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Bank Owned Homes in Seattle WA Sales Report - 02/09/09

02-09-10
Dan Edwards, REALTOR® Your NW Home reSource.™
Dan Edwards, REALTOR® Your NW Home reSource.™: Real Estate Agent in Sammamish, WA
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  • Office: (425) 837-4700
  • Mobile: (206) 818-8816

Bank Owned Homes in Seattle WA Some of the best deals in Real Estate are REO or Bank Owned Real Estate. Banks are in a hurry to sell a home and they intentionally price it 20% below the market. A Bank Owned home is property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale. Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

I have broken down Seattle's sales from the Northwest Multiple Listing Service in 3 sections, Bank Owned, Shortsales(Pre-foreclosures), and "Arms Length" Transactions. Some points of interest; the median home sales price is $266,500 $365,000 & $409,500 respectivly making Bank Owned Real Estate(REO) the best value/deal for home buyers. While short sales may seem attractive they take longer to close. Bank Owned Homes(REO's) are already approved and a buyer is negotiating directly with the bank.

Seattle WA Bank Owned Market Statistics for January 2010

Active: 84 Pending: 62 Sold: 33 Other: 0 Total: 179

Bedrooms Bath Sqft List Price Selling Price DOM
Minimum 1 1.00 0 $89,900 $97,500 0
Average 3 2.03 1,791 $337,527 $280,014 51
Median 3 2.00 1,460 $279,000 $266,500 42
Maximum 10 5.00 4,740 $1,295,000 $750,000 189
Total Dollar Value $9,240,450
Average DOM Breakdown and Average % of List Price received on Solds by Market time:
0-30 Days 31-60 Days 61-90 Days 91-120 Days 120+ Days
No. of Listings 13 12 4 1 3
Breakdown % 39.39 36.36 12.12 3.03 9.09
Avg SP % LP 101.14 95.92 100.97 92.34 99.55



Seattle WA Shortsales(Preforeclosures) Market Statistics for January 2010

Active: 258 Pending: 228 Sold: 35 Other: 0 Total: 521

Bedrooms Bath Sqft List Price Selling Price DOM
Minimum 0 0.00 430 $104,000 $145,000 0
Average 3 2.00 1,950 $392,972 $432,216 77
Median 3 2.00 1,720 $319,000 $365,000 58
Maximum 9 6.50 9,405 $5,650,000 $1,185,000 499
Total Dollar Value $15,127,568
Average DOM Breakdown and Average % of List Price received on Solds by Market time:
0-30 Days 31-60 Days 61-90 Days 91-120 Days 120+ Days
No. of Listings 11 4 8 3 9
Breakdown % 31.43 11.43 22.86 8.57 25.71
Avg SP % LP 96.88 96.46 98.52 87.23 97.90


Seattle WA Non-Bank Owned/Shortsale Market Statistics

Active: 1711 Pending: 512 Sold: 255 Other: 0 Total: 2478
Bedrooms Bath Sqft List Price Selling Price DOM
Minimum 0 0.00 286 $99,999 $120,000 0
Average 3 2.23 2,195 $646,736 $495,622 83
Median 3 2.00 1,853 $439,000 $409,500 47
Maximum 13 8.50 11,022 $14,950,000 $1,925,000 997
Total Dollar Value $126,383,677
Average DOM Breakdown and Average % of List Price received on Solds by Market time:
0-30 Days 31-60 Days 61-90 Days 91-120 Days 120+ Days
No. of Listings 80 60 39 26 50
Breakdown % 31.37 23.53 15.29 10.20 19.61
Avg SP % LP 97.59 96.10 95.06 93.96 94.50


See more reports for Bank Owned homes.
Kirkland WA
Redmond WA
Sammamish WA
Issaquah WA
Bellevue WA

If you are looking for a detailed list of REO(Bank owned real estate)properties, or short sales, simply sign up to receive King County WA Bank Owned homes & property updates.

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Income property can have very stable, respectful and reliable tenants. Seattle, WA

02-09-10
Alf Gizzo
Alf Gizzo: Real Estate Trainer in Evergreen, CO
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  • Office: (303) 679-0634
  • Mobile: (303) 350-9488

Income property can have very stable, respectful and reliable tenants. Seattle, WA

Yes, that’s correct! It all depends on product, location and good tenant screening. If you don’t have all three, your vacancy rate will be too high. Let’s discuss product first. We recommend to our students that they furnish their properties with clean functional items, new linens and art work on the walls. What you are creating is an environment that is very pleasing to the tenant, one that not only the tenant will look forward to coming home to, but also one, through pictures on flyers, web sites and word of mouth, will attract new inquires. We are all for building and establishing a pipeline.

Many furnished rooms for rent are not clean and contain old, thread bear chairs, sofas, and soiled mattresses. Would you want to stay any longer than you had to in a place that does not support a good sense of self-esteem? Nicely furnished rooms engender good paying tenants, who stay for long periods.

Our favored tenant populations normally do not have their own transportation so proximity to public transportation is necessity.

Key to this equation within our system is good tenant screening, which strangely enough does not include credit or traditional background checks. Our tenants are referred to us, so we gain knowledge about them and their history though direct questioning of people who are familiar with each possible tenant individually. We discover personal background information and work experience. This type of screening done methodically will produce good paying tenants who stay for long periods creating a stable house.

To learn more about establishing transitional housing, please download our free Ebook from the side bar on our main blog site.

Don't hesitate to contact us with questions. Learn about us. Learn our system. Learn what others have to say about us and our system.

