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MARCH 2018 | VOL. 18, NO. 3

Connecting buyers and lenders 11

Forecast Snohomish County Real Estate experts don’t see a housing bubble 4 Supplement to The Daily Herald

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2 THE HERALD BUSINESS JOURNAL

MARCH 2018

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MARCH 2018 THE HERALD BUSINESS JOURNAL 3

TABLE OF CONTENTS

Ian Terry / The Herald

Chuck Howard, a senior graphic designer with the Scotsman Guide, works on laying out an upcoming issue of the publication at the company’s Bothell office.

COVER STORY Want to buy a home? Or a convent? The publishers of the real estate trade publication Scotsman Guide have created a website that connects borrowers with lenders tailored just for their loans. 11-12

BUSINESS NEWS

BUSINESS BUILDERS

More cities are writing ordinances to allow for a detached mother-in-law house out back. 4 A developer is planning an 18-story apartment building in Lynnwood. 6-7 Everett’s Riverside Business Park is finally taking off. 8-9 Grocery store chain owners are building a private school near Mill Creek. 17 Is rental rate dip just a blip? 18 Four real estate experts discuss challenges and promises of today’s housing market. 19-20

Andrew Ballard: Dealing with a dwindling marketing budget. 22 Monika Kristofferson: Turn your bad day into a positive one. 23 Tom Hoban: Where are the condos? 23

BRIEFS AND STATS Public records, Briefs 24- 25 Economic data 26-27

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Editor: Jim Davis 425-339-3097 jdavis@heraldnet.com businessnews@heraldnet.com Contributing writer: Adam Worcester

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Publisher: Josh O’Connor 425-339-3007 joconnor@soundpublishing.com

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COVER PHOTO Rania Efthemes and Brian B. Simmons of Bothell’s Scotsman Guide. Ian Terry / The Herald

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Main: 425-339-3200 Fax: 425-339-3049 customersvc@heraldnet.com Send news, Op/Ed articles and letters to: The Herald Business Journal, P.O. Box 930, Everett, WA 98206, or email to businessnews@ heraldnet.com. We reserve the right to edit or reject all submissions. Opinions of columnists are their own and not necessarily those of The Herald Business Journal.

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4 THE HERALD BUSINESS JOURNAL

MARCH 2018

A PLACE IN BACK FOR MOM The high cost of home ownership has prompted some cities to allow smaller detached houses on lots with existing homes

By Jim Davis

The Herald Business Journal

LYNNWOOD — Steve Brown sees it as an affordability issue. As home prices skyrocket, the Lynnwood man became a proponent of cities allowing property owners to build mother-in-law homes. He wanted to build a home at the back of his property for his mother about a decade ago. Lynnwood made no provisions for these types of detached units. He was part of a group that argued for the idea, but the City Council rejected it in 2009. The issue went away and Brown’s mother, who lived three blocks away from him, died a few years later. More than a year ago, there was a renewed effort. Brown again was a proponent of the idea, but this time for a different reason. He wanted to build a small cottage where his grown son could live — paying rent — while saving money for his own place to live. “When I got out of college, I got married and could save enough money to put down a down payment,” Brown said. “These millennials can’t do that. It’s practically impossible for them to put together the money for a down payment.” He argued that as home prices escalate that this could help residents who are seeking to aid their parents or their grown children. Median home prices in Lynnwood have climbed more than $100,000 over

the past decade, up to $444,000 from $331,000 in 2008, according to the Northwest Multiple Listing Service. Lynnwood voted in December 2016 to allow detached homes, units with kitchens and baths, to be built on properties with existing homes. In February last year, Everett allowed detached units to be built. The concept has proved more popular than expected in Lynnwood, said Todd Hall, the planning manager for the city. He said the city has received a dozen applications for these units. “There’s such a demand for housing and the need for other alternatives has significantly increased over the last several years,” Hall said. For the secondary unit to be leased, Lynnwood’s ordinance requires that the additional home be on the side or back of the house, that it fit with the original house and neighborhood, and that the original house be occupied by the owner. Hall said there were concerns that this ordinance was a back-door measure to allow more density in Lynnwood. He said the city’s comprehensive plan funnels large-scale development into the City Center area south of the Lynnwood Convention Center, around the Alderwood mall and along Highway 99. The comprehensive plan protects single-family housing from increased density. In Everett, seven homeowners have applied to

build these so-called mother-in-law units since the ordinance was passed last year, said Allan Giffen, the city’s planning director. He said that some of the applications could be a built-up demand for this type of housing. He also said as home prices increase, this is an option for homeowners to gain a new income stream with their properties. Some of Everett’s older housing stock had motherin-law homes built on the properties, but when the city established its housing codes in the 1950s, the idea wasn’t included. Both Lynnwood and Everett had provisions for attached units. Those never proved very popular. Lynnwood had received just 10 applications in the past five years; Everett has received just more than 20 applications over the past 20 years. Brown offers a reason. He thinks there’s a need for the space between the primary house and the extra unit. Aging parents and grown children value their privacy and independence even when living on the same property with loved ones. He attests to the standards that went into building his secondary unit. He had to bring paint, siding and roofing samples to City Hall. He finished the 765-square-foot home, which has one-bedroom, an L-shaped kitchen, a bath with a shower and no tub, in November. “I’m delighted that the city took another look at it,” Brown said. “The bureaucracy moves pretty slow.”


MARCH 2018 THE HERALD BUSINESS JOURNAL 5

$

ANNUAL REPORT 2017

$3,946,794

Convention Business is Good for Lynnwood State and regional conventions, large meetings, consumer shows and fund-raising events all contribute to the quality of life here in Lynnwood. “Visitor dollars” are generated when event attendees eat in our restaurants, stay in our hotels and shop in our stores. This generates sales and lodging taxes that remain in Lynnwood long after event attendees return home. These tax dollars fund City services, road improvements and other investments in the City. Each time we host events in Lynnwood, the community benefits from the economic activity generated by those events. Most convention centers require public subsidies in order to operate. By increasing revenue, by hosting more multi-day conventions, and by carefully managing facility expenses, the Lynnwood Convention Center has been able to eliminate the need for a public operating subsidy since 2013. Net operating income will be reinvested into the facility to pay for future operational needs.

GUEST FEEDBACK

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SHOWCASING LOCAL ARTISTS Every six months, local artists showcase works in mediums that vary from painting, photography and mixed media, to contemporary quilting. Visit our website for details on the current exhibit and the date of the next Artist Reception - which is free and open to the public.

COMMUNITY OUTREACH The Convention Center is proud of its place in the Lynnwood community and participates in a variety of activities to support and engage the local residents, including: •

Was a sponsor of Lynnwood Rotary’s Challenge races, which allows participants with disabilities to experience the fun of a soapbox derby race.

Volunteered at the City of Lynnwood’s Earth Day event

Held and participated in three Blood Drives in partnership with Bloodworks Northwest

Adopted a seven-member family for the holidays providing food, clothes, toys, and toiletries.

Continued to support the Lynnwood Food Bank with 5,168lbs of donations.

– Providence Regional Medical Center “We would like to thank [the staff] for making our wedding day so special at the Lynnwood Convention Center. They were so attentive towards us the entire day. They helped us with a sparkler send off, our desserts, and even with our decorations! We are so happy to have had our wedding here. I can’t wait for our photos.” – V. Bobrtskaya

VISIT: www.LYNNWOODCC.com 2054784

“Since opening its doors in 2005 the Lynnwood Convention Center has

enhanced the vibrancy of our growing city. Beautifully appointed and conveniently located, the Convention Center hosts hundreds of events each year, establishing its place as a major economic engine in our community. The wonderful staff at the Convention Center are experts at making each event special. The City of Lynnwood is proud to list the Convention Center as one of its amenities. We look forward to its continued success.”

- Mayor Nicola Smith


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MARCH 2018

New heights Planned 18-story apartment complex would be the tallest residential building in the county, and move Lynnwood along the path towards becoming an urban environment

COSMOS DEVELOPMENT

An artist’s rendering shows a planned 18-story apartment building in Lynnwood, which would be the second-tallest structure in Snohomish County.

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MARCH 2018 THE HERALD BUSINESS JOURNAL 7 By Jim Davis

The Herald Business Journal

LYNNWOOD — A Bellevue developer has proposed constructing an 18-story apartment building, which would be the second-tallest structure in Snohomish County. Cosmos Development has submitted plans for the 532,640-square-foot building across the street from Alderwood mall. The building would be 187 feet tall, trailing only Providence Regional Medical Center Everett, which stands at 197 feet tall. The mixed-use building includes one level of parking below ground, commercial space on the ground floor and 16 floors with 349 apartments. Those apartments would range in size from one to three bedrooms. The building is proposed for 18631 Alderwood Mall Parkway, next to the Toys R Us store. The site had been occupied by a three-story medical office, which was demolished last month. Cosmos would like to start construction next year and be finished 18 months to two years later, said Oscar Del Moro, principal with the company. “There’s a lot of land and a lot of parking lots” in Lynnwood, Del Moro said. “We’re trying to bring a more urban environment to the area. Everybody has been planning for this for a long time. We’re taking the first step.” In 2002, Cosmos built a 200,000-squarefoot office building in Lynnwood at 1920 33rd Ave. W. His firm also built the office building that houses Mountlake Terrace City Hall. The firm, which opened in 1986, has

built mixed-use, urban developments in cities such as Seattle, Bellevue, Renton and other places around the Puget Sound. The city of Lynnwood has been planning to funnel high-density development into the area around Alderwood mall as well as into the City Center area, a mile south of the mall and along Highway 99, said Todd Hall, the city planning manager. Hall said that there are several transit options planned near this particular area, including a light rail station, which is expected to be built during the Lynnwood-to-Everett extension. He said the project proposal will be reviewed by staff and doesn’t have to go before the city planning commission. Del Moro said that his firm has owned the land — 1.87 acres — for years and has been eyeing redevelopment for the site. He said the apartment building will be tall and slender. Its location near transit, across the street from the Alderwood mall and near I-5 and Highway 405, makes it ideal. Snohomish County’s population is nearing 800,000. The county has added 100,000 since 2007, or a little less than the population of Everett. Lynnwood is ready for this type of development, Del Moro said. “We’re trying to make a 24-hour city,” he said. He said he doesn’t feel like Snohomish County is being oversaturated with apartments. “We’re comfortable that we’re hitting the right market at the right spot,” Del Moro said.

Jim Davis: jdavis @heraldnet.com; 425-339-3097; @HBJnews.

