Money, Patience, or a Reality Check

Longer market time is certainly no stranger to sellers these days, so I thought I’d take a quick look around the Bellevue area and see what some of the longer market times had to offer. Not suprisingly, a good number of the lengthier market time properties are builder owned or higher end homes. To me, these listings imply that it takes money, patience, or both to wait, and that builders need a reality check in today’s market.  I know, neither of these observations is particularly shocking, but hey, yesterday was a long night!  

Some lengthier Bellevue listings: 

Is it time for its annual price reduction yet?
5526 154th Ave SE
6 br, 3.75 ba, 4,900 sq.ft.
On Redfin 710 days
Originally listed in July of 2006 at $1,575,000 and reduced in June of 2007 to $1,475,000.

New construction at $3,595,000 in Bellevue.
9749 NE 5th St
5 br/6 ba, 7,815 sq.ft.
Originally listed in August of 2006 for $3,795,000, peaking in February of 2007 at $4,200,00, and reduced in May of 2008 to it’s current price of $3,595,000
On Redfin 690 days.

10228 NE 20th Pl
4 br/3.5 ba, 3,880 sq.ft.
On Redfin 420 days.
Originally listed in May of 2007 at $1,890,000, gradually reduced to $1,590,000 in June of 2008.

Mature home in Bridle Trails, Kirkland.
6125 133rd Ave NE
4 br/2.25 ba. 2,500 sq.ft.
Originally listed in May of 2007 at $1,200,000, lowered in April of 2008 to it’s current price of $899,000.
On Redfin 401 days.

Slowly trickling down.
442 109 Ave SE
4 br/2.5 ba, 2,490 sq.ft.
On Redfin 352 days
Originally listed in July of 2007 at $829,950 sq.ft., s-l-o-w-l-y trickling down to $725,000 in June of this year.