Seattle Real Estate & Homes For Sale | Seattle, Washington » Queen Anne

Residential Housing Statistics in King County December 2009

Sebnem Oden — Thu, 04 Feb 2010 05:54:38 +0000

I was just asked this week how is the Real Estate Market in King County since I mentioned earlier about Snohomish County. Well here is information which was requested about King County. Northwest Multiple Listing Service (MLS) reported as following statistics for Dec 2009. Jan 2010 stats will be published in the coming weeks. We still got 21 months of inventory in King County while Snohomish County got 19 months of inventory of homes for sale.

UNITS	ACTIVE	PENDING	SOLD
DEC 09 UNITS	6,918	1,413	1462
DEC 08 UNITS	8,707	911	929
Total Unit +/-	-1789	502	533
Difference DEC %	-20.55%	55.10%	57.37%


YTD 09 UNITS	33,744	23,019	16,022
YTD 08 UNITS	38,889	18,895	15,991
Total Unit +/-	-5145	4124	31
Difference YTD %	-13.23%	21.83%	0.19%

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.

MEDIAN PRICE	ACTIVE	PENDING	SOLD
DEC 09 MEDIAN	$425,000	$349,000	$380,000
DEC 08 MEDIAN	$495,000	$374,900	$403,500
Price +/-	-$70,000	-$25,900	-$23,500
Difference DEC %	-14%	-7%	-6%


YTD 09 MEDIAN	$479,950	$370,000	$380,000
YTD 08 MEDIAN	$509,950	$424,950	$429,950
Price +/-	-$30,000	-$54,950	-$49,950
Difference YTD %	-5.88%	-12.93%	-12.0%

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%.

DAYS ON MARKET	ACTIVE	PENDING	SOLD
DEC 09 DOM	131	89	83
DEC 08 DOM	128	87	84
Days +/-	3	2	-1
Difference DEC %	2.34%	2.30%	-1.19%


09 YTD DOM	109	77	78
08 YTD DOM	93	75	73
Days +/-	16	2	5
Difference YTD %	17.20%	2.67%	6.85%

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….

Heating Bills a Thing of the Past?

Edy Kizaki — Sat, 14 Nov 2009 17:14:18 +0000

I’m pretty sure if the power company offered you a month off from paying your bill, you’d say yes. It might not happen tomorrow, but according to an article I just read in a Sierra Club magazine, in a few decades looks like large power bills will be a thing of the past. As we all know, it’s possible to build homes and offices that will not only be energy self-sufficient, but will produce zero carbon emmissions. In the short run this might be more costly to build (which is why some elements of the building industry look on the movement to increase energy efficiency requirements in building standards with dismay) but in the long run it will more than pay you back for the investment… in other words, save you money. So where a Green-Built house might cost you however thousand dollars more now, it will more than pay you back over time in utility bill savings.

So how do we make it practical and attractive not only to spend the $ up front for long term savings, but to include the more than 100 million homes and offices we already have in the new technologies that result in these long-term savings? Looks like the plan is in place. Economically it makes sense to retrofit. Almost all older buildings could use improvements that pay for themselves and cut their power consumption in half. The loans to do it would be paid by the savings in energy. The programs to support these upgrades are starting to appear. Ideally, homeowners and small businesses could call a toll-free number and find out what local resources and loans are available to start their retrofit process in a cost effective way. Many local communities have started to develop this resources so check locally whereever you are and find out if your city provides the consumer information service to get started.

Here in Seattle, Seattle City Light has announced that it’s proud to be one of the first four Utilities in the country which is working with Microsoft in an innovative consumer support program. They are providing consumers an online application (FREE!) that helps them track their energy usage and then get personalized recommendations for improved energy efficiency! You can (and I am definitely going to, so I’ll report back) sign up to be one of the first customers to use the product! (Microsoft Hohm for Seattle.)

The activity taking place at the highest levels of government are already moving us toward lower public building utility bills. Often the second-biggest government expense after saleries, Obama’s first economic recovery packaged included retrofitting public buildings. This will help get into place worker training and factories which make energy-efficient windows, furnaces, insulation, as well as air conditioning. Local and state government energy bills will be much lower and will be able to repay the loans with their savings. Good to know!

