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Blogging Will Be Light This Week

November 6th, 2008 · Comments · By Matt

We changed a whole bunch of things at Redfin today so blogging from me will be light. Read about our new site features and our service changes. Basically, you can now tour as much as you want and pick an agent up front.

If anyone has any juicy condo tips or something, email me.

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  • The MD
    Matthew, I agree with you. Downtown prices are certainly going to decline a minimum of 30%, and I do believe we'll see it exceed 40% in several instances.
  • Matthew
    Bloodbath in regards to residential, not commercial.

    I think the downtown condo market is setup for price declines of 40-50 percent in the next 3-5 years.
  • EconE
    Chris I believe Matthew may be referring to the "Running of the Ballardites".

    It is similar to the running of the bulls but instead of bulls, elderly Norwegians will be driving their bumper-sticker emblazoned Volvo 240's throughout downtown, plowing down urban yuppies as we make our way back to our condos with our green Whole Foods bags in tote.

    Yeah...it will be a bloodbath.
  • Dan C
    uwp, they are already out of Tacoma...done deal. They are just deciding which building in Bellevue/Seattle will give them the best deal.

    Chris, Matthew I were alluding to the condo market. The commercial market will be hit hard, mainly in the new office buildings, but it will pull itself through.
  • Chris
    So, how is a Russell move to Seattle connected to the "bloodbath."

    by bloodbath do you mean vacancy north of 20% for office? Or bloodbath meaning Escala's developers go BK?
  • uwp
    I would love it if Russell moved up here, but i have a hard time seeing it happen. They've got pretty nice digs down there.

    Although I just checked wiki and it says they have "outgrown their old headquarters." Hmmmm.
  • ssilvy
    Dang, Dan, if that comes true and Russell moves to part of the ex-WAMU building, it'll be a hell of a lot worse for Tacoma than it will be good for Seattle. Sigh.
  • Mike2
    Chelsea, the blog content is very HGTV 2006. That just doesn't work anymore.

    I don't know what edge Matt is inclined to take, but luxury and near luxury digs are going out quick.

    Either the focus needs to shift, or Matt's going to be competing for the interest of the few hundred people still looking for a upscale urban abobe around downtown.
  • Chelsea
    MIke2, could you elaborate on your comment:

    "Matt, you need an edge to keep this blog going."

    What sort of "edge" are you looking for?
  • Dan C
    Well, that is up in the air. A couple of months ago, Microsoft was the main candidate for a sale-leaseback, where they would buy the building and lease part of it back to JPMorgan/WaMu. Recent issues at MS have held this back.

    Apparently a large financial tenant out of Tacoma is now the main candidate. You can guess who that is.
  • EconE
    Dan C,

    That's a huge building (WAMU). Is it a new "mega-tenant" or is it an owner that will be leasing "parts"?
  • Dan C
    Agreed...it is the nasty issue that everyone wants to avoid. Ever see the South Park episode where everyone hides their heads in the sand from global warming?

    I can tell you one thing, a deal for WaMu's headquarters is already in the works and near done.
  • Matthew
    Dan C,

    You know where I stand, I think downtown will be a bloodbath. Just somewhat surprised that no one in the blogosphere or REIC has addressed it.
  • Dan C
    Matthew...care to take a guess on how that will impact the condo market and economy?

    Worse than anyone could predict.
  • Jason
    Congrats on the new features! Street View in particular is very cool, and the CDOM numbers are very helpful.
  • Matthew
    I have yet to see anyone blog about the potential impact the vacancy of the largest downtown employer (WaMu) will eventually have on the Seattle condo market and the downtown economy as well.
  • Mike2
    Matt, you need an edge to keep this blog going.
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