I’ve had quite a few readers inquire about renting their condo units.  Although the Seattle rental market has seen better days, it can still be an option that works within your goals.  The obvious considerations are :

• Does my building allow it?
• How will it effect my cash flow?
• What can I rent it for?
• How long will it take?
• Can I be living in the unit while its being rented?
• Can I afford to purchase something else in addition to owning my unit?

It’s important to consider all your options before making a decision. For those of you that want to do it on your own, refer back to my post from earlier this year  “10 Steps To Renting Your Condo”.  If you want assistance in renting your unit, please feel free to contact us at info@urbanimg.com.  We’ll send you a pre-rental package to get you started.  In the meantime, if you have any questions or need to get an opinion on a unit you’re considering, don’t be shy; we are happy to help.

Related posts:

1. 10 Steps To Rent Your Condo Leasing your condo is not an easy task.  With...
2. How To Choose The Right Condo I want to help you pick out the right...
3. Seattle Condo Litigation; Bad News for Buyers My Buyer lost a Condo this month because of...

Related posts brought to you by Yet Another Related Posts Plugin.

Seattle lost a very good townhome developer to the last years recession.  I just caught word of it on Sunday.   This was not a “big” name builder.  He was just a normal guy that had a gift of doing something different.  I ran into him a few years back when his product stood out among many townhomes that frankly just looked the same.  I was impressed.  He had sustainable and salvaged materials through out his home.  Birch tongue & groove floors, porcelain and subway tile, custom wood/steel staircases and energy star appliances.

Home trends tend to swallow up the masses.  Many developers will just build what is popular.  This builder went against the grain.  It was modern architecture,  built “Green” product and undeniably urban.  I’m sad to him go.  His departure had nothing to do with his product or his finances, but more to do with the lack of energy after three tough years of fighting the recession and the downward trend of housing values.  To be honest, its sad; now is the perfect time to be building “quality” units.  If he told me he wanted to start over again, I would be the first person to sign up as member of his team.  His product speaks for itself:

Related posts:

1. A Studio In Seattle = Square Peg In Round Hole For some reason in the last 4-5 years developers...
2. Seattle Area Developers Need To Lower Prices-NOW It is time to lower prices for all high...
3. Temperature Of The Market I read a piece yesterday that I have attached below.  I...

Related posts brought to you by Yet Another Related Posts Plugin.

Just a quick update for you.  One Main and Matrix in Bellevue just launched their new and improved website.  I think they did a much better job with the site.  They have incorporated Facebook, a new blog and much more consumer friendly information (i.e.  Walkscore, project updates and links to register).

I’ve been told that they will be taking me through their models during a private tour.  I will report back with more info including information on projected pricing, upcoming events and projects updates.   Stay tuned!

Related posts:

1. One Main Street, Now With Matrix The newly formed Matrix Real Estate will be taking...
2. One Main Street One Main Street is a popular Bellevue new construction...
3. Escala Appointment I contacted the Escala sales team after their e-mail...

Related posts brought to you by Yet Another Related Posts Plugin.

UrbanCondoSpaces.com finally has a Facebook Fan Page.   A big thank you to all the readers who have been supporting the blog over the last 3 years.  We have gone through many changes, but through those changes we remain dedicated to providing fresh content and great advice.  Please take the opportunity to check out the Fan Page.   Feel free to comment liberally and give feedback if you’d like.  I’ve embedded a YouTube video below that we just released to spread the word about our blog and what we do.  I hope you enjoy and thanks again for the support!

Click here to view the embedded video.

Related posts:

1. Let’s Chat I’ve been hard at work over the last few...
2. Avenue One Condos, Seattle Avenue One Condos built in 2005 is located at...
3. Seattle Area Developers Need To Lower Prices-NOW It is time to lower prices for all high...

Related posts brought to you by Yet Another Related Posts Plugin.

Careful what you read.

When a condo project advertises that it is reducing or cutting its prices by 50% this is not a true reflection of the overall pricing strategy.  As transparent as we want these projects to be, there is no way that they will show the public how they intend to sell their entire inventory.  A campaign that suggests a building is reducing prices by 30-50% is simply a marketing ploy to capture the public interest. At the end of the day, the market will dictate when the units sell and for how much.  It is simply supply and demand and the perception of value vs. cost.  Condos sell on momentum.  Developers and their sales teams are motivated and need to get you in the door to view their product.

