The Great Capitol Hill Bargain Hunt: Studio Condo for $103K

Connoisseurs will note that this studio condo's location, at the corner of East Union and Belmont, actually leaves it perching on the north shoulder of First Hill. But since the bustling Pike/Pine corridor is just down the street, I don't think people will sniff at you if you call it Capitol Hill.

This 377-sq.-ft. studio in the Belboy Condos is admittedly cozy, but it does come with 10 feet tall ceilings. In addition to a the benefits of a renovation of this 110-year-old building--intercom systems, updated electrical, kitchens, and bathrooms--you can enjoy a large full bath, a fireplace, and leaded glass windows.

All for just over $100,000, if you can imagine that. (If you can imagine bank ownership, more to the point.) HOA dues are $208, and property taxes are $996. There's an open house this Sunday, October 24, from 1 to 4 p.m.

"Short Sales, Foreclosures, and Bankruptcy Sales: Oh My!" is the subtitle of a section of Redfin's monthly real estate report, and that's partly a warning for bargain hunters:

Non-refundable costs needed up front, the stress of buying home as-is, and a process that seem interminable are all common issues encountered when buying distressed inventory. Sometimes the pain is worth the gain, it just depends on your constitution.

So far as the Seattle real estate market in general goes, there's not a lot new on the horizon. Redfin's September stats show house inventory is down a little from last month, and the median listing price is down almost ten percent year-over-year. The number of houses sold was down 20 percent compared to August (and 40 percent yoy).

Condo inventory was down almost six percent compared to August, with list prices holding steady. Sales price per-square-foot, however, was down more than nine percent in both previous month and year-over-year comparisons.