Seattle Market Still Hot, Hot, Hot

Despite a market slowdown [NY Times], Seattle real estate continues to hum along with the median sales price of a single-family home in King County now $381,250. [Seattle Post-Intelligencer].

There still might be a bidding war for homes in Seattle, but only for good ones. We've seen many real estate signs with "New Price," "Price Reduced" on them and that's for a reason: There's a problem with the house. One, in Magnolia, has a price drop of $94,000 and that's because the bedrooms were in the basement.

Less is More

Seattle architect George Suyama, who admittedly created behemoths in the area in the 90's, agrees the McMansion-craze slowing down. [NY Times] It's called the "loom factor" -- which is the degree new megahouses overpower their neighbors.

Architectural trends are now moving away from ornamental detailing to a style with flat roofs, generous overhangs and large glass walls, like this house in Magnolia.

Seattle Photo of the Day

Seen in lower Queen Anne.

NIMBY Situation in Magnolia

This morning on the bus, I sat next to a retired gentleman who was on his way to City Hall to fight the good 'ol NIMBY fight. As detailed here in The Neighbors of Briarcliff School's site, a Bellevue developer is taking the old 4.5-acre Briarcliff Elementary School site (39th Avenue West and Dravus Street) in Magnolia, and developing cluster housing, which is right around the corner from his house, and I might add, Jamie Moyer's. As I've stated in previous blogs, I am for New Urbanism. I think surburban sprawl is hideous, selfish, and environmentally wrong. And, after all, Magnolia IS in Seattle -- it is a neighborhood in a CITY. Plus, it looks like the developer has a top-notch architect scratching out pretty nice designs. Cost? $1 million+.

My Magnolia acquaintance, armed with newspaper clippings and copious notes on a yellow legal pad, is mad as hell and says 100 other angry Magnolians will be there, along with their $250-per-hour lawyer. We'll keep you posted.

Shhh, Don't Mention Slowdown...

At an open house in Magnolia this weekend, I met up with a realtor who was in denial. Denial about how the market is going a little soft. [CNN] He then showed me his book, which listed the number of homes on sale by month in Magnolia, from March through April. The numbers varied from 50 (March) to 70 (September). Now, I'm no math wiz, but it seems that 70 is higher than 50. Hellooooo!

It's official: The gray, old lady of New York is declaring a real estate slowdown, especially in NYC. [NY Times]