Seattle Residential

Buying a Home Might Not Get Much Cheaper

2012-05-09T10:00:00.001-07:00

Many renters today are choosing to put off buying a home for several reasons, but statistics show that buying a home might not get any cheaper than it is right now. Experts say that 2012 may be the last year for buyers to take advantage of the weak housing market and foreclosure influx. According to CNN Money, home prices are down 34% nationally from 2006, and mortgage rates are at an all time low, making it the best year yet to find the bargain deal of a lifetime.
Economists with PNC Financial Services believe that home prices will flatten out by the third quarter of this year, and might begin to climb at the beginning of next year. There are several indicators that the housing market is picking up like the decline in foreclosures, and continue
d job growth nationwide, and buyers will have more access to affordable mortgages as they build their credit scores. While some prospective buyers who have been wary might be more willing to follow through because of the all-time low mortgage rates and lower home values, some renters still aren’t in a position to take the next step and will ultimately miss the grace period. For more information on the housing market, click here.

Prime Madrona Real Estate For Sale

2012-04-30T10:58:00.000-07:00

A gorgeous 1920′s Dutch Colonial in the avidly sought out Madrona real estate area, with fantastic views of Lake Washington, Bellevue skyline, Mt Rainier & Cascades recently came on the market. The completely remodeled Madrona home presents a modern, open floor plan, with pretty entry gardens and front porch open to the oak floors and crisp lines of the interior. Fir windows and doors, with two sets of French doors opening to a spacious deck. The kitchen has an impressive limestone island and top of the line high end appliances. The huge master bedroom suite fills the entire 2nd floor with two additional bedrooms on the lower level.
Click the link to see more pictures, details and location of this fabulous Madrona home.

Status:	For Sale
Bed/Bath:	3/2.25
List Price:	$1,365,000

King County Home Prices on the Rise

2012-04-10T09:29:00.000-07:00

The median price of buying a home in the King County area last month was the highest we’ve seen since September. According to stats from the MLS, last month’s median sale price was $330,000, which is 7% higher than it was the previous month, (which happened to hit an all time low).
This indicates that in some areas of King County, the housing market is starting to recover. According to the Seattle Times, prices in Seattle were up 3% from this time last year and even 9% up from February. The overall optimistic outlook on the housing market is neighborhood specific of course; neighborhoods in North Seattle, and those Northeast of I-90 have seen a double digit statistic increase year after year, whereas the median price in South King County has fallen nearly 17% since last Spring. Median prices from February to March have had the tendency to increase in the past, but that isn’t always the case. While condo sales have seen an increase nationwide, short sales have decreased over 30% from this time last year. For more information about the King County housing market, visit the Seattle Times.

AOL Lusts Over Mercer Island Mansion

2012-03-15T12:16:00.000-07:00

There is an array of wonderful things going for the Seattle area that makes folks from far and wide relocate to the beautiful Pacific Northwest. We have lush greenery, beaches, city life, and quaint neighborhoods; and a ton of gorgeous homes that can be yours for the taking.
This week, AOL lusted over one particularly jaw dropping Mansion located in the Mercer Island neighborhood, that is 13,636 sf and an architect's dream come true. Beautiful Noe-Classical Italian designed columns, stone exteriors, cherrywood doors and a crystal clear view of the lovely Lake Washington. A three level home with elevator access, surround sound theater, aroma therapy hot tub, and a long list of like-minded luxury amenities, this home is at the top of the must-see list for those looking to buy this Spring. Find the detailed listing here.

Home Sales Are Rising

2012-03-06T12:49:00.000-08:00

According to the Seattle Times, in January sales of existing homes rose 4.3% and inventories went way down to the lowest point we’ve seen over the past 7 years. The National Association of Realtors said that sales have seasonally adjusted to an annual rate of 4.57 million. Sales have risen in all four major regions, including 8.8% in the Western region. December sales hit a downward slope to 4.38 Million, closing 2011 with a 0.5% decline. This however did not affect annual sales, only seasonal monthly sales. According to the National Association of Realtors, existing home sales are still recovering, and investors account for 23% of homes purchased.

