Issuu

The Home Issue HOME + DESIGN

LIVABLE ART CH O OSIN G ART FO R TH E HO M E R E A L E S TATE

2023 LUXU RY RE AL ESTATE TREN DS

M A R C H 2 02 3

Represented

Buyer

6214 Lake Washington Blvd NE Kirkland, Washington 3 Bedrooms | 3.5 Bathrooms | 3,200 sf

Sold at $2,598,000

Derrick Louie - Clarity NW Photography

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

New to 6520 W. Mercer Way Mercer Island, WA

Market

4 Bedrooms | 2.5 Bathrooms | 2,030 sf

Offered at $1,998,000

2910 100th Avenue NE Bellevue, WA 3 Bedrooms | 2 Bathrooms | 1,940 sf

Offered at $2,300,000

1509 10th Street W. Kirkland, WA 4 Bedrooms | 4.5 Bathrooms | 5,070 sf

Offered at $8,980,000

Proudly with:

MIKE MOGHADDAS

Real Estate Broker 425.830.1316 mike@moghaddasrealty.com

LIFESTYLE LETTER

Home

March 2023 PUBLISHER

Caitlin Agnew | caitlin.agnew@citylifestyle.com EDITOR

Bree O'Brien | bree.obrien@citylifestyle.com

Home. So much contained in that little four letter word. Home is our grounding. Our base. Our launchpad. It’s where we start and end each day. And while the particulars look different for each of us, the meaning and value it holds for all of us is undeniable. Author Wendy Wunder said, “The magic thing about home is that it feels good to leave, and it feels even better to come back.” As we thought about home - we wanted to highlight what makes it special to our readers. That of course includes the history and memories, the furniture, décor, and design, but most importantly - the people. As a longtime Kirkland resident, I enjoy featuring people, companies, and organizations that comprise this city and hope the small lens into their lives and work informs people in this community and brings them together. As you flip through the pages of this issue, we hope you’ll feel encouraged and connected to the people around you - in your city, neighborhood and most all of - your home. Every month, we hear from readers who keep this magazine for longer than just the month labeled on the cover. They say they hold onto it for months as coffee table art or an accessory in their home. We feel proud to create a resource that is valued in our community and strive every month to deliver the value you expect. Thanks for letting us be a part of your home. Happy March!

EDITOR IAL COOR DINATOR

Taylor Robinson | taylor.robinson@citylifestyle.com ACCOUNT MANAGER

Max Baker | max.baker@citylifestyle.com CONTR IBUTING WR ITER S

Caitlin Agnew, Bree O'Brien CONTR IBUTING PHOTOGR APHER S

Life N Light

Corporate Team CHIEF EXECUTIVE OFFICER Steven Schowengerdt CHIEF SALES OFFICER Matthew Perry CHIEF FINANCIAL OFFICER DeLand Shore DIRECTOR OF SOCIAL MEDIA Mindy Hargesheimer ART DIRECTOR Sara Minor OPERATIONS DIRECTOR Janeane Thompson WEB APPLICATIONS Michael O’Connell

BREE O’BRIEN, EDITOR @KIRKLANDLIFESTYLE

AD DESIGNER Mary Albers LAYOUT DESIGNER Kelsey Proctor

Learn how to start your own publication at: citylifestyle.com//franchise

Scan QR code to visit our Instagram CIT YLIFEST YLE.COM/KIRKL AND |

Proverbs 3:5-6 Kirkland Lifestyle™ is published monthly by Lifestyle Publications LLC. It is distributed via the US Postal Service to some of the Kirkland area’s most affluent neighborhoods. Articles and advertisements do not necessarily reflect Lifestyle Publications’ opinions. No portion of this magazine may be reproduced in any form without written consent. Lifestyle Publications does not assume responsibility for statements made by advertisers or editorial contributors. Information in Kirkland Lifestyle™ is gathered from sources considered to be reliable, but the

L I F E ST Y LE LE T T E R

accuracy of all information cannot be guaranteed.

Eastside Market Review The Eastside real estate market has seen a shift over the past year. The robust market of 2020, 2021, and Q1 2022, fueled by historically low inventory and record activity, began trending downward with greater supply and less demand. Currently, we are moving towards a balanced market and sold prices are holding steady. There is value to be realized by Sellers and Buyers!

340  27.8%

13  13.3%

$2.69m

Redmond

403  3.8%



50%

$2.16m

Sammamish

479  14.6%



33.3%

$2.17m

Woodinville

215



8.3%

$2.18m

$640

11.4%

7.5%

$867

16%

6.7%

$679

18.9%

8.2%

$658

20.9%



Kirkland

10.6%

4.2%

$593



$2.17m



16.6%



9.7%



440  8.5%

$1,144



Eastside South i-90

7.4%



$4.45m



17  22.7%



235  35%

Avg. Sq Ft Price (Sold)



West Bellevue

10.2%

Avg. Sold Price



Avg. Days on Market



# of Solds

Community

15.5%

*Jan - Dec 2022 (Compared to Jan - Dec 2021) Data shown is for single family homes priced $1.5M+ from Trendgraphix. Kirkland includes 98033 only.

We appreciate the opportunity to serve Sellers and Buyers and welcome all into our VDB Estates family. For more information about the market in your current or desired area, please contact us at 425.882.8821.

Mark von der Burg First Founding Broker | Compass Seattle mark@vdbestates.com 425.882.8821 vdbestates.com

Your Home. Our Mission.

MARCH 2023

inside the issue The Home Issue

F E ATU R E D

D E PA RTM E NTS

16 Livable Art

Lifestyle Letter

City Scene

Business Monthly

Local Experiences

Open House HO ME + D E SIG N

Must See R EA L ESTAT E

Our Town R EA L ESTAT E

Inspired By A RTS + C ULTU R E

Trend Setter HO ME + D E SIG N

Events

Local Limelight HO M E + D E SIG N

With custom flair and attention to detail, a home can become a work of art

22 2023 Luxury Real Estate Trends

Our luxury real estate partners share their forecasts for this year's housing market

30 A Regional Coalition for Housing We hear from Lindsay Masters, ARCH Executive Director, about the organization's work in our region

34 Choosing Art for the Home

Gallerist Ryan James says, "You don’t have to be an expert to buy art!"

