"Calculate 'paybacks' before buying furnace

Good reminder from Inman News regarding the importance of whole home energy efficiency when considering purchasing a new furnace. I'm not positive the link will work; here is a tidbit:

"How efficient any heating system is going to be at keeping your home warm is dictated by how energy efficient the home is in the first place…So before you consider your new heating system, if possible you should complete any required energy upgrades your home needs. Your best bet is to have an energy audit done." 

Anyone have any energy auditors they've liked and wish to share?http://www.inman.com/buyers-sellers/columnists/paulbianchina/calculate-paybacks-buying-furnace

Green Defined

Good reminder here on defining/deciphering "Green" from our friends at Seattle Magazine, hosts of the local "Five Star Professional" list. At least one of you - I don't know who - nominated me this year; Thank You. If interested, you can find my ad on page FS38 of the current issue, available in newsstands now.http://www.seattlemag.com/article/shelter-green-houses

What do you think about the "new" manufactured homes?

What say you about the "new" manufactured homes? "Controlled manufacturing and assembly of homes is long overdue. Almost everything around you is made that way, yet we are still building homes by cutting and fabricating on site. It doesn't make sense." - Tryggvi Thorsteinsson (Dwell Magazine, Dec2011/Jan2012)

Why is it so complicated when I consider rental restrictions on the condo I wish to buy?

Let's assume you want to rent it out right away, or want to "know" you can later:

-If a condo association allows rentals today and capacity remains unfilled, you may be encouraged, but…

-Others may also be encouraged by existing capacity/rules, and may buy in the building specifically to rent, or may hold and rent instead of selling when they move on. And…

-The rules may later change. Each HOA has its own rules, but it seems that if somewhere between 51%-80% of your neighbors agree, such a rule can be changed. Why would do they this?

-Because “too many” rental homes in a building can cause difficulty in refinancing and new financing (normally needed in order to sell), most buildings without rental restrictions are talking about putting them in place.

Interesting data for Seattle real estate owners/investors

http://www.bizjournals.com/seattle/print-edition/2011/10/07/wages-rise-in-puget-sound-area-at-5.html

Realty Times - Should I Take My Home Off The Market During The Holidays?

This is as well-reasoned an argument I've seen on the subject of selling in December. In my open house yesterday, someone asked "isn't December a terrible time sell." These are the points I attempted to offer...in 15 seconds.

Realty Times - Should I Take My Home Off The Market During The Holidays?

Relocation (primarily to Seattle area) Information

I was referred to a family considering relocating to Seattle (thanks, Jack K.). They are interested in schools and a neighborhood primer. Here's what I sent. Does anyone have tools they like better?
"Here are a few links that may be useful:
Schools
-http://www.greatschools.org/washington/seattle/
-http://www.schooldigger.com/
Neighborhoods
-Seattle and Eastside: see short descriptions on the right: www.schmap.com/seattle/introduction_neighborhoods
-Seattle neighborhood blogs: http://www.seattlepi.com/local/neighborhoods/
Find an area you like/school that sounds good?
-Go to http://www.estately.com/ and type that school name into the search field; available homes will populate."

ThriveSeattle

Friends,

Some of you have wondered if ThriveSeattle is relevant to Seattle only. The “Seattle” part is, but the “Thrive” part – To promote mental, physical, and financial well-being through real estate knowledge – is not. A lot of trends and information that I will share here are applicable in other markets. Certainly, you’ll always need specific expertise in your area. If you like, I can help you and your friends locate the most appropriate “boots-on-the-ground” neighborhood specific knowledge and skills. It works like this: My company is tied into a world-wide network of agents. Once we understand your needs, we will dip into that network to find the right fit. This is not just a referral to a random agent; I will help interview local agents for you, looking for market-specific knowledge, negotiation skills, process, and general fit. We’ll keep looking until we find the right match. I’m here to help…just let me know when.

- Michael Doyle, Managing Broker

2012 Calendars - Do You Want One?

Apologies if you are already subscribed (you “like” it!) to my business page, ThriveSeattle Real Estate (https://www.facebook.com/pages/Michael-Doyle-ThriveSeattle-Real-Estate/152581301431928), where I posted this a few days ago, but…there are some of you who have not yet “liked” that page and I know you want a calendar. Feel free to order here or via email.

