The Seattle condo market on both sides of Lake Washington has been taking a beating. Now there appears to be a silver lining on the horizon. What is stabilizing prices is a low inventory. Ultimately, that low inventory will lead to price increases. Some of my colleagues are reporting occasional multiple offer scenarios on desirable properties. Mind you, I'm cheering for both sides here: on one hand I want lower prices for my buyers and make real estate around Seattle ever more affordable, on the other hand, I want my selling clients to get a fair price for their properties. Read the rest of this entry »

National statistics notwithstanding, there are neighborhoods where homes retain their value. This is especially true for homes that are only slightly less desirable than the very best in the same upscale neighborhood. That's true, for example, for Kirkland homes west of Market Street and, across Lake Washington, it applies to Seattle's Capitol Hill neighborhood. Read the rest of this entry »

Must people putting their careers on hold because they are tied down by their "under-water" homes? That's a common misconception. In fact, a new job or promotion that requires a move to another city is a perfectly good reason to ask your lender to accept a short sale. All other things being equal, the bank would be hard pressed to force you to own a home in a place where you no longer live, especially when you rent in the new city. Read the rest of this entry »

My client just bought this short sale Snoqualmie Ridge home for $370,000. The home first sold in July 2003 for $365,000, reached its top market value at about $590,000 in mid-2006 and now sold for nearly the same price some 11 years later. How does a similar short sale home in Kirkland compare? Read the rest of this entry »

The main reason for Seattle's smarts, as I see it, must be the geography. Just take a look at the map. If a company in New York or Chicago was going to expand, Seattle would not be the first choice. It's too far away all by itself. Tucked in the Northwest corner of the US, Seattelites always had to be self-reliant to survive. That explains why so many corporations were founded here. Read the rest of this entry »