O N T H E C OV E R

Photography: Life N Light A glimpse of the primary suite in a John Buchan Homes new build.

The VDB Advantage Mark's 32 years of personal experience in Changing Markets Success in today’s real estate market requires a fresh approach.

Mark von der Burg First Founding Broker | Compass Seattle mark@vdbestates.com 206.245.9185 Seattle 425.882.8821 Eastside

Price and presentation have never been more important, as properly priced, well prepared homes continue to outperform the market. For optimum results, selecting a skilled, connected Broker who has expertise in all markets, understands value, and negotiates from a position of strength is key. VDB takes pride in empowering Sellers and Buyers with knowledge, resources, and support to ensure their individual goals are realized. For market insights in your area, please contact me to review your speciﬁc neighborhood and discuss options to maximize your return.

Learn more at vdbestates.com

MARCH 2023

city scene

Where neighbors can see and be seen. 1

7 5

1: Merhawi Gezai leads warm-up at the Totem Lake Run Club x lululemon Run & Flow event 2: TLRC members enjoying the 30 minute run on the Totem Lake trails. 3: Runners and walkers are welcomed back to the Village at Totem Lake with a Spirit Tunnel. 4: Elena Cheung leads the crew through a 30 minute yoga flow for all levels. 5: This was lululemon x TLRC’s 3rd Run & Flow event hosted at the Village. 6: Melody Mandrean of TLRC raffling off prizes courtesy of the Village and lululemon. 7: Catch TLRC every Tuesday and Thursday at 6pm outside lululemon for free community runs & walks. Photography by Kaleb Coleman

C I T Y SC E N E

Want to be seen in the magazine? Tag your Instagram photos with @kirklandlifestyle

9 14 12

8: Exhibiting artist, Heather Ormsbee with Adam Granzer at the opening of her show, Phantom Burned. 9: An installation highlights Ormsbee's creative process located in the gallery of Kirkland Arts Center. 10: Patrons peruse the wine options at the reception. 11: Gallery Director, Miha Sarani, greets guests and congratulates Heather for the amazing evening. 12: A guest takes in a charcoal drawing by Ormsbee at the Kirkland Arts Center. 13: Heather Ormsbee reads poetry in conclusion of her speech on 1/13/23. 14: Patrons view a collection of oil paintings and charcoal drawings by Ormsbee. Photography by Chris Nee

MAR CH 2 0 2 3 | C I TYL I FE STYL E . C OM / KI R KL A N D

MARCH 2023

business monthly A round-up of exciting news from local businesses.

HEADSHOTS by life n light studios

Igloos are back at Chateau Ste. Michelle Redefine your Chateau experience and indulge in your very own private outdoor escape in one of our waterproof igloos. The igloos come complete with comfortable seating for up to 6 people, a gourmet charcuterie board, glassware, and two bottles of Chateau Ste. Michelle wine of your choice (from a pre-determined list of options). Outdoor lawn games are also available for your enjoyment while on-site. Find out more at ste-michelle.com

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Want to be featured?

MORE INFO:

lifenlight.co

B USIN E SS M ON T H LY

Get in touch by heading over to our landing page to connect: CityLifestyle.com/Kirkland

LUTRON® AND BUDGET BLINDS® MAKE HOME AUTOMATION EASY TO USE AND EASY TO AFFORD!

Side Hustle Taproom Opens on Lake Street

North America’s #1 provider of custom window coverings and the most established name in smart home technology team up to give you total smart home integration. The safe and easy answer for hard-to-reach windows.

As of early August, Side Hustle is bringing a full line of brewery-fresh beer directly from small producers to bustling town centers. We bring great beer to where the people are. At Side Hustle you can sit in comfort and enjoy the best beer the Eastside has to offer. Taplist and events calendar can be found at sidehustletaps.com

Use the remote or control your entire home with a smart phone.

It's anniversary celebration time at Lake Street Diamond Company One year ago, the Luhadia Family purchased Lake Street Diamond Company, continuing the rich family history Vince and Jill Isaacson created during their 38 years of owning the store. The Luhadias bring their own generations-long history in the jewelry industry to the store, combining their extensive knowledge and experience in gemstones, unique design and exquisite craftmanship. Lake Street Diamond Company is now their flagship store, truly the brilliant diamond in their jewelry company.

Smart shades, smart lights, and smart thermostat integrate beautifully with your choice of smart home devices • Amazon® Alexa, Apple® HomeKit™, Google® Assistant, Nest®, Sonos® and more — control your shades, lights, temperature and more from any mobile device by using the Lutron app • Program shades to automatically open and close for security and energy savings • No new wiring required

The Lutron App controls shades, lights and temperature

Call or go online today for your FREE smart home consultation

425-333-7800 | BudgetBlinds.com/Bellevue-wa Or stop by our showroom

8429 122 ave. n.e. Kirkland, WA. 98033 (Across from Starbucks)! Mon-Fri. 10-5 and Saturdays 10-3

MAR CH 2 0 2 3 | C I TYL I FE STYL E . C OM / KI R KL A N D

MARCH 2023

local experiences The best places and things to do in our area.

There are few things we love more than the comfort of our own home. Upgrade and personalize your living space inside and out by shopping and engaging with our home and design merchants who provide cozy, creative and beautiful establishments to enhance our digs.

