In case you missed it, the Pike Place Market Foundation held its annual tour of Downtown Seattle luxury view condos on Sunday, June 27 from 1:00 - 5:00 p.m.

My clients' gorgeous home in the Watermark Tower at 1107 1st Avenue #907 was one of 12 homes featured on this year's tour. It was the only home on tour currently offered for sale.

An estimated 350 people came through with the help of 50 volunteers, raising some $8,000 in one day to benefit the Pike Place Market Foundation.

Funds raised help provide services for the low-income residents of downtown Seattle, including the Pike Market Medical Clinic, Senior Center, Child Care & Preschool and Downtown Food Bank.

For more information about the Downtown Seattle luxury view condo for sale at the Watermark Tower, visit http://www.justrealseattle.com/ or call (866) 766-REAL [7325].

For those who may not yet be able to afford a single family home, you may be thinking about condos as a way to get into the housing market. It's a great way to start and, over time, build equity. However, I'd like to point out some serious considerations when buying new construction condos in Seattle.

New construction seems appealing for several reasons. Primairly, many like the thought that this will be there home, that no one else has occupied or lived in the space. Depending on how far along the project has been built, a prospective owner may even be able to select finishes for the unit. Even so, there is also a down side to new construction condos.

Believe it or not, some developers and builders cut corners to pad their margins. That's not all developers, but definitely enough to pose concern. Why? Well, let's take a client of mine for example. He purchased a great new construction condo unit in Seattle's Central District back in 2004. Unfortunately, the building had to be re-sided because it wasn't done correctly the first time around.

While my client's home owner's association (HOA) won a law suit against the builder, the proceeds from the suit weren't enough to cover all the costs for reconstructing the building's siding. This is a fairly good size building, housing 25 units. The HOA then passed an assessment. In this case, since the building is fairly new, the association deemed it pertinent to maintain the reserve they've been accumulating only since 2004. So the unit owners had a charge of at least $10 thousand each.

Even worse, condominiums cannot be bought or sold using financing when an HOA is engaged in a lawsuit or the building is under construction. As well, assessment is a dirty word. Even if one has already been passed and paid off, buyers who have not yet owned a condo may be fearful of a subsequent upcoming assessment.

Anytime one is considering or even contracting to purchase a condo, it's always recommended to make discovery and documentation relating to the HOA a condition or contingency of the agreement. In other words, a skilled agent will ensure a buyer is amply provided a timeframe to review the HOA resale certificate, which is a large file of information. It generally includes HOA financials, meeting minutes, covenenants, restrictions, etc.

Just to be clear, I'm not writing this piece to disuade anyone from buying new construction. Rather, I want to point out that while most may think new construction is a better way to go, it really depends on who built it and the quality that went into the materials and craftsmanship. Again, these are important considerations for buying new construction condos in Seattle.

Your success is my business,

Brad Davis

www.JustRealSeattle.com

Newer, stylish Central Seattle 3 bedroom townhome is three-stories with 2.5 bathrooms offered for sale for $469,950. Home features abundant, natural light, wood floors, cook's kitchen with stone counters and gas cooking, three spacious bedrooms, lots of space for entertaining indoors and out, an attached garage all located just blocks from Downtown Seattle and all major freeways.

Or rent/lease to own for $2,295 per month plus $1,250 deposit. Minimum 6 mo. lease term. Tenant to pay all utilities, maintain alarm system. Pets are neg. w/non-refundable pet deposit. This Central Seattle 3 Bedroom Townhome is the perfect place to call home whether short or long term ...

For more information or additional property photos, visit www.JustRealSeattle.com.

Urban condo living can have an affordable price tag. Such is the story  this Central Seattle 2 Bedroom Condo, unit 208 at the Mill Street Condos on Yesler Way, just blocks up the hill from downtown Seattle in the heart of the city. Here you'll find this generously spacious 2 bed/1.75 bath home with in-unit laundry, which boasts a smart, circular and well-proportioned floor plan. Tucked in away from the street, unit 208 offers privacy, peace and quiet, even outdoors on the covered patio space. More than ample storage and two parking spaces permit one's enjoyment of a more flexible lifestyle.

Exterior building renovations, which include new siding/paint, deck rails and deck re-sealing, are nearing completion. This like-new building will be a great investment for many years to come.

