Moving Day at West Redmond Real Estate Buzz

I am moving from the eblogger platform to wordpress over the next couple of days. Wordpress gives me the option to categorize my blog posts so you can search for the information that interests to you. You will be able to find all of the statistics, school information, etc. all under separate tag headings in the sidebar.

If you are accessing this blog via www.westredmondrealestatebuzz.com, then your access should switch over automatically when we switch the domain name to the new blog. If your RSS feeds don't pickup the new blog site in a few days, you may need to resubscribe with the URL above.

Stay tuned!

West Redmond Weekly Real Estate Buzz, August 31, 2007

The Friday real estate buzz for August 24-31st, 2007

(Data from NWMLS stats)

This week I have included the numbers from last week. This should make it easier to compare the activity from week to week. Last week's numbers are in red.

New listings: 2 (One received an offer in three days) (5)

Active Listings: 42 (48)

Sold subject to inspection: 4 (0)

Pending: 2 (2)

Closed Sales: 7 (1)


Number of Price Reductions: 8 (5)
-----------------------------------
Number of homes available: 42 (48)

$350,000-$499,999: 4 (4)

$500,000-$749,999: 23 (27)

$750,000-$999,999: 11 (11)

$1,000,000- $1,499,999: 4 (5)

$1,500,000- $2,999,999: 1 (1)
-----------------------------------
Average Price: $729,673 ($728,271)

Median Price: $650,000 ($650,000)

Average Days on Market: 62 (56)

Highest Priced Listing: $1,595,000 ($1,595,000)

Lowest Priced Listing: $398,000 ($399,660)



My analysis of this week's buzz: There is a bit of discrepancy in the numbers, because I noticed one listing is really not in the 98052 area of Redmond around Microsoft, the area reported here. Occasionally agents will post listings in an another area in the hopes of generating more interest. The number of listings from last week included this listing, which is truly not listed in the correct area.


Even in this market, a home can sell quickly, if it is priced right according to the competition. The new listing, which immediately received an offer, is a newer style two story built in the early 1990's by Camwest. It is located at the end of a cul-de-sac within a few minutes drive to Microsoft.


Activity is different than last week. There were less homes listed, which is good news for sellers. Also, the number of homes sold subject to inspection and pending this week is substantially higher than last week, with 6 vs. 2 sales. However, the prices of 8 homes were reduced this week. Price reductions fell in price ranges all over the map, from just about the $400,000 range to a home priced over $800,000.


The closed sales ranged from a $450,000 home in the Meadows to a high of $1,640,000 for a waterfront home on Lake Sammamish. These homes generally sold about 30 days ago.


Let me know if you have any questions or comments about the real estate buzz for this week.

The Gems of Redmond, WA-Catch The Last Breath of Summer at Idylwood Park

Catch the last breath of summer, before having to get back to reality, over at Idylwood Park in Redmond on the shores of Lake Sammamish at 3650 West Lake Sammamish Pkwy NE. Idylwood Park's 18 acres offers some of the best public spots along the lake.

There's a nice sandy beach with a lifeguard and a snack shack

a wonderful play structurevolleyball courtscovered picnic tables and huge open areas for fun

When I stopped by on Thursday, there was a group of guys throwing a frisbee around and someone fishing.

Nature is alive and well here in the park. There is a beautiful stream that empties into the lake. Ducks could been seen walking across the park and cruising the lake.

The City of Redmond has a full list of all the activities available at the park. Take advantage of the last days of summer and enjoy!

Meet and Greet Your Teacher Today at Ben Rush and Audubon Elementary

Stop by Ben Rush Elementary today to meet your child's new teacher. Come by the school between 2-3 PM today for your introduction.

Ben Rush Elementary
6101 152nd Ave NE
425-881-6047

Head over to Audubon Elementary at 12 Noon today.
3045 180th Ave NE
425-881-9578

West Redmond Weekly Real Estate Buzz, August 24, 2007

Your neighborhood buzz for August 17-24th


New listings: 5

Active Listings: 48

Sold subject to inspection: none

Pending: 2 , one at $549,000 and one at $1,450,000

Closed Sales: 1 at $585,000 with a list price of $599,950

Number of Price Reductions: 5
-----------------------------------
Number of homes available: 48

$350,000-$499,999: 4

$500,000-$749.999: 27

$750,000-$999,999: 11

$1,000,000- $1,499,999: 5

$1,500,000- $2,999,999: 1
-----------------------------------
Average Price: $728,271

Median Price: $650,000

Average Days on Market: 56

Highest Priced Listing: $1,595,000

Lowest Priced Listing: $399,600


There was some new activity this past week with 5 new listings and 5 price reductions. Three of the 5 price reductions were for new construction homes. This signals a bit of a change in the market, since it's been rare that builders have reduced any inventory. One of the other price reductions is for a resale home that came back on the market newly priced at $20,000 less than the previous list price. This home was also mentioned last week as one of the homes that had sold, but had come back on the market again. Another listing had an offer and also came back on the market.

What were the chances of selling a home in West Redmond in July, 2007?

Sellers had a 33% chance of selling a home in West Redmond in July, 2007.
(statistics obtained from MLS and Windermere data. Sales are pending, not closed sales)


I mentioned in last month's report the sales activity was coming back down to earth and it has now landed! Although inventory in the area is the second lowest on the Eastside, it has increased dramatically from the first of the year. There are double the amount of homes available than in January. We have gone from 107 listings to 205 listings. We are now seeing some price reductions. Market time has also increased dramatically since the first of the year. In my first Friday real estate buzz posted last week, I mentioned market time is now 56 days. The market is moving more into a buyer's market for the first time this year.

For the full Eastside buzz on all the neighborhoods, you can check out www.eastsiderealestatebuzz.com

Introducing: West Redmond Weekly Real Estate Buzz

Everyone wants to know the latest real estate happenings in the neighborhood. Here is the answer. If you follow the numbers listed here each week, it will be easier to understand the market trends specific to the Redmond neighborhoods near Microsoft. There are overall trends in real estate, but not all neighborhoods perform in exactly the same way at the same time. Here is your chance to see this Redmond activity on a weekly basis.

If you look at the articles every Friday you will find:

total number of homes for sale
Number of homes available in each price range
Most expensive home for sale
Least expensive home for sale
if inventory is up or down from the previous week
Number of homes receiving offers that week (pending or sold subject to inspection, STI)
Number of closed sales
Average days on the market
Number of price reductions
-------------------------------------------------------------------------------------
The West Redmond weekly real estate buzz for the week of August 10-17th ( 8:30 AM)

Active: 47 homes

0-$499,999: 2

$500,000 - $749,999: 29

$750,000 - $999,999: 8

$1,000,000 - $1,499,999: 5 ( All new construction off NE 40th)

$1,500,000 and above: 2

Least expensive home: $399,600

Most expensive home: $1,850,000

Pending sales: 1 at $649,900

Closed sales: 2

1 closed at $735,000, final list price was $750,000, original list price was over $800.000

1 closed at $760,000, final list price was $760,000

New listings: 6

Average days on the market: 56

Price reductions this week: 4

My general impressions: Of the 48 homes listed, there are a total of 13 price reductions, including the 6 homes reduced this week. During the time I have been working on this report, 1 home listing, which is not included in the total active listings, went off the market.

