Eastside Real Estate Working-for-you!

Your House Values (and the real estate market in a visual perspective!)

By Greg Perry, Kirkland Realtor
www.425Realty.com

To see a close up of the charts used in the video, just scroll below.

 

 
  
 
 

King County Pending Volume Spikes

After a typically soft holiday break, King County Pending jumped almost 25% (396 to 488) in the 7 day period ending on 1/20/10.  The trend  continued with the next 7 day period coming in with 502 Pendings and the most recent 7 day period ending 02/03 coming in with 510 Pendings.

Both January and February sales are much stronger than the start of 2009 (309, 317 and 317 for the same weeks).

King County real estate is off to a brisk start in 2010!  See chart below to see the full picture.

 

 Greg Perry, Kirkland Realtor
 

Good words from a client....

By Greg Perry, Eastside Realtor

Recently I listed and sold a home for the Hinthornes.  They were selling their Mother's long time home in East Bellevue.  We had some work to do to get ready for market.  We were very ready, positioned the house with the correct price and received a great offer that came together in just a little over two weeks and closed 3 weeks later.  Here are some impressions of that transaction from the Sellers:

"Our First impressions were that you were professional, knowledgeable and experienced  Our first impressions were right! (no different now)

Communication with clients was your greatest strength (and the main difference from our other experiences with Realtors).  We appreciated the daily emails about showings and weekly emails about real estate activity.  You also were timely with return phone calls or email questions/concerns.

From our experience as your client, we know you will work hard and quickly to ensure the best possible exposure of the property to all potential buyers of a property you list."

It was a real pleasure serving the Hinthornes and assisting them with their real estate goals!  Also a big thank you to Jeni Doyle Perry for a great referral!

The 2009 King County / Eastside Real Estate Median Price Study

By Greg Perry, Kirkland Realtor

Well, the year 2009 has come and gone.   The King County and Eastside real estate markets showed improvement in many areas, especially toward the end of the year.  The main thing home owners want to know, however, is what happened to our house values?

KING COUNTY

As you can see from the following chart, in Jaunuary, the first month of the year, the median price for King County came in at $393,000 and ended the year at $380,000.   A very slight drop overall for the year.  However, as you look month to month, you'll see that median pricing by and large was FLAT.  No real peaks or valleys -- pretty much flat across the board.

But WAIT!  That's not the whole picture.  What happens when we look at Price Per Square Foot figures in King County?  Here we see that while Median Prices were steady, the Price Per Square Foot prices dropped, meaning that buyers were actually buying more house for the money as the year went on.

 

Here, you'll see the story behind the numbers:

Eastside Areas 500-600
So let's see what happend in the Eastside areas 500-600.  The Eastside medians started the year at $540,000 and ended the year at $530,000.  The Eastside median prices were more volatile peaking at $560,000 and going all the way down to $480,000 in October.

The Eastside
Here is the detail behind the Eastside numbers:

 

As you can see be the chart below, Price Per Square Foot dropped on the Eastside, as well.  The year started out with $260.00 per square foot and ended with $224.00 per square foot.  When combined with the overall drop in the median price, we see the Eastside actually experienced a greater overall price erosion when compared with the rest of King County.
 

Overall 2009 was a year that saw stabilization in median prices.   For the short term, home loan interest rates remain very low, and both First Time Buyers and Existing Homeowners have tax credits coming when they make a purchase.

CAUTION!  Be very careful when looking at these charts with conclusions regarding your property or  properties in YOUR neighborhood.  Median and price per square foot pricing will vary, depending on the price range and neighborhood.  For instance, the Eastside has seen greater price erosion and fewer closings from rural high end properties than the lower tier close-in properties.  Inventory is selling briskly in close-in neighborhoods with prices under the $500,000 mark.  As inventory absorbs, pressure is exerted on pricing to rise.

If you would like to know what is happening in your neighborhood, give me a call (425.829.7012) or email (gregperry@working-for-you.com)  and I'll be happy to help!

 

  
 

Good words from a client.......

 Thanks for your New Years blessings.  2010 HAS to be better than 2009 !!

The high point of our year was selling the house at such a great price.... and after a bidding war unheard of in a depressed economy !!  We're still talking about the speed in which the house was sold.  It certainly pays to have the right realtor who knows when to market a house and at what price.

Beverly Lloyd

Thank you Bob and Bev.  It was a pleasure to serve you!

Scenes From Our Santa Portrait Client Event

 
  On December 5th, we hosted a drop in client event for clients who wanted to have Santa portaits.   Several hundred people attended.  Of course, the main event was Santa, himself.  We also had live music, hot dogs, cookies and a latte cart.  The kids had a chance to build a Chirstmas craft project.