2012 Calendars - Do You Want One?
If so, I would be delighted to send one to you this year. In the past, I chose either Western Landscapes or Northwest Scenic, and then tried to guess who would want the calendars. And then I struggled to get them out in time. In an effort to reduce waste (paper, fossil fuels for delivery trucks, etc) and be more timely, I'm asking those who would like a calendar to opt-in (by November 25th). This method may also allow for you to choose the calendar you get. Please take a look at images below (sorry, you can't click through; you'll just get a sense for them) and pick your two favorites. Then email me at mdoyle@windermere.com and let me know your first and second choices.

 

"I don't believe in real estate..."

A friend/client of mine said to me recently: “I don't believe in real estate, but I do believe in fixed-rate debt.” I keep thinking of it, in part due to the shock value of the first part of the statement, but also because he has found a way to amass what I consider to be an impressive net financial worth, so his opinions seem worth considering.

Of course, as he elaborate in further discussion, what he meant was: “I don’t believe that prices are necessarily ‘at bottom,’” and “I believe that the debt that I can acquire today is relatively “cheap” when compared to historic rates. He acknowledged that rates can still go down, but also that they can – and likely will, at some point – go up.

Here’s an article from October that opines there is “no rush” to lock in rates: http://www.inman.com/news/2011/10/6/no-rush-lock-in-record-low-mortgage-rates

Your thoughts?

Grand Canyon 2011

Amy, my office assistant, had the presence to point out that you may be interested in seeing photos from  my rafting/kayaking trip down The Grand Canyon in October. I think she may be onto something. ThriveSeattle is about success with real estate paving the way for better, more fulfilling lives. My trip provided great opportunities for adventure and reflection. I invite you to take a look...

View Downriver from the Nankoweep Granaries

 A typical camp (this at Nankoweep)

 The Little Colorado River before it enters the Colorado

Day hikes a plenty (this one to Thunder River)

Boats tied up at Havasu Creek

Part of the group, scouting the largest rapid on the river, Lava Falls (I went far left; any further left and I would have been on dry ground).

 A typical afternoon, arriving at camp.

Looking upriver...somewhere in the upper section.

My craft, at the put-in (start) at Lee's Ferry. I rowed this boat (which contained the kitchen) for the first third of the trip, to Phantom Ranch. Matt, my friend and the owner of the boat hiked in at Phantom Ranch, and took over the oars. I then jumped into the red kayak shown here, and kayaked the rest of the river.

A photo of me scouting a rapid; choosing my path through the whitewater. At significant "drops" there is normally alot of chatter among the group as each person reads the river on their own, then shares their thoughts in an effort to gain consensus/confidence. Sometimes, we watch others go first in order to see what the river does to them. An experienced boatman, Steve, reminded us all (and I thought of it as a good metaphor for many parts of life), to "watch my line, but read the river for yourselves."

Is It "A Time To Buy?"

J.P.Morgan seems to think so (national focus): http://www.jpmorgan.com/cm/BlobServer/marketinsights_housing.pdf?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1158658412427&blobheader=application%2Fpdf
And the Seattle Times seems to think so (local focus): http://seattletimes.nwsource.com/html/businesstechnology/2016739766_affordability11.html
SeattleBubble is a bit more even (local focus), essentially stating that the Seattle Times is correct if one is a "monthly-payment buyer" and has no short or medium term plans to move: http://seattlebubble.com/blog/2011/11/11/affordability-hits-record-high-on-low-rates-price-drops/

What do you think? If you are interested (those few of you who know this blog exists!) please comment. I agree that the best time to buy is unique to each individual or family. But, since research doesn't work that way, this research is worth considering. Your thoughts?

It's Veteran's Day - How about a bit on VA Loans?

First, a big Thank You to veterans and those who are close to them.

