The big news this past week was the Fed’s rate cut, but mortgage rates didn’t get the memo. Instead of dropping, they actually jumped from ~6.1% to ~6.3%. Frustrating for buyers who were trying to lock in late last week. However, this was also what happened with the last rate cut.

Our big news this week:

• 🎯 Penthouse deal in Bellevue: We helped a buyer lock up a penthouse in Bellevue Towers’ south tower for $4.35M, while the identical home in the north tower just closed for $5M.
• 🏢 Bellevue condo: Now pending for the second time.. (The first buyers got cold feet and lost their earnest money.)
• 🔑 Redmond townhome: Our sellers successfully closed!
• 🏘️ Kirkland new construction: We helped buyers secure a new Toll Brothers townhome in Kirkland. And yes, they will negotiate. We got them 5% off the list price.

Noteworthy sales last week

• Most expensive pending: Sammamish waterfront at $6.4M
• Highest % over asking sale: Laurelhurst Cape Cod for 30.1% over
• Most expensive sale: Evergreen Point waterfront for $9M. (This was originally listed for $29M back in 2022! The buyer got it 30% off its last list price.)
• Least expensive sale: Bellevue condo for $180K
• Most popular Seattle listing on Redfin: Broadview rambler for $1.6M

Links

• What Seattle will look like after the ice caps melt (Scott Melton on Threads)
• Former Phoenix Suns owner linked to sale of Amazon exec’s Mercer Island mansion (PSBJ)
• Is a home’s dark past a deal-breaker for Seattle buyers? (Seattle Times)

New listings by week

Seattle: 184 new listings last week, down 20.7% w-o-w
Eastside: 94 new listings last week, down 39.7% w-o-w

Homes going pending by week

Seattle: 172 pending last week, down 8.5% w-o-w
Eastside: 111 pending last week, no change w-o-w

Eye candy

$4.9M Kirkland modern

$3.4M Lake City waterfront midcentury modern

$2.9M Westlake modern

$2.5M Bainbridge Island modern by Layline Design + Build (already pending!)

$1.5M Vashon modern by Specht Novak (already pending!)

Check out last week’s market update, 7% off? $50K in credits? Fall deals are here!

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