Kiplinger’s study had an important tenet when evaluating cities. The top cities included smart people, great ideas, and collaboration.
After researching and visiting our 2010 Best Cities, it became clear that the innovation factor has three elements. Mark Emmert, president of the University of Washington in Seattle, put his finger on two of them: smart people and great ideas. But we’d argue that it’s the third element — collaboration — that really supercharges a city’s economic engine. When governments, universities and business communities work together, the economic vitality is impressive.
This is a hub of innovation as the home of Microsoft, Starbucks, Amazon, and Expedia are among many strong innovators in the Seattle area. The economy, the schools, the natural beauty with lakes, mountains, and Puget Sound
Looking for a home and want a good neighborhood which maintains its value over time? Even though prices have dropped considerably and homes are more affordable, it’s important to investigate everything that could add value to your home purchase. No matter whether you’re a single person, have a family or are an empty nester, look at the reputation of the local school system. It can add or detract from the value of your home and its ultimate price tag when you go to sell. It’s something to think about here on the eastside as we have many good schools in several school districts, but the Bellevue Schools come to mind first, since they’ve been mentioned both in Newsweek and US News.
Check out local city websites and school system websites. It’s so easy today to google a specific school system and find out all kinds of information.
When housing markets go south, “areas with exceptional schools tend to hold their value better than the market overall,” says Michael Sklarz, president of Collateral Analytics, a Honolulu-based firm that specializes in real estate data analysis.
From Sarah Max of The Wall Street Journal:
State assessments, independent ratings from websites like GreatSchools and Education.com and annual magazine rankings of America’s top high schools have not only made it easy for parents to factor school test scores and parent-teacher ratios into their buying decisions, they’ve cemented the relationship between home prices and school quality.
But nothing comes without trade offs. Because good schools add dollars to the cost of homes, it could mean a smaller or older home or a smaller lot. The decision to purchase the bigger or newer home in a less desirable district has to be weighed with the options for a home available in the better school district. For some people, the bigger house works better and is more important. For others, the quality of the schools themselves may be more important than the house.
Escala, here in front of us, it’s 230 units. And they’ve only sold two in the last year-and-a-half.
The over-building is visible in surrounding cities as well, like Bellevue, where the new Bellevue Towers added 550 condos to the market.
Bellevue Towers- before completion
Jeff Tyler interviewed Michael Brandt, who purchased a unit in Bellevue Towers last year.
Brandt: I’m actually not paying home owners’ dues right now, and won’t be for potentially a year-and-a-half or two years down the road.
So, the perks for condo owners now are no home owners dues or lines to use the public spaces and/or equipment and the quiet. The negatives are no representation on the home owners’ association board until 60% of the units sell, a mostly empty building, and real difficulty reselling a condo now, since there are still so many unoccupied units for sale.
Some buyers may still want to buy in one of the condo towers because the hope is to get a screaming deal. For certain buyers who plan to stay and make one of the new condos a home, then it may make sense to do so. The Bellevue-Seattle condo real estate market should come around again, But don’t buy in one of the towers if your plan is to sell anytime in the next 5 years. In fact, I’d plan to stay put for a good 10 years. Maybe the condo market will change before that time, but I’d go for a really good deal and plan to stay for a long time if I were buying a Seattle or downtown Bellevue condo.
It’s funny, last night I was just talking with a neighbor about Bill Gates and how he and Melinda had the power to change the world, making it a better place for all. Previously, The Gates Foundation has focused mostly on health and education. Now Mr. Gates is taking on climate change.
Gates spoke about his commitment to using his massive philanthropic resources (the Gates Foundation is the world’s largest) to make life better for people through public health and poverty alleviation (“vaccines and seeds” as he put it). Then he said something he’s never said before: that is it because he’s committed to improving life for the world’s vulnerable people that he now believes that climate change is the most important challenge on the planet.
His formula for zero emissions was explained:
CO2=P+S+E+C
According to Gates, P is for people, S is for the services needed by the people, energy (E) is what it takes to provide these services, and C is for the CO2, the amount of carbon emitted from the production of the energy to provide these services to the population.
Alex Steffen in his Worldchanging post had an addition to the Gates equation:
What’s more, protecting and healing the biosphere is essential to meeting the climate crisis itself. Logging our forests, over-burdening our oceans, converting land for agriculture and grazing, all these are huge contributors to our climate problem, and restoring the capacities of natural systems to absorb carbon dioxide is a critical part of the solution.
In order to truly succeed, we need to improve the quality of our natural systems at about the same rate at which we’re converting the economy to clean energy. Properly, Gates’ Equation would include a value for nature:
CO2 = P x S x E x C ÷ N
This post is an important one. I like the “global” perspective of the issue. Mr. Steffen believes we need to rethink “our relationship to stuff” and plan more effectively with interactive systems or networks, such as designing zero-impact cities.
Cities are the tools we need for reinventing prosperity. We can build zero-impact cities, and we need to. Any answer to the problem of climate change needs to be as focused on reinventing the future as powering it.
After reading through the post, I skimmed the comment section. Some don’t think zero emissions is possible. Many people will find this all to daunting of a proposition, but it’s a goal worth working towards. Even if it’s not fully achieved, working in the direct of zero emissions is the direction we should be heading towards.
What do you think about zero emissions? I realize this is a very complex issue and I’m only skimming the surface here, but is talk about it realistic? Is it a goal we should strive for in our daily lives?
The plan may have flaws in its implementation, which others are better equipped to address, but from my vantage point, Gates can play a huge role in raising the awareness for climate change. Perhaps the climate experts should sit down and hash out a plan with Mr. Gates. Having the voice of Bill Gates on your side is huge.
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
November, 2009 1289 condos for sale 140 condos sold, 11% odds of selling.
October, 2009 1363 condos for sale 239 (now 207) condos sold 17% (now 15%) odds of selling.*
November, 2008 1243 condos for sale 85 condos sold 7% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.Thirteen percent of condo sales originally reported in October failed to close.
The number of condos for sale also dropped by 74 units, which is 6% decrease in the number of condos available for sale on Seattle’s eastside. The number of Seattle Eastside condo sales dropped from the last couple of months to numbers more similar to what we saw in the summer.
With only about 10 out of 100 condos selling, it’s a great time to buy. There’s not much competition with other buyers. With the extension and expansion of the home buyer tax credit into 2010, there’s the added benefit of a tax credit, but only if you buy before the end of April, 2010.
King-Snohomish County Real Estate Map-October 2008
King-Snohomish County Real Estate Map - October 2009
The real estate maps show a market more balanced between buyers and sellers than we had last year. That’s no big surprise. Only a few pockets remain in which buyers still have more of an advantage as evidenced by the “green” areas still on the map. But the balance is tipping to a more even market between buyers and sellers all over King and Snohomish Counties.
There’s been a huge increase in Seattle-Eastside home sales since last October, a whopping 100%+ increase in many neighborhoods. The number of homes for sale is down to the lowest numbers we’ve seen since February and the number of home sales are skyrocketing when compared to last year. Home prices are not going anywhere and may have stopped going down.
As I mentioned last month, be prepared for any and everything with real estate sales in the coming months. There’s no “one size fits all.” Home sales will depend on the price point, location, the home’s condition, the competition, and/or a combination of these things. Some homes will sell quickly and for a good price, others will still undergo significant price reductions to meet market expectations, and others will sell, but for less than one would expect.
What do the numbers on the map mean? The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means its a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
What do enjoy doing? I bet there’s an opportunity out there for you to combine your interests with giving back to the community.
Volunteering is such an important thing. Bellevue is sponsoring a volunteer open house to present all the opportunities available to volunteer in the city.
The following is from The City of Bellevue’s news release:
Bellevue will host a volunteer job fair where people can learn about dozens of opportunities to pitch in for the city and community organizations. The job fair will be on Saturday, Nov. 7 at Lewis Creek Park, noon to 2 p.m. at the park visitor center, 5808 Lakemont Blvd.
The event will feature information about volunteer opportunities with Bellevue and community organizations including: the Alliance of People with Disabilities, Bellevue College, the Bellevue School District VIBES Program, Big Brothers Big Sisters, Birthday Dreams, Boys & Girls Clubs, Bridge Disability Ministries, Congregations for the Homeless, Eastside Audubon, Elder and Adult Day Services, FEAT, Girl Scouts, Habitat for Humanity, Homeward Pet, NAMI Eastside, Puget Sound Blood Center, Red Cross, SeniorNet of Puget Sound, The Museum of Flight, Volunteer Chore Services and Youth Venture.
Bellevue’s volunteer program is extensive, with half a dozen categories of volunteer and a community volunteering guide.
The truth is out-The Eastside rocks! The latest issue of Seattle Metropolitan magazine has a terrific article entitled, “The Rise of the Eastside.” It’s an interesting read with sections on the eastside’s growing pains, a developer who worked on Crossroads shopping center, and the very latest in things to do.
After reading the “very latest things to do” section, I realized I must go out to eat a lot as I had been to many of the restaurants mentioned on the magazine’s list! It was a little scary for me to see how many of them I’d been to. But then again, I can say it’s all in the name of research. It’s important for me to be knowledgeable about my local community. How else can I “sell” the benefits of living here?
Supporting the local merchants is also huge thing for me, whether it’s trendy restaurants, little lunch places, or unique shops. I come from a family that had many small merchants in previous generations and I know how hard it is to run a small business.
I love seeing local restaurants from Seattle coming to this side of the pond, such as Wild Ginger, El Gaucho and Monsoon. Local restaurants and stores add to our lifestyle and help make the eastside unique and interesting. It keeps us from being indistinguishable from “anywhere USA.”
I was really pleased to see Grasslawn Park in Redmond mentioned as a destination park. It’s undergone an amazing renovation and is very kid, sports, and “green” friendly. Most people think of Marymoor Park, the big kahuna, when they think of the eastside, but Grasslawn is a hidden gem.
Want to learn a little about the history/real estate/economy of the eastside? Check the section out entitled “Growing Pains.” There’s a quick review of the real estate market, with an emphasis on downtown Bellevue and the Bel-Red corridor. Watch for changes in the Bel-Red area (Bellevue-Redmond) over the next decade, now that Safeway has pulled out and left a huge piece of land behind that is crying out to be developed.
Full disclosure here: I love the eastside, but still love Seattle.
We have the best of both worlds here. The eastside is growing and becoming more interesting, but Seattle has exciting things to offer. It’s only a bridge away and we don’t have to cross it unless we choose to. But the reality is, Seattle and the eastside each benefit from each other.
Tours of the animal shelter, PIMA Vet Tech classroom and equipment demonstrations will be available following the presentations in both of the new buildings at the King County Animal Shelter in Kent.
I received this media alert in my email this afternoon, more than likely because I’ve written about the bad condition of the King County Animal Shelters on this blog. Much attention has been paid to the treatment of dogs and cats in King County animal shelters since understaffing of the Kent facility and the treatment of the animals came to light. This is a subject near and dear to me as twice I’ve adopted dogs from the pound. Let’s hope the county has it right this time. These animals deserve the best and most humane treatment.
I’m not able to attend tomorrow, so if you have any news about the opening at the shelter, please feel free to share.
The chances of selling a home on the Eastside in December 2008ranged from a low of 3% to a high of 12%, with an average 8% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
December 2008 3169 homes available 243 homes sold, 8% chance of selling.
November 2008 3640 homes available 323 homes sold, 9% chance of selling.
December 2007 2594 homes available, 295 homes sold, 11% chance of selling.
Sellers had 11 % chance of getting a home sold, the UP from 9% last month and DOWN from 12% last year. Median home prices were DOWN, from $639,900 to $516,750. Inventory was up by 4% and sales were down by 1% from last year.
Sellers had a 11% chance of getting a home sold, DOWN from 12%, and DOWN from 16 % last year. Median sales price decreased from $589,500 to $544,475, a decrease of 8%. Inventory was up 18.5% and sales were down 18%.
Sellers had an 6% chance of getting a home sold, DOWN from 9% last month and DOWN from 9% last year. Median price decreased by 10% from $599,975 to $539,950. Inventory was up 7% and sales were down 26.5%.
