September 6, 2010

Market Trends for July 2010: Avg Price Per Sq Ft

Here is our first update of four market trends we’ll be posting each month.  Data spans an 18 month period in efforts to avoid presenting a false trends based on activity of the the current season.

Mentions:

  • Resale properties reached it’s all time low in 18 months at $383/sq. ft.
  • New construction reached it’s all time high in 18 months at $756/sq. ft.
  • As an average, price were it’s lowest in August ’09.
dyerware


All reports presented are based on data supplied by the NWMLS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

View Seattle Height Restrictions in 3D!

We couldn’t be more excited to have almost completed a map of downtown Seattle height restrictions in 3D using Google Earth.  Currently, the file is only available as a download and it’s very important to us.  Therefore, we’re looking into ways to keep it private.  As of right now, we’re only sharing it with clients.  We feel that making a intuitive purchase based on the 3 P’s is what makes a happy buyer.

Please, take a look out this snapshot and contact us if you’re interested in a download of the Google Earth file.  The person putting it together for us is incredibly busy, so we don’t want to rush the guy.  Therefore, all you get is a teaser.  I’m just so excited to have such a cool tool we can put on our website, I had to share a sneak peak!

What’s most interesting, is there are truly very few units with protected views…

In the meantime, you can view a flat map of height restrictions set by the city here.

It’s not just about location. Savvy buyers identify all 3 P’s

Let’s review the three rules of real estate. Is it really as simple as “location, location, location?” Of course not! Does, “Beam me up Scottie” encompass all about a certain space show?  I think not. Both are cliches reminding us that the hero can always escape a terrestrial alien in one case and that we should always beam towards the best earthly Position when making a real estate purchase in the second case. That brings us to what we’ll be discussing today. It’s my rule of “The 3 P’s.”

View Seattle Neighborhoods

Product, Price and Position.

Product – This is the home itself. It’s a product just like you’d buy at Whole Foods. It sounds dispassionate, but in doing so it helps you make a more calculated decision in the end. What is the product? What’s its condition? Do you want a fixer, something new or in between? Two beds, one bath? Large, medium or cozy? Tall ceilings, granite, hardwoods? Modern, historic or standard? When you begin your search you probably won’t know the answer to these questions but your Realtor should show you the options and help you with your discovery. It’s what the good ones do….often when you don’t even know it.

Price – The big assumption of “location, location, location” is….within your means. You don’t get Mars  on a Moon budget. If your true maximum is $400,000 then we look only a reasonable level above that number. Together we scour to uncover the best your money can buy….always keeping in mind your affordability factor.

Position -  I actually use the phrase “location, location, location to describe three distinctions in a property. First location: Which downtown Seattle neighborhood do you want? Belltown, West Edge, Pioneer Square? Each has its positives and negatives especially in relationship to the product options and the price. Second location: What is the block and building? What’s it near and what’s going on around the complex? How far away is your favorite video store specializing in 60’s pop culture? Third location: Where is the unit? How does the light enter? What is the view? Don’t forget the most important….how far away are the garbage containers and will you hear the inevitable early Sunday morning clang-bang?

As we boldly go through the canyons of towering structures, past the smiling concierge and through the sleek corridors we’ll seek out new life and new civilizations….oops, sorry my Star Trek is showing. What we‘ll do together (with a little fun along the way) is to build a successful relationship; one that will allow us to identify for you the best product in the best position within your price.

Seattle Voyeurism

I live in Downtown Seattle and sometimes forget to extol it’s virtues. Many think a lot of time is spent under an umbrella or sipping a latte. Seattle’s sky is often gray and wet, that’s why we have such lush greenery everywhere but here’s the most amazing fact:  Despite Seattle’s reputation as being rainy, we DON’T even rank in the TOP 10 rainiest cities. Does that surprise you? Not me, because I rank Seattle as the #1 most beautiful.

As I hang out I see tons of people from around the world enjoying our attractions. Mostly, however I see folks from the city and the suburbs doing what people do… having fun together. At Seattle Savvy we believe the energy of the city and the relaxing surroundings ARE the attractions. Consequently, I’ve made a collection of photos to show you some of the lesser known pleasure spots around town used by locals.

Cute couple at Myrtle Edwards Park

These two were enjoying the sun mid-day at Myrtle Edwards park pointing at the para sailor in the Puget Sound.  In the distance you can see the statue ‘Eagle‘ at the Olympic Sculpture Park and Pier 70 which is home of the elegant Waterfront restaurant and location of MTV’s season 7 of the Real World.  ouch!

Lucky Kids

Why aren’t I getting wet too?