Our Picks for Home Design in Mind AR TE ITALICA AND CR OWN LINEN DESIGNS: Arte Italica is a leader in Italian tabletop and home décor, while co-located Crown Linen Designs sells fine European linen tabletop, apparel and gifts. 906 Market St, Kirkland INNOVATIVE KITCHEN & BATH: With over 28 years of experience in the kitchen and bath remodeling industry, this business strives to provide a seamless and efficient renovation. 8514 122nd Ave Ne Kirkland GUNNAR NOR DSTR OM GALLER Y: A small and intimate space with an emphasis on whimsical and expressionist work. Established in 1985, it's a friendly and unimposing gallery of contemporary artwork. 92 Kirkland Avenue, Kirkland OSCAR & CO. : Purveyor of eclectic vintage home goods, Oscar & Co. has all kinds of unique treasures including glassware, art, silverware, and other décor. 702 Market St Kirkland WESTER N LANDSCAPE & PAVER S: Specializing in pavers, patios, fire pits, stone walls, landscape design, driveways and much more. Anything from a backyard oasis to a low-maintenance updated garden. 12040 98th Ave NE Suite 205, Kirkland

Scan for more photos and the full list.

Want to recommend a local experience? Scan the QR code and message us on Instagram.

LOCA L E X P E R IE N C E S

I’m honored to have been voted Kirkland Lifestyle’s best agent of 2022! Serving the community is a true honor, and I look forward to continuing to support you in 2023. Whether you’re seeking a new place to call home, interested in finding a second-home getaway, or simply wanting to learn more about your options, I’d be pleased to assist.

#1 AGENT

by Sales Volume, 2021 and 2022 RSIR, Kirkland

Brian Hopper 425.300.7330 | BRIANHOPPER.COM

LUXU RY I S A N E X P E R I E N C E

Tumble Creek at Suncadia Offered at $565,000

Sammamish Offered at $1,649,998

L I VA B L E A R T Bringing the living space outside for year round enjoyment. Full height stone fireplace and in-ceiling heat.

PHOTOGRAPHY BY LIFE N LIGHT

With custom flair and attention to detail, a home can become a work of art. Set in an enviable spot in Bellevue, this John Buchan Home beauty is sure to impress. Each John Buchan Home is truly custom - never built before 3D art – and this home is no exception. Embracing a transitional modern aesthetic with an emphasis on modern artistry. Not only is this home beautiful, but it’s also designed specifically to maximize sunlight and privacy while emphasizing functionality, comfort and quality. “We are always listening to our clients to make sure we are delivering what they want. They trust us to help make sound decisions based on timeless selections that also honor today’s trends,” says Mischelle McCall, Chief Brand and Sales Officer for John Buchan Homes. This home exudes an inviting warmth with its tonal colors, which include warm grays and taupes. “Everyone loves high contrast; however, the trick is to create high contrast without going cold. For example, there are a million different kinds of gray.

O PE N H OU SE | HOM E + DE S I GN

The primary bath, complete with floor to ceiling polished tile, modern lighting, luxury tub and shower.

Selecting grays with more red tones gives more warmth,” says McCall. The finish carpentry is all custom for this home, and many hours were spent fine tuning and meticulously installing smooth, solid, artisan detail. Throughout the house, a blend of polished and matte finishes come together to perfectly complement each other. In the kitchen, honed counters are married with slick polished accents which add sophistication and class. Local artisans custom produced metals on the staircase and fireplace mantle, adding to the unique and one-of-a-kind details of the house. The exterior design anchors everything together with a unique blend of stone that finishes off the outdoor living area and built-in BBQ. “When mixing materials that anchor a space while allowing it to also feel light and inviting takes careful consideration. Perfecting the balance of each space is what we’ve mastered over six decades, combined with vision and a passion to do it right,” says McCall. CONTINUED >

MAR CH 2 0 2 3 | C I TYL I FE STYL E . C OM / KI R KL A N D

THE PRIMARY SUITE The primary suite is a true retreat. The vaulted ceilings and shiplap detail make the room feel like a five-star hotel suite. The primary bath is positioned perfectly between the primary suite and the large walk-in closet. Complete with floor to ceiling polished tile, modern lighting, luxury tub and shower; it truly feels like a functional, glamourous spa. The main great room is dramatic with a soaring two story ceiling and expertly designed fireplace wall. Extra special attention to detail was given to the trim running from the fireplace to the dining room to create consistency and connect both rooms seamlessly. The dining area is intimate with elegant ambient lighting that sets the mood. With large, south-facing windows, it is bright and sun-filled during the day.

The primary suite.

“PERFECTING THE BA L A NCE OF E ACH S PAC E I S W H AT WE’VE MASTERED OV ER SI X DEC A DE S , COMBINED WITH VISION AND A PA S S I O N T O D O I T R I G H T.”

O PE N H OU SE | HOM E + DE S I GN

The main great room, complete with gorgeous fireplace wall and plenty of natural light.

HOM E FACTS + 5,957 sq ft + 5 Bedrooms + 5.5 Baths + Great Room + Dining Room

+ Study + Main Floor Bedroom + Home Theater + Exercise Room + Bonus Room

+ Dual Staircases + Dual Laundry Rooms + Outdoor Living Room & Built-in BBQ + 3 Car Garage

MAR CH 2 0 2 3 | C I TYL I FE STYL E . C OM / KI R KL A N D

It’s a Mood: 2023 Interior Design Trends Designers across the board have highlighted a bolder, darker, “moody” design ethos for 2023 where highly personalized, cozy spaces take center stage. Meanwhile, monochromatic grays and sterile wide open spaces quietly bow out. Minimalist chic has fallen out of grace it seems, in favor of warmer, more intimately styled rooms highlighted by darker walls, statement wallpapers and layered textures. Curvy furnishings including arched mirrors and rounded sectionals are the new must haves and deep jewel tones of ruby red, racing green and plummy purple hues supersede whites and grays.

