Downtown Seattle Luxury View Condo Tour 2010

In case you missed it, the Pike Place Market Foundation held its annual tour of Downtown Seattle luxury view condos on Sunday, June 27 from 1:00 - 5:00 p.m.

My clients' gorgeous home in the Watermark Tower at 1107 1st Avenue #907 was one of 12 homes featured on this year's tour. It was the only home on tour currently offered for sale.

An estimated 350 people came through with the help of 50 volunteers, raising some $8,000 in one day to benefit the Pike Place Market Foundation.

Funds raised help provide services for the low-income residents of downtown Seattle, including the Pike Market Medical Clinic, Senior Center, Child Care & Preschool and Downtown Food Bank.

For more information about the Downtown Seattle luxury view condo for sale at the Watermark Tower, visit www.justrealseattle.com or call (866) 766-REAL [7325].

Forclosures drop first time since 2006 as short sales close

Considerations when buying new construction condos in Seattle

For those who may not yet be able to afford a single family home, you may be thinking about condos as a way to get into the housing market. It's a great way to start and, over time, build equity. However, I'd like to point out some serious considerations when buying new construction condos in Seattle.

New construction seems appealing for several reasons. Primairly, many like the thought that this will be their home, that no one else has occupied or lived in the space. Depending on how far along the project has been built, a prospective owner may even be able to select finishes for the unit. Even so, there is also a down side to new construction condos.

Believe it or not, some developers and builders cut corners to pad their margins. That's not all developers, but definitely enough to pose concern. Why? Well, let's take a client of mine for example. He purchased a great new construction condo unit in Seattle's Central District back in 2004. Unfortunately, the building had to be re-sided because it wasn't done correctly the first time around.

While my client's home owner's association (HOA) won a law suit against the builder, the proceeds from the suit weren't enough to cover all the costs for reconstructing the building's siding. This is a fairly good size building, housing 25 units. The HOA then passed an assessment. In this case, since the building is fairly new, the association deemed it pertinent to maintain the reserve they've been accumulating only since 2004. So the unit owners had a charge of at least $10 thousand each.

Even worse, condominiums cannot be bought or sold using financing when an HOA is engaged in a lawsuit or the building is under construction. As well, assessment is a dirty word. Even if one has already been passed and paid off, buyers who have not yet owned a condo may be fearful of a subsequent upcoming assessment.

Anytime one is considering or even contracting to purchase a condo, it's always recommended to make discovery and documentation relating to the HOA a condition or contingency of the agreement. In other words, a skilled agent will ensure a buyer is amply provided a timeframe to review the HOA resale certificate, which is a large file of information. It generally includes HOA financials, meeting minutes, covenenants, restrictions, etc.

Just to be clear, I'm not writing this piece to disuade anyone from buying new construction. Rather, I want to point out that while most may think new construction is a better way to go, it really depends on who built it and the quality that went into the materials and craftsmanship. Again, these are important considerations for buying new construction condos in Seattle.

Your success is my business,

Brad Davis,
REALTOR®, Marketing + Residential Specialist,
Just Real Seattle

Ballard Classic Home Tour

Sunday, June 6, 2010
10:00 a.m. - 4:00 p.m.

"A self-guided tour of seven homes of enduring interest, quality and style built between 1909-1929"

For those of you who love historic homes and missed the Ballard Classic Home Tour, here's a glimpse into this neighborhood's rich past. Please note, interior photography was not allowed.

1.) 3051 NW 57th Street {est. 1909}

This handsome craftsman, which is quintessentially Seattlesque, sits on a beautiful, partly-wooded lot. While the home had plenty of period details intact, the decore lacked inspiration and focus.

2.) 3224 NW 61st Street {est. 1914}

This stunning Craftsman has stunning views of Puget Sound from the second floor. The main floor's millwork, including coffered ceilings, stair banisters and railings, mouldings, etc. were lovingly restored.

3.) 3233 NW 64th Street {est. 1914}

This was one of my favorite homes on the tour. Every single double-hung window throughout the home was perfectly intact with a very simple, symmetrical, beautiful leaded-glass detail centered with a beveled glass diamond centered in the top pane of glass. Stately situated on a large, double parcel, this home has been painstakingly restored from the foundation up. I've scarcely seen a more thorough and well accomplished restoration.

4.) 7702 30th Avenue NW

This home is a close second in terms of loving restoration, also from the foundation up. What was really refreshing to see, the finish work was simple and for that reason it was elegant. It's tempting to give more details about this rejuvinated monument to the past, though it seems injust to do without interior photos.

5.) 7305 18th Avenue NW

While this home has only changed hands once since it was first built, I hate to admit it was a bit disappointing. The kitchen was lost in the 1980's, the upstairs was tired and lacked pride.

6.) 7210 6th Avenue NW

A classic tudor with a winding front staircase that was reminicent of San Francisco's famed Lombard Street, the plaster work was absolutely pristine and gorgeous! Every room of the house was either perfectly preserved or beautifully restored with period influences.

7.) 6520 6th Avenue NW

Last, but certainly not least, this craftsman was the smallest home on the tour but it was bit in period millwork. The dining room featured a built-in bar with leaded glass windows. Rich, dark-stained millwork anchored the livingroom, hallways and bedrooms as well. If one is going to preserve or restore an old home, likely wiser to start small and go big, like they did with this one.

For more information, visit www.ballardhistory.org