Who Qualifies: http://www.benefits.va.gov/homeloans/elig2.asp
Loan Limits and other Seattle-area specifics: http://www.mortgageporter.com/reportingfromseattle/2010/12/va-loan-limits-for-2011.html

This Week's Economic Commentary rt@SeattleEcon

This Week’s Economic Commentary – courtesy of Matthew Gardner, Gardner Economics

http://bit.ly/dI1obJ

I’m on a “trip-of-a-lifetime” from October 3 – October 25; rafting the Grand Canyon. This content is posted by my wonderful office assistant. If you need anything during my absence, please contact Jenny Doyle, licensed Real Estate Broker; jdoyle@windermere.com; (206) 465-5333.

This Week's Economic Commentary rt@SeattleEcon

This Week’s Economic Commentary – courtesy of Matthew Gardner, Gardner Economics

http://bit.ly/dI1obJ

I’m on a “trip-of-a-lifetime” from October 3 – October 25; rafting the Grand Canyon. This content is posted by my wonderful office assistant. If you need anything during my absence, please contact Jenny Doyle, licensed Real Estate Broker; jdoyle@windermere.com; (206) 465-5333.

This Week's Economic Commentary rt@SeattleEcon

This Week’s Economic Commentary – courtesy of Matthew Gardner, Gardner Economics

http://bit.ly/dI1obJ

I’m on a “trip-of-a-lifetime” from October 3 – October 25; rafting the Grand Canyon. This content is posted by my wonderful office assistant. If you need anything during my absence, please contact Jenny Doyle, licensed Real Estate Broker; jdoyle@windermere.com; (206) 465-5333.

This Week's Economic Commentary rt@SeattleEcon

This Week’s Economic Commentary – courtesy of Matthew Gardner, Gardner Economics

http://bit.ly/dI1obJ

I’m on a “trip-of-a-lifetime” from October 3 – October 25; rafting the Grand Canyon. This content is posted by my wonderful office assistant. If you need anything during my absence, please contact Jenny Doyle, licensed Real Estate Broker; jdoyle@windermere.com; (206) 465-5333.

Laurelhurst Broker Tour

There were some great homes on the broker tour today in the areas north of the Ship Canal. This home in Laurelhurst had six portholes arranged in the wall. Very cool. Judging from the number of construction/work trucks in Laurelhurst today, some people are still spending to improve their homes.

Refinancing? Perhaps I can help improve your odds of success

With interest rates continuing to amaze, are you considering re-financing? If so, this content from Inman News, while dated, may be interesting: http://www.inman.com/buyers-sellers/columnists/jackguttentag/debunking-refinance-myths?page=0%2C0.

Many refinance efforts work just fine, but...more fail these days than have in the past. (I couldn't quickly find the numbers, but in many ways, it doesn't matter. If the one that fails is yours, it is too many).

As you likely know, you will typically be responsible for the appraisal fee even if the property does not appraise for the value you want/need and the refinance is not successful.

What can you do to minimize risk? Have comparables ready to go for the appraiser.

Appraisers are busier than ever, and forms changes are making their jobs more tedious (while they are getting paid less). So, why would they not be interested in hearing a good, well-reasoned opinion of value, with examples based on recent relevant sales around the property?

I have done this recently for clients (prepared the story and met with the appraiser), and may be able to do it for you.

Just let me know if you think I can help.

Real Estate from the Inside

For some reason, I thought real estate owners/buyers/sellers in the Seattle area might be interested in a bit of a “behind the scenes” look at real estate agency in Seattle, care of Inman News, brought to my attention by Judie Sanders. The content is directed toward real estate agents, but there is some good data here on trends, foreclosure rates, employment, and what I’ll call “the Seattle Lag.”

http://www.inman.com/reports/top-market-income/seattle.html 

It does make we wonder though: What - to you, the consumer – makes a “successful” real estate agent?

For instance, the article states that while “sales per realtor” in the US was 3.3 over a recent 12 months, and 5.1 in Seattle. If your agent does many times that number, are you glad because it means they are “good,” or does it make you uneasy because you worry about their time constraints.

I am currently “ranked” 80^th in Seattle with 18 “sides” (7 sellers and 11 buyers) and $9,680,000 in total sales over the last 12 months. But what, if anything, does that mean to you? What are you looking for?