Mill Street Condominiums sit above street-level retail, including the chic corner SOHO Coffee Co. This central location, undergoing a massive revitalization effort, puts the town, its world class restaurants, shops, entertainment and amenities right at your front doorstep. It's all right here at this Central Seattle 2 bedroom condo.

For more information or additional property photos, visit www.JustRealSeattle.com.

Mill Creek corner unit condo. Why rent when you can own this carriage house-style, 1 bed/1 bath corner unit w/private, patio entry. Light-filled unit features 9' ceilings,laminate wood floors throughout living areas, huge kitchen w/upgraded counters and new stainless appliances. Spacious master suite w/walk-in closet. Garage parking and storage conveniently located at this Mill Creek corner unit condo. Bldg EE #2030

For more information about this Mill Creek corner unit condo, visit www.JustRealSeattle.com.

Gorgeous 1 bedroom/1 bathroom Issaquah Highlands townhome condo. Bright, spacious home features: sizeable galley kitchen; open great room with high ceilings & marble-surround gas fireplace; large master with custom shutters and walk-in closet; huge bath with oval soaking tub; grand terrace; in-unit laundry; attached 1 car garage; tons of storage and visitor parking. Ideal two-level floor plan feels more like a house. Convenient I-90 access, close to E Lk Sammamish retail w/low HOA dues! Come see what this Issaquah Highlands townhome condo has to offer.

For more information about this beautiful Issaquah Highlands townome condo, visit www.JustRealSeattle.com.

Ever wonder how you might go about finding FHA approved condos in Seattle? First, you can contact your local real estate professional. Often, your real estate professional can check the MLS to see whether a condominium project is FHA approved or they can check elsewhere. You can also gather FHA approved condo information on your own via the FHA section of HUD's website.

Why is it important to find out whether a condominum project is FHA approved?

HUD has changed the guidelines for condo projects and existing condo owners who want to get approved for FHA financing.  When a condo project is approved, this simply means Buyers can use FHA loan financing to purchase the property.  Previous to the change, if a condo project was not FHA approved, lenders were able to perform what was known as a "spot approval" to make FHA financing available for a non-approved complex. Those days are over.

What does this mean to the Buyers?

Attempting to finance a non-approved condo with FHA could mean:

• A delayed or stopped closing.
• FHA will not loan the money if the property is not FHA approved.
• An inability to purchase the home you really wanted.

What types of condominium developments do FHA approvals affect?

• Proposed/Under Construction
• Existing Construction
• Conversions

For more information about finding FHA approved condos in Seattle, visit www.justrealseattle.com.

Your success is my business! 

Beginning in November, a collaborative group of real estate professionals are launching Seattle Home Buying 101, a regular series of Seattle first time home buyer classses. While such classes are far from being a new concept, they will provide a condensed format while covering all major topics new buyers to the market will need to know. 

Seattle Home Buying 101 classes will be offered on a weekly basis starting in January 2010 and will follow the basic cirriculum as prescribed by the Washington State Housing Finance Commission, though they are not commission sponsored. This group will also continue to offer commission sponsored House Key classes at least two times per month.

More news and information will be available by December 2009 at www.SeattleHomeBuying101.com. For more information on Seattle first time home buyer classses, visit www.JustRealSeattle.com.

If you're thinking about buying a Seattle bank owned property, there are some great opportunities for finding incredible deals in this market. However, there are also some important considerations.

For HUD owned properties, you'll need to work with a reputable HUD registered agent. Most brokerages aren't registered or eligible to represent your bid for a HUD home.

Always be sure to inspect any home you're considering purchasing whenever possible. It's very common for bank owned properties to be sold as-is, which means you can expect no remedies, repairs or further concessions based on the inspection report.

When inspecting a bank owned home, one of the most important considerations will be to make sure the water and electric utilities are turned on. Even if there is an outstanding balance owing on the property's utilities from a previous owner, a municipality will likely turn utilities back on for a day or so to accomodate an inspection. It behooves municipalities to help the home sell so they can have a paying customer again.

For more information about Seattle bank owned property, visit www.JustRealSeattle.com or call Brad Davis, Coldwell Banker Danforth (206) 240-0467.

Your success is my business!