Sellers had a 7% chance of selling a home, DOWN from 8% last month and DOWN from 9% last year. Median price was down to $399,970 from $549,000, a 27% decrease. Inventory was up by 41% from last year and sales were down by 6%.
Sellers had a 6% chance of selling a home, UP from 5% last month and DOWN from 10% last year. Median price increased by 3%, to $694,450 from $676,475. Inventory was up by 17% and sales were down by 35%.
Sellers had a 3% chance of selling a home, DOWN from 7% last month, and DOWN from 10% last year. Median pricing decreased by 15% to $935,000 from $1,099,000. Inventory increased by 60% and sales decreased by 44%.
Sellers had a 7% chance of selling a home, DOWN from 12% from last month, and DOWN from 12% last year. Median pricing increased by 3% from $651,975 to $669,970. Inventory increased by 36% and sales decreased by 20%.
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Some milestones for December, 2008:
It was the toughest month to sell a home located on Education Hill.
Inventory dropped by 500 homes and there were 80 less sales than November on Seattle’s eastside.
The median price in North Kirkland, Woodinville, and Duvall fell under $400,000 for the only time in 2008.
Some big numbers: Inventory was up by 41% in the Woodinville area.
Inventory was up by 60% and sales were down by 44% in West Bellevue.
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Some year end thoughts on the eastside real estate market, many of which will be no big surprise if you are following real estate news:
Every area on the eastside experienced increased inventory and decreased sales when compared to last year. Every area saw a drop in the median price point, although in some months the median price went up. Kirkland is a great example of this. Several months of the year saw an increase in median pricing, although most months did not. People need to remember that an individual month’s real estate statistics reflects only the sales for that month, so, for example, if more expensive homes sold this year in December than last year, the median pricing for this December will be higher. It’s fair to say, no area experienced an increase in median price when the full year’s real estate statistics are evaluated. This is abundantly clear when we see almost every month in every area had more homes for sale and less sales than last year.
The silver lining at the end of the year? Inventory for the year is down dramatically. There were 500 less homes on the market in December than in November, 2008.
This year the uncertainty of the market continues. The latest news, with a possible impact on eastside real estate, is rumored reorganization/layoffs at Microsoft, one of our biggest employers on the eastside. The Seattle Times also had a story about Microsoft in today’s paper, but the rumors have been swirling for weeks. Hopefully, things will turn to a more positive note with a fresh start in The White House. I’m pleased to see the year start with less homes on the market than we saw in mid 2008, however, pricing is still significantly lower than last year. Sellers need to be prepared for the market before listing a home. Staging, competitive pricing, and stellar marketing are all key. Homes that meet these criteria will sell, but pricing will be dictated by the competition and the real estate market.
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Below you will find the real estate statistics for November:
The chances of selling a home on the Eastside in November 2008ranged from a low of 5% to a high of 12%, with an average 9% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
November 2008 3640 homes available 323 homes sold, 9% chance of selling.
October 2008 3975 homes available, 320 homes sold, 8% chance of selling.
November 2007 3141 homes available, 423 homes sold, 13.5% chance of selling.
Sellers had a 9 % chance of getting a home sold, the SAME as 9% last month and DOWN from 13% last year. Median home prices were DOWN, from $558,944 to $552,500. Inventory was up by 3% and sales were down by 26% from last year.
Sellers had a 12% chance of getting a home sold, UP from 11%, and DOWN from 15 % last year. Median sales price decreased from $521,475 to $479,000, a decrease of 8%. Inventory was up 10% and sales were down 8%.
Sellers had an 9% chance of getting a home sold, UP from 8% last month and DOWN from 12% last year. Median price increased by 13% to $685,000 from $605,000. Inventory was up 6% and sales were down 21%.
Sellers had a 8% chance of selling a home, DOWN from 9% last month and DOWN from 14% last year. Median price was down to $411,750 from $492,975, a 16.5% decrease. Inventory was up by 26% from last year and sales were down by 27%.
Sellers had a 5% chance of selling a home, DOWN from 6% last month and DOWN from 11% last year. Median price increased by 7%, to $739,950 from $689,975. Inventory was up by 13% and sales were down by 52%.
Sellers had a 7% chance of selling a home, UP from 6% last month, and DOWN from 9% last year. Median pricing decreased by 26% to $996,500 from $1,349,000. Inventory increased by 40% and sales decreased by 16%.
Sellers had a 12% chance of selling a home, UP from 7% from last month, and DOWN from 19% last year. Median pricing decreased by 4% from $585,000 to $559,900. Inventory increased by 31% and sales decreased by 16%.
The number of homes for sale on the eastside continued its decline below the 4000 mark for the second month in a row
Median prices have dropped back in most neighborhoods, hovering at the last quarter of 2005 and the first quarter 2006 levels. In most areas, median prices are down from last November, 2007, but Kirkland and South Bellevue prices are not lower than the November 2007 prices. Remember, the median pricing for the month reflects only the sales for that month, not the median pricing for the full year. Sellers in Kirkland continue to have the weakest absorption rate for the eastside. In most of the Seattle/Eastside neighborhoods, besides the median pricing being lower than last year, inventory is up, and sales are down. West Bellevue had stronger sales this year than last, the only area on the eastside to do so. However, the 16% increase in sales in West Bellevue translates to 22 from 19 sales in 2007.
“Property and business owners who had losses due to the recent winter weather may be eligible for assistance getting their property back in order. Eligibility is determined through a damage assessment process which takes into account total reported losses within King County.
Impacts of winter weather, such as snow load and flooding, may have resulted in individual property damages or business losses. King County homeowners and small business owners who have suffered damages from recent weather related conditions should file a damage report with King County Office of Emergency Management within the next two weeks.
A hotline number (800-523-5044) has been established for reporting damages within King County and is open during the following dates and times:
Dec. 29 – 31, 2008 8:30 a.m. – 4 p.m.
Jan. 5 – 9, 2008 8:30 a.m. – 4 p.m.
Before filing a damage report with OEM, citizens should contact their insurance company about existing coverage. They are also urged to document damages with photographs and keep records of all clean-up and repair costs.
In addition, business owners who have incurred weather-related economic losses should submit an Economic Injury Disaster Loan Program form to the Office of Emergency Management (fax# 206-205-4056). The form (PDF) can be downalod from the Washington Emergency Management Division’s website. For more information, contact the Office of Emergency Management.”
Woodinville, Washington’s Molbaks is decked out in its annual poinsettia finery with over 30 different types of poinsettias. The profusion of color, with variations of pinks, reds, and whites is just gorgeous. This is the perfect place to go on a gray, cold day. It’s bound to bring a lot of holiday cheer! Here’s hoping the snow will let up so you can get on over there.
Worried about Seattle’s below freezing temperatures? Worrried about possible freezing pipes? KIRO TV had an excellent story with information straight from The American Red Cross about how to protect your water pipes during this unusual cold snap.
The snow and cold are big news in Seattle and on the Eastside. We’re more used to having the best of winter here with the snow on the mountains with some of these mountains only45 minutes away. We get to gaze upon the snow from afar, which, by the way, is my way of enjoying snow.
The weather reports have been predicting everything from 3-8 inches of snow in the lowlands (that would be Seattle and the Eastside) to snow showers. We rarely see snow in the eastside suburbs and in Seattle itself. The cold temperatures are on their way.
All together, 2430 pounds of food were donated to Western Washington’s Food Lifeline. Congratulations to all who participated.
Most of you know Zillow and Windermere Real Estate, but not the Windermere Foundation. Begun in 1989, The Foundation is an organization dedicated to fighting homelessness and helping those who are less fortunate. Windermere donates to the foundation from each real estate transaction. Each Windermere Realtor can also donate a portion of his/her commission to support the foundation. Over the years, Windermere Real Estate has given to such organizations as Habitat for Humanity, Second Harvest, The Boys and Girls Club, just to name a few.
Speaking of the need for food, I wrote about the empty shelves in eastside food banks. Eastside food banks are struggling mightily this year. Hopelink is in need of more food to give out at its food banks. The city of Kirkland and its neighborhoods have rallied around Hopelink with a neighborhood competition to raise cash and food donations. If you are able to donate even a small amount of money or some food, it can go a long way. Here’s how you can help Hopelink.
The City of Bellevue and The Pacific Science Center have joined forces in Bellevue to create The Mercer Slough Educational Center. Here’s a link to a great article written by Kathleen Cragun on Issaquah Undressed regarding the new eco-friendly center down by the Mercer Slough in central Bellevue. I wasn’t able to make the opening for the center, but think people should know about Bellevue’s commitment to eco-friendly, “green” ideals and the partnership with the Pacific Science Center. Kathleen took some great photos of the center which has some wonderful architecture and eco-friendly designs.
“The Environmental Education Center uses energy efficient Span-Lok hp metal roofs in Cool Metallic Silver to limit heat island effects, demonstrating how homes can be “green” using metal.”
The center will provide training in “green” techniques for people of all ages. Come on down and visit the center at 1625 118th Ave SE in Bellevue. It’s a hop, skip, and a jump from I-90 and downtown Bellevue.
This is your chance, and your right, to do something! Elections have been very close over the past decade and your vote will count. Don’t let this opportunity slip by for you to cast your ballot. We’re fortunate to live in a democracy in which we can voice our opinion and vote for whom we want. Don’t squander this right.
Home prices are down and real estate sales are up. The Seattle Times had two articles screaming these headlines here in the Seattle/ King County area. So who has made a move this year and why?
I thought I’d look back at the reasons some of my clients chose to move. What Motivated them to make a move? Some are buyers, some are sellers, some are both. Here are some of their reasons:
Lost a long time spouse, remarried and moved to retirement community.
Divorce (2)
Needed more space for growing family (2)
Relocated for job, retirement, family (6)
Long time owners downsized to a condo (3)
Moved out of the country
Sold within 2 year limit for tax break on primary residence (2)
First time buyer (2)
Moving up to capitalize on buyers’ market. Didn’t make as much on sale of home, but made killing on purchase. (3)
Moved to mother-in-law unit on daughter’s property.
Expecting first child
buying parent’s home, selling present home
The above are examples of why my clients have either bought or sold a home.
But who bought my listings? What was their motivation to move?
Most of my listing have sold to first time buyers, buyers relocating for jobs, one investor, and two move up buyers.
If you made a move, what was your motivation? If you’re an agent, why did your clients make a move?
Microsoft gets it. The Seattle Times gets it. The Eastside Transportation Association gets it. Ron Simsgets it. Each one of these organizations/people are doing something about better transportation and/or voicing their opinion about transportation systems that will work in King County and on the Eastside.
Microsoft is already doing it. It has a world class shuttle/bus/car system to meet the commuting needs of its employees, cutting down on the number of single car trips and, ultimately, reducing the carbon footprint of Microsoft.
The Seattle Times has come out against the Sound Transit ballot measure. The newspaper, too, recognizes the need for better transportation. The Times doesn’t believe this ballot measure will solve our transportation problems, partly because of its exorbitant cost and, partly, because of the many years it will take to complete the light rail system without any relief to our existing transportation problems. From The Seattle Times editorial:
“Buses are cheaper than rail and more flexible. Proposition 1 slights them: The two center lanes on the Interstate 90 bridge, which now serve buses and Mercer Islanders, become rail-only. Buses are kicked out. Buses will also be kicked out of Seattle’s downtown transit tunnel.
Finally, it is said that Proposition 1 is not about us, but our grandchildren. So it is. It is a proposal to extend two costly rail lines and to oblige our grandchildren to pay for them. The sales tax is raised to 9.5 percent. It is a lot, and it goes on for a very long time.”
The Sound Transit plan is very long term, but does not prepare King County and the eastside for today’s commuter needs. I can’t imagine what a mess will exist on our roads for the next decade if this plan gets passed.
Issaquah, Washington-Congratulations for making US News and World Report’s Top Ten List. Issaquah is on the top ten list for being one of the healthiest communities for retirees.
Everyone is getting older, fancy that! No person on this planet is not getting older each day, so the number of people who are thinking of retirement are thinking of moving to places which offer fun, interesting, intellectual, and/or healthy pursuits. The Seattle Times had an article about Issaquah’s selection because of its great walking trails, senior citizen center and activities. Kudos were given for the planned neighborhood of Issaquah Highlands because of its pedestrian friendly commitment. Although Issaquah’s growth has exploded over the last few decades, it retains its small town flavor. Yet, for those hankering for the big city, Seattle is only 20 minutes away.