The "bread and butter" price range for the area is the $500-$750,000 price range as this is the range for most of the inventory. Homes above $1,000,000 tend to be new construction or waterfront. There is one home priced at $1,595,000 that is not new construction or waterfront, but it is also 5300 square feet.

But the real eye opener for me was 7 homes of the 47 active listings have had offers and are back on the market. Two homes had two offers that flipped on inspection. Two of the other fail sales were new construction homes that are not complete.

Does this mean these homes had more problems or did the buyer's simply back out? It can mean one of three things, the buyer and seller could not agree on inspection items, there was a problem with the home or the buyer backed out for reasons we may never know. Maybe that buyer got cold feet, lost a job or their financing. If there were problems with the home, then the seller would need to disclose the identified problems to the next buyer.

I wonder if we will see more fail sales with the change in lending.

I will be following this activity in this blog. Let me know if there is anything else you would like me to research.

Another Sunday Evening in Redmond With Great Food and Wine

Spazzo's is alive and well and living on the second level of the Redmond Town Center. Spazzo's is a long time eastside restaurant that was located in The Key Bank Building in downtown Bellevue for many years. It was a central Bellevue hot spot with great views of Seattle and the Olympics from its top floor location.

The restaurant had to move a few years back when the building owners decided to convert their restaurant space. (The space is now the showroom for Bellevue Towers condos)

Happily, the restaurant is now living in Redmond. Spazzo's took over the space once used by Cucina, Cucina. As many of you locals know, Spazzo's is part of the home grown Schwartz Brothers chain of restaurants. The chain includes such restaurants as Daniel's Broiler and Chandler's Crabhouse.

The restaurant's newest rendition is as an Italian restaurant and wine bar. On Sunday evenings all bottles of wine under $100 are priced at half off, a good deal with a great meal! I spoke with Spazzo's sommelier and he recommended some great wine choices.

The restaurant is designed with some wonderful spaces. This time of year you can enjoy their extensive covered patio.

Inside is a large bar area and a main dining room, complete with white table cloths.

Oh, the food. I had a wonderful salmon dish with heirloom tomatoes and a salsa verde. On another occasion, I had the gnocchi with heirloom tomatoes. (I cannot get enough of heirloom tomatoes in the summer)

Garage Sale- View Ridge Near Microsoft

Come on Down!

Saturday, August 10th from 10 AM to 4 PM.

Three home garage sale in View Ridge.

Stop by 5518 157th Drive NE for the latest treasure!

Furniture
Electronics
Clothes
Sporting goods
Dishes
Cookware

What a way to spend a Sunday evening in Redmond: Good food and Great Prices

One of my favorite places in Redmond to eat is in downtown Redmond at Typhoon. This is a great Thai restaurant that began in Portland and has two outposts in the Seattle area, one is in the first Wild Ginger location in downtown Seattle and the second is in downtown Redmond at the Bella Bottega Shopping Center. On Sunday nights in Redmond location, there is a Happy Hour menu for some drinks and food that extends through the evening. I've gone with my husband a few times and had a relaxing meal out on their patio. They have a few of the favorites on the Happy Hour menu, such as their calamari, veggie spring rolls, chicken satay, along with such "Thai staples" as a burger with papaya salad on the side.

You can still order from the full menu. Some of my favorites are their Death By Asparagus dish, their Crab Phad Thai. Spicy Beef with Grapes, and their eggplant dish.

Since it is a beautiful Sunday, head on down this evening for dinner. Enjoy!

Head to Redmond's Marymoor Park Today to See Cyclists Try for The Olympics

Do you want to see Olympic hopefuls in action? Marymoor Park in Redmond shines again. Head over to The Group Health Velodrome in the park today to get your chance to see top cyclists compete in a qualifying race for the United States National Track Cycling.

The event, which began on Friday, starts right now, 9:30 AM. Adults pay a $4.00 entry fee and children get in for free.

My previous post talks about all the great things that you can find in Marymoor Park. The cycling event is a wonderful example of one of Redmond and the county's gems.

The Gems of Redmond #1-Doggy Disneyland and other Great Things at Marymoor Park.

For those of you who do not know the city of Redmond, the gems of Redmond postings will highlight wonderful things to do and see in the Redmond area. In addition to real estate information and monthly statistics, my goal is for you to learn more about Redmond and its quality of life. By reading these posts, you will understand why it's such a great place to live.

There is no better place to start than with one of the true gems of Redmond and King County, Marymoor Park. This 640 acre park has something for everyone. Do you like to bike, hike, run with your dogs, play soccer, listen to a concert or see a summer outdoor movie? Then this park is for you!

But first, for you dog lovers, there is a huge off leash area for dogs to run free, the largest area in the state for dogs to roam in a public park. The area abuts the Sammamish River and if your dog likes to swim, this is a fun place. There are nicely groomed trails covered with wood chips that are great places for Fido to meet and greet. I was down there the other evening after it had just been raining, so very few dogs were there. You should bring your dog down on a weekend or early in the morning. It's a happening place for four legged critters.

The Clise Mansion, which is a beautiful structure now rented out for functions, was originally built in 1904 as a hunting lodge for James Clise. Mr. Clise bred horses and raised cows on his farm, which is known as Willowmoor Farm. The farm changed hands a number of times and was rescued from development by King County in the late 1950's.

The buildings, including a Windmill, are on the National Historic Register.

The city of Redmond is known as "The Bicycle Capital of the World." Marymoor Park's Velodrome, which is supported by the local HMO, Group Health, is testament to the importance of bike riding and racing in this city. Several people were racing when I went by the other evening.

The soccer fields were hopping. There are a number of fields clustered together and all sorts of teams were coming and going.

Sports galore: tennis courts, baseball, softball, rowing, rock climbing wall.

There is even a place for radio controlled airplanes to fly.

Several playgrounds with sturdy play structures are available for small children.

Living in a condo or apartment, but like to garden? Marymoor has a pea patch for you. Over two acres of the park are dedicated to growing organic vegetables.

Summer brings concerts and outdoor movies to the park.

The Sammamish River Trail is a paved 10+ mile trail that connects to the Burke/Gilman Trail in Seattle. It is ADA accessible, good for bikers, runners, and walkers. I have been able to take my Dad in his wheel chair for a ride along the trail. There's a section in Woodinville in which one can go horseback riding. The trail is pretty active on weekend days. People and groups use it to train for all kinds of races. The trail follows along the river. Some spots are pretty built up and others feel very natural. There is an area near downtown Woodinville where I have encountered Blue Herons!

