FEATURE
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A retirement home for your lifestyle
A look at what has sold in Bellevue
Moving ahead with reverse mortgages
Wednesday, July 9, 2008
Your link to Bellevue and its neighborhoods
See Bellevue homes listed on the market today at homes.bellevuereporter.com
For information on featured property see page 2
GET CASH BACK WHEN YOU BUY! 3%
OUR FEE
BUYER’S CASHBACK
$350,000
$10,500
$-2,500
$8,000
$550,000
$16,500
$-2,500
$14,000
$750,000
$22,500
$-2,500
$20,000
Each commission is set by the seller. Buying Revolution is a program of NW Real Estate, Inc.
Sellers: Full Service for $2,500 Flat Fee
Call Rhonda Ender at 206-355-6864 rhonda@buyingrevolution.com
www.buyingrevolution.com
93684
PURCHASE PRICE
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b e l l e v u e R E A L E S TAT E r e v i e w
W E D N E S D A Y, J U L Y 9, 2008
A retirement home for your lifestyle
Age-restricted, age-targeted, 55-plus, active-adult, independent-living...
A
ll are names for assorted new senior housing communities and buildings that are cropping up all around the country to satisfy the healthier, more active modern species of seniors who continue to redefine the word "retirement." ore than ever, 55-plus communities are appearing in multiple manifestations. Some are heavy on recreation, with golf courses, scenic vistas, water features, walking paths, swimming pools and even "tot lots" for visiting grandkids. Many also offer security, meals, scheduled transportation and outings, housekeeping, and a wide variety of healthcare services ranging from on-call doctors and nurses to assisted care. But the one thing all 55-and-ups want in their new community is to be masters of their domain. "Seniors definitely want more control over their lives, especially now that life seems to be more unpredictable than ever," says Dr. Stephen Golant, a gerontologist and national senior housing expert at the University of Florida's Institute on Aging. "That's what these age-restricted condos and communities offer. They are controlled in the sense of upkeep, in who can live there and what can come up around them. There are no unpleasant surprises." Golant stresses that the quality and standards of age-restricted communities, much like assisted-care facilities, "vary greatly from state to state and city to city, even though legislators would like to think there is consistency. It's not a uniform product." That's why he and other senior advocates stress the importance of comparison shopping. "People will spend more time shopping for a car or a briefcase than they will for something far more important, such as looking for a community that best suits their needs," he says. Seniors should "make absolutely sure it's the lifestyle they want," says Sally Hurme, a consumer protection lawyer with AARP. "Get away from the sales people and talk with the people who are there 24/7. Get out on the sidewalks or in hallways and talk with people who are actually living there. What's it like at 6 a.m.? What's it like at midnight?"
Here are some important tips on choosing a 55-plus community: 1. Look beyond amenities: Recreation is important, but health care access, mobility issues, educational opportunities and any special property-tax allowances for seniors may also be significant. 2. Make a checklist of wants, questions and concerns: Cover them thoroughly with the salesperson, agent or tour guide. Examples: Do you want a gated Page people? Reporter Size community? A guarded entry? Frontyoung Ready access to mass transportaMany in active-adult communities tion? What are association dues work full-time or part-time, including and what do they cover? What Helen Barakauskas, a senior real estate maintenance is offered? Are there specialist with Prestige Properties. She any landscaping or gardening returned to her native Connecticut for restrictions? Pet restrictions? Is semi-retirement in 1999 and found a the garage heated? If meals are new career and lifestyle. "The whole served, are there offerings for concept of 55-and-over communities your restricted diet? Is there a growas a new concept here at the time. cery-delivery service? What types But I was one of the first to get into of restaurants deliver? Is there a this one and I have loved it. Everybody laundry service? How close is dehere seems to have similar interests, sirable shopping? Will friends and and so many people are around durfamily be welcome at all hours? ing the day, which helps make it safer. You feel more secure going off on va3. Seek universal senior-design elecation." ments: A first-floor bedroom, wider hallways and wider door- Front Page Reporter Size ways will come in handy, as will bathroom support bars, nonslip tubs and floors. Picture yourself in the home in 10 to 15 years and acknowledge that circumstances will likely change.
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Before taking the plunge in any new community, Barakauskas recommends seniors get a full financial analysis and income evaluation from a professional planner. If money doesn't skew the equation, "there's really no right or wrong answer on what the best 55-plus communities are," says Dennis Kaiser, a senior specialist with ReMax Associates of San Diego. "It all comes down to what kind of lifestyle you want, and if you want to escape all the noise, vehicles, boom boxes and loud parties. Just do your research."
homes.bellevuereporter.com
Where to find your dream home.