2nd Ave Strip

Believe it or not, there’s more than just amazing hot dogs on 2nd and Bell.   Beginning with Mama’s Mexican Kitchen, there’s a slew of pubs on this one block up until the Crocodile Cafe where legends such as Nirvana and the Beastie Boys have strummed a cord or scratched a record.  On Friday and Saturday nights, you’ll find many of our locals bar hopping along this strip whereas the 1st Avenue strip is where many come from all over to enjoy downtown nightlife.

Seattle Center Skate Park

Several years ago, the Seattle Center skate park was demolished to make way for the Bill and Melinda Gates Foundation which is almost completed!  With intention to do so, Paul Allen later donated necessary funds to build the kids a new skate park on the other side of the center.  Over the last several years, the skateboarding community has been awarded four Seattle skate parks along with many others being designed and reviewed for approval.

Freshly Paved Basketball Court

A new shop in Belltown has been getting downtown residents on bikes as if cars where going out of style!    This kid was poppin’ a wheelie where most locals might remember there being a carnival type ride which sat next to a not-so-popular roller coaster.   Today that area has been cleared for a full-size basketball court, a pea-patch shared with the Seattle Children’s Museum, and some other designated spaces for performances of various types.

Endless Choices for Spirits

Cyclops is great for Ginger Rum, Belltown Pizza across the street serves slices till 2a.m., and on the southern corner of 1st and Wall is a fine dining steak house with a movie theater.  Yes, you can order drinks during the movie.

The City of Seattle website is a great place to get information about what to do and what the city is doing to make the quality of life better.  Find more information about the city’s planning for improving Downtown at Public Spaces & Public Life. The homepage of SeattleSavvy.com has a slide show with even more pics for you to enjoy. It’s constantly changing, so visit us often!

Two new BIG neighbors to Mosler Lofts coming to Belltown

I love reading the Dept. of Planning and Developments “Land use Information Bulletin” in the morning. Not because it’s as dry as toast and goes well with coffee but because it provides me with exciting news for me to pass along to you, my loyal readers…..and I’ve got a doozy of a scoop for you today!

There will be TWO new high-rise apartments buildings going up soon in the northend of Belltown. A 19-story at 2625 3rd Avenue and a 17-story at 311 Cedar Street. The good news is they will bring more retail space and I’m hoping for some good Teriyaki and a Jelly Belly shop. There will be commercial space as well and I trust they’ve got tenants lined up. The best news are all the rental units available to make up for the loss of the unlucky McGuire building.

What’s the bad news? Just ask the homeowners at Mosler Lofts and Seattle Heights. They’ve just gotten the awful reminder that an open view is never guaranteed. Each complex will have some of its Association members unhappy with the loss of a portion of their view….and there’s nothing they can do about it.

We have a height restriction chart on our site (Seattle Height Restrictions) providing you with a guideline of what COULD happen around town. It shows the maximum height a new building can be anywhere within the colored coded zone. You know why we spent time creating it….to remind us all that nothing stays the same. New opportunities will bring progress and Seattle Savvy doesn’t want some brand new big building stuck in front of your window to come as a shocking surprise.

As a resident of the Montreux, I often marvel at the view of the skyline from our pretty fabulous rooftop deck.  Dave and I stand up there and “ooh n’ ahh” about the golden color reflecting off the 27-story Grandview Condos as it towers over every other building within two blocks. Dave likes the fact that every unit has a great view. I take a big slurp of my cherry coke and point out the  west side of the Cosmopolitan. “Those buyers thought they had a great view too.” I say in a somber tone. Dave’s naturally pale completion bursts into a red hue as he begins a long diatribe on how “somebody” should write a post about how nothing is guaranteed and that it’s our job to help buyers perform the due diligence needed to make the best buying decisions of their lives.

After all, no one wants to share their morning coffee and toast with a neighbor living only a short alleys distance away.

With love….Somebody.

4.5% is the new 6.0% 30-year fixed mortgage

For years working behind the scenes with real estate agents and mortgage lenders there is no doubt more hand written information about “real estate” by real estate agents than there is by lenders.  For the most part, mortgage lenders just don’t market to the general public.  For the most part, the general public uses a mortgage lender based on the referrals from real estate agents.  For every part, as being someone who accepts the responsibility in entrusting golden rule-style business based on the reputation of your word, it’s important to refer the general public to someone you yourself have great admiration for.  lol  That’s right.  I have a bromance.  I’ve never known this guy to not have a genuine interest in doing the right thing when it comes to just being a good person.

continue, or click here to spare yourself from more of a salty intro.

The reason I start with such a dramatic intro is because I think it’s very cool to get a hand written uncanned mortgage lender market update type information to share on our site after asking, “After 14-years of being a lender, if you could give me anything to say about mortgage, right now, after all this, what would you say?”

The title of the email when he shot it over was, “4.5% Is The New 6.0% 30yr Fixed Mortgage.”