What sells in Peoria May Not Sell on Seattle's Eastside

I just had a past client call me to get my advice about making some changes to her home before she put it on the market. We have known each other since 1999, when she and her husband were referred to me to help them find a home on the Eastside. They purchased a home that they remodeled and sold after living in it for several years. At that time, they decided to move closer to family in the Midwest. Now, she and her family are heading back to the Northwest.

The home in the Midwest has a very 60's retro flavor. The light fixtures in the home are true period pieces. She emailed me photos of her home and asked what I thought about changing the light fixtures. I questioned her about the type of buyer who might be buying her home, the performance of the real estate market in the area, and if her home had competition from other listings. Finding the answers to these questions helped her to decide whether or not to change out the light fixtures. Her Realtor in Illinois was a fan of removing the fixtures, since she didn't think buyers would appreciate them. Her thought was to update the fixtures as this would appeal to more buyers.

Ironically, I know people in the Seattle area would kill for retro light fixtures, and this is my point. Different markets demand different styles and features. If this home was selling in the Seattle area, I would not recommend removal of the light fixtures. Here, retro fixtures would be an added plus.

It is important for both buyers and sellers to know what works in a particular market. What sells in Peoria does not always sell in Seattle. Your Realtor should be able to help you determine what "sells" in your area. Making choices that appeal to the local market when updating your home is critical for making the most money when you sell your home. It is a great way to make more money, and, also, not lose money because of a costly remodeling mistake.

But remember, ask a Realtor "what plays" in Seattle so you can make the most money out of any remodeling.

What were the chances of selling a home in West Redmond in June,2007?

Sellers had a 42% chance of getting their home sold in June, 2007.

The area is still performing at a stronger rate than most of the other Eastside areas. However, it has slowed down a bit. Last month I thought June might be a little stronger than it ultimately turned out to be, but still, if you are selling a home, you are lucky to be in this part of the Eastside.

If you go the statistics page on my website, you will find the chart for the East Bellevue/West Redmond area.

• June, 2007 179 homes for sale 76 sales, 42% chance of selling a home.
• May, 2007 152 homes for sale 97 sales, 63% chance of selling a home.
• June, 2006 118 homes for sale 83 sales, 70% chance of selling a home.

The area near Microsoft, East Bellevue and West Redmond, continues to have the lowest inventory on the Eastside, with the exception of West Bellevue. The area finally approached 176 homes for sale this past month. It still is a pretty tight market. However, for the first time this year, I am seeing many more homes go through some price reductions.

I have some clients looking in the area in the $500-700,00 price range. They asked me a couple of months ago to send them the sales each week so they could track the final sales price to list price for homes in the area. We are starting to see full sales prices cracking. Some sellers are actually having to negotiate and give a bit in price to get their homes sold.

If you are actively looking, you may want to have your Realtor track the final sale prices to the original list price on a weekly basis for you. That way, you will be right up to the minute with the pricing in a particular area.

For a picture of the real estate activity on the whole Eastside, you can check my blog at Eastside Real Estate Buzz.

Celebrate the Fourth of July All Around the Seattle/Eastside Neighborhoods

The Fourth Of July holiday heralds summer! The Fourth of July is often cool and rainy, what many people think happens here all year round. But the surprise, we usually have a gorgeous spring and a fabulous summer. It is our big Seattle secret.

Tradition dictates, however, that our true summer begins on the 5th of July. I know this to be true because I am beginning my 22nd year in Seattle this July 4th and I can count on one hand how many times it has warm and sunny. The Seattle Times reported in the newspaper today that the Fourth of July is usually the soggiest day of July.

This year promises to be one of those great Fourths with the weather predicted to be in the high 80's to the 90's. Of course, this happens only because the holiday falls on a Wednesday, the middle of the week, when most people are not taking off a few days for a long weekend! (The gods can be cruel sometimes!)

People certainly have their favorite places to see fireworks all over the Sound. Two big shows happen in the city.

Washington Mutual sponsors a day long funfest and fireworks show at Gasworks Park.


Join Ivar's at Myrtle Edwards Park overlooking Elliot Bay for a 10 PM fireworks show.


Over on the Eastside, there are great events in Kirkland on the Fourth. There is a parade at noon, a picnic at 1 PM at Juanita Park, and a fireworks show at 10 PM over the lake.

(I may park myself by my empty boat slip down in the Kirkland marina to get a close look. I mentioned I was boatless in my previous post on my Kirkland Highlands blog)

Bellevue also has a day of fun with a full day of events.


For all the festivities on the fourth you can check out the Seattle Times.

Can you make more money and have less stress if you use the services of a Realtor? You decide....

Three homes recently sold near Microsoft.


(This is home #3, my listing, pictured)


Home #1 - a beautiful home that was offered online by the sellers without a Realtor. The home sold for $710,000. It was a 2900 square foot two story, built in the 1990’s, with a big backyard backing to greenbelt. The house was not listed and, therefore, not exposed to the full range of buyers. According to the comparables and the sale of home #3, this was not the highest price the sellers could have obtained. Homes built after 1985 close to Microsoft are hot commodities and often sell for more than listed price.

Home # 2 – the owners were unrepresented sellers and sold their home directly to a buyer. When I talked with the owner after the sale closed, he was very vocal about his experience. He ended up not speaking to the buyers. Negotiations over the price were very tough and subsequently were tougher over the inspection. The seller negotiated the sales price far below market value and also had to give up more in a building inspection. The asking price for the home was $680,000 and sold $630,000, $50,000 below asking price! (It can be hard to be the tough guy in negotiation when its your own home).

Home # 3- was a home I listed for $725,000 and sold for $736,000. The home was approximately 2800 square feet and on about an 8000 sq ft lot. I met with the sellers several weeks before they hoped to go on the market. When we first met, we discussed a price range in the low 700’s, higher than any other home had been priced in the neighborhood. We did not establish the list price until the day before going on the market. By doing this, we knew what the actual, up to the minute, competition was for their home.

Because I knew we had no competition at the time, we dictated when showings could begin, held an open house, which was advertised only on the internet and to neighbors, not in the newspaper. (I was looking for truly interested buyers) We set a time to look at offers after being on the market for only 5 days. During the five days the home was available to all the buyers. The activity and interest created for this home was just fabulous. We had back to back showings throughout the weekend the home was on the market. We had about 25 showings and about 20 qualified buyers to the open house, all in five days time. The seller received three wonderful offers. I helped the sellers evaluate the three offers so they could choose the one that was best for them.

The real beauty of the offer for the seller #3?

