Archive for April, 2008
April 30, 2008
Earlier today, Redfin released the third version of Freakish Depth, which might be more suitably categorized as ”Freakish Depth, Version 3.0.” With this latest software release, you can now view even more properties on the site, as the searchable housing inventory now includes FSBO’s and foreclosure properties listed on the MLS. Redfin is the only major site which offers actionable foreclosure data free of charge. What an awesome search capability those Redfin dev guys have given us real estate addicts, as the number of foreclosures continues to rise (unfortunately)!
Many foreclosed properties can be bought directly from the bank prior to their being listed by a broker in the MLS, but buyers can only see them on most websites if and when the bank hires a broker. Redfin users can see the foreclosed properties as soon as the bank takes possession, usually after an auction fails to attract a buyer willing to pay the amount owed on the mortgage.
For-sale-by-owner listings, which can represent as many as 14 percent of homes for sale nationwide, also do not appear in most MLS-powered sites except for Redfin. With this release, Redfin integrates data from more than 50 for-sale-by-owner sites, including ForSaleByOwner.com, ForSaleByOwnerCenter.com, FSBOSellBuy.com and HomesByOwner.com. Overall, foreclosure and for-sale-by-owner listings have increased Redfin’s inventory by nearly five percent.
And if that isn’t good enough, you can also search up open-house showings or receive open-house alerts by RSS or by e-mail. Perfect timing for you spring time looky-loos!
Two thumbs up, freakishly exciting Redfin dev guys!
April 28, 2008
Noteworthy Bellevue props this week include the following:
A seriously motivated seller. At a price of $335,000, this would be $90,000 less than the property was purchased for just about 2 years ago. Though the house is relatively small, it’s priced significantly lower than the neighbor, who is less than one-third of a mile away.
16240 SE 8th St
4 br/2 ba, 1,770 sq.ft.
Price $335,000 ($189/sq.ft.)
MLS 28072380
On Redfin 1 day
Some good lookin’ digs. On sale since October of 2007, this home is on its fifth price drop, though each one has been pretty insignificant on its own. However, together they add up to $30,000 less than the original listing price, and the home includes some newer amenities, which makes it worthy of a look. Compare it to the neighbor for sale down the street to get the big picture.
1040 148 Dr SE
3 br/2.5 ba, 1,910 sq.ft.
Price: $619,950 ($335/sq.ft.)
MLS 27185443
On Redfin 198 days
One that’s gonna skew the month end median sales price when it closes. On the other end of the spectrum, who says money’s tight all over? There are still some fat wallets floating around, and apparently the Eastside is known for having them:
On the average, Eastsiders make and spend more than other King County residents. A recent Scarborough Research report showed that households east of Lake Washington make an average of $81,750, compared with a county average of $64,510. The same report showed residents in those higher-income areas also tend to spend more on clothing, cosmetics and jewelry.
Source: Seattle Times
This must be true, since this week, this $3 million shin dig moved from being an active listing into the inspection phase:
434 W. Lake Sammamish Pkwy SE
5 br/5 ba, 6,800 sq.ft.
Price: $3,000,000 ($441/sq.ft.)
MLS 28028460
April 28, 2008
While Real Estate Agents are helpful during a real estate purchase and sale transaction, when buying real estate – the old saying still holds true: “anything worth doing right, is worth doing yourself.”
That’s why its important to take due diligence into your own hands when making a major purchase – such as real estate. Sure, building inspectors and other third parties are a valuable necessity during the due diligence period, it still doesn’t hurt to do your own snooping when scooping out a prospective property.
One of the best places to begin is the King County Parcel Viewer at http://www5.metrokc.gov/parcelviewer/Viewer/KingCounty/Viewer.asp?App=Parcels&SearchFor=Addstart
(copy and paste the link in your browser to open the page)
On this site, you can search tax and appraisal records, purchase and sale records, see what permits have been applied for on the property, King County planning and critical areas designation – and even snoop on who your new neighbors could be (using the Identity function).
The amount of information that is readily available is a little scary these days, but as long as its used correctly, it can also be extremely valuable during real estate negotiation process.