Here are a few suggestions I would give you to ensure that you are not “sold” on these extraordinary reductions:

• View as many units as possible
• Ask the sales team how they are pricing the same units on different floors (i.e.  What would it cost me to move up to the 14th floor from the 12th?)
• Ask for a floor plan and a cost per square foot for each unit (example…$500,000 / 950sf = $526psf)
• Ask to see the units with the largest amount of reductions (within your price point).  This will allow you to see if those units were reduced due to potential issues (i.e…..Site plan, functionality, poor views, quantity, square footage etc….)
• Don’t by into the usual sales tactics.  There is still plenty of inventory to choose from.  Take you time and make a great decision.

As always, if you have a questions, please feel free to e-mail me at info@urbanimg.com

Related posts:

1. Veer Loft-Price Reductions Vulcan and Williams Marking have just announced price reductions...
2. Seattle Area Developers Need To Lower Prices-NOW It is time to lower prices for all high...
3. How To Buy A Short Sale If you haven’t noticed the incredible amount of short...

Related posts brought to you by Yet Another Related Posts Plugin.

On March 28th at 1pm, Kennedy Wilson, will be facilitating the auction of the 5th and Madison condo units.  There will be 18 units hitting the auction block.  If you have not been to an auction yet, it is quite an experience.  I will be in attendance with a few clients who have been considering a purchase.  In addition, I will be tweeting live from the event and will report back with intimate details.  For now, I have attached (see below) the unit list and starting bids.

Related posts:

1. 5th and Madison to Auction Remaining Units Courtesy of Matt and an Urbnlivn.com reader, 5th &...
2. Gallery Update I spent a few days last week registering clients...
3. 34 Seattle Condos Go To Auction As reported today in the DJC by Lynn Porter,...

Related posts brought to you by Yet Another Related Posts Plugin.

I contacted the Escala sales team after their e-mail went out on Friday in regards to the new changes to their pricing and amenity space.  I have not heard back yet, but when I do I will report back with some details.  Per their e-mail, as a previously registered client, I took them up on the opportunity to set up an appointment before their March 27 unveiling to the public.  Stay tuned.

Related posts:

1. Escala Sales Office Opens To The Public-March 27th Hot off the wire, please read below for a...
2. Come Join Me; Listing Appointment I thought I would share a few details that...
3. Escala Condos; Moving Forward As reported yesterday by Stroupe, the on-going changes at...

Related posts brought to you by Yet Another Related Posts Plugin.

At what cost per month are condo dues are too high?

Over the last couple decades many high-rise communities (Concord, Cristalla, 1521, Escala, Bravern, Bellevue Towers, 5th and Madison, Cosmopolitan and others) have favored amenities which ultimately requires higher dues.  Some of it is to be expected and of course you can’t please everyone.  In my experience, especially in the last 12 months prospective owners are looking for projects with lower dues and are willing to give up some if not all the fancy amenities.  In fact, many of the Baby Boomers that were expected to purchase these high rise units are favoring a “wait and see” approach to see if both HOA dues and prices will continue to come down.  From my frequent conversations with this demographic, they can’t imagine paying the higher monthly dues plus taxes after they own the condo in full.

Of course, not everyone shares this opinion.  There are boomers, many young professionals and urbanites that see dues as just a part of urban ownership.  They enjoy the pools, media centers, gyms and the 24 hour concierge.  So where is the breaking point?

I think it would be interesting to start a discussion on what we think is fair and acceptable.  When do dues get to be too high?  More importantly, are you willing to pay for these expensive amenities on a month basis?  I would love to hear your thoughts.

Related posts:

1. Seattle Condo Litigation; Bad News for Buyers My Buyer lost a Condo this month because of...
2. Need To Rent Your Seattle Condo? I’ve had quite a few readers inquire about renting...
3. Washington Square Condo Update I spoke with Royce over at Washington Square this...

Related posts brought to you by Yet Another Related Posts Plugin.