Down to Business with Josh Dirks Interviews Windermere CEO OB Jacobi

For anyone looking to better "understand" Windermere as a company (roots; vision; direction; guiding principles, etc.) I think this is insightful informative (great questions, Josh). At the end of the first video, OB tells the story of some work that our Green Lake office did in June at Bagley Elementary. That was a great opportunity to help out and reconnect with our own motivations and the community we work for. I'll see if I can find some photos from that day...the best images would have been of kids wearing berets and fake mustaches as they recited poetry, beat style. But...no pictures of kids, so you'll have to take my word for it; it was fantastic. d2b.tv/.../episode-5-ob-jacobi-president-of-windermere-realty/

OneTakeRealEstate: Verbal "Offers"

Perhaps the simple act of putting "offers" in quotes is indicative of my current position on this. The events that inspired this post:

-An agent called me yesterday on a recently listed (one week) property of mine, and asked me if my clients would take 15% off of the price.

-My response, in short:

--I don't make decisions for my clients; I provide them with great information and perspective.

--When written offers come, we have something tangible to discuss.

--Offers are about more than the purchase price (cash or financed? when is closing? other terms?)

--I can write an offer up in about 15 minutes, and have my clients sign it electronically in another 15. So I need to invest about 30 minutes, and my clients about 15 to put on offer on paper. That seems like a low barrier to entry for such a large purchase (any real estate purchase is a big one; this one in particular would be several hundreds of thousands of dollars).

--My seller put in writing (a listing contract which causes them to be represented in our MLS) that they would sell their home for X. The next move is for an interested buyer to also offer a number, in writing. If not X, then Y.

What to you think? When is a verbal offer the right way to go?

I recently engaged in verbal counter offering on behalf of four clients, living in four separate places, working together to sell a home for a family member. None of them were comfortable with electronic signatures (one doesn't use email) and one of the four was comfortable using a fax machine. And, the dialog had begun with offer and counter-offer, all in writing. We were in the inspection phase. So, the verbal felt OK.

Any thoughts?

Daily Activity + Laurelhurst Mid-Century with amazing living/master BR views

Here's a link to the home I'm in: http://www.matrix.nwmls.com/DE.asp?k=1550274XM0G6&p=DE-8489083-334

Interesting Mid-Century Opportunities in Magnolia

Two relatively similarly priced homes in Magnolia. One offers a large lot and a neighborhood of higher priced homes, the other offers great view of Downtown Seattle, Elliott Bay, and perhaps Mt. Rainer. I thought it was interesting to compare these two, but I was only able to secure permission to blog about one of them.

Monday Windermere Tour Results; Compared to previous Monday

Last week I had a property just north of Green Lake on Windermere tour. It was 3BR/2BA, listed at 750,000. 12 agents showed up. Today, I hosted a 3BR/1.5BA home just south of the lake and had eight people show up; three of then passers-by. What was the difference? Weather, I think (sunny last week and overcast this week). 

 

ThriveSeattle OneTakeRealEstate - Sunday Condo Open House; Newsprint brought people

The newspaper works to draw potential buyers to One Pacific Tower (2000 1st Ave). Not many come, but they are often well-qualified and serious.

Some poor word choice made me want to re-shoot this, but...more important was to keep the "one take" streak alive!

OneTakeRealEstate #5 - Today's Activity + "Timing the Bottom"

This week: Current Price Trends and "Timing the Bottom"
The following shows current (through June) price trends (average cost/square foot) in Metro Seattle.

Now, I definitely am not going to issue a blanket "buy now" opinion that purports to consider all elements of all buyers' personal equations. However, I did have the chance a few weeks ago to hear a financial advisor recount his attempts to serve his clients from 2008 through current times, and I found it thought-provoking:

-In early 2009, they were looking for the bottom; staying out of the markets.
-Two years on, it is easy to see that the Dow closed on March 2, 2009 at 6,626.94 and today closed at 10,817.65

-They are concerned now that they missed their opportunity.

When is/was the better time to buy? Things feel better now; more stable. But that stability certainly costs. And, what about life? We can't live in our stock portfolio or meet our neighbors there, so maybe there is more to the equation for owner occupants than dollars and cents. Something to think about...

ThriveSeattle's OneTakeRealEstate #4 - Windermere EVP Edward Krigsman re: PSBJ's Battle of the Brands

In today's edition, Edward shares his perspective on the Battle of the Brands competition in general and the strength of the Windermere brand specifically.

