Get Real Tacoma

Sold Signs

So I promised earlier this week that I would break down the 2008 Sales Statistics for Homes & Condos in the City of Tacoma neighborhood by neighborhood.

I know folks around here are pretty sensitive about where neighborhood lines are drawn.  I swear I almost heard someone go to blows over whether the were “Stadium” or “North Slope”.  God forbid you start the discussion of “North End” or “Near North End”.  I’ve decided that for the purposes of these statistics we are going to go by zip code, thereby sparing me the need to defend my definition of neighborhoods.  I just hate conflict…

So today we will start with Downtown Tacoma, in the form of zip code 98402.

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One of the best things about living in the City of Tacoma is that you are close to the action on a night like New Years Eve.  

The Weekly Volcano’s SPEW Blog has put out a list of the best places to Party tonight.  You can find THIS Realtor at The Mix on 7th & St Helens, but from the look of this list there are lots of great places to celebrate.

Don’t forget to designate or Cab it home, and have a very Happy New Year!

The New Tribune is reporting that the City of Tacoma has the opportunity to claim 2.9 Million of the 3.9 Billion Dollar Housing Bill congress passed in July.

“Pierce County is eligible for about $4.4 million, and the City of Tacoma is eligible for about $2.9 million. Both amounts are the highest in the state, because both areas have the highest foreclosure rates.

Local officials acknowledge the program’s limitations.

“Three million dollars in the housing market is a grain of sand,” said Rick Teasley, housing division manager for the City of Tacoma. “At the very best, we can hope to help maybe 100 to 200 home buyers get into houses.”

Everyone is going to have lots of opinions about how this money can best be used, the problem is (Like Rick Teasley says above) 2.9 million is not a ton of money.  To put that in perspective that is 12.6 houses at our County’s median home price of $230,000.   

I believe that adding cash to the coffers of the City of Tacoma Downpayment Assistance Program would do the most good.  That helps buyers, which helps sellers.  

It will be interesting to see what happens next and how this money is used.

View From Unit #401 at Cliff Street Lofts

This might sound a little strange, but sometimes I get a little attached to certain properties.  That happened with Unit #401 at Cliff Street Lofts.  A 1 Bedroom, 1 Bath Loft with 14 Foot Ceilings.  

What I loved most was that it was on the corner, shaped like and “L”  so there was TONS of light and a really open feel.   The angle meant you had a view of both the port AND the mountain.  I showed it a few times but did not have a client that clicked with it the way I did.

It sold for $174,000 and closed today.  I hope the new buyer loves it as much as I did! Pictures after the jump.

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Everyone loves a good year end wrap-up. Me included! Here are the sales stats for The City of Tacoma for 2008:

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Here is a great post on the blog QVisory about the difference between a fixed and adjustable rate mortgage.  

It’s mortgage rates 101: the difference between a fixed and adjustable rate home loan. Just like it sounds, a fixed rate mortgage stays at the same interest rate for as long as you are paying down the loan, regardless of whether interest rates, in general, go up or down.

Conversely, an adjustable rate mortgage can go up (and sometimes down) based upon the overall interest rate market. Sometimes it is possible to get an adjustable rate mortgage at a much lower interest rate than a fixed rate mortgage, but the rate could skyrocket in a matter of a few years.

Also, there is an explaination of what “Points” on a mortgage are.  Useful information for first time homebuyers and homeowners alike!

Thanks to my #1 Client Mary for sharing this with me on Google Reader!

It’s been a couple weeks since we reviewed the Downtown Tacoma Condos that have sold, so here you are.  There were 9 condos that closed, 6 of those I already wrote about earlier this week located at The Esplanade.  

Selling like (price reduced) hot cakes.

CitySteps continued the great townhouse blowout with 2 sold this week, both for $219,990.  They were units #105 & 106 2 bedroom, 2 bathrooms, with 1113 square feet.  One was originally listed at $259,990.

The final condo was over with Survon at Marcato, unit #319.  A 2 bedroom, 2 bathroom, 1040 square foot that was originally listed at $369,000.  It sold for $309,000.   For information on Marcato check out another of last weeks posts here.

I believe it is worth mentioning that right now there are 225 condos listed for sale in 98402, 98405, & 98403.  There are 24 that are pending sale.  That gives us an 11% sales ratio- which is DEFINETLY a buyers market.  If you want a good explanation of a sales ratio, I recommend reading Tacoma Realtor Tom Hume’s post on the topic.  He explains it well.  Basically, less that 50% is a buyers market, more than 50% is a sellers market.

It is also worth mentioning that in the past 2 weeks int the same downtown area, 1 condo listing was cancelled, 1 was temporarily taken off the market, and 4 expired.  That’s one way to get the inventory down.

Between the Christmastime Parties and all the Shopping, 27 people found time to close on houses and condos this week in Tacoma!  Here is the breakdown:

• 22 Houses sold. 5 Condos sold.
• All 5 condos were located at The Esplanade.
• The average days on market for the houses that sold were 130 days.  Those sellers accepted offers at an average of 97% of the list price.
• The average price per square foot of sold homes across the whole city was $130/square foot.

 Update:  While writing this a 6th unit was marked sold at Esplanade.  So that is 6 total.

The problem here is that there are currently 2,199 houses and condos actively for sale in Tacoma.  That number is probably a little low, as I know many of the new construction houses and condos are not on the MLS as builders will just put up a few to represent the whole building/neighborhood.   There are 315 pending sales, which puts us at a 14% sales ratio for the city at large. 

 Stay tuned for a post comparing the Pricing and Days on Market of Sold Homes & Condos with those of the Currently Listed Homes & Condos!