I thought it might be interesting for you to see examples of what sold last week in downtown Seattle.  This includes 1 and 2 bedrooms up to $2,000,000 and dating back to Friday February 19th.

This would be an interesting comparison to make week over week. Unfortunately this takes a lot of time to produce.  If you every need more detailed reports from the multiple listing service it can be done quickly.  For now, enjoy the list below.  I find it interesting to difference between what the asking price is and what it actually sells for.  Remember, that this sample set includes developers and re-sale owners.

Marselle: 699 John St Unit#: 201
Ask-$199,990 Sold-$195,000

Marselle:  699 John St Unit#: 217
Ask-$259,990 Sold-$255,000

Marselle:  699 John St Unit#: 215
Ask-$279,990 Sold-$270,000

Cosmopolitan: 819 Virginia St Unit#: 2505
Ask-$415,000 Sold-$330,000

Arbor Place: 121 Vine St Unit#: 2104
Ask-$350,000 Sold-$350,000

Gallery:  2911 2nd Ave Unit#: 112
Ask-$389,000 Sold-$365,000

Olive 8: 737 Olive Way Unit#: 3001
Ask-$545,000 Sold-$495,000

Seattle Heights: 2600 2nd Ave Unit#: 1403
Ask-$499,950 Sold-$498,000

5th and Madison: 909 5th Ave Unit#: 604
Ask-$550,000 Sold-$540,000

The Vine: 2607 Western Ave Unit#: 902
Ask: $625,000 Sold: $608,000

Enso Condominiums:  820 Blanchard St Unit#: 1505
Ask: $780,000 Sold: $785,000

Related posts:

1. Marselle Condos- Update and New Pricing I just recieved an e-mail from Steve at Marselle.  ...
2. A Seattle City Sample of Seven and Change-2010 A few months back I posted the first set...
3. Just Sold At The Parc Just sold at the Parc in Belltown, Unit #911. ...

Related posts brought to you by Yet Another Related Posts Plugin.

Hot off the wire, please read below for a notice from the Escala Sales team.   As expected they are starting a pro-active vs re-active approach. Expect more details, but as you can see prices will start at $384,000.  How do you think the market will re-act?  I’m anxious to get your opinion!

YOU NEED TO CHANGE MORE THAN JUST PRICE IN TODAY’S NEW ECONOMY

Dear Jeff,

As a valued registrant, we would like to share with you details of the important changes happening at Escala Seattle. First and foremost, our pricing has been dramatically reduced. Below is a list of starting prices for our One, Two and Three Bedroom Homes.

1 BEDROOM, 1.5 BATH, 952sf Homes starting at:  $384,000
2 BEDROOM, 2 BATH, 1607sf Homes starting at: $699,000
3 BEDROOM, 2.5 BATH, 2442sf Homes staring at:  $1,574,000

In addition, we have taken a sustainable business approach to homeowner fees and services. The concept of Club Cielo, a five-star, 30,000sf club facility with outside membership, will now be available to Escala residents only. This decision has greatly reduced homeowner fees. All the while maintaining an unbelievable level of service and a greater level of security.

What does this mean to you? In place of a fully-staffed Bar, Restaurant and Spa we are moving to a User-Pay system. Whether you’re planning a private party for your 40+ guests, want to schedule a fitness trainer or masseuse on Thursday or simply want to book the screening room – all can be arranged through the concierge and Columbia Hospitality. Where costs are involved, those fees will bill directly to you instead of burdening the entire Home Owners Association. The fitness facility, resistance pools and changing rooms are always available.

There are many things that have not changed at Escala. These include access to an extensive amenity package, spacious homes with the largest decks of any downtown development and classic Seattle views. Combine all of that with Absolute-Value pricing and there is no other building like Escala in downtown Seattle.

Our sales office opens to the public on March 27^th, 2010. As an early registrant, we’d like to get you in prior to the March 27^th date. Call 206.816.6300 to schedule an appointment with one of our new sales professionals.

See you soon!