If you'd like to vote: http://www.bizjournals.com/seattle/feature/battle-of-the-brands-final-round.html

Video Blog #3 - How produce a great turn-out on Broker Tour day

Presentation+Pricing+Promotion (+weather!)

What Can Go Wrong With An Homeowners Association?:

Q: What Can Go Wrong With An Homeowners Association?:
A friend recently asked me this question. His question was about downtown Seattle condominiums, but as I considered my answer, I thought it important to point out to him that the answer applies to all properties governed by an HOA (sometimes single-family detached neighborhoods).

Also, I think it is important to note that the trouble normally isn’t with the association of people or with the all-volunteer boards who typically do thankless work on behalf of their neighbors. The challenges come from the physical structures they protect, from balancing homeowner rights/interests, and from financial troubles.

Physical structures: They are built by humans, so normally aren’t done 100% correctly. Envelope studies often highlight “construction defects.” When problems arise, the association has to determine what to do about fixing the problems. If the building is still under warranty and the developer agrees to fix the issues, no problem. If the building is not under warranty and/or the developer declines to remedy the issues, the HOA (or the HOA Board acting on behalf of the HOA) can elect to pursue legal remedy. During this time, it is more difficult for would-be sellers to sell.

Homeowner Rights: Rental restrictions are the hot topic here, and the rights of owners per the Declaration differ from building to building. Lender scrutiny and disinterest in buildings with “too many” renters is fairly consistent, so having a high percentage of renters can adversely affect the owner’s ability to sell. But, some owners want/need to move and are looking for alternatives to selling into a Buyer’s market (or simply can’t afford to sell into a buyer’s market) and wish to rent their home out in order to avoid defaulting on their loan (which would also negatively affect their neighbors). Again, a popular topic these days.

Financial Troubles: Financial troubles typically come in the form of capital expense for which there is no remedy to the developer. There is also financial pressure on associations in which homeowners have not been paying their monthly dues (which is common for owners who are also not paying their mortgages). If there is not, for any reason, enough money in reserves to handle the expense, an “assessment” can be levied on the homeowners to make up the balance.

“So, why not just buy a property not governed by an HOA?” he asked.
Good question. As an owner of both a house and a condo, I think I have a decent perspective on this. Fortunately and unfortunately, I call the all the shots (within the law) on the house I own. Remember that “all-volunteer board?” They sort through a lot issues for me at the condo. At the house? When my house needed a new roof, I had to pay for it (but not as much as my Dad’s friend Bill, who shot himself in the foot with the nail gun). I had more financial exposure and more rights/responsibility.

Magnolia - Briarcliff

I interviewed the listing agent for the Briarcliff development today. They currently have two homes built and a third almost completed. Their goal is for all 39 floor plans to be different. Interesting.

ThriveSeattle's first ever video-blog: Season1Show1

Congratulations to Trent and Michelle burns. Early feedback is unanimous: You did a great job on the remodel and should do this professionally. Are you sure you want to move?! (Video looks grainy here; let's see how it loads...)

This Week: “Nothing Sells in August!”

This is one of those often repeated bits of real estate “wisdom,” propagated by real estate professionals and hobbyists alike (maybe we just want to take the months off?). It is as easy to repeat as the “your first offer is your best offer” bit of counsel to sellers. But…is it true?

This is a graph showing For Sale/Sold/Pending (in escrow, but not yet sold) residential properties from Spring through Summer 2010, prices from $300,000 - $3,000,000.

We know that most properties take 4-6 weeks to close once under contract, so should look at August and September. We see that 889 properties went under contract in August, and 869 closed escrow (a large number of those had gone under contract previous to August, of course). In September, 792 properties closed escrow. There is a high likelihood that the majority of them went under contract in August.

I included April, May, June, and July so that would-be adherents to the “nothing sells in August” myth will have the data they need to argue that 869 and 792 are relatively “nothing.”

As an agent who has represented happy sellers and buyers in August, I respectfully disagree.

This Week: Economic Roller Coasters, Negotiations, and Learning Modalities

 How did you enjoy the ride this week? With the debt crisis “averted” things were looking up, right? The financial markets proved that it just isn’t that simple.