MARILISA VERGOT TINI Broker 206.599.9908 marilisa@compass.com luxuryseattleliving.com

Layering is a huge trend, for fabrics, patterns and color. The insta-perfect greige palette of yore has been trampled upon by a stampede of brights and bolds, mix and match, accessorized with sustainable, functional objects. Sensual velvet fabrics are here to stay through 2023 as is wallpaper featuring vintage baroque, botanical, animal and whimsically brooding prints. Up-cycled furnishings combined with genuine antiques are all about authenticity, individuality and decorating with a conscience. Decorating with purpose, function and deliciously freeing personality will be this year’s design mantra. Go forth and play!

About Marilisa: A seasoned real estate broker within Compass WA, Marilisa helps clients relocate, purchase investment homes, sell and buy property. Her core strengths center around full service marketing, negotiation and project management, while keeping her clients’ needs front and center.

Timeless Northwest contemporary elegance brought to life through the master craftsmanship of John Buchan Homes.

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2023 LU X U RY R E A L E S TAT E TRENDS O U R LUX URY REA L E STATE PARTN E RS S H A RE THEI R FOR E CASTS FOR T HIS YEA R'S HOUS IN G MARK E T

Marilisa Vergottini Photo credit: Etta Foto

MAR IL ISA VERG OTT IN I C O M PA S S

• WHAT ARE YOUR THOUGHTS ON WHAT THE REAL ESTATE MARKET WILL DO IN 2023? Three indisputable nationwide factors will affect real estate appreciation in 2023: Mortgage Interest Rates, Unemployment and Home Supply. Year-on-year home values have dropped up to 25% and are expected to drop further before leveling out. Based on what I’m seeing, I predict a steady Spring market, with competing offers on well-priced, desirable homes. Meanwhile, mortgage rates are likely to settle and decrease slightly as the year progresses, with a projection of 5.5% by the end of 2023.. As major employers make job cuts in this first quarter, we expect to see unemployment rise to around 5.5% by year end, though it’s unlikely to tangibly impact our local market. In the Greater Seattle Area we remain woefully short on inventory, and demand - despite economic circumstances - remains high. As such, it will likely remain a seller’s market overall. Net-net? Prices may fall a little more - a reflection of sellers pricing unrealistically high.

• ANY ADVICE THAT YOU WOULD OFFER A HOME BUYER THIS YEAR? A well-priced home this year will still sell fast at or over asking - this has been the case through Q4 of 2022 and will continue as we move into 2023. Bear in mind that if you’re moving within the state, you have competition from elsewhere - last year two-thirds of Snohomish County’s population growth came primarily from California. Shop around for the best mortgage rates, protect yourself with contingencies as you place offers, but don’t low-ball a well-priced home or you’ll miss out.

• ANY ADVICE THAT YOU WOULD OFFER A HOME SELLER IN 2023?

ARTICLE BY BREE O'BRIEN | PHOTOGRAPHY COURTESY OF FEATURED PARTNERS

M UST SE E | R EA L ESTATE

First, remember that your home is likely still worth between 5-10% more than it was in January 2022 - let that sink in for a minute. Second, forget the crazy market in Spring of yore - it was a perfect storm that we may not experience again for years to come. Be at peace with your realistic home value (ask your realtor for a detailed analysis), and price accordingly. If your home is well maintained, impeccably presented and move-in ready, it will sell faster than its competition - and for more. Be prepared for more time on market (average 30-35 days currently), but know that well-priced, desirable homes are still selling within a week. Pocket neighborhoods will be affected slightly differently depending on factors such as prior rate of appreciation and desirability, so do contact me directly for a specific neighborhood analysis.

Mark von der Burg

Erin Harper

MAR K VO N DER BURG AND ERI N HAR PER V D B C O M PA S S

• WHAT ARE YOUR THOUGHTS ON WHAT THE REAL ESTATE MARKET WILL DO IN 2023? Seattle’s ranking as one of the top 10 cities nationally, enhanced by natural beauty and active lifestyles, draws an influx of buyers to the area. Inventory is on the rise but numbers remain historically low overall. In the last few months, pricing has come under negative pressure, causing sold prices to level off or decline from 2020, 2021 and the first quarter of 2022. The 2023 market continues to present valuable opportunities for those looking for long-term ownership, new construction and investment properties.

• ANY ADVICE THAT YOU WOULD OFFER A HOME BUYER THIS YEAR? Properly priced, well-prepared homes continue to outperform the market. That’s why it is important to be prepared to move quickly when finding one you love. Selecting an experienced, connected broker who can educate you on value, help navigate the offer process, and negotiate on your behalf is key for optimum results. While interest rates are currently higher than in recent years, they are in line with rates years prior to the pandemic. It’s a good time for buyers who were unable to compete in a highly competitive market to re-engage.

• ANY ADVICE THAT YOU WOULD OFFER A HOME SELLER IN 2023? Buyers are still buying… because they are still starting families, getting married, upsizing, downsizing, and relocating for work. As a result, well-prepared, turnkey homes continue to sell in the Kirkland market.

With increased inventory, buyers can be more selective, making proper presentation and price imperative for sellers. Be prepared to offer a perfectly polished, staged product to elevate your home’s presence and engage potential buyers. A skilled professional with attention to detail in the preparations, luxury marketing and successful negotiation will ensure the best return on your investment, especially as we return to a more balanced market.

CONTINUED >

MAR CH 2 0 2 3 | C I TYL I FE STYL E . C OM / KI R KL A N D

Max Rombakh

• WHAT ARE YOUR THOUGHTS ON WHAT THE REAL ESTATE MARKET WILL DO IN 2023? 2023 will be an interesting year. Fundamentally, real estate in Bellevue and Kirkland is in good shape: Inventory is very low and there are many buyers in the marketplace - some that truly need to move, and some seeking deep discounts. Sellers aren’t reducing prices and buyers are waiting for price reductions, leading to a stalemate. The real estate market is staying neutral and should remain so through 2023 if rates continue to drop and inventory remains low. The median price of homes has adjusted 20-30% from the peak, which motivates buyers who understand that they can refinance in the future. Properties checking many boxes for buyers and offering unique characteristics such as views and waterfront, coupled with a great location and layouts, remain in high demand. Sellers with favorable interest rates and no life changes requiring a sale are not putting their homes on the market, putting pressure on inventory.