April 26, 2008
An AOL/Zogby survey released earlier this week shows that more than half of all Americans believe that homeownership is still attainable for most citizens, while nearly as many (43%) spend more than 30% of their income on housing. Furthermore, 30% of Americans work paycheck to paycheck to cover these costs. Interestingly, spending this much of your income on housing makes you “cost burdened,” according to HUD.
Families who pay more than 30 percent of their income for housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care. An estimated 12 million renter and homeowner households now pay more then 50 percent of their annual incomes for housing, and a family with one full-time worker earning the minimum wage cannot afford the local fair-market rent for a two-bedroom apartment anywhere in the United States.
In reality, homeownership may be attainable for the majority, but the options may be very limited. According to the 2006 American Community Survey, the median household income in Washington was $52,583 per year. Using this income estimate and assuming a 20% down payment and interest rate of 5.875%, you would be able to purchase a $275,000 home and not be cost burdened. Specifically, you’d be able to purchase any one of the following “dream” homes:
A “sweat equity” 4 bedroom value in Seattle:
828 S. Donovan St., Seattle
4 br/2 ba, 2,460 sq.ft.
Price $255,900 ($104/sq.ft.)
MLS 28029387
A “Peek-a-boo” lake view in Seattle:
9624 56th Ave S.
3 br/1.75 ba, 1,340 sq.ft.
Price: $275,000 ($205/sq.ft.)
MLS 28028722
A 666 sq.ft. 1 room charmer in Bellevue:
281 112th Ave SE #4
1 br/1 ba, 666 sq.ft.
Price $259,000 ($389/sq.ft.)
MLS 28042269
An updated “room” in Kirkland:
211 Kirkland Ave #519
0 br/ 1 ba, 476 sq.ft.
Price $274,950 ($578/sq.ft.)
MLS 28025379
And even more, despite all the recent headlines about sinking home prices, nearly one third (31%) of Americans still feel their home is worth more than it was last year and more than half (56%) do not think it will be worth less in five years. I love this about America–despite the erratic financial markets, the skyrocketing gas prices, and yes, even rice shortages, there is always hope…one can always hope.
April 25, 2008
Open House Dates and Times:
Sunday, April 27th, 10am-3 pm
Sunday, May 4th, 10am-3pm
25235 Klahanie Blvd SE
Issaquah, WA 98029
Seller’s Comments
Coffee shop of choice: We enjoy the Cafe Ladro in the Issaquah Highlands, but for convenience there are also two (!) Starbucks in the Klahanie Shopping Center so there is never a wait for coffee.
Favorite restaurant: DC’s on the Plateau down the road in Sammamish is a local favorite. We work in downtown Seattle and this restaurant is affiliated with the Union Square Grill downtown that we enjoy – so we don’t have to go very far for a great dinning experience on the weekends.
Favorite place to go: Gilman Village and the trails around Klahanie both offer a chance to get out and enjoy the beautiful scenery and fun shops unique to Gilman Village
Best features of the home: The best features of our unit are that it is on the top-floor, closest to the clubhouse, while overlooking a private greenbelt exposure. Also included are two covered parking spaces: a private one-car garage with space for storage, and a covered car-port directly in front of the unit.
Favorite room: The living room is our favorite place. The vaulted-ceiling, open floor plan, and room-wide view of the greenbelt from the porch makes it the perfect place to sit with friends or relax.
Any remodeling since last sale price: In 2007, all the floors in the unit were remodeled. New carpet was laid in the two bedrooms, and Pergo flooring was added to the Living Room and Dinning Room to help open the space up. Finally, a glass door was installed to the shower in the master bathroom. Separately, the Sundance Association updated the hot water heater in all units last year as well.
Most romantic spot: The most romantic spot in the neighborhood is the secluded lake that lies in the middle of the Klahanie development. It is home to many varieties of water fowl and there is an enclosed viewing dock that extends out into the lake. This is a good quiet place to have a romantic moment.
What’s in the neighborhood: Klahanie offers two neighborhood pools, and Sundance has a pool for residents only. There are tennis courts, basketball courts, walking trails, Issaquah School District elementary and middle schools. The Klahanie Shopping Center has a QFC, 5 restaurants, a fitness center, video store, and other various local services and vendors.
What I will miss the most: What we’ll miss most about the neighborhood is the great location! We feel we have the best of both worlds right now – we are a quick commute to downtown Seattle, but really enjoy the sense of “getting away” with a quick trip to the Cascades. We will miss the peacefulness and sense of community that Sundance & Klahanie provide us. Specific to our home, we will miss summer nights spent grilling on the deck.