What is a Buyer’s Agent and Why Do I Need One?

Edy Kizaki — Sun, 06 Sep 2009 17:55:49 +0000

WHAT IS A BUYER’S AGENT AND WHY DO I NEED ONE?

Q: How do Buyers’ Agents Get Paid?

A: Their services are free to the Buyer.

Q: How does that work?

A: When the Seller’s Agent signs a listing agreement with the Seller, they negotiate a commission. They then offer a part of that commission, usually half, but it varies, to the Buyer’s Agent. This is listed in the Agent part of the MLS. So when a Buyer chooses a home and purchases it, the total commission is subtracted from the Seller’s side of the totals, and is paid out to the Seller’s Agent and the Buyer’s Agent.

Q: But if the Buyer’s Agent gets paid by the Seller, do they really work for me?

A: Good question! Actually the Washington State laws have changed. It used to be that both parties worked for the Seller! Even though you might pick out your own agent to tour and help you, they would still be obligated to guard the best interest of the Seller of any property you saw. That was deemed unfair to the Buyer and the law has been changed. The Buyer’s Agent by law owes the Buyer confidentiality and fiduciary loyalty… i.e. has a responsiblity to guard the best interest of the Buyer. Ask me for a copy of the Washington State Pamplet on Buyer’s Agency Law. And by the way, all agents are obligated by law to provide this to their clients, many do so at the time of making an offer but I like to do so upon our first meeting … or even before!… to give my clients a chance to review the pamphlet and open up any questions or discussion they may have.

Q: So can I save money by working directly with the Seller’s agent?

A: Usually if the Buyer approaches the Seller’s agent directly the Seller will have both Buyer and Seller sign an agreement that the agent is neutral and represents both parties. They are supposed to not disclose confidential information to either side. In practice this can be difficult to do since they already have a well developed relationship with the Seller and are psychologically devoted to their interests. For this reason some Seller’s Agents will suggest another agent to be the Buyer’s Agent if approached directly by a Buyer. Some will go ahead and represent both, in which case they keep the entire commission.

Q: Is there a disadvantage to me in working with the Seller’s Agent directly?

A: In my opinion it is disadvantagous to have an agent who would prefer you to buy one certain property. The Seller’s Agent really wants you to like that property, because his job is to get it sold, so he is in the position of advocating or presenting the property to best advantage. If you select and work with your own Buyer’s Agent your agent does not care which property you select, just that you get the property that best fits your needs at the best possible price. My job is to get you what you want and negotiate to get you the most possible advantage. That way you are satisfied and if your friends and relations need a realtor you will be able to recommend me wholeheartedly.

It’s a Buyer’s Market…enjoy!!

Queen Anne Local Favorite, Julia’s Restaurant

Edy Kizaki — Tue, 04 Aug 2009 16:13:45 +0000

There are a lot of great places to eat in Queen Anne, one of the favorite places for locals is definitely Julia’s. These are the people that don’t bother to review it on Yelp because they already know where they are going when they want a meal out at a comfortable local place. It’s not really plain, but it’s not prissy either. Julia’s is in a converted Craftsman house on Queen Anne Ave N, with tables outside on the terrace as well. When we went there yesterday we choose to be outside…we are not in the tripple digits anymore, thank heavens, but it’s still pretty warm even in the evenings. Inside there are comfortable antique wooden tables and chairs in several small dining rooms, and as I said outside is the terrace with wrought iron tables and umbrellas. A mother and daughter took the table next to us near the railing, and they were obviously Queen Anne residents since while they were eating at least 4 passersby stopped for long visits. This is a community.

The menu is comfortable and inviting. Our server let us know that recent revisions have added some very interesting bites to the choices. We loved the Steak Salad. I’ve had that at other places recently with good results, but this was the hands down winner with lovely crispy onion frittes on top, black olives, and baby romaine as well as truly excellent grilled steak slices. There was also a great flatbread with garlic and spreads that I would recommend, and a slammingly satisfying double chocolate decadance cake. If you happen to get to Julia’s, please let me know how you liked it!