– By Steve McLinden Scripps Howard News Service
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4. Know the difference between "age-restricted" and "age-targeted." Age-restricted usually means 80 percent of residents must be age 55 or older, while age-targeted is designed with senior-friendly amenities, but has no age restrictions. 5. Make repeat visits. Observe your prospective senior community or building at varying times. Is its culture or political make-up compatible with yours? Will you miss the presence of children and other
FEATURE
Moving? Some ideas... PAGE 2
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Supplement to the Bellevue Reporter
jumbo loans still hard to get
A look at what has sold in Bellevue
Produced by the Marketing Department
Wednesday, May 28, 2008
Your link to Bellevue and its neighborhoods
Cover photo provided by Kathy Koogler of Coldwell Banker Bain Reach her at 425.519.3348
Editor: Sarah Simmons, 425.453.4270
European Grandeur on Mercer Island 5055 88th Ave SE Mercer Island, WA 98040 Offered at $2,295,000 MLS Number 28051350 Type: Single Family
Year Built: 1991 Bedrooms: 5 Baths: 3.5 Living Area: 6440 square ft. Lot Size: 15,513 Square Ft.
www.dreammakerteam. com
Bellevue Real Estate Review is a special section published by the Bellevue Reporter. Extra copies are available at City Hall, Bellevue Chamber of Commerce and local libraries. Bellevue Real Estate Review Staff Publisher: Sandy Payson, 425.453.4270
For information on featured property see page 2
See Bellevue homes listed on the market today at homes.bellevuereporter.com
Simplified Home Loans
For a free mortgage planning session, please call
425-351-8900
David Foster Branch Manager
Email: David.A.Foster@wellsfargo.com Website: www.getloaninformation.com
80163
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Advertising: Bruce Baker, 425.453.4273 McKenzie Lukecart, 425.453.4287 William Shaw, 425.453.4211
Bellevue Reporter: 919 124th Ave. N.E. #104, Bellevue | 425.453.4270 | bellevuereporter.com
W e d n e s d a y, J u l y 9, 2008
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More homeowners looking for smaller options
A growing number of Americans are finding they have more home than they want or need. sumers on the one easily quantifiable aspect of every house: its square footage. "It's true that the cheapest thing you can add onto a house is square footage, and of course the building industry likes to build these things and people are willing to pay a lot for that not-so-expensive addition," he says. "When the housing industry pushed for larger houses back in the '70s and '80s because their profits were leveling out, the banks followed suit. Then the codes followed suit, so it became illegal to build smaller than a certain size." Americans quickly came to believe that more square footage paid for itself in resale, especially during the run-up of housing prices in the last decade. Since 1970, the average American home has grown from 1,500 square feet to 2,450 square feet, according to the National Association of Home Builders. Against that bigger-is-better investor mind-set, smaller homes were either shunned as fixtures from a bygone era or lumped in with mobile homes. Shafer, Alchemy Architects, the Tiny House Co. and others are attempting to change such perceptions about compact living by extolling the virtues of small houses.
has these suggestions: • Install kitchen cabinets that go to the ceiling. • Put in drawers, drawers and more drawers. Put them under beds, in kitchen bases, in bedside tables, inside closets. • Include closet systems, such as those available at California Closets and IKEA. New York designer Marianna Cusato wasn't out to change the world when she designed the Katrina Cottage. Her 251 square feet, Loring model goal was to help provide immediate Photo courtesy of tumbleweedhouses.com housing to the victims of Hurricane Katrina. Virtues of small houses: But when Lowe's executives saw CuEnergy efficiency: The propane bill sato's compact, self-contained cottage to heat Shafer's cabin in frigid Iowa at the International Builders Show in City, Iowa, was less than $170 for the 2005, they recognized a solution to the entire winter. broader need for affordable housing nationwide. Durability: Tumbleweed houses Lowe's partnered with Cusato and withstand winds of up to 180 mph. Expandability: Modular design allows made Katrina Cottages available to order at its 29 locations in Louisiana and for growth. Mississippi. The one- and two-bedCustom materials: The smaller the room bungalows, in four styles ranghouse, the easier it is to use cedar, ing from 544 square feet to 936 square rubber shingle tiles, cork flooring and feet, are delivered in sections for easy other materials that would bust the assembly. budget of a larger house. The cost: $40 to $50 per square foot, Perhaps the biggest obstacle to or less than $50,000 for the largest downsizing is where to put stuff. Jim floor plan. Cusato says the availability of a Gauer, author of "The New American See Smaller options page 5 Dream: Living Well in Small Homes,"
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he reasons are numerous. Baby boomers, 77 million strong, are looking to downsize in retirement. Young home buyers find it increasingly difficult to afford or maintain larger homes. Urban land is at a premium. Smaller homes in desirable neighborhoods are scarce or outlawed by covenant. And environmental concerns about a residence's "carbon footprint" have further dampened enthusiasm for spacious showpieces. In some cases, the small-house trend goes to the extreme Lilliputian end of the scale. Jay Shafer lives quite comfortably in a 100-square-foot house in Sebastopol, Calif. You may have a tool shed or a master bath about the same size. Shafer's home is on the small end of a line of compact, ready-made dwellings he designs for his Tumbleweed Tiny House Co. His designs have won numerous awards for energy efficiency and green building. The homes cost between $20,000 and $48,000, excluding land. Though many customers use them as vacation homes or mother-in-law cottages, there are those smaller-is-better devotees who, like Shafer, simply prefer to live within their means. Shafer, founder of the Small House Society, says "supersizing" came about when home builders hooked con-
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Smaller options
FEATURE
First time home owners
continued from page 4
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durable, new, "right-sized" house touched a nerve with people tired of having to carry the financial burden of oversized homes. "A lot of times, houses are sold because Realtors convince somebody that it's not necessarily what they may want, but it's what they have to have to resell. So many people are living in houses not because it's the exact house they want but it's the house they need to sell out of," she says. Ultimately, says Cusato, the solution lies in well-built communities where homes can be of a human scale, instead of stretched out of shape in an effort to fit in everything from a fitness room to a movie theater that should be shared by the neighborhood.
