What is a Short Sale?

Do you know what a short sale is?  You hear about it all the time in the news.  Your friend just scored a super deal on a short sale.  A stranger once suggested to you to never ever make an offer on a short sale.  I get asked about short sales a lot and as much as I despise providing generalized answers to some of the most pressing real estate questions, my answer often is “I can’t tell you concretely until we get into one.”  No, it is not a trick statement or sales strategy of a real estate broker; plain and simple, every short sale is different.  And even within the contract, there are obstacles, complications, disappointments, and pleasant surprises that come up in a short sale transaction.

According to Wikipedia, “A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens’ full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.”  A homeowner for some reason is struggling and unable to continue their obligations will seek to do a short sale on their property.  This is a proactive option by the homeowner in which they are actively working with their lender to accomplish the sale of their home and is an alternative option to a foreclosure.

More on Short Sale

ABOUT CHRISTY KIM

View Deck in West Seattle

West Seattle Remodeled Home

This thoroughly remodeled home sits in a quiet location alongside Camp Long, a 68 acre park, to the north and overlooking a green belt to the east.  The home has been upgraded inside and out.  Outside you’ll notice the quality deck railing, hardi-plank siding on the house, new vinyl sliding door and windows, and fresh paint.  Inside a creamy, rich bamboo flooring flows through the great room and back to the master suite on the main living level.  The kitchen has been completely modernized with stainless appliances, attractive cabinets, granite counter tops and back splash, and colored glass light fixtures.  The master suite features a walk-in closet, small deck, and remodeled bathroom nearby.  Downstairs are found two more bedrooms, a large family room, a second remodeled bathroom, and a new stack washer/dryer pair.  Electrical and plumbing have been upgraded too.

Great Room with Bamboo Flooring

The SW entrance of Camp Long is reached by a short stroll just up Brandon Street.  Enjoy the miles of forested trails and the sturdy rock climbing structure called Schurman Rock.

More Information about this West Seattle Remodeled Home

Click here for more photos of this West Seattle Remodeled Home and Current Listings of Remodeled West Seattle Houses

Seattle Farmers Markets are a local tradition, and each neighborhood has one with a little bit of it’s own special character.  Here is the all-inclusive list of the markets.  You don’t have to limit yourself to one because many of them are on different days of the week.  Two of my favorites are the Fremont Sunday Market and the Ballard Sunday Market, and of course the Granddaddy of them all, Pike Place Market itself.

BALLARD: Sundays 10-3 year round, 5300 Ballard Ave NW

BELLTOWN:  Thursdays 3:30 p.m. to 7:30 p.m. July to Sept, 2901 Western Ave

BROADWAY:  Sundays 11 a.m. to 3 p.m. May to December, Broadway & Pine

COLUMBIA CITY:  Wednesdays 3 p.m. to 7  p.m. April to October, 37th Ave S & S Edmunds

GEORGETOWN:  Saturdays 10 a.m. to 4 p.m. June to October, 6000 Airport Way S

LAKE CITY:  Thursdays 3 p.m. to 7 p.m. June to October, NE 125th & 28th Ave NE

MADRONA:  Fridays 3 p.m. to 7 p.m. May to September, 1126 MLK S

MAGNOLIA:  Saturdays 10 a.m. to 2 p.m. June to October, 33rd Ave W & W Smith St

PHINNEY:  Fridays 3 p.m. to 7 p.m. June to October, 67th & Phinney Ave N

PIKE PLACE MARKET:  Mon-Sat 9 a.m. to 6 p.m., Sun 9 a.m. to 5 p.m. year round, 1st & Pike

QUEEN ANNE:  Thursdays 3 p.m. to 7 p.m. June to October, W Crockett St & Queen Anne Ave

U DISTRICT:  Saturdays 9 a.m. to 2 p.m. year round, University Way & NE 50th

WALLINGFORD:  Wednesdays 3:30 p.m. to 7 p.m. June to Sept, 1815 N. 45th St

WEST SEATTLE:  Sundays 10 a.m. to 2 p.m. year round, 44th Ave SW & SW Alaska

Below are some photos taken at the Fremont Sunday Market.  Come and shop, enjoy, taste, listen, people watch, and I guarantee you’ll be back!