Hopelink is a wonderful organization on Seattle’s Eastside which helps people with a variety of much needed services. Donations are down everywhere, so think about helping out if you can. Below are excerpts from one of the latest email messages about upcoming Hopelink events:
Advocate and Actor Edward James Olmos To Keynote At Hopelink Annual Reaching Out Luncheon, Presented By Comcast
Emmy-winning and Oscar nominated actor Edward James Olmos will be the keynote speaker at Hopelink’s 13th annual Reaching Out Luncheon to be held Monday, October 20, 2008, at Bellevue’s Meydenbauer Center. This is the most important yearly fundraiser for Hopelink, the Eastside’s largest social services agency working with poor families and the homeless. Last year, supporters raised a record one million dollars to help people in need in the community. For more information, click on the above link to Hopelink.
Volunteers Needed at 2008 Farm Work Parties for Hopelink Volunteers are needed on the farm to help with stream restoration in exchange for produce donations to Hopelink food banks.
Sponsored by Cascade Harvest Coalition’s Helping Hands Project and Full Circle Farm.
Full Circle Farm, 31904 N.E. 8th St., Carnation
- Saturday, September 13, 10:00 am – 2:00 pm
Ames Creek Farm, 27307 N.E. 100th, Carnation
- Saturday, October 11, 10:00 am – 2:00 pm
- Saturday, October 18, 10:00 am – 2:00 pm
Sustainable September, an event designed to help people “go green,” is happening in Kirkland and on Seattle’s Eastside through the month of September. On Saturday, I attended the first set of classes. Lesa McIntyre from Greenworks Architecture spoke about ways to ”go green.” Lesa McIntyre mentioned a very interesting concept for builders, investors, and home purchasers. As an architect who works with “green principles,” she is able to look at older homes to determine whether the home could be remodeled with “green” principles more effectively than building a new home to “built green” standards. She considers the lot, its sun and wind exposure, and placement of trees in her analysis.
Here’s some of the other information she presented:
Look at the products under your sink. Throw away all the chemicals.
Built Green is a great website to learn about rebates for “built green” materials.
The msds sheet available for products is the materials safety data sheet which will identify any carcinogens. (something new that I learned)
Learn where building materials come from. This will help determine whether shipping bamboo from China or cork from the east coast has a greater carbon footprint.
Ecohaus, formerly Environmental Home Center, a store with a plethora of eco-friendly materials and advice is on Northup Way in Bellevue.
Denim insulation is a great recycled insulating product for homes.
Marmoleum and cork are eco-friendly flooring products.
Reclaimed materials, such as timber, are the best option for reducing the carbon footprint of building and remodeling.
Carpet is one of the least safe products that goes into a home. If you must use carpet, go with 100% wool with a jute (natural) backing. Lesa suggested 100% wool area rugs so they can be easily cleaned.
Tristan Heberlein from Solstice Landscapes NW discussed ecologically friendly landscape design. His three principles for “green” landscaping are:
Feed the Food Chain:
Add compost at least every 2 years
Don’t use landscape fabric as it will deplete the soil of necessary nutrients.
Use medium wood chip mulch.
Corn gluten is a natural way to minimize the seeds from weeds germinating. The treatment last for up to 6 weeks.
If you wouldn’t put it on your skin, don’t put it on your plantings.
Another luxury brand has been snagged by The Bravern in Bellevue. The Eastside of Seattle is becoming the Seattle/Eastside’s answer to New York’s Fifth Avenue, Beverly Hills’ Rodeo Drive, and Chicago’s Magnificent Mile with the presence of Hermes, Jimmy Choo, The Red Door Spa, Bottega Veneta, and Neiman Marcus. The move on the part of all these shops to Bellevue’s Bravern is testament to the economic clout of Seattle’s Eastside. Here’s the notice I received from Margaret Nicoll about the latest Bravern happenings:
“French Luxury House To Open
First Northwest Store At The Bravern
BELLEVUE, WA (September 9, 2008)-The French luxury house of Hermès will open in The Shops at The Bravernin the fall of 2009. The Bravern will be Hermès’ first location (2,100 square feet) in the Pacific Northwest where the historic retailer joins a noteworthy line-up of firsts for the Pacific Northwest, including Neiman Marcus, Bottega Veneta, Jimmy Choo, Red Door Spa and DavidBartonGym. Schnitzer West has also announced Louis Vuitton and two local landmark restaurants, John Howie Steak and Wild Ginger, as part of the retail mix.
The Bravern is currently under construction and scheduled for completion in 2009. The 1.6 million square foot development in downtown Bellevue, WAwill include approximately 305,000 square feet of fashion-leading retail and restaurants anchored by a 125,000-square-foot Neiman Marcus, 455 Signature Residences in two elegant condominium towers and two office buildings, which have been fully leased to Microsoft.When finished, the five-acre site willfeature a vibrant outdoor village with gracious arrival courts and European-style piazzas as well as include a 35-acre subterranean parking garage with 3,100 stalls. The Bravern willaccommodate 2,300 Microsoft employees, approximately 1,000 homeowners and employ between 300 and 500 staff among the retail shops and services.”
The Seattle Times had an interesting article this past spring in which it discussed the New England sensibility of the community with its one lot, one vote. The homes were designed to incorporate the views of Rainier, Seattle, and the lakes in combination with a respect for nature. The homes are on one acre lots and still have septic systems.
Many of the original home owners were University of Washington professors and local architects. Over the years, as a real estate agent, I’ve had the opportunity to see a few of the homes that have come on the market for sale, but many of the homes never reach the open market and are passed down in families. This is a great opportunity to see a few of Hilltop’s homes.
It’s ironic, because I’ve just come back from a visit to a similar type of community in Maine with one lot, one vote. The community of Long Cove shares a water system, just as Hilltop did when first developed, a clubhouse, and tennis courts. It’s along the shore near New Harbor on Maine’s mid-coast peninsula of Pemaquid. The homes are more rustic in nature than Hilltop, but the sensibility is the same. While there, I had a view of the Atlantic, lobster boats, and Monhegan Island.
It’s a little different than the Hilltop view of Rainier and Seattle, but beautiful in its own way. The Maine community dates back to the turn of the 20th century with some newer homes thrown in, whereas Hilltop is a pure mid-century modern community.
(sample of Long Cove’s older turn of the 20th century cottages)
Here’s another example of the Long Cove Point neighborhood which shows homes overlooking the cove.
Charles Anderson, a professor and home owner in Hilltop, wrote an interesting article about Hilltop. It’s an short, informative read about community flavor of Hilltop and the styles of many of the homes.
The chances of selling a home on the Eastside in July 2008ranged from a low of 5% to a high of 16%, with an average 12.5% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
July 2008 4332 homes available, 543 sold, 12.5% chance of selling
June 2008 4154 homes available, 635 sold, 15.2 % chance of selling.
May 2008 4349 homes available, 522 sold, 12% chance of selling.
July 2007 3253 homes available, 773 sold, 23.8% chance of selling.
Sellers had a 12% chance of getting a home sold, DOWN from 17% last month and DOWN from 22% last year. Median home prices were up by 1%, from $569,800 to $575,000. Inventory was up by 18% and sales declined by 33.5% from last year.
Sellers had a 16% chance of getting a home sold, DOWN from 23% last month, and DOWN from 34% last year. Median sales price decreased from $599,000 to $574,990, a decrease of 4%. Inventory was up 70% and sales were down 20%.
Sellers had a 14% chance of selling a home, UP from 12.5% last month and DOWN from 23% last year. Median price decreased by 19% to $604,950 from $749,975. Inventory was up 24% and sales were down 24.5%.
Sellers had a 15% chance of selling a home, DOWN from 15.5% last month and DOWN from 26% last year. Median price was down to $475,000 from $550,000, a 14% decrease. Inventory was up by 35% from last year and sales declined by 23%.
Sellers had a 10% chance of selling a home, DOWN from 16.5% last month and DOWN from 22% last year. Median price declined by 25%, from $757,475 to $569,000. Inventory was up by 25% and sales were down by 38%.
Sellers had a 5% chance of selling a home, DOWN from 9.5%, and DOWN from 19% last year. Median pricing decreased by 29% to $1,354,975 from $1,748,000. Inventory increased by 85% and sales declined by 50%.
Sellers had a 14% chance of selling a home, UP (barely) from 13% last month, and DOWN from 22% last year. Median pricing decreased by 15% from $644,435 to $549,375. Inventory increased by 18% and sales dropped by 25%.
The activity for May is included at the top of this article because July’s market performance is very similar to the market performance in May. June was a stronger month for sales for most of the Eastside neighborhoods than July has been. South Bellevue, and Education Hill, Carnation, and Union Hill areas were all stronger performing areas, but only by a fraction. Every other area of the Eastside showed less of an absorption rate than in June. West Bellevue, Medina and Clyde Hill, our most expensive areas, were hit the hardest with the biggest decline in activity and pricing.
To determine the most realistic view of the market, look at several months worth of data. Pay particular attention to the amount of homes for sale in your area. Regardless of what’s happened in the previous months, make sure you know the actual competition in your area before establishing a sales price and going on the market.
Remember sellers, it’s price and condition in this market. Homes are selling, but as we all know, there’s competition. Be the best home out there and your home will sell.
The following is excerpted from a press release from Margaret Nicoll at Gruman-Nicoll and Tami Elwin at Schnitzer West:
Top-Rated Luxury Brand To Open
First Northwest Boutique at The Bravern
BELLEVUE, WA August 5, 2008 – WhenSchnitzer West opensThe Shops at The Bravern in September 2009, itwill be home toBottega Veneta, rated the number one luxury brand in a recent survey conducted by the Luxury Institute. The Bravern will be Bottega Veneta’s first location in the Pacific Northwest where the leather goods purveyor joins a star-studded line-up of firsts for the region, including Neiman Marcus, Jimmy Choo and Red Door Spa.
“Bottega Veneta epitomizes the character of The Bravern in its commitment to fashion design, extraordinary craftsmanship and personal service,” says Tom Woodworth, senior investment director withSchnitzer West, developer of Bellevue’s only outdoor, upscale lifestyle shopping village.
“With the addition of retailers such as Neiman Marcus, Bottega Veneta, Louis Vuitton, Jimmy Choo and Red Door Spa, Schnitzer West has assembled a line-up that both validates the strength of the Pacific Northwest economy and will position The Shops at The Bravern and Bellevue among the top shopping destinations in the country,” says Maria Royer, principal with commercial brokers Real Retail in Seattle.
Currently under construction and scheduled for completion in 2009, The Bravern’s vibrant outdoor village will feature gracious arrival courts and European-style piazzas. The 1.6 million square foot development in downtown Bellevue, WAwill include approximately 305,000 square feet of fashion-leading retail and restaurants anchored by a 125,000-square-foot Neiman Marcus, 455 Signature Residences in two elegant condominium towers and two office buildings, which have been fully leased to Microsoft. When finished, the five-acre site will accommodate 2,300 Microsoft employees, approximately 1,000 homeowners and employ between 300 and 500 staff among the retail shops and services. The project also will include a 35-acre subterranean parking garage with 3,100 stalls.
—————————————————————-
When I read the above press release, it is clear that even during this economic slowdown, Bellevue continues to be the stronger economic region of the Seattle/King County area. Luxury brands new to the area are choosing to move to the eastside, rather than to Seattle, because of this point.
Every year I look forward to the annual Bellevue Arts Museum Fair in July. It’s one of the top art fairs in the country and one of the highlights of the summer for me. Each year there are some of the great standbys mixed in with some new artistic talent. Where else can you go to an art fair in a shopping mall parking garage!
Here are some of my favorites from this year’s show:
Nancy Sinatra would have thought “these boots were made for walking” by the Heliotropium Gallery in Mount Vernon, Washington.
Gorgeous ceramic vessels with an Asian esthetic were presented by Brian O’Neill.
Time for a game of Monopoly? Too bad, this is actually a painting by pop artist Doug Bloodworth! The detail is just fabulous and makes you want to try to buy Park Place. What would you expect from a Realtor?