Opportunity though, often comes from uncertainty. Some say that the Chinese character for “crisis” is the same as that for “opportunity.” For those who feel that now is a good time to make moves in real estate (either putting pieces on the board, or taking them off), it is important to take great care.

In my negotiations this week, I was reminded of a couple things:
-Real estate agents would be wise to consider one of the principle precepts of medical ethics: “First, do no harm” or Primum non nocere in Latin. While it is tempting for our clients to make assumptions that put deals together, a large part of our role is to identify and advise them of risks.
-Often times there is another way. That is, we shouldn’t let convention get in the way. Another significant part of our jobs is to help a willing Buyer and a willing Seller find common ground even though the deal we end up with may not look like deals we’ve done in the past.

For a bit of fun that is also relevant to negotiating (in all aspects of our lives), remember that humans operate in three modalities and have a primary disposition to one of them:

Visual (pictures): 60% primary
Kinesthetic (feelings): 25% primary
Auditory (sounds): 15% primary

So, if we are interacting with people, and we don’t seem to be on the same page, we should ask ourselves: “Am I communicating in a way this person understands?” If we look closely, we can observe clues that will tell us how they operate. Contact me for more on this field if you like; it is fascinating.

Thank you for your valuable time. Thrive, Seattle!

ThriveSeattle Salutes Evan Fein

ThriveSeattle is just over 1 week late in congratulating member Evan Fein for his recognition last week by the Puget Sound Business Journal as one of its 2011 "40 Under 40" Honorees. He then went on to a strong finish in Seafair's Olympic Distance Triathlon, with his father and son also competing that day. Well done, Evan!

Raise the roof?! A buyer takes head-on fears of the debt ceiling debacle

An investor friend/client of mine came up with what I thought was a good, straight-forward approach to his concerns that the August 2nd debt ceiling date could bring unpleasant and unwanted surprises to his assumptions regarding his loan package: He simply asked me to draft language that expanded and better specified the rights and options typically provided by our standard Financing Addendum.

We specified that if, at any time before closing, he doesn't like what he sees from his lender, he has the sole and exclusive right to cancel, with earnest money refunded wholly and immediately. The seller owns several town homes, is likely accustomed to deals flipping, and wants to show activity to the marketplace. So, the deal was accepted.

It's a good lesson: If you don't like a deal under commonly held assumptions, change the assumptions. Ask for what you want. You might get it.

Mosler Lofts PH2 discussion (now containing a variety of real estate concepts)

http://www.urbnlivn.com/2011/07/28/mosler-lofts-ph2/#disqus_thread
I thought some of you might enjoy this discussion. It contains:
-view preservation
-flipping
-distressed v. non-distressed sales
-finishes
-title issues

Older Version of Radiant Dining Room Heat

I recently found this in an old home built almost 100 years ago for a man who would become a Seattle retail and customer service icon. Any guesses on who and where? (Oh, and please don't miss those doors at the top; presumably to keep food warm).

Smooth (Short) Sale-ing?

I’ve been surprised and impressed with Bank of America, the lien holder for a client’s short sale at Cristalla. They agreed to a short sale on May 19 and we listed at their approved number. By June 16, we were at their second approved number of $407,633. On July 14, we are at their third approved price, $395,404. There are still short sales out there that can drag on for ages, and this one isn’t done yet, but…I’ve been impressed at how engaged and realistic the bank is about market dynamics.

New Listing at LUMEN

Congratulations to Dan and Giorgio on their new listing at LUMEN (2BR/2BA/1,287sf/$648,000):
Pedigree. Born of an understanding of flow, of how we move in spaces.
An expression of minimalist aesthetic with a nod to new realities and patterns.
A light-filled building, near centers of new economy: digital, biotech, and philanthropic.
Two homes combined in a unique layout by a detail-obsessed Italian designer. One-of-a-kind.
Experience it.

