Metropolitan growth has its issues
I had a wake up call after attending an informational meeting when transportation reports were presented to us by the Executive Director of Puget Sound Regional Council, Josh Brown and Trinity Parker the government and community relations director for Puget Sound Transit. Our next five years are going to be spent re-thinking about how we move around our city and what mode we use to do that. Our regional growth added 63,000 new residents last year alone and there is good and bad news regarding all of our movements within the North-South corridor.
The light rail additional hubs are due to open within the next couple of years and then continue to Tacoma and North to Everett and eventually to the Eastside.
Our housing in the core of Seattle is trying to absorb our new residents as the boomer generation begins to think about downsizing. Apartment complexes and condominiums both downtown and in adjoining neighborhoods from Ballard and Fremont to the University district , Queen Anne and Magnolia are under construction and are due to be available in the next two years and
sooner. There are many more rental units than condominiums however and that model is expanding.
With regards to core housing it should come as no surprise that those who are able to afford to live here will be walking more and experiencing new ways of moving within the city. Those homes will still be at a premium and as others transition out of larger homes new owners will be moving in. And with any city in a growth mode it is still a natural flow of events as people move in, move out, retire and families grow. This is the life cycle of most urban areas.
Many of these homes were purchased prior to the financial meltdown of the 2007-2010 years and were purchased at the top of the market. As for their availability,
Get Started on the path to homeownership!
Julia Eaton Harford
NMLS #120442 | Loan Originator
phone (206) 818-5576
email julia.eaton@axiahomeloans.com
WEB juliaeaton.axiahomeloans.com
I look forward to working with you!
we are still waiting for them to come to market and our supply is very low. Interest rates are also extremely low but if you can’t afford to move laterally many potential sellers are just staying put for now. The hope is that in the next year we will see more single family homes come to market.
If you are a resident of over 10 years then it is no secret that things have slowed to a crawl on our highways during any hour before 10 a.m. and after 3 p.m. and according to the Puget Sound Regional Council and Sound Transit this is just the start. They admit that they are behind in their planning efforts and are now in the catch up mode with the light rail system. Although it affords no additional parking at any of the stations so we as residents need to think about where our homes relate to stations, buses and smart cars. Housing will be offered much nearer each of the stations and is described by PSRC
Impact of a Low appraisal
Do you find all the various methods of determining a home’s value confusing?
Appraised value, tax-assessed value, market value and automated value estimates like Zillow’s zestimate are enough to make your head spin.
Last month, I addressed how the King County Tax Assessor determines our tax assessed value and our property tax fee. Today, let’s tackle the appraised value. An appraisal is the estimation of a home’s market value predicated on the most recent sales of comparable homes within the same neighborhood. An appraisal is required when a buyer is financing the purchase with a mortgage.
There has been much discussion in today’s real estate market about appraisals. As home values appreciate, appraisers may find it difficult to justify a sales price based on recent closed sales. This has consequences for both the buyer and seller.
Buyer Consequences
As a result of the seller’s market in Queen Anne and Magnolia, a seller may receive more than one offer to purchase their home. In an effort to present an offer with the most attractive terms and conditions buyers are waiving some of the contingencies. In order to waive an inspection contingency buyers are conducting an inspection prior to making an offer. Studying the title
report prior to submitting an offer allows the buyer to waive the title contingency. The finance contingency is the most critical contingency in a market where home values are increasing and selling for over the asking price. The finance contingency protects the buyer in two ways. First, if the buyer is denied a loan and second if the appraisal comes in lower than the sales price. Without the protection of a finance contingency a low appraisal causes the buyer to close the gap between the sales price and appraised value by contributing more cash. For example, the home’s asking price is $900,000 and the seller receives 3 offers. The winning bid is $950,000. The lender orders an appraisal and the appraised value is $920,000. The lender will ask the buyer to bring an additional $30,000 in cash in order to buy the property. This $30,000 is in addition to their down payment and closing costs.
➧ APPRAISAL
Now is the ideal time to be planning
Kim Wesselman
Windermere real estate
Claudia Vernia
Gerrard beattie and knapp real estate
Downtown Seattle Housing, Photo by Eric Fredericks (flickr)
Low Appraisal Consequences
Seller Consequences
If the homes appraised value is not equal to or higher than the sales price, the lender will not provide a mortgage to the buyer. The buyer with a finance contingency has two options. First, ask the seller to lower the price. Second, the buyer can proceed with the transaction and bring the extra cash to bridge the gap between the sales price and the appraised value.
If the buyers request to lower the sales price is denied by the seller,
the buyer may exit the contract and the earnest money is returned to the buyer. The seller is now faced with placing the house back on the market. At this point, the house has been under contract for 2-3 weeks and going back on the market is not an attractive option.