Ok, the battery in my camera died, so we have 7 favorites here, although I had many more I wanted to photograph. Another great fair this year. What were your favorites? See if we can complete the list of 10 here.
Sellers had a 13.6% chance of selling a condo on Seattle’s Eastside in June of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
June, 2008 1427 condos for sale, 194 condos sold, 13.6% chance of selling.
May, 2008 1472 condos for sale, 211 condos sold, 14% chance of selling.
June, 2007 840 condos for sale, 382 condos sold, 45.5% chance of selling.
The absorption rate, the chance of getting your home sold, did not vary much from May to June of this year. Inventory is actually down slightly, but the chances of selling were almost the same during the past two months.
Condo values on the Eastside continue to go up, but last month the increase was negligible at only .5% from June of last year. The actual number of sales is down considerably, by almost 50%. This means the cream of the crop of condos are getting the offers and other condos are just sitting on the market. Pick your condo/town home purchase wisely.
The Fip Video Camera is a really cool, easy to use tool that easily works for videos of anything, including real estate. The Seattle Times had a great article about the camera, which is inexpensive and easy to use. Remember when “easy to use cameras” first came out and the expression was, “Push here dummy” Well, the same high level of skill applies to the Flip Video Camera!
I’m beginning to experiment with YouTube videos and plan to use them a lot more in marketing neighborhoods, parks, schools, all the amenities in an area people like to see and know about when they’re buying a home.
Just for fun, this is one of the YouTubes I did of last night’s Kirkland Washington’s Fourth of July fireworks show. Enjoy!
Hold on! Could it actually be sunny on the Fourth of July? Could it be great weather to celebrate the outdoors? It could be wonderful. But now I’m hearing it could be damp and rainy. I’m heading to my 23rd Fourth of July in the Seattle area and have seen more cool and damp holidays than I care to remember. I’ve heard more than once that around Seattle, “Summer begins on July 5th.” This week, starting with this past weekend, it appears that summer has arrived in full swing. Let’s hope it stays this way for the fourth.
Here’s where you can spend your Fourth of July in the Seattle area:
If you want to travel across the lake, there are the two grandaddies of all the holiday celebrations:
Come down to Eliot Bay to view the 44th annual Ivar’s fireworks show.
Fish and Fireworks is a special opportunity to watch the fireworks show from the Aquarium, enjoy the fish and sea life, and avoid the crowds and traffic.
Seattle’s Seafair Marathon ran by yesterday from Seattle through the Eastside cities of Bellevue and Kirkland. The runners showed lots of grit, guts, sweat, humor, and appreciation. Pretty impressive, given that I was seeing this when the runners were hitting their 23rd mile and the temperature kept climbing to one of our hottest days of the year.
Volunteering to help with the race, I was responsible for directing the cars crossing the course as they headed into Houghton Beach Park along Kirkland’s Lake Washington Boulevard.
Whe the runners came, it happened really fast. Shortly after 9 AM the first three runners came by right on each others heels. The men were the Kenyans, who were the men to beat. I read later that they ran the race together like this until mile 24, when number 7, Edward Kiptum broke from the group to win the race by 33 seconds.
At 9:35, the first woman runner ran by.
The winning woman was not far behind at that point.
9:45 a steady stream of runners had crossed mile 22.
The runners/walkers were incredibly polite and appreciative. Countless people thanked me for volunteering and picking up the water cups others threw down on the ground.
One runner yelled, “You guys are brilliant.” I responded, “No, you guys are.” He shot back with “Right now, I’m not so sure it was so brilliant to sign up.”
Another runner from the Marathon Maniacs team said, “Oh, you’re taking my picture? Sorry my hair is messed up,” as he doffed his cap and showed his bald head. (Picture before he took his cap off!)
Then there were the two women with Statue of Liberty hats.
When I shouted encouragement to people, several shot back about the hill in Bellevue. I’ll never look at Bellevue Way heading south from Kirkland in quite the same way anymore!
Congratulations to all who ran, walked, and volunteered. A race well done!
The Seafair Marathon is crossing the 520 bridge with most of the route on the eastside of Seattle this year for the first time. This Sunday, the 29th, the marathon begins at 7 AM in Husky Stadium and treats the runners to fabulous views of Lake Washington as they run across the bridge to the eastside cities of Bellevue and Kirkland. The race heads as far south as Enatai and swings back up through Bellevue’s Bridle Trails to Rose Hill on over to the Kirkland Highlands, through East and West of Market, along Lake Washington Boulevard back down to the Bellevue Downtown Park and the finish line. There’s a 1/2 marathon which will cross the bridge and circle through Bellevue.
Give those Team in Training members a big cheer. These will be the runners in purple jerseys. They’re running to raise money for The Leukemia and Lymphoma Society and blood borne cancers. These runners have been training and raising money for the past 6 months. I participated in a 1/2 marathon for Team in Training a few years back up in Anchorage, Alaska. It was a wonderful and rewarding experience.
Expect to see world class runners coming through your neighborhood!
On the third Friday in June of each year, Windermere Real Estate closes its doors for the day. The Windermere agents volunteer to take care of other kinds of real estate. It’s Windermere Real Estate’s Community Service Day. Each office works on a project in the local community. it’s a great opportunity to give back to the community.
Over my 19 years at Windermere, we’ve worked on a huge variety of projects. Past projects in my office have been to clean Juanita Beach Park, Houghton Beach Park, and Bridle Trails State Park. We’ve worked on individual homes for people who have been unable to do maintenance, we’ve planted yards and laid sod for group homes. We’ve painted community centers and schools. We’ve built massive play structures in parks.
This year, our office worked on the Kirkland city cemetery on Rose Hill. We cleaned head stones and weeded around them and trimmed trees and bushes, giving the cemetery a fresh look.
Here comes the sun. Is summer finally here in Seattle?
A sure sign of summer, cruise ships on their way to Alaska from Seattle. A great place to get a bird’s eye view of these ships is from the upper deck of Ray’s Boathouse restaurant near the Shilshole Marina. The ships pass by just before 5 PM on Saturdays on their way up to Alaska. We had a great meal with a great view at this long time Seattle restaurant, which will shortly be celebrating its 35th birthday.
We also popped by the Elliot Bay Marina and were greeted with terrific views of the Seattle Skyline and some gorgeous boats.
Views from Magnolia of the Seattle skyline with The Space Needle.
It’s the beginning of photography season for me. I’ll be out and about as much as time permits and will take photos of everything I see all over Seattle and Seattle’s Eastside. Here’s looking towards more beautiful sunny days. Enjoy!
Many real estate bloggers are writing about the change in the real estate law, HB2791 which covers distressed home sales in the State of Washington. The bill is very complicated and very confusing, setting up some situations which may not be as the law was intended, to help seller’s in distress. The intent of the law is good, however the execution of the law is severely flawed. The legislature hopes to protect home owners going into foreclosure, but who are also 30 days late with a mortgage payment. This law is something we’ll be hearing more and more about in the coming months.
I thought two of the members of The Seattle Post-Intelligencer Real Estate Professionals Blog, of which I am a member, wrote some excellent pieces regarding the new law, Kary Krismer from Keller Williams and Dugald Allen from Windemere. Both of the articles and the resulting commentary are worth a read. Jillayne Schlicke over on raincityguide.com had another perspective.
There would never be this much discussion on blogs if the new law were not so complicated. It will be interesting to see how it all plays out. Again, I applaud the intent of the law, but question its execution.
Since the late 1980′s the Eastside of Seattle has exploded with development. Within the last few years, we’ve entered a completely new phase of development impacting many of the Eastside cities. Bellevue, Redmond, Issaquah, and Bothell are all undergoing big changes.
Here’s a list of some of the changes you will see on the Eastside. Much of this information was provided courtesy of Al Hodge, a commercial real estate broker with The Broderick Group, Inc. He has his ear to the ground and is very familiar with the latest happenings on the Eastside. Al Hodge made a presentation a couple of weeks ago at my Windermere office.
Downtown Bellevue is undergoing massive changes. I met a friend for dinner downtown the other day and we commented on how different things will be in downtown Bellevue over the next couple of years. There will be less of a need to go across the pond for great food and entertainment. (Not that there aren’t already some wonderful restaurants and entertainment venues on Seattle’s Eastside.)
Bellevue:
Microsoft has 3 million square feet of space. Kemper Freeman is planning a $42 million upgrade of Bellevue Square. El Gaucho restaurant is (rumored) to be opening in the new 26-story City Center Plaza off of NE 6th.
Other possibilities already reported in earlier posts:
John Howie of Seastar fame will open another restaurant. Wild Ginger will also be on the Eastside.
Issaquah:
Opus Northwest will continue to have the largest retail center.
Group Health Hospital will keep its 26 acres of land/space.
Kirkland:
Parkplace is going through the review process for redevelopment. Google is building 195,000 sq ft of space to accommodate about1000 employees.
4,000 space parking garage will be built to accommodate Microsoft employees. This billion dollar project will consist of a park and baseball field.
Nintendo, located nearby, recently sold Microsoft 40 acres of additional land for developing.
HP & EMC have moved in to the area
Angelo’s Nursery sold for $12 million for a future Elder Care facility.
Downtown Redmond:
Whole Foods has started the chain of new developments.
Costco will soon develop on 28 acres alongside the Business Park.
Xbox will stay for now possible move after Microsoft parking garage is built.
What do you think about all this growth, all these changes? Is it a good thing for the Eastside, or not?
On Monday Metropolitan King County officials and Port of Seattle Commissioners met to sign the paperwork for the complicated deal between the Port of Seattle, King County, and the BNSF railroad. The Port will buy the BNSF tracks from the railway and allow King County to keep the right of way in the public domain.
But what’s the future of the rail line? What’s the future of a trail? I’ve added links to the some of the news articles about the deal and will highlight some of the key issues raised in each article. It’s interesting to compare what’s reported in each article. The different newspapers do not see the issues in exactly the same light. This is not surprising since the issues surrounding the trail and/or rail line are still unclear and very much up in the air.
Several constants in this saga are:
The BNSF is selling the rail line to the Port for $107 million dollars.
The Port has granted King County an easement to develop a trail on 32 miles of the corridor.
Federal law requires the train line be “rail banked”, kept for possible future use as a train line. The tracks will remain in place. This will keep the line available for public use and ownership.
The port will receive $1.9 million dollars from King County for the use of an easement for a hiking/biking trail along the Renton to Woodinville stretch of the rail line and the 7 mile spur from Woodinville to Redmond.
The Everett Herald had an interesting story summarizing Monday’s inking of the deal. The Herald reflected the Snohomish County Council point of view.
“ Snohomish County wants leverage sooner and is working to keep the rails in place for commuter trains all the way to tech job centers on the east side of Lake Washington.
“We think we can have the rails and the trails,” Somers (Snohomish County Council Chairman) said.
Somers is pushing for a deal with a private company called GNP Railway to provide daily commuter trains on the route from Snohomish to Bellevue as soon as next year. The county is negotiating with the company chairman Tom Payne.
“If we can team up with Tom Payne and get status with the federal government, the port and King County have to deal with us.”
Snohomish County wants rail.
“The port isn’t interested in long-term ownership of the corridor, so questions to be worked out include who would ultimately own the corridor and run commuter rail over it, said Port Commissioner John Creighton. “We’re holding the corridor now, but if Sound Transit determines it can make use of the corridor, we would like to sell it to Sound Transit, get our money out, and invest it in our core business.”
Both The Seattle P-I and The Seattle Times weighed in with their take on the future for the rail/trail. The Seattle P-I’s article was the most comprehensive summary of the story. Here are some additional issues raised in the P-I article:
Previously, a study was done to the tune of $800,000 by The Puget Sound Regional Council. This study stated:
“In May 2007 the Puget Sound Regional Council published a study that found Sound Transit and the state Department of Transportation’s strategy of using a series of rapid buses to serve commuters was more feasible than developing high capacity rail transit along the Eastside rail corridor.”
A new survey is being conducted and will be completed by February, 2009. The cost for this study is $340,000, after $800,000 has already been spent to say the commuter line is not viable in King County! Part of the money for the study is being paid by the Discovery Institute, which has a vested interest in seeing the commuter line developed, since this very group is hoping to develop the commuter line. This second study is being conducted with funds from a source that hopes to gain from the outcome of the study. Hmm….