Cash is King in Real Estate

2012-02-27T15:44:00.001-08:00

Cash is king in the real estate market. One-third of all U.S. home sales this past December were cash deals. Clean offers - one with limited contigencies - especially those with no financing contigency are in high demand. One would not automatically assumed this is a bad thing, but the issue is these cash deals are putting downward pressure on home values because sellers are accepting lower offers for a sure deal. No where is this more prevelent than with homes owned by banks. Banks are motivated to get real estate off their books and are not emotionally attached to the homes they sell so a sure deal is the deal they prefer. But buyers who need to finance their home purchase do not need to fret. For example, in foreclosures Fannie Mae and Freddie Mac prefer first time homebuyers and people who are buying the house to live in it. Also, not all owners are like banks who are willing to take less for a sure sell. So while cash is king, it is not the ultimate determination in real estate transactions.

It is an unusual real estate market, inventory is down, sales are up, but at least in part due to these cashe deals there is downward pressure on home prices. To navigate this unusual real estate market, one should contact a local real estate agent for professional advice.

Home Market Update

2011-06-30T13:39:00.000-07:00

The Standard & Poor/Case-Shiller home-price index released on Tuesday showed a glimmer of hope for the Seattle area housing market. The Seattle metropolitan home market saw a slight increase in the month of April. The index tracks data in 20 large U.S. cities, and Seattle’s data showed higher prices than data compiled for February and March. However, experts say this doesn’t mean much for the Seattle housing market. Seattle’s prices are still down 6.9% from last year, and the index as a whole showed a slight fall in prices.

Data Reveals Drop in Underwater Homes

2011-06-20T15:03:00.000-07:00

A California research firm, CoreLogic released data last week revealing that the number of U.S. homeowners owing more than their homes are worth fell in the first couple months of 2011. Experts say this is due to more foreclosure sales. Washington State statistics were not mentioned in the Seattle Times article, and the state of Nevada had the most underwater homes.

Are Seattle Families Getting Smaller?

2011-06-14T12:22:00.000-07:00

How do Seattle’s families compare to those in other U.S. Cities? To put it simply, they’re smaller. New census data shows that Seattle has the smallest-size families among 50 big U.S. cities. Moreover, we have the third highest amount of single living and the third-highest rate of “unrelated people living together”, according to a Seattle Times article. Because of the considerably weak housing market and flourishing rental market, families are purchasing homes out of King County, yet a high degree of solo Seattlites stay. Read more about the latest census data by checking out the full article.

Beautiful Broadmoor Home for Sale

2011-06-04T16:02:00.000-07:00

Please come tour a beautiful, Broadmoor home this weekend from 1:00-4:00 pm, listed by Ewing and Clark broker Betsy Terry. The fantastic home has a wonderful floor plan, gracious and sunny rooms, and high ceilings. A lovely kitchen features marble countertops, high-end appliances and one of the home’s two fireplaces. The home is available for purchase at $1,995,000. Don’t miss out on this great opportunity. Please contact Betsy Terry of Our Distinctive Home Shop in Madison Park to set up a viewing appointment.

Betsy Terry: (206) 595-0334

Nationwide Open House Happening This Weekend

2011-06-02T10:27:00.000-07:00

The Nationwide Open House Weekend is happening June 4th and 5th, brought to you by the National Association of Realtors. In Washington state alone, organizers estimate that around 7,000 homes will be open, tripling the amount of any ordinary weekend. You’ll have the chance to tour many of Washington’s homes for sale and be able to navigate easily with a customized list and blue balloon markers. Please visit the official event page for more information.

Mercer Island Waterfront Home for Sale

2011-05-27T13:23:00.000-07:00

This Avant garde one level design on 120 feet prime no bank Lake Washington Waterfront home is available for purchase in Mercer Island. The home is currently listed at $7,295,000. Completely remodeled, but the original International Style design was incorporated in the remodel. This luxurious Mercer Island home features an incredible kitchen, family room, media room, office, pantry, floor to ceiling windows and has an open floor plan. The sweeping lawn to beach and 55ft +/- dock with beach house is perfect for entertaining or just enjoying the sun. Click the link to see more details about this beautiful home.