UrbnLivn Discussion: http://www.urbnlivn.com/2011/07/19/lumen-works-white-space/#disqus_thread

Insructive New Construction Analysis by UrbanLivn.com

http://www.urbnlivn.com/

Fannie Mae and Seattle Inventory (condos, in this case)

Here's a bit on Fannie Mae's influence on the Seattle market, thanks to Jeff Reynolds and his UrbanCondoSpaces.com blog: http://www.urbancondospaces.com/fannie-mae-the-seattle-condo-market. It seems that these owners of foreclosed properties and holders of debt for properties in short sale are beginning to understand the importance of meeting the market...I'll post later today or tomorrow on a recent short sale example...

#1103 Now at $599K (1BR+den/1.5BA; 1104sf; Space Needle and Sound/Olympic Views)

As you wiiiiish...Princess Bride at Green Lake; Free this weekend

http://blog.seattlepi.com/ingreenlake/2011/07/12/the-seattle-public-theater-at-the-green-lake-bathhouse-presents-a-free-production-of-the-princess-bride/

How King is Cash?

Someone told me today that he expects to drive a good deal in a Seattle condo because he has cash. That is sometimes the case, but I have seen sellers balk at too-low cash offers, opining that concerns about financing are overblown. Here are the Q2 numbers for downtown Seattle, all price points: Financed Original Price/Selling Price: 1.09. Cash Original Price/Selling Price: 1.10...not much of a delta, at least given this data.

#707 Being cleaned...

#707 is a 559square foot east facing studio with parking. This photo is taken from the home next door, but is essentially the view. It is currently bank-owned. I had a chance to view the inside of the property today. It appears in good condition with the exception of: odors from cigarette smoke, broken glass in one of the windows, broken glass in a kitchen cabinet door, some grease stains on a concrete pillar, some scratches in the built-in desk, and minor staining on the wood floor.

News Station at Mosler on 6/14/11 regarding Water Incident

I was told (but haven't verified) that a local news company (KIRO, I believe) was at Mosler yesterday, interviewing residents as they came through the lobby about the recent water issue. Unfortunately, this incident seems to continue with "legs" as a "flood;" which sounds more like a building defect than anything else. I don't think there is argument among those close to the issue that the damage was caused by an overflowing tub. While the reason for the overflow may have been contested by the occupant of the home (faulty drain), most believe that the shower was left on for approximately seven hours unattended, with the drain plugged.

Nuevo Craftsman Battles Modern

Friend Cole Thompson posted this photo and a healthy debate ensued. Which is out of place? a) Modern b) Nuevo Craftsman c) both? (Honey Bucket is not an acceptable answer)

Mosler Lofts #1103

A friend just asked at Mosler Lofts #1103, which traded at $622,500 on January 6, 2011. It is an 1104sf, 1BR+modest den (looks like a wide entry hallway)/1.5BA corner home with amazing views of the Puget Sound and Space Needle. That is a very popular corner, especially on floors, 9, 10, and 11, since the Wells Fargo site and parking lot are currently zoned to an 85' max height. Since purchase, the owner re-finished the Kahrs wood floors (many don't think that is possible; apparently it is). Many buyers are made nervous when Sellers have just purchased and are reselling. I have no reason to doubt the stated reason; relocation for employment. http://www.matrix.nwmls.com/DE.asp?k=1550274XM0G6&p=DE-6498808-156

Gifting of Real Estate

I'm occasionally asked about the transfer of real property (aka real estate) among parties who do not have the need for agents (a gift or they've found one another and have struck a deal without agents). This specific question/answer were in regards to real property changing hands in Kittitas County:

Q: Our parents are ready to gift the cabin to us. There is no debt on it. What do we do now?
A (from Michelle Barry at Commonwealth):

1. You'll need to do a quit claim deed. Here's a link to a form you can use to do that (scroll down to Quit Claim Deed under Section 2 Escrow Documents):

http://www.wsba.org/Licensing%20and%20Lawyer%20Conduct/Admissions/Limited%20Licenses%20and%20Special%20Programs/Non%20Lawyers%20and%20Students/Limited%20Practice%20Officers/LPO%20Forms

