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The Moment Is Right to Buy in One of Seattle’s Coveted Neighborhoods

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The Moment Is Right to Buy in One of Seattle’s Coveted Neighborhoods



With a median home listing price of $829,000—nearly double the national average of $430,000, according to Realtor.com—Seattle hardly qualifies as a bargain. 

But for luxury buyers, this might be the moment to pounce on top-end properties. The spike in interest rates—along with  buyers being more cautious—have helped tame prices in the Emerald City’s most desirable neighborhoods.

“The upper end of the ultra high-end market is softer than we’ve seen in many years,” said Moira Holley, co-founder of Realogics Sotheby’s International Realty in Seattle. “In 2021, when there was brisk movement, we saw sales in the $30 million range. We haven’t had a sale at that price point since then.”  

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Holley has the listing for Seattle’s most expensive property, a $22.5 million Madison Park waterfront home whose price has dropped more than 30% over the course of a year.


More: A Standout Video Can Help Elevate a Property Listing Above the Competition

Prices have also softened for seven-figure listings in prized Seattle neighborhoods like Queen Anne, Magnolia and Madison Park, Holley said. While homes in these central neighborhoods “tend to hold their value very well,” some sellers have been forced to reduce asking prices that were based on the sizzling pandemic market rather than today’s more tepid conditions, she said. Homes in the $2.5 million to $4 million range in those neighborhoods “are not selling at the 2020 pace, or even the 2021 pace,” she said. “But we are starting to see signs of a better market.”

Elliot Franklin, an agent with Engel & Volkers Seattle Eastside, agreed. “All three neighborhoods are spectacular, and in general haven’t been hit as badly as the broader Seattle market,” which saw a 2.4% decline in median listing home prices year over year, according to Realtor.com. 

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But “we’re finding that properties that have been on the market more than 60 or 90 days have hung onto old pricing from when the market was better,” Franklin said. “I’ve seen one listing that had been on the market for 500 days, and the price had dropped more than $500,000.”

More: Don’t Cut Corners on Pools or Hot Tubs—It Can Bite Homeowners in a Resale

Karen Abbey, who works alongside Franklin at Engel & Volkers Seattle Eastside, shared one dramatic example. “In Magnolia, 2530 42nd Ave W. was originally listed last July for $5.495 millionand is currently priced at $4.75 million,” she said. “The price adjustment indicates that the seller has reduced the asking price to attract potential buyers. This could be due to factors such as market conditions, competition with other properties, or the need to generate more interest in the property. 

Likewise, a Realtor.com search for homes in Queen Anne produced 15 properties with price reductions, including a four-bedroom, four-bathroom home whose $2.7 million asking price reflects a $98,000 price drop, and a four-bedroom, three-bathroom home reduced by $76,000 to $2.4 million


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Jen Cameron, managing partner of the Agency Real Estate in Seattle, thinks prices have come down even more. 

“I’d say we’re down 10%-12% over last spring, and this is a moment of opportunity for the luxury buyer,” she said. “And when you’re talking about homes worth millions of dollars, the spread is even greater when home prices are down.” 

More: Does Smart Technology Add Value to a Home? Not as Much as You Might Think

Even if “extremely low” inventory means there’s less room to negotiate on price than there may have been a few years ago, “you’re still getting better prices than at any time since the pandemic,” Cameron said.

Magnolia “is its own village tucked into Seattle, and its homes have some of the most beautiful views of the Puget Sound,” she said. 

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Aerial view of waterfront estates in the Magnolia neighborhood.


Luxury Portfolio International / WINDERMERE REAL ESTATE

Queen Anne is “literally in the city center, smack in downtown Seattle, with oodles of historic homes, fantastic walkability and great stores.” Madison Park, on the eastside of Seattle, “is tucked next to Lake Washington, with some of the best walkability, shopping and dining. It’s got beautiful historic homes along with the Broadmoor Golf Club, a lovely gated community.”

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High interest rates have been the main determinant in price adjustments, Holley, of Realogies, said. “The market was buoyant for quite a while, but interest rate hikes saw buyers pull back and sellers decide to stay put,” she said. “The market in general is off about 20% from recent highs.”


For true bargain-hunters, however, downtown Seattle’s languid condo market offers the biggest buying opportunities. Redfin reported last month that the average home sale price downtown slipped 12.2% to $572,000 in April compared to the previous year, with condos leading the decline.

“The downtown condo market has been soft since the beginning of the pandemic, and that’s where the great buys are right now,” said Holley. Downtown Seattle neighborhoods include Denny Triangle, Pioneer Square, Belltown and South Lake Union. “Downtown is very different from the adjacent neighborhoods. There are bargains, and it’s the right time to make a really good purchase with appreciation.”


