I’ve noticed something interesting happening lately, especially at the Mukilteo condo community, Front 9.
Real Estate owned homes aka REO are priced below the market, and buyers are buying fast.
Buyers are not just sitting on the fence.
I have seen several properties receive multiple offers before they go pending.
- Days on market is down
- Inventory is way down
I don’t know, I don’t have a crystal ball. I’m not a psychic, I’m not even an economist.
Here are the facts though…
There are about 140 units at Front9. Since these condos were converted in 2006, a big chunk of the Front 9 homeowners bought during the peek of home prices-2006 and 2007. Yes, a large percentage of said condo owners owe more than what it is worth. Many people are in this boat.
But, nobody who bought a resale or a bank owned property in Front 9 over the past 18 months has anything to complain about. 24 units have sold since mid 2010. Days on market has been shrinking ever since. Over the past quarter, the average number of days a Front9 condo has sat on the market is just 36.
The neighborhood is solid, the units are cozy and upgraded. Boeing is just down the road, and so is the freeway. Plus, the golf course is the backyard of these condos! You can probably see why things are looking up at Front9! For such a big condo complex, there are generally very for sale at one time.