Rate whiplash + big wins for our buyers this week
The big news this past week was the Fed’s rate cut, but mortgage rates didn’t get the memo. Instead of dropping, they actually jumped from ~6.1% to ~6.3%. Frustrating for buyers who were trying to lock in late last week. However, this was also what happened with the last rate cut.
Our big news this week:
- 🎯 Penthouse deal in Bellevue: We helped a buyer lock up a penthouse in Bellevue Towers’ south tower for $4.35M, while the identical home in the north tower just closed for $5M.
- 🏢 Bellevue condo: Now pending for the second time.. (The first buyers got cold feet and lost their earnest money.)
- 🔑 Redmond townhome: Our sellers successfully closed!
- 🏘️ Kirkland new construction: We helped buyers secure a new Toll Brothers townhome in Kirkland. And yes, they will negotiate. We got them 5% off the list price.
Noteworthy sales last week
- Most expensive pending: Sammamish waterfront at $6.4M
- Highest % over asking sale: Laurelhurst Cape Cod for 30.1% over
- Most expensive sale: Evergreen Point waterfront for $9M. (This was originally listed for $29M back in 2022! The buyer got it 30% off its last list price.)
- Least expensive sale: Bellevue condo for $180K
- Most popular Seattle listing on Redfin: Broadview rambler for $1.6M
Links
- What Seattle will look like after the ice caps melt (Scott Melton on Threads)
- Former Phoenix Suns owner linked to sale of Amazon exec’s Mercer Island mansion (PSBJ)
- Is a home’s dark past a deal-breaker for Seattle buyers? (Seattle Times)
New listings by week
Seattle: 184 new listings last week, down 20.7% w-o-w
Eastside: 94 new listings last week, down 39.7% w-o-w
Homes going pending by week
Seattle: 172 pending last week, down 8.5% w-o-w
Eastside: 111 pending last week, no change w-o-w
Eye candy
$3.4M Lake City waterfront midcentury modern
$2.5M Bainbridge Island modern by Layline Design + Build (already pending!)
$1.5M Vashon modern by Specht Novak (already pending!)
Check out last week’s market update, 7% off? $50K in credits? Fall deals are here!
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