Do you know a leader who deserves a business award? Know a business or civic leader who is making a difference in Snohomish County? Nominate them for one of three awards to be presented at Economic Alliance Snohomish County’s annual meeting this spring. The awards will recognize the achievements of people who helped create a better community or advanced economic interests in the region. Deadline for nominations is March 15. Three awards will be given: ■ The Henry M. Jackson Award is named for the former U.S. senator from Everett. The award was established in 1977 and honors someone who demonstrates exemplary service to the community and is committed to the business interests of the region. This individual drives local, state and regional initiatives for business; promotes civic, social and cultural programs; and participates in programs that expand the potential and quality of life in the county. ■ The John M. Fluke Sr. Award is named for the founder of the Fluke Corp., the industrial test-measurement company in Everett. The award is given out annually to an indivdual who has demonstrated entrepreneurial spirit, and business and community leadership coupled with significant community contribution and commitment. It was established in 1970. ■ The Elson S. Floyd Award is named

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About the awards MORE INFORMATION: Contact Herald Business Journal editor Jim Davis at 425-339-3097 or jdavis@heraldnet. com. SUBMIT NOMINATIONS: Online at TheHeraldBusinessJournal.com/Awards. for the former Washington State University president who played a key role in establishing the WSU Everett campus. The award aims to honor a visionary leader who through partnership, tenacity and a strong commitment to community has created lasting opportunities, especially for those who have traditionally been underserved, that improve the quality of life and positively impact the trajectory of the regional economy. The business or civic leaders will be honored at the Economic Alliance’s annual luncheon May 17. Last year, Pat McClain, the former executive director for governmental affairs for the City of Everett, received the Henry M. Jackson Award. Dream Dinners co-founder Tina Kuna won the John M. Fluke Sr. Award. Everett Mayor Ray Stephanson won the inaugural Elson S. Floyd Award.


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Everett’s Riverside Business Park

Finally holding water Everett’s longimagined Riverside Business Park is is taking shape, with two major projects under way and several more in planning

EVERETT — It’s long been imagined as a place to bring businesses and jobs to Everett. And it’s long languished. Twenty years ago, the Port of Everett purchased 95 acres along the Snohomish River in northeast Everett at the site of a former Weyerhaeuser mill. The Port envisioned 1 million square feet of warehouses and manufacturing and office space, a hub that would employ as many as 750 people. At the time, in 2000, the project was described as coming online within a year, development would be imminent. That didn’t happen. Now, two decades later, the Riverside Business Park is finally taking shape. Two major projects — a 102,500-square-foot building for an aerospace supplier and a distribution center for Federal Express — are

being built and should open later this year. Construction could start on two other industrial buildings this year. And the Port is in negotiations to sell the last of its two available parcels. One of the chief visionaries is Terrie Battuello, who was hired by the Port in 2013 to deliver development to the Riverside Business Park, 505 E. Marine View Drive, and a residential and retail development called Waterfront Place along Port Gardner. ”The time is right in Everett,” said Battuello, the Port’s chief of business development. “There’s such a renaissance going on and there’s a very small amount of industrial property in Everett. That’s what creating a stronger demand and getting people to take chances.” The developments could add 700 well-paying jobs into the community, Battuello said. That’s not too far off the estimates of 20 years ago. Workers will begin moving into one of those new buildings this month,

said Dave Kessler, the principal for Auburn’s Latitude Development. His firm is constructing the building for aerospace supplier Northwest Aerospace Technologies, an engineering-services firm focused on modifying jetliners for airlines, aircraft manufacturers and airplane leasing companies. The company is expected to bring 200 employees to the park. Latitude Development owns another parcel in the business park and would like to begin construction this June on a similar-sized second building, Kessler said. KW Projects is building the Federal Express cross-docking center to allow semi-trailer trucks to back in and allow packages to be sorted easily. The business park has easy access to I-5 via Highway 529. The port sold 10 acres for $3.689 million to Panattoni Development Company in November. The company said at the time that it wants to start construction on its project this spring

and finish by later this year. Those will join Motor Trucks, which moved its International truck dealership into a $7.5 million building at the business park in 2010. The port owns two other parcels that it’s hoping to sell to get the property back into the hands of businesses that will employ workers and pay taxes. “The biggest thrill in my job is going to work and seeing other workers headed to their jobs,” Battuello said. “As an economic developer, my job is to create opportunities for the residents of our community. When I see people going to work, that’s what makes it worth it for me.” The county owns another parcel in the business park and leases it to Republic Services to transfer waste onto railroad trucks to ship away to landfills. The owner of landscaping materials business Pacific Topsoils owns one other piece of the land, which is for sale. The business park was the home

2054241

By Jim Davis

The Herald Business Journal


MARCH 2018 THE HERALD BUSINESS JOURNAL 9 of a Weyerhaeuser Mill B, which operated from 1915 into the 1980s. The Port of Everett purchased the property in 1998. The site has undergone extensive environmental cleanup and the port spent most of 2012 bringing in fill soil to raise the land above the 100-year flood plain. The port reinforced a bridge over the railroad tracks to the site and has added a road system, utilities and a trail along the river. (The City of Everett plans a trail system along the river and Port Gardner around the city’s north peninsula; the trails at Riverside Business Park will connect to that system.) Only about 45 acres of the entire site is

usable for development, Battuello said. Battuello, who spent seven years working on economic development in Bothell, said it takes time for a project such as the Riverside Business Park to align with the “right place, right time, right people.” “We’re really excited to see it happening,” Battuello said. “Part of the attraction of working at the port is envisioning projects like this. We have a lot of patience in making them happen. It’s really exciting when the community starts to see the fruits of our labor. This is one of those times.” Jim Davis: 425-339-3097; jdavis@heraldnet.com; @HBJnews.

Photos by Ian Terry / The Herald

Located on the banks of the Snohomish River, Everett’s Riverside Business Park will soon house an aerospace supplier and a distribution center for Federal Express.

2072492

Port of Everett’s Terrie Battuello has led development projects at the new business park.


10 THE HERALD BUSINESS JOURNAL

MARCH 2018

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MARCH 2018 THE HERALD BUSINESS JOURNAL 11

ASK A LENDER

Bothell’s Scotsman Guide rolls out site for connecting consumers to lenders

B

OTHELL — Maybe you’ve seen the Obama Refinance Program pop up on your computer. “Ends 2018, take advantage now.” Or you’ve seen the little green puppet talk about banks going head to head for your business. “When banks compete, you win.” These are massive ad campaigns by companies that aim to connect potential borrowers with lenders. Those businesses make money by collecting your contact information and selling that data to lenders. It’s called acquisition marketing. Clicking on the links leads to a series of increasingly intrusive questions. Fill out those forms and you’ll start getting (SEE NEXT PAGE) calls from lenders.

Scotsman Guide and Ask a Lender CEO Brian Simmons (right) and Director of Content Strategy Rania Efthemes, near the company’s office in Bothell.


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MARCH 2018

FROM PREVIOUS PAGE Brian B. Simmons knows. He filled one out. “I literally got calls for months,” Simmons said. “Three months, people were calling me.” The CEO of Scotsman Guide, a Bothell real estate trade magazine publisher, isn’t dissing the business model for these companies — LowerMyBills.Com and Lending Tree, respectively. The companies have grown into billion-dollar ventures by selling leads for as much as $90 apiece. Legally, the companies can sell the information collected five times. He doesn’t think most people read the fine print to understand this. “I don’t particularly care for that and I don’t think the millennials will care for that — that their information is just being sold,” he said. Still, connecting people with potential lenders is a good thing; it helps people get money to buy a home or business, refinance a mortgage or consolidate debt. So Simmons’ company has created Ask A Lender, a website with the same bottomline goal of connecting borrowers and lenders. Its key distinction is that it doesn’t ask for, or collect, any personal data from borrowers. Instead, lenders’ information and phone numbers are available for free in lists for potential borrowers to choose to call or not call. Ask A Lender launched in November.

Where’s the payoff? So how does Ask A Lender make a profit? Any lender can post contact information, also for free, on the Ask A Lender site. But lenders who pay to be verified get better visibility. The lenders paying the most are shown at the top of the list. The other innovation of Ask A Lender: It breaks down different loan types into categories to allow consumers to easily navigate according to their needs. Want to borrow money to buy a convent? Click on commercial loans, religious properties and choose “convent” as an option. A list of lenders who specialize in convent loans pops up. This actually helps both the consumer and the lender. Phone conversations about loans take valuable time, and there’s no guarantee that there’s a fit between a lender and a borrower. For real estate alone, Simmons found 6,000 loan types across the U.S. So go ahead, find the lenders who will put up money for two homes on a single tax parcel, or a commercial loan for a fire temple, a dude ranch or a carnival. “Who I’m serving up is a direct match to the loan programs,” Simmons said. “If you have a unique program that’s going to help an underserved borrower, you’re going to get free leads off me for the rest of your life. Congratulations. No sweat off me. I’m happy for you and I’m happy for the borrower.” One of the reasons Simmons feels so comfortable talking about the business model for his new venture is that he already has a deep reach to lenders throughout the U.S. Scotsman Guide is in the business of connecting mortgage professionals with lenders. The company employs 53 in the Canyon Creek Center Business Park area of Bothell. The company produces two large business-to-business publications that are sent to mortgage professionals around the U.S. One magazine, with a print circulation

Ian Terry / The Herald

Past issues of the Scotsman Guide at the company’s Bothell office on Feb. 13.

Visit the website www.askalender.com of 30,000, is for residential real estate. The other, with a circulation of 20,000, is for commercial real estate. Simmons owns the company with brothers Todd Britton-Simmons, the sales director, and Kevin Britton-Simmons, chief operating officer. Ask A Lender is the first business-to-consumer venture for Scotsman Guide. Just a couple of months after launch, more than 3,000 lenders across the U.S. had already put in their contact information and their specializations into Ask A Lender. “It was amazing once we opened this platform we started seeing lenders simply coming and entering the program,” said Rania Efthemes, director of content for Scotsman Guide. “These are successful lenders. They wouldn’t do that unless they see the value and see how we’re filling a gap in the market.” Now the focus is getting the word out to consumers. The website in its first two months had attracted 40,000 unique visitors and received 190,000 page views. The company is advertising the Ask A Lender site digitally and doing interviews about the new venture. The company also is producing content for the website. For his existing magazines, Simmons’ staff have already been writing articles aimed at professionals. “I love reporters,” Simmons said. “I’ve been hiring them for years. A lot of people call themselves writers, but, you probably know it, the foundation you get as a reporter is remarkable.” Five people including Efthemes have been involved in producing consumer-oriented articles for Ask A Lender. When the site launched, Ask A Lender had 550 articles already loaded, covering such topics as staging and showing your home for a sale, whether you should use a real estate

agent and the best approaches for buying an investment property. Efthemes said those articles are important to give the website credibility. No one buys a house without doing research, she said. “We want to be there in the initial phases, we want to be there to support people when they are making those decisions even if they don’t do the Lender search to start with,” Efthemes said. “We want to be the resource that people trust. Once we establish this trust, our other product, the Lender search, will sell itself.” The articles are search-engine optimized, meaning the material will pop up during real-estate-related internet searches. “Google is so smart now that it recognizes quality content,” she said. “So it’s something that we can do and it’s not on the cheap but it is something we are capable of. We have the staff for it and it’s the strength of this company as a publishing company.”