A look at what has sold in Bellevue
VALUE
Improvements that add value PAGE 7
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88207
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Don't miss this great opportunity to maximize your local print and web advertising dollars! • UV glossy pages will be available on the cover page, inside cover, inside back and back page • High quality electrabrite paper on all other pages • Full color is available on every page
Related links: • Tumbleweed Tiny House Co.: http:// www.tumbleweedhouses.com/ • Small House Society: http://www. resourcesforlife.com/groups/smallhousesociety/ • Alchemy Architects: http://www. alchemyarchitects.com/ • Tiny House Co.: http://www.tinyhousecompany.com/ • Cusato Cottages: http://cusatocottages.com/index_content.html –By Jay Macdonald Scripps Howard News Service
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bethbillington.com
Bridle Trails • Bellevue - On a private 3/4 acre, this 5 bedroom masterpiece was completely renovated from the studs in 2007 using luxury finishes and top-of-line materials. The ideal floorplan features huge windows, 5” rift oak floors, travertine, limestone and marble. Enjoy amenities including an Infrared Sauna, main floor guest suite, 2nd master suite, kid’s room with a loft, bonus room and rec room. MLS# 28089590. $1,695,000
Bridle Trails • Bellevue - C harming remodeled Dutch Colonial rests proudly on a picturesque 3/4 acre surrounded by natural landscaping, a sport court, a patio, a deck and two outbuildings. The ideal floorplan includes a gourmet slab granite kitchen with eating nook, a sunlit family room, an expansive vaulted bonus room, four bedrooms upstairs, including the handsome master suite, and a spacious four-car garage. MLS# 28061949 $1,195,000
Bridle Trails • Bellevue - Fabulous new construction by Corydon Creek Homes, LLC is conveniently located minutes to downtown Bellevue, Microsoft and Bridle Trails State Park. This exquisite home features all the rooms and amenities including a expansive great room, chef’s kitchen, main floor den, rec room with wet bar, media room and bonus or 5th bedroom. MLS# 28103245
Magnolia • Seattle - Tastefully renovated in 2008 this daylight basement home with Puget Sond views has all new interior finishes in a warm, refreshing color palette. The beautiful professional landscaping includes a private backyard with a patio perfect for entertaining! Slab granite and cherry kitchen, 4th bedroom/ family room with closet. Conveniently located walking distance to Magnolia Park and the Village. MLS# 28105589 $875,000
$1,495,000
Coldwell Banker Bain Int’l President’s Premier Top 1%, CRS, GRI 425•450•5208 beth@bethbillington.com
90309
Beth Billington
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W e d n e s d a y, J u l y 9, 2008
SPOTLIGHT HOMES Enjoying this view from your Fabulous 7,000 Sq Ft Custom Built Home, $2,795,000 The occasional interruptions from local eagles, elk and deer… Priceless! 40 Minutes to Seattle MLS # 27195843 Si View Estate-Nearly completed. Scott Mallard 206-261-4669 scottm@trustmadison.com
93704
360-581-3399
Resort Semiahmoo Condo Blowout
wesportmike@windermere.com
➤ WESTPORT Beachy Lot - Level and ready to build with city utilities and located next to Cohasset Beach... a new high end residential development in Westport. Beach access and great neighbors makes this a great value and a wonderful place to build your beach home in the future. Only $359,000. See more at www.westportmike.com/28069071
OPEN HOUSE THIS WEEKEND! Dramatic price reduction on the last of these brand new fairway patio homes, 2 bed/den, vaulted ceiling, gourmet granite kitchens, “spa” baths, two car garage. This is the best price for new construction we have seen in years!
WESTPORT Beach Cottage - Charming 2 Bdrm home with ➤ private walking access to beach and very private yard. Low maintenance and unique design in a great location. $239,000. See more at www.westportmike.com/28016899
93344
Three homes at $429,000 - one at $459,000.
360.224.5100
chuckocchiogrosso@msn.com
$889,950 RedMond
Scott Mallard 206.261.4669 scottm@trustmadison.com
17121 NE 130th ST.REDMOND,WA 98052 Bedrm: 4 Bath: 2.75 SF: 3,510
MLS: 28110140
4 bedroom plus den home that includes a generator for power outages, in-ground pool, security system, hardwood floors, vaulted ceilings, Jacuzzi bath and shower in master bathroom and gorgeous designer touches. The home has 2 full baths in addition to the master bath, a 3 car garage, hot tub, gazebo, automatic sprinklers and a built-in dog kennel and is 10 minutes from Microsoft. Scott Mallard 206.261.4669 scottm@trustmadison.com
425.736.2203
MLS#28090216
Moyad Fadami
425-653-2422
15414 SE 6th Place, Bellevue 98007
Sarah Jullion
Beautifully updated & prime location set this home apart from the rest! New tile, carpet, new kitchen cabinet, granite & gorgeous oasis looking solarium/ din rm. Large family room opens to deck. 2 bd w/full bth in main level & 2 bd w/3/4 bth in basement. Located just minutes from I-90, 405 & short distance to downtown Bellevue, Seattle, Issaquah & Renton.
