Seattle, WA Real Estate News

By Toby Barnett, Toby Barnett
(KW North Sound)
Today the Seattle Seahawks host division rivals the Arizona Cardinals. Even with all the star players now on the Cardinals they will still have a very difficult time putting points on the board in Quest Field. The combination of talent on the Seahawks and the crowd noise Arizona will have to play really good to be competitive. The Cardinals did win there home opener last week but this is our home opener and it has been over a year since another team won in our house. My prediction is it is going to be a blood bath. Shaun Alexander needs to get the football more times this week. Having less the 60 yard during the game was very uncharacteristic of #37 but today I have a feeling, maybe cuz im hungry, that Shaun will be back to his young self. Hasselbeck will cannoning the ball like normal ...
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By Ben Kakimoto, Seattle Condo Specialist
(Keller Williams Greater Seattle)
Recently, the NWMLS revised several forms including the Purchase & Sale contract and addendums.  I've highlighed a few of the important changes below; for more information, please visit my blog @  Seattle Housing Buzz.Purchase & Sale Contract (Form 21)Possession Date - option defaults to closing, may fall on weekend or holidayComputation of Time - clarifies based on days, not hoursAttachment of Legal Description - must be attached to the offer, otherwise offer is not bindingAssignment - must be agreed to by both parties in writing Seller Disclosure Statement (Form 17)Revised the proximity to farming statementFinancing Addendum (Form 22A)Type of loans - Buyer must now state if loan is a Second or BridgeClarifies that downpayment is from other than financing sources Buyers obligation to p...
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By Ben Kakimoto, Seattle Condo Specialist
(Keller Williams Greater Seattle)
July saw an increase in condo inventory in the Downtown, Belltown & Pioneer Square areas from 89 to 131 active listings. Pending sales also increased 8.9% from 35 to 39. Interestingly, with the increased inventory, buyers had more choices and it resonated with them as the average days on market fell from 78 to 52 days. Additionally, 76% of newly listed units were sold within 20 days upon coming on the market (however, new construction presales listed in the MLS may have accounted for this). The average sale price reduced slightly ($466,500 to $463,700) with the average sale price approximately 2% less than the list price. On the other hand, the median price increased 4% to $416,000. The total dollar volume of all closed sales dropped from $18,195,600 in June to $12,056,400 in July. Inf...
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By Ben Kakimoto, Seattle Condo Specialist
(Keller Williams Greater Seattle)
April saw the beginning of an uptick in inventory for houses outside the urban working areas. In the seventeen counties covered by the Northwest Multiple Listing Service, most saw double digit gains in the number of listings; some jumped as much as 25%. And home prices continue to appreciate as well. The median price for a single family home in Western Washington was $359,950, which represents a 12.5% increase.In May, pending sales were up 11.5% over April due to larger inventories in outlying areas. Neighborhoods close to the job centers of cities like Seattle and Bellevue continue to be hot, resulting in high competition and multiple offers in many areas. In King County, the median price for a home was almost 17% more than the same time last year. Condo prices in King County were up a...
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By Ben Kakimoto, Seattle Condo Specialist
(Keller Williams Greater Seattle)
Simplyfing the home buying experience, more than a motto, it's a way of doing business. Washington's most innovative real estate company, John L. Scott, has been transforming the way people search for homes. Over the past few months, John L. Scott has rolled out new features to empower buyers and sellers to make informed decisions. These include: Interactive map search utilizing Microsoft’s Virtual Earth technology - provides multiple bird’s eye view photos and icons showing all available properties. Enabling sold data directly from the NWMLS database. Unlike other sites that rely on county records which takes months to be updated, the NWMLS data is current. John L. Scott is the first real estate brokerage to provide sold data directly to the public. Provides Community Details - populat...
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By Ben Kakimoto, Seattle Condo Specialist
(Keller Williams Greater Seattle)
Developers and visionaries are out to change the landscape and forever change Seattle's place as a big city.  Around downtown 49 new condominium and loft projects have been proposed adding upwards of 10,000 new housing units to the urban core.View a map of Seattle's skyline in the year 2010.   With recent rezoning allowing for higher density and taller buildings combined with a healthy business environment what will continue to grow, developers are creating new urban centers in the Midtown and South Lake Union districts.
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By Ben Kakimoto, Seattle Condo Specialist
(Keller Williams Greater Seattle)
Seattle is undergoing an extraordinary condominium construction renaissance with up to 49 new mid- and high-rise buildings proposed by 2010 adding over 10,000 housing units.  Realistically, not all will be built but many will which will provide homeowners and investors incredible pre-construction presale opportunities.   Generally the presale process is composed of four distinct phases - Reservation, Examination/Contract, Construction and Closing.  Though some developers are utilizing a lottery process. Reservation -A reservation is the initial offering to the public.  The developer will provide preliminary floor plans, renderings and pricing.  A deposit is required which can range from $10,000 to 10% of the purchase price.Examination/Contract -  During this phase the developer will pro...
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