Website investment Simmons has spent $2.5 million and three years of his time getting the website ready. Scotsman Guide’s creative director Dennis Wunsch designed Otto the Owl, the Ask A Lender mascot that appears on the website. The motto for the website is a trademarked phrase, “Borrow Wisely.” Simmons thinks that this is something that’s too often ignored by borrowers. “We all focus on the price of the real estate,” Simmons said. “We pay attention to that. We’re looking for property. We’re looking for a good deals. But let me tell you, the cost of that loan over 30 years is more important and a very small percentage in interest rate can have implications of tens of thousands of dollars.” Most real estate agents work with a single borrower in a sort of “symbiotic relationship,” Simmons said. That’s not an inherently bad thing. People borrowing money should at least check to see if the

rates quoted are competitive. “Just spending a little bit of time to get a second quote — a least a second quote — keeps that initial offer in check and gives you confidence the offer you got was sound,” Simmons said.

Looking for lenders Ask A Lender so far mostly is focused on real estate where the company has the most experience and contacts. Simmons would like to see more lenders that specialize in such things as auto and students loans join the website. That’s something that he hopes will happen over the next year. Still, he’s happy with the venture so far and the reception it’s received. “I was able to create technology that is more useful and more powerful than billion-dollar companies,” Simmons said. “We take the mystery out who does what loans and helps the consumer borrow wisely and educate them.” He thinks that it will compete well against the Lending Trees and LowerMyBills.coms of the world for one very important reason: Word of mouth. People who get their personal information sold by those companies likely will be less than inclined to recommend the services to their friends and families. He thinks that people will have good experiences with Ask A Lender and tell others about it. “We’re two months in. We’re obviously not profitable, but I believe in the model,” Simmons said. “If you go down one of these capture forms, I don’t think you’re going to tell your friend to do it. Would you want to tell your friend to do that? I don’t think so. “I just happen to believe that if you compare my model to their model, my model is better.” Jim Davis: 425-339-3097; jdavis@heraldnet.com; @HBJnews.


Celebrating National Women’s History Month Lombardi’s Italian Restaurant’s Mother-Daughter ownership team celebrates 20 years as business partners

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Managing Broker, Military Real Estate Professional,Senior Real Estate Specialist, 2017 Five Star Real Estate Award For Customer Service (Seattle Magazine)

Kim Williams,

Linnea Covington, co-owner with her husband, Chris Covington, P.E., are celebrating 8 years of business with Port Gardner Bay Winery and Art Gallery. They offer Open Mic on Thursdays and Live Music Fridays and Saturdays, no cover charge. They are proud of their featured musicians and artists, and they are honored to have received 4 First Places and 2 Second Place in the Herald Readers Choice. Calendar of events can be found on their website, www.portgardnerbaywinery.com. Linnea and Chris are also celebrating 20 years of business with Structural Design Associates.

Member FDIC

Executive Vice President & Chief Banking Officer

Laura believes that the key to her business is to develop lasting relationships based on trust, performance and results. Her success has been built on a solid foundation on referrals from past clients who are happy, satisfied and feel as though their transaction was treated with the attention to detail that Laura brings to every relationship.

Providing Insurance and Financial Services

Teri Busch

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Accomplishments include being named Heritage Bank’s 2014 Community Banker of the Year, Class of 2015 Leadership Snohomish County, and most recently a graduate of Pacific Coast Banking School Class of 2017.

Dawn has a BA in Advertising/Journalism from Temple University and a MS in Information Technology from Wilmington University.

Raised in Snohomish County and graduating from the University of Washington, Teri Busch has been a State Farm Agent since 2015 in Lynnwood. Her business mission is “To be a trusted community agency where we realize our customer needs through listening, educating and helping them mitigate their risks to lead them to their retirement goals. We will provide remarkable customer service by being knowledgeable, timely, and sincere with all of our interactions.”

Lombardi’s Italian Restaurant & Wine Bar Owners

April Hogan joined Mountain Pacific Bank in December 2015. While that may be considered recent, April has over 25 years of comprehensive experience in providing financial services to customers in the Puget Sound.  April began her banking career in 1992 with City Bank and has held numerous positions of increasing responsibility, culminating in being the Executive Vice President & Chief Bank Officer at Mountain Pacific Bank.

Tiny Stars Creative, LLC.

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Diane Symms & Kerri Lonergan-Dreke

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425-252-2230

Diane Symms

Providence Health & Services Northwest Washington Providence Regional Medical Center Everett would like to thank Kim Williams, Chief Executive of Providence in NW Washington for her passionate leadership of this vital Everett and Snohomish County resource. With Kim’s commitment to fairness, open communication and integrity, she supports caregivers and partners alike as we work to make Providence the best place to receive care and the best place to work. Kim is all about encouraging people to share their gifts and talents so we can deliver the best care to the community. Thank you, Kim! 1321 Colby Avenue, Everett, WA 98201 | providence.org

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2820 Colby Ave, Everett

“ This has been a very successful partnership because Kerri and I each bring different skills to making the business work well. We have been working together for over 30 years, from our start of Lombardi’s in Ballard in 1987, to now as we celebrate our 20 years as partners. In May we are taking another trip to Italy with Lombardi’s Exec chef Andy Hilliard and Exec General Manager Kris Korshaven. These trips are part of our continued search to bring authentic and vibrant Italian food and wine to our restaurant and catering business.”

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Renee’s

As owners of Renee’s, a women’s clothing store in downtown Everett, we are not only partners in business but happen to be twin sisters as well. We purchased Renee’s in 2016 but are not new to the clothing retail industry. We also own a boutique in Stanwood, Laurie’s, named after Sue’s mother-in-law who started the business eight years ago. We enjoy working together and love meeting and helping women with their fashion needs.

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MARCH 2018 THE HERALD BUSINESS JOURNAL 13


MARCH 2018

Sangyi Lee graduated from Texas A&M University With BS in Nursing and Health Science. She also graduated from Texas Health Science University with Masters in Oriental Medicine and Acupuncture. She has various experiences in health care field and also has understanding of pathophysiological disease process.

BRENDA COOK

PACIFIC COPY & PRINTING OWNER

I’ve been with Pacific Copy & Printing since 1979 where I take pride in the customer service we provide. It’s been my honor to call many in the business community friends while serving their printing needs. As a native of Everett, I strongly believe in supporting local businesses and I’m truly grateful to all those who support me.

At the Daisy Herb & Acupuncture clinic, Sangyi specializes in applying integrative therapy for adults with acupuncture, herbs, acupressure, gua sha, nutrition therapy, cupping, moxibustion, auriculotherapy, and infrared therapy. She specializes in treating pain (shoulder, back, knee), cold, depression,  weight loss, chronic pain etc. For pain treatments, acupuncture, cupping, moxa, and herbal Oriental Medicine are involved. For weight loss program, we have 9 weeks program.

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Sangyi Lee L.ac EAMP

SangYi has a Washington State License and Texas State License. She is certified by the Commision for Acupuncture and Oriental Medicine (NCCAOM). and Board Certified Acupuncturist, EAMP ( East Asian Medicine Practitioner).

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Celebrating National Women’s History Month

3502 BROADWAY • EVERETT, WA 98201 425.252.5898 • www.paccopy.com

607 SE Everett Mall Way, Ste. 19. Everett WA • 425-346-5648

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Dr. Ellie Heintze Starting Point Acupuncture 2070379

Theresa is a Certified Residential Specialist® Only 3% of REALTORS in the USA have earned this designation. CRS is the symbol of excellence granted by the Council of Residential Specialists upon completion of it’s core course and Documented Closed Transactions. Numerous testimonials from clients attest to her integrity, business leadership and expertise, empathic approach to customer service, and“Unsinkable Molly Brown” temperament.

Ellie Heintze, ND, LAc, is a naturopathic doctor, licensed acupuncturist, and author with a private practice in Bothell, WA. She specializes in pain management, migraine prevention, and digestive health. She is also the founder of the Pain Relief Project, a nonprofit acupuncture clinic serving low-income individuals. She is the creator of The Food Allergy Formula, an online course, as well as the author of “A Starting Point Guide to Gluten-Free Living and Healthy Digestion” on Amazon.

(425) 686-4498 | www.startingpointacupuncture.com 18223 102nd AVE NE, Suite A, Bothell WA, 98011

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14 THE HERALD BUSINESS JOURNAL

Karen A. Koenig Financial Advisor

Member SIPC

The ability to impact lives has always been my goal. I strive to serve clients in an unbiased fashion with the support of a strong team of home office professionals. I focus on helping a select group of entrepreneurs and families develop and implement comprehensive financial strategies. Please contact me for a second look at your current financial strategy or to start saving for yourself or your business.

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Jasmine Diedrich opened her first location seven years ago. Now Diedrich Espresso has grown to fifteen locations in three counties. Community is the heart of the company. Diedrich Espresso is majorly involved in the Economic Alliance Snohomish County and the South Everett Mukilteo Rotary, and are still able to donate to most local charities. They are a female owned and run business. Diedrich Espresso is ever expanding their stores and employee base.  They serve the perfect cup every time with the help of the finest, fastest, friendliest baristas in the Pacific North West. Diedrich Espresso is conveniently located for a quick commuter beverage and worth the detour if not yet in your neighborhood. 

Owner, Diedrich Espresso

diedrichespresso.com 425.212.7584

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Celebrating National Women’s History Month The Daily Herald, Saturday, March 3

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Jasmine Diedrich

425-355-3054 karen.koenig@edwardjones.com www.edwardjones.com/karen-koenig 712 3rd St Suite A Mukilteo, WA 98275

Call Sally Cravens Today! 425.339.3054

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MARCH 2018 THE HERALD BUSINESS JOURNAL 15

Mersedeh Schmidt

Regional Director, Emergency & Critical Care Services Providence Regional Medical Center Everett

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Providence Regional Medical Center Everett would like to thank Julie Zarn, Regional Director of Emergency & Critical Care Services for her unwavering dedication to keeping Emergency and Critical Care Services running smoothly for the residents of Snohomish County. Under Julie’s compassionate leadership, caregivers in the Providence Emergency Department in Everett meet the challenges that come our way and care for people in need. On behalf of the community, we thank you, Julie! 1321 Colby Avenue, Everett, WA 98201 | providence.org

1321 Colby Avenue, Everett, WA 98201 | providence.org

Shelley Barquist Owner, BENT yoga co.

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Born and raised in Kailua, Hawaii, Jenn has been living in Washington State for a little over 10 years.  She spent most of her career in retail focusing on visual design and merchandising. In 2015, after leaving the corporate retail life and having a few seasons in multiple Farmers Markets and Craft Shows, Jenn opened a little store front.  It was on a little 70 square foot Tug BOAT located in The Country Village Shops in Bothell, WA that The Chic BOATique began. 3 years later, The Chic Boatique has now re-located to a NEW location in Historical Downtown Snohomish on First Street.     (206) 832-5177 Jenn designs and hand-crafts many of the items in her shop.  She hand-makes her own line www.thechicboatique.com of Jewelry, she also creates (custom) Chalk Art and Canvas signs. She has also recently started her own line of hand-poured, eco-friendly Soy Candles.  There are also many unique items made locally that you can find in her Boatique as well as her favorite clothing (Plus sizes included) and bath and beauty lines.   The selected lines Jenn carefully chooses to be carried at The Chic Boatique has territory restrictions so only The Chic Boatique can carry them. If you’re in need of a unique, special or possibly a custom gift for someone or even yourself, The Chic Boatique is your place to shop! Trendy Clothing, Accessories and Handcrafted Jewelry with many One-of-a-kind finds fill this specialty shop with no disappointment.   Jenn is extremely excited to continue The Chic Boatique in Snohomish and looks forward to the next chapter in her journey.