April 25, 2008
Open House Date and Time:
Sunday, April 27th, 1-4 pm
2430 238th Pl NE
Sammamish, WA 98074
Seller’s Comments
Coffee shop of choice: Starbucks
Favorite place to go: Pine Lake Park, we spent many evenings at summer concerts performed by the Sammamish Symphony Orchestra or watching July 4th fireworks. It’s also an ideal place for a day out fishing or picnicking.
Best features of the home: The first thing that strikes you about the house is the dramatic 2-story entry which leads to vaulted formal living and dining rooms. The sky lights in the living room and bathrooms open up the spaces and provide a light and airy feel. The master suite is huge, at approximately 420 square feet, including the walk-in closet and 5-piece bath set. The backyard is exactly 100 feet wide, fully fenced and surrounded by 18 foot tall evergreen trees for privacy.
Favorite room: The family room, because the set up is perfect for TV/movie nights or enjoying a small get-together with friends.
Any remodeling since last sale price: New cedar siding was installed and a garden shed (6’x8’x8’) with matching siding with the house was built in year 2000.
Most romantic spot: The breakfast nook with bay window facing the backyard; there, we spent many meals together while watching the hummingbirds, finches, and juncos, etc. frequent the feeders
What’s in the neighborhood: There are some great city parks and recreational facilities nearby.
What I will miss the most: Abundant space for living and entertaining. The hummingbirds that show up in the backyard during summer. The friendly and quiet neighborhood.
April 25, 2008
Open House Date and Time:
Sunday, April 27th 1-4pm
20518 73rd Dr SE
Snohomish, WA 98296
Seller’s Comments
Coffee shop of choice: Molbak’s Café, Snoqualmie Gourmet Ice Cream’s Café, and Lyon’s Den. On a beautiful day you can walk to get ice cream and get a little exercise to work off that ice cream – a 2 mile round trip walk.
Favorite places to go: Flower World, Molbak’s, Sammamish River Trail, Downtown Woodinville, Downtown Snohomish, even Mill Creek. This area is definitely a gardener’s paradise. No wonder Flower World and Molbak’s are nearby. For an active lifestyle, both the Sammamish River Trail and the Centennial Trail are easily accessible.
Favorite restaurants in the area: Maltby Café. Hands down the best cinnamon rolls and breakfasts. For a quick, cheap meal — $1.50 hotdogs at the Woodinville Costco. Of course, that’s also that Purple Café in Woodinville. There’s no shortage of choices that are less than 10 minutes away.
Best features of the home: The neighborhood! Modern craftsman on over .5 acre. It’s quiet here but still really accessible to all the great things in the northern part of the Eastside. I love the wrought iron stair rail and the wainscoting. There’s something timeless about both those features that accommodate many home décor styles.
Favorite rooms: The living room. It’s my favorite spot to read. I also enjoy the master on the main. I never realized how much I would appreciate having my own private sanctuary away from the noise of a busy family.
Any remodeling since last purchase?: The house in only 6 years old. New exterior paint.
Most romantic spot: The trails. Each .5 acre property backs up to a forested walking trail that’s well maintained.
What’s in the neighborhood: Park for kids and many walking trails. Quiet, beautiful neighborhood of houses that is also connected to similar neighborhoods.
What I will miss the most: The setting. It’s nice not to live in a cookie cutter neighborhood. Privacy is supreme. Your neighbors are nearby so you have all the advantages of a neighborhood without know what they’re having for dinner!
April 25, 2008
Open House Date and Time:
Saturday, April 26th 1-4pm
15841 NE 91st Way
Redmond, WA 98052
Coffee shop of choice:
Victors is our favorite, an independent Eastside hot spot in the heart of Old Redmond with amazing espresso and treats. But take your pick! Starbucks, Tully’s and Soulfood Books are minutes away.
Favorite restaurant in the area:
Our favorite is Tropea, a small Italian place great for romantic nights. We also love Typhoon, a hip Thai restaurant with very quick take out.
Favorite place to go:
The Sammamish River Trail to walk, run, bike, rollerblade, and relax! It is just minutes from our door and is the main reason we were drawn to this community. We use the trail to go to Old Redmond, Redmond Town Center and to the Farmers Market on Saturdays!