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Seattle, WA

$3M bail set for man accused of murdering chef at Seattle light rail

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$3M bail set for man accused of murdering chef at Seattle light rail


The man King County prosecutors said killed Chef Cory Bellett at the Capitol Hill Link light rail station over the weekend had his first court appearance Tuesday afternoon.

The 26-year-old opted not to attend the hearing. A defense attorney was there instead.

Prosecutors were seeking probable cause for the charges of murder in the second degree with a deadly weapon enhancement and witness tampering.

According to court documents, Bellett brushed against the suspect as he was descending an escalator. Then on the platform, there was an argument, a fight, and then the stabbing. The King County Medical Examiner reports Bellett was stabbed or cut three times with a box cutter, including once in the neck and once in the torso.

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Past coverage: Man arrested following deadly light rail stabbing of beloved Seattle chef

Prosecutors said the $3 million bail is necessary.

“That is based on both a danger to the community that the defendant would pose if he were released, as well as the significant risk of flight should he be released,” Sr. King County Dep. Prosecutor Jason Brookhyser said.

But the defense had a different view. They said that the use of force by the suspect may have been warranted.

“A reasonable inference can be made that getting shoved, unprovoked, next to the light rail tracks could give rise to reasonable belief of imminent harm or death,” defense attorney Brooks DePeyster said.

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Bellett worked at Harry’s Fine Foods and was a beloved chef in the Seattle restaurant community.

“We’re all connected, somehow,” Shea Bigger, a local bar server told KIRO 7. “We all have mutual friends. So, it does, you know, you feel it.”

Back at the light rail station, passengers are calling for more security.

“More security presence on the trains, on the platforms, where all the heavy traffic is,” light rail passenger George Alvarez told KIRO Newsradio.

A Sound Transit spokesperson told KIRO Newsradio that attacks like this are extremely rare and the trains are very safe.

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However, Bellett’s death is the second time this year that someone has been killed at a Link light rail station.

The name of the suspect hasn’t been released because he hasn’t been charged yet. He’s due back in court Thursday afternoon.

You can read more of James Lynch’s stories here. Follow James on X, formerly known as Twitter, or email him here.

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Seattle Mariners’ Top Prospect Uncorks First Professional Home Runs

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Seattle Mariners’ Top Prospect Uncorks First Professional Home Runs


Eighteen-year-old Felnin Celesten, who is already the No. 5 prospect in the Seattle Mariners organization, hit his first professional home runs on Monday night while playing for the Mariners team at the Arizona Complex League.

Per the Prospect One Podcast group:

Felnin Celesten @Mariners with an absolute BOMB for his first professional home run! look at him adjust and take this high fastball up and out to dead center about 430. #ProspectOne

A shortstop, Celesten is hitting .423 in seven games this year at the complex level. He’s got a .516 on-base percentage and six extra-base hits. He actually homered twice on Monday night and could be a quick riser through the Mariners system.

Per a portion of his MLB.com prospect profile:

Signed for $4.7 million as the No. 2 prospect in MLB Pipeline’s international class for 2023, Celesten immediately ascended near the top of the organization’s rankings with perhaps as much upside as any position player in the system. The switch-hitting shortstop has even been touted with the highest ceiling of any international shortstop in a decade, including Marco Luciano and Robert Puason. A huge factor in that hype was related to his performances in Colombia and the U.S., along with grander tournaments in the Dominican Republic against older competition.

While the Mariners have long been built on pitching, right now the top five prospects (Cole Young, Harry Ford, Colt Emerson, Laz Montes and Celesten) are all position players, which should give M’s fans hope, considering the organization has longed for consistent offense.

Continue to follow our Fastball on FanNation coverage on social media by liking us on Facebook and by following us on Twitter @FastballFN.

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Seattle, WA

A New York State of Mind

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A New York State of Mind


I love the Northwest, but there’s no place like New York City. Recently, I was there for some meetings. As I walked from one neighborhood to another, taking in the intellectual stimulation and people-watching, I understood the importance of adopting a New York State of Mind, at least occasionally. Let me explain.

To begin, all the senses are aroused. Most storefronts confront you with intriguing possibilities. Along my walk to lunch, I passed a children’s bookstore and got lost browsing in it for a while. I noticed the clothing stores — none of them franchises. I didn’t dare go in any, but admired the pricey outfi ts. Every half hour or so, I would pass a small museum. My favorite was the photography museum, where I couldn’t resist buying a poster.

Second, there’s the architecture: a mix of buildings, each one interesting to scan from bottom to top. Some have helicopter pads. The 18th-century buildings have exquisite and ornate detail. Skyscrapers boldly change shape halfway up. I imagined the penthouses at the top, a place only true titans of business can afford.

