Queen Anne & Magnolia News Real Estate - May 2018

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MAY 9, 2018

What Are You Waiting For?

Nicole Bailey REAL ESTATE BROKER, LUXURY SPECIALIST, SRES QUEEN ANNE WINDERMERE There are times when waiting keeps us safe. Non-action is the best course. Not reacting to a bad day on the stock market? Better off waiting. Thinking over that conversation you want to have with your boss and deciding against it?

Maybe wait.

We get so used to waiting [on things], we don’t even call it procrastination. I have a friend whose diet has caused her to

@ qamagnews

become pre-diabetic, but she wants to wait to begin exercising until her schedule slows down and she can devote the time.

Another would like to return to yoga, but has told herself she needs to quit smoking first. When I mention that quitting smoking with yoga would be much easier, she dismisses me out of hand.

There are times for waiting and there are times for diving in.

Getting healthy? Do it now!

The time to wait for home prices to drop is over too. I have clients that I met in 2014 who predicted that the market would slow down and have lost upwards of $500,000 in potential appreciation, plus have experienced diminished buying power and are seeing their dreams of owning in-city fade away.

I’m speaking from experience.

I was offered the condo I was renting for $159,000 and didn’t even consider it. Three years later it sold again for almost $500,000.

VOL. 99, NO. 19

The Cost of Waiting a Year - Single Family Homes Area 700, QA-Magnolia March 2018 March 2017 Difference

Median Price $535,250 $435,000 $100,250

30-Year Fixed Rate 4.44% 4.20% 0.24%

Principal & Interest $2,693 $2,127 $566 / per month $6,789 / per year

The Cost of Waiting a Year - Condominiums Area 700, QA-Magnolia

Median Price

30-Year Fixed Rate

Principal & Interest

March 2018 March 2017

$1,275,000 $992,711

4.44% 4.20%

$6,415 $4,855

Difference

$282,289

0.24%

$1,560 / per month $18,724 / per year

April Queen Anne Sales Low to High Address 2584 3rd Ave W #B 1939 10th Ave W #A 1016 W Howe St. 2543 13th Ave W #A 1613 5th Ave W 3439 14th Ave W #B 2840 14th Ave W 564 B Galer St. 363 Hayes St. 1014 W Newell St.

Bed

Bath

Sq Ft

Built

Days on Mkt

3 2 2 3 2 3 3 3 2 3

3 2.5 2 3.25 1.5 2.5 2.25 2.5 1 1.75

1190 1,310 2,200 1,640 1,480 1,600 1,610 1,418 2,180 2,260

2005 2006 1925 2008 1906 2010 1992 2010 1919 1927

17 7 7 7 6 3 7 8 6 8

Asking Price $715,000 $650,000.00 $800,000.00 $779,000.00 $779,950.00 $750,000.00 $819,000.00 $847,000.00 $869,000.00 $765,000.00

Sold Price

Sold Price/Asking Price

$720,000 $793,000.00 $800,000.00 $815,000.00 $835,000.00 $858,000.00 $875,905.00 $880,000.00 $903,000.00 $905,000.00

100.70% 122% 100% 104.62% 107.06% 114.4% 106.95% 103.9% 103.91 $118.30

 Nicole Bailey, Page 3

Finding New Space in Your Current Home GRAND 1907 FOURSQUARE

Photo credited to Stephen Schaub

By Laura Grange, Hammer & Hand Q: Help! My family has outgrown our current home but can’t afford to buy a new one. How do we add the space we need to our existing house?

Seattle’s surging home prices are no secret!

Instead of braving this competitive market to buy a new home to meet the needs of a growing family, many are instead opting to upgrade their current home.

Below are a few ways to attain that extra space you may need.

Bump-Outs Sometimes a little extra space can make a big impact. One way to gain square footage is to do a bump-out, which is a small addition (as opposed

to a full addition) created to expand an existing room. Many people choose to expand their kitchens this way, but you can also bump-out bathrooms, bedrooms, and laundry rooms.