Here are some of my favorite scenes from that event:

 




  

 
  
 
  
   
 
 
 

City of Kirkland Approves Annexation of Kingsgate, Finn Hill and North Juanita

At its December 15 meeting, the Kirkland City Council took action to accept the annexation of the Finn Hill, North Juanita and Kingsgate neighborhoods without requiring the voters in those areas to assume existing voter-approved debt.  In a 6 to 1 vote, the Council approved Resolution 4791 which expressed its intent to accept the annexation.  In a 4 to 3 vote, the Council approved Ordinance 4229 which formally accepts the annexation area to the City of Kirkland, makes the annexation area subject to zoning regulations adopted via Ordinance 4196 and sets the effective date of annexation as June 1, 2011.  To view the report to the Council and to video stream the meeting, go to www.ci.kirkland.wa.us/depart/council/Watch_Council_Meetings. 

Registered voters in Finn Hill, North Juanita and Kingsgate neighborhoods cast ballots on the proposed annexation in the November 3 General Election.  Because the City asked voters to assume the City’s outstanding voter-approved debt, two thresholds had to be achieved.  The first threshold, known as validation, was that the number of voters in the potential annexation area (PAA) voting on the annexation measure had to be not less than 40 percent of those who voted in the 2008 presidential election.  The King County Elections Office validated this threshold.  The second threshold was that 60 percent of potential annexation area (PAA) voters must have voted “yes” to the annexation measure.  The King County Elections Office certified the annexation election results as 59.94% in favor; 40.06% not in favor. 

Since the affirmative vote was over 50 percent, state law provides for the City Council to accept the annexation without requiring the assumption of voter-approved indebtedness.  Voter-approved indebtedness includes bonds approved by current city residents for parks and public safety major capital projects.

The Finn Hill, North Juanita and Kingsgate neighborhoods are identified as the City’s potential annexation area.  This largely residential area is approximately seven square miles, extending north of Kirkland to approximately NE 145^th Street. It would add about 33,000 people to the city’s current population of 48,000.  The annexation will make Kirkland the 12^th largest city in Washington and the 6^th largest city in King County.  For information about the City’s Annexation Study and to subscribe to receive Annexation Updates, visit www.ci.kirkland.wa.us/annexation.

Are You A Prisoner of Your Drywall?

You come home from work to your Townhouse that you purchased in 2005.  You notice your house smells a little, er, gamey -- like a rotting egg.  Your brass keys are turning black.  You've been experiencing computer and appliance failures.  It all gives you a headache and a nosebleed.  Your eyes become irritated and breathing becomes difficult.  You may have a case of TOXIC CHINESE DRYWALL.

Since 2001, suppliers have been importing a common household building material -- drywall -- for China.  This drywall it seems emits a sulfur compound that out gasses into the living environment andgives off a sour or "rotten egg" odor.  These sulfur compounds quickly corrode a very common metal found in our homes -- copper.  Copper is used in wiring, appliances, computers and many other devices.

Florida and Louisiana are the states that seem to have the biggest problems (especially New Orleans after Katrina), but Washington State has been impacted, too.

Properties at risk are:

• Any property built after 2001.
• Condominium projects built after 2001.
• Townhouse projects built after 2001.
• Single family homes, condominiums townhouses or commercial properties remodeled in the US since 2001.

What are the symptoms of Potentially Toxic Chinese Drywall?

• Continuous failures of air conditioning coils or HVAC units beyond normal
• Corrosion in electrical wiring or metals, especially copper and brass.
• Mild to sever upper respiratory problems, nosebleeds, headaches, skin and eye irritation.

Government and consumer agenciesare trying to figure this one out.  In the mean time class action lawsuits especially in Florida and Louisiana have started.

To learn more: chinese drywall.com

 

King County Weekly Pending Sales Counts Decline

At the end of March, 2007, I saw the movement and reported it -- weekly Pending Sales counts jumped 25% going from 401 to 493.  After that week, we saw the Pending counts steadily climb until they reached the high water mark of 629 in August.

The last 3 weeks have seen a rapid decline in the Pending counts.  I wouldn't exactly say they fell off the cliff (on second thought maybe I would.....)  The last 5 weeks show 562, 471, 486, 426 and 311.

Why?  I am sure that the ending of the $8,000 First Time Home Buyer's Tax Credit (since extended) stopped buyers as soon as they knew they couldn't close by Nov 30th.   Even with the extension and expansion of the tax credit, there's a few weeks until Buyer urgency kicks in.  And.... we are entering the winter holiday season.

If you are currently selling a home you need to pay attention to these things.

Greg Perry, Kirkland Realtor

How Long Will It Last? -- (Life expectancy of home components)

 
The National Association of Home Builders published a study on common home components and the life expectancy.  The report covers everything from appliances, to roofing.  Other items include countertops, electrical devices, lumber faucets, windows and much more.

The report should be used as a guideline.

Here are a few excerpts:

Counter tops: Natural stone = lifetime.  Cultured marble products = 20 years.

Decks:  Under ideal conditions = 20 years.

Flooring: Natural wood = 100 years or more.  Vinyl = up to 50 years.  Carpet = 8-10 years.

To view the full report:  Download LifeExpectancyofHomeComponents2007