The buyers had pre-inspected the home and made their offer without an inspection. How fabulous for the sellers! Upon acceptance of the offer, there was no more negotiation. Think about it. When buyers are put in a position to give away their “first born” to be the offer that gets the house, they will negotiate harder when it comes to an inspection. It’s human nature. When buyers pay more than full price for a home and beat out other offers, they usually want more repairs done based on the building inspection. The seller avoided this completely. Not only did the sellers get a higher price for their home, there was no second round of negotiation on an inspection. This saved the seller even more money and stress with the sale of their home.

Could seller #1 above have made more money that the sale price of $710,000? The home is larger and had a much bigger yard than the home I sold for $736,000. I think the price for this home could have been $750,000, selling with multiple offers and for a higher price. Too often I see sellers sell their home by deducting the real estate commission.


Who benefits from this, the seller or the buyer?


The buyer! The buyer gets the home for less than market value. The seller makes no more money by selling direct, is unrepresented, and has not opened up the sale of their home to all of the potential buyers. Without the synergy of lots buyers, there is little chance of multiple offers resulting in a higher price. When a buyer knows they are not competing with any other buyers for a home, the home will not sell for more than the full price.

Seller #2 could have had a positive, stress-free experience and made more money. It can be tough to be the “bad” guy and be a strong advocate for your own self in negotiations. It is that old human nature again. Most of us want people to like us and do not know how to handle negative confrontations.

Can you make more money and have less stress if you use the services of a Realtor?


You decide....

Talk About "Green" Homes-How About Solar and Spinach Power?

Talk about building green! This website tracks all kinds of information regarding building green homes. The link below talks about a home designed with solar and spinach power! Check it out, it is pretty interesting.

http://www.inhabitat.com/2007/06/21/spinach-powered-house/

How Much Have Homes Appreciated in the Seattle/Eastside Neighborhoods Since 1990?

We are lucky to be in Seattle! Our area continues to defy the national real estate market trends.

Here is a bit about what has happened since 1990:

Homes appreciated every year, except two:

1992 – prices stayed the same.2001 – prices declined a bit ( remember 9/11) – 2%

Top five years with the highest appreciation:

1998 - 21%1997 – 18%2005 – 17%1999 – 14%2006 – 13%

Inventory was much higher in the 1990’s than in the 2000’s.

It was not uncommon for much of the early 90’s to have 7000-9000+ properties for sale.

August, 1991 – 9546 homes were available

May, 2007 – 3584 homes are available, 2/3 less homes are available today

Even though we are at the highest amount of properties on the market since 2004 with 3500 properties available, our inventory levels are nothing like the 1990’s!

Hang on through the rest of this decade. We still have a lot of growth to come. The job market is still very strong and available land for new construction is limited. Expect appreciation to continue throughout the rest of the decade.

What were the chances of selling a home in West Redmond in May, 2007?

West Redmond/East Bellevue continues to defy all of the Seattle/Eastside real estate market trends. If you look at my www.eastsiderealestatebuzz.com blog, you will see how Eastside real estate is performing. Most sellers had about a 30% chance of getting their home sold in May in all areas except the West Redmond/East Bellevue area. Over 60% of home sellers in these neighborhoods sold their homes last month. Many of these sellers received multiple offers and sold their homes for more than the asking price.

http://debrasinick.com/docs/530%20Graph%20for%20May%202007.pdf

(NEW DATA) The chart linked above will show the exact numbers for the West Redmond/East Bellevue neighborhoods)


I see this market continuing in June, since the inventory in the area is still so low. I just sold a home in West Redmond this week that was on the market for two days and received multiple offers. I represented the buyer in this transaction. My client's offer was accepted and the home will sell for over $40,000 more than the asking price! The listing agent knew how to review both offers with the seller, keep both buyers in competition, thus netting the seller a lot more money. The demand for homes is so strong that this seller is making 5% more than the asking price of the home. When homes are made available to all buyers and each buyer knows there are other interested parties, the buyers make great offers. When there is competition like this for a home, buyers pay more. Not only are the West Redmond/East Bellevue sellers getting a great price when their homes are sold on the MLS, they get representation and less stress.

Built Green is the New Buzzword in Seattle/Eastside Real Estate

At my monthly networking meeting, Forum XXII, we heard from the Seattle Master Builder's Association about the Built Green program.

http://www.builtgreen.net/index.html

The website had a lot of terrific information about sources for "built green" materials, architects, builders, remodelers, and building standards. "Built green" is our new real estate buzzword. There is a growing emphasis on environmentally friendly building and the use of sustainable materials.

Our listings in the Multiple Listing Service will soon be able to reflect the "built green" status of a home. If a home is listed as "built green", the builders will have had to follow certain standards to achieve this status. "Built green" homes can range from a 2 star to a 5 star level. If a home is built to the 4 or 5 star standard, which has stringent requirements, all of the construction and materials must be independently verified. Certificates are issued to homes that meet these standards. In the future, home buyers will be able to search on line for "built green" homes.

Of the 10,000 new construction homes built in King County last year, only 15-18 were certified as the star 5 "built green" homes, the most stringent level of "built green" homes. Most of these homes were built by a builder in Seattle, Michele Rose.

Most homes categorized as "built green" are built to the 3 star level. Quite a few homes in Issaquah Highlands meet this standard. The Dwelling Company built a number of "built green" homes in the Highlands.

Some of the other builders mentioned who have built some "green" homes were Bennett Homes, www.bennetthomes.com. Bennett Homes is known for "built green" homes in Suncadia, on the other side of the Cascades. Other local builders range from some of the larger builders, such as Camwest, www.camwest.com and Chaffey Homes, www.chaffeyhomes.com, to high end custom builders such as Bender Chaffey, www.benderchaffey.com.

Some thoughts about building green:

Materials can be somewhat more expensive for "built green" homes, however, the cost savings for energy efficiency usually more than compensates for the initial building cost. Check out this website on federal tax credits for energy conservation:

http://www.dsire.org/

Other thoughts:

If you start from the get-go when building a home, it is far cheaper to build green than to start doing some add-ons.

Hardwood floors and other hard surfaces, such as tile. stay cleaner than carpet. It was recommended that main living area be finished with hard surfaces because many people wear shoes throughout their home. Shoes bring in all kinds of contaminents.

Ventilation has become so tight the air in homes can become stale and is not fresh.

The gasses from glues used during standard construction can be emitted for up to 30 years after construction.

These thoughts sure make one want to think of a healthy "built green" home!

West Redmond Quarterly Real Estate Update - 2nd Quarter, 2007

What happened with real estate in West Redmond from March 1-May 31, 2007?