Finish Out Your Basement Many homes have unfinished basements just waiting for their potential to be tapped!

If your basement is finished but not serving your current needs, consider a remodel. A chopped-up basement can be reconfigured to create a den or playroom, while an open space can be divided into rooms for extra storage or added privacy.

A basement can also be transformed into an accessory dwelling unit, or ADU—just add a bathroom, kitchenette, separate entrance, and make sure it meets City of Seattle building codes.  New Space, Page 3

This grand 1907 Foursqaure is a true architectural gem and a diamond in the rough awaiting the personal signature of its new owners. Period details include exquisite tulip-patterned stained glass windows, craftsman millwork, mahogany inlaid oak floors and bowed windows. 5 large bedrooms upstairs and a 6th with its own entrance. Unfinished third floor with 12-foot ceilings at the peak and dormers to suit your vision. Sited on a sunny corner lot simply blocks from eclectic shops, cafes, and parks.

Offered at $2,295,000 | 1532 3rd Avenue West Seattle, WA 98119

Laura Halliday | Managing Broker Senior Global Real Estate Advisor Founding Member | 206.399.5842 Laura.Halliday@rsir.com Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Each Office Is Independently Owned And Operated.

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America’s most innovative real estate company has arrived. compass.com

 New Space, from Page 1 Additions One of the most popular ways to add square footage is with a full addition. There are a variety of options that fit any home’s footprint and logistics. Build up, out or even down—all will add to your square footage and your home’s value.

Accessory Dwelling Units (ADUs) An ADU is a second living unit that exists on the same property as an existing singlefamily home. Both attached and detached (DADU) units are rising in popularity in Seattle, especially given the city of Seattle’s proposal to loosen the current regulations (a final decision is expected to be made sometime in 2018. Check http://www.seattle.gov/council/ adu-eis for updates).

ADUs can be wonderful additions to your property while also boosting value, providing an income stream or housing a loved one.

Okay, How Much Will It Cost?

The short answer—and the one you will likely hear from any designer or builder you contact— is, “It depends.” Be wary of anyone quoting you a price without plans and list of design choices.

Here are a few factors that affect construction costs for any of these projects: • Finishes: Carrara marble shipped in from Italy or granite from a local supplier?

• Size of Space: 50 square-foot bump-out or 800 square-foot ADU? • Existing Site Conditions: Some

sites are simply more challenging than others to build on, requiring more work and more money.

ADUs, though small, are often not as small in price. Construction costs are based on a variety of variables, but typically the ADUs we build (especially the standalone variety) start at $250,000 and up, plus permitting fees often totaling $4,000 to $6,000. For architecture and engineering, figure in 8-15% of construction cost for the design.

Yes, You Need an Architect Even if the project seems small, nothing can be built without a set of plans. Try asking your friends, family or coworkers for recommendations, or a general contractor for a referral. The latter can match you with someone who has already been vetted and is appropriate for the scope of your project.

Last Thoughts If you choose to move forward with any of these home upgrades, be sure to hire both a general contractor and an architect at the start of your project. Having both on the team from the beginning will make the whole process go smoother and typically save you both time and money.

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MAY 9,2018

Pacific Publishing Company – Queen Anne & Magnolia News • Capitol Hill Times • Madison Park Times • City Living Seattle

 Nicole Bailey, from Page 1

April Magnolia Sales Low to High Address

Bed

Bath

Sq Ft

Built

Days on Mkt

3444 3629 3841 3208 3445 4011 4564 3640 3608

2 3 3 2 2 3 2 4 3

2 1 2.5 1 1 1.5 1.25 1.5 2.5

930 1,210 1,327 1,160 940 1,830 1,960 1,570 1,420

2002 1906 2017 1942 1948 1904 1948 1954 2001

7 2 22 11 6 5 7 6 7

2

1.75

2,110

1941

2

34th Ave W #A 23rd Ave W Gilman Ave W 32nd Ave W 40th Ave W Burton Place W 36th Ave W Arapahoe Place W 22nd Ave W

4014 29th Ave W

I still hadn’t bought my own home.