Director of Food & Nutrition Services Providence Regional Medical Center Everett Providence Regional Medical Center Everett thanks Mersedeh Schmidt, Director of Food and Nutrition Services, for her dynamic leadership over a large and diverse team who keep the heart of our hospital running. Under Mersedeh’s heartfelt mentoring her team thrives, delivering nutritious and delicious food to our patients day and night. Not to mention, keeping the cafeterias humming with upbeat, friendly service and great food. Our community, patients and caregivers are fortunate to enjoy the fruits of her team’s labors. Thank you, Mersedeh!

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Julie Zarn, MN, RN, NE-BC

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Celebrating National Women’s History Month

Shelley is a Washington State native. Having been born in Everett, WA., she attended Jackson and Cascade High Schools. She has worked locally in Everett for the past 19 years, living the majority of her adult life in Snohomish and Lake Stevens. Her passion for the last almost decade, has been Yoga, which has brought her back to her roots, in Everett, with BENT yoga co.

BENTYOGACO.COM 2071838

Emiliana Chavez formed VSIS Vehicle Safety Inspection Services LLC) in April of 2017, a rideshare vehicle inspection service which found great success partnering with Lyft at multiple locations in Washington State.   After a 20-year career at PACCAR, T-Mobile & Microsoft, she spent several years researching business ideas, and after the success of her initial venture, she wanted to start something that was more service oriented, with a small community focus, and female-centric.    Emily’s Garage will be a Full-Service Auto Repair & Educational shop that will open in Everett on March 1st.

Emiliana Chavez

Owner, Emily’s Garage & VSIS, LLC

Emily’s Garage & Vehicle Safety Inspection Services LLC 315 E. Casino Rd. Suite A • Everett, WA 98208 425-512-8933 | emilysgarage.com

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As a small business owner, I understand how important your financial information is to you. Reports and returns need to be prepared in a timely and accurate manner in order to be useful. As a practicing Certified Public Accountant, I also understand what information you need to effectively plan and prepare your income tax and business strategies. Your best decisions are informed decisions; I will make sure that you have all the facts and figures you need to make the right decisions.

Mimi Landsberg CPA

Women in Advertising These professionals will help promote your business and share their expertise in both print and digital advertising in Snohomish County. Back Row: JoAnn Flynn, Jacqueray Smith, Tara Raimey, Sharon Ade Front Row: Sally Cravens, Carrie Radcliff, Jody Knoblich Not in photo: Susie Allison, Randie Pospical, and Lia Toupin

425-513-6304 MimiLandsbergCPA.com 2072323

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MARCH 2018

Kim Love

Celebrating National Women’s History Month

Deborah Anderson -

Executive Director

Foundation for Edmonds School District

Deborah Anderson is the Executive Director of the Foundation for Edmonds School District. Over the past seven years, Deborah has lead the company through unprecedented growth. Now, a million-dollar foundation, their largest program, is the Nourishing Network, a series of meals and basic needs programs to help the students in the Edmonds School District who are experiencing homelessness or in emerging crisis. Deborah earned certifications in non-profit management from The University of Washington and executive leadership from the University of Washington, Daniel J Evans School of Public Affairs, Cascade Executive Program. She is a graduate of Leadership Snohomish County and served on their Executive Board for six years.

Having lived in Snohomish County her whole life, she has a vested interest in making sure that the community is healthy and a better place to live. Kim’s actions exemplify this, Kim is involved with numerous non-profit organizations where she volunteers and devotes her personal time too.  For the past seven years, Kim has been an Ambassador for the Mukilteo Chamber of Commerce.  She has been a member of Soroptimist International of Everett for 4 years. When she finds spare time, she enjoys traveling, hiking, gardening, and spending time with those closest to her - friends and family.  

Deborah currently serves on: Live Healthy 2020 Coalition; and Volunteers of America’s Capital campaign, and has previously served on the: Economic Alliance of Snohomish County’s Advocacy Board, City of Lynnwood Economic Development Advisory Board, Commissioner for Compensation for Elected Officials for the City of Edmonds.

(425) 431-7260 | Foundationesd.org

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While the name and places may have changed, one thing remains constant Kim Love’s devotion to the customer experience. From Bank of America, Frontier Bank, Heritage Bank, and now proudly, Mountain Pacific Bank. Kim Love is the quintessential community banker as she continues to actively engage with customers - building upon transactions to a full and knowledgeable relationship.   Business aside, Kim has always felt it is more important and personally satisfying to know the customers story, what their history is, and what their goals and ambitions are.  Kim takes a personal interest in customers in a manner that will help them improve and make sure that they are able to attain their personal and business goals.

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Loan Support Officer

Please join with us in welcoming our newest team member to the Mountain Pacific Bank family - Kim Love! WELCOME! Engel & Völkers Real Estate Advisor

LYNNWOOD 19705 HIGHWAY 99 425.493.5200 EVERETT 3732 BROADWAY 425.263.3500 BALLARD 2244 NW 56th St 206.397.3110 MOUNTAINPACIFICBANK.com Member FDIC 2072239

MOBILE BRANCHES.

We will pick up deposits at any location in Snohomish County. Leave the driving to us and have more time to focus on what really matters - your business.

Contact Julie Today! Engel & Völkers Seattle Eastside Phone 425-220-0617 Julie.Hodges@evusa.com • JulieHodges.evusa.com 2072698

ASK ABOUT OUR

Julie is passionate about what she does, believing that an investment in real estate is an investment in your future. It’s her goal that her clients will be thrilled with their experience. She achieves this by providing excellent communication, market knowledge, expert negotiation, and outstanding service. Whether you are buying or selling, it’s her aim to help protect your financial security and hopes for the future by helping you to make well educated, informed decisions about your real estate investments. For Julie, real estate is not about transactions it’s about people.

©2018 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.

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Celebrating National Women’s History Month The Daily Herald, Saturday, March 3

Call Sally Cravens Today! 425.339.3054


MARCH 2018 THE HERALD BUSINESS JOURNAL 17

Artist rendering

A non-religious, non-alternative private school is planned near Mill Creek.

Private school set for fall start By Adam worcester

Owners of Asian food store chain have investors, land and dream of top-notch Washington Prep in Snohomish County. Today it’s easy to drive past the nondescript vacant lot on Highway 527, between a gym and auto repair shop opposite the Cadman cement mixing plant near the Bothell-Mill Creek border, without batting an eye. A year from now, the 13.5-acre site will house a private, independent school its founders are pitting against the best in the region. Washington Preparatory School is set to open this fall with about 60 students in grades 6-9. he founders plan to expand one grade per year through grade 12. “We believe that establishing a great school is one of the most significant ways we can contribute to our great country and to our communities, both of which have played a very important role in our growth and success over the past 15 years,” founders Stacy Zhong and Lulu Bath replied jointly in an email interview. Zhong and Bath own The Asian Food Center, a chain of Asian food stores. They have also developed business and residential properties in the Seattle area. In their initial pursuit of a new school, they “were surprised to learn that independent school options are under-represented as a schooling choice in Snohomish County.” Snohomish County has 68 private schools, including 13 private high schools, according to the website privateschoolreview.com. Most of those have religious affiliations, and others are alternative or Montessori schools. Washington Prep is modeled on independent Seattle institutions such as Lakeside, Bush, and the Seattle Academy of Arts and Sciences. Mindy Watson worked at Seattle Academy for 20 years before she was recently hired as Washington Prep director. “It makes a lot of sense to start a school here,” Watson said. “Seattle’s running out of space, and tech start-ups are going to turn north. [Snohomish County] Families don’t have easy access to independent schools.”

Washington Prep will offer an International Baccalaureate diploma program, project-based learning, and a STEEM curriculum — for Science, Technology, Engineering, Entrepreneurism and Math. Initial tuition is $19,500 a year, rising to $24,000 in year two. Full enrollment is targeted at 500 to 700 students, of which about 120 will be international students housed in on-campus dormitories. The dorms will be part of a three-story school building that includes science labs, an orchestra room, library and gymnasium. A consortium of more than 30 investors, led by Zhong and Bath, bought the school land for $11 million. The first building and campus construction are estimated at $15 million. Funding has come from a combination of private sources and banks. “There are a lot of people who are helping to ensure that the school becomes a success,” the co-founders said. “The process proved challenging at times, from what seemed like simple issues — for instance the land purchase, architectural design, and the permit process — to more complex issues like hiring a head of school and teachers, to accrediting the school and eventually being able to enroll international students. “It took longer than expected; however, it is very rewarding.” Watson has hired English, history, and math teachers, and is still searching for a science instructor and Spanish and Mandarin teachers. The school will contract for art instruction and additional STEM support. “We’re going to build a robotics program,” Watson said. “Robotics is amazing for a lot of reasons.” Besides teaching technical skills, robotics competitions involve elements of entrepreneurship: designing, experimenting, selling concepts, and succeeding and failing. “Ambiguity is an important thing to be able to navigate. Students need a safe zone so they can practice, tackle problems and fail and start over again, adapt,” Watson said. “I think an entrepreneurial spirit is one of confidence, that idea of trying new things.” Like opening a college preparatory school.

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for The Herald Business Journal

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18 THE HERALD BUSINESS JOURNAL

MARCH 2018

Are vacancies forcing rents down? December drop in average rent caused some speculation, but most analysts say strong economy will fuel demand. By Adam worcester

for The Herald Business Journal

File photo / The Herald

More than 2,000 rental units are being built, with another 5,000 planned, in Snohomish County. Rents dipped slightly in December but analysts expect them to recover and continue to rise.

In December the average rental price fell 2.9 percent across Snohomish and King counties, according to a widely heralded landlord survey by Apartment Insights/Real Data. Was the decrease — the largest this decade — an anomaly, or the start of a downward trend? A little of both, analysts say. In a February blog post, Dylan Simon, an executive vice president and head of the Multifamily Team at Collier’s International in Seattle, ridiculed news stories that suggested rents are “dropping significantly” in the Puget Sound area. He noted that rent prices typically dip in the winter, and that the recent decrease came on the heels of the decade’s strongest spring. The bottom line, he stated, is that “measuring rental rates in January is worthless.” Sean Martin isn’t so certain. He is the interim director of the Rental Housing Association of Washington, a

consortium of more than 5,000 independent rental owners and managers. “This is a little bit more than the natural slow-down at this time of year,” Martin said. “A lot of our members are saying rents are pretty stagnant.” A rash of recent apartment construction across the region is stabilizing the market, he said. More than 2,000 rental units are being built in Snohomish County, with some 5,000 more in the planning stages. While Snohomish County rents are unlikely to keep dropping, they will at least stop growing at a nation-leading pace, he said. Rents across the Puget Sound region have risen 48 percent over the past five years, according to Apartment Insights, and increased 4.5 percent last quarter despite the decrease in Snohomish and King counties. “It’s not going to be the 10-percent stuff we’ve been seeing,” Martin said. “It should be a little bit more than inflation, not a lot. Something more like 3 to 5 percent.” Snohomish County already has one of the area’s lowest average rental rates, at $1,366 for all apartment types, and an above-average 4.4 percent vacancy rate. Whether those rates remain stable depends largely on the economy. Will there be enough jobs to draw

renters for all the new units? Simon, for one, is bullish. Economists are predicting the region will add less than 40,000 new jobs for each of the next four years, he noted. But “the Seattle/Bellevue/ Everett region added 5,400 new jobs in January 2017 alone, while unemployment held steady at 3.7-percent,” he blogged. “The region’s technology engine is alive and well…For the next several years, expect job growth to outperform every prediction.” Martin said apartment rents, construction and vacancies outside Seattle will depend on who is hiring, as well as how fast the new units can be filled. Rental Housing Association members are talking with Everett leaders about “doing some (economic development) in the downtown core,” he said. But he added that Everett and similar suburban cities face difficult decisions in light of an historic shortage of housing supply. Seattle, for instance, is becoming denser by permitting taller, higher-capacity multifamily buildings, he said, and enacting ordinances that hinder landlords of older, cheaper units. “Government has to think hard about preserving existing housing,” Martin said. “We need to preserve existing affordability.”

