Results tagged “condo”

The real estate sales report from Northwest MLS says median home prices are up 4.4 percent across the area, with King County coming in at just over $363K. Bargain homes are selling, but condos are still taking a beating. The main thing is that people are out making offers on houses, so realtors have a reason to change out of their pajamas--pending sales (offers made and accepted) are up, though a significant portion of those fail in the financing round. The Seattle Bubble has a good media-coverage round-up, and notes with some satisfaction that the rah-rah contingent is getting less play this time around.

So the developers of Thornton Place are stealing a page from Hyundai and offering to pay your mortgage for six months if you lose your job in the year after buying one of their condos.

CHS is wonking on (and on) about development plans around the Capitol Hill light rail station because there are community forums coming up and if you don't go, you can't complain later that your ideas were ignored by "the Man." Also, Cap to the Hill pleads for you to stop in at Boom Noodle. West Seattle Blog noted Elliott Bay Brewing is pouring a chocolate porter. 'Nuff said. The Rainier Valley Post reminds us all that February 7 is Neighbor Appreciation Day. The Magnolia Voice hits a recessionary note, with news of a townhouse developer switching to apartments mid-stream. And The Southlake details why condo financing is such a touchy subject down in SLU.

Pioneer Property creditors received notice from the group's bank over the weekend of the group's bankruptcy filing that their bills are not being paid. Pioneer Property Group was behind the Live Historic brand, and at one point owned seven "rehabilitated" vintage buildings on Queen Anne, Capitol Hill, and First Hill, and in Fremont and Pioneer Square. We visited a few of them, condo-shopping, and they were great old buildings, but Pioneer was sailing directly into the teeth of a bursting real estate bubble and general recession. Our condolences to the people who thought they'd bought into the safety and security of a home. UPDATE: Now we hear that bankruptcy has not been filed, but Live Historic's office is closed and their phone is dead.

We're stealing this real estate post almost directly from CHS, who discovered Redfin's cool graphs before we did. But we'll refine the focus to condos to avoid outright plagiarism. Redfin's numbers show that since October '06, the number of Capitol Hill condos on the market has ballooned from just over 100 to just under 250 currently. Meanwhile, the average list price has hovered around $475/sq. ft., while actual sales price has declined significantly since last April, from over $475/sq. ft. to about $435/sq. ft. (For reference, on a 400 sq. ft. condo, that's a price drop of $16,000.) Economists will not be surprised that the peak in inventory corresponds very nicely with the subsequent drop in sales price.