Monthly Archives: October 2010

Where are the Foreclosures?

We’re not desperate to find them, mind you, but we are wondering – with all the foreclosure problems nationwide, how Seattle has pretty much avoided this problem.

It was reported in yesterday’s Seattle Times that:

The Seattle-Tacoma-Bellevue metro area registered the sharpest annual increase – 71 percent. One in every 129 households received a foreclosure filing.

OK, seventy-one percent is quite a jump. But it turns out that these are quarterly reports, and 1 in 129 over three months is the same as 1 in 387 per month, which is about one-quarter of one percent.

It’s been a rough spell for most homeowners, and we’re not wishing for more pain, but it does surprise us that the local foreclosure rate is so low.

Let’s hope we can keep it that way.

Vancouver, B.C. Condo Market!

We know you’re all dying to know how things are going in downtown Vancouver B.C.; the fact is, the market there is pretty brisk!

Condos are selling at about 97% of asking price, with an average market time of about 45 days. The typical selling price for a 1-BR or 2-BR condo is about C$630 per square foot, or about US$ 461,000 for a 750-sf condo home.

This is in comparison to downtown Seattle, where recent sales have been for roughly US$433/sf, or about US$ 325,000 for a 750-sf condo. The median market time is 68 days.

If you’re thinking about grabbing a pied-a-terre in Vancouver, please do let us know!

Global Real Estate, Local Markets

This is the first course in five leading to the prestigious Certified International Property Specialist designation, offered by the National Association of Realtors, which Mack completed today.

In this astounding seminar, we broadened our horizons as the first step toward reaching out to Canadian, British, and Italian nationals in an effort to expand our practice beyond the borders, and be of useful service to those international investors looking to purchase residential real estate in Seattle.

 

Underground Oil Tanks!

Due to a recent change to the Seattle Fire Code, underground oil tanks may no longer be decommissioned without being filled with an inert solid material, such as slurry, concrete, or foam.

In the past, tanks could be decommissioned by simply having them be emptied, rinsed, and capped. Now, in addition, they must be filled.

The City further cautions:

Applicants should carefully review the merits of their options before choosing a method of decommissioning. Tanks suspected of leaking should be removed from the ground rather than abandoned in place. The Seattle Fire Department cannot predict and does not attempt to predict, what future regulations may require of tanks abandoned in place under the current guidelines. A tank abandoned in place now may later require removal at additional cost and potential hazard.