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Monday, August 31, 1981

Thursday Open Thread

This is your open thread for today. Please post random links and off-topic discussions here.


Peckhammer said...

296 square feet -- but it's home
Tiny condos in Belltown to start at $149,950


A new building in Belltown will include condominiums as small as 296 square feet for $149,950. The developer is aiming for urbanites priced out of downtown, betting locals are primed for "New York-style living."

The Tim said...

That one I did catch, and I'll probably make a post on later today.

matt said...

Oh man, that article is a crack up!

"I like having everything in just one room," she said. "I just think it's a waste of money to have all this space that you don't really need."

Hahaha, yeah! Don't they already have these one-roomers down in Pioneer Square? Usually rent for about $29.99 a day.... ah urban living. Yes, I too want to live like Elwood Blues!

dash_point said...

condominiums as small as 296 square feet for $149,950

Are they serious? Well, good luck during our dark winter months, when the walls close in and you start counting the days until summer. Just hope you have a good prescription drug plan.
Welcome to Hell--@ $500/sqft.

Nolaguy said...

A good friend of mine just bought an apartment in Manhattan.

3rd floor (no elevator) of a pre-war brownstone in the West Village. On 11th Ave - a great part of the WV.

1 bedroom, 1 bath. 12 foot ceilings. 350 square feet. Price: $330,000.

Just because somebody is making very small condos in downtown Seattle, does not mean they will have "New York Style" living.

There is nothing "New York" about that project (or Seattle for that matter) - except that the units are small in square feet. If it was really like New York, they would sell for $900/sq foot.

I have to laugh.

Anonymous said...

My wife and I live in Europe, and are moving back to Seattle after several years. She emailed a RE agent about some condo projects and is generally investigating for next spring. He emailed back with some info and told her that the market in Seattle is 'inflated' and there is a general expectation of a drop in the next year or so...Is that candid or what? I have been reading this and other blogs to get a sense of the market at 'home', I guess not everyone is drinking the kool aid.

meshugy said...

This is a bit of surpirse:

Consumer Spending Grew in July

Spending by American consumers grew last month at twice the rate it did in June, suggesting that the economy may not be slowing as drastically as some economists had forecast.

Personal income also rose in July, although not as much as spending did. And a widely watched measure of consumer inflation indicated that the pace of price increases may be easing somewhat.

All together, the data provided some encouraging evidence that economic expansion may be slowing, not stalling, on its way to the “soft landing” that policymakers like the chairman of the Federal Reserve, Ben S. Bernanke, are hoping for.

Anonymous said...

You have a great realtor.

Condo pries have already begun falling here. One place on First Hill cut the 2 bd. price from 460K to 375K (or thereabouts) a few weeks back.

Now they're paying buyers HOA fees through 2009. 2 weeks ago it was 2008, 3 weeks ago 2007.

darth_s said...

According to John Burns – a Real Estate consulting firm, Seattle is at #10 of potential bubble markets, higher than San Diego, Sacramento, Boston, Las Vegas, etc. Surprise, surprise…

Anonymous said...

It's only a bubble if it deflates

The Tim said...


I noticed that one via the P-I Real Estate Professionals blog, of all places. A post on it is pending.

Amit C said...

Does anyone know where Zillow gets it's information about Sales numbers? The Seattle report contains those for new and existing homes and well as citywise breakup

I know the Assessor's office allows getting one house\parcel at a time like Tim's link earlier.

Amit C

darth_s said...

It's only a bubble if it deflates

The deflation process has already started in San Diego, Sacramento, and Boston, WA DC,... and it is spreading rapidly.

synthetik said...

no shit???

Anonymous said...

Didn't know where to post this gem:

Laurelhurst fixer listed last week for $1.25 million. Previously sold for $2.1 million (12/04) AND 5 MONTHS EARLIER AT $1.05 million (7/04). Looks like an LLC sold to wanna be flipper who didn't seal the deal (no updates evident), Countrywide now owns

Anonymous said...

One more for you - Buchan new construction on the Plateau - 2104 263rd Pl SE, Sammamish, WA 98075

I'm keeping anon for now, but will eventually come out when safe (after I exit the REIC and start my import/export beanie baby/cabbage patch business). Not saying outright fraud, BUT consider:

1) original list price $950,950 2) offers to pay $71K above asking and it sells (recorded price) for $1,022,000 3) now able to take out two loans for $995K, basically 107% LTV 4) Spec sale in 6/06, closed in 7/06 (IOW, higher price not due to appreciation during pre-con marketing)

Now the guy is getting "divorced" and its on CL 1) for lease @ $6,995/mo

"owner bought home just 4 months ago" - actually it was just under 30 days ago


2) lease option $8,495/mo, a new concept made popular by some of the better known players including Carleton Sheets, Tom Vu, etc ("win-win" per Robert Kiyosaki)

"play it smart and keep in my name" EAZY TERMS

Purchased with $27K down

Tax ID: 062942-0350
Recording Date: 07/20/2006
Sale Price: $1,022,000

Mortgage History:
Mortgage Date: 07/20/2006 07/20/2006 Mortgage Amt: $750,000 $245,000 Mortgage Lender: Opteum Fin'l Svcs Llc Opteum Fin'l Svcs Llc Mortgage Type: Conventional Conventional

lynn said...

Anon 8:45-

You are priceless. And I do mean that. There are too many people in the Seattle area who are clueless to the problems here.

Perhaps you can save a few.

Keep posting as Anon. or WHATEVER.