The Escala Seattle Team
1920 Fourth Avenue
Seattle WA  98101
t. 206.816.6300
e. info@somethingischangingatescalaseattle.com
w. somethingischangingatescalaseattle.com

Related posts:

1. Escala Appointment I contacted the Escala sales team after their e-mail...
2. Escala Condos; Moving Forward As reported yesterday by Stroupe, the on-going changes at...
3. Marselle Condos- Update and New Pricing I just recieved an e-mail from Steve at Marselle.  ...

Related posts brought to you by Yet Another Related Posts Plugin.

One of my trusted loan advisors in my cousin in Denver Colorado.  He is a high producing member of Bank of America’s loan team.   I received a letter from him this morning that highlights the changes to the FHA programs that have been so popular over the last 18 months.   It is a reminder of the importance of working with a lender that is staying in-front of all these updates to loan programs.  For any of your readers looking to purchase or for the loan advisors who are reading this as well, I hope you can benefit from the update that Casey and his team have provided.  Have a great weekend.

Good Morning,   FHA has been active in announcing changes over the last few months.  While you may be aware of the majority of the changes I wanted to send an e-mail letting you know the changes that have been made or will be coming over the next year.  With FHA being such a major part of today’s market I have been receiving a lot of questions on them as of late.  If you have any questions don’t hesitate to contact me.

-February 1, 2010 – FHA lifts 90 day waiting period for property re-sale’s.  This is a temporary waiver that will now give FHA borrowers access to a broader array of recently foreclosed properties.  Arms length transactions only and if the sales price increases by 20% or more there will be additional documentation required to support the change.

-February 1, 2010 – FHA condo spot approvals are dead.  This is good and bad.  Over the long haul we should see more condos that are approved by FHA since there will be more lenders participating in the HRAP and DELRAP process.  The bad news is that as the database is built up we will not be able to do any spot approvals to get the loan to closing quickly.  If a condo is not already approved by the FHA expect that to add time to the loan process.

-HRAP (HUD Review and Approval Process)
-DELRAP (Direct Endorsement Lender Review and Approval Process)

-February 15, 2010 – Lenders must implement a process of appraiser independence similar to the conventional HVCC system.

-April 5, 2010 – FHA Up Front MIP increases from 1.75% to 2.25% of the loan amount.  This won’t have a huge impact as typically the Up Front MIP is financed and not money the customer brings to closing.  The downside is that it would reduce a small amount of equity the customer has in the property.

-April 30, 2010 – Tax credit expires for first time homebuyers and existing home owners who have been in their current home for 5 years and meet qualification.  A contract must be signed by April 30th and close on or before June 30th.   -Early to mid summer (Date TBD) – Reduction in seller concession from 6% to 3% on FHA loans.  This could impact less expensive homes as a 3% sales commission may not be enough to pay all of the closing costs for a buyer who is tight on funds.

-December 7, 2010 – FHA condo projects removed from FHA approved list.  All condo projects who received FHA approval before 10/1/08 will be removed from the approved list.  That means all those condos approved before that time will now need to be re-approved through FHA.  Going forward when a condo project is approved, it must be re-approved every 2 years.

-January 1, 2011 – FHA concentration on condo projects goes from a max of 50% to 30%.  Currently, FHA allows up to 50% (higher in some cases) concentration.  Starting 1/1/11 that maximum goes down to 50 to 30%.  With the huge increase in FHA financing this could

-January 31, 2011 – FHA 90 day flipping rule back in effect.

If you have any questions on the changes do not hesitate to contact me on my cell at 720-252-5552.

Regards,

Casey

Related posts:

1. Mortgage Applications and Market Recovery Ryan Niles is a Urban IMG contributor and a...
2. Gallery Update I spent a few days last week registering clients...
3. Show Time The next few weeks are very important for housing....

Related posts brought to you by Yet Another Related Posts Plugin.

Ruby Condominiums now have 10 units left to reach their sellout.  This is often a great thing for owners as they can relax in their new home without the sales process in place.  With that being said, Melissa McMurray on site has done a phenomenal job introducing new owners to the project and expediting the sellout process.

In the new era of Social Media marketing, Ruby had a Facebook page, ran a super effective e-mail marketing campaign and exchanged services with local restaurants and coffee shops that helped new owners get to know their neighborhood.

