Back in April, I put together some charts on bank owned and short sale properties in Seattle looking at how long it takes to close on these types of properties.
This time we are going to look at which neighborhoods have the most bank owned and short sale inventory and sales. Active listing data is from the first day of August 2011. Sold data is based on the last 6 months (2/11-7/11). Co-op's are removed from all these areas. So, we will be looking at purely condos.
- While Belltown may have the image of the epicenter of the condo bubble, almost half of all Queen Anne condo sales were either bank owned or short sales compared to 1/4 for Capitol Hill and 1/5 for Belltown/Downtown.
- Of today's active listings, Capitol Hill takes the prize with 23% of short sales compared to 20% and 11% for Queen Anne and Belltown/Downtown, respectively.
- For those of you sensitive to what you can get for your money, the average price per square foot sold for short sale condos in Queen Anne and Capitol Hill is $258.11 and $304.31, respectively. As for Belltown/Downtown, they are going for $368.88/square foot.
- Queen Anne has the highest number of bank owned condos sold (in fairness, 1/3 of them are from 200 W Highland project).
(Information from Northwest Multiple Listing Service and are deemed reliable but not guaranteed)
By Wendy Leung with Seattle Condo Review. A guide to Seattle condos exclusively for buyers and sellers.