Anyone looking to put down roots in their favorite neighborhood should feel comfortable stretching their budget. You may have to share a bathroom and put up with an old kitchen, but try to find a way.

I’m recommending to my young buyers to move back home for a while if it’s feasible, to save a little more money because we (Windermere and the brokerage community) really don’t expect the market to drop in any significant way in the near future.

There are always ebbs and flows in the economy, but the main factors that caused the crash of 2008 are not present in our current market. Namely, lenders are now more cautious with their money and require copious

Master Builders Association of King and Snohomish Counties member Hammer & Hand is a general contractor with a dedication to craft and science, specializing in new homes, remodels, commercial build-outs, and more, serving the Seattle and Portland areas.

Asking Price

Sold Price

Sold Price/Asking Price

$574,900.00 $499,000.00 $725,000.00 $718,800.00 $699,900.00 $749,950.00 $695,000.00 $799,000.00 $650,000.00

$562,000.00 $630,000.00 $720,000.00 $725,000.00 $752,000.00 $765,000.00 $775,000.00 $800,000.00 $800,000.00

97.76% 126.01% 99.31% 100.86% 107.44% 102.01% 111.51% 100.13% 123.08%

$459,000.00

$835,000.00

181.56%

documentation, unlike in the early 2000 era of “stated income loans.” The developable land in our region is geographically fixed by water, freeways and mountains, and politically fixed by restrictive zoning.That’s despite inroads made

by The Housing Affordability and Livability Agenda (HALA) introduced by the previous City Administration.

People who put off buying homes two years ago, looking in-city now, will spend at least $200,000 more this year. With the rise in interest rates there’s a potential lost buying power of close to $300,000.

I’m not suggesting speculation, but the time to find a great home in the neighborhood you love is now. There are still good buys in condominiums that could work

for a few years and allow you to gain equity and take advantage of the mortgage interest deduction on your first home. Your real estate broker wants to help. They can connect you with a lender who will prepare your loan application in advance in order to make the very best offer you can. When you sit down for your first meeting, take notes and be prepared to be brave when the time comes to make your offers.

When I bought my first home, my husband and I made ten offers before we were successful. We kept writing $25,000 checks and hoping for the best. That was near the previous market peak, so I understand the frenzy and fear of this recent period. It’s just that the time for hesitation is over. We’re all here to help!

Advertise in our Next Issue Contact Tammy 206-461-1322

CONDO AT 5TH & MADISON 909 5TH AVENUE, UNIT 2004 $1,075,000

PENDING QUEEN ANNE VIEW MASTERPIECE 470 MCGRAW $3,100,000

PENDING 2241 13TH AVE W CONDO. $649,000

Beautiful 20th floor luxury downtown home with breathtaking city views of Space Needle, Puget Sound & Olympic Mountains. Light-filled open spaces with 10’ ceilings, chef’s kitchen with top-of-the-line appliances and gas cooking. 1 bedroom, 1.5 bathrooms. Great neighborhood near Seattle Public Library, Pioneer Sq., Sports Stadiums, Waterfront.

24/7 concierge, exercise room, pet area, entertainment area BBQ, guest suite. 1-car garage pkg & storage rm. No rental cap.

Designed by Stuart Silk, this truly stunning residence is the ultimate in grace and sophistication. Breathtaking panoramic views of Lake Union, Cascade Mtns. and more. Main floor offers 14’ ceilings, walls of windows that bring in huge East views and light, chef’s kitchen with adj family room.

Second floor boasts view master suite, two add’l bedrooms and full bath. Lower level greets you with wine room, bonus room, steam bath. Huge 2-car attached garage. Enchanting gardens and terraces set the stage for glorious entertaining!