Best features of the home:
Suburban living with the all the comforts of urban life! Catch the bus to Microsoft outside your door, or ride the express line to Seattle . Relax at the River Trail and watch eagles, deer and great blue herons.
Low Maintenance— Inside is move-in ready and outside is maintained for you!
Any Remodeling Since Last Sale Price:
- Woven Bamboo Hardwood downstairs
- Enlarged and Gated Patio
- Crown Molding downstairs
- Built-in Window Seat w/storage
- Custom Honeycomb Blackout Blinds in all 3 bedrooms for insulation and a restful sleep
- Custom/modular closet storage
- New Furnace with air filtration
- New Hot Water Heater
Favorite room:
All of them! The living room is a great place to relax on the window seat or sit by the fire. The family room enjoys a lot of southern sun exposure- so warm in the winter. The kitchen is large and has a gas range- a wonderful chef’s kitchen. The bedrooms are peaceful with custom blackout blinds for a great night’s sleep even in summer! The sunny gated patio is large and like an extra room for us in the summer.
Most Romantic Spot:
Definitely the master bedroom and private bath with a deep soaking tub and vaulted ceiling!
What’s in the neighborhood:
What’s not?! We are in the heart of Redmond— Suburban living with the all the comforts of urban life!
What we will miss the most:
All the upgrades we’ve done and living in downtown Redmond.
April 25, 2008
Open House Dates and Times:
Sunday, April 20th, 1-5 pm
Sunday, April 27, 2-5pm
727 18th Ave E
Seattle, WA 98112
Seller’s Comments
Coffee shop of choice:
Tully’s is just a block away and if you go there you’ll miss some of the best coffee in town across 19th Ave. at Vios. Vios is a wonderful Greek family restaurant with its own playroom for kids. Grab an espresso and sit outside on the patio and you can smile and wave at the folks at Tully’s.
Favorite restaurants in the area:
Well, there’s Vios as mentioned above; it’s hard to beat Greek food, but the Kingfish Café comes awful close. Just two blocks away it is our favorite “walk to” restaurant with great comfort, gourmet, Southern cuisine and soul food. It’s hip and delicious.
Favorite place to go:
We love to walk to Volunteer Park and being on Capitol Hill we’re close to downtown for shopping. And there’s Trader Joes just a few blocks away.
Best features of the home:
We love our entertaining in our backyard. It feels like its own separate room.
Favorite room:
Inside, our favorite room is the master suite that we added. I mean, c’mon, a large shower with Italian tile and heated floor for those chilly Seattle mornings? You can’t beat it unless you’re just soaking there in the Jacuzzi tub.
Any remodeling since last sale price:
Yes, upgraded lighting and utilities in addition to the master bath.
Most romantic spot:
Sitting in the backyard patio night with candles.
What’s in the neighborhood:
Volunteer Park, 15th Ave with all types of shops, Coastal Kitchen, St. Joseph Parrish, Holy Names Academy.
What I will miss the most:
Neighborhood walks with our bulldog, Mobey. We’ll also miss Halloween on Capitol Hill, where neighbors really put on a show!
April 24, 2008
Would-be home buyers staying out of the market right now still need a place to live. The increased demand on rental housing creates an increase in rental rates. For Seattle, the median monthly rent is $1211. As rents increase so does the motivation to buy and so will flip the demand once again.
Strange things happens when you transition from a rental to a home. It takes about a month to close on a home and in that time, expect one or more of the following to occur:
- Suddenly all the things that annoyed you about the rental seem a million times more annoying
- The landlord goes psycho
- The community areas in the rental space, like laundry facility stop working
- You receive nastygrams from the landlord about the things you discard in or around the dumpster while you’re packing/moving
- Though the place you are leaving is so much smaller than your new home, your stuff seems to have multiplied now that you have to move it
- You think you might have a nervous breakdown from all the logistics to coordinate
- With your place half packed and half not disorder abounds, you feel like your entire life is a disaster
- Right before the actual move you can hardly stand to be in your old place, you dine out or at friends’ houses
But don’t worry! It will all be okay. And if you think moving from a rental to a home is bad, just wait until you take on your first renovation project!
