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Real Estate and the White House Pre-Stimulus

February 16, 2009

The stimulus package that will more than likely become law on Tuesday did include a few things for Real Estate as mentioned on my post

Breaking News-Real Estate Stimulus.

So, why am I writing about Real Estate and the White House.  In some ways I’m feeling like I should be apologetic but I’m actually compelled to write because I  think Washington should know what is going on in the “other” Washington regarding Real Estate-pre-Stimulus.

In Seattle while nobody noticed especially during December’s deep freeze there were intriguing property sales.  I’ll just mention a few….   In a one week period of time in a tony Seattle neighborhood there were three sales that occurred.  Two for over $1 million and one for over $6.5 million….all cash….no bank….. 

And then Sundays Seattle Times Business section featured an article about the super luxury Four Seasons Hotel-Condo project on 1st and Union.

25 of the 36 luxury units have sold.  22 have closed with prices ranging from $1.26 million to over $11 million.

I guess my point is that as evidenced in Seattle there are some buyers who are truly embracing the fact that the current real estate market “pre-stimulus” is a “buyers” market and they are doing what most sane buyers do in a “buyers” market.    They are out there buying property.

For some reason I think the White House should know this.    And for some reason I think that there is a lot of cash on the sidelines waiting for stability in the market.   I’m hoping we will see a post-stimulus market traction take hold.

BTW…Whatever happened to the guys who brilliantly hedged against the real estate market in 2007.   What is the close to $9 billion dollar windfall they received doing these days?

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