According to Jake over at Tacoma Untapped, the Walker Condos have shown up for rent on Craigslist. Last time I checked there were more than 130 condos on the market downtown, most of them new construction. This is good news for anyone trying to sell or planning to list anytime soon. Since only 25 out of those 130+ condos listed in downtown Tacoma sold last year, we are going to need rent or sell quite a few more before the downtown condo market can be considered anything close to resembling "balanced". Also reported on Exit133. For More Downtown Tacoma Real Estate Information visit Get Real Tacoma.
Tacoma Public Utilities is offering a series of workshops for improving your home. The first is tomorrow night and has to do with working with what you've got as far as your heating sytem goes: Make the Most of Your Heating System Thursday, January 15th 7-8:30pm 3628 South 35th St (38th & Union) Whether you have a forced air system, baseboard heaters, or forced air wall units, learn to make the most of your heating system and still be energy efficient. You can get more information on their website or by calling 253-502-8377. For more Tacoma Real Estate info visit Get Real Tacoma.
As of today, there are 1,987 houses and condos for sale in Tacoma. The median size is 3 bedrooms, 2 bathrooms 1,561 square feet. The median list price is $239,950.
There are currently 309 Pending Sales in Tacoma, giving us a city wide sales ratio of 15%. A balanced market is around 50%. Less than 50% is a buyers market.
The median listed price (not what they sold for mind you, we won’t know that until they close) of houses that are pending is $209,950. That means houses that are getting offers are 30k lower than the median price. The buyers that are out there are looking for deals.
When we look at what sold in the past 9 days, it’s easy to see why they’re trying to wheel and deal. This week 12 houses and 1 condo sold in Tacoma. Of the 12 houses, 8 of them were BANK OWNED FORECLOSURES. Another 2 were new construction. Banks and builders generally have a greater ability than your average seller to wheel and deal. The median size on sold houses was 3 bedrooms, 1.5 Baths 1,348 square feet. The median price? $169,900. That means that for the first week of 2009, the median sold price is 70k lower than the median listed price, and 40k lower than the median pending price.
For more Tacoma Real Estate information visit Get Real Tacoma.
UPDATE: Thanks to Timothy for this link. REET no longer applies to short sales. THANK GOODNESS!
Washington Realtors Association sent out a notice to it's members this morning, saying that "The Department of Revenue (DOR) recently sent a letter to the Escrow Association explaining its position that in short sales, the Real Estate Excise Tax (REET) applies not only to the selling price of a home, but also any debt forgiven by the seller's lender."
Of course, this is total crap. Why should you pay taxes on a price the market wouldn't bear out? NWMLS broke it down like this:
For example, if a seller owes $350,000 on its mortgage, the property sells for $300,000, and the lender agrees to forgive the remaining $50,000 in debt (i.e. the seller will not be held liable for the $50,000 difference) - there are tax implications for the seller related to the $50,000 debt forgiveness.
The Seller is already potentially having to report that $50k that the bank forgave as income, now the state is saying they must also pay excise tax on that?
Realtors are not allowed (by law) to give tax or legal advice in this situation. If you are selling your home in a Short Sale, make sure to talk to a Real Estate Attorney and a CPA.
For more information on Tacoma Real Estate visit my blog, Get Real Tacoma.
I'm running out of clever preambles, so let's kick off part 3 of Tacoma Sales Stastics 2008. For this round, we're looking at 98403, for the purposes of this post, we're going to call this Stadium, even though it covers North Slope and some Old Town, because calling it StadiOldSlope is a compromise no one is interested in making.
This part of town has seen 30 Condos sell in 2008. 10 of those condos sold for less than 200k. Sold prices ranged from a $100,000 for a little studio, up to $866,018 for a 3 bedroom, 2 bath, 2,290 square foot palace in the sky over at The Ansonia. The average condo to sell in Stadium is a 2 bedroom, with a median price of $227,475, (the average is $338,931 but with these kinds of ranges I think the median price is more helpful).
