I had the opportunity this evening to show a few units in Belltown. I must say that the Gallery Condominiums continue to impress me. I think they have done a marvellous job with the entry, the lounge areas, the workout facility and in general the overall aesthetics of the building. The exterior looks fantastic and their new 4 star resataurant Lamperia seems like it will really compliment the building. The units show well and I think the project will gain momentum competing with the stale and unbecoming re-sale inventory within blocks of its location. It is nice to see Belltown complimented by another notable project.
For anyone looking into the Brix project in Capitol Hill, you may want to attend the VIP Preview Event on January 31st from Noon-4pm. You’ll want to register online or call the sales staff to be on their list. The public opening will occur on February 7 and 8th. Click Here for more information on the project.
Do you want a simple observation to understand how local real estate is doing? I have seen more people in my real estate office in three days than I have seen in the last three months. There is always a post-seasonal up-tick; but not like this. I haven’t heard the word multiple offer in a long time. Well, its back. In fact, I have experienced it first hand. Just days ago, a client of mine contemplated an offer at the well known project in the heart of Belltown (Bellora). Before we could put ink to the paper, it had received 2 offers and one near full price. I wouldn’t suggest yet that this is the norm, but from what I can see, I believe buyers are ready to feel positive about the market instead of fearing it. My curiosity led me into my Broker’s office to ask him what he had thought; he said that production was visibly up. Judging by the pile of files on his desk, I believe he is right. Maybe there are buyers out there that believe in the old adage about the real estate market “Nothing is more expensive than a missed opportunity”. I guess we’ll see.
I would love to hear feedback on this topic? What is your perception of the market?
With the recent price declines in the Seattle market over the last two years, it feels good to see properties cash flow again. Prior to our recent declines; the bull run in the housing market made it very difficult to make sound investments that allowed for investors to earn. Even after recent rent stabilization, rents remain high enough to allow buyers to turn a profit on a monthly basis. To that end, investing is an art, and it takes a commitment to realize your goals and expectations. I encourage everyone I work with to really evaluate why they are investing and for what purpose. At the end of the day an investment that is close to cash flow on a monthly basis can pay huge divends long term. If you have any questions or need suggestions on resources please let me know.
If any of you have been watching the inauguration coverage lately it’s obvious that the “plan” to revive the housing market is still up in the air. There have been many suggestions that include the likes of driving interest rates to 3.5%, implementing another stimulus package, modifying more loans, lowering principal balances, giving a 10% tax credit on all new purchases, among many other suggestions. I tend to lean towards interest rate improvement and tax credits.
At the end of the day, we might all decide that the real bailout or plan that needs to occur is one of “confidence”. The American people need a renewed commitment from our government and their unwavering support to lead us in a path of future growth and transparency. We’ll see what will happen; we are only two days away from our Nations official inauguration of President elect Obama. Stay tuned!