1. The water! Less than a mile away is the peaceful and gorgeous Beach Drive. Just far enough from the bustle of Alki, yet close enough for a great run /walk with numerous scenic viewpoints and parks along the way. There is even a lovely Italian restaurant, La Rustica, for those nights you’d like to take a leisurely stroll to a memorable dinner.

2. The Alaska Junction offers a plethora of restaurants and pubs. A huge variety of foods are represented here. Mexican, Sushi, Steaks, Thai, pub fare and more! Not to mention our thriving nightlife. Monthly art walks feature local artists, there is live theatre at Artswest, as well as a handful of Karaoke and live music venues.

Alaska Junction Restaurants

3. The choices for your morning caffeine fix are nearly endless. If you’re on the run, Angelina’s has a drive thru. If you need some time online, Hotwire has free wi-fi to pair with your latte. Or, if you just want a cozy, lovely place to be,  C & P Coffee has unbeatable ambiance!

4. The Junction also boasts some excellent boutique shopping. Excellent values are to be found at Cherry Consignment and Funky Jane’s. Or if high end specialty clothes are your thing, Carmilia’s and Sweetie are sure to please. We even have specialty shoe stores, like Edie’s and Clementine, that feature the hippest new styles.

5. If antiques make your heart sing, take a walk through our spacious Antique Mall. The mall offers three floors of shopping delights, from antiques to chotchkeys. You should also check out Wild Rose’s Antiques just up the street. A relaxing Sunday could be spent just wandering through these treasure troves!

6. There are plenty of basic services available in the Junction:

• Automobile repair
• Dentists
• Post office
• Banks
• Hairdressers
• Spa services and more.

You can even pay your City of Seattle bills here. Our retailers include two major grocery stores (QFC and Safeway), plus GNC, True Value, Bartells Drugs, Petco and Next to Nature for your pets, the great Husky Deli and Bin 41 for wine just to name a few. And last, but certainly not least, our Sunday Farmers Market is not to be missed!

7. The Alaska Junction has several fitness options. We have Bikram Yoga , the family-minded YMCA, Fitness Together for one-on-one training, and the 24-hour gym, Snapfitness. My personal favorite is the colossal All Star Fitness just down the hill to the East, near the West Seattle Bridge.

Ercolini Park

8. West Seattle has some amazing parks. Lincoln Park is our most grand, set right on the Sound with a salt water public pool, miles of trails and numerous playing fields. There are also many smaller parks dotted throughout our neighborhoods that really strike me. In my neighborhood of Seaview, the newly built Ercolini Park is always alive with children playing. It is a popular gathering place for families in this area. And then, of course, there is Alki Beach, which provides a beautiful slice of Souther California, right here in our own back yard.

Queen Anne from Alki

9.  It is a quick commute to downtown Seattle for an urban adventure. It is great to live in such a quiet, convenient community, yet have all of the excitement and activity of the city available within easy reach. The West Seattle Bridge, Highway 99 and Interstate 5 keep West Seattle conveniently connected.  The Alaska Junction is also a major bus stop, making it simple and affordable to reach the rest of the city.  We also have a  foot ferry near Alki Beach that runs April-October for car free trips to downtown.

10. The people. Even with all of the breathtaking views, beautiful homes, and exceptional restaurants, it is the people that really make West Seattle great. Everywhere you go, there are friendly, outgoing people who are just truly happy to be a part of and share their community.  It is a common site to see our neighbors out for evenings strolls with their dogs and or kids throughout our neighborhoods.  I’ve been living here in West Seattle for several years, and I have many great friends here. There is a real sense of community here, and I absolutely love it!

