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Duvall Commercial and Residential Market Update for February 7, 2009

Last week I focussed on what is happening in the residential market. Mostly because the commercial market in Duvall doesn't have a lot happening (at least on the record).  That still holds mostly true.

In the commercial market, we've got one new commercial building for sale. Interestingly, its only listed on the residential MLS and not on CBA, the commercial site.  Obviously I need to get the word out to people that if they want to seriously get their commercial properties sold, they need to work with commercial agents... which means someone part of the Commercial Broker's Association (www.commercialmls.com) and the Realtors Commercial Alliance. Especially in Duvall, not many commercial realtors are going to make a special trip to the NWMLS site just to find this one property.

Other than that, what is for sale is mostly land and its been listed for a while.  Development is slowing down and so are raw land sales.  As evidence, the city just reported that Camwest, who is developing the land around what will be the future home of the library, the technical college, and more commercial property is asking that they be allowed to build infrastructure (streets, etc.) as they go instead of at the beginning of development, which is what the city typically requires.  This should show up on the city counsel meeting minutes in a few weeks.

As for spaces, for lease... very little is actually listed via MLS or CBA, a reflection of how smaller property owners in Duvall have typically handled leasing their commercial spaces on their own. Larger developments on the south end of town are represented by larger commercial brokerages.  This may also reflect in asking rents, which can run over $30/sf/yr for those developments, compared to half that downtown.  There are quite a few privately available spaces for lease (the landlords will work with tenant's agents, fortunately), and more look to be coming open soon.  A few local businesses have closed down and the weather, economy, and yes, even the construction, are taking their toll. Unfortunately, I'd expect a few more to fall by the wayside over the next few months... which means more space available.

How about the residential market?

The residential market is doing about the same... not a lot of change should be expected in just one week. Several new properties are on the market and so are several price drops. Interestingly, the cancelled listings for a whole development have not come back, except for one property, which took a huge price drop and looks to be short sale at this point.  This is definately not the time to have the most expensively priced properties in the city, and I guess that change reflects that reality.

I did spot a couple of other short sales and bank owned homes, so they are out there in Duvall. Gladly, sitll not as many as elsewhere in King and Snohomish counties.  Also a couple of nice rental homes popped on the market. I'll be interested in seeing what they finally rent for, since I own a rental property here. Might be time to raise the rents (or not, I like my tenants).

And one home under contract... after a $80K price drop over the last 4 months... maybe that one started out a little high to start with, what do ya think?

Thanks!

Jason hershey
http://jasonhershey.activerain.com
http://www.jasonhershey.com
Twitter: @PlumCrazyRE

 

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Comment balloon 0 commentsJason Hershey • February 07 2009 03:48PM

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