These Times They Are A-Changing!

Oh yes, these times they will be a-changing! And hopefully for the better! It's been a long road to this history-making election, and quite honestly I am thankful that it is finally over. So much time, money, and energy is put into the campaigns that I think the government and the American public get too wrapped up in it all which makes moving forward difficult at times. We fear we are in a state of flux and the unknown and therefore do not always make movements or actions. I am hopeful now that progress can and will be made towards fixing the mess our country is in right now.

Onto bigger and better things and the change this country needs! We will once again be not only stable but prospering and happy in a united country once more. We can do it...."Yes We Can!"

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Seattle Most Likely to Rebound

Forbes Magazine published yet one more very positive article about the Seattle real estate market's future outlook. Real Estate Markets Most Likely To Rebound states that "the best cities in which to invest are those that are considered gateways to international investment, have vital downtowns where people can forgo cars, and don't have a glut of condos or office space."
Seattle ranked #1 because of these traits. It states that Seattle is a "diversified market, has a good base of business and is becoming a 24-hour city", which puts the city in a good position to come back.

Personally, I think we are very close to the bottom of the market as we are nearing 2005 pricing in some neighborhoods and price ranges. I'll be very curious to see if the results of today's presidential election will have in impact on the market and will maybe help Buyers have more confidence in our future economic outlook.

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Seattle Real Estate Ranked #1 Investment

The Seattle Post Intelligencer today published an article: Seattle Real Estate Rated No 1. According to the 30th annual study of emerging trends in real estate from PricewaterhouseCoopers and the Urban Land Institute, Seattle ranked as the #1 city to invest among the nation's top ten metropolitan areas. San Francisco ranked 2nd, followed by Washington DC, and New York City. Chicago was ranked last among the top ten markets.

The study suggests that money invested in real estate in Seattle will likely be worth more than money invested in other regions, however it doesn't elaborate on how much the yield would be or over what time period.

Hmm...I'm not sure if this really provides anything for the average homeowner or potential buyer/seller in the Seattle real estate market. It could be predicting that Seattle will be the best of the worst and will see less depreciation overall than other cities, or it could be predicting that we will see the better appreciation over the next few years than other cities. It really depends on how you *want* to interpret it and what you believe is happening with the economy and local and national real estate markets.

I know I've got my own opinions on the future outlook for the Seattle market, but I'm curious what others think. Anyone want to share?

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I Guess That's One Way to do it!

Just read this the other day on Yahoo News - A Cambodian couple decided to saw their wooden house in half as part of their divorce! The husband carried all of the bits and pieces away to his parents' house nearby while the wife got to keep the half that is still standing! Wow, that's one way to do it I guess! Divorce is definitely an ugly situation, but this one is just plain bizarre!

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Ranches More Popular than Bungalows?

Perhaps it has something to do with the Baby-Boomers getting older and wanting 1-story homes, or perhaps we are just seeing a new trend in popularity of midcentury modern architecture, but homes built between 1940 and 1969 are selling quite well right now. They might even be edging out our beloved Seattle Craftsman Bungalows?!?!
While these classic-modern homes have historically not been the most desireable style of home, we have seen a resurgence in their popularity the last few years. These homes generally include large open spaces, flat or low-pitched roofs, large windows, and little adornment.
Perhaps it is just the natural repetitive cycle of trends and style. Are we seeing the 50's and 60's back in "style" in other ways too?

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Seattle Home Appreciation Leads the Way!

Exciting news for homeowners in the greater Seattle area!
According to recent predictions in Forbes Magazine, the median home value for the Seattle area will continue to increase over the next 10 years. Currently the median home price in the Puget Sound is $384,543. Predictions place this value to be $612,383 in the year 2016. To read more information about other major cities click here.

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Backyard Apartments?

A pilot program to create more affordable housing in the Southeast portion of Seattle is being considered by City officials. The program would allow property owners to create "detached accessory dwelling units", or DADUs.
These DADUs differ from "mother-in-law apartments" in that they are not connected to the main property. They can be located in garages, servants' quarters, or be built from scratch. These structures cannot be more than 23 feet tall or have more than 1000 sqft of living space. One stipulation though is that the property owner must live in either the house or the detached apartment and supply an off-street parking space for the apartment.