The Art Stable in Lake Union

2011-05-05T12:32:00.000-07:00

Tuesday, I toured two amazing live/work spaces at the Art Stable in Lake Union, at 516 Yale Avenue N. Since its construction, the Art Stable in Lake Union has received multiple awards including the 2011 AIA Housing Award, and was named 2011 Project of the Year by Residential Architect Magazine. The 6-unit building was designed by Tom Kundig of Olson Kundig Architects, and all units came on the market for sale in 2010 as empty shells, allowing buyers to create their own unique space. The Art Stable is built on a site that was formerly a horse stable, hence the name.

Of the 6 units in Art Stable, only two remain. The units, #400 and #600, are incredible spaces that can be transformed in so many ways. They have floor to ceiling windows and large, industrial style metal “art windows” on the alley-side. These “art windows” (and multiple others) are hand-crank operated. The art window is referred to as a “gizmo”, a hand-operated device that literally moves a part of the building. Gizmos can be found in much of Kundig’s architecture. The purpose of the window, in coordination with the crane atop the roof, is to provide a space through which artists can bring their pieces into their units. Another cool feature is the geothermal heating and cooling systems in the building, which are very energy efficient. This is a more advanced system that hasn’t been used much in the U.S. As far as finishing the units, buyers can expect to pay at least $150/sf, depending on materials used.

From this great Lake Union location, building residents enjoy sweeping views of Downtown Seattle, the Olympic Mountains and Queen Anne Hill. The South Lake Union area is continuing to thrive with new developments, both residential and commercial. If you’re in the market for a great condominium or work space and want something different and unique, don’t hesitate to check out the Art Stable. Full listing details and photos can be found in the links below:

Unit #400
Unit #600

Are Seattle Home Prices Still Falling? Maybe NOT!

2011-04-28T15:48:00.000-07:00

According to the Seattle Times, home prices are falling across the U.S. and even the prices of homes in Seattle are dropping. We all know that there is a large number of foreclosures taking place in the real estate market, which may or may not affect prices of homes in certain areas. Please click on the Seattle Times link to learn more about the falling prices in Seattle. But one thing to point out is the "Seattle" real estate market includes King, Pierce, and Snohomish counties for the purposes of the Seattle Times article. There are signs that the real estate market is strengthening in the Seattle city limits. For example, while both Madrona and Laurelhurst neighborhoods have small sample sets, some of the home sales numbers are looking up when comparing 2011 and 2010. In both of these neighborhoods, the price per square foot for houses sold in the 1st quarter 2011 was higher than for the same time period in 2010 - click Madrona real estate and Laurelhurst real estate to read more.

Zoning Changes in SoDo Allows for New Residential Buildings

2011-04-26T14:21:00.000-07:00

New residential buildings may be coming to SoDo as Seattle City Council recently voted to change current zoning allowing for buildings up to 24 stories high, according to a Seattle Times article. The vote came as a result of wanting to increase residency, but still be able to maintain the characteristics that make the area so unique. Some of these places already are flourishing with great restaurants and shopping centers, so it’s no wonder the city is making an effort to draw new residents. The proposal for the change is over a year old and had a lot of community support. However, if the city wants to draw more residents to the International District, especially families with kids, more improvements need to be made. For example, the city should plan for more parks or open spaces. Crime rates in the International District are an issue as well. Not to say other Seattle neighborhoods like Belltown don’t face high crime rates, but SPD has already increased patrol to address the problem. When it comes to the International District, police reported that the area does not have a higher than average crime rate. In September of last year, KOMO covered a story on the International District and the negative perception of the area as opposed to the actual amount of crime. I can understand how this could be true. At any rate, it’s going to take more than a few new buildings to attract people to the area. If the area is revitalized, it can easily become a desirable place for Seattleites to find new Seattle real estate opportunities.