2. Because there is no debt and no consideration, there is no excise tax. However--you will need to fill out an excise tax affidavit anyway. There will be a place to explain why it is exempt. I have a link to the King County forms, and while they are state forms, each county may have its own protocol for the format and filing. You'll want to contact the Kittitas County recorder's office and see what the require. ALSO--they'll be the ones who need to record the deed for you. Here's a link to their website:

http://www.co.kittitas.wa.us/auditor/recording.asp

3. You'll also need a legal description of the property for the quit claim deed, and the tax parcel number. You can contact a title company in Kittitas to get that if you don't have it already (it would be on the current deed or an old deed of trust---unless something has changed since those were done, i.e. a boundary line adjustment. Here is a link to Kittitas title companies:

http://www.homeclosing101.org/local3.cfm?stateCode=WA&county_name=Kittitas

#411 Back on Market - Now Bank Owned

Unit #411 came back-on-market Friday at $295,800. It is a 1BR/1BA 866sf E corner home on the ally, with parking and storage. While few people have "ally location" on their list of must haves, some ally homes are better than others. While above the garage and near the often disorganized trash from the Watermark Apartments, this one does have its positive attributes. First, the Watermark is brick building, which is much more pleasing to look at for most than the greenish-blue Vermont Inn next door. While Alto Apartments are currently under construction across Cedar Street, the parcel directly adjacent this home is Kroll Map Company. Theirs is a small lot, so likelihood of redevelopment in the short term seems unlikely to most (buyers must verify to their own satisfaction; I could be wrong). Here's a link to the property: http://www.matrix.nwmls.com/Matrix/Public/Portal.aspx?k=1550274XM0G6&p=DE-6467256-129. I can't seem to upload the floor plan right now. Email mdoyle@windermere.com if you'd like it.

Reminder on the limitations of homeowners insurance

http://realestate.msn.com/article.aspx?cp-documentid=28691359 A little flood in my building has me thinking a lot lately about homeowners insurance. A reminder on the limitations

Cost v. Value

http://www.remodeling.hw.net/2010/costvsvalue/division/pacific/city/seattle--wa.aspx
I'm often asked about what pre-listing repairs and upgrades are likely to make financial sense for sellers. Generally, I think the best money spent is in presenting what is already there in the best light. A thinning of personal items, minor repairs like painting and tightening, a thorough cleaning (inside and out; especially at the front door), and staging (inside and out) typically offer the best return on investment. Larger, more cash-intensive projects are certainly more risky. The new buyers may not like the choices made, and will be reluctant to pay for something new and not to their taste. They'll often have fears that they are over-paying for a "flip" so the money spent can actually hurt the equation for the seller. And, no matter what, we know that cash spent for repairs adds to cost basis. So, to account for the risk premium, I think that Sellers should have a high degree of confidence that major repairs done in an effort to sell will return somewhere upwards of 110% of cost.

Backyard Cottages

http://www.seattle.gov/dpd/Codes/BackyardCottages/Overview/
A homeowner recently asked me where he could find information on Backyard Cottages. This link is a good start. See also "A Guide to Building a Backyard Cottage" http://www.seattle.gov/dpd/static/Backyard%20Cottages%20Guide_web_LatestReleased_DPDS015822.pdf and the 2011Backyard Cottages Annual Report: http://www.seattle.gov/dpd/cms/groups/pan/@pan/@plan/@bycottages/documents/web_informational/dpdp021049.pdf

What to do with Low Offers?

As Sellers, it is so easy to be disappointed by low offers. But, how can we use them to our advantage? Can we massage them into good offers? Yes. Can we use them to help get other potential Buyers off the fence? Yes. It is critical to take a deep breath and remember the goal.

On Memorial Day, as we honor those who have sacrificed their lives, it seems fitting to remind surviving Veterans of one of their benefits: www.valoansguidelines.com.

Oregonian Article Touts Cap Hill resurgence using Belltown as the antithesis

http://www.oregonlive.com/travel/index.ssf/2011/05/a_vibrant_dining_scene_helps_s.html

Listing at 5808 E. Green Lake Way

Check out the great home available on Green Lake. Ideally situation on the South side of the lake, close to Tangletown and Wallingford, between I-5 and 99. 2880 sf on a 6100+sf lot. 4BR/3.5BA with almost every room offering a view to the lake. And a rare 2car garage.

For more details visit: http://www.matrix.nwmls.com/DE.asp?k=1550274XM0G6&p=DE-6267743-514