Everyone Loves Queen Anne

Edy Kizaki — Sun, 02 Aug 2009 23:06:44 +0000

The City’s Favorite Neighborhood and the Reasons Why

You might say that any sentence that starts out with “everyone” has to be an exageration. And I suppose it’s true that if you were to ask 20 Seattleites what their favortie neighborhood is, they would not all immediately blurt out “Queen Anne.” In fact we are blessed with a number of wonderful, quirky, downright fantastic places to live in this laid-back, high speed Pacific Rim city, not to mention some equally popular and beloved Eastside and Northside areas. But Queen Anne is special to the heart of Seattle, even for those who might choose to live elsewhere. In one of the eleven parallel universes that exist according to String Theory, everyone lives in Queen Anne at least once.

Why is it so beloved?

Paragon Restaurant

Well, perhaps it’s the winding streets lined with flowering trees, or the gorgeous restored vintage houses, or the walkability with some of the city’s best restaurants and shops. Or could it be the proximity to Seattle Center with all it’s offerings, and the every-so-easy commute (only 2 miles but as much as 20 minutes in rush hour traffic) to downtown? The laid back atmosphere infused with vibrant lifestyle? The neighbors who care? The trendy and ever changing dynamics (like newcomer restaurant How To Cook A Wolf, Ethan Stowell’s 3rd restaurant which has been called “a cross between a cigar box and a sauna!? or like the top-rated Macrina Bakery, “fresh hot breads and pastries in a quaint, light-filled place in Queen Anne”) or the family freindly atmosphere (a great community center, parks, and shops like Lily’s Pampering Salon & Party Boutique kids’ salon and Urban Kids Play or Queen Anne Books which has a Summer Read Program and wonderful kids events.)

Maybe it’s just the views, views of the city, the Sound, the Space Needle, the old craftsmen homes, the quaint streets, the tempting shop windows, the friends having coffee at little sidewalk tables, the quaint atmosphere of the shops and high-ceilinged old buildings that house restaurants and bring a sense of the past of the city into our everyday lives.

El Diablo Coffee House

For a gatherings of listings in Queen Anne don’t hesitate to drop me an email or call with your criteria.

Edy Kizaki
Realtor, Group Leader
edy@seattlepowersearch.com
206-402-9155

Urban Kids Play Toy Store

Metropolitan Market has everything yummy

Caffe Ladro, one of the many coffee houses on the Boulevard

Queen Anne Frame Shop

Bank Owned Homes for Sale in Queen Anne

Edy Kizaki — Sat, 01 Aug 2009 21:02:24 +0000

These days there is an interesting niche among available properties, and that is Bank Owned properties. A client of mine that previously purchased a condo for his kids asked me to be on the lookout for a good deal as he needs a bigger home. There are a lot of well-priced homes on the market right now as those who were hit by the slow-down in sales in the winter are making an attempt to be the “best, lowest priced” property in the neighborhood. But in my experience, Bank Owned properties are usually among the lowest priced, and it doesn’t stop there as we can still negotiate. Some are as-is although they have to put them in condition for a lender to approve a loan, which means no safety hazzards. Often they are just fine, not even fixers, but usually could use a little “TLC” whether it’s a new coat of paint on some of the walls or some more extensive upgrades. The price reflects the bank attitude that it will be the problem of the new owner. We still do all the research on comparables to make sure we understand a fair value for the property, but it’s one of the best places to know you are going to find a lot of opportunity to get a good deal.

Queen Anne is one of Seattle’s “Brand Name” neighborhoods. When I decided to do some research and search for Bank Owned properties for my client, I decided to start there. There are less in the most “desirable” neighborhoods as there is the most competition, but when I searched in Queen Anne just now I found six bank owned properties. What do they look like? Humm, the first one is a 2 bedroom, 1.5 bath 1400 sqare foot townhouse, Lake Union views out of both windows and across the street from Seattle #1 restaurant Canlis! This one is listed at just under $340,000. How does that shape up to the average price per square feet in Queen Anne these days? I ran a “Comparative Market Analysis” on active listings. There were 16 2 bedroom listings (not condos, townhouses and a couple houses). The high price is $629,950, the Median is $442,500, and this property is THE lowest at $339,000. The average price per square foot is $315.92, this property is priced at $230.61 per square foot. Clearly a great price.