• ANY ADVICE THAT YOU WOULD OFFER A HOME BUYER THIS YEAR? Understand that prices are down because interest rates are higher than at the peak. Rates won’t stay high forever and if they continue to drop, demand will increase and if inventory remains low multiple offers and price escalations could happen again. Buyers are in a market that we haven’t seen in several years and unlike during the peak, you don’t have to guess how much over market you have to pay. You are buying a home at market value or below and can refinance the rate later. As long as you’re buying a home that you intend to be in for at least five years and you can afford it, you will be rewarded by appreciation. The Kirkland and Bellevue real estate markets are resilient and can bounce back quickly.

• ANY ADVICE THAT YOU WOULD OFFER A HOME SELLER IN 2023?

MAX ROM BAK H WINDERMERE

M UST SE E | R EA L ESTATE

Sellers - Yes, you missed the peak, hindsight is 20/20, but your home has appreciated and is worth more than it was two years ago. Be careful with pricing - hire a broker who knows the local market. Different market dynamics today mean that buyers aren’t willing to compromise easily. Homes with drawbacks will be tougher to sell now. Pricing is key, presentation and local market knowledge is monumental today in handling buyer objections. If the home isn’t priced right, it could send the listing into a spiral chasing the price and days on market.

BRI AN HO PPER REALOGICS SOTHEBY'S I N T E R N AT I O N A L R E A LT Y

Brian Hopper

• WHAT ARE YOUR THOUGHTS ON WHAT THE REAL ESTATE MARKET WILL DO IN 2023? At the time of writing this I am already surprised at the level of buyer activity starting after the new year - buyers have acclimated to higher interest rates. Rates below 6%? Don’t expect it in 2023. I’ve been thinking about each of 30+ families that I had the honor and privilege to work with last year. 2022 marked many milestones for me: My family and I moved to a different community within Kirkland, and I finished my 18th year of selling homes, selling over $68,000,000 in total sales volume. I look forward to helping my clients navigate this new market in 2023.

• ANY ADVICE THAT YOU WOULD OFFER A HOME BUYER THIS YEAR? 2023 is the year you do not want to let your dream home slip by. Fewer buyers are pursuing homes, and builders and flippers are slowing acquisitions, meaning reduced competition. Buyers have more negotiating power and can slow down and perform inspections. A well-prepared home in Kirkland may still bring multiple offers, so a trusted real estate professional is crucial to get the home you want. Yes, you missed all-time low rates but not having to purchase well above asking price will save in the long-run, and you can refinance when rates drop. Where’s the value for buyers? New construction. The Kirkland market is still competitive, so submit your best offer. Most importantly, partner with a local real estate professional who has the experience to ensure you get that home you desire in our beautiful city.

• ANY ADVICE THAT YOU WOULD OFFER A HOME SELLER IN 2023? Your listing price must be competitive and realistic. Expect your home to take longer to sell than you think it will. My pricing strategy: Never chase the market, find a suitable price for what you predict the market will do next. The first offer received is often the best. Any Kirkland sellers in 2023 who have owned for over 12 months should have decent equity built up (provided you didn’t pull out a HELOC to buy that boat). The median home value climbed from $526,000 in 2015 to $1,250,000 in December 2022. Today, for a home to reach top dollar it must be detailed to the nines. Properly preparing your home will give you leverage in what is becoming a buyers’ marketplace. My team has the resources and trusted vendors to handle any needed improvements and preparation. CONTINUED >

MAR CH 2 0 2 3 | C I TYL I FE STYL E . C OM / KI R KL A N D

FERRERA T E A M C ATHERI NE FERRERA AN D MCKE NNA FERR ERA C O M PA S S

• WHAT ARE YOUR THOUGHTS ON WHAT THE REAL ESTATE MARKET WILL DO IN 2023? Catherine and McKenna Ferrera

We think the real estate market has bottomed out or will have a little more to go. January 2023 has shown modest improvements as new buyers are out looking and the rates have stayed a bit more stable. We think we will have a modest uptick until May and then level off, but if the rates come down and land in the low to mid 5% range it could spark some more movement with both buyers and sellers.

• ANY ADVICE THAT YOU WOULD OFFER A HOME BUYER THIS YEAR? Start speaking with a lender to understand what you can afford and receive an initial pre-approval amount as soon as you can. Also, start looking sooner rather than later and find a qualified realtor to work with who has experience negotiating. Currently many of our deals have had the seller contributing toward closing costs instead of dropping the price. This credit can help bring down the buyer’s interest rate while keeping the seller’s desired sales price the same, which is a win/win situation for both buyers and sellers.

• ANY ADVICE THAT YOU WOULD OFFER A HOME SELLER IN 2023? Prep your home correctly! Make sure necessary maintenance is up to date, where you would feel confident if a buyer were to make an offer contingent on an inspection. Besides maintenance, make sure to visually prep your home. This includes a deep clean, possibly painting and getting carpets professionally cleaned or replaced. If painting, think of refreshing the colors to a more neutral color. These efforts go a long way in polishing a home for market. Staging is also very important and making sure to de-personalize your home before listing. You want to be sure that potential buyers walking through the home could imagine themselves living there. We have our Compass Concierge program that we have leveraged to help many of our home sellers properly prep their home.

M UST SE E | R EA L ESTATE

• WHAT ARE YOUR THOUGHTS ON WHAT THE REAL ESTATE MARKET WILL DO IN 2023? I think we will continue to see low inventory mainly due to owners holding tight while interest rates soar. With Washington’s strong economic growth and increasing population, I don’t see prices dropping much. Cash is king and if you don’t have to rely on a large loan, now is a great opportunity to buy. The biggest market determiner will be interest rates. I’ve heard some talk they may come down, we will see!

