MLS Watch: Cosmo close to catching 2200

It’s been a boring week, no exciting new re-sale units. If you see any let me know (mail *at* mattgoyer.com) or leave a post in the forums. I often wonder who can afford all these pricey condos especially given the low median condo price in Seattle. The PSBJ has a small article on Washington wages, State wages rank 10th nationally:

Across the state, employees in King County were the highest paid, with an average wage of $1,043 per week. Okanogan County workers were the lowest paid, at an average of $425 per week.

Which won’t quite buy you a re-sale at 2200. Unless you work in the ‘information’ category ‘which pays an average of $2,299 per week.’

Wondering how we will support all this inventory? Seattle Met Blogs has an immigration chart that says we’ve added 219,000 people since 2000.

2200

32 units and 1 lawsuit.

Cosmo

30 units now available. A reader who tracks things a little more closely has this to say about one of the units:

One of the FSBO studios…20th floor (#2008 I’m assuming) Has dropped from 325k to 299k to 279k within the last 2 weeks. Agent owned (Williams Marketing)…listed on CL as an “Investment Opportunity”.

Expo 62

No units on the MLS but a reader had this to say about the sales center:

Has anyone been to their sales center? I don’t know who is responsible for this mess but it needs to be stopped. It’s laughable. Have you seen the outside? It’s got all these strange 50’s swinger quotes (uh, Expo 62 means 1962, not the fifties) in conversation bubbles painted on the side and it looks like a McDonalds. I’d be embarrassed to live there.

Pike Lofts

5 units are available in this 1998 61 unit building. All around $400k and 775 square feet.

Press Condos

Someone left a comment about Press:

Well, A friend of mine just passed on a unit at press. HIs inspection revealed many unpleasant things. used appliances – tehre was lint under the washer and dryer, a hammered whole in the back of one of the kitchen cabinets, but the worse was a window with no flashing which frame was separated from the bulding wall.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • Bob

    The question “How do they afford it?” comes up in many areas. I always say, there are a lot of rich people, not just credit card millionaires. You don’t even need to be loaded to buy at places like 2200. Coming up with the down payment isn’t as hard as people think. Rent and share with a roommate when you are just out of college, buy when you are late 20s and early 30s. If you are lucky, parents will help out and the process can be easier.

  • Bob

    The question “How do they afford it?” comes up in many areas. I always say, there are a lot of rich people, not just credit card millionaires. You don’t even need to be loaded to buy at places like 2200. Coming up with the down payment isn’t as hard as people think. Rent and share with a roommate when you are just out of college, buy when you are late 20s and early 30s. If you are lucky, parents will help out and the process can be easier.

  • Matthew

    Bob,

    Its easy to afford it when lenders are handing out money to everyone with a 600+ FICO score and 0 down.

    Those days are over. Watch the inventory skyrocket in the coming months. It’s already happening.

    People can’t afford these prices without the crazy financing.

  • Matthew

    Bob,

    Its easy to afford it when lenders are handing out money to everyone with a 600+ FICO score and 0 down.

    Those days are over. Watch the inventory skyrocket in the coming months. It’s already happening.

    People can’t afford these prices without the crazy financing.

  • Press Is Worthless

    The Press is actually in deep trouble. They have been floating the conversion for several months now (I think they started in October) and with each passing month of non-interest just burdens them with having to sell at higher prices and/or eat whatever margins are left.

    The tragedy is, as you noted, that suckers are buying into their sleazeball tactics. If it isn’t enough that the pricing is ridiculous and location is subpar (shady, dirty block even for Cap Hill and 6-floor condo destruction/construction to begin immediately in front of them in the coming months), their sales folks are outright moronic. I have had several friends who WANTED to buy and ended up losing 110% interest because of the “you’re lucky to be here and look at us” attitude of the sales/management folks.

    I own in Capitol Hill so I can only gain from the Press selling out at its prices, but I’d much rather see their project crumble and have some professionalism and true Capital Hill culture reinvigorate the building.