Cash and No Finance
Contingency is Preferred Cash is king. An appraisal is not required in a cash transaction and therefore insures a smooth transaction. A buyer who is getting a loan but does not include a
finance contingency is agreeing to bridge the gap. So read the contract carefully and understand the consequences of all terms and conditions.
If you have real estate topics you would like to hear about, please send questions to kwesselman@ windermere.com.
Kim Wesselman is Managing Broker at Windermere Real Estate. She has advised clients on selling and buying properties in Queen Anne and Magnolia for 12 years.
Craftsman Style Interior
Make Your Home Smell Great this Fall
When updating your home each season, most of the emphasis is placed on delighting your sense of sight. Why not spend some time on your home’s fragrance?
To refresh your home this fall, consider these tips:
Start Fresh
With the cooling weather and new beginnings, autumn is an excellent time of year to do a deep clean, just as many do in spring.
Clean your refrigerator, pantries and any other areas that contain food, discarding expired items and wiping down surfaces.
Reduce mold in humid areas of your home with ventilation and dehumidifiers.
Shampoo rugs and take this opportunity to launder seldom-washed linens, like window treatments, dust ruffles and bedspreads.
Dust surfaces, such as your bookshelf, coffee table and knickknacks.
Add Scents
Add inviting, festive fall fragrances to your home with classic jar and tumbler candles that evoke the fall experience from the comfort of home -- whether it’s a walk among falling leaves, an afternoon picking berries or a sip of warm cider.
For each room, pick a scent and add candles in a variety of sizes to
add a festive feel to the room with both sight and scent. For example, five new fall 2015 fragrances from Yankee Candle are perfect for bringing the outside in, such as Autumn in the Park, which evokes the scent of fresh peeled apple, fallen leaves, lemon zest and a hint of pumpkin, or Sugar & Spice, a swirl of cinnamon, buttery vanilla and sugar crystals. For seasonal decorating inspiration, including festive fall ideas for fragrance and home décor, visit www. YankeeCandle.com.
Set to Bake
You can use fragrance to entice your family’s taste buds too. In fall,
it’s time to reunite with your oven and slow cooker. Use in-season ingredients and traditional fall herbs and spices to fill your home with delicious and delightful flavors and aromas.
Apple cinnamon crisp and pumpkin pie make for delightful desserts when the weather cools; and warm, inviting stews, soups and chili using autumn’s hearty harvest should include vegetables like squash, fennel and beets and spices like cumin and cardamom. Out with the old, in with the new: when it comes to scents and flavors, take time to refresh your home in fall with all the best that the season has to offer. (Statepoint)
More comes with growing pains
as grassroots actions helping to achieve the regional vision.
Our quality of life is not about to change but it is undergoing an adjustment. Our future dinner conversations should not include the bemoaning of how we got here. Peak travel times will not be easing anytime in the future. Adjusting now to the new norm and making allowances will make life in the greater Puget Sound
Region much more manageable. New bus transit lines are planned and I intend to use whatever is available when possible but at this point my business model needs a car. However whenever I need to go downtown from Queen Anne hill I will take the number 2 bus. We will not be returning to un-clogged freeways and the days of 15-minute travel across town. There is however discussion about adjusting work hours to stagger large numbers of workers at some
Delicious Food and Wine Pairing Tips for Thanksgiving
With the weather cooling down, the kitchen will be heating up for America’s favorite holiday: Thanksgiving. How can you top last year’s decadent feast? The trick is to be thoughtful when pairing wines with food.
Welcoming Wines
Medium-bodied crisp white wines will complement your hors d’oeuvres course. A tasty California Chardonnay is a classic choice and easily found at your neighborhood store. With notes of fresh pear and pineapple, it makes a fantastic pairing for mild cheeses and rich seafood appetizers, such as crab or salmon.
A great example is St. Francis Sonoma County Chardonnay 2013. It is made from grapes picked in the cool of night to create a wine with delicate aromas, crisp acidity, and a rich, lingering finish.
For your main course, try out a Zinfandel, a deeply aromatic red wine with flavors of juicy berries and a touch of spice. It is perfect to pair with flavorful dishes, savory cheeses, and, of course, roast turkey. Consider picking up a bottle of St. Francis Sonoma County “Old Vines” Zinfandel 2012, which features notes of wild blackberries and clove along with a long, smooth finish.
“‘Old Vines’ Zinfandel is one of my family’s Thanksgiving traditions. From stuffing to pumpkin pie, it complements every flavor: spicy, savory, sweet and bold,” says Christopher W. Silva, president & CEO of St. Francis Winery & Vineyards.
Hearty Food
If you’re looking to top last year’s meal, try a twist on the classic potato dish with a recipe for Smoked Twice Baked Potatoes (Listed on the next page)
➧ THANKSGIVING Page 2
of our state offices and larger employers in order to avoid the main rush hour meltdowns.
