I wouldn’t have caught the insane Penthouse price drops over at the Cosmopolitan if it wasn’t for a good tip (thank you!)…check out the new pricing:

#3306 (1 bedroom/ 1.5 bathroom, 1100 SF)- WAS $699,950 in 2007, NOW offered at $499,950…$454.50 per SF

#3303 (2 bedroom/ 1.75 bathroom, 1400 SF)- WAS $1,249,950 in 2007, NOW offered at $899,950…$642.82 per SF

#3405 (2 bedroom/ 2.5 bathroom, 1858 SF)- NEW ON THE MARKET offered at $999,950…$538.18 per SF

There are a total of 17 condos on the market for sale in the building, but these price drops make the Penthouses by far the best deal in town!

In the first 12 hours of 2008, 63 residential, 7 condominiums and 5 vacant land listings have been listed on the NWMLS for just King County alone!

Among the 75 listings, three were above the $1M price mark and I did also happen to notice that there is a condo in Alki still on the market from January 1st 2007.

Happy New Year!

Just about this time last year, owners were starting to close on their condos at Live2200 and the controversy began as several condos were thrown back on the market for sale and lease (23 of which I leased personally!). Now that the year leases are starting to expire, owners are starting to reenter the marketplace and I of course have been spending more and more time at Live2200.

The building overall has tightened up a bit but I did notice that the wall of keyboxes looks about the same as it did this past spring. BUT only 18 condos are listing on the MLS?did someone leave a keybox behind?

Click here to view MLS listings- Arte/Azur, Aria

Another shocking discovery?the Live2200 move-in fee has jumped to $1000- the highest in the city! Obviously this affects both homeowners and renters but generally higher move-in/move-out fees are used to discourage movement within the building (aka short term leases).

I am now a Whole Foods junkie, love buying gifts and knickknacks at Clover House and can?t wait for the new retail additions to open- does anyone know what Opal is going to be?

With the market closed on Monday in observance of Veteran’s Day - the rest of the week will roar into action with a packed economic calendar, including a look at retail sales numbers, consumer and producer inflation, and the manufacturing sector too.

Remember that when Bond prices move higher, home loan rates improve - and you can see in the chart below that despite some ups and downs, Bond prices have overall been trending higher over the last few months, meaning home loan rates on conforming loans have improved in general. Any weak or negative economic news arriving this week should help money flow into the safe haven of Bonds, helping Bond pricing move higher and home loan rates move lower. And the chart also shows some nice technical “floors of support” that may help Bonds continue their overall trend of improvement.

But lingering concerns on the credit quality of Mortgage Bonds could hamper their road higher - so this week could be volatile, depending on the flavor of the headlines on this topic. And in this week’s planned economic releases, any scent of inflation in the reports will be very bad news for Bonds - which deliver a fixed return that is eroded by the effects of inflation - so that would spell bad news for home loan rates as well.

Patrick Dunn, Westwood Mortgage Inc. & MMG Weekly
patrick@westwoodmortgage.com / http://www.certifiedplanning.com/

In less than 5 days, my listing in the Cristalla (2bd+den, $4,300 per month) leased for asking price and for a year longer than the owners had anticipated- I didn?t even see it coming!

Over the past couple of weeks I have noticed that there are several current renters/former homeowners in the market for luxury rentals offering more than 1400 sq. feet and VIEWS. Most are looking to give ?urban living? a chance, are in the process of relocating or have recently sold their homes and are downsizing. They all have had flexible price ranges and have had a hard time finding the perfect place that fit their needs.

Currently there are only 10 listings in Belltown/Downtown over $3000 per month, 3 or 4 of which might work for someone looking for a modern and spacious rental (depending on how flexible they are with their budget!). Click here for Craigslist listings. Click here for NWMLS listings.

Here are a couple of my favorite listings under $360k?could be a great opportunity for an investment property or new home!

	Belltown Lofts 66 Bell Street $289k (Click here for more information) 5th floor, 1 bedroom/ 1 bath, 638 sq. feet with city and Space Needle views! This building is located in the heart of Belltown?walking distance to everything. The unit itself has very chic and modern finishes throughout, so what is the catch for $289k? NO PARKING- but would be ideal for a first-time buyer working, living and breathing SEATTLE.
Avenue One 2721 1st Ave $359k (Click here for more information) 9th floor, 1 bedroom/ 1 bath, 647 sq. feet with Space Needle views! This building is always a treat- situated in a fabulous Belltown location on 1st Ave between Clay and Cedar and is only 3 years old. The unit itself offers views, a private balcony, contemporary finishes and is ready to be moved into, no work necessary!
	Newmark Tower 1415 2nd Ave $349,950 (Click here for more information) 17th floor, 1 bedroom/ 1bath, 602 sq. feet with private deck overlooking the city! Located on the corner of 2nd Ave and Pike, the Newmark Tower is situated in a growing downtown location. This particular unit needs a little updating but with some TLC it would be a great investment opportunity for a rental or new home. It has great outdoor space and gorgeous city views from every room!

Here are a few fixer-uppers that are on the market- they need a little TLC but could easily be a great investment opportunity!

Click here

Think long run?instead of flipping it back out on the market as soon as the renovation is complete, why not lease it out for a couple years?

Featured Property: Royal Crest #506 This condo is located on southeast corner of the 5th floor and has a very nice city view! It could use some cosmetic updating in the kitchen and bathroom but it does have Bamboo hardwoods throughout- which is one less thing for you to think about during the renovation, nearly 800 sq. feet and a large balcony. The building is solid (concrete) and has been maintained throughout the years?and you can pick this investment up for just under $300k!!

Before jumping aboard there are a few other things to consider (like the rules for renovations and renters), so please feel free to contact me if you have specific questions about any investment property!

The Matae is an 81 unit building located on the corner of 2nd Ave & Denny Way in Belltown. The building was completed just over a year ago and offers secure parking, extra storage, a roof top deck, fitness room and clubroom.

Right now I currently have 2 listings for lease in the building and there are 4 units for sale.

Check out their new website!

In April and May there were 14 listings on the NWMLS that were either labeled as Sold, Active- STI (subject to inspection) or Pending in the Belltown/Downtown neighborhood.

Some of the quick turnovers?

Moira Holly listed a 2 bedroom/ 1.75 bath condominium at Continental Place for $1.695M 3/31/07, accepted an offer on 4/03/07 and it sold for asking price on 5/24/07.

Another condo at Continental Place listed for $1.295M on 4/14/07, an offer was accepted 4/20/07 and it sold for $1.330M on 5/24/07.

One of the 5 condos at the Millennium Tower listed 5/01/07 for $3.895M, changed to Active-STI 5/10/07 and has been Pending since 5/18/07.

At the Cristalla, a $1.1M 2 bedroom/ 2 bath was listed on 5/24/2007 and labeled Pending on 5/25/07!

The most luxurious property Pending?.A 3000+ sq. ft penthouse at the Cristalla, listed for $4.695M!