• ANY ADVICE THAT YOU WOULD OFFER A HOME BUYER THIS YEAR? I always encourage buyers to get pre-approved as the first step. You’ll know what you can afford, and your offers will be stronger. I also like to dive deep into my clients’ needs and wants so I can save them time and stress and get them into the homes they should see. Things like schools, neighborhoods, commutes, noise levels and proximity to restaurants and shopping must be considered. Location matters as much as the house itself. It can be hard to find the perfect place, so I make sure clients don’t pass something that’s near-perfect because it doesn’t check every box. Another great thing about the 2023 market is that home inspection contingencies are back on the table. Get an inspection and do your homework so you aren’t finding flaws later. Lastly, stick to the budget. Owning a home is expensive and it’s easy to get excited when looking. If you give it time, you will find something that won’t leave you poor, and allows money for the other joys that life offers.

• ANY ADVICE THAT YOU WOULD OFFER A HOME SELLER IN 2023?

Mike Moghaddas

MI KE MOGH ADDA S C O M PA S S

Hire an expert real estate agent that serves your area. Don’t overprice it! Pricing your home is the most important driving force to get it sold. If we get the perfect number on the first round, buyers will come and drive demand, sometimes even driving the price up. If we overprice, we lose buyers, leading to costly time on the market. If possible, a coat of fresh paint, a deep clean and tidying the landscape make all the difference. Make needed repairs too. I can’t say enough how important staging is. It leads to beautiful photography and gets people through the door. Make showings easy for prospects through open houses or scheduled times. The more people that come through the door, the higher probability of a profitable outcome.

MAR CH 2 0 2 3 | C I TYL I FE STYL E . C OM / KI R KL A N D

YOUR DREAM HOME IS WITHIN REACH

Select your next home from our inventory and customize to your design preferences.

Visit us at MNCUSTOM.COM

2 0 2 9 2 N D AV E. SE AT TL E, WA 98121 T. 206. 448. 3309 E. i n fo @ a l c h e mycollec ti ons. com W W W. A LC H E M YCO L L EC TIONS . CO M W W W. C AM E R I C H S EAT TL E. COM

A Regional Coalition for Housing Can you share your bio and tell us about how you became involved with ARCH? I’m originally from the Chicago area and have worked in affordable housing my whole career. I grew up in a racially and economically diverse community, and over time became passionate about undoing the historic legacy of segregation and housing discrimination that shaped most of the Chicago area. After living and working in Seattle at the city’s Office of Housing for a number of years,

I moved my family to the Eastside and felt drawn to make a difference here. The opportunity came up at ARCH, and I jumped at it. Was there a catalyst that motivated city leaders to come together to address housing as a coalition? The impetus for ARCH was a Citizen’s Affordable Housing Task Force in Bellevue in the early 1990s. There was a recognition at that time that housing issues did not stop at

WE HEAR FROM LINDSAY MASTERS, ARCH EXECUTIVE DIRECTOR, ABOUT THE ORGANIZATION'S WORK IN OUR REGION

ARTICLE BY BREE O'BRIEN

O UR TOWN | R EAL ESTATE

a city’s border, and we were fortunate to have some forward-thinking leaders put forth the idea that by working together cities might be able to have a greater impact. Bellevue, Kirkland, Redmond and King County were the original members of the coalition, but the idea caught on and membership eventually expanded to include 15 cities. That original idea has really proven itself over time and has continued to resonate with city leaders. Has the housing situation evolved in any way since ARCH began? A lot has changed since ARCH’s founding, even as the model of cities working together has continued to stand the test of time. Obviously our region has not been able to build enough housing to keep up with the rapid growth in jobs and population, and the impacts have been dramatic—on families, businesses, our basic institutions. It is hard to overstate how far-reaching the impacts have been. At the same time, I think there is now a widespread awareness of how this is affecting everyone, and that is creating a greater drive to take action, as well as an acceptance that all communities should be contributing toward solutions in some way. We have state and local governments actively trying to move the needle; we have major corporations offering to play a role; and the public is increasingly educated and engaged.

This strategy adds to the permanent supply of affordable homes and has yielded a ten to one leverage rate on our investment. We can also make a major difference by helping cities to establish sound housing policies in their land use regulations that create a healthier balance of housing to jobs, and ensure there are affordable units integrated in all the new development that is coming. Finally, we are big believers in creating more affordable homeownership opportunities, which help build wealth and give lower income families a sense of stability and long-term investment in the community.

“Obviously our region has not been able to

What are the policy changes that ARCH is hoping to see in the next year or two? Are they at the city/state/ national level? There are so many things that need to happen, and the exciting thing is that we have amazing leaders in our region talking about all of them. On a big picture level, we truly need some big policy moves to happen through federal legislation – the major source of equity for affordable housing development comes from the Low Income Housing Tax Credit program, and there have been efforts for many years to expand this resource. But we also don’t want to sit around and wait when there are things we can do locally that make a difference. Recently we have been focusing as a coalition on how we can create a sustainable and meaningful source of funding for local investments in affordable housing, which would help to draw other resources here and increase our impact. ARCH has also supported cities in the coalition who are interested in pursuing basic rental

build enough housing to keep up with the rapid

growth in jobs and population, and the impacts

have been dramatic—on

families, businesses, our basic institutions.”

What are the most high impact ways that ARCH is addressing the lack of low and middle income housing? Our coalition has had huge success investing local dollars in the development of affordable housing.

CONTINUED >

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“We have a small but dedicated team that is passionate about helping people.”

regulations – developing model ordinances that would offer longer notice periods before big rent increases to help create more stability in the rental market and ensure people remain housed. Finally, cities are also on the cusp of taking up what are called Comprehensive Plans, which establish longterm housing and land use policies. I’m excited to see how those plans can move us toward a future that draws on lessons from our past and creates greater access to opportunities for people of diverse incomes.