Highest priced sale: $1,078,000

Lowest price sale: $375,000

Total of 41 sales

under $500,000 - 7

$500-750,000 - 32

$750,000-1,000,000 - 1

Above $1,000,000 - 1
----------------------------------------------------------------
Highest price pending listing (sale has not closed yet): $1,550,000

Lowest priced pending listing (sale has not closed yet):$575,000

Number of pending sales: 19 homes

Under $500,000 - 2

$500-750,000 - 9

$750,000 - 1,000,000 - 5

Above $1,000,000 - 3
-------------------------------------------------------------------------------------
Highest priced home currently on the market: $1,800,000

Lowest priced home on the market: $540,000

22 active listings

Below $500,000 - None

$500-750,000 - 8

$750,000 - 1,000,000 - 6

Above $1,000,000 - 8
---------------------------------------------------------------------------------------
My quarterly analysis:

Most of our real estate activity falls into the $500-750,000 price range. Thirty-two of the 41 sales were in this price range.

Of the 41 sales, 25 were AT OR ABOVE FULL PRICE, a result of the lack of available homes in the area.

Homes above $1,000,000 were new construction or waterfront.

Our most expensive listings and sales are on Lake Sammamish.

Homes prices below $400,000 are rapidly disappearing. The two sales below $400,000 were for town homes in planned unit developments.

The Latest Kitchen Trends

Planning a kitchen remodel or just updating appliances?


The attached article will give you some great information about the newest kitchen trends for 2007. Some of the ideas really hit home with me.

When I show prospective buyers new homes, I constantly hear how everyone congregates in the kitchen. People want different spaces right in the kitchen. Home owners want places to read and store mail, plus sitting areas for entertaining guests and for relaxation. These spaces are not just in the family room anymore, but now are more incorporated into the kitchen.


Kitchen design is now looking at separate work stations throughout the kitchen, rather than the simple triangle work pattern with a path between the stove, refrigerator, and sink as points of a triangle.


I have some clients who are avid cooks and were way ahead in kitchen design with their kitchen remodel. They have a large U-shaped prep area with the stove, a work sink, refrigerator and abundant counter and storage space. The clean up area is on the other side of the kitchen and it has its own sink, the dishwasher, and cabinets for storing the dinnerware. The cabinetry for each area is even different. The prep area has light cabinets, while the clean up area had dark stained cabinetry. When I saw their kitchen about 6 months ago, it made an impression on me because it was so functional.


Storage is becoming more elaborate. Cabinet interiors are designed to store specific items such as pans and trays. Storage is also sleeker.

I saw a great example of sleek cabinetry at the Bellevue Towers condominiums being built in downtown Bellevue. Clients of mine purchased a new home in the complex, so I got to see the finish work first hand. The kitchen designs were just fabulous. So fabulous that I could not find the dishwasher or refrigerator easily, which is exactly the point! Both appliances were behind beautifully crafted cabinet doors that were flush with the rest of the cabinetry. The design was quite elegant and seamless. The kitchen designs had more to offer in smaller, sleeker spaces, and with a less cluttered look. (These kitchens made me want to go home and rip my kitchen out!)

http://www.bellevuetowers.com/

Sustainability is also more of a consideration. People are using more "green" materials, such as bamboo flooring. Not to tout Bellevue Towers again, but the condos are being "built green".


I was excited to see the concept of universal design, design for everyone of any age and any ability, mentioned in this article. With our aging population, everyone needs to rethink design and livability. Accessible cabinets and counters and levers instead of door knobs are all issues to be considered when designing a kitchen that works for everyone, regardless of age.
http://www.realtor.org/RMOArch.nsf/pages/ArchCoach200706?OpenDocument

Traffic, Traffic Everywhere!

One of our favorite topics, traffic!


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.

SEhttp://archives.seattletimes.nwsource.com/cgi-bin/texis.cgi/web/vortex/display?slug=glance17e&date=20070517.


Ground breaking ceremonies happened last week and the 405 expansion north will be open in 2008.




Light Rail:
For all you Microsofties, the train should be by to pick you up around 2026.

Seattle Gold

Less new construction + job growth=higher real estate appreciation.





Seattle is still one of the hottest real estate markets in the country. This is no big surprise to me as I see this on a daily basis. In my monthly market update postings, you can see which areas on the Eastside are hotter than hot. Of course, we still have months or areas that perform better or worse. But the overall message of the article from Inman News attached below is we are still on a real estate rise in values. When we end 2007, homes will be worth more than now. This article mirrors what I have seen and predict for this year in Seattle/Eastside real estate. Furthermore, when you look at other parts of the country as described in this article, you can see the strength of our real estate market.





The attached article mentions the all important reasons for our booming market: the economy and the growth management policies in the area. Thanks to Microsoft (the gift that keeps on giving) and all the other companies that are growing and hiring in the area, our job market is one of the best in the country.





The growth management act, which has some very good points, has placed lots of controls on development. It is harder and harder for developers to build in this area. The Eastside runs into water and mountains, so our supply of good land is very limited. Wetlands, native growth protection, salmon streams, traffic flow, etc all contribute to the cost of development and translate to higher mitigation fees for builders. Ever wonder why building lots have become smaller and smaller? The cost of construction has much to do with the diminishing lot sizes.





The good news for current home owners: we do not have the runaway development found in places like Las Vegas or Phoenix.Read the attached article to find out more about the gold and the cold areas in real estate. It will be no surprise that some of the areas with the greatest declines are those that recently had huge spikes in appreciation, such as Sarasota, Florida.





http://www.inman.com/hstory.aspx?ID=63271

What were the chances of selling a home in West Redmond in April, 2007?

Sellers had a 45% chance of selling their home.


West Redmond is still performing at the top of the market. However, the area is coming back a bit to reality. In March, 58% of the listings received offers and sold. In April, 45% of the listings sold. More homes are on the market, so in some neighborhoods there is more competition. Overall, the area still has the lowest inventory of all the Eastside markets, with only 137 single family homes on the market. Compare this to the plateau/Fall City/North Bend area which has over 600 listings! In West Redmond and East Bellevue, 63 sales happened in April, slightly less than the March total of 70 sales, but a 9% drop. So bottom line, there were 14% more homes, 137 for sale in April as compared to March with 119 homes. Hence the odds of selling a home in April was 13% lower than in March.

Remember 45% of the homes did sell in April. Some homes are easy to sell for a variety of reasons: lack of competition for a particular style of home, the condition of the home, the specific neighborhood, a unique quality, etc. A home should be showcased with staging and professional photographs. With the help of a Realtor who knows the competition, a home will be positioned to get a seller the best price and, possibly, multiple offers. To get the best price, sellers should make their homes available to all the buyers by listing their home. The exposure to many buyers creates a buzz for a home. With multiple buyers there are often multiple offers and a higher sales price.

I will do a posting about a few real life experiences sellers have had recently when trying to sell on their own. I will talk about how the sellers missed making the most money and had a tougher experience with the sale. However, that is for another posting!

Garage sale!

3605 150th Ave. N.E.

Redmond
Spiritbrook

Come on by for this great moving sale
on Friday and Saturday from

9 AM to 4 PM.
May 11th and 12th!

Multigenerational Living, a New Way for the Future?

