Eastside Deal of the Week

Each week I’m picking out the Deal of the Week out of my Eastside Value Buyer’s List.  I’m looking for a house that is already discounted to fair market value at the list price and is in good repair.  I visit the house, take 60+ photos, and record a video of my impressions.  Read on about my property analysis and bidding strategy:

Eastside Deal of the Week

Eastside Deal of the Week

Eastside Value Buyer’s List

Today I launched a weekly series of MLS searches to discover the best prospects on the Eastside for investors and handy owner occupiers to buy houses at a discount.  This is an amalgamated list of bank owned homes that already appear to be fairly priced, estate sales, out of state owners, listings with data entry errors, houses sitting unsold for an excessively long time – a whole variety of searches I use to find situations with distressed owners.

Learn more here:

Eastside Value Buyer's List

The Pirate’s Booty Seafair Milk Carton Derby
Located in Green Lake, from 10 a.m. to 4 p.m., the 41st annual Milk Carton Derby will be featuring over 100 contestant boats, made of milk cartons, competing on the lake for prizes!  There are both shows and racing, and the boats are built of milk cartons by children but there are also events for adults.  And hear this, there are over $10,000 of prizes being offered to the lucky (or skillful, or both) winners.  There are all kinds of Seafair celebs expected to be there, including the Seafair Princess, and rumor has it opportunities to pet pigs will abound.  It sounds like a lot of fun and will certainly give the Sounders game some competition for the most entertaining event in Seattle tomorrow… but wait, there’s more…

 White Center Jubilee Days, 8 a.m. to 11 p.m.
This neighborhood event has been happening in White Center for 88 years!  During the days of the festival there’s a Spring Fling, a Pinewood Derby, a Rollerskating Party, Carnival is 3 to 10 p.m. at Steve Cox Memorial Park, Fireworks start at dusk.  There is also a Garden Tour, Gala Auction, and a Car Show.  On the 16th the event is a Street Fair.

Kirkland Uncorked  11 a.m. to 10 p.m.
A tasting garden with grilling demonstrations, wine sipping, live music!  But don’t miss the dog modeling contest, the boat show, the artist showrooms… and don’t miss the alluring lakeside Kirkland downtown area, absorbing on any regular weekend but all dressed up and ready to party this Saturday.  The Annual Grill Off takes place 5 to 6 p.m.  check the website for more details.

Covington Days Festival 9 a.m. to 9 p.m.
The festival happens all day, but get there early so you don’t miss the parade, which is starting at 10 a.m.  There’s an art show, a watermellon eating contest, live music, arts and crafts, vendor booths, kids’ activities, Carnival, and a DJ!  Here is the website if you are going to be in the area!

Bon Odori 4p.m. to 10 p.m. (and Sunday 3 p.m. to 8 p.m.)
I still remember the smoky night air in the hot sticky Japan summer.  Around a bonfire the village people (in these times neighborhoods qualify) in cotton summer kimonos called Yukata dance the old village dances.  This festival happens in July or August and honors the ancestors.  There will be craft exhibits, performances, wonderful yakitori (skewered chicken) roast corn, and other summer festival food, and of course the dancing.  It’s not so hard, join in and learn the steps as you go, the drums and shrill flutes are mesmerizing and you will feel summer in your bones.  Here is the website for this year’s festival.

A major advantage to this neighborhood is the proximity to 405, but also the ability to take Lake Washinton Blvd. over to join 520 just south of Kirkland and go west to Seattle or east to Redmond near Marymoor Park.  You can also go straight east from downtown on NE 85th Street get to Redmond Way.  If you go up Market Street northbound from Marina Park, you will get to Juanita, north part of Kirkland, with Juanita Beach Park and a more unstructured, country feeling in parts.

Real Estate values in the Kirkland Downtown (also known as Market Street area) have dropped somewhat along with the general real estate market, in the Downtown neighborhood about 10% from a year ago according to rough Zillow statistics, but still remain at a median price of over $700,000.   As you are trying to establish value for a property you like in the neighborhood, it can be useful to see everything available in that price range.  In the relatively small and in-high-demand area of Downtown in Kirkland, there are currently 12 properties on the market priced between $500,000 and $700,000. Of these, two are homes (one smaller older house on a large lot, one new on a relatively small lot), 7 are 1-level condominiums, two are 3-level condominiums, and one is a townhouse classified as a condominium (which means you will pay HOA dues).

In order to put this in perspective, here are the properties in the same Downtown area priced from $700,000 to 2 million.

