Seattle Housing Buzz

There’s been hints that Seattle’s strong, seller centric, housing market is softening. Inventory has been rising for several months, the absorbtion rate while still low has been increasing and homes have been sitting on the market longer. Another sign, which I’m starting to see more frequently, or in this case hear, are listing agents calling for feedback.

When the market was stronger and multiple bids were common one would rarely ever hear from a listing agent about feedback. Now, they’re calling the next day after a showing. And, is not just resales. The sales team at a condo converstion project calls me weekly to see if I have any buyers for them.

The City of Seattle is underway with their Plant-A-Tree-For-Free program. Residents of Seattle can request a tree to plant in their yard (one per household). The trees will be available for pick up on October 28th at either Magnusson Park or the Southwest Community Center.

98 Union sits above the Pike Place Market (and a Hostel) and is right across the street from the new Four Seasons. Took a client to view a studio unit facing 1st Avenue and he seemed to like it (MLS 26049842).

It was a rather spacious 588 SF, quiet with the windows closed, came with AC, large bath, sleeping alcove, ample storage and parking…for just $274,950. And, it’s in a great location surrounded by the waterfront, Pike Place Market, Westlake Center & SAM.

But, it’s been on the market since April and had a few price decreases. Granted, the interior is a little dated but in good condition. The HOA dues are a bit high at $402…that’s $.68/SF. I won’t try to guess why it’s so high, but I’m thinking that hefty payment maybe distracting potential buyers.

Matt at Urbnlivn.com commented about new condo construction marketing, that the developers are off the mark and aren’t really listening to the buying public.

Yes, marketing is often seen as speaking to people, but for these projects to be successful they’re going to have to listen to people and for the most part none of the projects here in Seattle listen to people. And while they talk, they’re not talking about what we want to hear.

I know for me, and many of my friends considering condo purchases, that much more often than not the marketing of the local projects does much more to detract me from purchasing then it does what the marketing team’s intended efforts are.

Even a virtual online real estate company needs a physical location to call home. Seattle-based Redfin recently opened an office in San Francisco, currently housing three real estate agents and three software engineers. The office is located at 604 Mission Street.

Interesting tidbit in the Seattle PI about marketing condos, which in Seattle range from an 80’s throwback at Onyx to aiming towards spirituality to the enticing the “Hitchcock demographics” at Escala.

It must work since the marketing geniuses are coming up with them. Though, in reading blogs and comments about the Onyx’s cheesy South Beach theme, lots of people are poking fun at them too.

On the other hand, not all people are grasping at the lifestyle the marketers are selling, as some projects appear to be stagnant. Rumor has it a current Belltown project replaced it’s marketing team recently.