I have some clients right now that have a need that is hard to fill on the Eastside. I'm looking for a home for them which would accommodate 2 adults with 3 young children, plus grandma. Their hope is to find a home with 4 bedrooms for themselves with a separate 2 bedroom mother -in- law suite.

This is very difficult to find on the Eastside. But it should not be. With our aging population and a desire for many to maintain independence with some family ties, it's a style of living that will become more and more important in the future. So many boomers are taking care of aging parents or having to change their living arrangements to include parents. Our homes need to offer options to accommodate these different generational and family needs.

If you check on this link below, you will find that many architects see the multigenerational style of living as an important change for the future. The demand will be for housing with multiple master suites and more flexible floor plans.

I have been involved with these issues myself over the last couple of years, both personally and professionally. There is a whole host of information which speaks to some of the above issues. As time goes on, I will comment on some of these issues in this blog. My goal is to keep you informed with some of the changes and trends we may see in housing in the future.

http://seattletimes.nwsource.com/html/realestate/2003684239_generations29.html

Overlake Rocks

Overlake, which is part of West Redmond, is the neighborhood of the week in The Seattle Times!



http://seattletimes.nwsource.com/html/realestate/2003684247_realneighborhood29.html
This is a great article about the Overlake area, what it offers today, and how much it has changed. The Overlake area encompasses a good part of West Redmond. I've been in this area for 21 years, and I agree, there have been a lot of changes. Twenty-one years ago, Microsoft had already been built on the main campus. There were ten original buildings which you could not see from 156th. There were a few other building that dotted the main campus, but all of those have come down and new structures built.

Microsoft clearly has had a huge affect on the Overlake. The economy is booming because of Microsoft. In fact, Microsoft is "the gift that keeps on giving" to the Overlake area. So much development is planned for the future that, according to this article, this area will be double the size of the office space in the Columbia Tower.

Overlake/West Redmond is a healthy mix of single family homes, condominiums, retail and office space. It is all here and only gets better. This is a great place to call home.

The Hottest Trends in Outdoor Spaces

Gorgeous stuff! Dream a little with these choices:

Outdoor TV's to watch all your favorite things

Outdoor kitchens

Meditation spaces

Privacy benches

Perennial borders

Outdoor showers (this one could be interesting in the Northwest!)

http://www.realtor.org/rmo/landscape_slideshow/landscape_slideshow_may07.html

Now is the time to take photos of your yard

If you were a buyer......





....which yard would you rather have?


The pink flowers of the plum trees are already gone. Some tulips are still here. The rhodies are about to pop. Don't miss out on the rest of the spring flowers. Take photos of your yard and garden as the season progresses. These great photos can be used whenever you sell your home, even if it is during our darkest and dreariest months.

Buyers will be buying a home and a lifestyle, not just a house. You should use the best photos of your home when selling and include great spring photos. Emotional selling, marketing the benefits and beauty of your home, is so important. With great spring photos you can let potential buyers know how great your home looks, even if you decide to sell in November!

What were the chances of selling a home in West Redmond in March, 2007?

The chances of selling a home in West Redmond in March of 2007? 58% of the homes listed received offers and went pending!

West Redmond/East Bellevue, you are smoking! You beat out all the other Eastside areas for having the most number of homes sell as compared to the inventory. Fifty-eight percent of the homes for sale received offers. This area has had some of the lowest amount of homes available for sale anywhere. No wonder there’s been a lot of multiple offers. There were 119 homes offered for sale, up from 96 in February of 2006 and up from the 98 homes available this February. Homes receiving offers this month jumped up from 57 homes in February to 70 homes sold in March. Even though last year 80% of the homes sold during the month, still some pretty incredible numbers this year!

What does this mean for sellers? Now is a great time to sell your home. If your home stands out, you can often sell for more money and with multiple offers. If a home is on the open market and exposed to all buyers, a seller's chances of receiving multiple offers and the top price will be increased dramatically. The homes with the multiple offers are staged, professionally photographed, and priced competitively. A knowledgeable Realtor will know the nuances of the neighborhood and each of the available homes to put you in the best pricing position. A strong Realtor will be your advocate, negotiate these offers, and help you make the most money.

Please look at my post on http://www.eastsiderealestatebuzz.com to find out about other areas of the Eastside. You will see that none of the other areas come close to Redmond in the number of sales to listings.

For this month's latest statistics, please check the link below to my website,
http://debrasinick.com/docs/2007_Year_to_Date.pdf

Let's All Lose a Little Weight and Celebrate Earth Day!

As everyone knows, tomorrow, the 22nd of April, is Earth Day. It seems as if for a lot of years people ignored Earth Day. I remember it being quite a big deal when Earth Day began in the 1970's. Now there is a renewed interest and awareness which seems to have begun with Al Gore's Inconvenient Truth. The awarenenss level with global warming, pollution, etc. has increased dramatically.

I came across this website called http://www.41pounds.org. Apparently, the average junk mail we each receive every year comes out to 41 pounds. Imagine the amount of waste that is created! Even if the junk mail is recycled, there is energy used to create the paper, print the mailings, send the mail, and to recycle this junk.


So if 100 of us contact this website and asked to be removed from "junk" mail lists, we could potentially save 4100 lbs of mail! Over two tons of junk!

Anyone up to the challenge?

We Are Going to the Dogs!

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.

http://www.nwsource.com/ae/scr/edb_vd.cfm?c=&ven=3336&s=nws

http://www.brokeragentnews.com/news/residential/2007_4/4_13_2007_lv_1176507626.html

What's happening on the other side of the pond, condos, and other things

As part of my monthly networking group Forum XXII, I was fortunate enough to hear Michael Miller, the president of Miller Condominium Marketing. Michael's company develops condominium projects all over Puget Sound. He has developed many projects in downtown Seattle. His company is developing the old Queen Anne High School and the Cosmopolitan in Seattle and did the Boulevard in Kirkland. The company has about 20 projects planned in the next couple of years, so I would say he knows the condo market well!

He presented a lot of good information about condos and I have included some of the highlights of his talk below.

Who has been buying the Seattle condos?

38% are local Seattlites who come from other parts of the city.
33% are boomers
18% are from out of state.
Multiple family members are buying units in the same building. Because of these new condos there has been a 20% increase in downtown Seattle's population

There are 10,000 new condo units projected to be built in Seattle. Right now there are only 3000 units that have obtained financing. So the question is, will all of these projects get built?

His predictions:

Condo complexes will be created in the suburbs that will mirror a small urban village. These new villages will be similar to urban neighborhoods with restaurants, shopping, and amenities all on site. A new village themed project is coming into downtown Burien with 300 units and a retail core. In a 600 unit complex in downtown Woodinville, there will shops, wineries, restaurants, even a spa!

What will be hot: dog parks, pea patches, and car wash areas.