MLS#28096181
$539,000
204 - 153rd Place SE, Bellevue 98007 MLS#28059190
$599,000
A World of Possibilities can be had with this 4BD 2.5BA home. With it’s unique personality and many features. This home has an updated kitchen a remodeled master bedroom and 5 piece master bath with a jetted soaking tub and a gorgeous view of Lake Washington. The daylight basement has a possible MIL suite, and enough storage to make any avid shopper proud. Welcome home. Price is $899,000 • 3,200 sq ft. • 13,000 sq ft. lot Jackie Ramirez Coldwell Banker Bain 425-890-1141 jackieramirez@cbbain.com
93343
6035 47TH AVE SW, Seattle Bedroom: 4 Bath: 2.5 MLS# 28080062 Gorgeous 2004 Merritt Construction! Open floor plan, stunning entry, maple floors & large dining room. Open kitchen has eating bar, nook, pantry, gas, granite & stainless appliances. Large master w/spacious walk-in closet & 5 piece master bath. Sound & Mt views! Beautifully landscaped & fully fenced. Gas Fireplace. Move-in, turn key condition. Great Seaview location! Just a few blocks to beach, sound and parks. Large detached 2 car garage, extra parking and paved alley access.
93699
93703
93341
$644,000 SEATTLE
w w w. S e m i a h m o o L i v i n g . c o m
Chuck Occhiogrosso Coldwell Banker Bellingham 93513
Mike Coverdale
Learn more at www.tourfactory.com/434430
26101 SE 166th St., Issaquah 98207 MLS#28110398
$549,900
• Updated 3 bdrm, 1.75 bath, 1667 s/ft rambler w/family room • East Bellevue w/great access to I90, 405, Microsoft • Landscaped backyard w/decking, firepit, hot tub • Master w/walk-in closet, new bath, door to backyard
• Lake Hills 4 bdrm, 2 bath, 2390 s/ft • Exceptional yard & curb appeal • Expansive 565 s/ft shop • Exercise Room with ‘Endless Pool’ • Easy Microsoft/Boeing-Renton commute
• Creekside custom home on acre plus • 2480 s/ft, 3 bedrm, 2 bath, Bonus Room • Great Room design w/hardwoods & tile • Extensive cedar creekside decking • About 35 min. to Seattle, 30 min. to Bellevue
93518
s.jullion@comcast.net
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SPOTLIGHT HOMES Located in Lakemont’s Vuemont Meadows. Original owners have maintained to perfection. Traditional floorplan with 4 bedrooms, 2.5 baths, bonus room, main floor den and extra large upstairs laundry. Entertainers delight in the back yard with an oversize deck, gazebo with hot tub and sports court. Price: $ 949,950 MLS Number: 28061122 Type: Single Family
Year Built: 1989 Bedrooms: 4 Bathrooms: 2.5
www.listbuysusan.com
425-761-9500
List with me and be on the cover!
Calina at Kirkland! Exciting new presale of a Calina at Kirkland home! This will be built as a 5 bedroom, 4 bath, plus bonus room, with a bedroom and ž bath on the main floor. Large great room concept with all the craftsmanship and specs you would expect from West Tier Development. 3510 sq. ft.
$789,990
Impressive home offers classic renovations throughout. Striking new kitchen boasts custom cherry cabinetry with slab granite counters, stainless steel appliances including a 5 burner cooktop and huge center island.
Fabulous Find in Reintree Brazilian Oak Hardwood Flooring, custom wrapped beams, vaulted ceilings, new millwork & an open floor plan. This impeccably kept home has been completely remodeled & is much better than new. 4 bedroom, 2.75 bath and meandering gravel walkways lead you to 3 outdoor living room patio’s, a private hot tub area & much more. 2800 sq. ft MSL#28014039
Price: $ 799,950 MLS Number: 28026336 Type: Single Family
93340
Wonderful Maywood Hills Beautiful custom tri-level near downtown Bothell. This spacious home sits on a gorgeous 11,402 sf flat lot, one of the absolute nicest in this highly recommended neighborhood. 3 bedroom 2.5 bath plus spacious garage with work shop area. 3000 sq. ft.
$444,900
$719,900
Year Built: 1988 Bedrooms: 4 Bathrooms: 2.5
Executive Home in Chestnut Ridge View home with a wonderful floor plan in a great location. Located just off HWY 167 & exit 212, this home is an unbelievable value. Lots of fresh updates to show off, 4 bedroms, 3 baths, den on main floor, vaulted ceilings, gorgeous hardwoods, and a master suite that is amazing. 2740 sq. ft.
$474,900 93708
DJOEZLPIVU!KPIOMTDPUU DPN
GET CASH BACK WHEN YOU BUY! 3%
OUR FEE
BUYER’S CASHBACK
$350,000
$10,500
$-2,500
$8,000
$550,000
$16,500
$-2,500
$14,000
$750,000
$22,500
$-2,500
$20,000
Each commission is set by the seller. Buying Revolution is a program of NW Real Estate, Inc.
Sellers: Full Service for $2,500 Flat Fee
Call Rhonda Ender at 206-355-6864 rhonda@buyingrevolution.com
www.buyingrevolution.com
Promote your property listings to over 190,000 Bellevue Reporter readers each month with an ad in “Spotlight Homes�. Reach the affluent Bellevue market with an average household income of $97,360 for just $180/month. Call 425-453-4273 to reserve your space.
93715
PURCHASE PRICE
93712 93254
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W E D N E S D A Y, J U L Y 9, 2008
Wall specialists create rooms that are works of art
G
one are the days of white walls. Decorating now extends up and over furniture and glides behind window treatments. Colors are bright, muted or layered to achieve a desired look.