There are two other townhouses too, one is a 4 bedroom 3 bath 2000 square foot townhome with views of the canal and lake (I’ll have to go over and take a look to figure out what the views are like!), built only 2 years ago for just under $370,000 (really??!!)… I’ll have to send that one to my client right away, it just came on the market today and I bet it goes quickly!… and here is a 2 bedroom, 2.5 bath (that would be an attached bath for each bedroom plus a half bath as a powder room) of over 1400 square feet and listed at slightly under $380,000. That one has been on the market for three days, before it was listed at $100,000 more (this is before the bank owned it) but did not sell. According to the listing data it has a two-car attached garage, hardwood floors, and granite countertops. Besides these four intriguing townhomes, there are two Bank Owned houses listed. One is interesting in that it is a 1950s home with 3 bedrooms and 1.5 baths. It is 2300 square feet on a corner lot described as a “cosmetic fixer.” The last one is a 4 bedroom 3.5 bath craftsman which needs quite a bit of the interior finished and is listed at just over $760,000. This was most likely a home a builder was working on who ran out of money. For someone who wants a project it could be worth a look!

If you would like me to find out what is available in this category in the neighborhood of your choice, just give me a call or email me! My cell is 206-402-9155 and my email is edy@seattlepowersearch.com. I can preview any house you’d like and get you some more photos, if you’re out of area. Otherwise, we can go see!

Edy Kizaki
Realtor, Group Leader
www.seattlepowersearch.com
edy@seattlepowersearch.com
206-402-9155

Queen Anne Housing Stats for July 2009-Current

Amy Kizaki — Sat, 01 Aug 2009 18:53:31 +0000

Being one of Seattle’s most desirable neighborhoods, of course you’re wondering how real estate in Queen Anne is doing. Here are some current stats for what sold in July and what is currently available!

Residential:
1 bedroom:   2 on market: $59,000-$75,000 (both are houseboats)
2 bedroom:   24 on market: $299,000-$1,075,000
3 bedroom: 60 on market: $379,500-$2,185,000
4 bedroom:   45 on market: $350,000-$3,895,000
5 bedroom+: 17 on market: $599,000-$5,950,000

Condos:
Studio: 11 on market: $179,950-$239,000
1 bedroom: 55 on market: $120,000-$529,000
2 bedroom: 85 on market: $230,000-$4,950,000
3 bedroom: 17 on market: $379,900-$1,675,000

Multi-Family:
Duplex: 8 on market: $499,900-$849,000
Triplex: 5 on market: $599,900-$949,500
Fourplex: 4 on market: $699,000-$1,525,000
5-plex+: 3 on market: $1,150,000-$2,600,000

Vacant Land:
7 on market: $275,000-$2,099,000

Seattle Rated #1 Smartest City

Amy Kizaki — Sun, 12 Jul 2009 02:12:38 +0000

I ran into a website called Smarter Cities, a project of the Natural Resources Defense Council. The website provides rankings and great informational pieces on environmental progress/sustainability in large, medium sized, and smaller cities in the USA.

Really it’s no surprise that Seattle was ranked at the top of the large city list…Seattlites are certainly aficionados of Green living! We’ve also been ranked the ‘healthiest city’, ’smartest (intelligence wise, as well; we do have Bill Gates and co., Boeing, Amazon…beat that, other cities) city’, and ’strongest real estate market’ in the nation, oh, and, (haha,) ironically, ‘most sunglasses owned/bought per capita’!

Here are the stats by criteria; San Francisco followed us overall at #2.

Overall ranking: #1
Standard of living: #4
Green building: #1
Air quality: #1
Environmental standards and participation: #9
Transportation: #5
Recycling: #3
Green space: #2
Energy production and conservation:#1
Water quality: #4

To view these stats in more detail, visit their site!