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MARCH 2018 THE HERALD BUSINESS JOURNAL 19

REAL ESTATE FORUM

The experts forecast

Todd Britsch

Mike Pattison

J. Lennox Scott

James Young

No housing bubble fears this time, despite dramatic price increases in Snohomish County By Jim Davis

A

The Herald Business Journal

nybody who survived the wild ride of the real estate market a decade ago can’t be blamed for being a little wary nowadays. The housing market collapse sparked what has become known as the Great Recession. In Snohomish County, one in three construction jobs disappeared and more than 11 percent of the workforce was unemployed. The recession has been over for years. Now, the housing market has roared back in the Puget Sound area. Home prices have climbed to the highest ever seen. Last year, median home prices in Snohomish County rose to than $400,000 for the first time and that lumps in lower priced condominiums. Single-family homes alone in the county went over $440,000 in 2017 up from $390,000 in 2016, or a 13 percent increase year over year, according to the Northwest Multiple Listing Service. The median price for a single-family house reached $382,500 in March 2007, just before the recession. So is the real estate market solid or is it built on sand? Four experts weighed in whether there’s another housing bubble brewing (spoiler alert: all four say no.) They also shared their opinions about what to expect with rising interest rates, what can be done about a lack of homes and risks on the horizon that could affect the market. Those experts include a real estate analyst, a CEO of a real estate company, a builder representative and an academic. They sent their answers via email. They are: Todd Britsch, regional director of Metrostudy, based in Bothell; J. Lennox Scott, chairman and CEO of John L. Scott; Mike Pattison of Master Builders Association of King and Snohomish Counties; and James Young of the University of Washington’s Runstad Center for Real Estate Studies.

Are we in a housing bubble? BRITSCH: No housing bubble but real estate is cyclical and at some point we will have a buyer’s market. Just not any time soon. PATTISON: No, we are not in a housing bubble. SCOTT: Seattle/Puget Sound is going through a growth spurt. It happens every decade. This is a historical moment. Both key indicators are very favorable — job growth and historically low interest rates. YOUNG: It depends upon what you would define as a bubble. A bubble is usually when prices get ahead of the fundamentals that influence the marketplace. For the Seattle area, we still have very high inward migration, extraordinary levels of job growth within high paying economic sectors, and record low interest rates.

Will there be a correction? BRITSCH: How do you correct supply and demand? Too little supply for years for the demand. We would need to hit a major recession and that does not appear to be imminent. PATTISON: Information presented at Master Builders Association of King and Snohomish Counties’ recent economic forecast breakfast suggests home prices are

starting to reach a peak in some areas of our region. However, we expect the housing market to remain strong. SCOTT: When interest rates reach the 5 percent range, home appreciation rates will ease slightly. Job growth will keep housing sales activity strong. Home price appreciation has been rising above the historical norm of 4 percent for several years. Job and population growth is keeping the market in a pressure cooker. Unlike the major housing correction during the Great Recession, this time home buyers need to meet higher qualification standards. We recommend buyers get fully underwritten for a mortgage or leverage their buying power with cash. YOUNG: As long as high demand continues, it will be difficult for supply to catch up. Those are market fundamentals and there is no sign that we are in bubble territory just yet.

Do you see prices continuing to climb? BRITSCH: Yes, but there will come a time when rates become too high and a buyer can no longer afford housing. PATTISON: Yes. Although we could see home prices start to taper in our region

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20 THE HERALD BUSINESS JOURNAL

MARCH 2018

Dan Bates / The Herald

“We remain optimistic that the housing market is strong and can sustain moderately higher interest rates.” — Mike Pattison

“…there will come a time when rates become too high and a buyer can no longer afford housing.” — Todd Britsch

this year, core areas in south Snohomish County and King County can expect to see continued price appreciation due to the lack of inventory. This includes new construction and resale homes. SCOTT: Yes, I anticipate 8 percent median home price appreciation in 2018 in Snohomish County. During the spring of 2019, median home price appreciation will be down a few degrees of hotness. There will always be a lack of supply of housing in the more affordable and mid-price ranges where 80 percent of sales activity takes place. YOUNG: Based upon the above analysis, as long as the economy does well and interest rates remain low house prices should continue to climb.

What affect will higher interest rates have on the market? BRITSCH: If rates hit 5 percent, buyers will need to make roughly $130,000 to buy a $460,000 home vs. over the last couple years that was just over $100,000. PATTISON: We remain optimistic that the housing market is strong and can sustain moderately higher interest rates. The concern is that as rates rise, the income needed to afford a home increases as well, making housing less attainable for buyers. At the same time, as buyers pull back in response to higher interest rates, this could slow price increases somewhat. YOUNG: Changes in interest rates may not have the same impact as the last time because there are fewer adjustable rate mortgages in the market. Most homes are being sold on 15 to 30 year fixed rates. That means it will be easier for existing homeowners to ride out high interest rates. Jobs are the real key in the marketplace now. SCOTT: Interest rates have been historically low for many years, allowing the market to help absorb the home price increases. The current housing market is experiencing premium pricing in more affordable and mid-price ranges. So, when interest rates go up, the appreciation rate will flatten out.

There’s a lack of homes for sale. What can be done about that? BRITSCH: The Puget Sound Regional Council needs to care that 75 percent or more people want to live in single-family homes. As of now the council wants people to live in apartments or other attached housing. This limits single-family homes and drives prices even higher than they should be. PATTISON: Increased buildable land supply and increased density in appropriate areas are the only realistic ways to increase housing inventory. Regulations that

constrain land use should be re-evaluated. SCOTT: We need mainstream or mid-priced condominiums to be built. Local government officials need to ask Washington state legislators in Olympia to pass a fix to the condominium defect liability law to allow developers the right to cure defects before lawsuits. Additionally, the economic return to investors currently favors apartments over condominiums, but it is starting to balance out. YOUNG: If you are talking about housing supply and construction, then the best thing might be for planners and the councils to quit changing rules on development all of the time and provide certainty to the development process. That is not to say that they need to loosen up planning. It is to say that they need to decide on the rules and stick to them so that developers can price things appropriately. Snohomish County is actually better than some places in the region in regard to that.

“We are currently experiencing a large wealth effect from the stock market.” — J. Lennox Scott

What happens if the stock market falters? BRITSCH: Nothing, as long as we have jobs and in-migration the housing market will continue to be in demand. PATTISON: With regard to housing, employment and wage data are more important indicators. While consumer confidence can be affected by market volatility, home buying in our region is expected to remain robust due to our strong job market. SCOTT: We are currently experiencing a large wealth effect from the stock market. YOUNG: The depends upon the interest rate response and the availability of credit. As long as credit is available for home purchase and there is job growth in the area, then house prices should continue to grow.

Are there any other economic worries on the horizon that could affect the real estate market? BRITSCH: Rising interest rates have already begun to price many buyers out of the market along with non-owner-occupied foreign investors buying up real estate in an already restrictive supplied market, which causes prices to accelerate faster than they should. PATTISON: Risks for new home construction that could impact the real estate market include rising building material prices and labor shortages. Ongoing regulatory burdens and delays represent another risk factor. Master Builders Association of King and Snohomish Counties continues to be focused on promoting polices that would increase housing supply and reduce barriers to affordable housing. YOUNG:The biggest concern is that government officials and politicians actually try and do something to control the market. Rent control and other political risk is the greatest problem for this area.

“Changes in interest rates may not have the same impact as the last time because there are fewer adjustable rate mortgages in the market.” — James Young


MARCH 2018 THE HERALD BUSINESS JOURNAL 21

Journalism Matters We’re in this together.

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The Port of Everett's waterfront mobile app is now available for download on Apple's App Store and Google Play, search Port of Everett.

SEAPORT

On Feb. 23, the Port Commission authorized a $24.5 million contract with Advanced American Construction for the South Terminal Wharf Strengthening Phase II project, part of the Port's Seaport modernization.

MARINA

The Port's 2018 waterfront events calendar is now available at www. portofeverett.com. Check it out and save the dates for your favorite events.

REAL ESTATE

Port tenant OceanGate has expanded their lease into suite 107 at Waterfront Center, adding approx. 1,100 square feet of office space. 2071948

OceanGate Completes Construction of Titan Port of Everett tenant OceanGate has some exciting news. The OceanGate Engineering team has achieved a major milestone with the construction and launch of Titan (formerly known as Cyclops 2). Titan is the second Cyclops-class submersible, designed to dive to depths of 4,000 meters. As part of the launch, the Engineering team handed the keys over to the Operations team and Titan was moved from the OceanGate shop at the Port's Waterfront Center to the Port of Everett Marina. It was all hands-on deck as the crew lifted the 19,000-pound submersible and “walked” it to the marina where it was lowered onto the custom aluminum launch and recovery platform. With Titan officially in the water, the OceanGate team has conducted a series of "dunks" to calibrate the integrated dive system. This is the first phase of the effort needed to establish a consistent process to safely launch and recover the manned sub at the start and end of each dive.

Above: Tony Nissen, Director of Engineering (left) and the OceanGate Engineering Team aboard Titan. Below: Titan rigged up on the Port of Everett's Travelift preparing for launch into the Marina, and Titan in the North Marina. Photos courtesy of OceanGate.

A Mission of Titanic Proportions

The story of the passenger liner RMS Titanic is well known: on its maiden voyage in 1912 it hit an iceberg in the Atlantic Ocean and sank. More than 1,500 died, making it one of the deadliest commercial peacetime maritime disasters in modern history. The Titanic has been an endless source of curiosity —as well as expeditions — since its wreck was first accessed in 1985. OceanGate has scheduled a six-week exploration of the Titanic in summer 2018; the 20-person crew is to include scientists, content experts, and “Mission Specialists” — well-heeled enthusiasts who will assist the expedition team inside the submersible, as well as aboard the expedition research vessel. Joining a mission to explore the historic site has a price tag of $105,129 — the inflation-adjusted cost of first-class passage aboard the Titanic in 1912.