What will not: media rooms, business areas, and conference centers.


Other thoughts:

There have been 7000 rental units lost to condo conversions over the last few years, so the apartment market is tight.

Condos are booming in Snohomish county, too. The condo market there appreciated 25% in 2006.
---------------------------------------
On a similar note, the April issue of Seattle Metropolitan magazine has a whole section called Condo Mania. There is a great checklist of things to look for when buying a condo, information about upcoming projects, and a condo shopping guide. I thought the questions to ask when looking at condos were great questions. A couple of questions raised here were ones many buyers do not think about. When you look at a condo conversion, ask whether the condo has been brought up to current building codes, including standards for earthquakes and fires. It is important to know what you are buying so you can make an educated buying decision.

The Myth about 3 of the 5 Myths of Real Estate in Parade magazine

Did you see the article in Parade magazine last week? (see the link below) I was quite surprised by many of the myths the writer proposed. I didn't see many facts to support her statements about the myths of real estate.

As a Realtor for the past 20 years who has worked in all kinds of markets, I feel qualified to comment on myth #1, #2, and #5.

My take on myth #1 -Only a licensed Realtor should sell your home.

The writer states a home owner knows more about their home which is very true. However, the home owner doesn't know all the details involved in the sales process. Selling a home and obtaining the highest possible price is a result of many factors, a multi-staged process, and the result of a successful partnership between a good Realtor and a home owner.

A good Realtor knows the competition inside and out. I showed a home today that has a great view of the mountains and the lake. You couldn’t see any rooftops or other houses. Something like this is priceless and not something you find from the internet. Do internet evaluations know these subtle, but very valuable differences? Positioning the home properly against the competition is often the key to making the most money for a home owner.

A good Realtor knows the current absorption rate, how many homes are available and how many are selling. Even in my local market, the eastside of Seattle, there are “mini” markets that demand different pricing structures.

A good Realtor minimizes the stress of a home sale. A home is not a commodity, like a car or boat. It is a measure of one's personal taste and lifestyle. Having strangers/buyers come into your home is stressful enough, without having to deal directly with the buyer.

A good Realtor is your advocate and will negotiate from a position of strength and experience and is able to evaluate all the terms and conditions of an offer. Offers can run between 10-15 pages.

A good Realtor is a strong negotiator in a multiple offer situation. This can be tough for even the most experienced Realtors, let alone a home owner who has never done any negotiation.

A good Realtor knows the sale of a home is a three stage process:
-Assisting the home owner with presentation, staging, pricing, and top notch marketing
-Marketing the home to Realtors and buyers
-Following the transaction through the inspection, appraisal, financing all the way to a successful close.

My take on myth #2- Your broker does not want you to get the highest price for your home.

There is no data in the article to support or explain this statement.

Home owners should know the answers to the following questions before reviewing an offer:

Are you selling in a fast or slow market?
How many showings have there been?
Has anyone come back to your home for multiple showings?
How many hits have there been on various internet sites?
Are any of the agents calling to ask questions about the house?
What is the buyer/agent response after viewing your home?
What is the average market time for a home in your local area?

Working with a knowledgeable, reputable Realtor, home owners will have the answers to these questions. The home owner can then make an informed decision about the offer price. Maybe the price is too low and should be countered. Maybe it should be accepted because it’s what the market will bear.

My take on myth #5-your home must be turned into a showplace before it is listed.

A home should be a showplace when selling. The homes in mint condition sell for the most money. Since agents are hired to help home owners make the most money, agents should be advising them to make their home a showplace.

A good Realtor should recommend the most cost effective improvements to bring the home to show condition. Realtors should use their contacts to help home owners do inexpensive fixes. New carpet, paint, and lawn maintenance will bring home owners more money. If some of these things are not done, it can cost a home owner dearly in the sales price of the home. Buyers always think it costs more to do these things and can choose to buy another home that is more market ready.

Remember buying and selling is an emotional process for both parties, the home owner and the buyer. Presenting a home for sale that is maintained well, staged beautifully and photographed by a professional will create the warm ambiance a buyer is looking for when purchasing a home, not just a house. A good Realtor will position your home so that its best qualities will shine and excite buyers. The home will be priced so you get what you deserve, a great price and a stress-free transaction!


Any thoughts about this article?


http://www.parade.com/articles/editions/2007/edition_04-08-2007/5_Real_Estate_Myths

You Can Be Superman and See Through Walls!

Well almost! With InfraredThermal Imaging you can actually see the temperature measurement differentials given off by all the materials behind your walls. You can then locate areas where water instrusion is occurring, areas where there is energy loss due to improper insulation, and you can also view the electrical and plumbing in your home.Why do I know this?Because I have had a water leak in my house and needed to get to the source of the problem. This one spot has leaked in my kitchen whenever we have wind and rain. Usually a couple of times a season, we end up with a leak. Every year we have people out to fix the problem. But each year, the leak is back in the same spot. We really thought we had our leak fixed in 2005 as our entire roof and some skywall windows were replaced. Then in October of 2005, the rains began and the leak was still there. The roofer repaired the leak. The rains came again in October of 2006 and along with it came our friendly leak, like an old friend (or enemy?) Drastic action was necessary. We cut a whole in our ceiling and have chosen not to close it up until we felt we had licked the leak problem. The roofers came out again (for the third fix) and "fixed" the problem. Then came our infamous wind/rain storm last winter. During that storm, I was dealing with an indoor waterfall, not a leak. I needed buckets to catch the rain for that one. Fortunately, the inch downpour only lasted about an hour that day.I contacted Cascade Thermal Imaging. The company has an Infrared camera that can detect temperature differentials of all materials in walls, ceilings, roofs, etc. They have been out to my home twice now to do testing. It's really fascinating to see. Their camera detects the amount of infrared energy given off by an object. You can then see the differences in moisture and heat. They found evidence of moisture in the wall and also in other spots we never knew might be wet. These images were shown to the roofer and they are investigating further. They are doing some invasive procedures to confirm the imaging photos, but it looks as if there is now some great information that will help solve our leak problem. The roofers may now know where to look for our leak!I will keep you posted on the saga of the leak and let you know whether the thermal imaging was able to identify the problem areas. I may not fully know the results until we get through another winter as that is the only time I have ever had a leak in my home. We are getting closer to feeling like we can close up the hole in our ceiling.The thermal imaging process is a new resource that will help identify problems more clearly in ways we have been unable to do before. I see Thermal Imaging being used if you have a problem, such as a leak, and are unable to track the source. I also see buyers using this process as part of a building inspection if there is a concern about a leak, a roof problem, electrical and plumbing systems, and overall energy efficiency of the home.http://www.Cascadethermal.com

Protect your personal and financial information

Today when you apply for a new loan or refinance, credit bureaus can sell your entire credit report to competing financial institutions. This means that anyone in those institutions will have access to your personal information. They will have your social security number, your contact information, and your credit card information. In addition, you also can receive unwanted emails, phone calls and junk mail from random lenders trying to solicit your business.