In Seattle, 70% of the land is zoned for single-family use, so this proposal is supported by neighborhood groups as a means of providing affordable housing. It may also help homeowners who are struggling with high mortgage payments by providing an additional source of revenue.

Critics of this proposal are worried about additional traffic and parking problems, and the increase of duplexes in nice neighborhoods once comprised of mainly single-family homes which could lead to lower property values.
What do you think?

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Seattle Neighborhood Spotlight -- Pike Place Market

In the last few weeks, I have been previewing at a lot of condos downtown near Pike Place Market for an out-of-state buyer. I recently viewed a great historic Loft unit complete with a private rooftop deck with views of the Puget Sound.
What a great place to live -- and right across the street from the Market! Every time I am in this area I am reminded about what a wonderful bustling neighborhood it is. Fresh produce out your front door, views of Puget Sound and the Olympic Mtns, the smell and allure of gourmet restaurants, theater, and live music, the sights and sounds of all the outdoor performers, vendors, and eclectic shops. Ah, what a great place to live! But don't take my word for it, here's another video (thanks to www.turnhere.com) about Pike Place Market -- and of course -- the flying fish!



Links for more info:
Pike Place Market
Pike Place Fish Market
Market History
Unexpected Productions

Homes currently for sale near Pike Place Market (as of 4/19/06)

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Seattle Rental Market Tightening

Apartment hunters beware! Rentals in the Puget Sound region are getting tougher to find, and prices are going up! According to a recent article in the Seattle Times, Puget Sound regional vacancy rate is 4.6% - down from 6.5% a year ago. Average rents have climbed 4% in this past year.

There are a number of factors causing this trend. One is the growing economy -- 50,000 jobs added last year and potentially as many this year -- continues to fuel the demand for rental homes.

Increase in home prices is another factor. Many potential home-buyers are opting to stay put and rent an equal or better home for much less than the cost of a mortgage. Also, the high demand and increase in home prices has caused a tremendous surge in condominium conversions. Last year alone we saw 4,000 apartment units converted to condominiums. This decrease of available apartments puts the squeeze on renters looking for affordable space.

With home prices continuing to rise and the slow but constant rise in interest rates, many would-be homebuyers may soon be priced out of the market. The rental market will likely continue to tighten....with prices getting higher and more competition for renters.

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$405,000 -- Median Home Price in King County!

Here's a recent article from the Seattle Times that talks about current market conditions in our area. March home-sales numbers were released last week by the Northwest Multiple Listing Service. They show the median closed price of King County single-family homes has shot up almost 12 percent in the past year, reaching $405,000 last month (and up from $392,950 in February.) The median price of a condo in King County rose 21% to $249,950.

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Downtown Seattle to get Taller?

Last week Seattle City Council unanimously approved a measure that will allow building heights to rise in much of downtown Seattle.

"It is a milestone today, and it is an important turning point," said city councilman Peter Steinbrueck, who crafted changes to a proposal advanced by Mayor Greg Nickels last year. "We will do more with this legislation than change the look of downtown. ... We're going to change the feel of downtown and some of the dynamics of downtown."
The measure also included requirements for affordable housing, green buildings, and underground parking. City Council is also working on other issues to improve downtown livability. In the planning stages are: a major park in Belltown, providing tax-breaks to developers targeting moderate-income residents, preserving historic buildings, and a possible elementary school in the city center.
Read more about Seattle City Council's Downtown Zoning and Livability Plan. Here's is another link to the downtown zoning changes.

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Seattle Neighborhood Spotlight -- Ballard

Thanks again to www.turnhere.com for providing these great Seattle neighborhood videos. Ballard is a neighborhood full of its original Scandinavian heritage and local character. It is growing rapidly and has quickly become one of Seattle's most trendy yet casual and laid-back neighborhoods. Enjoy this video narrated by a local musician.