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22 THE HERALD BUSINESS JOURNAL

MARCH 2018

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Getting a big bang from a small budget as costs climb I

for value-added that isn’t on the rate card. n this hot market, the cost of doing business continMyth No. 2: Stretch the budget as far as possible. The ues to climb. The escalating price of wages and health conventional wisdom here is that you’d reach more potencare (not to mention taxes) top the list of contributing tial customers. You may reach more eyes and ears, but, factors. Even with an improving economy, margins are with little or no impact. still shrinking. Consequently, marketing Method — It may sound counterintuitive; departments and professionals are being however, the best method is to reach fewer asked to deliver greater results from smaller people with greater frequency of expobudgets. Peter Drucker said, “Business sure to your brand/offer. Spreading your has only two basic functions: marketing budget too thin doesn’t create a memoraand innovation. Marketing and innovable impact. Frequency sells…as long as you tion produce results. All the rest are costs.” include a call-to-action in your promotion. Following are a few “myths and methods” Myth No. 3: PR is free, so put together contrasts that demonstrate how to leverage a release and distribute it to as many a dwindling marketing budget. media outlets as possible. Here again, Myth No. 1: Look for the cheapest adverless is more—and effective PR is “earned tising rates. Just because it’s cheap doesn’t ANDREW BALLARD media”—doing it right isn’t free. News orgamean it won’t be expensive. If it doesn’t nizations are inundated with releases, most work, any price is too expensive. It’s better Growth Strategies of which are not a good fit for their audito compare media and advertising opporence, or aren’t newsworthy. tunities by CPM (cost per thousand) to base your channel Method — The best method is to be selective when it allocations on efficiency, and not make the mistake of only comes to releases and distribution. Concentrate on the comparing costs. news outlets that have a good audience match with your Method — Divide the cost of an ad (or campaign) target market. Also, your release (story) must have legitiinto the audience reached (within your target demomate news appeal. graphic), and multiply that sum by 1,000. As long as you Myth No. 4: Focus the budget on business development are comparing apples to apples, e.g. the same half-page ad tactics. Depending on your business category, it can cost between two competing newspapers, a CPM comparison 10 times more to acquire a new customer than it does to will reveal the real deal. Your advertising rep will provide retain an existing one. all of the audience data at no cost. And don’t forget to ask Method — Rather than blindly focusing on gaining vs. retaining, a more insightful method is to evaluate your average cost-per-acquisition against the lifetime market Looking for a career change? value (LMV) of your customer. It may be more cost effective to increase the LMV. Without doing the math, you Consider becoming a teacher won’t know how to best allocate your budget. Finally, there are two mandates to getting a bigger bang out of a smaller budget. First, following up leads: The cost of acquisition can skyrocket without a solid triage system that focuses resources on top-level leads and opportunities. Second, measuring results: It’s tough to reallocate the budget toward tactics that drive the greatest return on investment without knowing what, within your marketing portfolio, are the contributors and detractors of profitability. Don’t’ be motivated by these common “myths.” Focus on the more practical and profitable methods to generate a greater return on your marketing investments. Andrew Ballard is president of Marketing Solutions, an agency specializing in growth strategies. For more information, call 425-337-1100 or go to www.mktg-solutions.com.

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MARCH 2018 THE HERALD BUSINESS JOURNAL 23

BUSINESS BUILDERS

When the day goes bad, you choose to get back on track

H

ave you ever had your day begin Set your intentions before you even with a rocky start? Maybe you roll out of bed. Give yourself five minutes spilled your coffee, stubbed your in the morning while you’re still waking toe or got out the door late after searchup to think about what you want for your ing for your car keys. day. You can actually start Sometimes it just feels your morning the night like the day is going to go before. Plan what you want from bad to worse. But, it to accomplish the next day doesn’t have to continue according to your schedule. on that path. We have You can prepare breakthe power to turn things fast in advance, you can around with our attitudes put your lunch together the and thinking patterns. We night before and you can have the power to steer the lay out your outfit, includday in the right direction ing shoes and jewelry. by how we start it when we Don’t forget about having MONIKA wake up. everything you need to KRISTOFFERSON We have the choice and leave the house by the Office Efficiency the power to decide how door, such as backpacks, we’re going to start each keys, your purse and things and every day. You can reap the rewards that need to be dropped off or returned of the many benefits of starting your day somewhere. off right, such as: It can be challenging to make our mornings run smoothly. But it really is ■ Leading a more positive life in worth the extra planning and effort. I’d general. rather take on the challenge to start the ■ Being a good example for friends, day on the right foot than the challenge family and co-workers when you’re of starting the day with a struggle. pleasant to be around. Monika Kristofferson is a professional ■ Feeling positive and having organizer and productivity consultant more energy can lead to increased who owns Efficient Organization NW in productivity. LakeStevens. Reach her at 425-220-8905 ■ Improving your focus and or monika@efficientorganizationnw.com. concentration.

Housing boom is missing a crucial element: condos

T

he current housington’s Condominium Act almost encourages condoing boom has been uniquely void of condominium associations to start a lawsuit within the first few minium development, a years after change of control category that has historically whether they can identify been a meaningful comporeal construction defects or nent of the supply chain in not. Legions of lawyers and other recovery cycles. This is experts have emerged over a feature that has affordability the years to occupy this space, advocates and policy makers too, so the environment for concerned. most developers looks pretty There are signs that things TOM HOBAN intimidating. Instead, they’ve could be changing with big Realty Markets opted to build apartments. investors from around the Curiously, affordability country backing condo develadvocates are siding with developers and opers in Seattle and Bellevue for the first trying to coax them back into the game. How time since the 2008-09 crash. A deeper look, to modify and balance the condominium though, reveals that it’s not really great news for those seeking affordable housing on their laws or develop new strategies that encourjourney through the housing ladder. age condo development in the $250,000 to That’s because most developers are target- $400,000 range is still the challenge. Unfortunately, there’s little energy at the ing high rise condos in the $500,000 price state level to make modifications to the range to well-paid millennials with urban condo act, so unless there’s a major influx lifestyle needs. At that price point, it seems of land supply zoned for this use, suburban there’s enough room for developers to cover communities like Snohomish County will the added costs they must reserve for litisee little in the way of condo supply under gation and insurance coverage to defend the $500,000 price point in the near future. themselves against the near certainty that they will be sued for construction defects by the condominium owner’s association once Tom Hoban is CEO of The Coast Group it takes over control of the building. Land of Companies. Contact him at 425-339and rising construction costs are another 3638, or tomhoban@coastmgt.com or visit contributor. www.coastmgt.com. Designed with good intentions, WashTwitter: @Tom_P_Hoban.

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24 THE HERALD BUSINESS JOURNAL

MARCH 2018

PUBLIC RECORDS Bankruptcy filings The following Snohomish County businesses or individuals filed business-related bankruptcies with U.S. Bankruptcy Court for Western District of Washington from Jan. 1-31. 18-10021-MLB: Chapter 7, Fixed Up Maintenance; attorney for debtor: Thomas D. Neeleman; filed: Jan. 4; assets: no; type: voluntary; nature of business: other; nature of debt: business; type of debtor: corporation 18-10062-MLB: Chapter 7, Stephen Joseph Bauman; attorney for debtor: Kenneth J. Schneider; filed: Jan. 8; assets: no; type: voluntary; nature of business: other; nature of debt: business; type of debtor: individual

Snohomish County tax liens Tax liens are gathered from online public records filed with the Snohomish County Auditor’s Office. These federal and state liens were filed between Jan. 1-31.

Federal tax liens 201801030192: Jan. 3; Schnoor, Corky, PO Box 13, Villard 201801030193: Jan. 3; Reimer, Dennis, 3322 68th Drive NE, Marysville 201801030194: Jan. 3; Bolta, George Federick, 5106 156th St. SE, Building B, Bothell 201801030195: Jan. 3; Hunsaker, Justin D., 4223 77th Place NW, Tulalip 201801030196: Jan. 3; Schmekel, Daniel A., 2722 Colby Ave., Suite 725, Everett 201801030197: Jan. 3; Oh, Myung Jin, 14419 48th Place W, Edmonds 201801030198: Jan. 3; Sorensen, Sarah R., 5221 138th Drive SE, Snohomish 201801030199: Jan. 3; Zitnik, Jill R., 15233 81st Ave. NW, Stanwood 201801030200: Jan. 3; Anderson, Hanna M., 14509 53rd Ave. SE, Everett 201801030201: Jan. 3; The Doctor’s Office Entertainment Partnership, 5130 Leary Ave. NW, Seattle 201801090344: Jan. 9; Salter, Aaron M., 928 124th St. SW, Apt. A, Everett 201801090345: Jan. 9; Players Sports Bar & Grill, 17525 Highway 99, Suite A, Lynnwood 201801090346: Jan. 9; Traina, Eric P., 22221 Meridian Ave. S, Bothell 201801090347: Jan. 9; Bostons Restaurant & Sports Bar, 70 Bellis Fair Parkway, Bellingham 201801090348: Jan. 9; Tosm Auto Body Collision, 23125 Highway 99, Edmonds 201801090349: Jan. 9; Colburn, Carole, Estate Of, 1624 Maple Road, Lynnwood 201801090350: Jan. 9; Whitlock, Peggy, 14217 Westwick Road, Snohomish 201801090351: Jan. 9; Myers, Richard A., PO Box 786, Lake Stevens 201801090352: Jan. 9; Freeman, Larry W., 15530 73rd Ave. SE, Snohomish 201801090353: Jan. 9; Foley, Carrie R., 13502 44th Drive SE, Unit 4, Mill Creek 201801090354: Jan. 9; Nitkey, Roy, 10110 19th Ave. SE, Apt. G302, Everett 201801170260: Jan. 17; Chin, Thomas, PO Box 2312, Lynnwood 201801170261: Jan. 17; Benedetto, Paul F., PO