Puget Sound and cruise ship views can be enjoyed from this lovely home conveniently located on the West slope of Queen Anne. This home has been impeccably maintained and updated. Open floor plan flows into living and dining rooms, with sliders opening to views. Chef’s kitchen with new quartz counter tops, high-end stainless steel appliances, large pantry. Hardwood floors throughout. Two bedrooms & 1.75 baths. Fabulous master suite with updated 3/4 bath, patio, walk-in closet. Laundry room, 2-car garage parking and 3 storage units.

Ellen Gillette BROKER l ABR

Windermere Real Estate Wall Street Group 20 years of experience helping buyers and sellers successfully navigate through one of the most stressful times in their lives.

Office (206) 283-8080 Cell (206) 478-0941 Fax (206) 283-5650

egillette@windermere.com MakeSeattleYourHome.com

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“Ask Sam”

Sam Konswa

Question: I’ve lived in my house for 12 years and have painted many of the rooms colors of my liking. Some are neutral, but others are bolder (deep red, dark blue…). Do I really need to paint these rooms some sort of beige before I list my house in order to appeal to the most buyers?

How to integrate technology and connected appliances into your kitchen

QUEEN ANNE REAL ESTATE Answer: Many homeowners are reluctant to repaint prior to listing since paint can be easily changed to suit a buyer’s tastes upon move in. Due to the conception that maximizing buyer appeal is the primary reason to re-paint in neutral colors, we receive questions like this frequently.

With most home searches beginning online, listing photos are one of the most important aspects of the listing process. Online photos are the first exposure most buyers have to a property. So, in addition to an excellent photographer, we consider a number of factors for yielding excellent listing photos that capture a buyer’s attention and interest. During our listing preparation consultations, we spend a great deal of time discussing how integral photos are to the whole marketing process and detail our specific recommendations for yielding the best results at each home. While they may provide warmth, atmosphere, and contrast, dark or brightly colored walls do not yield the best photographs. Our goal is to showcase a space in the brightest and most visually spacious manner possible. White or off-white colors are the best for this. Based on our experience, we have identified a small handful of trim and wall color shades that photograph the best. Based on the space, we carefully select a shade from this proven palate.

Online listing photos garner the maximum level of exposure and typically determine which properties buyers elect to view. To yield the best possible terms for the seller, we want to maximize exposure to potential buyers.

In any given neighborhood, buyers have hundreds of images from online property searches in the palm of their hand. We want the photos to stand out and buyers to want to view the property in person. As such, the extra steps and time to best prepare a home for professional photos is a key component of the listing process. More often than not, this involves paint.

By: Brad Faber Whether remodeling an entire room or looking to add a single upgrade, it’s important to select the best products that will last for years to come. One of the best investments you can make is in your appliances. With a vast array of choices on the market today, it is important to carefully consider your options and select appliances that provide the features and style you want at a price that fits your budget.

Connected or “smart” appliances are becoming more popular, user-friendly and offer features that simplify routine chores like cooking, cleaning and doing laundry. From digital readouts to wireless connectivity, today’s innovations give you more “smart” choices than ever before.

Photos credited to Ferguson Bath, Kitchen & Lighting Gallery in Bellevue Technology, Page 6

Just Sold With Multiple Offers.

Send your questions for “Ask Sam” to pacsales@nwlink.com Sam Konswa is the Founding/Managing Broker of Queen Anne Real Estate.

“You are amazing, Nicole.

I mean, $220,000 over... shocking.”

Scott and Christine

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Tammy Greenaway, 206-461-1322 or ppcadmanager@nwlink.com

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Nicole Bailey Real Estate Broker, The Wall Street Group Luxury Marketing Specialist, SRES

206.310.7978 • www.nicolebaileyhomes.com

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MAY 9,2018

Pacific Publishing Company – Queen Anne & Magnolia News • Capitol Hill Times • Madison Park Times • City Living Seattle

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LOCAL AGENTS with a Queen Anne + Magnolia Focus Exceptional Service with your Goals in Mind STEWART KARSTENS 206-601-3421 www.stewartkarstens.com

We support schools and communities!

