AVA

Ava is one of the most highly anticipated new projects coming to Seattle.  There is currently quite a bit of speculation regarding the timing of this project.  Some of which has been caused by the growing number of Seattle New Construction Developements being placed on hold.  As far as we know, the developer fully plans to move this project along.  AVA is in an ideal location and it may be timing the market perfectly, as Seattle’s New Construction Condo Inventory is planned to shrink from over 1,000 deliverable units per year to around 200 to 300 units delivered in 2010.  Click Here to take a look at a recent interview that we had with king 5 news.  

Buyer Representation

Do I need a buyers agent?

Urbancondospaces.com

Buying Real Estate in the Seattle market can be challenging and overwhelming.  Urbancondospaces.com was created to assist Seattle Condo buyers in this difficult decision.  Urbancondospaces.com not only provides the most current information, but believes in good buying representation.

Buyers agents help you with the following: 

1.  No Cost Representation
One of the biggest myths’ associated with buyers agents are that the buyer could get a better price without an agent.   This is rarely ever the case.  The price you pay for a unit at the sales center will be the same if you are buying the unit with or without representation.   Most sellers/developers need and encourage the work of a buyers agents to drive traffic through the site and to eliminate the liability of representing both parties during the transaction.     

2.  Understanding
Buying in this market requires an extensive knowledge of the market conditions, locations, and site specific information. Using a buyers agent will help you to analyze and research the important facts before making a purchase.   Buying will require an understanding of the cost per square foot, the current comparables in the marketplace, the best floor plan that suits your needs, the developer and their track record, and the quality of the finish work.  Bottom line, having someone in your corner to help educate you throughout this process will help to give you confidence in your decision. 

3.  Support
The sales staff at each project has a vested interest in selling as many units as possible for their developers.   Most “site agents” have an extensive knowledge of their project, but will not provide an objective view on other projects and what may be in your best interest as a buyer.  A buyers agent on the other hand, will be paid once you find the unit that is right for you, regardless of where it is located.  Use a buyers agent to your advantage!  It will allow you to view many different projects, which will build your confidence in making the right decision.  They can handle the pressure from each sales agent and that will allow you to have think clearly throughout the whole process.

4.  Details
A buyers agent will prove to be a jack of all trades.  Throughout the process, you will need help with many details–picking your upgrades, choosing the right storage unit, parking stall, negotiating un-advertised incentives and managing the important timelines in the closing process.   In addition, not all experiences in buying a condo are perfect.  Many times with new construction, delays can occur.  If you are delayed and have to sign an extension, you can lose your rate lock, and the sales staff that continue to represent the developer, will not always look out for your best interest.   Its important to have someone to give you support.  Be attentive, engaged and invested in your purchase, but lean on the expert to handle what they do best–making sure that you get to the closing table with all the details handled effectively and with ease.     
 
If you have any questions, and or concerns, feel free to contact us.  We will be happy to go over our process of representation or answer any questions that may come up as you search for your new home. 

Seattle Condo Boom

There are roughly 49 new condo buildings planned for construction in downtown Seattle over the next 3 years — 13 of which are already under construction.  Here’s an image from the Seattle PI. 

According to a recent Realtor symposium, Seattle is actually “playing catch-up” to cities like Portland and Vancouver. One highlight of the symposium was 1521 Second Avenue, a 38 floor, 143-unit glass building scheduled to break ground next month between Pine and Pike streets. It is regarded as one of the flagship buildings of the Seattle pipeline expansion.  Each unit in 1521 Second Avenue — averaging $1.7 million per unit — will feature a “solarium” room with windows that fold away to create an outdoor veranda. 

The Seattle PI article  goes on to say that new condos will cost from $300,000 to more than $2 million.  To meet demand, 10,000 new units are planned for 2010.  With 10,000 new homes in the pipe for the city this means more infrastructure is needed to support (i.e., grocery stores, schools, etc.).