It’s been a while since I’ve really done MLS Watch. The truth is that we’ve been having troubles at Redfin getting our ‘listing alert e-mails’ to run reliably which is what I use to compile this blog post. Anyhow, here’s a look at some of the activity over the past week that caught my eye:
Reductions at 2200
900 Lenora St #W709 fell $20k to $509,999.
910 Lenora #S505 fell $12,450 to $447,500. Of course it’s likely this unit has been on the market 45 days because it doesn’t have any photos.
2200 Westlake Ave #S503 fell $14,510 to $559,990.
900 Lenora St #W304 fell $20k to $439,900.
910 Lenora St #S-403 fell $44,950 to $545,000.
2121 Terry Ave #N1605 fell $30k to $1,195,000.
In addition to the reductions there were a number of new listings at 2200. Here’s a link to see all 29 listings. If you can’t afford to buy, don’t worry there are at least 16 options.
Increases at Mosler Lofts
Units 612 and PH4 got bumped $20k each. Unit #601 only got bumped $10k.
615 Pike
What did I tell you, 615 Pike went STI in about a week.
Fix/Madore Loft
1507 Western Ave #604 is a very cool space. $450,000 for 795 of space. 15′ ceilings, though no parking. This loft will go STI within a week. Disclaimer: I know the seller and the seller’s agent.
81 Vine Price Drop
I’ve had my eye on 81 Vine St #308 for a while now and it just dropped $15k to $419,950. I have to admit I’m surprised this has been on the market for 142 days. Has anyone toured it?
Cristalla
2033 2nd Ave #1807 hit the market last week for a cool million. Only $890/SqFt
Press
There’s always a daily amount of MLS churn for Press Condos with units coming active and then going STI immediately. A reader speculates about the reason why:
Regarding Press - it’s just real estate / marketing tactic. Press actually has a lot of inventory still left (you will see if you go to their sales center, and actually look at the unit floors at the front that marks which ones are sold and not). What they do is to only ‘offer’ a few units on the market (MLS). This does a couple of things, but mainly:
1. It creates a sense of ‘rarity’ to the buyers. ‘Oh, there are only 3 units left! I must buy now!’.
2. They can target specific, harder to sell units to the buyers, utilizing (1) above to create an urgency to get buyers to buy now, and also buying the not-so-ideal units.
3. Because of (1), and (2), this allows them to continue to price these units at sky-high prices, for a conversion, Press is NOT worth the money they are asking for imho. But people buy them, because of (1) and (2). Ok, the location is great, but still I do not think it’s worth the money.
4. Even though only a select few are ‘on the market’ at one time (and shown on their pricing sheets at sales center), ALL of the units are actually still available for general purchase if you know that they are available.So finally, what (4) allows the sales and marketing guys to do is, if a ‘hidden’ unit gets sold, they are immediately put on MLS, and then one day after the status is changed from ‘Active’ to ‘Pending’. This once again, creates the illusion that Press is a highly desirable building and tons of people are gobbling it up left, right and center. I.e. it looks good on MLS.
Popularity: 25% [?]
23 responses so far ↓
1 David // Feb 27, 2007 at 9:25 am
Can you provide any info on the Decatur’s sales/ pricing on the MLS?
2 Justin // Feb 27, 2007 at 10:52 am
Rachel and I have been drooling over 81 vine for awhile now. Two things are preventing us from seriously considering it, location, and no parking space :(
It’s also been a little high for no parking space and it’s size.
3 Matt // Feb 27, 2007 at 11:26 am
No harm in making a lower offer that takes the no parking situation into account. And if you do let me know so I can put a backup on your unit at Trace :).
4 Foster // Feb 27, 2007 at 1:47 pm
I wonder if today’s market events and Greenspan statements will have any real effect on pricing of condos about to be offered for presale.
5 Brian // Feb 28, 2007 at 8:45 am
Decatur and Tobira are operating their sales on similar premises as PRESS. It seems to be working to their advantage.
6 Michael // Feb 28, 2007 at 9:26 am
Press Condominiums
I read the most recent blog on the Press and was very disappointed at the inaccurate information. The average price per square foot is $490 and this is right on target in the market. last week the Press took in 5 contracts and are now at 50 sales. This is the only building in Capitol Hill that you can move into “today” that is new and modern (not to mention in a fantastic location). In relationship to the MLS, I believe what your reader/blogger is seeing is that about 12 homes at any given time are listed on the MLS for sale. The Press has about 25 for sale, but it would be difficult to manage all of these on the MLS. If someone comes in and purchases a home (out of the 25) that isn’t on the MLS, it is then added. It isn’t a sales strategy and the reality is that future homes for sale will be higher priced and are not more desirable then what is already on the market. Interesting how opinions and assumptions come in so far off base. Anyone looking for a good investment in Capitol Hill is definately considering buying at the Press.