Rob LeRoy is a Seattle real estate agent and social media marketing coach with eXp Realty.

Re-Posted from Dwellings Seattle News with permission from my friend and colleague Annette Grupido

As seen above chart, Residential active listings units dropped 20.55% from 8707 units in 2008 to 6918 units in December 2009 while Pending Residential units increased 55.10%, as Dec 09 pending listings were 1413 units compare to 911 units in December 2008.  There is a huge increase in sold units at 57.37%, 1462 units closed in 2009 vs 929 units in 2008.  Snohomish County Sold Residential unit increase is at 89.02% when compared to 2008.

As seen above chart, Median Price declined all across for Active, Pending and Sold Listings.  For December 09 sold median price was $380,000, dropped 6% compare to Dec 2008 while year to date Median price dropped further to 11.62%.

As seen above chart, the other important indicator to watch is “Days on the market” (DOM). There isn’t a significant difference, as little as 1.19% for Dec 09 and 6.85% for the year.

Over all, Inventory of homes dropping while sold home units are increasing. December 2009 Market Trend is showing a promising future for buyers and sellers. Yes, values are declining as there is activity out there…..

If you would like more personalized information for your area, please contact me via emailSebnem.oden@exprealty.com or visiting my website www.ProKeyRE.com

Wishing you a prosperous real estate future….

In the entry before you reach the order counter, there’s a bit of a museum with photos of a natatorium that used to be essentially right across the street.   Well if you are anything like me, you do not know what a natatorium is.  I’ll tell you.  It’s an indoor swimming pool arena.  Yes, there are photos of old time bathing beauties…..  Also on the wall are photos of Spud’s fish and chips, in the early years, with soldiers just home from the war, and signs for the fish and chips for 10 cents.  Oh, and just a clue, it costs just a bit more than that now.

At the other end of the room near the front window seats are copies of a newspaper ad where local land merchants (you know, real estate agents) were selling lots by auction, called Alki Point Beauty Home Tracts.  I’m sure some of them are homes that are still standing, but I wonder just how many. That might be a fun study some day.  Alki Point has mostly view condos along the street and across from the beach.  Also some older beach houses, some that grew like Topsy through the years.  (Wow–am I revealing my vintage!)

And then if you wander upstairs and have a seat to eat your fish and chips, you can watch the water taxi make it’s run across to the city, and enjoy the water views.   Take a look!

At the time these photos were taken, it was too cold for all the beach walkers to be out, but in the summer time, this is a very popular spot.

West Seattle, a hilly district in Seattle, Washington, encompasses all of Seattle west of the Duwamish River. It was incorporated as an independent town in 1902 and was annexed by Seattle in 1907. Among the area’s attractions are its saltwater beach parks along Elliott Bay and Puget Sound, including Alki Beach and Lincoln Park (the oldest park in the city), among others. The area is also prized for its magnificent views of the Olympic Mountains to the west and the Cascade Range to the east.
View Larger Map

West Seattle is divided into several neighborhoods. They are Admiral, Alki, Arbor Heights, Beach Drive, Delridge, Fauntleroy, Fairmount Park, Gatewood, Genesee, Harbor Ave, High Point, The Junction, Lincoln Park, Luna Park, Morgan Junction, Pigeon Point, Roxbury, Schmitz Park, Sunset, and Youngstown.

Known as the “gold coast” to many in the housing market, West Seattle has a broad spectrum of available housing, with the majority of real estate retaining a very favorable return.  Due to its unique geographical layout, West Seattle has the most waterfront and water-view real estate in the entire city of Seattle, and it is the most affordable.

For more on West Seattle, check out this article on the Top 10 Reasons to Live near West Seattle’s Alaska Junction

If you’re thinking about buying a home in the West Seattle area, give me a call at 206.883.6668. I live here and I LOVE IT! Let me show you around sometime…

Rob LeRoy is a Seattle real estate agent and social media marketing coach with eXp Realty.