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Notable residential land use activity in Seattle's urban core

02-09-10
Ben Kakimoto - Seattle Condo Specialist
Ben Kakimoto - Seattle Condo Specialist: Real Estate Agent in Seattle, WA
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  • Office: (206) 295-4683
  • Mobile: (206) 295-4683

The following are upcoming land use review board meetings of new residential projects in the Seattle core districts, either planned as apartments or condos. Where applicable, I've noted existing condominiums located in the vicinity of the proposed structures.

2nd & Pike Tower

2030 8th Avenue. 38-story 350-unit residential tower proposed in the Denny Triangle area. Located at 8th and Lenora, the building would be situated NW of the Cosmopolitan and SW of the 2200.

Design Review Early Design Guidance Meeting
February 9, 2010 at 5:30 PM
Seattle City Hall
Download the design proposal workbook (12 MB PDF)

2nd & Pike Tower (1430 2nd Ave). 35-story residential tower at the SE corner of 2nd & Pike. At one point the project was to include a hotel, Candela, which has since been removed from the proposal. The project is situated on the SE corner of the intersection, across from the Newmark Tower.

Design Review Second Early Design Guidance Meeting
February 9, 2010 at 7:00 PM
Seattle City Hall
Download the design proposal workbook (7MB PDF)

1200 Stewart. Twin 35-story towers proposed at the corner of Denny and Stewart to contain residential, hotel and retail space.

Design Review Board Meeting
February 23, 2010 at 5:30 pm
Seattle City Hall

151 John Street. This is a 7-story residential building proposed at the corner of John Street and Warren Avenue next to the Seattle Center. This the lot adjacent to the north of Queen Court.

Design Review Board Meeting
March 3, 2010 at 6:30 PM
Queen Anne Community Center

3031 Western Ave. This is Martin Selig's 14-story 78-unit apartment proposal that's situated at the north end of the Olympic Sculpture Park and west of the Alexandria.

Design Review Board Meeting
March 9, 2010 at 5:30 pm
Seattle City Hall

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Invest Wisely with Seattle Short Sale Realty

02-09-10
Karen Bellas
Karen Bellas: Real Estate - Other in Phoenix, AZ
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  • Office: (480) 345-4069

If you are looking for a way to make a deal in the housing market in Seattle, then have a look at the Seattle WA short sale realty for sale. These houses represent the best bargain deals that you can get to reap gains in the future. Seattle is a lovely place to own a house in. Seattle is considerably one of the most beautiful cities in the world because of the lush greenery and constant rainfall. Seattle has a wonderful collection of neighborhoods like Georgetown, Magnolia, Queen Anne, Greenwood and many more.

Seattle for years has been the center for performing arts; there are several performances that take place at the Benaroya Hall, McCaw Hall, the 5th Avenue Theatre and many more. The mild weather of the city allows the residents to enjoy a range of outdoor fun. People love walking around the Green Lake and the Discovery Park, which is also the largest park in the city has some great facilities. You can also enjoy hiking and skiing in the nearby Cascade or Olympic Mountains.

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The State of Seattle's Waterfront Real Estate: 2009 Statistics

02-08-10
Sam DeBord - Seattle Real Estate Broker
Sam DeBord - Seattle Real Estate Broker: Real Estate Agent in Seattle, WA
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  • Mobile: (206) 658-3225

2009 was an up-and-down year for Seattle's real estate market in general. Half of the year was slumping prices and slow sales, followed by surging demand of first time buyers and a flurry of sales to close out the year. The lowest-priced sale of the year was a $48,000 houseboat on Lake Union--the ultimate in cheap waterfront living. On the other end of the scale, we topped out just over $15 million for a Lake Washington home in Mercer Island's East Seattle neighborhood.

Seattle waterfront

Waterfront home sellers in the greater Seattle real estate market felt the pain of a recession which has put a drag on luxury market purchases in general. While things were looking up by the end of 2009, the overall waterfront market is still recovering from the hits it has taken since mid-2007. This has created some very attractive opportunities for home buyers.

Seattle Waterfront Home Sales

Median sale prices of waterfront homes in King County dropped 4% from $716,000 in 2007 to $690,000 in 2008. 2009 saw a much larger 20% drop with the median sale price being $550,000. While those numbers certainly show an increase in affordability, take them with a grain of salt. Waterfront homes did not lose 20% of their value in 2009, there were just very few high-end sales last year, pushing the median lower. The total sales numbers have been skewed much further toward lower-end homes in the past two years as consumers have tightened their belts--even luxury home buyers.

In the meantime, the marketing time required to sell a waterfront home has increased markedly. With fewer buyers in the market, marketing time went up from a median of 38 days in 2007 to 66 days in 2008 and 70 days in 2009. Sellers had to try quite a bit harder to entice buyers to make a large purchase, and many home buyers actually downsized to save costs.

Marketing Time For Seattle Waterfront Homes

One theory that persists in the high-end real estate market is that these home owners don't "have to sell". More than the average home owner, they have more discretionary funds, more ability to carry mortgages on multiple homes, or the financial confidence to sit on their current property until they get the price they want.

While there is certainly truth to that theory in some situations, we're also seeing some cracks in the foundation. Waterfront home owners can certainly ride out the slow market, but there is always a limit. There were some very significant price drops this year on $15 million and $20 million properties that didn't budge much at all during 2008. These home owners are still investors, and they understand when it's time to cut their losses and make a sale happen.

For home sellers in 2010, the good news is that things continue to stabilize in the overall market. On a monthly basis, total home sales are on the rebound. Prices seem to have found a bottom for now. When the base of the market improves, the luxury market gets a delayed bounce. That's a bounce that can't come too soon for some waterfront home owners who have waited patiently to sell these past two years. For waterfront home buyers--the deal is there for the taking.

Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros


seattle houseboats
seattle real estate market

Statistics not compiled or published by the Northwest Multiple Listing Service.

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