Naturally, I loved the sticky title.  It made me want to click.  But, before I actually read it, I emailed back asking if he was sure this is what he wanted to say.  We’ve all had a few surprises over the last couple years haven’t we?  In one way or another, these surprises have affected each and every one of us whether it’s directly, or indirectly with a loved one.  I mean nobody can really claim that they saw such a life changing impact on our lives other than shouts us locals have seen from Tim Ellis, who I think was an award winner for the best Seattle real estate blog.

No matter what, I’m flattered that this guy took the time to say something that supports what we love to do and that is hand over keys!  Gene is saying don’t be shy, go ahead and buy.  But, not necessarily because interest rates are low, but I think what he’s saying by sending this as his first contribution is, rates are good.

Mortgages are at an all time low historically despite the housing crisis.  The reason for this low is due to our weak economy and the Fed supporting low rates to help spur the housing market out of it’s crisis.  For the longest time, 6.0% was the target rate of choice.  I recall in 2001 when the 30yr Fixed Rate reached 5.75% for one summer day, it was a moment to be remembered.  In 2009, 5.25% was all the rage and yet a very low percentage of borrowers could actually qualify for a mortgage due to stringent Underwriting guidelines and decreased real estate values.  Now in 2010, there are many more that can qualify at a lower payment at 4.5% for purchases and for those looking to refinance despite the decline in home values.

It is not uncommon to obtain a 4.5% 30yr Fixed Refinance at NO COST, if you have decent credit and equity in your home.  There are new programs that are accommodating higher LTV’s (Loan To Value) to relieve the drop in real estate values.  The Fed announced recently that they will not be changing rates in the near future.  This does not necessarily mean that rates will get lower because you have to consider that with rates this low, it is not as profitable for banks to be lending at this rate.  This seems to be the floor for now with seemingly more pressure to rise as we move towards the end of the year.  Currently, lenders are giving great incentives for homeowners to refinance at this low rate which is the main reason why you can obtain a No Cost Refi from very reliable sources.

The Mortgage Market is starting to become flooded with Refinances at these low rates which can mean upward pressure to raise rates as a matter of supply and demand.  If you are in the market to purchase a home or have a higher interest rate mortgage, I recommend taking advantage of this market while you can it’s not a bad time.

Gene: “at NO COST, if you have decent credit and equity in your home”

What if that isn’t you?


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Established Belltown business owner needs a new home

A friend of mine recently asked if we could help with finding his martial arts teacher a new home for his business.  Since commercial real estate is a whole different business, all we could do is pass the word.   Bottom line is Belltown Martial Arts needs to find a new home, and if there is any warehouse or retail space owners looking to lease to a great established tenant, here ya go…

Sifu David Leong is looking for 3 to 5k square feet.  He is an active community member, has an established business, and mentioned that he would be open to South Lake Union.  His current location on 3rd and Cedar is being torn down.  If you know of someone or are yourself looking for a good tenant, please contact him directly.  Of course price is a concern, but really just needs some space for a dojo, and a couple bathrooms.

He can be contacted through his website and into a new home by the beginning of next month.

On a side note, I was poking around on this guys site a few months ago and read about the Lion Dance.  Pretty amazing…  Here was my favorite vid I found when I was looking about:

A little bit of lovely, compliments of the Blue Angels

Yes, we took these pictures.  We didn’t get them stored on a memory device by a couple tourists when getting some work done at the cafe.  It’s almost rather embarrassing because it’s almost too obvious that they were posing just for us.  We hoped they’d turn out more natural…

Blue Angels Posing for Seattle Savvy

Blue Angels Posing for Seattle Savvy

Really though, we stood on the rooftop of the Montreux trying to hide from the rain and only got one which was certainly worthy of being deleted.  With a pretty good 360 degree view from that building, in addition to our school boy-like excitement to post some pics of such a unique and large yearly festival, we were sure we’d get at least one good one.  You hear them coming from the east, then you catch them neener neener neenering at you to the south.  Finally they set-up for the shot we asked them for of them slipping along side the Space Needle, but our camera’s zoom and speed was off.  After reviewing the pic, we knew what we had to do.  We had to send a text message to the pilots begging for one more shot.

Now, these guys are not the type of guys who generally let you slide with a mulligan, but fortunately we’re good friends.  We weren’t even expecting the guys to reply considering how focused they must be flying multi-million dollar fighter jets in formation with just an arms reach between them, but Dave’s Droid vibrated within seconds with a text that simply said, “for you guys, one more.”  Because we know these guys so well, we knew they weren’t going to make the second time around easy.  Since Dave screwed up the first pic, and I Justin am better friends with them anyway, this time I armed myself with the camera on, the speed high, and the zoom up to about 75%.  With Dave attentively doing circles looking up into the sky, and me positioned in a horse-stance, we were sure to get this one!