As for houses, 55 houses sold in the Stadium District ranging from $155,000-$1,125,000. The average price was $428,080. The median sold price was $370,000. The average size of one of these homes was 3 bedrooms, 2,650 square feet.
At the same time all these homes and condos sold, 55 condos and 33 houses cancelled or expired, leaving us with 38 Condos and 32 Houses currently on the market in 98403. The median list price on the condos is only $177,475. There be some bargains in Stadium methinks. There are currently 5 pending condo sales, and the highest price on it is $169,950.
Unfortunately the median home price for currently listed houses is $592,400, which is over $200,000 higher than the 2008 median sold price of $370,000. I checked the pending house sales, and the only houses 2 houses with offers on them are under $399,000.
Finally, here is a list of which condo buildings had sales and how many they had:
The Ansonia - 6 Sold
Savannah - 4 Sold
El Mar Terrace - 3 Sold
MiraBella - 3 Sold
Elmwood - 2 Sold
Le Mer - 2 Sold
Capri - 2 Sold
And 1 sold at each of the following:
501 N D Street
Commencement Bay Terrace
Chelsea Condominiums
Harbor Place
Stadium Point
Avalon
Plaza 4
Stadium View Condos
If you would an email of the condos and houses above, feel free to email me at theskydivingagent@gmail.com and I'd be happy to send you the list.
For more Tacoma Real Estate Information visit Get Real Tacoma.
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Tacoma is different things to different people. This blog is about everyone getting to have their Tacoma just they way they want it. I live, work, and play in Downtown Tacoma. As a Realtor I specialize in Downtown Tacoma, Hilltop, The Lincoln District, and The Stadium District.
Set big goals and dare to go after them. That's Marguerite Giguere's belief, and she upholds it in both her personal and professional life. From jumping out of a perfectly good airplane to pursuing her entrepreneurial ambitions, this simple philosophy consistently guides Marguerite's every action. Indeed, it allows her to confront challenges head-on and achieve whatever she sets her mind to.
For Marguerite, taking a Go For It approach to life isn't a singular pursuit. It's the driving force behind her work as a respected real estate professional. "Real estate is the perfect fit for me and so rewarding because it allows me to guide people to success during one of life's biggest decisions-buying or selling a home," she says with her trademark enthusiasm.
If you're serious about pursuing your real estate goals, turn to a professional who has the knowledge and expertise to make success happen. Go For It and call Marguerite Giguere today.
As a real estate professional, Marguerite Giguere has made it her passion to know everything she can about relocating to, from or within the Downtown Tacoma area. Those who have worked with Marguerite appreciate knowing the purchase of their new home is in the hands of such a capable and trustworthy real estate agent.
Tacoma, Washington is a dynamic city located 45 minutes south of Seattle and 20 minutes from Fort Lewis Army Base & McChord Air Force Base. It's location makes it a poplular choice for commuters. The newly renovated downtown area boasts an exciting mix of local and international businesses. With a wide variety of residential neighborhoods to meet every type of lifestyle- Tacoma is experiencing incredible growth, making it one of the most exciting places to live in the Pacific Northwest!
When it comes to making a move in Downtown Tacoma, it just makes sense to turn to a real estate professional who cares about your needs and will go the extra mile to meet them. Marguerite has made homes, condos, and duplexes in the City of Tacoma her focus. If you are looking to buy a home in Tacoma, Marguerite has the expertise to help you find the best value with best loan. If you are looking to sell- Marguerite knows your neighborhood and understands how you can outshine your competition- because she eats, sleeps, and breathes Tacoma.
Marguerite is a member of the Tacoma Pierce County Association of Realtors, Washington Association of Realtors, and the National Associations. She currently serves on the TPCAR Membership Committee and the New Realtor Council Committee and loves meeting her fellow Realtors.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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