Hey! Look Over Here!
Happy Monday.
Feel free to enjoy these two posts, complements of the Seattle PI.
Opportunity is Knocking at Your Next Front Door
"The unfortunate reality here is that good news seems to get buried in the newspapers and it's the negative headlines that get all the attention. What we're trying to do [with the ad] is motivate buyers with the facts. Mortgage interest rates have come down, there's an ample supply of inventory and homes are selling."New condos: Which one's the tallest of all?
"Developer R.C. Hedreen Co. announced Wednesday that it was adding three floors, pending city approval, to Olive 8 -- a hotel-condo building under construction at Eighth Avenue and Olive Way. That would bring the tower to 39 stories, 455 feet above street level, and make it the tallest residential tower in Seattle when it opens in the summer of 2008.In sales we call this move "hey, look over here!" (distract the buyer so they won't think about the important questions, such as "how much will those condos be worth next year?")
The three new floors would mean the hotel-condominium project would have to meet city requirements to use environmentally sustainable construction and contribute toward affordable housing."
1(Marlow Harris, Seattle Real Estate Professionals Blog, 10.08.2006)
2(Aubrey Cohen, Seattle P-I, 10.09.2006)
5 comments:
The should have a contest..
New condos: Which one's the emptiest of all?
5000 new units in 5 years, my guess is that in 5 years most of the condos going for 399,000 will be going for half that!
Here is an example of what I see coming this Spring...
This turd of a house in downtown Poulsbo has been on the market since late Spring/Early summer.
They had it on for $450K, and it is a disjointed, old, outdated, butt-ugly house on a busy street. I toured the house several months ago, and the agent told me that he already had multiple offers, but they were still holding the window open for anyone who is interested.
Apparently that was a truckload of fertilizer.
Anyway...the house is now vacant, and the yard is overgrown with weeds, is brown, and the property is showing serious neglect.
They have dropped the price of the house $15K, and think that will do the trick.
IT SOLD IN '04 for $270K!!! OK, WTF? These people have the temerity to ask for an extra $180K for 2 years of sitting in a glorified POS. Now, assuming they get their $435K, they don't have the brains or money to pay some kid to mow the lawn and water the yard? WTF?
This will be the norm in 18 months.
Properties will be abandoned, in disrepair, and the sales prices will be stuck.
The REO depts of the lenders will be hopping and looking for people with cash.
eleua,
I am shocked and dismayed that you would use the word turd to describe a house like that. You bubbleheads are so angry and rude.
Did you not get the memo? This is clearly an example of retro chic.
Furthermore, the lawn is not overgrown, you heathen. It is obviously Northwest au naturale.
Please terminate this campaign of misinformation at once!
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