Fairhaven Neighborhood - Bellingham Washington Real Estate

According to an article in today's Bellingham Hearld most of the recent growth in Fairhaven has been in Condos and apartments.

Fairhaven's percentage of growth in multifamily units has outpaced downtown. The data shows Fairhaven has grown 83.8 percent, while in the Central Business District the growth rate has been 36.5 percent. Fairhaven is now more than 70 percent multifamily units compared to residential homes. The growth has all taken place in the commercial core. It has helped invigorate the historic shopping area, as well as driven an increased awareness by residents of planning issues.

Fairhaven will surely see some more condo's coming as there are plans on the drawing board and approved by the city for more units. Fairhaven Harbor is probably the largest of these projects proposed near the Padden Creek lagoon near Harris and 8th Street. My guess is that ground won't be broken on these until there is a turn around in the economy. There are other condos in the construction phase near Fairhaven above Boulevard Park with fantastic views.

If you'd like any info about Fairhaven Home's or Condo's you can give me a call at 360-739-6981 or drop me a line by email.

Fairhaven took on a new character when the winter came here. The cobbled streets covered up with snow, and made traction a little harder to find, the restaurant windows looked a little more inviting with the temperature drops. And nothing sold. At least that's the number crunch for the last month. Some would say the sky is falling. Some would even print it. But here are actual numbers that I'm basing this blog on. There are 34 condos on the market, and 5 homes in the Fairhaven area on the market currently, and in the last 30 days nothing has sold.

One condo did record receiving an offer and accepting it, but it's contingent upon the sale of another property. Another property is pending a sale, one of the condo flats in the Waldron building (listed at $1,375,000), but it's been pending since April. And condos over a million aren't really a good litmus paper test for Fairhaven. Yet.

So what to make of all of this? Here are the facts: The average home price is $595,960, and on the market for 215 days, roughly around 2506 square feet. So they're at a higher cost than most in Bellingham, on average. That tends to cut down the market segment a little bit.

Condos? Average price is $674,501, at around 1673 square feet on average, that's roughly $376 a square foot. And that's not including dues. Too expensive? The market agrees with you at this point....the average time on the market is 304 days. In their defense, a number of these condos are new construction, so while they've been on the market, they've been getting finished.

What I'm seeing as an agent? People are interested or trying to buy in this area, but there have probably been a lot of unsuccessful offers.

I'd like to take the word "offer" and throw it out the window for a few years, so we can get back to basics and realize it's just paper until it's an agreement.

Unfortunately, Fairhaven's 39 listings may be priced to sell, but no one is agreeing. Yet.