"W
hat you create is a mood in a room," says Joyce Mowry, owner of J. Mowry Co. for 25 years. Mowry is one of several painters in the area specializing in decorative effects. Debi Littrell has spent 17 years perfecting her faux techniques, and four years ago started her own business, Dreamscapes by Debi. Littrell not only does faux finishes, but also has become known for her work with murals. ble and stone. Most of Mowry's jobs are in upperend homes. She works all over California and Nevada and has done a job as far away as Atlanta. Her four children are grown, allowing her to go where the work is and stay for extended periods if needed. Her business comes from word of mouth. Mowry can spend months on a job. A three-story multimillion- dollar condo on the North Shore of Tahoe took her three winters, because each wall was textured meticulously by hand. "I created a texture... that makes textured walls look like old plaster. And then using three glazes enunciates the texture. It gives kind of a Tuscany look." Mowry wood-grained one ceiling to match the room's cherry- wood moldings. "Then they had a fire and I had to go
back in and redo everything," Mowry says. Her price depends on the technique and the number of glazes. She estimates $1,000 to $1,500 for painting a 10-by-10 room with average ceilings, then applying two colored glazes. It's a job that would take her two or three days. "A painter could come in and paint the room in a day at $35 an hour" she says. Mowry has looked at do-it-yourself products. She says the same things about them that she says about do-it-yourself books: "I don't think they give enough information on technique. There are very subtle tricks that make a job go from amateur to pro." These are tricks Mowry has mastered and techniques that have come about quite by mistake. Her advice to do-ityourselfers: "Get yourself a piece of 2-by-2 masonite or a piece of Sheetrock before you go to the wall. Paint it out over and over on the sample board. Learn to blend. If you can make the sample, then it's time to go to the wall." Blank walls also provide Littrell's canvas. In addition to standard faux techniques, Littrell takes painted walls and transforms them into one-of-a
“Most people find my rooms are very easy to live in. It's a very serene environment,”
'SFF 'PSFDMPTVSF 8PSLTIPQ This home was purchased at auction on 5/2/08 for $340,001.
Even as the nation suffers from a growing wave of foreclosures, savvy King County residents are cashing in on bargain prices at the auctions. Properties are being sold for as little as 60 cents of current market value.
A $549,000 Value!!! Call 206-550-5559 or 425-260-7270 for registration Windermere Bellevue Commons, Foreclosure Solutions
93519
You can attend a FREE FORECLOSURE WORKSHOP each Tuesday at 5:00 PM and discover how you, too, can profit from this brief window of opportunity. The office location is 1200 112th Ave NE STE B-100, Bellevue, WA 98004. The workshops are free but seating is limited so you must register. No products will be sold.
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kind works of art. Her murals can fire up a child's imagination or mine an older couple's longtime passion for all things Mickey. "The awesome thing about decorating right now is that it has changed so much,"she says. "It's very eclectic right now. It's just whatever you love." Littrell's clients include a retired couple who love the outdoors. In their bathroom, Littrell painted a huge pine tree behind a door and a big black bear coming out from behind the trunk to hand toilet paper to a bear near the toilet. Pine cones and a trail with rock and wildflowers complete the theme. In a child's room, Littrell made a cityscape. The Batman beacon shines from a building in a corner. Spider-
Man and Superman complete the look. Littrell charged $525 for the superhero bedroom, less than her usual fee because she was doing several other rooms in the house. The amount of detail in a mural determines her price. The Oregon native works closely with clients, but she says neither she nor they know exactly what the completed project is going to look like. "They never know just what they're getting because I never know just what they're getting," she says. "I get inspired while I'm working, and it just takes off on its own." -by Sharonjeet K. Ghag Scripps Howard News Service
Beth’s Real Estate Update By Beth Billington
A PRImeR on CAPITAl GAInS “A capital gain is an increase in the value of any capital asset that you own,” says a USAA article on the subject. A good example? Real estate. Stocks, bonds, personal property and collectibles are also capital assets, and when you sell any of them for a higher price than you originally purchased them, you have realized a capital gain, and you will likely have to pay a tax on that gain. But let’s return to real estate. If you bought your personal residence several years ago for, say, $450,000 and you sell it for $650,000, there’s an obvious $200,000 gain, much of which you can simply put in your pocket as profit from the sale. And capital gains from the sale of personal residences, as you probably know, get very special treatment. If you file jointly as a married couple, you can exempt up to $500,000 in
capital gains from taxation in the sale of a personal residence in most cases. That means your $200,000 profit (less the costs of selling) simply won’t be taxed. Thus, if you would normally be taxed in the 25% bracket on capital gains, you’ll save roughly $50,000. This is one of the stunning ways in which a personal residence can serve you financially, and one of the mains reasons that people look to their homes as one of the foundations of their financial lives and bedrocks of their savings programs. For more information call Beth at 450-5208 and visit her website at www.bethbillington.com. Beth Billington is a Realtor® with Coldwell Banker Bain in Bellevue, WA
PAID ADVERTISEMENT 90305
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W E D N E S D A Y, J U L Y 9, 2008
Moving Ahead with Reverse Mortgages A look back at where it all started
Marty Taylor, a life-time Seattle/Bellevue resident, is the owner of Stay In Home Reverse Mortgage
T
he temperature isn’t the only thing rising these days. The increasing cost of living has the anxiety levels of seniors in our community on the rise too. According to the City of Bellevue’s recent Human Services Needs Update, septuagenarians represent Bellevue’s fastest growing group in the city. Many of these seniors live on a fixed
