Seattle Condo

Fannie Mae HomePath Financing

The Fannie Mae HomePath program is an attraction solution for financing condos and townhouses.  Many people are familiar with HomePath’s attractive features for all types of properties: down payments as low as 3% of the purchase price, seller contributions up to 3.5% of the purchase price, no mortgage insurance required.  However, there is an added benefit for condos in that Fannie Mae waives the appraisal and guarantees financing without regard to the status of the condominium homeowner’s association (HOA).  Condos are increasingly difficult to finance as new rules from the FHA have cut off financing eligibility for the great majority of condominium associations.  As reported in the Washington Post (“FHA rules for condo purchases are causing major headaches for buyers and sellers“), less than 10% of condo HOAs whose FHA eligibility had expired have been recertified.

Accordingly, buyers of condominiums who aren’t paying all cash should either inquire about the FHA eligibility of a condo complex before making an offer or positively seek out only Fannie Mae owned condos to take advantage of these attractive financing features.

A client of mine recently got a HomePath loan approved at 4.5% interest for 30 years.  Fannie Mae contributed 3.5% towards his closing costs.  I believe he put down 7% in order to bring the loan amount down a bit to a level he could qualify at.

Seattle townhouse

Click here for a list of Fannie Mae owned condos.

There may be more variety at the Seattle Zoo but certainly there is a lot to do at the smaller Cougar Mountain Zoo in Issaquah.  For kids who love to see unusual animals, explore wildlife facts, and especially see their favorite tiger or reindeer, it’s a winner.  The  location is good too, even though it’s admittedly out from the city of Seattle a half hour or more.  For families coming from Seattle a trip could be coordinated with going to a honey shop or farm stand to get fresh produce and see a farm atmosphere (I’ll blog about local farms that invite visitors later this week).

For kids living more locally, this is a great resource as, if you get a family membership, you have a park with animals and other fun elements that you can visit again and again.  As the novelty of running around looking at the animals wears off a bit the animal track library, the mini lectures, and the “Cougar Encounter” “Lemur Encounter” “The World of Wallabies” and “Tiger Encounter” start to draw attention.  The “Fountain of Tomorrow” will be a must-stop every time, and can become a wonderful tradition (take a moment and contemplate your hoped for tomorrows,  then make a wish).  Here is a photo album from our trip to the Cougar Mountain Zoo this year, please send me some if you have any nice photos I can add!  It’s edy.kizaki@exprealty.com.

Click here to go to my Picassa photo album of our Cougar Mountain Zoo visit.

One of the familiar sights on Main Street in Issaquah

lot of things of interest, including the recently built library and the salmon hatchery.  There are lots of culinary choices, Jak’s Grill is wonderful cuisine and delightful atmosphere (however they don’t accept reservations) and another great choice is the Issaquah Fish House.  Both are on Front Street very close to the Train Park.   There is also a Chocolate Facotry, Zoological Park, and operating trollys!  One of my favorite spots along Main Steet is the Dairygold Dairy which has wonderful huge murals and those sparkling white milk towers.  I know my son is always facinated when I point it out as we go by.

Welcome to the "NEW" Pine Lake Park

This week my curiosity overcame me and I had to go out and see what was going on in Pine Lake Park. The park is located on the Sammamish Plateau on the East side of the lake on the intersection of 228th Ave. SE and SE 24th Street. The park is one of Sammamish’s most prized possessions. People have been coming here for more than 90 years to relax and take in the pristine nature. As the name suggests, the lake is surrounded by beautiful tall pines. There used to be a resort in the early decades of the 20th century. This resort operated well into the mid 1960. In 1969 it was totally demolished and removed. For some time there were 2 buildings, which were used as kitchens.

Over time the city put in a parking lot, a baseball field, a basket ball field, a climbing structure for smaller kids and several playgrounds. The park is heavily used by Sammamish residents in summer and on sunny days. It is a great spot for fishing as well. On the dock you could find many people fishing for trouts, that are being stocked by Fish and Wildlife. It is not uncommon to catch trouts up to 30 inches in length.

View from pier to the beach area

In 2003 the city decided to improve Pine Lake Park to preserve its pristine beauty. And what a great job they did. The entire shoreline has been landscaped and beautified with a pebble beach and tree logs and new plants. There is a new boat launch area for non motorized boats only. You can drive with your car right to the lake and launch your canoe or kayak right there.

Another great addition to the park are several new picnic shelters that can be reserved through the park and recreation department. these structures are also brand new and seem to have been built for eternity. There are a few smaller ones and one large one for big groups of people. Stationary charcoal grilles are available and hot coal disposables are right next to them.

Grill shelter at Pine Lake

The other great and big improvement is the brand new pier. It seems to be twice the size of the old pier. It encircles a larger swim area as well, where there are no boats allowed within 100 ft of the pier. That makes swimming safe for the kids. During summer this pier is a popular hangout for the teens of Sammamish. The pier forks out to the West also, which means you get a lot of space for the sun worshiping crowd and the people who like to fish.

The great pier

A new concession stand and bathroom facilities can be found at the lake shore. All walkways have been improved and large granite rock steps lead down to the beach and pier. Benches have been placed strategically as well. No more stumbling over exposed roots here.

The park is used during summer for community events like Summer Nights at the Park, music concerts, plays and outdoor movies.

Photographers also like to come here to take pictures of  bald eagles frequently diving into the lake for trout, or just catching a nice sunset, or the reflections of the shoreline in the calm waters. Another common sight are the “floating docks”. Property owners with a dock have converted part of it to float. Equipped with a small electric motor, these 8×8 floating docks are an oasis for the owners. They have been seen to BBQ and have a relaxing glass of wine while watching the kayakers go by.

The lake is surrounded by about 140 properties, all of which have lake access. The homes rarely change hands and when they do, they sell for about 1 million$ and up. Currently (04/16/09) only one property is offered for sale for 599,000$. That is for the lot only, there is no structure on the land. In the last 12 month only 3 properties changed hands.

Sunset at Pine Lake