It’s important to have thorough and impartial studies completed, studies which demonstrate the actual cost per rider and the full cost of developing the trail and rail line. It’s important to have the proper public process for the trail and/rail line. Whatever is decided must be the result of careful, thorough analysis and not just a band-aid solution resulting from the failure of Proposition 1.
Sellers had a 15.9% chance of selling a condo on Seattle’s Eastside in April of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
April, 2008 1392 condos for sale, 222 condos sold, 15.9% chance of selling.
March, 2008 1277 condos for sale, 208 condos sold, 16% chance of selling.
April, 2007 621 condos for sale, 377 condos sold, 60% chance of selling.
Condo values on the Eastside continue to go up. Last month prices increased over 7% from last year and this month prices are up 12.6%. This is not to say it’s easy to sell a condo. Clearly, the actual number of sales is down considerably, by 41%.
Pricing a condo for sale should be based on the amount of competition and the most recent sales. Sales from even a few months ago are out of date. Understanding the competition when you go on the market is the key to a successful sale. Pricing must be competitive so a condo stands out from the pack.
The chances of selling a home on the Eastside in April 2008ranged from a low of 8.46% to a high of 19%, with an average 12.8% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
April, 2008 3985 homes available, 512 sold, 12.8% chance of selling.
March, 2008 3637 homes available, 493 sold, 13.5% chance of selling.
April, 2007 2444homes available, 734 sold, 30.0% chance of selling.
Sellers had a 15.4% chance of getting a home sold, UP from 14.5% last month and DOWN from 29.4% last year. Median home prices were down by 6.2%, from $637,000 to $597,639. Inventory was up by 48.8% and sales declined by 22% from last year.
Sellers had a 19% chance of getting a home sold, DOWN from 21.7% last month, and DOWN from 46.0% last year. Median sales price increased from $569,000 to $608,998. Inventory was up 110% and sales were down from 63 sales to 55 homes, a 12.7% decline.
Sellers had a 10.6% chance of selling a home, DOWN from 12.3% last month and DOWN from 25.9% last year. Median price decreased by 19% to $600,000 from $741,150. Inventory was up 54.5% and sales were down almost 36.7%.
Sellers had a 12.5% chance of selling a home, a minimal change from 12.3% last month and DOWN from 37% last year. Median price was down to $484,450 from $514,950, a 5.9% decrease. Inventory was up by 60.1% from last year and sales declined by 45.9%.
Sellers had a 8.46% chance of selling a home, DOWN from 10.7% last month and DOWN from 30.5% last year. Median price declined by .03%, from $710,000 to $707,950. Inventory was up by 62.6% and sales were down by 54.8%.
Sellers had a 9.03% chance of selling a home, UP from 7.26%, and DOWN from 28.3% last year. Median pricing increased by 42% to $1,399,000 from $985,000. Inventory climbed by 106.2% and sales declined by 34.1%.
Sellers had a 14.0% chance of selling a home, DOWN slightly from 14.8% last month, and DOWN from 20.9% last year. Median pricing increased by 13.1% from $577,015 to $652,450. Inventory increased by 71% and sales dropped by 14.5%.
County wide, inventory is up from January’s numbers. On the eastside 2963 homes were on the market in January and now there are 3985 homes for sale, a 26% increase. The chances of selling in the different eastside areas varied very little from March’s numbers. However, if sales were down in an area, there was no absolute correlation with median price. Even if sales were down, the median price could still go up. The median price was up from last April in four of the eastside areas and down in three of the areas.
If you are trying to get a feel of the market in a particular area, look at several months worth of data. This will give the most realistic view of the market. Pay particular attention to the increase in inventory in your area. Sellers. regardless of what’s happened in a previous month, make sure you understand how much actual competition there is in your area before establishing a sales price and going on the market.
Remember sellers, it is price and condition in this market. Homes are selling, but as we all know, competition for the buyer is fierce.
Come to King County Council’s meeting on April 28th at 9:30 AM on the 10th floor of The King County Courthouse building, 516 3rd Avenue, Seattle. Listen, learn, speak about the trail opportunities on the existing rail line.
For more about the meeting and the issues, check out this post on my Kirkland blog and this article in this morning’s Seattle Times.There will be several meetings coming up on the eastside in the next week in which you can learn more about the issues. I’ll let you know about these upcoming meetings.
I just received the April email newsletter from Bellevue Towers, The LEED certified high rise condos in Bellevue. The newsletter announced the restaurants coming to the complex.
(Photo taken a few months ago)
Purple Cafe and Wine Bar’sowners will open 3 different restaurants in the complex. The Bellevue Towers will be the home to the 4th Purple Cafe and Wine Bar, after Kirkland, Seattle, and Woodinville. Two other new concept restaurants will also open at the Towers, a coffee/dessert cafe, and a Latin/Mexican restaurant.
(Original Purple Cafe and Wine Bar in Woodinville.)
From the April Bellevue Towers email newsletter:
“One couple with three brilliant restaurant concepts that perfectly complemented the Bellevue Towers neighborhood. Larry and Tabitha Kurofsky, the Seattle husband and wife team behind the popular dining venue Purple Café and Wine Bar, plan to introduce three distinctive restaurant concepts to Bellevue and Bellevue Towers.The largest of the restaurants at Bellevue Towers will be a new Purple Café and WineBar, scheduled to open in November 2008.
Opening in early 2009, the secondrestaurant, Barrio, will be an upscale take on the traditional Mexican restaurant featuring a Latin-themed cocktail menu.
The yet-to-be-named third restaurant is another even newer concept that is still in the early stages of development. The Kurofskys envision a unique café and dessert lounge that will wake up with the neighborhood and continue to serve its needs throughout the evening. The café will offer fresh-baked goods, espresso and tea early in the morning; serve as a convenient lunch option throughout the afternoon; and transform into a dessert lounge serving sweet treats and cocktails into the evening.”
Downtown Bellevue will be destination dining spot for a wide variety of dining experiences over the next couple of years. These restaurants will join El Gaucho, Wild Ginger, and others in downtown Bellevue. The dynamics of downtown Bellevue will be completely different. It should prove to be fun and exciting. Another added benefit, with so much more available on the eastside, it ought to improve traffic heading into Seattle at night!
Here is a summary of some of the immediate fixes planned and some of the issues discussed in the above link to The Seattle Times:
“New cat cages, dog runs, more staff and stronger efforts to decrease the number of animals euthanized relieve problems of overcrowding and lax animal care. This is only a down payment. Longer term, lawmakers ought to ponder what it would take to run a model animal-care facility and whether that is a task best left to vendors — for example, the Humane Society.Comparisons between the county’s animal-shelter program and the Humane Society set up a false dichotomy. The county takes in several times as many animals. The Humane Society largely gets animals from families who can no longer care for them. The county gets stray dogs and feral cats. Also, the county is responsible for humans and animals, creating a constant tension for funds.
Strengthened partnerships with the Humane Society and advocacy organizations such as PAWS can help. A set of long-range proposals is expected to be presented to the council by late summer.
With the initial urgency abated, the Council ought to examine successful models around the country, including San Francisco and Charlottesville, Va. There is time to get this right.”
The Seattle PI’s latest article cited a study completed by The Veterinary School at University of California at Davis commissioned by the Council. The study also deplored conditions at the shelter.
Ironically, the attempts to cut back on euthanasia rates, may have also contributed to the problems.
“In 2007, the council approved a directive to reduce the euthanasia rate to 20 percent in 2008 as part of a policy to avoid putting animals to death for reasons other than incurable illness or intractable behavior problems. But that comes with a down side, the report suggests.”
This continues from the PI article:
“Eliminating euthanasia for space (lack of capacity) has caused a substitution of euthanasia or death for health and behavior reasons that are often shelter-acquired problems related to stress, crowding and increased exposure to infectious diseases,” the report says. “This systematic policy has led to significant animal welfare issues, individual animal suffering and has likely caused increased shelter death.”
The UC Davis report had this to say about the previous allegations from Nathan Winograd reported in a previous post and on many media outlets:
“As for the Winograd report, the agency says it includes “many helpful suggestions” for improving care, but adds, “The most disturbing accusations … are simply not true.” The response defends Sims, saying he is “particularly known for his commitment to animal care.”
By the way, The King County Animal Fund referenced above has been building up for about 20 years. The fund has about $570,000, raised from donations given when people license their pets. Let’s hope the county uses the money judiciously and wisely for the welfare of these dogs and cats. It’s about time!
The comments were hot and heavy from many people at last night’s town hall meeting in Burien between the Metropolitan King County Council and King County residents regarding the conditions at King County Animal Shelters. Volunteers at the shelters came out to support shelter workers who work in less than desirable conditions and others came out to demand changes to the system and the facilities. The Seattle Times reported on last night’s contentious meeting. It appears last night’s meeting was an opportunity for public input, without much resolution. KOMO Radio also had the story today.
Regardless of what’s happened in the past, we need to move forward in this county to insure animals are protected, well cared for, and adopted into good homes.
“In the short term, the County will replace all of the cat cages and add dog runs in a separate area on the Kent shelter’s property or nearby. A shortage of space at the current facility has resulted in overcrowding, increased stress and risk of disease among shelter cats and dogs. Separate facilities for dogs and cats will greatly reduce stress on cats at the shelter. The funding would come from existing public donations in the Animal Benefit Fund, new Capital funds, and money redirected from the County’s capital improvement funds.
Sims is proposing new staff especially during peak animal population months and new training for staff. The new positions include another veterinarian and a veterinarian technician as well as additional veterinary contract services to provide on-going medical care as well as spay/neuter services. The number of new animal control officers at the shelter would vary depending on demand for shelter services.
The proposal calls for creation of a King County inter-branch animal services work group that will work over the next four months. It will consist of members from the offices of the Executive, County Council, Public Health, Sheriff and Prosecutor. The work group will develop an animal services Strategic plan, an Operational Master Plan, and a Facilities Master plan for the three-year period from 2009 through 2011:
The Strategic Plan will develop a framework for determining how services are provided and who is best able to provide them, prioritize short and long-term goals, and create performance measures for each goal and specifying which County department will be accountable in achieving them.
The Operational Master Plan will determine how we move forward in providing shelter and animal care services in King County and develop at least three options, including:
A status quo option of continuing to provide animal services as currently organized, or
A reorganization of animal services within the departments of county government, or
A reorganization of animal services in partnership with other providers
The Facilities Master Plan will inventory existing animal services facilities throughout the county, forecast the future needs for shelter facilities, including where they should be located and, if a new shelter is called for, propose a six-year plan for financing construction.
This process will include an investigation into whether or not the county can create a model animal welfare program and should continue in the sheltering business. The three pieces of this policy framework will be reviewed by a group of community stakeholders before the Executive transmits the three plans to the Council by August 15, for Council review and potential adoption.”
The joint proposal will be the subject of public comment at the Council’s Committee of the Whole Town Hall meeting on animal care and shelter services on Monday, April 14 at the Highline Performing Arts Center in Burien at 6:30 p.m.
Sellers had a 16% chance of selling a condo on Seattle’s Eastside in March of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
March, 2008 1277 condos for sale, 208 condos sold, 16% chance of selling.
February, 2008 1230 condos for sale, 140 condos sold, 11% chance of selling.
March, 2007 535 condos for sale, 405 condos sold, 75% chance of selling.
The eastside certainly doesn’t follow expected trends. Even with the more than double the inventory, pricing is still 7.4% higher than last year. Usually, if there are more properties available and less sales, then the prices go down, but not on Seattle’s Eastside.
The chances of selling a home on the Eastside in March 2008ranged from a low of 7.26% to a high of 21%, with an average 13.5% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
March, 2008 3637 homes available, 493 sold, 13.5% chance of selling.
February, 2008 3303 homes available, 453 sold, 13.7% chance of selling.
March, 2007 2126 homes available, 826 sold, 38.8% chance of selling.
Sellers had a 14.5% chance of getting a home sold, DOWN from 16.4% last month and DOWN from 40.4% last year. Median home prices were down by 2.4%, from $593,950 to $579,500. Inventory was up by 59.7% and sales declined by almost 42% from last year.
