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Old 12-30-2008, 03:56 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,833,234 times
Reputation: 6438

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Seattle hits top 10 list for troubled real estate assets - Puget Sound Business Journal (Seattle):

The greater Seattle area is among the top 10 metro markets nationwide for troubled real estate assets, according to a new report.

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Old 12-30-2008, 10:05 AM
 
9,618 posts, read 27,342,201 times
Reputation: 5382
Interesting article. It refers to commercial real estate assets as opposed to single family houses, and...if you thought single family homes were overpriced in Seattle, office buildings and apartment buildings have been insanely overpriced.
Things became unbalanced. In the past, when you bought an office building, the building appreciating in value was secondary to the income it would produce, the icing on the cake.
Now, if you buy an office building in Seattle, the rental income won't cover the costs as the value of the building declines....similar to what's going on with single family homes, just worse.
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Old 12-30-2008, 10:32 PM
 
Location: North of the Eastside
265 posts, read 1,073,820 times
Reputation: 76
All I know is I'm paying over $1700 for rent for a 2 bedroom, which is as much as my mortgage back east. I would like to find a house in 09 that would have me paying the same or less. Because $1700 rent is nuts, and I'm not even in the city.
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