Here are links to some of the local attractions mentioned in the video:
The Tractor Tavern
Ballard Farmer's Market
Hattie's Hat
Golden Gardens Park

What's your favorite thing about Ballard?

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Online Home Valuation Sites

Announced on Inman News today, RealEstateABC has a new online home valuation site that is supposed to rival Zillow. I've played around with both of these sites and find them to be useful to help potential Buyers and Sellers get an idea of prices in their neighborhoods, but will these online tools ever be able to replace the accurate market analysis of an experienced real estate agent? There are so many factors involved with pricing a home, I just do not think a fancy program will ever be reliable enough to trust with our largest investments.

I recently sold a home in Wallingford for $635,000. Zillow had this home valued at $520,000 and RealEstateABC at $555,000. Thankfully the Seller didn't decide to go the FSBO route and base his price off of these online sites! He may have missed out on $100,000 or more!

Again, I do think it is great to provide Buyers and Sellers with as much information and education as possible. I'm all in favor of having this information easily at their fingertips. I just hope this info is used wisely. You should never underestimate the value of having an experienced Agent on your side.

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Seattle Leads the Nation in Building "Green"

I recently read an article in the Seattle Times about "green" building techniques and how Seattle is proving to be a role model for the rest of the nation. Now, what exactly does it mean to build "Green"? According to www.builtgreen.net, there are a number of factors required to qualify, but here are a few of my favorite things a green home may include:

• Recycled building materials, like reclaimed doors
• Environmentally-friendly insulations
• Low-toxicity carpet (or no carpeting at all)
• Use of rapidly-renewable bamboo for flooring
• Solar-powered outdoor lighting
• Rooftop gardens

Way to go Seattle! (maybe another reason to call us "The Emerald City!") Hopefully we can continue to lead the way with these environmentally-friendly building techniques.

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Seattle Home Prices to jump 30-40% in Next 2 Years?

There's been a lot of talk about the real estate "bubble" over the last few years. I've been asked by many potential Buyers and Sellers what I think might happen with our rapidly rising prices in the Seattle area. I have always maintained that I do not think a "bubble" exists in our area. Seattle is still growing rapidly and the economy is doing well. With increased jobs comes an increased demand for housing. Also, with such geographical limitations (Puget Sound, Lake Washington, Mountains) there just is not much room to expand or add new housing in the Seattle area.

Please read what Lawrence Yun, Senior Economist for the National Association of Realtors, predicts for the greater Seattle area.

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Seattle Neighborhoods -- Fremont

Well, I told myself I was going to try my best to write on a weekly basis. Guess I've been failing at that! LOL! One more try....perhaps now that I have recently found some fantastic new videos about the different neighborhoods in Seattle I will have more to write about. :-)
Big thanks to www.turnhere.com for making these wonderful insightful videos. I love the fact that they interview real people and they have not been commercialized -- they are not trying to sell anybody anything, but rather are documenting *real* people in *real* neighborhoods.

The first one I'd like to share with you is about Fremont -- The Center of the Universe.
Please stay tuned for more of these to come....

Directed by Tim Tyler

Here are some related Fremont links: Please feel free to share your favorite things about Fremont with us!
Visitors Info
Fremont Sunday Market
Fremont Outdoor Cinema
Sonic Boom Records
Fremont Coffee Shop
Roger Wheeler's Mask Madness
Local Weather

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Seattle Rated Best City for Real Estate Investing

A national real-estate investment brokerage, Marcus & Millichap, recently picked the Seattle area -- King, Pierce and Snohomish counties -- as the nation's No. 1 market for real-estate investments over the next three years. The firm noted the region's improving economy and relatively small amount of retail space for the size of the population.

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The Internet is "Cool" for Real Estate. How Cool?