Business-and-Occupation Tax Will Lead to Mortgage Tax

2011-04-21T13:04:00.000-07:00

A new issue has arisen in Olympia concerning the taxation of mortgage loans. Activists are lobbying to apply the business and occupation tax on interest earned by income lenders on mortgage loans. There was a good editorial in the Seattle Times about this home mortgage tax. Basically, if this tax is imposed, it’s a near certainty mortgage rates will climb to cover the costs. (Not like the banks are just going to eat the cost to do mortgages in Washington State). While there are signs that the home market is recovering in Seattle, this tax seems to be a very dangerous proposal. Loans are harder for home buyers to get as it is – now these activists want to make it even harder? If you are thinking of buying or selling a home in Seattle this year, next year, or in your lifetime – you should tell your legislature that this is not a good idea.

Seattle Real Estate Selling Fast if Priced Right

2011-04-20T16:12:00.000-07:00

Ewing and Clark brought this Seward Park house on the market last week and within two days it was pending. This is not unusual. Real estate in Seattle is selling, especially if it is priced reasonably from the beginning. Seattle's Mount Baker neighborhood is a great example of this. According to the Northwest Multiple Listing Service (NWMLS), in the last 6 months 31 homes have sold in the Mt Baker neighborhood. Of those almost 1/3 of the homes (9) went pending in less than 10 days. Of the 9 Mount Baker homes that sold in less than 10 days, 6 of them sold for the original list price or higher. Of the 22 Mt Baker homes that sold in more than 10 days, only 2 sold for the original list price or higher. Both of those homes sold relatively quickly as well - going pending within 30 days.

While these statistics are a good example of what is going on in the Seattle real estate market, it should be pointed out that there are other well priced homes available for purchase - even if they are on the market for more than 10 days. For example, this (click link) Mount Baker home is priced nearly $40,000 less than what the house a few doors down just sold for two months ago. Both homes are nicely finished with the same amount of bedrooms. In fact, the house still currently for sale has more bathrooms than the house that sold.

So if you a buyer looking for a home to purchase, you should get your ducks in a row to be ready for the next great house that is listed, get to know the market so you know a great house when you see it, and do not forget the homes that are already on the market - there are fantastic homes already available.

Statistics not compiled or published by the Northwest Multiple Listing Service.

Foreclosure in The Highlands Seattle / Shoreline

2011-04-18T15:32:00.000-07:00

A week ago Sunday, the Seattle Times wrote and article about a foreclosure in The Highlands. The article titled, The Highlands Can't Keep Out Foreclosures, is buried at the bottom of the first article about the proxy fight at Fisher. While the article points out the foreclosure, it also discusses what The Highlands has to offer: large lots, view of Puget Sound, privacy, and access to community trails, tennis courts, playfields, beach, pool, etc. And while sales essential stopped (no sales in 2009), since then sales have picked up. With just over 100 homes in The Highlands, 10% have sold or under contract since the beginning of 2010.

The Seattle Times article extensively quotes Jane Powers, real estate broker from Ewing & Clark. Jane has three listings in The Highlands including this fantastic home listed for nearly $5 million. Currently there are 12 homes available for sale in The Highlands. To quote Jane and the article:

A dozen homes in The Highlands are for sale now, Powers says — a lot by historic standards, but down from 18 a couple years ago.

Why so many? "There were some financial situations, like everywhere else," Powers says. But folks also were selling for all the usual reasons — death, divorce, relocation, downsizing.

With inventory high, this might be the time to buy in one of Seattle's great neighborhoods.

Medina Makes "Most Expensive" List

2011-03-31T16:21:00.000-07:00

Bloomberg Business Week recently published an article on the most expensive neighborhoods in the nation, and one Bellevue community made the list-Medina. More specifically, the list pinpoints the most expensive blocks, identifying the area from 84th Avenue to the waterfront at Lake Washington. These homes have a median value of $1,452,523 and the Lake Washington waterfront homes average a price point of about $3,000,000. The article features data from Neighborhood Scout Reports website, which regularly reports the data taken from neighborhoods across the U.S. Bellevue luxury real estate can also be found in nearby communities Yarrow Point and Hunts Point. Follow the link to search for Bellevue luxury homes for sale.