Sellers had a 21.7% chance of getting a home sold, UP from 15.6% last month, and DOWN from 58.8% last year. Median sales price decreased from $598,725 to $539,950. Inventory was up 127% and sales were down from 70 sales to 59 homes, a 15.7% decline.
Sellers had a 12.3% chance of selling a home, DOWN from 13.4% last month and DOWN from 40.7% last year. Median price decreased by 1.5% to $669,950 from $659,950. Inventory was up 60.6% and sales were down almost 51.2%.
Sellers had a 12.3% chance of selling a home, as 12.3% last month and DOWN from 35.1% last year. Median price was down to $525,000 from $540,450, a 2.9% decrease. Inventory was up by 57% from last year and sales declined by 44.9%.
Sellers had a 10.7% chance of selling a home, DOWN from 12.5% last month and DOWN from 28.2% last year. Median price declined by 2%, from $714,950 to $699,999. Inventory was up by 57.2% and sales were down by 40.2%.
Sellers had a 7.26% chance of selling a home, DOWN from 9%, and DOWN from 35.2% last year. Median pricing increased by 2.9% to $1,250,000 from $1,215,000. Inventory climbed by 136.9% and sales declined by 51.2%.
Sellers had a 14.8% chance of selling a home, DOWN from 15.8% last month, and DOWN from 48.9% last year. Median pricing decreased by 11.5% from $678,225 to $600,000. Inventory increased by103% and sales dropped by 38.5%.
King county wide, inventory is up from January’s numbers. On the eastside 2963 homes were on the market in January and now there are 3637 homes for sale.
As I mentioned in a previous post, if you’re considering a move, whether you’re buying or selling, it’s important to break the data down regarding the inventory and the absorption rate even further than what is reported above. The information here is a great snapshot for the eastside. But when looking at the price for a particular home, it’s best to look at the information in a smaller area than what’s shown above.
Also, look at several months worth of data. It’s interesting to see how things can fluctuate each month. For example, in West Bellevue, median price has been declining over the past few months and this month median pricing is up. If you look at several months worth of statistics, you’ll get a more realistic flavor of the market in a particular area. It obviously is still a tough market for sellers and a much better market for buyers. Pricing and condition is key in selling a home. It always has been, but now it’s even more critical.
Bellevue is the best place to “Live and Launch” in the entire United States, according to Fortune Magazine. Bellevue has a terrific economic climate, natural beauty, a steady supply of hi-tech workers, and traffic! The Seattle/Eastside area is a great place to live, but the traffic wars must be fought everyday. The commute into downtown Bellevue is always interesting. Below are photos showing some of the progress for the new overpass going in at NE 10th. This will provide another access route into downtown Bellevue and make getting to work just a little bit easier. Right now it’s the perfect spot for Evel Kneivel.
Photo taken in February looking west from NE 116th over 405 towards downtown.
New and improved view looking west in March, 2008. Construction of the overpass is getting closer to crossing over 405.
Looking east from 112th Ave NE over what was the Paragon Hotel across 405. (405 is below camera range) Looks like a parking garage? The big concrete structure just above the fence is the overpass perched at the edge of 405. Right now, it’s a road to nowhere. Where is Evel Kneivel when you need him!
Here’s the side view of the ramp as it hangs just before 405, the perfect jumping point for Evel Kneivel. Could he have made the jump over 405 to the other side?
By the way,The Paragon Hotel on NE 112th Ave NE was just knocked down. This is last section standing of the hotel. Someone ought to tell the hotel they are no longer there, since the hotel is still advertising on the internet. It may be a little chilly if you book a room there!
Announced on CNN, Fortune Magazine listed Bellevue, Washington as #1, tops to live in and launch a business. The photo is a shot of Bellevue looking west towards downtown. Only a few of the cranes that hover over all the new construction, commercial and residential, can be seen.
“ The (Fortune magazine) rankings were based on the following: affordable housing, plentiful leisure activities, plentiful cultural options, job growth, sunny weather, short commute time, and good health care access.” The Northwest is a great place to live with the abundance of lakes, mountains, and culture.
Are there issues? Yes, not everyone would agree there’s affordable housing, short commutes, and lots of sun. But the reality is, if we are a dynamic, growing region with the prospect of economic growth, nothing is perfect. However, the whole package is pretty terrific and hard to beat when compared to other parts of the country. Sure, you can find less expensive real estate. It’s all over this country. But the natural beauty, the culture, the job growth, the level of educated citizens fueled by this job growth, is not as strong in these other areas.
Bellevue is an exciting place. People are looking to move to the downtown core and the Eastside in general.
What are your thoughts about Bellevue as the #1 place for small business growth?
Concerned about what could be happening on the BNSF rail line that runs along Lake Washington through the eastside cities of Renton, Bellevue, Kirkland, Redmond, and Woodinville? You should be.
I’ve written a lot of pieces about the trails and rails on my Kirkland blogand watched it evolve over the last few years. We’ve gone from a trail to who knows what at this point in time. The latest I’ve heard is the rail line will not work for light rail. The talk is more about DMUs, Diesel Motor Units. If you check out Brian and Emily’s blog, you can see and hear some examples of DMUs in action.
A group of concerned citizens is forming called Eastside Trail Advocates. The group is dedicated to creating a trail on the BNSF rail line. The group is not against better transportation, but wants to ensure transportation improvements make sense. There don’t seem to be any ridership studies completed for a commuter train, but there’s a lot of talk about developing a commuter line. A critical piece is missing here. Is the cart before the horse?
Here are some key points:
King County Executive Ron Sims supports dual use of the BNSF right of way. Keep the right of way for a future commuter rail line if needed with interim use as a trail with the rail lines pulled out.
A Puget Sound Regional Council study is also for rail banking. Rail banking is the public acquiring of rail lines for trails with the possible future use as a rail line.
The Port of Seattle is scheduled to purchase the rail line from mile 5 down in Renton to mile 39 up in Woodinville in April of this year, with a fall closing. Boeing and BNSF cut a deal to keep Mile 0-mile 5 open for Boeing to transport fuselages.
An Eastside Transportation Partnership has formed with members of Sound Transit, WSDOT, and the Puget Sound Regional Council.
The trail advocates are concerned about:
The best use of tax dollars
The real cost to build this rail line, its stations, and parking.
Safety and street traffic, as many intersections and paths to schools cross over the rail line.
Destruction of neighborhoods.
Noise and pollution if diesel trains are used.
The lack of population density along the rail line when compared to the I-405 corridor.
The loss of a trail, a potential fabulous amenity for all Eastsiders.
No matter what your opinion, get educated about the rails/trails issues. If you are in support of the trail log onto Eastside Trail Advocates and lend your support.
Gorgeous, gorgeous, The Bravern is one of the premier condominium towers being built on Seattle’s Eastside. The Bravern is at the corner of NE 8th and 112th Ave NE, perhaps the new luxury corner of downtown Bellevue? Comprised of residential condominium towers, an office complex, and luxury shops anchored by Neiman Marcus and Jimmy Choo, The Bravern will be one of the premier destinations and addresses in Bellevue.
Here are some of the features of the complex:
24 hour concierge
7 floors of parking for homeowners with a private elevator
valet parking available
25,000 square foot private roof garden
Protected easterly views
Auto court, similar to the Fairmont Hotel in Seattle
Luxury shopping with the feel of a European Village
I attended an open house a couple of weeks ago and had a chance to see some of the floor plans and finish work of the model homes.
The office space has been leased to Microsoft. The retail space is filling up, although names of all the tenants are not yet public. Premier restauranteurs, such as John Howie of Seastar fame, will be opening restaurants. The first eastside outpost of the Seattle’s wildly popular Wild Ginger restaurant will also be in The Bravern. The Bravern should be a dynamic new addition to Seattle’s Eastside and downtown Bellevue.
I report on real estate statistics on this blog all the time, but this post is about a different set of statistics.
The stats from the Seattle Times article today which is entitled, Euthanasia Cut Nearly in Half at King County Animal Shelters caught my interest. Adoptions have been going well and the euthanasia rate is down to 18% per month, half of what it was at this time last year. This number is at an all time low, according to the article. It’s up to people who are getting pets to help keep these numbers low.
Interesting fact: The King County Council is keeping the euthanasia rate to 20% in 2008 for the shelters in Bellevue and Kent and at 15% in 2009. I’m glad to see the council taking the initiative with this one.
It has been all over the news this week, the tragic torching of The Street of Dreams homes in Woodinville, Washington. The home above, called The Urban Lodge, was totally destroyed. Here’s a sample of the articles written about the tragic fire:
Ironically, a woman has been found guilty this week of arson in the torching in 2001 of The Center for Urban Horticulture. ELF, The Earth Liberation Army, the same group, was thought to have burned the center to the ground because they believed, erroneously, experiments were being done to genetically engineer trees. Many UW professors lost years of work in the fire. This is The Seattle Times article about the trial.
So here ELF (allegedly) goes again, accomplishing nothing good by what they do. This was the first Seattle Street of Dreams with an eco-friendly sensibility. Sustainable materials were the norm in the building process. It was great for the public to see homes beautifully done and “green” at the same time. It was a good learning experience and may also have encouraged people to go “green”. Yes, the homes were huge, you cannot dispute that fact. However, the message of sustainable materials went a lot farther with the public. How ironic for the group to have torched anything, let alone these homes.
There’s been talk the fire was set in retaliation for the trial of Briana Waters, who was the lookout for The Center for Urban Horticulture fire. The jury was beginning deliberations in her case at the start of this week, when the homes were torched at The Street of Dreams. So, if torching the homes was in retaliation for the trial of a group member, then it sounds like the message ELF was trying to send was to not “mess” with them. This certainly is not a statement for saving the earth.
The third irony for me as a blogger is the amount of hits I received on Monday, the 3rd of March and Tuesday, the 4th, for a post I wrote back in August about these Street of Dreams homes. As journalists will tell you, bad news travels fast and certainly grabs people’s attention. This is the post I wrote last year, if you’d like to see photos of the homes before the fire.
Let’s hope the perpetrators are caught and punished. Terrorism, for whatever reason, is unacceptable.
Several opportunities to learn about disaster preparedness are coming your way, courtesy of the cities of Sammamish, Bellevue, and Kirkland.
The City of Sammamish is sponsoring a class on March 10th and on March 17th to learn about disaster preparedness. The Eastside Business Journal reported on the upcoming class. Here’s the basics as reported in the Eastside Business Journal online:
Free seminar on disaster preparedness sponsored by the Sammamish Citizen Corp.
Enter to win a free disaster prep kit at disastersareweready@gmail.com
Dates: March 10th and 17th
Time: 7 PM – 9:30 PM
Location:Pine Lake Covenant Church, 1715 228th Ave SE, Sammamish, WA 98075
Seminar topics include:
The City of Sammamish Emergency Plans
Earthquake and Geologic Hazards for King County
Eastside Fire & Rescue: How we are prepared?
The Starbucks story: Learn How They Deal with Disaster
The Map Your Neighborhood for Disasters program
Sammamish Schools in a Disaster: What Happens?
Business Preparedness: A “How To” session
Animals in a Disaster Situation: What you can do to help?
General Preparedness and “How To” Build a Disaster Kit
Basic First Aid with the American Red Cross
Do you have to be a Sammamish resident? No. I also heard about these classes in a press release from the City of Kirkland. Most of the information being presented is invaluable, no matter where you live.
The City of Bellevue has a 10 minute DVD on disaster preparedness available which you can pick up at City Hall or see as a streaming video on the city website. The DVD is available in 7 languages: Mandarin, Cantonese, Spanish, Russian, Korean, Vietnamese, in addition to English. The Bellevue city website also has terrific information to help you get prepared for a disaster.
Saturday, March 15, 9:30 AM, Kirkland Stake Center, 7910 NE 132nd St (corner of Juanita Drive). This is a state designed program to help neighborhoods prepare for and deal with disasters.
Check these websites and classes out. You’ll need to be prepared in the event of a disaster. The police will take care of major emergencies first. It’s up to you to be prepared!
What are your top 10 reasons to live in the Seattle or on the Eastside?What are your fave 10? I read a post this morning about the Ten Reasons People Move to Seattle from the BINC blog. Pretty interesting list. I think most of the reasons listed in the post fit either Seattle or the Eastside.
