condo towers. One note, since there are no new projects scheduled to be completed until at least 2012 I predict a shortage of condos in the next 2 years. Click here to see the full Seattle Times story on high-end condo price reductions.

King Country home sales up. Highest increase since Oct 2007!

I've been sharing with clients for the last 2 months that I'm busier than ever. That business has now translated into closed sales in June and I predict July and August to be even better. There are many areas that are a "Sellers-Market" and still some areas that are moving slower. Click here to see the entire Seattle Times article on increase of home sales in King County.

Belltown park to be built on Bell St, between 1st and 5th.

This will be a welcome change to this area though I'm not happy that it will eliminate some of the parking, which is always tight in that area. The vote was unanimously approved by the City Council on Monday for the park. I think that there should be more pockets of parks throughout downtown since we won't be able to create one large park. Click here to see the entire Seattle Times article on the new park.