Seattle Real Estate

There are great deals to be found in Seattle real estate. A study of the residential real estate market in Seattle shows that there has been a 10% decrease in the median homes sales price year over year. The average home sale price in Seattle January 2009 was $374,627. There are approximately 3,000 resale and new homes on the market in Seattle. The average asking price for those homes is $602,769. The number of sales decreased 76% in Seattle year over year. The average price per square foot is $370.

There are many neighborhoods to choose from in Seattle including Queen Anne, West Seattle, University District, Ballard, Magnolia, Capitol Hill, Belltown, Freemont, Wallingford, and International District. Queen Anne is located just north of the Space Needle. Because of the great views, many magnificent mansions owned by some of the city’s wealthiest are nestled in the top of the hill. West Seattle contains many beach parks and is also a lively business district. With a stop located in West Seattle, the ferry can be taken from there to Vashon Island and Kitsap Peninsula as well as downtown in the summertime.

The Westwood Village is a very popular shopping area in this neighborhood. The University of Washington is located in Seattle’s University District, the oldest community in Seattle. Walking along The Ave, you will find ethnic cuisine and exciting nightlife. Another of the city’s older neighborhoods, Ballard has a very large Scandinavian population and is known for being a fishing center. It overlooks Salmon Bay and features the Chittenden Locks.

Magnolia is the second largest Seattle neighborhood and is the home of Discovery Park. Capitol Hill is the center of the gay and lesbian community in Seattle. There you will find the Lake View Cemetery as well as Volunteer Park which houses the Asian Art Museum. Belltown is located Downtown near the waterfront. In this more youthful neighborhood, you will find great restaurants, boutiques, and nightclubs. Freemont is in a more bohemian district north of Downtown Seattle. There you will find the controversial Lenin statue that weighs in at 7 tons.

Wallingford is a more family-oriented, residential location. Famous for its sidewalk cafes and eclectic shops, 45th Avenue is a fashionable street in the area. The International District is a vibrant, multi-ethnic community and a draw for its exceptional food shopping.

There are many choices for the home buyer and renter in Seattle. Buyers will find many home options whether seeking a single-family home, condominium, or town home. Single-family homes can be found for a modest $100,000 up to 7 million. There are great deals to be found on condos in Seattle with a number of one bedrooms available in the low 100’s. The price of condos in the most sought after buildings can reach 4 million and often feature spectacular sweeping views of the city and water. Town homes usually start around 200K and go up to 1 million plus.

The recent increase in foreclosures in Seattle has opened up a new option for home buyers. Bank owned properties as well as auction properties are plentiful. For buyers and investors who are looking for a great deal and have time to do the research, foreclosed properties may be an attractive alternative.

The rental market in Seattle fluctuates greatly with a current trend to the downside indicating that there will be a drop in rental rates in 2009-2010 and a much larger pool of rental properties to choose from. A modest one bedroom apartment can be found for $500 per month. A private residence in an upscale hotel can reach as high as $12,000 per month but will not disappoint. Fabulous views, sprawling floor plans, and unbeatable hotel amenities are sure to please the most discerning tenants.