O UR TOWN | R EAL ESTATE

Is there anything you’d like local citizens to know about ARCH’s work? In addition to our work with cities, we also work directly with people looking for affordable housing opportunities. We run one of the larger homeownership programs in the state, and are able to offer rare opportunities for people with low to middle incomes a chance to purchase homes at an accessible price point. We have a small but dedicated team that is passionate about helping people and deeply aware of just how many more people need affordable housing.

CHOOSING ART FOR THE HOME Gallerist Ryan James says, "You don’t have to be an expert to buy art!"

HOW TO BEGIN? • When selecting artwork for your home, imagine you’re creating a collection. Think about when jewelry, records, classic cars, or trading cards are purchased, these are usually chosen out of interest to the buyer, because they are unique, or because of a personal connection.

“When making an aesthetically pleasing interior, the eye is drawn to texture, and for a space to feel complete you want layers of different textures.”

I NSP IR E D BY | A RTS + CULTURE

• When you are creating your collection, it is important to invest in originals. • Investigate the artist on all platforms and learn the story behind your favorite pieces, as this will help you form a personal connection with the art. This will also provide insight into whether the artist is up-and-coming • While researching art and artists you can identify your preferences by asking yourself what draws you to each piece, which can help you narrow your search for something that speaks to you • When you select a piece, make it something you’d be excited to share with friends and family

WHERE TO LOOK? • Your phone or computer is the new gallery • In addition to galleries, check artist websites, local art listings, or Instagram to find work, artist biographies, and upcoming shows to help create a personal connection with the art SHOULD IT MATCH THE ROOM? • The art in your home does not have to match your sofa • It should reflect a sense of your personality and excite you • There are no rules, so don’t limit yourself. Look at the color wheel - look at complementary colors for a cohesive look or be bold and look for opposites • Line, weight and texture also play into the boldness of a piece WHAT SIZE? • Your art should fill the wall you choose to display it on • Create visual layers. When making an aesthetically pleasing interior, the eye is drawn to texture, and for a space to feel complete you want layers of different textures. A painting can count as one of these layers of texture and can be hung or placed on a table or mantle with objects layered in front of it. 3D SCULPTURE? • Find the focal point in the room when placing sculptures • Sculpture can also be placed in front of a window or used as a way to create flow in a room

Artist: Laura Viola Preciado Photography by Ryan James

STILL NOT SURE, HERE’S WHAT A GALLERY CAN DO FOR YOU? • Gallery staff can analyze your space and assist you in your selection • You can try out a piece before you buy it, so you can be sure it works in your space • If you are worried about installation, gallery staff will install the piece for you • Purchasing from a gallery allows for the option of payment plans to work with your budget

MAR CH 2 0 2 3 | C I TYL I FE STYL E . C OM / KI R KL A N D

3 Hot Trends

ARTICLE BY HALEY WILLIAMS PHOTOGRAPHY BY J.A. STENGER PHOTOGRAPHY

in Kitchen Design

A peek at what’s ahead: bold cabinet colors, statement hardware and swaths of stone. When designing your dream kitchen, it’s important to balance timeless features with elements that reflect your personality and design aesthetic. You may not plan to remodel your kitchen each year (does anyone do that?), but that doesn’t mean there aren’t creative ways to keep your space feeling modern and fresh. We spoke with interior designer Brooke Cover about the trends in kitchen design she’s seeing this year, touching on everything from cabinet colors and lighting to tile and countertop combos she’s loving.

TAKING THE COUNTER MATERIAL UP THE BACKSPLASH Although the iconic subway tile backsplash is timeless in its own right, Brooke says she is seeing a big shift toward marble slab backsplashes — which add drama and depth to the kitchen. Not only is it easier to clean than tile, but a marble backsplash and countertop also sets the tone for the entire space and makes a big statement.

WARMING UP THE WHITE We doubt the classic white kitchen will ever completely go out of style, but trends show people are going away from the white kitchen and gray cabinets. They’re opting for white mixed with warmer wood tones, dark greens and blues. Some homeowners are mixing vintage in with the new and modern through butcher block islands or other unique cabinetry choices. Black is making a bold comeback in some kitchens, while others usher in warmth through painted islands or other darker contrast tiles in the bar area. You don’t have to leave behind the timelessness when you warm up your space if you opt for equally timeless black and wood-stained accents. If you want a quick refresh, consider adding pops of wood through cutting boards or other decor accents on countertops or open shelves.

CONTRAST, CONTRAST, CONTRAST! From painted and stained islands to dark lower cabinetry with bright white uppers and mixed lighting fixtures, contrast is the name of the game this year. You’ll see this juxtaposition between clean white and darker colors or even this year’s favorite - greens and blues - all over newly designed kitchens. You’re not breaking any rules by coordinating sculptural pendants over the kitchen island with more vintage-inspired gooseneck sconces over the standalone bar or a chandelier over the eat-in kitchen.

T R E N D SE T T E R | HOM E + DE S I GN

Brooke’s Pro Tip: I suggest viewing countertop slabs in person vs. a small sample piece because each slab has unique movement and colors. They are all so beautiful and works of art. Taking a trip to the warehouse will really help a client to understand the different types available and see the difference in the look of the material. S C A N Q R C O D E F O R B R O O K E ’ S FAV O R I T E COUNTERTOPS THIS YEAR.

MARCH 2023

events A curated selection of the most intriguing upcoming events in our area.