Not long after we really got prepared, we heard the roar from the west…

“Ohhh Dave, this is going to be a good one,” I said with a wink.  Dave gave me his infamous 2-fingered point and nodded in agreement.  Facing west, camera held tightly and steady below my chin, Dave shout’s “THERE THEY ARE! GET EM GET EM GET EM!”

CLICK!

Unfortunately, my Call of Duty Modern Warfare II skills are not complimented by the reflexes of a 14-year old boy.  The shot, a blur.  With our heads hung low, we walked in shame to get a drink of java where we looked at our pathetic picture and attempted to convince each other that maybe the Blue Angels pilots will still consider us friends.  But before we fully agreed we failed, I pointed at a young couple who was uploading they’re pictures of this amazing Seafair performance we all look forward to every year.  They must have overheard us, because they were quick to ask if we had a memory stick for us to say we had succeeded with scoring their pics.  I’d say for such a gray day, we actually did pretty good!

Enjoy this video showing 2010 air show performance!

Seattleite Spotlight #002

I’m a great history buff. I love the lessons learned from the actions of the past. I’m also fond of the human side and Chief Seattle is one of the first people that hooked a scrawny 6th grader from Shoreline to a life of museums, milestone markers and statues. He filled my veins when I was young and I’ve never been able to take the cure and go sober.

Chief Seattle

Chief Seattle

I did a report on him at Sunset Elementary school. I’m sure I beefed about having to do the research and whined about the reading, the notes and the organization. It’s a blur to me now but I remember that rush when the adrenaline and imagination kicked in and I was transported back more than a hundred years to Duwamps, a fledgling settlement on the Duwamish River mud flats. I learned that this native was not a chief at all but a man of respect amongst his peers; that his young life was turned upside down as the ships of Captain Vancouver entered his tribes fishing grounds. Later in life he spoke for peace and sharing as more Europeans entered his tribes hunting grounds bringing new laws of land ownership. I discovered that he personally knew people like Maynard, Denny, Boren and Bell and that he had an indelible affect on their lives.

The names flew off the pages as I recognized those streets. The big city down south were loaded with them and they came from people of history! I was thunderstruck! The connection I’d made with the past hit me like my first shot of Jager. I was drunk with the power of knowledge and my life was changed due to this new addiction. The small man with the misunderstood name started an obsession. At the intersection of Denny, Cedar and 5th I go to visit my old friend. When I greet his welcoming statue surrounded by a humble pond and a ring of base-lighted trees my soul says with true love and appreciation, “Thanks”.

I’ll have to send this dialog to my two daughters who had to endure at least one historical excursion on every family vacation. I remember that they beefed and whined but I sense that their kids are going to thank them for the passing of the habit.

A personal question/favor…

ugh!It’s 3:00am, and I’ve made some coding mistakes to this site.   Although real estate websites and blogging has been something I’ve been doing for years, this site is by far my biggest project.  In the works, there are over 300 pages currently built on this site.  It’s really my pride and joy and what’s most exciting is that it’s something I can give.  For most of you who I think are seeing this, I think you know that.  However, a lot of you are also my competitors and I’ve always reminded you of that.  But, I figure there’s a couple more decades to go before this is over for us.  So, I’ll say again that core value #1, #2, and #3 are all there to ensure that #4 is honest, which is have fun.  It’s hard to come through and look at what you see in the image here have some very simple mistakes like a = instead of – which can cause a page to break.  On top of coding this website, the most work is being put into just it’s content that you as a viewer sees.  That is by far the hardest part, and the two of us have only found pleasure in going out for our Saturday night cream cheese hot dog.  Not much more.  We savor every minute of that $5 hot dog as our reward.  So, at 3:05 am, I’m sorry to say I’m asking for your pity if you find anything wrong with this site.  Tonight I’m correcting 10 pages which would have been 69 later if not caught.

I have some really big plans for this site, and that’s why it is what it is.  It’s content is being laid out in it’s most simplest form so that once it’s here, it can later transform.  I hope you all understand and share anything you might find.  I’m still working on getting Pioneer Square up to par so that I can move onto the big guy which is Belltown.  Off the top of my head, I think there’s close to 30 buildings to Pioneer Square’s 10.  Then, there’s West Edge which is our prim-o real estate, Denny Triangle which is the up-and-coming, SLU which has one building, Retail Core which is just a couple, then I would like to tackle Uptown, Capitol Hill, and First Hill.  These are all the places I love to stomp and excited to share.  I want people to move here!  I want people to visit!  Talk.  Take pictures.  And most of, enjoy that fabulous Teriyaki you can only get in the Pacific Northwest.  Anything you notice is greatly appreciated.  I really don’t know what else to say other than that it’s very important to me and I’m never one to ask for any favors–I think.

BIG Thank you! You can email a page and/or description of where you may have found something here.

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