Weekly Scorecard 1-18-10
The numbers in West Bellevvue (WB) and East Bellevue (EB) were thin this week and as a result hard to get any meaningful trend but a couple of observations. In the solds for EB the very large waterfront pending from last month has closed. This home went substantially over $5,000,000. I left that home out of the sold averages for EB. WB had only one sold home and the home was a small older fixed up 2bd., 1ba. home that sold for $400,000. However the pendings continued to support an on going trend in WB that the properties being sold are mainly being acquired for their land value. That is why you see low sales prices but high per sq. ft. prices. This is starting to look like a real trend in WB. The reason as we discussed earlier is the depeletion of new construction inventory and lack of financing and econiomic support for new speculative homes.
South Bellevue (SB) was where all the action was. There were 15 solds homes in SB. A couple of bank owned homes and a number of short sales were in this batch. There was one waterfront townhouse in Barbee Mill and that townhouse was left out of the stats. The number of pendings was pretty healthy at 6. Also another non-waterfront townhouse went pendintg in Barbee Mill. It appears that Barbee Mill is starting to get some movement.
The spreadsheet link is here: Weekly scorecard 1-18-10