Stanford Hotels Bought Downtown Lot for $16.75M

San Francisco’s Stanford Hotels Corp. is buying a downtown Seattle development site for a whopping $16.75 million dollars! According to the Puget Sound Business Journal, the price that the Hotel folks are forking over is significantly less than the $30 million that the previous New York Group had paid for it back in 2007 (and has since lost in foreclosure) but is also almost twice the offer another company previously offered for the lot. The lot is located at 1903 Fifth Avenue, across from the Westin Seattle, and Stanford has declined to comment on any future plans for the lot at this time. According to the PSBJ, Stanford is also planning a 15 story hotel at 300 Terry Ave N in South Lake Union. There were a number of offers for the property which was originally listed in 2012 at $7.5M, but the finally selling price clearly indicated that Seattle is a highly sought after marketplace for development sites.

Tips for Seattle Home Buyers

Even if you’re an experienced buyer, buying real estate takes time and patience, and hard work to find the right home. Is it an investment home you’re after, or your first home? Zillow has compiled a list of things all buyer should keep in mind when thinking about buying real estate, and here is the synopsis:
Even though mortgage interest rates have slightly risen, they are still at historic lows. This has caused many people to put a pause on their home search, scared by the recent change in rates, but that could be a mistake, as rates will likely continue to increase over the next few years. Buyers should also keep in mind that while you’re real estate agent can give you guidance,it is your job at the end of the day to make every decision. Be sure that the home your purchasing is a smart financial investment for you, and review the title documents, mortgage loan documents and disclosures, etc. Do your research to avoid any problems down the road. Generally speaking, shopping around for 4-12 months is a good time frame to give yourself to look at dozens of properties before zoning in on the right one. Drive around the neighborhoods you think you’d like to live in regularly, and be realistic about the price range. No home is absolutely perfect, so do your research and shop around before you choose the right home for you. For more information on Seattle real estate, contact your local real estate agent today.