7 jo // Feb 28, 2007 at 1:47 pm
“If someone comes in and purchases a home (out of the 25) that isn’t on the MLS, it is then added”
Why would a home that isn’t on the MLS be put on there AFTER it is purchased? Makes no sense to me.
8 Brian // Feb 28, 2007 at 2:10 pm
99% of that post made no sense whatsoever
“The Press has about 25 for sale, but it would be difficult to manage all of these on the MLS.”
Are you joking? Difficult for who?
9 jo // Feb 28, 2007 at 3:44 pm
Michael - if Press is such an astounding value why, after five months, is it only about one-thirds sold?
And is this what you call modern? ;)
http://beta.zooomr.com/zooom_it.awe?id=245663&size=16
10 Michael // Feb 28, 2007 at 4:21 pm
The Press makes a conscience effort to use the MLS to its full ability. The truth of the matter is that the Press is selling very quickly and the MLS is being used as a great marketing tool. If you want to discuss this in more depth, I would encourage you to visit the Press Sales Office and get the facts.
11 jo // Feb 28, 2007 at 6:04 pm
You are a sales manager there which would explain why you feel the way you do. :)
Sales managers: Michael Harris & Leanne Contessa
Still never answered my question: Why would a unit go on the MLS after it has been sold?
And you also say that the MLS is being used as a “great marketing tool”, yet in a previous post say that adding a home on the MLS “isn’t a sales strategy”.
I’m confused.
12 Rick // Mar 1, 2007 at 11:30 am
This is my first time reading this and I have to say there are several comments that are based on inexperienced real estate wanna be professionals. The MLS is used as a tool for real estate agents, not consumers, to obtain information about listings. If you have been in the real estate business for the past 20 years you would understand that the MLS lists a portion of what is currently available in a condominium project solely for the purpose of informing the real estate agent community. It is then the real estate agents job (this is where Redfin agents lack talent) to do the research to determine what other options may be available in that condominium project for their client.
To respond to Jo’s comments. It is apparent that picture was taken prior to the remodel. Additionally the reason the listing is put on the MLS after it has been purchased is to again inform the real estate community of sales.
Once last comment: It is apparent that some of the blogs are based on an article that came out several weeks ago regarding the real estate market slumping. If anyone took the time to understand the market they would realize that currently for every 3 jobs being created in the Seattle market there is only one house available. This does include current inventory. Additionally if further review was completed you would know that when they comment about markets slumping they are basing that on the California (San Diego), Florida, Arizona and Vegas market where their housing sector is primarily based on the construction sector which is currently in a slump.
It is unfortunate that real estate, which for most people is their largest asset, is serviced by individuals that do not need a high school education and can purely take a test and sell. I am sure glad that my investment banker has a degree.
13 Matt // Mar 1, 2007 at 11:51 am
Hi Rick,
Thanks for joining the discussion!
Yes, the photo is of an as-is unit. Note that you can (or at least last year you could) purchase as-is units.
Do you have any sources for the 3 jobs being created for one house available?
14 ilona richter // Mar 1, 2007 at 3:34 pm
Hi there - Rick, I think you’re being grossly unfair to the readers & contributors of this blog - which is only a blog & does not purport to be the singular authority on real estate. It’s simply a dialogue among those with a shared interest in the local market.
I’m a real estate agent & I see great value in these discussions - both for consumers & for agents to see what consumers are talking about. I’ve been reading for a long time & have certainly come to appreciate how savvy & critical today’s buyers are. I think we’d all do well to pay more attention. Thanks.
15 Dan Ji // Mar 1, 2007 at 3:57 pm
Hi Rick, I have to agree with you that everyone thinks they’re a real estate expert - just like everyone is a baseball managing genius. =) As they say in America’s favorite sport… “it is what it is”.
ilona richter - I do agree with you as well, in that it’s nice to have savvy & critical buyers. It forces the suppliers of information/product to “get with the program”. Unfortunately, I think there are lots of people (particularly on the internet) who are neither buyers, nor savvy - just simply critical.
In any case, I’m not an “expert” just yet… so I’ll sit back and try to hear some good advice through all the noise. =)
16 jo // Mar 1, 2007 at 4:27 pm
Rick said:
“It is then the real estate agents job (this is where Redfin agents lack talent) to do the research to determine what other options may be available in that condominium project for their client”
How much talent does it take to find out what other units are available at a condo project? Walk in there and ask a sales person?