income, with each month bringing the difficult decision of whether they will pay for gas (which is up to $4.32 average per gallon at the time of this writing), medicine or badly needed home repairs. But there is an offer of financial relief that shades seniors from sweating out the current economic climate – a reverse mortgage, which in simple terms is a loan for borrowers 62 years or older that requires no repayment for as long as the qualified senior lives in the home. This four part series of articles will take a look at the evolution of the increasing popular loan product, discuss the nuances of the loan, clarify common myths and misconceptions and finally share how reverse mortgages are changing the lives of our commu-
nity’s seniors for the better. So, let’s start from the beginning. Reverse mortgages hit the scene the same year Roger Maris broke Babe Ruth’s record for hitting the most home runs in a single season in 1961. Nelson Haynes of Deering Savings & Loan extended the first reverse mortgage to Nellie Young, the widow of his high school football coach. It was an act of kindness that today continues to offer a helping hand to seniors in need. Forty-five plus years ago, reverse mortgages were mostly unregulated and were few and far between. It wasn’t until twenty years later that national news outlets like Newsweek and Good Morning America provided first national media exposure. It was another six years after that in 1987 that Congress authorized the first government –insured standardized reverse mortgage. Like a fine wine, reverse mortgages continued to improve over time with the introduction of stricter regulations and mandatory Department of Housing and Urban Development counseling for borrowers. "Counseling," says the National Re-
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verse Mortgage Lending Association (NRMLA) president, Peter Bell, "is one of the most important consumer protections built into the program." With this improvement came rapid growth. In 2007 alone, borrowers took out more than 132,000 reverse mortgages, representing an increase of 50% more than the year before and nearly 10 times that of the number five years prior. Today, record numbers of seniors are using reverse mortgages to stay in their homes and to help pay for everyday and necessary living expenses, such as medical bills and food. During a time when Social Security and Medicare are egregiously underfunded the importance of reverse mortgages cannot be lost as unmet needs are plenty and continue to climb northward like the summer mercury reading. The next installment will take a closer look at the particulars of a reverse mortgage and who best qualifies for this loan that is enabling many seniors throughout the Eastside to live a more comfortable life in retirement. –By Marty Taylor Stay In Home Reverse Mortgage
If life gives you lemons, clean The next time you need to clean your kitchen counter tops, don't rush to grab the disinfectant spray you usually use.
I
nstead, dig around in your cabinets -- you might already have natural items that can be used to tackle many cleaning projects. Five must-have natural ingredients recommended by cleaning experts are baking soda, borax, lemon, salt and white vinegar.
STAY IN-HOME SENIOR ADVISORS If you are 62 years or older act now before the time is too late! With the depreciating home values still on the rise, you may not be able to do a Home Equity Conversion Mortgage (100% FHA/HUD Insured) • Eliminate your mortgage payment and let your home pay you • Pay off ANY debt as needed and cover future medical costs • Buy a 2nd home, take vacations, and be worry free Toll Free 1-800-963-8011 and mention the “Bellevue Reporter 01” to see if you are still eligible for the Tax Free Income.
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Baking soda can be used for many projects, from removing stains to cleaning pots and pans. Suzanne Bishop, owner of The Master's Helping Hands in Fresno, Calif., uses it for cleaning microwaves and refrigerators, as well as getting rid of smells. As for borax, "it does require some care in use and moderation," says Michael DeJong, New York author of "Clean: The Humble Art of Zen-Cleaning" (Sterling Publishing, $7.95). "If abused, it can be poisonous. If you're not comfortable with it around, don't use it at all." If you don't have children or pets living in the home, you might give it a try. One way DeJong likes to use it is on his toilet. He'll put a quarter of a cup on the inside of the toilet and leave it there overnight before scrubbing it off the next morning. A mineral, borax also can be used as a water conditioner in your laundry, if you have hard water, and for cleaning porcelain and fiberglass. With its acidic juice, a lemon can clean and deodorize. "One of its best properties is that it's fresh," DeJong says. "You hack one in half and use it as a scrub brush. It's also a great way to clean a microwave. Put it in the microwave for about 1-1/2 minutes. (The juice) permeates and softens the baked-on goo. The acid coats the entire interior and all you have to do is wipe it off." Bishop also suggests grinding lemon rinds down your garbage disposal to freshen it up. As for salt, it "is really terrific for all sorts of things," DeJong says. It can be used to clean and remove smells from cutting boards. You also can use it to keep your shower curtains free of fungus. "Before you hang it up, rinse it with saltwa-
Five items that can be used as household cleaning products: vinegar, salt, lemons, baking soda and borax. photo by Mark Crosse
ter," he says. Salt also can come in handy when it comes to liquid carpet stains, say sisters and co-authors Alison Forbes and Laura Forbes Carlin, who consult nationally on lifestyle and healthy home living. "We always go with the basic salt," says Carlin, who lives in Santa Monica, Calif. "You just pour it on top of the stain, wait about 15 minutes. Once it's dry, just vacuum it up. It's great for red wine." When it comes to cleaning grease, white vinegar is a must. "The acid base will cut through grease really well," DeJong says. It's also good for surface cleaning. Bishop uses it to mop floors and on countertops and mirrors. –by Nzong Xiong Scripps Howard News Service
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Book's ideas can help you shrink carbon footprint
A
In the yard re you taking more from the en• Plant trees if you One tree can absorb vironment than you give? Are more than a ton of can. CO2 in its lifespan, much you making a negative imprint on the of which is released into the atmosphere when it decays; so ideally, the tree should be planet? Are you as green as you can be? used for lumber at the end of its life and an-
“H
ow To Reduce Your Carbon Footprint: 365 Simple Ways To Save Energy, Resources and Money,” by Joanna Yarrow (Chronicle Books, $12.95), has energysaving ideas to help you do your part to be eco-friendly. Here are some excerpts.
other planted in its place.