Box 14983, Mill Creek 201801170262: Jan. 17; Benedetto Judy M, PO Box 14983, Mill Creek 201801170263: Jan. 17; CEC Electrical Contracting, 12700 NE, 124th St., Suite 207, Kirkland 201801170264: Jan. 17; Invante Salon & Spa, 910 SE, Everett Mall Way, Suite 106, Everett 201801170265: Jan. 17; Bravata, 15117 Main St., Suite B104, Mill Creek 201801170266: Jan. 17; Richards, Michael W., 12101 Huckleberry Lane, Arlington 201801170267: Jan. 17; Orme, Don J., 18826 Lerch Road, Snohomish 201801170268: Jan. 17; Garcia, M., 9911 12th Ave. W, No. A, Everett 201801170269: Jan. 17; Arlin, Gordon P., 801 Fifth St., Mukilteo 201801170270: Jan. 17; Kim, Andrew J., 2610 164th St. SW, Apt. A221, Lynnwood 201801170290: Jan. 17; Gold Creek Fellowship Church Kids At The Creek Preschool, 4326 148th St. SE, Mill Creek 201801170291: Jan. 17; Alpine Plumbing Services Inc., PO Box 538, Stanwood 201801170292: Jan. 17; Kathol, Darrell R., PO Box 330, Lynnwood 201801170293: Jan. 17; Sea Com Corp., PO Box 8489, Bend, Oregon 201801170294: Jan. 17; Horton, Dale W., PO Box 294, Granite Falls 201801170295: Jan. 17; Rainville, Steven C., 4009 Nassau Place, Everett 201801170296: Jan. 17; Avery, Kelvin J., 4320 196th St. SW, Suite B, No. 432, Lynnwood 201801170297: Jan. 17; Hibbert, Donna M., 8027 S Lake Stevens Road, Everett 201801170298: Jan. 17; Kim, Ester, 18310 38th Drive SE, Bothell 201801170299: Jan. 17; Burke, Nancy, 5379 123rd Place NE, Marysville 201801170300: Jan. 17; McCrite, Wendy L., 10901 Fourth Ave. W, Everett 201801170301: Jan. 17; Johnsen, Andrew J., 1109 Ave. B, Snohomish 201801170302: Jan. 17; Gann, Cheryl C., 19330 Winesap Road, Space 5, Bothell 201801170303: Jan. 17; Fox, Richard A., PO Box 5426, Lynnwood 201801170304: Jan. 17; Clarke, Adele M., PO Box 1762, Stanwood 201801170305: Jan. 17; Hact Construction Corp., 13410 Highway 99, Suite 201, Everett 201801170306: Jan. 17; Ryan Nobach Trucking Partnership, 5702 172nd St. NE, Arlington 201801170307: Jan. 17; CHECK502 250th St. Nw Starwood, 502 250th St Nw Stanwood 201801240082: Jan. 24; Fuengarom, Kanokwan, 1723 180th Place SW, Lynnwood 201801240083: Jan. 24; Downie, Thomas J., 9805 NE 116th St., Kirkland 201801240084: Jan. 24; Tabilog, Ricky, 14610 Admiralty Way, Apt. J302, Lynnwood 201801240085: Jan. 24; Tabilog, Ricky, 14610 Admiralty Way, Apt. J302, Lynnwood 201801240086: Jan. 24; Smith, Sarah Y., 3920 153rd Place SE, Bothell 201801240087: Jan. 24; Gaceta, Mary Ann, 3418 Serene Way, Lynnwood 201801240088: Jan. 24; Pierce, Catherine F., 24324 131st Ave. SE, Snohomish

201801240089: Jan. 24; Dale, Katherine H., 13209 72nd Drive SE, Snohomish 201801240090: Jan. 24; Chin, Thomas, PO Box 2312, Lynnwood 201801240091: Jan. 24; Hayward, Laura, 7707 86th Ave. NE, Marysville 201801240092: Jan. 24; Lowe, Abdoulie, 1507 128th St. SW, Everett 201801240093: Jan. 24; Golden, Jeremy M., 6311 139th Place SE, Snohomish 201801240094: Jan. 24; Riley, Lora M., 23033 131st Ave. SE, Snohomish 201801240095: Jan. 24; Kim, Nansun, 6765 Waterton Circle, Mukilteo 201801240096: Jan. 24; Dallman, Deborah, 3807 188th St. SW, Lynnwood 201801240097: Jan. 24; Wright, Robert S., 12512 47th Drive SE, Everett 201801310091: Jan. 31; R&R Specialists, 7704 176th St. SE, Snohomish 201801310092: Jan. 31; K&T We Do Dirt, PO Box 3123, Arlington 201801310093: Jan. 31; Remarkable Renovations, 1732 124th Place SE, Everett 201801310094: Jan. 31; Florez, Jorge, 12024 Greenwood Ave. N, Seattle 201801310095: Jan. 31; Charlie Nathan Builders, 9297 Edmonds Way, No. 266, Edmonds 201801310096: Jan. 31; PNP Manufacturing Inc., 19221 59th Ave. NE, Arlington 201801310097: Jan. 31; Jayatilake, Anuruddika, 15617 36th Ave. SE, Bothell 201801310098: Jan. 31; Chin, Thomas, PO Box 2312, Lynnwood 201801310099: Jan. 31; Garcia, Marisa L., 14910 24th Ave. SE, Mill Creek 201801310100: Jan. 31; United Contact Lens Inc., 19111 61st Ave. NE, Unit 5, Arlington 201801310101: Jan. 31; SKR Northwest Inc., 2820 134th Ave. NE, Lake Stevens 201801310102: Jan. 31; Evolve Inc., 12201 Cyrus Way, Suite 101, Mukilteo 201801310103: Jan. 31; Chong, Hye Won, 4500 Harbour Pointe Blvd., Apt. 124, Mukilteo 201801310104: Jan. 31; Schuett, Wayne L., 8212 75th St. NE, Marysville

Employment security lien 201801110259: Jan. 11; Joe’s Garage Auto Repair, State Of Washington (Dept Of)

Release of federal tax lien 201801030202: Jan. 3; Diversified Electric Service, 23626 112th Place W., Woodway 201801030203: Jan. 3; Heineman, Lisa A., 5765 96th St. SW, Mukilteo 201801030204: Jan. 3; Heineman, Lisa A., 5765 96th St. SW, Mukilteo 201801030205: Jan. 3; Bauer, Lynn Dee, 17611 83rd Drive NE, Arlington 201801030206: Jan. 3; Liu, Shu-Chen, 2630 156th St. SW, Lynnwood 201801030207: Jan. 3; Bauer, Lynn Dee, 17611 83rd Drive NE, Arlington 201801090355: Jan. 9; Quezada, Jessica M., 14123 Admiralty Way, Apt. B, Lynnwood 201801090356: Jan. 9; Walker, Jessie L., 20410 Dawson Road, Lynnwood 201801090357: Jan. 9; Walker, Jessie L., 20410 Dawson Road, Lynnwood

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201801090358: Jan. 9; Cabuag, Johanna, PO Box 14693, Mill Creek 201801090359: Jan. 9; Carey, Connie, 11811 59th Ave. W, Mukilteo 201801090360: Jan. 9; Quezada, Ernie, 14123 Admiralty Way, Apt. B, Lynnwood 201801090361: Jan. 9; Northwest Stair & Rail, 12322 Highway 99, Suite 100, Everett 201801090362: Jan. 9; Quezada, Jessica M., 14123 Admiralty Way, Apt. B, Lynnwood 201801090363: Jan. 9; Quezada, Jessica M., 14123 Admiralty Way, Apt. B, Lynnwood 201801090364: Jan. 9; Munro, Richard B., 22903 53rd Ave. W, Mountlake Terrace 201801090365: Jan. 9; Quezada, Jessica M., 14123 Admiralty Way, Apt. B, Lynnwood 201801120594: Jan. 12; Schimpf, Krista L., 7917 196th St. SE, Snohomish 201801170271: Jan. 17; Lee, Lorrie H., 20005 Ninth Ave. W, Lynnwood 201801170272: Jan. 17; Batt & Lear Inc., 2226 East Lake Ave. E, Seattle 201801170273: Jan. 17; Home Realty ---Canyon Park Inc., 12811 Eighth Ave. W, C-202, Everett 201801170274: Jan. 17; Munro, Suzanne L., PO Box 6091, Edmonds 201801170275: Jan. 17; Munro, Daniel D., PO Box 6091, Edmonds 201801170276: Jan. 17; Althoff, Douglas D., 3333 164th St. SW, Lynnwood 201801170308: Jan. 17; Cavanaugh, Scott, 205 E Casino Road, Suite B1671, Everett 201801170309: Jan. 17; Gay, Leroy, 15914 44th Ave. W, Apt. G-303, Lynnwood 201801240098: Jan. 24; Daves, Kevin J., 15225 23rd Place W, Lynnwood 201801310105: Jan. 31; Welter, James M., 2212 94th Place SE, Everett 201801310106: Jan. 31; Welter, James M., 2212 94th Place SE, Everett 201801260206: Jan. 26; CHECK Internal Revenue Service, Fallon Wess J 201712040315: Jan. 4; Pacific Northwest, State Of Washington (Dept Of) 201712040336: Jan. 4; Everett P-10 Inc., State Of Washington (Dept Of) 201712070574: Jan. 7; Yates, Raymond Allen, State Of Washington (Dept Of) 201712070576: Jan. 7; Scotts Custom Builders, State Of Washington (Dept Of) 201712070577: Jan. 7; Integra Services Inc., State Of Washington (Dept Of) 201712260303: Jan. 26; Depuy Synthes Products Inc., State Of Washington (Dept Of) 201712260312: Jan. 26; Integra Services Inc., State Of Washington (Dept Of)

Satisfaction of employment security lien 201801110258: Jan. 11; Broadline Restaurant Distribution, State Of Washington (Dept Of) 201801260315: Jan. 26; Avery Automotive, State Of Washington (Dept Of)

Withdrawal of federal tax liens 201801030208: Jan. 3; Jenkins, Mathew D., 120 W Casino Road, Apt. 30d, Everett


MARCH 2018 THE HERALD BUSINESS JOURNAL 25

BRIEFS LYNNWOOD — Georgette Jennings has joined RE/MAX Elite’s Lynnwood office. The Edmonds resident most recently ran a successful business as an independent retailer for LuLaRoe, a nationally recognized clothing brand. She has also worked as a residential and commercial loan officer, and led corporate teams and projects for over a decade. EVERETT — Local nonprofit Housing Hope has added Kirby Duncan, Nik Halladay and David Larkin to its board of directors. Duncan, of Snohomish, is the executive vice president and chief credit officer of Mountain Pacific Bank. Mill Creek’s Nik Halladay is a retired banker and real estate developer who has served on several nonprofit boards. Camano Island resident David Larkin serves as the northern Washington district manager for Wells Fargo. EVERETT — Funko’s Five Nights at Freddy’s action figure assortment has been named the top selling toy of the year for the subclass category Action Figure Collectables and Accessories by The NPD Group. The company has also been nominated

for the 2018 Toy of the Year Awards. Everett-headquartered Funko manufacturers licensed pop culture products. MONROE — Pacific Earth Works of Monroe earned four 2017 Environmental Landscape Awards from the Washington Association of Landscape Professionals. The company’s Lincoln Square expansion received both a Grand Award in the Commercial Construction category and the Judges Award. The Troy Block project received a Grand Award in the Commercial Construction category. The BlueRidge Residence project earned an Award of Merit in the Residential Single-Family Construction category. MUKILTEO — A unique new company, CloverPics, has opened in Mukilteo. Founder and artist Susan Cook is adept at finding four-leafed clovers. She is now using her finds to create whimsical collages, individually framed and ready for display. Each picture features seven authentic four-leaf clovers that have been pressed and preserved. It’s a one-of-a-kind gift that suggests good luck. Go to cloverpics.biz. MARYSVILLE — Coastal, a Pacific Northwest farm and ranch company, has opened

a new location in Marysville in the building formerly occupied by K-Mart. Over 40 people are employed at the new business that sells everything from clothes, hardware, sporting goods, and automotive to animal supplies. An official grand opening is scheduled for March.

