Raise the roof?! A buyer takes head-on fears of the debt ceiling debacle

An investor friend/client of mine came up with what I thought was a good, straight-forward approach to his concerns that the August 2nd debt ceiling date could bring unpleasant and unwanted surprises to his assumptions regarding his loan package: He simply asked me to draft language that expanded and better specified the rights and options typically provided by our standard Financing Addendum.

We specified that if, at any time before closing, he doesn't like what he sees from his lender, he has the sole and exclusive right to cancel, with earnest money refunded wholly and immediately. The seller owns several town homes, is likely accustomed to deals flipping, and wants to show activity to the marketplace. So, the deal was accepted.

It's a good lesson: If you don't like a deal under commonly held assumptions, change the assumptions. Ask for what you want. You might get it.

Mosler Lofts PH2 discussion (now containing a variety of real estate concepts)

http://www.urbnlivn.com/2011/07/28/mosler-lofts-ph2/#disqus_thread
I thought some of you might enjoy this discussion. It contains:
-view preservation
-flipping
-distressed v. non-distressed sales
-finishes
-title issues

Older Version of Radiant Dining Room Heat

I recently found this in an old home built almost 100 years ago for a man who would become a Seattle retail and customer service icon. Any guesses on who and where? (Oh, and please don't miss those doors at the top; presumably to keep food warm).

Smooth (Short) Sale-ing?

I’ve been surprised and impressed with Bank of America, the lien holder for a client’s short sale at Cristalla. They agreed to a short sale on May 19 and we listed at their approved number. By June 16, we were at their second approved number of $407,633. On July 14, we are at their third approved price, $395,404. There are still short sales out there that can drag on for ages, and this one isn’t done yet, but…I’ve been impressed at how engaged and realistic the bank is about market dynamics.

New Listing at LUMEN

Congratulations to Dan and Giorgio on their new listing at LUMEN (2BR/2BA/1,287sf/$648,000):
Pedigree. Born of an understanding of flow, of how we move in spaces.
An expression of minimalist aesthetic with a nod to new realities and patterns.
A light-filled building, near centers of new economy: digital, biotech, and philanthropic.
Two homes combined in a unique layout by a detail-obsessed Italian designer. One-of-a-kind.
Experience it.

UrbnLivn Discussion: http://www.urbnlivn.com/2011/07/19/lumen-works-white-space/#disqus_thread

Insructive New Construction Analysis by UrbanLivn.com

http://www.urbnlivn.com/

Fannie Mae and Seattle Inventory (condos, in this case)

Here's a bit on Fannie Mae's influence on the Seattle market, thanks to Jeff Reynolds and his UrbanCondoSpaces.com blog: http://www.urbancondospaces.com/fannie-mae-the-seattle-condo-market. It seems that these owners of foreclosed properties and holders of debt for properties in short sale are beginning to understand the importance of meeting the market...I'll post later today or tomorrow on a recent short sale example...

#1103 Now at $599K (1BR+den/1.5BA; 1104sf; Space Needle and Sound/Olympic Views)

As you wiiiiish...Princess Bride at Green Lake; Free this weekend

http://blog.seattlepi.com/ingreenlake/2011/07/12/the-seattle-public-theater-at-the-green-lake-bathhouse-presents-a-free-production-of-the-princess-bride/

How King is Cash?

Someone told me today that he expects to drive a good deal in a Seattle condo because he has cash. That is sometimes the case, but I have seen sellers balk at too-low cash offers, opining that concerns about financing are overblown. Here are the Q2 numbers for downtown Seattle, all price points: Financed Original Price/Selling Price: 1.09. Cash Original Price/Selling Price: 1.10...not much of a delta, at least given this data.

#707 Being cleaned...

#707 is a 559square foot east facing studio with parking. This photo is taken from the home next door, but is essentially the view. It is currently bank-owned. I had a chance to view the inside of the property today. It appears in good condition with the exception of: odors from cigarette smoke, broken glass in one of the windows, broken glass in a kitchen cabinet door, some grease stains on a concrete pillar, some scratches in the built-in desk, and minor staining on the wood floor.