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Third, infectious enthusiasm is evident on every street. High volumes of people walk together energetically, sharing snippets of conversation. Their confidence shows in the way they cross the street. Not one person waits for a “walk” signal. This is a town of extreme chutzpah, where the walkers own the streets.

Fourth, the people themselves are fabulous entertainment. Every race, ethnicity, age, class, and fashion — not to mention the full spectrum of mental health — is represented. My favorite was the stereotypical East Side matron, pushing a dual carriage with trickedout 3-year-old twins. Both had designer haircuts and elegantly tailored suits, ties, and Brooks Brothers shirts. You don’t see this in Seattle.

Fifth, the intensity of places to eat: bagel shops, fruit and vegetable markets, and streets filled with sidewalk tables. Italian, Greek, Japanese, Armenian, French — restaurants not too much bigger than their doorways, each with their own boosters in the neighborhood. The only thing that stopped me from multiple drop-ins was the fact I was heading to a business lunch.

So why am I sharing this with you? Because you should go. As one of the few great cities in the world, New York is reasonably accessible to us. The experience wakes us up. It broadens our perspective and creates ideas. Yes, there are a lot of problems like potholes, poverty, and politics. But New York will make you feel as though you’ve plugged into a socket and new energy is coursing through you. Your mind will go into hyper-speed. You’ll feel expansive, creative, and grateful for the new experiences. All this, just by walking across town.

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Q: I love my husband. He is a good man, and we have an OK sex life. So that’s the problem — it’s just an OK sex life. My husband will not do anything fancy, and by that, I mean oral sex. He just doesn’t like it and won’t do it. But I miss it. I was married before him and that was a great part of our sex life, and it made it easier for me to have an orgasm. How do I get him to get over his distaste for something I like so much?

A: My first question to you: Did he ever do oral sex? With anyone else or early in the relationship? If he did, there might be a hygiene issue. Even married people sometimes don’t give each other accurate information on why they do or don’t like a specifi c sexual act. Perhaps you have a bacterial infection or do not get nicely washed up before sex — it could make a difference. So that’s at least worth looking into, even if it could be an awkward discussion.

If that’s not the issue, and if he has never liked oral sex or practiced it with you (or practiced it infrequently), you have then acquiesced to the lack of oral sex in the relationship. Making it a big deal now might genuinely upset him. Thus, you have two choices: Live without something you really miss (because you have already done so for quite awhile) or get the two of you to sexual therapy, specifi cally one that has getaway weeks or weekends where you can get support to reinvent your sex life.

These getaway therapies really can change habits. It’s hard to change them otherwise. But there are some great therapists who do them, and if you write to the American Association of Sex Educators, Counselors and Therapists, they can tell you who is licensed in your area and what avenues of research could help you find the therapeutic situation. Of course, this requires that you and your husband would be enthusiastic about this kind of experience, and you could afford it, so there are a lot of “ifs.” But if oral sex is very important to you, then it’s at least worth considering some therapeutic intervention, which would require meaningful discussion and some guided experimentation.

Q: I need some help. My husband is very impulsive, and I don’t know what to do about it. He thinks I am a grouch and overly cautious, but he has gotten us into financial trouble. Examples: He bought a huge TV without us discussing it. We already had a big TV. He bought round-trip nonrefundable tickets for a trip that I cannot go on because of a business function. He bought our children an iguana that neither of them wanted. What to do?

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A: Impulsiveness can be a very hard habit to break. Some literature suggests it can have a genetic component. That said, it can be very dangerous both financially and physically, so while I am going to give you some advice, I think you might want to think about some therapy — perhaps starting as couples therapy (because he thinks it’s your problem and you need a third party to convince him that he has an issue that is not just a result of a difference in your temperaments).

Basically, most very impulsive people are nervous and have recurring anxiety. Buying something expensive or jumping at some chance that might not really be the right opportunity (either at that time, or ever) is soothing to them. It gives a sense of power and, oddly enough, control. Once it rewards a pleasure center in the brain (the same immediate way chocolate or a sexual climax can do), the impulsive moment tugs at the person because they yearn for repeating that “high.”

There is major reluctance to change because the thrill is so rewarding. Even if there is buyer’s remorse or some other negative consequence (like your reactions, for example), the impulsive person doesn’t want to forgo that excitement and momentary rewards.

You can talk about it with him and see if there is some middle ground. For example, when he gets excited about buying something or going somewhere, agree to meet and talk about it, promise to not always be a “downer,” and see if there’s a way to accommodate his desires. He might be willing to do that, and that could help a lot. Or agree that impulse purchases have an expenditure lid, and that you both agree to stick to that limit.

Start there, but if there is no way he can modify his impulsive pattern, then some couples counseling, and ultimately, some individual counseling for him, really needs to happen if anything is to change.

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