Here’s my list, which embellishes on the ideas posted in the BINC article.
I love the mountains, the lakes, the sound, the islands, the trees, the green, and the fact that the snow is on the mountains, but not in my backyard.
I love that jaw dropping feeling I get each time I see Mt. Rainier pop out.
The BINC blog comments on the great transportation system, but it’s the system in the heart of Seattle. There is a great bus service all over King County, but traffic is a pretty serious problem, with no clear resolution.
Our location is what drives many of us to live here and the traffic is what drives us a little crazy!
A better downtown Bellevue commute is coming! Here’s the start of the new NE 10th overpass over 405. It will run between Overlake Hospital on one side and the new Group Health facility on the other. (Hence the Emergency Department sign) This overpass should help reduce traffic on NE 8th heading into downtown Bellevue.
The hot topic, the cool color, in today’s real estate is green, built green, sustainable materials, carbon footprint, LEED certification. These are all becoming familiar terms.
On my Kirkland blog, I wrote about a free Built Green seminar at Kirkland City Hall. Ironically, I was already signed up for a “Green Built” class through Windermere Real Estate’s education program that same day. Not only did I learn a great deal at the class, I earned 3 credits for continuing education. Realtors have take continuing education classes.
Since most of you reading this blog are not running out tomorrow to find a built green home or remodel your current home with built green principles, during the class I asked the question:
”What can people do if they aren’t planning a “built green” remodel? What can be done everyday for minimal cost?”
Listen to Eastern cultures and remove your shoes. Shoes are the single biggest home polluter in homes. Shoes bring all kinds of dirt and toxins into a home.
Have a “walk off” mat at the front door that can be hosed down.
Household cleaning products are just as important as building green. Use cleaning products that are natural substances such as baking soda, vinegar, water, citrus and Bon Ami. Bon Ami is a product that has been around for decades. ( those of you over 50 may remember your mother cleaning with this when you were a kid)
Read the labels on cleaning products. If a label says something is harmful if swallowed, think about whether to clean with it.
Use compact fluorescent bulbs. Make sure they’re energy star certified. Recycle these bulbs properly as they contain mercury. (I didn’t know this one)
Go natural and buy wool carpet. Carpet is one of the worst home pollutants. The Carpet and Rug Institute will certify carpets as “green”,however, the carpets are not third party certified.
Solar tubes provide light in dark spaces and are more energy efficient than a skylight.
Is there more you can do to limit your carbon footprint? You bet. This list is just a start. Some of the things are common knowledge and others are not. Feel free to add suggestions. I will do another article listing some great free resources and books on reducing your carbon footprint and built green ideas.
The chances of selling a home on the Eastside in January 2008ranged from a low of 7% to a high of 15.8%, with an average of a 11.6% absorption rate. Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
January, 2008 2963 homes available, 346 sold, 11.6% chance of selling.
December, 2007 2594 homes available, 295 sold, 9% chance of selling.
January, 2007 1895 homes available, 506 sold, 26.7% chance of selling.
Sellers had a 13.3% chance of getting a home sold, UP from 12.2% last month and DOWN from 32.6% last year. Median home prices were down by .8%, from $624,900 to $619,900. Inventory was up by 55% and sales declined by almost 36.5% from last year.
Sellers had a 15.8% chance of getting a home sold, DOWN from 16.1% last month, and DOWN from 33.6% last year. Median sales price increased from $539,450 to $567,250. Inventory was up a whopping 112% and sales were exactly the same as last January, 36 homes.
Sellers had a 7.2% chance of selling a home, DOWN from 8.9% last month and DOWN from 21.3% last year. Median price decreased by 13.1% to $630,000 from $724,975. Inventory was up 51.6% and sales were down almost 48.3%.
Sellers had a 14% chance of selling a home, UP from 9.3% last month and DOWN from 25.7% last year. Median price was down to $459,950 from $499,950, an 8% decrease. Inventory was up by 50% from last year and sales declined by 18%.
Sellers had a 9.8% chance of selling a home, DOWN a hair from 10.2% last month and DOWN from 17.2% last year. Median price declined by 3%, from $672,475 to $652,250. Inventory was up by 38% and sales were down by 21%.
Sellers had an 7% chance of selling a home, DOWN from 9.7%, and DOWN from 21.6% last year. Median pricing dropped by 13% to $937,500 from $1,077,500. Inventory climbed by 78% and sales declined by 42%.
Sellers had a 12.4% chance of selling a home, DOWN ever so slightly from 12% last month, and DOWN from 32.8% last December. Median pricing increased by 2.5% from $648,950 to $664,925. Inventory increased by 59% and sales dropped by 40%.
This will continue to be a more realistic year. Here is the evaluation of the market from my January, 2008 article in which I summarized 2007 Seattle/Eastside real estate. The remarks still hole true for this month’s report:
“The market is softer for sellers, but not dead on the arrival of 2008 like in many areas of the country. Sellers need to be competitive with pricing and have a top notch marketing plan and presentation to capture a buyer’s attention and get the sale. Realistic sellers should not have a problem getting a home sold. Those who decide to sell should expect longer market times and flexibility in pricing.
Buyers have great choices, interest rates, negotiation opportunities, and a chance to think before jumping on a home in today’s market. Buyers, however, who plan to buy should stay put for at least 3-5 years. ” So this may not work for everyone.
So, it’s hard to know where we are at. Is there a diesel train, light rail, a trail or a combination thereof coming to the Eastside? For my full article, you can check my Kirkland blog article about our latest rail news.
If you have any thoughts about the rail line or any information to add to the news, please feel free to comment.
Here are the condo stats for December 2007 and a wrap up for 2007.
Sellers had a 14% chance of selling a condo on Seattle’s Eastside in December of 2007. ( click on 2007 year to date statistics in the link above for a chart showing the condo report)
December, 2007 949 condos for sale, 135 condos sold, 14% chance of selling.
November, 2007 1076 condos for sale, 172 condos sold, 15% chance of selling.
December, 2006 439 condos for sale, 229 condos sold, 52% chance of selling.
So buyers and sellers, there was a huge change in the chances of getting a condo or town home sold in December of ’07 when compared to December of ’06. Over half of the condos for sale in December ’06 received offers and sold. This December’s 135 sales represented a 14% chance of selling, quite a change from last year’s 52% chance.
However, we are defying real estate market trends as the median price for December, $344,414, was just a hair under the year’s high. In October the median sales price for a Seattle/Eastside condo was $345,416. Condos ended the year with almost an 8% higher median price point. The overall price increase for 2007 is counter to traditional real estate market trends. Usually, if there is such a drastic decline in sales, a decline in prices follows, but not in Seattle’s eastern suburbs in 2007!
The Seattle/Eastside condo market at a glance:
Highest median price: October
Lowest median price: January
Greatest amount of inventory: September and October.
Lowest amount of inventory: January
Largest number of pending sales: March
Lowest number of pending sales: December
In my summary for the Seattle/Eastside 2007 residential market post below, I made some comments about this year’s real estate market, which I believe to hold true for the condo market:
“This will be a more realistic year. The market is softer for sellers, but not dead on the arrival of 2008 like in many areas of the country. Sellers need to be competitive with pricing and have a top notch marketing plan and presentation to capture a buyer’s attention and get the sale. Realistic sellers should not have a problem getting a home sold. Those who decide to sell should expect longer market times and flexibility in pricing.
Buyers have great choices, interest rates, negotiation opportunities, and a chance to think before jumping on a home in today’s market. Buyers should also plan to buy and stay put for at least 3-5 years.
Keep in mind, we are one of the stronger markets in the country. There have been other realistic real estate markets in Seattle before. I’ve seen a few over my 20 year real estate career. The market will change once again. It always does!”
Rails or trails or rails and trails? Do we have our answer? Here’s the latest rails/trails news from King County from my Kirkland blog, I just wrote an article about the most recent plans King County has for the Eastside BNSF rail line. As I’ve mentioned before, the rail line goes right by many Eastside/King County neighborhoods, all the way from Renton, through Bellevue, Kirkland, Redmond, and on up to Woodinville.
The King County Council is opening up some time for discussion regarding the proposed changes to the rail line. I will keep you informed about any meeting times as I hear about them. Of course, if you have any opinions now, feel free to share!
S.O.D.A., serve our dog areas, is an organization devoted to open spaces for our four legged friends in King County. It’s an organization with a 20 year history and was created to help save the off-leash area of Marymoor Park. The SODA members worked hard for a number of years before the county council voted in 1995 to keep the off-leash area.
The entry area
Dogs and their owners socializing
Dogs just want to have fun in the Sammamish River
Gravel trails
Bridges over ravines
Today, SODA has taken on the responsibility of stewardship for Marymoor’s off-leash area. The organization is now a non-profit group dedicated to responsible usership of the park by dogs and their owners. SODA members volunteer time to make sure things are taken care of at the park. You can thank the SODA volunteers for building fencing, trails, bridges, providing pickup bags and sani-can service.
Imagine:
15,000 volunteer hours
$328,000 raised
600,000 visits per year
1600 visits a day
If you are a dog lover and your dog uses Marymoor Park, SODA needs you. Please volunteer your time or give a small donation to keep the group and the dog park vibrant and alive.
Thanks to SODA volunteers for all their hard work over the years.
No transit proposal, but there are number of changes happening on the Eastside that should help improve traffic over time. Some of the details of the transportation changes around the Sound can be found in Mike Lindblom’s article from Sunday’s Seattle Times and a previous post I wrote back in the spring.
Here’s what’s happening in your neighborhood:
Bellevue:
Gone with the wind and a few pieces of machinery and a bit of manpower will be The Wilburton Tunnel. This is to make way for the widening of 405 in Bellevue.
For those taking the “hazardous” journey across 405 in downtown Bellevue, another overpass will cross 405 at NE 10th St. Hopefully, this will help with the bottlenecks on NE 8th St.
For those heading to Seattle in the morning, there will be a new westbound HOV lane on I-90 from Bellevue to Mercer Island. Another HOV lane should help with the morning commute.
Looking to fly to work from the plateau? The new flyover ramp from highway 202 (Redmond-Fall City Road) to 520 heading west towards Bellevue and Seattle will open this year. This will be a boon to homeowners on the plateau who have had to deal with increased traffic and longer commute times over the years.
Public transportation:
Sound Transit will open freeway stations in Redmond, Mercer Island, Issaquah, and Totem Lake.
King County will expand its fleet with the addition of 20 hybrid buses.
The County may bring back the old to help cure our newer traffic problems. Kirkland is in line to for a potential ferry service from Seattle.
It’s a start, but more obviously needs to be done to make it easier to commute around the Sound.
It’s tough to keep “on track” with this one! I think the ink may be dry, for the moment, on the latest plan between The County and The Port. There are still some issues needing resolution, so stay tuned! For a more complete report and links to other articles on the rails to trails, check out my post on my Kirkland blog.
It’s the holiday season, so I digress some more from traditional real estate to some of the fun events on Seattle’s Eastside.
Instead of 31 flavors of ice cream, Molbak’s has 31 different varieties of pointsettias at this year’s annual festival. Who knew there was anything but basic red or white? Well, here is the place to find out about many of the varieties. Molbak’s, one of the best garden stores on the Eastside, gets dressed up for many of our holidays. It’s always a fun place to go. Besides the poinsettias, the rest of store is a treat to see as it is all decked out for the holidays.
Do you know where Poinsettia plants originated? I learned about their origin from my husband who grew up on Poinsett St. in Greer, SC. The street and the plant are named after Joel Poinsett, who was the ambassador to Mexico in the early 1800′s. He found these gorgeous flaming red plants in Mexico and brought them back to the United States.
Did you know that December 12th is National Poinsettia Day? Neither did I! I bet most of us missed it.
There are also over 100 varieties of the plant.
The colored leaves are not the flowers, they are colored leaves called bracts.
One of the photos below shows a picture of purple and green bracts. These poinsettias were handpainted and not to be confused with all the others that are their natural color.
