Seattle Condos | Seattle Condos for Sale | Reviews by Marco & Wendy

Client Question of the Week: My condo's tax assessed value went down, does that mean my condo value decreased?

Recently a client emailed me a great question that we felt many people would benefit from knowing the answer to.

“Marco, I recently received a tax assessment notice in the mail and it showed my condo value has gone down since I bought it earlier this year. But I'm seeing condo prices in the area are increasing. Should I appeal to the tax assessor’s office to increase my tax assessment to be more in line with recent market sales, as I'm afraid this might hurt my condo's value now and in the future? I realize this might mean my annual taxes may go up, but I'm just not sure what is best.”

Great question!

July 2012 Seattle Condo Market Conditions: Queen Anne / Magnolia Power Ahead

July 2012 market data is in.  Here's what you need to know and a bunch more.

• July 2012 saw 40% more sales than July 2011 showing continue evidence of a gradual recovery.
• Median prices came in at $250K (within the $235-$270 range we've been seeing since March).
• Inventory continues to shrink with only 576 units on the market, the lowest number of condos on the market in the last 6 months.
• While most of the neighborhoods had a seasonally expected dip, Queen Anne/Magnolia actually had a month-over-month increase of 25% in condo sales (compared to a 50% decrease in over the same period in 2011).

 More charts and data below 

Seattle Condo Market Update: Jun 2012

June numbers are in and the Seattle condo recovery story appears to be an encouraging, if slightly boring trend (much like our national economy).  

• At a macro level, after a more sluggish 1Q12,  the Seattle condo market is clearing it's fairly modest inventory quite regularly.
• Sales were up slightly every month for the year 2012 including June 2012.  
• Median prices were as steady as a rock holding between $260-$270k for the last 3 months (though this was up considerably over our Jan-Feb median price of $200-210k).  
• Inventory has also been steady at around 600 listings since March (though down over Jan-Feb inventory of around 700 units).
• At a neighborhood level, there aren't any big outliers either.  Every place seems to be following the same pattern (slow 1Q12 and now steady 2Q12).

I suppose this is the new normal :-)


 
 

Who said Condos need to feel like...condos

Nice pics in a recent Seattle Times article of a really elegant and warm condo interior in Madison Park.  It's a good example of a downsizing for folks who are accustomed to the space and home-iness of a house but want the convenience and amenities of a condo.  Of course, this assumes you've got the budget to make that transition without making many compromises but as you can see from these pics, it can be done ;-)

 

Full Article

-Wendy

The 1611 Condos- Madison Park

I came across this condo in Madison Park the other day.  It's a new construction building with only 3 homes, prices ranging from $995,000-$1,495,000.  Not cheap but, it's in Madison Park so don't be surprised that homes are going for close to or more than $1m.  The building is set up just slightly above the sidewalk on 1611 43rd Ave E.

It's an interesting condo.  Unit A is a townhome style condo with 2 bedrooms and 2 1/2 baths.  This unit is closest to the street and has a patio leading out from the living room.  Although it is a ground level home, the adequately landscaped patio provides a little more privacy from the sidewalk pedestrians.  This home has a bedroom, living room, bathroom, kitchen and dinning area on the main floor.  The glass stairway leads down to the lower level which has a 2nd bedroom, media room, bathroom, and a smaller kitchen (without cooking range).  This home has the largest square footage of 2,063 and is priced at $995,000.

Madison Lofts Grand Opening

I have been waiting to tour Madison Lofts for a while. The project seems to be taking forever. Finally, yesterday I had the chance to drop by. I keep asking myself, what am I so attracted to this building? Is it because it is the only new construction condo in Madison Park, the intrigue of modern lofts living in the already upscale residential neighborhood, or Sunday night's news about the developer reducing their price per square foot from $700 to $500/square foot? I have to say it's all of the above.

