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