What's "cool" about the Internet is that there is so much information available, including information about real estate. You can read online articles about how to buy a house, sell a house, getting a mortgage, local communities, and more.
Especially cool is that now you can do something that, in the "olden days," only Realtors could do. You can see all the listings on the web.
Practically all of them, anyway.
...except online listings aren't always the most current data available, especially on some of the bigger national sites, but even so...
...it is a LOT of information.
And it is cool.
As you're looking at listings, typing in search parameters, hitting your back button and your forward button looking for deals in different communities, trying to find the home that fits you....
...time just flies by.
You click and scroll until you find yourself looking at the same property more than once. Not all the listings have photos, so you skip by those. The online listings you like most have LOTS of photos - the view of each room, the view out the front window, the view of the back and front of the property, and so on. After a while, you begin to skip the "virtual tours" because they are so SLOW that they bore you. Clicking on pictures is so much faster.
At some point, you want to know "more."
So you send an email to a listing agent, perhaps. Maybe it is a property in a community you know or it is a property clear across the country, but you are genuinely interested in getting more information about that particular home.
Maybe you do this on several properties to several different agents.
Two days go by and nobody answers you. Not one response.
Surprising?
Believe it or not, most Realtors still are not used to the web and email. Some are though (hint, hint).
If you think the above is just a made-up scenario, it is not. A very web-savvy individual was relocating far away and described the above experience (in much more vivid detail than revealed here).
Plus, there is more to consider.
Since not all Realtors are used to the web, they don't all have a digital camera so they can take photos of property for upload. Of those that do, it often costs extra to put multiple photos on the web. And there are LOTS of web sites.
As a result, if you were to look at several different real estate sites (like our web-savvy friend did) you may find that multiple sites will display the same listing, but one may have no photos, one site may have one photo, and another site will display multiple photos.
You may have skipped something great.
Heck, a listing may not even display on the web. Or it may already be sold, but it displays as an active listing, or it may be a new listing that isn't on the web yet.
In short, the web is behind. That data isn't always current.
So yes, the web is "cool." More info is available, but there are also limitations.
Those limitations can be bothersome, but in the beginning stage of the house hunt, most potential buyers want independence and they enjoy that independence.
Just like you do.
Sometimes, like with our web-savvy friend, it isn't long before the need for more information can also be frustrating.
What helps is to have aa "mentor" - someone who respects your desire to be independent, but will answer your emails and phone calls promptly, answering questions and offering advice - someone who can tell you more about a particular property, someone who can tell you if it is overpriced or if it is a "make-sense" purchase. Someone who can tell you when a "three bedroom home" is actually two bedrooms and a study (there is a difference).
That mentor is your local real estate agent.
You still get to do the "fun" part (looking at property online), but don't have to deal with the frustration that comes when you need more information or get ready to act.
"Cool."
articles copyrighted by RealEstate ABC

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Real estate news: Settlement affects 600 state residents

Nearly 600 Washington consumers will share in a $2.5 million multistate settlement with title insurer Fidelity National for providing kickbacks to Wells Fargo, state Insurance Commissioner Mike Kreidler said last week.

Refunds will range from $20 to $60.
According to the settlement, some Wells Fargo home-loan customers were directed to Fidelity National for title insurance, and Fidelity National passed a portion of their premiums to a reinsurance company owned by Wells Fargo.

Compiled from Seattle Times staff and Bloomberg News
Copyright © 2005 The Seattle Times Company

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Winter weather is upon us! It's a great time to buy a home!

With the cold and rainy winter weather settling in, most buyers prefer to wait for the more pleasant spring weather before finding a home to purchase. Although it is much more enjoyable to go home-shopping on a beautiful spring day, think about this: If you really like a home on a gray, dreary winter day then you will absolutely love it on a bright sunny day! Also, after a heavy rain is the best time to inspect basements, windows and roofs for leaks, and to see if any "ponding" occurs in the yard which could lead to more problems down the road.

The holidays are also quickly approaching which means many people are pre-occupied with other things and are not thinking about moving. This is great news for buyers because it means there is less competition in our hot market -- which means you may get a better price! Also, most Sellers who have their home on the market during the holiday season do so because they don't have a choice. For whatever reason they need to sell their home.
Motivated Seller = Good deal for potential Buyers.

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