I absolutely love the idea of Redin and plan on using them with my next purchase. All the agents I’ve ever worked with have just regurgitated what has come on the MLS. I can do that myself. Finding out about new projects? Can do that as well. Sure, Redfin may not work for the older generation, however for those of us that are technically savy, works wonders. Being in the digital age that we are, I don’t feel there is a single thing an agent can do for me that I can’t myself. And certainly nothing that would warrant me using one rather than going with Redfin and getting thousands of dollars back in my pocket. It’s a no brainer.
17 Rick // Mar 1, 2007 at 4:44 pm
Jo. I respect your thoughts, however the first time you are in a real estate dispute do not expect any representation from Redfin. Real estate agents are to provide a service and really I guess it comes down to you get what you pay for. Nordstroms vs. Target.
BTW I am not a real estate agent and I am under 35.
18 AC // Mar 3, 2007 at 4:29 pm
I don’t know. I can see that it will take them a lot of time (especially if there are lots of units to sell in a building) to enter them all into MLS at once. And it does appear that most of the condominium building does not enter everything into the MLS.
However, I did go into the Press sales center last December, and the onsite agent specifically told me, after showing me a price sheet with just a handful of units available, that those are all the ones that they have for sale at that time. When I pointed it out to him that at the front of the building on the map there are others still marked as unsold, he then told me that those are also available and I can purchase them if I would like to, but they prefer to market only a few units at once and therefore that’s why they are not shown on the pricing sheet.
So I think there is truth for both sides, but anyways, it’s just sales strategies, they are doing whatever they can to sell units, and that’s their job. You just need to make sure that you look closely before you buy.
19 EconE // Mar 3, 2007 at 6:06 pm
And then Rick…(possibly a real estate industry professional of sorts?…or maybe married to one?)…said.
“This is my first time reading this and I have to say there are several comments that are based on inexperienced real estate wanna be professionals. The MLS is used as a tool for real estate agents, not consumers, to obtain information about listings. If you have been in the real estate business for the past 20 years you would understand that the MLS lists a portion of what is currently available in a condominium project solely for the purpose of informing the real estate agent community.”
A (consumer?) said…
“I don’t know. I can see that it will take them a lot of time (especially if there are lots of units to sell in a building) to enter them all into MLS at once. And it does appear that most of the condominium building does not enter everything into the MLS.”
hmmmmm…really makes one think about the “transparency”…or should I say “murkiness” of the real estate market.
I wonder what the REAL inventory numbers are.
20 Kim // Mar 5, 2007 at 9:12 pm
I saw the Press condos last Saturday and they did the same thing — handed me a sheet showing that only a few were available.
In any case, I wouldn’t want to live in a marketing gimmick nightmare like the Press. All the condos had obnoxious “The Press” signs near door. Also, the Press sales lady said “we want to create a feel of an internet cafe”. I don’t want to spend $400K+ on something that feels like a college dorm.
21 Tyler McKenzie // Apr 2, 2007 at 1:51 pm
Hi,
I’ve been watching your blog for a while and noticed a couple of postings concerning 81 Vine, specifically #308. With full disclosure in mind, I am the listing agent of that property. Indeed, I must join fellow commenters in expressing surprise it hasn’t sold at its current price either. Just to let Justin know, my client is offering a two year subsidy for parking assuming a full price offer. I’ve been contacted by “Evening Magazine” whose producers wish to feature the unit in an upcoming piece (set to air in May, I believe) on cool properties in the downtown area. It’s deserving of that attention, to be sure.
In any event, my client appreciates the attention this blog has given his home and I do as well. Thank you.
22 EconE // Apr 2, 2007 at 3:32 pm
I’m not surprised.
no more than I was surprised by this story.
http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2007-03-30T220941Z_01_N30353947_RTRIDST_0_M-TBANK-OUTLOOK-UPDATE-1.XML
23 Archimedes // Jun 9, 2007 at 7:43 pm
I love the hip, young feel of the Press. Believe it or not, they are selling out fast. Someone came in while I was there asking for a studio with a patio, and was told that the last one just sold out but he could have a studio without a patio.
They are perfectly aligned for the capitol hill market. As far as the sellers know, not one child has moved into the Press condos. It is placed in an area where the target demographic (young, single people and couples) is expanding explosively. Prices will only go up from here. Great investment property. Expanding neighborhood. Highly recommended. Watch this one appreciate in the long term.
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