Secondly, the market's currently down 10-15% since 2006 (Case-Shiller Index), plus, your once-new townhome isn't new any more. So you are unlikely to get your re-fi without putting some cash into the deal or taking on PMI.
I'm not a guy who believes economic forecasts, and I suggest you shouldn't, either. But if the economy starts picking up, builders will probably start building more. And what they'll build, in Ballard, is townhouses.
Without knowing the answer to these questions, generally, I think you should wait it out for another year or so since you still have time on your ARM. There are just not comps out there to support a refi this year. If there are additional details that might make yours the exception, then definitely share that with us as well.
98107 - 92 sold - Medians: Price $371,550 - sf 1,484
12 currently for sale in 98107 with median asking price of $394,500 - 1,447 sf
Generally we are at 2005 pricing, main question is are we at early 2005 or late 2005 pricing.
98117 Is lower - see info in link for neighboring areas.
If you put it on market, $399,950 would likely be the highest asking price you could achieve. Sold price maybe about $380,000 given you didn't buy "at peak".
If you bought conventional, you might be able to refi on an FHA program. Check with a lender. If you didn't buy zero down, the LTV on an FHA might work. If not, your best hope is to try to pay down the principal as much as you can, so you can refi at some point.