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Gallery and Brix Auction Results

September 28, 2009 By Leave a Comment

Well, both the Brix and Gallery Auctions are over…phew!  It was a great experience attending these events and for the developer who sold and the buyer who purchased, I would say the verdict is still out on who “won”.  For the buyers it was between 30-32% percent discounts.  For the Seller, it will be the percentage of value above the minimum bid.  For us, who didn’t purchase it will be interesting to see if the new cost per square foot sticks.

At Schnitzer Northwest behind closed doors, they are probably discussing the results as you read this.  We will never really know how they felt after the sales.  I suppose we may get one of them on record, but for now, its all speculation.  I spoke with a respected colleague of mine after the event and he felt that it was without question a “favorable” situation for the buyer.  He said “Schnitzer won’t feel great about the results”.  With that being said, I believed they have accomplished what they set out to do:

1. Unload a portion of the inventory
2. Get closer to meeting FHA requirements

For the majority of the outsiders, one might not realize that there is still 35 units left at Brix and a large number at Gallery as well.  The prices have been set.  Only time will tell if the current pricing will meet the expectation of the rest of the buying pool.

I can attest to the reactions of the buyers.  The room was full and the bidding was active.  I think buyers saw this as a great opportunity to get back at what they felt were overpriced units to begin with.   Over the next few weeks, I’m sure we will hear more from satisfied buyers.

Please feel free to call or e-mail with questions.

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Filed Under: All Condos, Belltown, Brix, Gallery, Home, In the news Tagged With: , , , ,

Extend the Tax Credit!

September 17, 2009 By Leave a Comment

Will the tax credit be extended?  This is the recent debate…..Let me put it very simply; YES!  The housing market has made great strides since the commencement of the first time home buyers tax credit.  In the month of July alone over one third of all purchases came from first time home-buyers.

We are at a critical point in our recovery.  The last thing we need is to dip back into the deepest, darkest place our economy has been in; in over 70 years.  It is imperative that we continue this stimulus.  Let me give you an example of why it is so important:

First time home buyer purchases a $250,000 condo from a seller that has been wanting to “up buy” to a $450,000 home.  The seller moves on and buys the $450,000 home which saves the owner the of $450,000 home from losing their home to foreclosure.

The first time home buyer who started this whole process now amends their 2008 tax return and receives $8,000 cash from Uncle Sam.  Now the elated couple who is so proud of their new home goes to IKEA, Crate and Barrel, The Rug Company, Target, Bed Bath and Beyond and more.  Since their purchase of their condo, they have now pumped all that money back into the economy.  It has stimulated growth.  Mission Accomplished.

As we can see from such a small example, this tax credit is doing exactly what it is suppose to do.  With another 6-8 months of this program in place, we will see soaring sales numbers for months to come.  Keep in mind that as fear subsides, confidence finds it way back to people like you and me.  Let’s contact our local representative and tell them how we feel!

Please leave your comments or questions.  I can also be e-mailed at jreynolds@urbanimg.com

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Filed Under: Home

Gallery Update

September 13, 2009 By Leave a Comment

Gallery Gallery Update

I spent a few days last week registering clients for the upcoming auction for Gallery Condominiums in Belltown.  It is pretty clear to me that this auction is the fastest way to get the project on the road to a FHA approval.  What is unknown is how successful the auction may be.

I did feel the buzz of interested buyers and the prices seemed to be pretty fair.  Most minimum bids started at $195,000 and ranged as high as just under $400,000.  The Auction date is set for Sept 27th, 2009.

Please e-mail me with any questions at jreynolds@urbanimg.com

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Filed Under: Belltown, Condo Updates, Gallery, Home Tagged With: , , , ,

The Block

September 9, 2009 By Leave a Comment

Block Queen Anne Exterior The Block

Project: The Block
1707 Dexter Ave N
Seattle, WA 98109

Developer: Bloch Development, LLC
Architect: Stannard-Conway

This urban dwelling is a concrete and steel development with mesmerizing views of Lake Union.

A combination of lofts, this project features a generous mix of 6 units.  4 residential spaces and two commercial units.  The project used concrete, wood panels, metal siding and a braced frame for the exterior and its contemporary design.

The 4 residential spaces range from 2200 square feet to 2450 square feet.  They are 3 levels with 3 bedrooms & 3 ½ bathrooms.  They include a 2 car garage, and each have large private rooftop decks that range from 400sf to 700sf. The interiors have exposed steel columns and wood beams, stylish track lighting, stainless steel kitchens, exposed hvac, and floor to ceiling windows. Bathrooms have heated mosaic tile “Wet Rooms”, and custom cabinets. Bamboo floors and other sustainable materials were used throughout. These units have tankless water heaters that are 98% energy efficient, and variable speed furnaces that are 95% efficient. Each unit has air conditioning.

The Block has a sexy exterior and a thoughtful interior design.  It is not for everyone, but when there is one available, it is definitely worth a look.

 

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Filed Under: All Condos, Home, Lofts, Projects Reviews, Queen Anne, The Block, Westlake Tagged With: , , , , , , ,

Mortgage Applications and Market Recovery

September 3, 2009 By Leave a Comment

Ryan Niles is a Urban IMG contributor and a local Mortgage professional for Met Life Home Loans.  He released this piece yesterday, which eludes to a shift in the Mortgage applications and an overall sense that the market is recovering.  I hope you enjoy:

“Well here is some good news…finally. We’re here to tell you that the tide has turned. In examining our monthly loan origination numbers at MetLife Home Loans, we were surprised to see that 75% of our business month to date is purchase business. This is a complete reversal from just a couple of months ago. We are seeing a lot more momentum from buyers now to get their loan packages in and move forward in the process to get approved for a purchase loan. Buyers are far less cautious and show far more commitment than we saw a few months back. Just wanted you to know that the tide appears to have turned.

This could be the best time ever to purchase a home. Buyers need to get on the bandwagon now while rates are very low and values are at their lowest point in years. We would anticipate that values may again soon rise and multiple offers seem to be increasing.

We would welcome your referrals, as we truly have some of the best resources the industry has to offer. We are getting loans approved each and every day that have been turned down by Bank of America and Wells Fargo, and we have had far fewer appraisal issues than the big banks.

Our FHA presence has grown substantially over the last year and my team and I are leading the way in FHA lending at our branch in Seattle.

With the taxcredit for first time homebuyers more than likely ending November 30th (who knows if it will get extended) we have a month and a half to get these first time buyers into mutual acceptance so we can close them by this deadline. It will be here before we all know it.

We feel blessed to have the opportunity to serve you and look forward to the opportunity to provide the best financing available for you, your family and friends. We are excited about our future in the lending industry and want to thank you for your continued support.

All the very best to you and we hope you have had a wonderful summer!”

Ryan Niles

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Filed Under: In the news Tagged With: ,