PORT OF EVERETT SHIPPING SCHEDULE

EDMONDS — A ribbon cutting ceremony for the new office of Girls on the Run of Snohomish County was hosted last month by the Edmonds Chamber of Commerce. The organization is an after school empowerment program to inspire girls to be joyful, healthy, and confident using a fun, experience-based curriculum which integrates running. The new office is located at 19701 Scriber Lake Road, Suite 101, Lynnwood.

Barge port calls 2017: 43

TUKWILA — BECU has announced a new program designed to help qualified first-time homebuyers with a down payment for a new home. BECU’s FirstTime Homebuyer Grant program rewards eligible members with grant funds of up to two percent, up to $6,500, toward the down payment or closing costs on their first home. Visit BECU.org or schedule an appointment with a BECU advisor. EVERETT — Parking Boss in Everett has named Jennifer Staplin as its new director

Ship port calls 2018 YTD: 11 Barge port calls 2018 YTD: 3 Ship port calls 2017: 90 March 1: Westwood, Westwood Victoria March 6: Westwood, Westwood Balsa March 10: BBC, Pantanal March 13: Westwood, Westwood Columbia March 20: Westwood, Bardu Source: Port of Everett

of accounts. She will oversee the business development and customer service teams, focusing on developing high-level, go-to-market, and acquisition strategies. Staplin comes to Parking Boss from HNN Associates where she was the organizational development manager. She has 20 years of experience in community management, marketing, and training.

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26 THE HERALD BUSINESS JOURNAL

MARCH 2018

SNOHOMISH COUNTY ECONOMIC DATA Pending sales, residential real estate

Closed sales, residential real estate

Unemployment rate, percent

Continued unemployment claims

Aerospace employment

Construction employment

Professional services employment

Local sales tax distributions, Snohomish County and incorporated cities

07/13

1,470

1,141

5.6

7,787

45,900

18,000

24,000

$4,584,288

08/13

1,402

1,143

6.2

7,062

44,900

18,400

24,000

$4,921,104

09/13

1,150

1,032

N/A

7,180

45,100

18,300

24,000

$3,573,194

10/13

1,219

1,041

6.0

7,149

44,500

18,200

23,900

$4,998,366

11/13

1,010

833

5.7

7,499

44,300

17,900

24,200

$5,132,975

12/13

835

871

5.3

8,829

44,700

17,800

24,000

$3,348,852

01/14

1,195

615

6.0

9,651

44,000

14,500

23,300

$3,382,321

02/14

1,180

688

6.4

8,850

43,700

14,800

23,100

$4,087,089

03/14

1,481

949

6.0

8,897

43,700

14,800

23,400

$3,013,059

04/14

1,454

943

4.9

8,069

43,400

14,800

23,100

$2,923,521

05/14

1,718

1,074

5.0

7,502

43,600

15,100

23,100

$3,370,904

06/14

1,545

1,220

5.1

7,177

44,400

15,400

23,300

$3,290,880

07/14

1,457

1,172

5.3

6,587

44,000

18,400

23,500

$3,474,651

08/14

1,393

1,163

5.4

6,244

43,000

18,800

23,800

$3,695,926

09/14

1,328

1,057

5.1

N/A

42,900

18,800

23,800

$3,838,762

10/14

1,327

1,113

4.8

N/A

41,400

18,300

24,200

$3,663,750

11/14

1,027

885

4.8

6,093

41,800

18,000

24,100

$3,852,205

12/14

956

920

4.5

N/A

42,000

17,700

24,100

$3,582,032

1/15

1,237

686

N/A

N/A

N/A

N/A

N/A

$3,280,200

2/15

1,406

740

5.3

6,663

43,000

17,200

23,700

$4,146,999

3/15

1,938

1,075

4.5

6,762

42,800

17,500

24,000

$2,981,599

4/15

1,747

1,272

3.6

6,273

42,800

18,100

24,100

$3,041,795

5/15

1,777

1,315

4.0

5,923

42,800

18,600

24,000

$3,654,693

6/15

1,799

1,374

4.3

5,607

42,700

19,200

24,400

$3,445,201

7/15

1,764

1,411

4.3

5,323

44,100

20,700

25,000

$3,590,957

8/15

1,634

1,442

3.9

5,367

43,600

21,200

25,300

$11,743,713

9/15

1,501

1,290

4.1

5,089

43,600

21,200

25,200

$11,603,019

10/15

1,503

1,178

4.5

5,109

43,400

20,400

25,100

$10,854,566

11/15

1,307

973

5.0

5,748

43,500

20,100

24,900

$11,503,562

12/15

1,067

1,189

5.0

6,193

43,600

19,800

25,300

$10,765,437

1/16

1,249

811

5.7

7,085

43,600

19,300

24,500

$10,477,405

2/16

1,475

848

5.3

6,388

43,500

19,600

24,500

$13,559,687

3/16

1,825

1,156

5.2

6,084

43,100

20,000

24,800

$9,496,443

4/16

1,836

1,213

4.4

5,957

43,300

19,800

25,600

$9,617,406

5/16

1,979

1,386

4.8

5,770

43,300

20,300

25,800

$11,697,044

6/16

1,862

1,493

4.7

5,396

43,800

21,000

26,400

$10,816,389

7/16

1,795

1,515

4.8

5,489

44,000

21,700

26,400

$11,102,633

8/16

1.873

1,538

4.4

5,502

43,900

22,100

26,500

$12,493,656

9/16

1,601

1,431

4.3

5,377

43,500

22,200

26,500

$12,193,233

10/16

1,561

1,364

4.0

5,502

42,100

22,800

26,700

$12,195,581

11/16

1,314

1,270

4.2

5,774

42,100

22,500

26,600

$12,515,314

12/16

1,104

1,145

3.9

6,187

42,100

22,300

26,600

$11,120,365

1/17

1,238

938

4.2

8,226

41,800

21,200

26,500

$11,114,968

2/17

1,296

904

3.7

6,551

41,200

21,500

26,200

$14,139,163

3/17

1,614

1,167

3.5

6,245

41,300

21,700

27,600

$10,378,749

4/17

1,527

1,116

3.1

6,247

40,400

22,000

28,000

$10,024,215

5/17

1,948

1,394

3.5

5,661

39,900

22,300

28,000

$12,095,386

6/17

1,957

1,558

4.1

5,445

39,200

22,900

28,400

$10,987,362

7/17

1,856

1,556

4.0

5,569

38,500

23,600

27,600

$11,646,311

8/17

1,885

1,648

4.3

5,224

37,800

23,900

27,700

$13,219,857

9/17

1,625

1,466

4.3

5,107

38,000

23,700

27,900

$12,568,212

10/17

1,710

1,428

4.1

5,336

37,300

23,200

28,200

$12,691,747

11/17

1,332

1,237

4.3

5.297

37,500

22,800

28,100

$13,397,768

12/17

1,009

1,147

4.0

5,689

37,500

22,500

28,100

$11,965,698

01/18

1,194

836

N/A

N/A

N/A

N/A

N/A

$15,129,481

Consumer price index, King and Snohomish counties 242.77 242.78 241.05 242.77 246.61 247.64 247.18 247.854 245.05 245.496 247.611 251.622 251.617 250.831 250.385 250.942 253.815 256.098 256.907 256.941 256.821 259.503 261.560 263.756 263.333 264.653 265.850


MARCH 2018 THE HERALD BUSINESS JOURNAL 27

SNOHOMISH COUNTY ECONOMIC DATA Boeing stock price

PUD retail electricity use, kilowatt hours

Snohomish County PUD connections

New vehicle registrations

Average gas price (regular, unleaded

07/13

$105.10

453,404,099

322

5,622

$3.82

08/13

$103.92

470,067,543

232

5,742

$3.78

09/13

$117.50

410,719,601

338

5,141

$3.65

10/13

$138.36

518,766,206

461

5,179

$3.44

11/13

$133.83

461,012,493

447

4,083

$3.24

12/13

$136.92

671,835,200

244

4,752

$3.29

01/14

$125.26

696,306,571

421

5,726

$3.36

02/14

$128.92

682,348,469

386

4,467

$3.31

03/14

$125.49

610,841,349

352

5,428

$3.75

04/14

$129.02

605,381,115

368

6,389

$3.74

05/14

$135.25

468,754,469

466

6,542

$3.87

06/14

$127.23

492,917,254

412

6,626

$3.93

07/14

$120.48

432,682,894

444

6,611

$3.95

08/14

$126.80

463,314,006

363

5,614

$3.83

09/14

$127.38

451,089,566

264

5,987

$3.74

10/14

$124.91

496,335,315

403

5,929

$3.40

11/14

$134.36

422,769,229

426

4,867

$3.04

12/14

$132.25

663,368,433

426

6,072

$2.88

1/15

$145.37

634,592,067

209

6,364

$2.30

2/15

$150.85

611,633,434

287

5,889

$2.30

3/15

$150.08

567,831,393

284

7,707

$2.85

4/15

$143.34

578,264,358

427

8,057

$2.70

5/15

$140.52

449,046,426

326

8,649

$3.05

6/15

$138.72

494,611,488

384

9,852

$3.10

7/15

$144.17

451,503,602

334

7,641

$3.20

8/15

$130.68

474,207,621

242

7,021

$3.09

9/15

$130.95

557,429,310

442

7,018

$2.79

10/15

$148.07

477,438,877

217

6,828

$2.49

11/15

$145.45

491,536,717

221

5,631

$2.41

12/15

$144.59

686,858,030

282

6,995

$2.35

1/16

$120.13

634,697,183

333

6,910

$2.33

2/16

$118.18

655,390,592

333

7,298

$2.02

3/16

$126.94

612,151,814

288

9,209

$2.12

4/16

$134.80

514,320,049

428

8,364

$2.25

5/16

$126.15

457,566,044

342

8,906

$2.44

6/16

$129.87

463,105,233

277

10,754

$2.57

7/16

$133.66

430,295,041

435

8,268

$2.56

8/16

$129.45

467,001,501

325

8,315

$2.49

9/16

$131.74

454,085,665

394

7,628

$2.60

10/16

$142.43

452,214,305

401

6,861

$2.64

11/16

$150.56

495,372,342

331

6,360

$2.59

12/16

$155.68

658,223,433

620

6,663

$2.47

1/17

$163.42

783,258,995

512

7,048

$2.69

2/17

$180.23

653,923,271

537

6,279

$2.67

3/17

$176.86

692,459,353

533

9,462

$2.73

4/17

$184.83

530,371,921

324

8,364

$2.79

5/17

$187.63

497,975,765

579

8,869

$2.44

6/17

$197.75

463,060,012

399

10,754

$2.72

7/17

$242.46

444,943,513

330

7,303

$2.70

8/17

$239.66

460,966,682

370

7,706

$2.77

9/17

$254.21

553,580,933

421

7,012

$2.95

10/17

$257.98

473,068,687

527

6,924

$2.81

11/17

$276.80

528,918,504

275

5,745

$2.90

12/17

$294.91

626,051,491

314

6,451

$2.84

01/18

$354.37

750,781,000

352

7,059

$2.84

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28 THE HERALD BUSINESS JOURNAL

MARCH 2018

Herald Business Journal - 03.01.2018  

i20180306081234448.pdf

Herald Business Journal - 03.01.2018  

i20180306081234448.pdf