Bill on Marketing
Our LUMEN auction was a big hit on Saturday. All 16 units sold, at a price that was just short of 140% of Published Reserve, i.e. minimum. It was a packed house, the auctioneers were terrific and everyone walked away happy. Even the blogs are reporting good things. A penthouse suite - - the last unit - - will be auctioned separately, at LUMEN, in a few weeks. Alan Winningham, the LUMEN developer, firmly believes our marketplace has a ways to go yet as far as price reductions, and said that “….the buyers received great value, and the percentage above minimum bid was quite acceptable, so we are pleased.” Some stats: 1,200 groups, including agents, toured LUMEN in the 30 days prior to auction. We had almost 100 registered bidders, of which 70 – 80 showed up on auction day. The onsite staff was 35 people, and the event was held at the Grand Hyatt in downtown Seattle. Dinner at Ruth Chris afterwards was terrific, even though we missed a very good Sounders match.
Tatum Spalding from Rennie, VIja Williams from TeamBuilder and Alan Winningham all seem happy enough.
These new homeowners were more than willing to have their photo snapped.
Four manly contract writers, who had a busy day.
Erik Mehr Knows Stuff
Even though there is an uptick in the market right now, if we look at this year’s sales versus last year, I believe we still have a ways to go. There is some increased demand in the marketplace, but a recent study by PMI suggests that the risk of lowered prices continues. The chart shows that prices in King and Snohomish counties have a 46 percent risk of being lower in the in the first quarter of 2011 than they were at the start of this year. Having said that, the same report goes on to say that Seattle is ahead of much of the rest of the nation in many factors. Lavaughn Henry from PMI said that “Seattle is not the riskiest place in the country nor is it even near that.”
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