Also a good comparison of properties in that area are going to be East of Market neighborhood, just north of the downtown and residental with some older and less upscale homes among the luxury new construction, and Houghton which is just above (east) of downtown, still west of 405, and many properties with lake views and great proxmimity to all that makes Kirkland special.  Here is a list of all the properties between $500,000 to $700,000 in East of Market and Houghton, which puts the Downtown neighborhood pricing into another perspective.

At the Marina Park is a sandy beach, a boat launch, walking trail, and benches to take in the sights.  There are picnic tables and a pavilion, and in general a very nice little beach and strolling spot at the foot of Market Street.  Since there is a nice parking lot there, and all kinds of shopping and restaurants within a minute or two strolling, it can be your main destination or it can be a shorter pause in a busy afternoon.  Lake Washington is so wide that you have a distant vista of water stretching away and this means some serenity in a busy day.  Any time you stop by you will see people enjoying the sights and conversing, whether they are sitting on the benches, the lawn, the sand, or strolling along.  There are bronze sculptures on permanant display on the park and you will also find them thoughout the downtown area as you stroll along.

Events, such as the Wednesday Afternoon Farmer’s Market (3-7 p.m. May to October) are plentiful.  They also include Art Walks every other Thursday, the Kirkland Street Scramble on August 14th this year (on foot or by bike, how many checkpoints marked on the Kirkland map can you visit in 3 hours?), both a children’s concert series and an evening concert series for the Summer Concerts, and the renowned Kirkland Uncorked, this year July 15-17, a regional showcase of art, food and wine at Marina Park, with everything from a dog modeling show, tasting garden, boat show, and music!

Even with all that goes on here, in my opinion some of your best moments may be just relaxing with a friend and watching the sunset.  Enjoy!

eXp Realty would like to welcome its newest real estate investment expert, Bob Kelly, to our team in Bellevue, WA.  Bob is a newly licensed agent, since June. He lives with his wife and three sons in Bellevue, WA.

Real estate investment background:

Bob and his wife have purchased six rentals houses between Bothell and Olympia. They own a vacation rental beach house out at Pacific Beach. They self-manage all of those properties. That experience has taught Bob about advertising, blogging, and building websites. He began last year to turn over the rental portfolio on lease options and owner financing for greater cash flow, and recently learned about the business of flipping mobile homes in senior parks. His first project is currently for sale on the MLS (#152530).

Bob Kelly joined eXp Realty for the technology platform, training in Social Media Marketing, the company leads, and the reasonable fees. He is excited to be the first agent on the Eastside (Bellevue, WA),  and looks forward to the opportunity to build the company’s business over there.

Unique Real Estate Services:

Investors: Bob likes working with investors. He’s a member of the REIA in Bellevue , a real estate education and networking club. He will fearlessly make low bids for investors.

Vacation rentals: Based on his personal experience, Bob can help buyers with the acquisition, furnishing and set up, remote management, and advertising of a vacation rental property. He also offers a vacation rental marketing service, where he will photograph the property, create a new website, and post daily ads to Craigslist.

Bellevue Real Estate Services: Bob Kelly has  lived on the Eastside since age 3, so he expects to fill out the company’s websites with articles about Eastside communities and make Bellevue his area of expertise.

Education:

1. Data Processing at Bellevue Community College – 1983 to 1985
2. Lots of real estate investor seminars and programs: Robert Shemin (wholesaling), Dean Graziosi (wholesaling), Todd Toback (lease options), Jerry Lucker (mobile homes), Jeff Adams (REOs), and Rich Dad.

Former career: Computer Programming (25 years). His favorite part was the six trips to Italy to work with Olivetti in the late 80s and early 90s.

So, if you are a real estate investor looking in the Seattle, Bellevue or Greater Puget Sound area, Bob is your guy. He’s been there, and he’s done it, so you can bet he will get you a good deal.

Bob Kelly is a real estate broker with eXp Realty in the Bellevue, Washington area, near Seattle. He specializes in residential investment property. He can be reached  at (360) 480-9154 or bob.kelly@bellevuepowersearch.com