This is completely legal and the only way to stop it from happening to you is to log onto www.optoutprescreen.com and request your information not be shared with anyone for 5 years. It has to be done at least 5 days prior to letting anyone pull your credit report since it takes that long for it to take be processed.

If you choose to shop for a mortgage, make sure you are only giving your information to reputable lenders that have been referred to you or have a known track record of solid performance. Do not just let your personal information out to anyone and everyone!
www.optoutprescreen.com

How can older homes compete with newer construction

It seems like everyone wants to live "close in" today. We all know everyone is tired of the commutes on the Eastside. So the older homes that attract the most buyers and sell for the most money are the homes that have been updated. These homes keep the best features of the existing home, but incorporate some of the attractive features of newer homes.


Want some creative ideas for remodeling that older home? Everyone knows kitchens and baths are the "no-brainer" remodels that will earn home owners the most bang for their buck, but in this article a few more great ideas were presented. Here are some suggestions from the article you can link to below:

Raise the roof! What a great idea. When I show buyers homes I constantly hear about the desire for an open floor plan with high ceilings. This is one of the major attractions of newer homes and is a great way for older homes to compete in the marketplace.

Tear down walls- another great way to create openess. Older homes often have small rooms. Why not open the kitchen to the dining room or family room?

Paint the interior with fabulous colors. No longer is beige, beige, beige in demand. People love personality and color. Go for it and show your style.

Add a bath or hardwood floors. Again, great features that excite buyers.

Check out new construction for what is popular and then adapt the features to your own remodel.


I have seen some really cool midentry and rambler homes built in the 60's and 70's that had open floor plans. These open living areas were created by knocking down walls. When these homes have been on the market, they have attracted top dollar for the sellers. The older homes with the open floor plans, plus the remodeled kitchens and baths, are the most in demand.


http://www.brokeragentnews.com/news/residential/2007_3/3_20_2007_yw_1174443301.html


Call me if you have questions about remodeling and I would be happy to tell you what is selling in today's market.

Ben Rush PTA raises $30,000 for school programs

Congratulations to Ben Rush Elementary and a special thanks to the PTA for raising $30,000 for school programs. A special thanks to Kymberly Meade and her committee for organizing such a great auction. There were some wonderful items for people to bid on, all for a great cause.

Go Ben Rush!

Come on down to the Ben Rush Elementary Auction

Friday night, the 23rd of March, from 7-9:30 is your chance to contribute to Ben Rush Elementary School programs. Sponsored by the Ben Rush PTA, there is a great list of items to bid on from live and silent auctions. The funds will go to program enrichment for Ben Rush students.

Have a little fun and support a great cause! Our kids are our future!

For those of you who may not know, Ben Rush is located in the Spiritbrook neighborhood on 152nd Ave NE in Redmond. You can get to Ben Rush by going north from NE 51st on 156th Ave NE. Just past Westside Park is a stop sign. Turn left at the stop sign and cross over highway 520. Ben Rush will be straight ahead as you turn onto 152nd Ave NE.

Have fun!

Check out the catolog on line. There are some fun things available.
http://www.home.earthlink.net/~ugwc/catalog.htm

What were the chances of selling a home in West Redmond in February, 2007?

If you were a seller in February, your chances of selling a home in West Redmond/East Bellevue were pretty wonderful.

Sellers had a 58% change of selling a home in February, 2007, definitely a seller's market. There were 57 sales during the month.

Of all the areas on the Eastside, West Redmond/East Bellevue has some of the lowest number of homes for sale. If you look at my earlier post about the chances of selling a home on the Eastside in February, 2007, you will see at the end of February, there were only 98 homes available for sale in West Redmond/East Bellevue, an astonishingly low number. Kirkland, on the other hand, had 275 homes on the market, quite a big difference.

The areas around Microsoft and West Redmond are really going strong. Inventory is light under the 700k range. Some recent sales(some were mentioned in my previous post): In the Pinehurst neighborhood, a Burnstead built neighborhood of two story homes, a home was listed for $630,000 and sold for $660,000. In the Meadows, a planned unit development, the largest free-standing home in the neighborhood was priced at $525,000 and sold for $554,000. I sold a home on Rose Hill that had five offers and will close at more than full price.

A word of caution: pricing is on the side of sellers, but each home must be analyzed according to its current competition. Some homes will be able to be priced more aggressively and some will not. For example, if there's only one or two properties competing with a home for the same buyer, it may be easier to be more aggressive with pricing. However, if the competition creeps up from there, pricing for a home should be less aggressive. Competition is most important to analyze right up to the minute the home goes on the market.

Are prices in West Redmond already going up this year?

In a previous post, I looked at last year's data for real estate sales in the Lake Washington school district. Since the Lake Washington Schools covers a much larger area than West Redmond, I wondered what the sales range in 2006 was for homes in West Redmond. We're just about to complete our first quarter of 2007 and I already see some great appreciation.

The least expensive home sale in West Redmond in 2006?

Last year, the least expensive homes sold in a neighborhood called Stratford Village which is just south of Redmond Way. Stratford Village is a PUD, a planned unit development. The homes are similar to town homes, but is a housing style between a condo and a single family home. A PUD is different from a condo because ownership is fee simple, and like single family homes, you own the land your home is built on. The least expensive home sale last year was $329,900.

The least expensive home sale so far in 2007?

Looking at closed sales for our first quarter, the price of $329,900 has already been beaten by $35,000 in Stratford Village, the same neighborhood! This represents about a 10% increase in value. This increase does not surprise me as few homes are currently on the market in West Redmond priced below 400k. I expect the appreciation to be really strong in the affordable price range since competition is so heavy for these homes.

I just sold a home in the Redmond part of Rose Hill and we had 5 offers for the home, which was listed at $419,900. I can tell you the sales price after it is a closed sale. But suffice to say, it was a great sales price.

The most expensive home sale in West Redmond in 2006?

There was a 3 million dollar sale on Lake Sammamish last year. This home was built in 2001, sat on a 17000+ square foot lot with 50 feet of waterfront. Waterfront is in a class by itself.

If we look at homes that are off the water, Marymoor Hill had a sale of $1,005,000 for an 11 year old home with 3700 square feet.

The highest sale price in 2007 thus far?

This year there are already a few sales for new construction homes that have surpassed the sales price of $1,005,000. Since these homes are still under construction, it will be a while before we see the numbers for these million dollar sales.

Our highest closed sale price right now is for $660,000 in the Pinehurst neighborhood. A home near Microsoft just went pending today. It's list price was $850,000. The sales price will be public information as soon as it is closed.

I expect West Redmond to appreciate in value at a pretty strong pace this year. If our inventory continues to be low, expect prices to really pop.