I think what will be interesting over the next 36 months will be to see what Seattle offers new buyers.  As most of us know, many “affordable” projects were pulled off, converted to apartments or just put on hold during the down turn of the market.

Does anyone have anything in particular that they are looking forward too?

Projects?
Neighborhood Development?

Related posts:

1. Ruby Condominiums-Update I just traded text messages with Melissa McMurray at...
2. Ruby and Marselle Update Just a quick sales update for Ruby and Marselle:...
3. Ruby, Picking Up Steam If you are unfamiliar with the project; Ruby is...

Related posts brought to you by Yet Another Related Posts Plugin.

I thought I would share a story of re-connecting with an old friend, who happens to be a brilliant Seattle construction defect attorney.  Dating back to when I was 15, I met this friend of mine in Gig Harbor where I grew up.  She was always at the top of her class and I felt that she would do BIG things when she graduated.  She ended up getting her undergrad, going to law school and then starting her professional career in Seattle.

We reconnected about 18 months ago through Facebook. She had noticed that I was helping people buy and sell condos and looked me up as she was looking to purchase in Belltown.  We met up for a cup of coffee and since then I have been extremely grateful for our re-kindled friendship.  On occasion we will talk about old friends and past experiences, but for the most part we talk about business.

As mentioned before, she is a phenomenal attorney.   Her firm represents the owners in hundreds of disputes with condo developers.  Meaning that she is on the forefront of all major condo litigation disputes.  My learning curve has skyrocketed since our first discussions.  She has incredible stories from court cases that are interesting enough to be written in a book.  It is fascinating to me; not only to hear the stories themselves but how it effects our local market.

It would be impossible to truly understand the ins and outs of every local project.  With that being said she has willingly given me her time and attention when I have needed it and I am eternally grateful for her friendship and expertise.  I now go to her before before any of my clients purchase. It gives me a sense of security and has been a blessing to the buyers that I have helped along the way as well.  Having good friends that keep us accountable is a wonderful thing.  I look forward to many more years of good conversation and tall cups of coffee!

Related posts:

1. Holidays and a Cup of Coffee One of the favorite aspects of my job is...
2. Seattle Area Developers Need To Lower Prices-NOW It is time to lower prices for all high...
3. Temperature Of The Market I read a piece yesterday that I have attached below.  I...

Related posts brought to you by Yet Another Related Posts Plugin.

It is official.

Realogics and Sotheby’s have merged.  I have added the press release below.  This was talked about for months, but has finally been announced.

Their temporary website will be www.realogicssothebysrealty.com

Press Release: Realogics and Sotheby’s Merge

A few excepts from the release:

The firm, owned by Dean and Stacy Jones of Realogics, Inc., now will do business as Realogics Sotheby’s International Realty. Sam Cunningham will serve as the designated broker and co-owner. The firm will service the Greater Seattle area in western Washington…..

“Realogics Sotheby’s International Realty draws upon market research and consumer trends to accurately position its properties. By understanding our clients’ goals and carefully analyzing the fundamentals, our agents are experts at realizing their objectives with proven results in all market conditions,” said Dean Jones, “Our team has been recognized with more than 125 regional and national awards for sales and marketing excellence. Having affiliated with the Sotheby’s International Realty brand, we now have access to a global marketplace, providing our agents and our clients with every possible advantage available in the industry.”

Related posts:

1. Realogics and Sotheby’s Merger While doing some independant research this morning on a...
2. MCM And Williams Marketing Merge Congratulations to MCM and Williams Marketing on their new...

Related posts brought to you by Yet Another Related Posts Plugin.

While doing some independant research this morning on a local Seattle project, I’ve noticed that Realogics and Sotheby’s are now publicly displaying their partnership.  My sources tell me we can expect a press release soon.  This would be the second local merger/partnership in the Seattle area with the well known International Sotheby’s brand.

Stay tuned.  I will post the release when I receive it.

Related posts:

1. It’s Official: Realogics and Sotheby’s Merge It is official. Realogics and Sotheby’s have merged.  I...
2. How To Choose The Right Condo I want to help you pick out the right...
3. Escala Appointment I contacted the Escala sales team after their e-mail...

Related posts brought to you by Yet Another Related Posts Plugin.