Keep the trellis at least 6 inches from the wall to provide a buffer of cool air. • Heat as you go: Heat or cool only the rooms you're using, regulating each room separately with a zone control system.
What is a carbon footprint? A carbon footprint is the amount of carbon dioxide (CO2) emitted as a direct or indirect result of an activity. Almost everything we do results in CO2 emissions -- from breathing to traveling, warming our homes to buying food ... At the moment, CO2 is being released about three times faster than it can be reabsorbed. Every second, human activity emits another 770 tons – enough to fill 140 Olympic-sized swimming pools.
• Maximize your use of natural light. For example, paint
– By Lyra Solochek Scripps Howard News Service
For the house
• Train vines up trellises on the hottest side of the house.
Electricity
walls in light colors to brighten a room, keep draperies, shades and blinds open during the day to let in as much sunlight as possible and make sure your windows are clean. If you work at home, choose a naturally light room to minimize the need for artificial lighting. • Reduce the brightness of your TV screen; this can cut your TV's power consumption by 30 percent to 50 percent. The factory setting is often much brighter than necessary. If you have an LCD TV, you can usually turn down the backlight.
File Photo
In the kitchen
• Look for a convection (or fan) oven, which will enable
you to cut cooking times by up to 30 percent and temperatures by around 20 percent. • Let it be. Resist the temptation to open the oven door to check progress. Every time you do so, up to 25 percent of the heat escapes.
Cleaning and laundry
• Try microfiber cloths, which, when moistened, trap and
absorb dust and dirt, avoiding the need for extra cleaning products. • Keep dirt out. Try planting trees or a hedge between your home and the street – the vegetation will capture a lot of dust before it reaches your home. • Presoak especially grubby clothes before putting them in the washing machine to avoid the need for a hot wash and large amounts of detergent.
Water use
• Use water twice with a gray-water system, which recycles water from bathtubs, showers and washing machines. Or siphon bathwater into the garden for watering your plants.
Personal hygiene
• Turn off the faucet while you brush your teeth. You'll
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save up to 2-1/2 gallons of water each time you brush.
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Real Estate Sales in Bellevue, WA: June 15, 2008 - June 29, 2008 Residential Housing in 98004 3216 106th Ave SE $1,200,000 9002NE 10th St $1,425,000 104 Ave SE $1,995,000 Residential Housing in 98005 13630 SE 20th St $675,000 3081 125 Ave NE $699,900 3301 131st Ave NE $750,000 12209 SE 18th Pl $799,950 1318 121st Ave SE $949,950 2838 120th Ave NE $1,400,000 4016 134th Ave NE $2,100,000 Residential Housing in 98006 15813 SE Newport Way $429,500 6505 127th Ave SE $464,900 6109 115th Pl SE $535,000 6420 165th Pl SE $739,950 6583 163rd Pl SE $699,000 4439 144th Ave SE $700,000 5815 111th Pl SE $749,950 14001 SE 50th St $810,000 16468 SE 57th Pl $838,000
SE 50th Pl
$974,000
Residential Housing in 98007 15327 SE 23 St $460,000 14809 NE 9th Pl $509,950 Residential Housing in 98008 219 164th Ave SE $389,000 131 157th Ave NE $459,000 2431 160th Ave NE $514,500 453 171st Pl NE $599,950 Residential Housing Averages AVG. List Price: $841,058 AVG Sold Price: $811,296 Cumulative Days on Market: 51 Condos/Townhomes 321 Bellevue Way SE 10905 NE 35th Pl 10430 NE 32nd Pl 111 108th Ave NE 1188 106th Ave NE 9002 NE 10th St
in 98004 $219,000 $220,000 $242,500 $309,950 $649,950 $1,425,000
Condos/Townhomes 2680 139th Ave SE 2680 139th Ave SE 1805 134th Ave SE
in 98005 $369,999 $372,950 $419,900
Condos/Townhomes 4106 Factoria Blvd SE 12244 SE 57 St 4208 Factoria Blvd SE
in 98006 $290,000 $278,500 $309,950
Condos/Townhomes 14510 NE 30th Pl 1608 149th Pl SE 14130 NE 7th St 14715 SE 24th St 14727 NE 35th St
in 98007 $199,990 $229,999 $300,000 $289,950 $324,500
Condos/Townhomes in 98008 15729 NE 18th St $216,000 Condos/Townhomes Averages AVG List Price: $370,452 AVG Sale Price: $356,232 Cumulative Days on Market (CDOM): 72
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b e l l e v u e R E A L E S TAT E r e v i e w
W e d n e s d a y, J u l y 9, 2008
Where will she hold her slumber parties?