MA RC H 4 T H

The Colors of Holi Gala

SEATTLE AS IAN ART MUS EUM | 7 :0 0 P M Celebrate Holi, India’s Festival of colors and happiness by joining SAM for this event. This lavish and colorful celebration benefits SAM’s South Asian programs with an evening you won’t soon forget: Delicious Indian fare and drinks, beats by DJ Kapil, festive dance performances, intimate tours of SAM’s collection, henna, fortune telling, and much more! seattleartmuseum.org

MA RC H 1 1 T H

Kirkland Civic Orchestra Performance - Renewal: Winter

LAKE WAS HIN GTON HIG H S CH O O L P E R F O R MI NG A RTS C E NT E R | 1 :0 0 P M The KCO is an all-volunteer classical symphony orchestra offering free concerts at locations in the Eastside community and Seattle Area approximately four times a year. The mission of our orchestra is to offer amateur musicians an opportunity to play interesting repertoire for our supportive audience. eventbrite.com Renewal: Winter, Program: Rimsky-Korsakov: Russian Easter Overture Tchaikovsky: Andante Cantabile Rimsky-Korsakov: Scheherazade

M A RC H 11TH-12TH

Taste Washington - Grand Tasting

LUMEN FIELD EVEN T CEN TER | 1 :0 0 P M At the heart of Taste Washington is the Grand Tasting: a celebration of all that Washington has to offer. Over 200 wineries will showcase their best vintages, alongside more than 50 of the region’s finest restaurants. Guests can also look forward to a chef’s demonstration stage, offering a unique glimpse into the culinary world! CONTINUED >

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EVENTS CONTINUED

MAR CH 19 TH

Nowruz Celebration

Chef John E. Thompson

Redefining the Private Chef

MA R I NA PA R K, 25 L A K E S H O RE P L A ZA , K I R KL A ND | 1 1 :30 A M Join the Iranian Society of Washington State in celebration of springtime and learn about this holiday which celebrates the Persian New Year. Bring your family to Marina Park where you can enjoy a traditional haft-seen, festive music, dancing, face painting, and magic show. MAR CH 21ST

March into Spring Passport Event

STILL SPA AT THE WOODMARK HOTEL, KIRKLAND | 3:00 PM Explore all Still Spa has to offer as you travel around the spa enjoying express treatments, complimentary wine and bubbles, individual charcuterie boards, house made cookies, expert skincare and beauty advice from Still Spa partners, exclusive discounts on retail and packages and multiple chances to win one of many raffles! eventbrite.com MAR CH 23 R D

Be The Bridge | Lake Washington Schools Foundation Spring Benefit

Intimate Events & Receptions Customized Dietary Meal Plans Catered Events

Neo Comfort Cuisine 206.825.2030 2468culinary.com 40

EVE N TS

SEATTLE MARRIOTT REDMOND, 7401 164TH AVE NE, REDMOND | 11:30 AM The LWSF is delighted to announce that once again, the organization’s spring benefit will be held as an in-person luncheon. Please join them to discover how they're activating their mission by removing barriers, building connections, enhancing learning, and supporting wellness for students in the Lake

Washington School District.

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Get in touch by heading over to our landing page to connect: CityLifestyle.com/Kirland

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Found Interiors OWNER ANN KENOPS GIVES KIRKL AND LIFEST YLE A TOUR

ARTICLE BY BREE O'BRIEN | PHOTOGRAPHY BY JODI SCHEFFLER

Found Interiors opened in 2012 in downtown Seattle and then moved to Kirkland in 2014. We love Kirkland, the community is so supportive with bringing us amazing inventory and regular loyal shoppers are loving the shopping experience. It’s a constant flow of amazing pieces with deliveries daily. We frequently are asked, “Is all of the furniture consignment?” The furniture ranges from Pottery Barn and Restoration Hardware to highend custom designer pieces in excellent condition, and it’s not uncommon for a piece to still be available on the manufacturer’s website. The accessories, decor, and art selection is like nothing you experience in a retail store. It’s unique, collected and curated worldwide. One unique piece that came in was a 1st place trophy from the Jodhpur Polo Club (an engraved silver champagne bucket) from The Prince of Wales, 1901. Another was a series of Andy Warhol prints of Mick Jagger in 1975, signed by both, number 2 of 250 produced. Those were cool!

LOCA L LIM E LIGH T | HOME + DE S I GN

A peek inside Found Interiors

Preparing your home to Sell Homes that have been properly prepped for the market, and correctly priced to the local market are selling. What does a properly prepped home include? How do I price my home to sell quickly and for the price I want? The Ferrera Team is here to help you understand the selling process.

Maintenance and Repairs Being sure to stay up to date with your home's maintenance is important to keep the home in running condition, but also when planning to sell. The top maintenance items to be addressed if needed are the roof, crawl space, HVAC, and septic if applicable. Having these parts of the home serviced and/or cleaned prior to listing will show buyers that the home has been taken care of.

Touch-ups & Staging Presenting your home in its best light comes next. Besides having the home function properly, the perception the buyers have while viewing the home is very important. A simple way to be sure the home looks fresh is a deep clean. Along with that, painting touch ups and carpet cleaning or replacing, truly give the home a renewed look. Staging allows for a prospective buyer to see themselves living there, and inspire how they might decorate the home.

Pricing & Strategy Lastly, having an intentional pricing and timing strategy is vital to getting your home sold. While timing can be out of your control when you need to sell, how you decide to price can determine how long the house sits on the market. Be sure you and your agent have a thorough discussion on the desired net proceeds from the sale. Your agent should do a deep dive into the local comparables currently on the market, in order to accurately see how your home compares and provide a suggested list price for you to ultimately make the final decision on.

The Ferrera Team Catherine & McKenna Ferrera 206.579.1077 & 425.8911.955 catherine@ferrerateam.com mckenna@ferrerateam.com

$3.5MM

REPRESENTED BUYER EAST OF MARKET

$1.33MM

EAST OF MARKET

Lakeview Terrace $4.25MM

MARKET EXPERTISE. PRESTIGE SERVICE. PERSONAL CONNECTIONS.

Max Rombakh M A N AG I N G B R O K E R LUXURY MARKETING SPECIALIST

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