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

Purple Cafe and Wine Bar in Kirkland

Purple could be a mindset, it could be a way of life.  If I didn’t have anything else to do than explore area wines and eat wonderful food, I might be there every day for lunch, meet a bunch of people there for happy hour, and then have a late supper with some wine tasting as a backdrop for an intimate get together with old friends (or new ones, lucky in that in this line of work we meet fantastic new people all the time in the form of clients, some of whom definitely enjoy wine and conversation).  Since there are a few hundred other things on my dance card on a weekly basis I am somewhat more conservative in my attendance at this “must stop” local superstar, but I do try to get there whenever the occasion permits.  The one in Woodinville was my first visit and therefore my first love, but recently made it a point to stop in at the Purple in Kirkland and loved it as much.  In fact the friendly and attentive manager and waitstaff made the experience far more than a simple lunch stop, not to mention the delicious dishes we tried.  Although I refrained from a wine tasting as I was going to do a virtual tour later, the wine selection is as great as the one in Woodinville.  Must admit with all the competition at Pike Place Market (and nearby Wild Ginger which is on my Best Ever list) as competition I have not yet gotten over to the one in Seattle, but it’s definitely in my plans when the chance occurs.  Make it a point to go if you love wine and great cooking, you won’t be sorry and you will find yourself, like me, going back whenever you get a chance.

Lunch at Purple

Lunch was just wonderful, salmon penne pasta and a fantastic pizza

daily featured local wines for tasting at Purple

This park is a hidden jewel which, once discoverd, will not fail to get onto your list of permanat favorite places

to take the kids.  There are a variety of different areas and activites available here including hiking and swimming in Lake Washington.  Today I concentrated on the Castle Playground which has an almost infinite variety of climbing stations and wonderful castlelike structures for active and fantasy play.

A bit of history… St. Edwards State Park was once a school for priests that was donated to the Catholic Church by a local bishop.  Later a school for boys, lessening use led to some of the area being sold to the state as a park.  This is the largest undeveloped area on Lake Washington and has a variety of hiking trails leading down to the lake.

Climb trees, picnic at the many tables, run around the huge fields, hike, even bird watch.

Downtown Kirkland opens its doors to romantic couples, their friends and family for a very special event on Valentine’s Day 2010.  Special Celebration will be held on Valentine’s Day February 14th 2010 in Historic Hall in the heart of Kirkland, WA

Couples will hold their wedding, renewal of vows or commitment ceremonies. The event is held by www.KirklandWeddings.com is a membership organization of Kirkland based business’ collaboration. Kirkland based companies provide product and services to support weddings so couples may save money for Honeymoon and Reception. Local Kirkland Restaurants are available for Reception celebrations. Make sure to book in advance!

All participants must register before Feb 1^st, 2010 and are offered $350 package. Ceremonies will be held on Sunday, February 14^th 2010 for 24 hours on each hour of the day.  Marriage license must be obtained by each couple from State of Washington and submitted to KirklandWeddings.com before February 5^th, 2010

Below are the services included in the package:

• Seating for up to 30 guests with the use of Heritage Hall in Kirkland, WA
• Decorations and fresh flowers
• Ceremony Text available
• Service of the Wedding officiate
• Traditional Wedding Music
• On-site Wedding Coordinator
• Bride’s fresh flower bouquet
• 30 minutes of professional photographer’s time
• One photo 5×7 and other pictures are available to purchase

Here are several more details to be aware of:

• Music could be provided if the musicians are available. Early registry could be helpful to reserve the musician.
• Witnesses could be provided upon request.

To get more information an details of the event, please contact www.KirklandWeddings.com

friends and chat as you people watch, boat watch, and even do some bird watching as well!  Marina Park has a sandy beach, open air pavillion where there are concerts in summer, and magnificant views of Lake Washington and Seattle.  There’s a pay-per-use boat launch and a general air of festivity.  Nearby several well-known restaurants, a wine tasting and Martini bar, Wild Rover Pub, and galleries and boutiques assure the adult end of laid back entertainment.

Kirkland is a paradise for hikers, walkers, joggers and bikers, as the paths along the water provide breathtaking views.  You can hook up to the Burke Gillman Trail (an old railway converted to a biking path) which starts in Kenmore and goes along the water and all the way to Ballard.  Going the other direction, it’s extension is the Sammamish River Trail, which reaches all the way to Redmond, for a total distance of 20 miles.  (There is also talk of extending it to Issaquah.)   When I was here to meet a client last Monday the Seven Hills of Kirkland cycling event was going on, a four hour event for charity.  Since May 6 the Kirkland Wednesday Market started, being held from 2-7 every Wednesday in Marina Park.  May also saw the annual Kirkland Art Tour and several concerts and cruises.  June is offering a full calander of events, including the start of the Friday Night Market on May 29 which goes every week from 3-7 at Juanita Beach Park.  It’s another open air market featuring fresh produce and flowers, arts and crafts.  There is a Juanita Bay Wildlife Tour on June 7 and A Day on the Lake June 14, at Marina Park, and another great event planned at Bastyr University for June 6, their 11th Annual Herb and Food Fair.