E XC LUSI V ELY PR ESE N T ED BY
Windermere Real Estate featured home of the week
Phantom Lake
“Location, location, location!” Home is close to Microsoft, Phantom Lake Swim & Tennis Club, freeway access, and great schools. This Northwest Contemporary boasts a gourmet kitchen with slab granite, stained oak floors, stainless steel Sub Zero, Viking and Bosch appliances. Plantation style shutters accent your windows throughout the home. MLS#28113042
Justin W. Richards 425-765-8088
$899,950
“Time for a change? Communication is the cornerstone of any good sales experience. Being a good listener, providing my clients with great service, and building strong relationships are very important to me. Having worked in property management, foreclosure investment, and residential resale, the next generation in real estate starts right here!”
justinrichards@windermere.com www.RichardsNorthwest.com
WEST LAKE SAMMAMISH
$699,800
Peaceful, Private & Perfect! Open floor plan and an ideal location welcome you to this 2500+ SF remodeled home. Stunning kitchen remodel features cherry floors, Maple cabinets, large island…a modern flair & designed for entertaining! Serene backyard offers a stone patio, deck & tree fort, it feels like your own private park. Newer Roof, Windows, Furnace & A/C. Close to parks, schools & I-90. MLS#28051744
Julia Krill 206-406-9000 www.juliakrill.com
MEDINA-EVERGREEN POINT $8,987,500 The epitome of luxury. This is it, the perfect view & lifestyle you have been waiting for. Crafted to perfection, this 5 bedroom, 5.5 bath home features an epicurean kitchen, exquisite den, media room, family room, wine cellar, bonus room w/wet bar & an amazing walk-out to the private patio & in-ground pool. An opulent 6,300 square foot Mediterranean waterfront mansion featuring 115 feet of no-bank waterfront, stunning views of Lake Washington, the Seattle skyline & far beyond. MLS#28083395 Julie Scozzafave 425-417-3566 www.Scozzafave.com
Wendy Paisley 206-650-5812
Wendy@wendypaisley.com www.wendypaisley.com
Nate Short 425-891-5842
www.MRCLYDEHILL.com
WHID BE Y ISL AND R E TR E AT
$9 95,0 0 0
Superb craftsmanship shows in this custom built craftsman style home overlooking Holmes Harbor. Designed to maximize the view from every active living area, the home feels warm and cheery. Brazilian cherry floors, travertine tile, 3 fireplaces, granite, and beautiful cabinetry. 1470+/- sq ft separate living area can accommodate extra family members or guests, or used as a multi-purpose area. Large deck for gracious outdoor entertaining. Close to Freeland for ease of shopping.MLS#28045085
Nate Short 425-891-5842 www.MrClydeHill.com
MEDINA $3,688,000 Nestled in the exclusive Medina neighborhood, this 4 bdrm/4.75 ba home offers style, sophistication and comfort. Exquisite custom details both inside and out. This new construction home by Lochwood-Lozier brings you modern luxury and elegance just moments from first-rate schools, parks, and shopping. MLS#27148368 Steve Erickson 206-295-8485 serickson@windermere.com
Sandy Nicholls 425-444-4966
Nicholls@windermere.com www.SandyNicholls.com
BELLEVUE
$739,000
Charming updated three bedroom, two bath rambler located just steps from historic Old Main Street. Bright and meticulously maintained with gleaming hardwoods, this home is ready for you to move in. A master bedroom is highlighted by its own private bath. Beautifully landscaped grounds boast a private, fully fenced yard in pristine condition. Entertainment sized deck features a covered area perfectly suited for outdoor enjoyment and a peek-a-boo view of downtown Bellevue. Near parks, shopping and dining. MLS#28067301
Sandy Nicholls 425-444-4966 www.sandynicholls.com
MEDINA NEW CONSTRUCTION $2,595,000 Immersed in charm and classically influenced-a perfectly designed new home for elegant yet casual living. Making a dashing statement, the great room offers the flexible space today’s lifestyle demands. Thoughtfully designed and surrounded by beautiful landscape this home allows for livable and appealing indoor and outdoor spaces where friends and family can casually gather. MLS#28100379 Wendy Paisley 206-650-5812 wendy@wendypaisley.com
MAGICAL MEDINA
BEAVER LAKE LODGE
$3,275,000
Stylish design incorporates the fusion of space with beautiful finishes in the better-than-new 5 bd, 4.5 ba home in picturesque Medina Heights. Handsome rock & slate pair with warm cherry & wrought iron. The luxurious layout offers everything you’ve waited for – a chef’s kitchen, wine cellar, theater, 2 flex rooms, study with rich wood built-ins, an opulent master with Meydenbauer Bay views & an expansive yard with a cozy outdoor fireplace. This sun soaked property offers an ideal place to experience the premier Northwest lifestyle!
Anna Riley 425-761-883 anna@westbellevue.com
John Kritsonis 206-498-0288
johnk@windermere.com www.johnkritsonis.com
Julie Scozzafave 425-417-3566 Julie@Scozzafave.com
windermere.com
Julia Krill 206-406-9000 www.juliakrill.com
$2,295,000
Custom designed Beaver Lake lodge on 75 ft of West facing waterfront. This home is reminiscent of the famed Salish Lodge. Abundant use of Post & Beam timber and natural materials. Crestron light & audio system, w/built in speakers. 1600 sq ft of outdoor living space with a three ringed, stone gas fire pit, sun drenched partially covered outdoor patio with built in barbeque. MLS#28092961
John Kritsonis 206-498-0288 www.johnkritsonis.com johnk@windermere.com
Steve Erickson 206-295-8485
serickson@windermere.com
Anna Riley 425-761-8836
anna@westbellevue.com
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