Thanks to Gabe who referred me to this!

Amy Kizaki
Buyer’s Agent
206.384.7169
amy@seattlepowersearch.com

Florentia Clayworks in Queen Anne

Edy Kizaki — Sun, 05 Jul 2009 15:22:33 +0000

Queen Anne Hill, besides the great streets for strolling and admiring the craftsman style homes, has many tempting small shops, coffee houses, restaurants. But Clayworks down on the south side of the Fremont Bridge at 218 Florentia Street is a

Face Cups Keep You Company

quirky little clay studio and gallery that is fun to wander into and meet the current artist in residence. If you ever get the chance it would be worth dropping by, and there is often someone there who will be happy to give you a tour and

Florentia Face

explain how the collective works. Various ceramic artists both work and display their work here in the gallery, and it will be an adventure to see the different interpretations side by side. Clay is such an “earthy” medium it evokes home and hearth (and heart!) so I always feel more centered when I have visited this little gallery and seen what’s current.

It opened in 2006 after it’s founding members left their workspace at Pottery Northwest and needed a suitable studio space to carry on their work. The space was an old store front and much work was needed to transform it into it’s

Clayworks has a timeless feeling

current

Work In Progress at Clayworks

down to earth studio atmosphere Gallery and workspace. The original members changed slightly, and the current group of potters includes Adrian Miller, Eva Funderburgh, Jamie Kirkpatrick, John Ellefson, Karla Lieberman, Meg Wolff, and Randy Sill. Each with their own themes and body of work, the artists form a collective that is strong and vibrant, and very much an atmosphere of “work in progress.”

By the way, if you are interested in pottery events and demo, you might also try Seattle Pottery Supply website which has a listing of current seminars and monthly scheduled demos.

Tales from the trenches, a short story about short sales.

Bryan Mize — Thu, 18 Jun 2009 22:12:36 +0000

So far this year I have had three short sale listings, all 3 of which I sold. Sounds great, doesn’t it? However, of those three I was only able to close none of them… that’s right, NONE OF THEM! Why? You ask? Because the banks keep finding ways to get in the way…

The most recent bank folly...

My most recent deal collapse was just this Tuesday! The bank representative (loss mitigation specialist) called me and told me that the bank had sold the property to HUD at a foreclosure auction 11 days prior! This came as a shock to me, since I’d had multiple offers on this property since May, and had just received an “approval to participate in a shortsale” document package from the bank only 7 days before! So, you can imagine my disbelief when I found out the bank had sold the property and THEN issued the approval to participate!!!

It is important to note that the statistics are showing only 10% successful closing rates on short sale properties in general (of course it depends on whose stats you like). So, I knew upfront that it was going to be a challenge.

I don’t mind challenges, but I do expect organizations to apply logic to their problems when they are trying to solve them and I do expect that these organizations deal in honesty and good faith. If you have no intention of honoring an offer then why put everybody through the wringer in the first place? Is it a requirement of TARP money that you give the “appearance” of helping the consumer? Also, who does it benefit to actually take the proerty back in house? I know it doesn’t benefit the bank…

I don't know why the bank wanted this one back...

I had another fail when the second/third lien holder refused a payoff of about 23% of what they were owed. Their reasoning was that their paperwork showed a 38% amount of equity available in the home! So they actually bought the house at the foreclosure auction, paying the first lien their entire balance owing of 229K dollars!!! Then they decided to sell the house themselves to get that other 15K they thought was in there… long story short… the house eventually sold for 236K!!! So, not only were they out the settlement I offered them when I had it sold, but they were also out their costs of sale (approx another 20K) in addition to the absorbed internal costs of bringing in a house as REO, and holding it for months as a non-performing asset (which increases their reserve requirements with the FED)!

I am pretty confident that short sales can and do occur when they benefit everybody involved, it is just that recently I haven’t seen it happen (I successfully closed a couple last year). If you plan on trying for a short sale property be sure to have an agent that has worked the system before, because this battlefield is tricky, full of mines and they keep changing the rules!

As always, I love hearing from you! So drop me a note if you have any questions bryan@seattlepowersearch.com.