Seattle Neighborhood in the Spotlight: Innis Arden

The historic Innis Arden neighborhood in the Shoreline area is in the spotlight of the Seattle Times this week; with it’s mere 534-home small town appeal, watershed park, and beautiful private beach, it’s no surprise why so many seek to call this enchanted forest home.

Photo Courtesy of Innisarden.com

Over the past few decades, very few of the homes here have changed hands, moving from one generation to the next, and when houses were sold, they did so within days, especially those under the $1 million mark. The neighborhood itself sits on more than 675 acres, with no sidewalks in sight, and no overhead streetlights. Many of those seeking to move to the area are taking after local aerospace hero Bill Boeing, who  took off 80 years ago in search for a serene hunting and fishing retreat from his mansion in the Highlands, and stumbled upon Innis Arden. For more information on the neighborhood and it’s connection to the Highlands area, visit the Seattle Times.

Seattle Condos Are On the Rise

Downtown Seattle Condos Starting to Fill Up

The past two years have not been promising for the Seattle Condo Market, and condo developers are finally starting to see a turn around in the Downtown area. According to the Seattle Times, roughly two dozen new projects were at work between 2007-2010 during the big real-estate crash. Many of those who purchased during the pre-sale backed out and several developers ended up converting their buildings to rental units to cater to the economy. Those who stuck it out had to slash prices, and in many cases had to lower the costs by up to 40 percent.
Today the market is starting to look more appealing and beginning to have the first signs that it will bounce back. One good indicator is that Escala raised some of their prices; one of the largest downtown projects to date, Escala did so quietly, with the majority of their condo units selling for 99% of the asking price, they’ve begun upping the anty as their inventory gets smaller. Also of the 2,500 condo projects that have been built in downtown and surrounding areas, fewer than 250 units are left unsold. There are currently no new projects in place; most developers and lenders have put condos on hold to allow the market to recuperate. If you’re interested in learning more about finding a condo in the Seattle area, here is a list of available units.

Buying a Home Might Not Get Much Cheaper

Many renters today are choosing to put off buying a home for several reasons, but statistics show that buying a home might not get any cheaper than it is right now. Experts say that 2012 may be the last year for buyers to take advantage of the weak housing market and foreclosure influx. According to CNN Money, home prices are down 34% nationally from 2006, and mortgage rates are at an all time low, making it the best year yet to find the bargain deal of a lifetime.
Economists with PNC Financial Services believe that home prices will flatten out by the third quarter of this year, and might begin to climb at the beginning of next year. There are several indicators that the housing market is picking up like the decline in foreclosures, and continue
d job growth nationwide, and buyers will have more access to affordable mortgages as they build their credit scores. While some prospective buyers who have been wary might be more willing to follow through because of the all-time low mortgage rates and lower home values, some renters still aren’t in a position to take the next step and will ultimately miss the grace period. For more information on the housing market, click here.