Point Wells Development Faces Opposition

2011-03-28T13:40:00.000-07:00

Last year, the Alon Group planned to build a new urban community at Point Wells in Snohomish County, just north of Shoreline. Point Wells has long been a storage tank site and transfer facility for petroleum, but was purchased by the Alan Group in 2005. In 2010, the group proposed transforming the Point Wells site into a new, self-sustaining community. Now, the Alon Group is facing a lot of opposition from the surrounding residents who are unhappy with the plans to create new residential streets and high-rise buildings near to their currently ‘quiet’ communities. Shraga Biran, founder of Alon Group, believes the site has too much potential as a waterfront community to leave it alone. The project has a big price tag, with over $30 million dedicated to environmental clean-up. The total costs are even higher, with a planned 3,000 condominiums and 100,000 sf of retail. Early this month, the project application will be assessed for environmental impacts, a process that could take 2 years. For more information on the Point Wells project, please visit their official website.

Waterfront Mercer Island Home Sold

2011-02-23T13:21:00.000-08:00

This is a rare street-to-water property on 80 feet of prime, Lake Washington waterfront on the north end of Mercer Island was sold in February. The home offers glorious views of the North & East, including those of the Cascade Mountains, the Bellevue skyline, and the picturesque, meandering shorelines of Medina, Bellevue and the North End of Mercer Island. The 3 bedroom, 2.5 bathroom 2,970 sf home is Just 10 minutes to Seattle with convenient freeway access! The home also has an extremely large, covered moorage. The home is outstanding and spacious, and a perfect remodeling opportunity. It also sits on two lots, ideal for investment and/or development. To see the full listing, follow this link. Click here to search more Mercer Island homes for sale.

Status: Sold
Listing Price: $3,595,000
Bed/Bath: 3/2.5

Ray Allen's Home for Sale

2011-01-20T16:59:00.001-08:00

Former Seattle SuperSonics player Ray Allen and current Boston Celtic recently put his Washington State home on the market. Allen's home in Carnation, WA has been co-listed for sale by Ewing and Clark agent Nate Pearson The 10,000 sf estate is located in the Blakely Woods community. The 5 bedroom, 5 bathroom home sits on 4.5 acres and is the epitome of luxury living. The home’s amenities include a sports court, a pool, a putting green and a Jacuzzi. The home is offered for $3.7 million. Click the link to see more details on this beautiful home.

2010 Foreclosures

2011-01-14T13:48:00.000-08:00

In 2010, nearly 1 million homes were repossessed across the nation. Washington alone saw 20,000 foreclosures, a 30% increase from the year before. RealtyTrac, who reported the statistics, says things are only going to get worse this year. They predict 1.2 million homes will be foreclosed in 2011. However, Washington State saw a smaller amount of foreclosures compared to other states last year, which gives us a glimmer of hope. The month of December also had the lowest number of foreclosures in the last 30 months. Washington State is ranked #18 among state’s with top foreclosure rates.

2011-01-12T09:59:00.000-08:00

An article in The Seattle Times published last Friday reported that the median sales prices of single family homes dropped to just around $360,000. This is the lowest median seen in King County in the last 5 years. This median is typical for previously-owned homes, and around or under 2,000 sf of living space, dependent on location. Because the median is so low, this time is opportune for buyers to make a move. Buyers are also seeing low mortgage rates, which should be taken advantage of. We can help you find a Seattle home for sale. Please visit our residential property search page to find a home in your price range.

Washington State is Growing

2010-12-23T10:01:00.000-08:00

Tuesday’s U.S. Census results revealed that the state of Washington has gained nearly 830,000 residents in the past 10 years. The results have both earned us a 10th congressional seat and the title of 13th most populous state in the U.S. We grew faster than 2/3 of the nation’s states, yet our growth rate per decade has decreased over the past 70 years. The 14% population increase makes us a state comprised of 6,724,540 people. This increase in population probably protected our real estate market from a an even worse downturn – yes it could have been worse. Hopefully, if our population continues to increase (which it is projected to do) we will see the real estate market improving. Not only could home prices stabilize, but we could see an increase in rental demand which means good things for landlords and property managers. Hopefully, these statistics will result in some positive changes in our local economy.