Home & Real Estate
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Is the Residential Market in Queen Anne and Magnolia in a Bubble?
Wikipedia defines a real estate bubble as a “rapid increase in valuations of real property until they reach unsustainable levels and then decline in a bubble”. Nearly a decade after the peak of the American real estate bubble, a crash in much of the US in 2007 and a sharp downturn locally between ’07 and 2009,
I am occasionally asked if we are about to repeat the whole fiasco again. My reply is there is little to no chance of that happening. In 2006 we were in an overbuilt situation, and loose and often fraudulent lending practices were in place. Today, unlike 2006, buyers must meet much more stringent standards to be approved for
a loan. For the current Queen Anne and Magnolia markets to be in a bubble, we would have to be in an overbuilt situation and have unqualified buyers getting into homes they can’t afford. Where we currently stand, the chance of a bubble is pretty much zero.
Per Realtor.com, in 2007, just before the housing crash, U.S. existing home inventory peaked at 4.04 million
February Homes Active in Magnolia
February Homes Closed in Magnolia
Home Design Trends... Make style the focus of your home renovation
(Family Features) If a home makeover is on your horizon, it’s the perfect time to take note of design trends that may help shape your project. Today’s hottest looks leave plenty of room for personal interpretation, so it’s easier than ever to incorporate the latest looks for a home that seamlessly blends your personality with on-trend decor and design elements.
Eye-catching detail
Understated elegance, a look that many designers have favored in the past, is losing ground to more prominent design features that make no bones about attracting attention. Colorful woodwork in the kitchen, vibrant patterns such as marble countertops, jewel-toned textiles and bold details like nail-head patterns on furnishings are all evidence of a bolder style. The trick is to blend elements carefully and avoid competing pieces that create more of a mish-mash than a stylish statement.
The “fifth wall”
February Homes Closed in Queen Anne
The ceiling represents an untapped design opportunity with the power to completely transform spaces from top to bottom. Incorporating the “fifth wall” into your design allows you to set your sights higher than the average wall. Current interior design trends show an increased use of vibrant colors, creative wallpapers and even wood cladding on ceilings, aiming to make a statement that places the fifth wall at the center of a room’s overall decor.
Another must-have for a stunning fifth wall design is skylights, which provide a connection to nature, whether it’s a view of the sky on a sunny day, treetops, a passing rain storm or a starry night sky. Skylights provide balanced, natural light that can make colors appear truer while enhancing interior decor. In addition, strategically introducing natural light from
Ken Graff
Source: Velux
Style is the focus
TRENDS, from Page R1
above can free up wall space for cabinetry or artwork and make small rooms feel larger.
“Skylights bring much more than natural light into a space. They give occupants the feeling of being outdoors with elements like a sky view, gentle breezes and the smell of fresh air,” said Ross Vandermark, national product manager for Velux America. “By fully incorporating the fifth wall into a room’s decor, homeowners can create beautifully designed rooms that engage all of the senses.”
Beyond the aesthetic benefits, special features can enhance the practical use of skylights. For example, for added flare and light control, homeowners can add blinds to Velux Skylights, choosing from more than 100 colors and styles for a pop of color on the ceiling that echoes accent colors below. Many models also offer remote control operation for convenience in raising and lowering the blinds and even opening skylights to let in some fresh air. Learn more about making skylights the focal point of your fifth wall design at whyskylights.com.
Texture, texture, texture
With everything from wallpaper to linens to artwork, texture brings added dimensions to the room. As with color and patterns, don’t be afraid to mix and match for a unique look that blends different tactile elements for a space that is as pleasing to the fingertips as it is to the eye.
Smart enhancements
No modern home makeover is complete without the consideration of technology. Smart features and devices bring added enjoyment and convenience to nearly every aspect of modern living. Be sure to consider which electronic features can be integrated into your smart home network, so once the renovating is done you can simply flip a switch and sit back to enjoy the stunning results of your effort.
Source: Velux
Is the market in a bubble?
➧ BUBBLE, from Page R1
homes for sale, according to National Association of Realtors data. In November 2016, there were only 1.85 million homes for sale, 9.3% lower than the year before— and a whopping 54% lower than the 2007 peak. Lending standards have come down a bit (they needed to), but they remain much tighter than they were before the mid-2000s bubble began inflating. I asked Rob Berg, Certified Public Accountant and Loan Advisor for RPM Mortgage in Seattle for his take from a lender’s perspective. Here is what Rob had to say. “I don’t think we’re in a bubble. I often get this question from first-time homebuyers and there are very few similarities between this market as compared to 2005 and 2006 when we saw that last big run-up in prices. In the mid 2000’s, the increase in prices was due to relaxing guidelines and the increased availability of credit. Today, we are seeing the market appreciating at a rapid pace but, this time, it’s driven by employment growth and lack of inventory. My barometer for whether things will slow down in the near future is the number of pre-approved clients I have looking for new homes at any given time. I close around 180 loans a year and typically have around 30-40 clients pre-approved and looking for homes. Currently, I have 3 times the average number of clients pre-approved and looking for new homes. I’m just one loan advisor (and there are a lot of us) and from talking with all my friends in the mortgage industry, we are going to need a huge slowdown in the local economy, a significant number of new homes built, or a substantial increase in
HERE ARE SOME 2017 “FUN FACTS” :
• Amazon is looking to hire around 40,000 additional workers in the Seattle Area.
