I have been watching the Kirkland condo market very close for about 5 years now. I watched the spike in prices in 2006, not knowing that it was a spike at the time; an unsustainable high in values. As the influence of distressed properties takes hold of the market today, I am witnessing a disturbing trend. Sellers get desperate, while their "active" for sale property sits. This appears to have created a "Price Drop War" in parts of Kirkland, at the least a coincidental affect of people not understanding the data and that patience is what creates stability.
I have called several real estate professionals to hear their story, and find out what I can about the nature of their clients position. With all ethics intact, it is my responsibility to know everything, for I too have a competing listing in the area. It is my responsibility to keep my client well informed, so due diligence is taken to a higher level in this situation. What I see is panic, or so it seams. The 2 bedroom, 2 bath condos have dropped in asking price significantly, in the last 2 months we are looking at as much as 30% drop in a couple of spots, depending how you look at comparable properties.
One area is plagued with high home owner association fees, poor maintenance, and bank owned property. The prices have fallen so severely it is difficult to predict what the long term affect will be. That spot has now influenced the other side of the interstate 405, because maybe, possibly some people have not exercised due diligence. Now we have another area of condos that have dropped in value, but this area is nice, and the units are well taken care of. A price drop of this kind is not sustainable for long; I believe that this area is a hot buy.
I can show you the numbers, I can show the trends, and I can negotiate on your behalf like a champion. At these prices and today's interest rates, you can often beat your current rent. Do not wait; call to get details on your future, or someone you know that could take advantage of a rare opportunity like this.
What I do is educate, explain the data and present options, never do I apply pressure to a client; I look out for your best interest first.
Voted "Best Realtor In Kirkland"