  • Press Is Worthless

    The Press is actually in deep trouble. They have been floating the conversion for several months now (I think they started in October) and with each passing month of non-interest just burdens them with having to sell at higher prices and/or eat whatever margins are left.

    The tragedy is, as you noted, that suckers are buying into their sleazeball tactics. If it isn’t enough that the pricing is ridiculous and location is subpar (shady, dirty block even for Cap Hill and 6-floor condo destruction/construction to begin immediately in front of them in the coming months), their sales folks are outright moronic. I have had several friends who WANTED to buy and ended up losing 110% interest because of the “you’re lucky to be here and look at us” attitude of the sales/management folks.

    I own in Capitol Hill so I can only gain from the Press selling out at its prices, but I’d much rather see their project crumble and have some professionalism and true Capital Hill culture reinvigorate the building.

  • Joe

    I looked into The Press Condos and had a hard time understanding the pricing and was discouraged by the sales team.

    I thought the units were nice and I made an offer on one. Parking became an issue. The price rose from 25k to 30k to 35k…this seemed pretty crazy to me. And the whole time the sales person was telling me how I need to buy because units are flying off the market and parking will be going up. Im not a big fan of the pressured sale and I thought it was funny how they were trying to create competition. In the end the price started to reach that of The Gallery and I thought it was a horrible investment. The unit is still unsold.

    The comment above could be correct in that they are looking for suckers to buy. I noticed they sold an open bedroom for $588 a SqFt which I thought was absurd for the location.

    After my experience with The Press I think Ill rent for another year until builders realize that it isnt a wild sellers market anymore.

  • Joe

    I looked into The Press Condos and had a hard time understanding the pricing and was discouraged by the sales team.

    I thought the units were nice and I made an offer on one. Parking became an issue. The price rose from 25k to 30k to 35k…this seemed pretty crazy to me. And the whole time the sales person was telling me how I need to buy because units are flying off the market and parking will be going up. I’m not a big fan of the pressured sale and I thought it was funny how they were trying to create competition. In the end the price started to reach that of The Gallery and I thought it was a horrible investment. The unit is still unsold.

    The comment above could be correct in that they are looking for suckers to buy. I noticed they sold an open bedroom for $588 a SqFt which I thought was absurd for the location.

    After my experience with The Press I think I’ll rent for another year until builders realize that it isn’t a wild seller’s market anymore.

  • Brettro

    Any insight into the Pike Lofts exodus? I love that building

  • Brettro

    Any insight into the Pike Lofts exodus? I love that building

  • Kat

    Regarding the comment “a friend of mine just passed on a unit at press. His inspection revealed many unpleasant things..” I bought in the Press and saw the building inspection results for both Press I and II, so no surprises there. I have observed many units being upgraded (new carpet/hardwood floors/tiles/paint/appliances/countertops/cabinets), as could anyone who is condo hunting. So with a unit number conveniently left out of the comment, I don’t buy it.

    I know that I would not be able to get the view, sunlight and Denny Way-free commute I have at a comparable price in Downtown or Belltown.

    Don’t rely only on blogs and real estate sites for your information on how fast a project is selling. #210 and #610 have SOLD stickers in the window but on Redfin, for example, #610 is still listed as active, and #210 isn’t listed at all.

  • Kat

    Regarding the comment “a friend of mine just passed on a unit at press. His inspection revealed many unpleasant things..” I bought in the Press and saw the building inspection results for both Press I and II, so no surprises there. I have observed many units being upgraded (new carpet/hardwood floors/tiles/paint/appliances/countertops/cabinets), as could anyone who is condo hunting. So with a unit number conveniently left out of the comment, I don’t buy it.

    I know that I would not be able to get the view, sunlight and Denny Way-free commute I have at a comparable price in Downtown or Belltown.

    Don’t rely only on blogs and real estate sites for your information on how fast a project is selling. #210 and #610 have SOLD stickers in the window but on Redfin, for example, #610 is still listed as active, and #210 isn’t listed at all.