• Twenty-five of the twenty-nine NWMLS regions in King County with single-family home sales in January had a higher median price than a year ago.
• According to the Puget Sound Business Journal, Downtown Seattle office development shows no signs of easing up. Developers have added 5 million square feet of office space in the last two years and it is anticipated that developers will build 13 million more square feet of office space by 2020.
• At my firm, locally owned Coldwell Banker Bain, we ended the year with a 7% increase in average sales price for the entire company and we are now the #1 Coldwell Banker franchisee in the world by volume. This is impressive when you consider we are in competition with heated markets such as San Francisco, Vancouver, Los Angeles, Beverly Hills and New York. Coldwell Banker is an international brand with over 86,000 agents.
• In a list of the top 10 housing markets for 2017 by Rismedia: Seattle made #2.
• Facebook is doubling its footprint in Seattle to 624,000 square feet.
• According to the PSBJ, as of 1/20/17 there were 62 construction cranes in Seattle, the most of any city in the United States.
rates to even get us back to a normal market let alone a drop in prices – and none of these events are expected to occur anytime in the near future”. I completely agree with Rob.
In a piece for the Queen Anne – Magnolia news in March of 2016, I wrote about reasons why I believed that the residential market was not in a bubble. To back up my opinion, I listed “fun facts” such as in the previous 12 months, 174,000 people had exchanged their out of state driver’s licenses for Washington state licenses. If assuming two drivers per household, that’s 87,000 new households moving to Washington. Roughly 75% of those moved to the Greater Puget Sound region, meaning there were more than 60,000 new households
in the Puget Sound area. To compare that with what was under construction, in the same period, King County issued only 7,500 single-family building permits.
The lack of inventory and strong demand makes this an excellent time to sell. And buyers taking advantage of still low interest rates, can take comfort that purchases of Queen Anne and Magnolia real estate should be solid investments that will continue to appreciate in the years to come.
Ken Graff is a native Seattle REALTOR® named to Coldwell Banker Bain’s International President’s Elite for his exemplary record of success.
Festive Fun for St. Patrick’s Day
(Family Features) Turn your St. Patrick’s Day celebration into a chance to enjoy Irish heritage with hearty foods and a lively atmosphere. When it’s the one day each year it’s acceptable to pinch nonconforming friends and family, it’d be a shame not to go all out. These few simple tips can help you put together the perfect party to revel in all things green - and tasty.
• Decorate with purpose.
Everyone knows that green is the color of the day, but go one step further by incorporating it into different items. Banners and streamers work fine, but setting out green candles or even adorning your light fixtures with green bulbs can help you take an extra step forward.
• Create active fun. Instead of limiting your guests to
Enjoy Irish heritage
➧ FESTIVE FUN, from Page R3
dining and conversation, plan some simple activities to help the fun flow. Games like a “treasure hunt” for gold coins, limerick-writing competitions or even just turning up Irish-themed music can help get the party started.
• Eat festively. Turn your party’s food and drinks into true Irish dining with some delicious recipes like this American Irish Stew, which includes beef, onion, carrots and potatoes for a tasty cultural meal to fill all of your hungry guests.
For more hosting tips and the perfect themed recipes for any occasion, visit culinary.net.
3 cloves garlic, minced salt, to taste pepper, to taste
1 medium onion, coarsely chopped
3 medium carrots, peeled and cut into 3/4-inch pieces
2 medium parsnips, cut into large chunks (optional)
3 cups low-fat, reducedsodium beef broth
4 medium russet potatoes, peeled and cut into large chunks
1 tablespoon chopped fresh rosemary
1 leek, coarsely chopped
2 tablespoons chopped fresh parsley
In large pot over medium-high heat, heat oil.
potatoes falling apart, do not overcook. Serve hot and garnish with parsley, if desired.
Nutritional information per serving: 370 calories, 8 g total fat (2 g saturated fat), 43 g carbohydrate, 32 g protein, 6 g dietary fiber, 427 mg sodium.
khendri@windermere.com
American Irish
Add beef and garlic. Cook, gently stirring until meat is evenly browned. Season with salt and pepper.
Stew
Reprinted with permission from the American Institute for Cancer Research Servings: 6
1 tablespoon extra-virgin olive oil
1 1/4 pounds beef, top round, cut into 3/4-inch pieces
Add onion, carrots and parsnips. Cook 3-4 minutes. Stir in broth and bring to a boil. Reduce heat to low and simmer about 75 minutes, or until meat is tender.
Stir in potatoes and simmer another 30 minutes. Add rosemary and leeks. Continue to simmer, uncovered, until potatoes are tender. To avoid
Photo courtesy of Getty Images, Source: Culinary.net