Once we accept where we are we can move forward together and continue to enjoy one of the greatest and most scenic regions in the country.
As someone said not too long ago “sitting is the new smoking” so lets get up and walk a few blocks to our local transportation options.
The Chelsea, Photo by Joe Mabel
The Perfect Side for Holiday Dinners
➧ THANKSGIVING, from Page 1
By Chef Bryan Jones of St. Francis Winery
Ingredients:
• 3 lg. German Butterball Potatoes
• 1 Tbsp. kosher salt, plus more for seasoning
• 1 Tbsp. canola oil
• 2 cups applewood smoking chips soaked in water for 1/2 hour
• 3 Tbsp. heavy cream
• 2 Tbsp. butter
• 3 Tbsp. crème fraiche
• 1/4 cup aged white cheddar cheese, shredded
• 2 Tbsp. parmesan, finely grated
• Bunch of chives, finely chopped
• 1 tsp fresh marjoram, finely chopped
• Salt and white pepper to taste
Preparation:
1. Coat whole potatoes with oil along with 1 Tbsp. of salt. Place wood chips in the smoking chamber of grill, light only the burner needed for smoking and place potatoes on rack off to the side of the direct heat. Smoke for 30 minutes.
2. Remove potatoes from grill. Place in a 9 X 11 inch pan with 1/4 inch water on bottom. Cover with aluminum foil and bake at 350 degrees for 30 minutes, or until a paring knife pierces easily. Let cool.
3. Cut potatoes in half, scoop out most of inner potato, leaving about a half inch of potato all around for the shell.
4. Use potato ricer to “rice” scooped out potatoes into bowl.
5.Heat cream and butter together and add to potatoes.
6. Mix, then stir in crème fraiche, cheeses, chives and marjoram. Season with salt and white pepper to taste.
7. Place potato mixture in pastry bag. Pipe mixture back into potatoes and mound just over the level of the potato.
8. Bake at 350 degrees for 20 minutes until hot.
Pair with Sonoma County “Old Vines” Zinfandel
For more wine-paired recipes, visit StFrancisWinery.com/culinary/ recipes.
This Thanksgiving, celebrate with great wines and mouthwatering dishes. (Statepoint)
Nearly 99 million Americans are expected to travel at least 50 miles from home during the holiday season, according to AAA. So how do you ensure it’s the most wonderful time of the year for guests and hosts, alike?
Don’t wait until the last minute to tidy up. Instead, prepare your home with these helpful tips.
Mudroom Makeover
It’s the first place guests see when they step inside the house. But it’s also where coats are strewn about, shoes are kicked off and winter gear is hung out to dry. Declutter with a row of hooks to hang items, and a bench to sit down and pull on boots.
Donate coats you’re no longer wearing; and temporarily store seldom-used garments in a vacuum sealed bag to make additional space for visitors’ belongings. Or, simply buy an inexpensive coat rack that can be placed near the front door so visitors have a place to hang outerwear.
Gorgeous Guest Bathroom
The powder room and guest bath are perhaps the most heavily
trafficked areas of the home during the holiday season. Before visitors arrive, make sure your space is both functional and stylish.
An easy way to make a statement is by updating the bathroom faucet. Choosing one with a variety of configurations, like Moen’s Wynford faucet, will allow a new piece to blend seamlessly with existing décor. It features a high-arc design for easy hand washing, and is kind to the environment, conserving water with a reduced flow rate. Using less water is also good for your wallet, and who wouldn’t want to save a little this time of year?
To give overnight guests a truly spa-like experience, install a rainshower showerhead for exceptional water coverage. Did your guests forget shampoo? No room for conditioner in their carryon? Simply fill a glass container with essentials, such as travel-size bottles of shampoo, conditioner or lotion for visitors to grab and use.
Hotel Hospitality
Thoroughly clean your guest room, especially in areas you might not pay attention to regularly. Dust baseboards, drapes and
window blinds, and don’t forget the headboard and footboard.
Freshen up carpeting and rugs by sprinkling baking soda over the area. Wait 15 minutes and then vacuum. You can also make stale smells disappear with potpourri; make your own by placing holiday scents, such as cinnamon sticks or nutmeg in a bowl. Or, eliminate this step by hiring a professional cleaning crew -- think of it as an early holiday gift to yourself.
Ensure guests get VIP treatment with crisp linens, cozy blankets and plush mattress toppers. Make it easy for them to acclimate to the unfamiliar space by adding a night light. It’s an easy way to keep visitors from falling in the middle of night, and provides extra comfort for young ones who may not travel often.
Having a plan will help make your holidays stress-free. Focus on these areas ahead of time, so can enjoy the season as much as your guests. (State Point)