I took the tour of some of their smaller units and penthouses as well. The lowest price for their loft unit is $429,000 (#210). The rest of them range from $519,950 to $579,950 with the penthouses asking for $799,950 to $1.2M. So far, the project has sold 4 units.  Here are a few things about Madison Lofts:

• Units come with either balcony or combinations of balcony and outdoor deck. The outdoor deck size ranges from ~215 to ~1,100 square feet. Penthouses come with an additional private roof top deck.
• Each unit has individual air-conditioning/heating system hooked up to a heat pump that goes all the way to the rooftop.
• The interior finishes have a very European style with clean lines. The pull-up kitchen cabinets have become more and more common in some newer condos. I prefer the traditional type since I'm don't like to reach up to open cabinet doors but I guess most people are taller and won't mind the extra effort to open the cabinets.
• The building seems really well constructed with double walls between units, corrugated metal for the loft level, commercial style metal railings for the stairway leading up to the loft level and solid brick for the exterior instead of brick veneer.
• Only two types of upgrades are available, electronic shades and custom closet system.

Madison Lofts Update

The low profile Madison Lofts projects is set for completion and ready for touring this May.

Here are a few highlights for this project:

• Concrete and steel building with brick and glass exterior
• Units feature 16' foot lofted celings with wide-planked hardwood floors in the living rooms
• Sleeping lofts will have 7-8" ceilings with a walk in closet.

From the description, Madison Lofts construction seems to be very similar to 19th Ave Lofts but a little bit more upscale.

-Wendy

Madison Lofts Update

Madison Lofts, a low-profile condo project, is moving along nicely with its construction.  I snapped the picture above this week. Prices for these homes are going to be available in January 2008 with sales likely to start in February 2008. The exterior is designed using concrete, steel, metal and brick, a rare low-rise mixed-use building in the Madison Park neighborhood.

Previous post

-Wendy

Madison Lofts update

Madison Lofts, a low profile loft project, is currently under construction. Last year, half of their units were auctioned off with sales prices undisclosed. The remaining units will become available this September.

-Wendy

Technorati Tags: Madison lofts, madison loft, madison lofts condo, lofts in Seattle, Lofts in Madison Park, Madison Park condos, Arboretum condos, Seattle Real Estate

Madison Lofts

Madison Lofts is a 20 unit two story loft project located on Madison St between Lake Washington Boulevard and 29th Ave E. You don’t see too many new condos here. Right behind the condo is the arboretum Park. Drive about 1 miles east and you will reach Madison Park. The neighborhood has a lot to offer. Tree lined street, restaurants, grocery stores, cafés and beautiful Lake Washington are all a short stroll away. Well landscaped homes with different architecture designs can be found in this upscale neighborhood.

Lofts units facing north are going to have views of the park. The size of the lofts will range from 850 to 1,497 square feet. Price starts at $400,000.

Interior features

16' ceilings with a wall of windows

Freestanding stainless steel gas fireplace

Metal frame stairway to loft bedroom with walk-in closet and bath

Wide plank hardwood floors on the main level

Euro style kitchens with sleek stainless steel GE monogram appliances

Slab countertops and custom cabinetry in kitchen and baths

Custom lavatory and extensive tiling in the master and powder baths

Storage in unit

Pluses

• Easily accessible to the highway (520) using Lake Washington Boulevard.

• The convenience of walking to get your grocery, dropping a letter at the post office, getting a cup of coffee and picking up your clothes from the dry cleaners.

Minuses

• Getting in and out of the neighborhood may take some time during peak traffic hours since there are only a few roads that can bring you out of the area.

• Located along a major road, thus more road noise.

Some of you asked me about the Madison Lofts auction. They did have their auction a while ago. It went really well and they sold about ½ of the project. How much it went for were not disclosed. The developer is planning to hold the rest of the homes until construction is completed, currently estimated for spring of 2007.

Latest post on Madison Lofts.

-Wendy

Technorati Tags: Technorati Tags: Madison lofts, madison loft, madison lofts condo, lofts in Seattle, Lofts in Madison Park, Madison Park condos, Arboretum condos