Bellevue celebrates the holiday season again with a fabulous lighting display at The Bellevue Botanical Garden. This year the lights have gone “greener”. Many of the displays are using LED lights, rather than incandescent lights. Not only are these lights energy efficient, they are also more vibrant in color. The garden lights are open from 5:30 -9:30 PM through December 31st, so there is still time to enjoy the beautiful display. Check out the spider web and the gorgeous palm trees! The event is free, but parking at the garden is $5.00. There is off-site parking available at Wilburton Park, just down the road.
Here are some more great photos I found on meetup.com taken by John Forsberg.
Below are the photos I took on one cold evening stroll through the garden. Even though it was cold, the light display made it well worth the trip.
Have you ever tried to run to the mall in downtown Bellevue for a quick errand? It’s almost impossible to do these days.
Even though the transportation bill went down in defeat, there still are some things being done to help with traffic problems. The City of Bellevue has just been awarded a $300,000 grant from the state program, GTEC, to help ease traffic problems. The Growth and Transportation Efficiency Center is a program funded by the legislature to identify areas in which single occupancy vehicle traffic can be reduced, thereby helping to eliminate some of traffic congestion. Bellevue is one of 7 cities in the state who are receiving GTEC money.
How could this money be spent?
-Rebates to employers for employee transit passes
-Providing information to people about alternative transportation.
-website development(in development mode)www.chooseyour waybellevue.org
Besides the involvement of Bellevue and the state, King County Metro and Sound Transit are all getting into the act.
Projections are for employment in downtown Bellevue to increase dramatically. With the number of new condominiums being built, residency in the downtown core will also be on the rise. It’s great to be looking at the downtown core traffic issues now.
• Since 1973, King County’s urban tree canopy has decreased 40%.
• In one year, 100 trees are able to convert 5 tons of CO2 into oxygen.
• One acre of trees can absorb the CO2 produced by driving your car 26,000 miles.
• Just one 80-foot beech tree can remove the CO2 generated by two households in a day.
• Over a 50-year period, one tree provides $62,000 worth of air pollution control.
I learned these all important facts listed above, when I looked at the Live Earth website earlier today.
I posted an article on my Kirkland blog the other day about the re-emergence of the plan to convert the BNSF railroad tracks on the Eastside to a walking trail. From this photo I took when the Dinner Train was still running, you can see there is room for both a trail and the tracks. The trail would be a wonderful amenity that can benefit the entire Eastside. With the addition of these miles of trails, the Eastside would have the largest trail system in the country. The trail is projected to run from Renton on up to Woodinville and would connect the Sammamish River Trail and the Burke Gilman Trail. The plan would not eliminate a future train line, but would allow for a trail system that could be used by many Eastsiders.
Opponents have been trying to preserve the tracks, believing the cost would be about $30 million dollars to upgrade the rails and could be acccomplished in 60 days. My issue with this plan has always been focused on the locations for station stops and the parking. Since the train line basically follows alongside residential areas, crosses streets, and runs by schools, it is difficult to imagine where the stations and parking would be.
Any thoughts on whether you think the trails idea is a good thing?
The fair is a great opportunity to learn about the services available to help seniors stay in their homes. Many of the participants are part of Bellevue’s Network on Aging. Overlake Hospital is one of the major sponsors of the fair. Diana Thompson, who is a member of Bellevue’s Network on Aging, attended the last Kirkland Senior Council meeting and talked about this weekend’s fair. Below are some of the people projected to be making presentations at the fair:
1. Keeping Your memory Sharp, Regina Bennett, MSW Overlake Hospital
2. Staying Financially Fit in Retirement Dwayne Dilley, Senior Financial Advisors (Member of Bellevue NOA)
3. Don’t Let Falls Get your Down Lynne Robinson, CMPT (also president of Bellevue NOA)
4. Letting Go of the Keys Without Losing Your Independence Jeanne Morrow, RN, MSW Overlake Hospital
5. Staying Healthy as you age, Dr. John Addison, Mercer Island Senior Health Center
6. Living with Loss and Grief Eileen Putter, counselor and member of Bellevue NOA
(7. How to Hire Helpers John Deacon Senior Services
8. Legal Planning to Make your Wishes Known Kristin Reeder Eastside Legal Assistance
9. Healthy Eating for One or Two Ami Karnosh, MS, CN AND Melissa Moulton, MS, RD, CD
10. Senior Scams-Don’t get Taken Marcella Kallnman Better Business Bureau
11. Long Term Care Insurance, Is it for you? Luke GJURASIC Gjurasic Story Group
12. Practical Tips for Caregivers and home Care Innovations George Smith, MSW Visiting Nurse Services
The presentations are scheduled for 45 minutes at a time. Some of the presentations will be held more than once.
In addition to the above lectures, there will also be activity demonstrations, such as Yoga and Tai Chi.
The fair is a great opportunity for seniors, boomers, and extended family members to learn about the services available to seniors in the community. Too often, people wait to investigate senior services until after a crisis develops. How often have you heard about your friends or family members making quick life-care decisions in a crisis mode? Attend the fair, learn something new, and be better prepared for making important decisions.
In light of the disastrous fires in California, I hope the voters of King County will come out enmass and support the Medic/One EMS levy. The Medics provide an invaluable and life saving service for everyone and anyone. No matter who you are, you could need medical assistance. It can happen at any time and without any warning.
Can you imagine how much the medics have been doing to help during the disastrous fires in California? I can’t imagine how much more difficult it would be for the people of Southern California without the medics’ assistance.
King County Proposition 1 is on the November 6th ballot and is a proposal to raise taxes by $.30 or less per thousand dollars of assessed valuation to pay for for the county wide Medic One/Emergency Medical Services (EMS) levy.
What organization does it support?
The King County Medic One/EMS system, which provides life saving assistance to the citizens of King County on an individual basis and during times of disaster.
Below are some comments in support of the proposition from two cities in King County:
Wayne Corey, Enhanced Public Safety Committee, Des Moines had this to say about Medic One in The Seattle Times on October 19th of this year:
“In 2006 the EMS system responded to more than 166,000 calls to 911 (53,000 for advanced life support), an increase of 6.9 percent, and still maintained a steady response time of 7.5 minutes. The cardiac-attack survival rate as discharged from the hospital alive was 41 percent.This is outstanding when you consider this rate for major cities across the country is from 5 percent to 30 percent. And to add to that statistic is the fact that our Medic One does the job with fewer paramedics and dollars expended for Medic One units of equal or greater size.”
Pretty impressive numbers.
Here’s part of news release written Marie Stake, the communications program manager, for The City of Kirkland:
“the Kirkland City Council unanimously approved a City resolution that expresses its support of the county-wide 2008-2013 Medic One/Emergency Medical Services (EMS) levy. The system provides life-saving medical assistance to all residents of King County, including Kirkland city residents. Patient services are funded through an existing levy that expires December 31, 2007. Over the past year, a consortium of fire departments, including the City of Kirkland, paramedic providers, physicians, finance specialists and other stakeholders developed consensus about future funding and operational plans for a levy. The strategies are contained in the Medic One/EMS 2008-2013 Strategic Plan. In addition to the proposed levy, the consortium has recommended developing a financial plan to fully fund Advanced Life Support/paramedic services, increase funding for Basic Life Support services, develop a reserve fund to address unanticipated needs and implement other strategies. . To learn more about King County Emergency Medical Services or to view the Strategic Plan, go to www.metrokc.gov/health/ems/.”
I will be there as a member of the Kirkland Senior Council.Our group will distribute a free checklist with valuable advice to help prepare seniors and caregivers.The checklist, entitled “Just In Case,” has been developed by the U.S Administration on Aging.
The Senior Council is also sponsoring the Vial of Life program.The Vial of Life is a free program which includes a package with a list of important medical data.This package can be posted on your refrigerator and is available in times of crisis to first responders.Stickers can be posted on your front door to let first responders know you have a Vial of Life Package on your refrigerator.
Come on down to Evergreen Hospital.The fair is in the main lobby of the hospital which is located off the parking garage.Have questions?Call 425-899-3000 or go online to Evergreen Hospital’s website.
Go see chickens, take a hay ride, meet the farm animals. Enjoy fresh produce and cooking demonstrations with chefs “outstanding in their field” (pun intended), music, and more on Saturday, the 22nd of September. The 9th annual Harvest Celebration Farm Tour will be happening all over King County from 10 AM-4:30 PM.
There are some great small farms which provide wonderful food and produce for some of Seattle and the Eastside’s best restaurants and supermarkets, such as The Herbfarm, Wild Ginger, Seastar, Whole Foods, and PCC Natural Markets. This will be your chance to “get a taste of farm life” and find out about local foods at their source.
At the forefront of this event are several important organizations. One group is the King Conservation District, which is dedicated to supporting farm life. The organization supports sustainable farming, environmental safeguards, and conservation. Washington State University King County Extension is another of the farm tour sponsors and works hard to promote farming in King County. Other groups associated with the tour are the Cascade Harvest Coalition and Puget Sound Fresh.
All my hot buttons in one place: real estate and financing , emergency preparedness, seniors, and Built Green issues! Wow, good stuff for all to see and learn about. The Master Builder tour of homes began today and covers new construction sites in King and Snohomish Counties. Tour hours are from noon-6 PM each Friday to Sunday from the 14th to the 30th. A number of the popular builders, including Camwest, Burnstead, Murray Franklyn, and Shea homes are involved in the tour. Learn about the latest new construction styles, in addition to learning about Built Green issues, emergency preparedness classes, home warranties, and mortgages. Given the latest in the mortgage industry, the mortgage classes should be hot ones. For a class schedule, check out the Master Builders Tour of Homes Classes
Bart Harrington, the head of Windermere Mortgage Services, spoke at my Windermere Real Estate/East, Inc. office meeting this week regarding the latest mortgage news. Mr. Harrington had some postive news about mortgages in the Northwest.
He shared with our group that the amount of subprime loans made in the recent past varied according to locale. Washington State had amongst the lowest percentages of subprime loans made. Because of our strong job market, buyers here were able to qualify for more traditional loans. Not as many buyers were approved with no income verification loans and low credit scores.
The national average for subprime loans was 20%, and in Washington State only 8% of the loans were subprime loans. Whereas in Las Vegas, for example, 40% of the loans made were subprime loans. The mortgage fallout in Las Vegas stands to be far more damaging than in King County.
Other interesting information: The three top states with strong performance for mortgages backed by Fannie Mae or Freddie Mac, were all in the Northwest: Washington, Oregon, and Idaho.
Remember that real estate is local, varying dramatically from place to place. King County and Washington state are some of the strongest locations in the country because of the healthy economy and job market. Is the market softer than earlier this year? Yes, however, it is a great time to buy because the market is slower and some sellers are willing to negotiate.
With the good, there is the bad. The previous posting talks about the “Gold of Seattle Real Estate”. The good: our great job market and great real estate appreciation. Our bad: the traffic!
Everywhere you go on the Eastside right now roads are being torn up. It’s all for a good cause and will improve our commuting over the long run.
Quite a bit is being done to mitigate our woeful traffic issues.
Here is some of what is going to be new, exciting, and different. Some of this is ongoing and some is planned for the future.
For all you plateau home owners relief is in sight!
Highway 520 from 202, Redmond-Fall City Road, flyover is being built by Fred Meyer to take traffic from 202 over to 520. Traffic will no longer have to stop at the lights and wait to get onto 520.
Highway 202 will be widened from East Lake Sammamish Parkway to Sahalee Way with a new lane in each direction.
Both changes should help cut commute time by 15-20 minutes from the plateau.
For the downtown Bellevue crunch:
Trying to get from 405 North in Bellevue to 520?
The off ramp from 405 to 520 is going to be widened to make the transition faster and smoother.
There will be new overpass on NE 10th over 405. Group Health will have a new facility on one side of the street and Overlake Hospital will be on the other side.
Beginning now: New lanes will be added to 405 between SE 8th and 112th Ave.
I just finished a post about the condo market and had mentioned dog parks were one of the new hot buttons. I opened the latest Broker Agent News and read about the new neighborhood “must have”, the dog park. Looks like this is a hot topic!
We are very lucky to have Marymoor Park with its huge off leash area right nearby. A good friend of mine refers to the dog park as “Doggy Disneyland”!
The only other dog park I found on line that was even close to the Eastside was in Luther Burbank Park on Mercer Island.
Eastside Real Estate Buzz