Shannon Praetorius REALTOR® BROKER, CNE, SRES

Chardon Dankers Jeanne Smart

Cell

(206) 849-3909

Office

(206) 527-5445

shannonp@windermere.com ShannonPre.com

206.240.4616

Experience Counts ... Expect the Best!

Gina Ard SEATTLE BROKER SRES | e-PRO | GRI TM

Direct Office

Whitney & Virginia

(206) 396-3396 (206) 448-6400

Mason

Broker, Realtor CRS, ABR, GRI

GinaArd1@gmail.com www.GinaArd.com

206.310.3985 • www.SoldInSeattle.com

Miles Edson

Ken Graff REALTOR ®, Broker and Certified Luxury Specialist 206-498-7818 kengraff@cbbain.com KenGraffHomes.com

Your Magnolia & Queen Anne Specialist

Broker

Darin Cruzen

206.257.3833 Direct 206.322.7910 Fax

Buy with Confidence, Sell with Success

milesedson@cbbain.com milesedson.coldwellbankerbain.com

206.686.7000 www.DarinCruzen.com

T R AC Y A D A M S R E A L E S T AT E B R O K E R 206.409.6076 T R AC Y A D A M S @ C B B A I N . C O M

RE/MAX Metro Realty, Inc

Read my reviews on Zillow

WWW.MYDIGS.COM

Each Office Independently Owned and Operated

Kevin Bohnert

Audrey Manzanares

MANAGING BROKER RESIDENTIAL/CONDOMINIUMS SPECIALIST

REALTOR® ABR, SRES

Cell (206) 779-7325 Office (206) 283-8080 audrey@windermere.com audreymanazanares.com

Corey Hays and Dawn Bourdo 206/284-4040

GARY McMANN R E A L E S T AT E B R O K E R 206.919.4300 GARYMcMANN@HOTMAIL.COM WWW.MYDIGS.COM

Coldwell Banker Danforth www.mrmagnolia.com homes@mrmagnolia.com Corey 206/818-3386 Dawn 206/948-4340

James Borrud Linda Keylon Wall Street, Inc.

Senior Real Estate Specialists

206.852.6107 hring@windermere.com holleyring.com

Broker, Accredited Buyers Representative, Certified Negotiation Expert Luxury Marketing Specialist What’s important to you is important to me- buying or selling a home, I am your advocate.

Windermere Queen Anne 214 W McGraw Street, Seattle WA 98199

MagnoliaHomeSales@gmail.com www.Magnolia-RealEstate.com 206.226.8453 / 206.718.8244

Cell Office

(206) 856-6396 (206) 283-8080

Fax

(206) 283-5650

kbohnert@windermere.com www.kevinbohnert.com www.facebook.com/kevinbohnert

Charlotte Crockford Broker

206.954.6428 charlotte@queenannerealestate.com 1823 Queen Anne Ave. N. Seattle, WA 98109

Place Your Ad Here

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 Technology from Page 4

ARCHITECTURAL STANDOUT 9 3 0 B R O A D W AY A V E N U E E A S T

|

MLS# 1277209

DENNY BLAINE JEWEL BOX 3863 EAST OLIVE STREET

O F F E R E D AT $ 2 , 3 8 5 , 0 0 0 CLAUDIA VERNIA

|

206.714.3074

DOREEN ALHADEFF

HEART OF MADRONA 1131 36TH AVENUE

|

|

MLS# 1282785

|

MLS# 1003562

206.963.7770

|

MLS# 1235916

206.235.3298 | 206.963.7770

1640 21ST AVENUE

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MLS# 1279137

O F F E R E D AT $ 7 8 2 , 0 0 0

DOWNTOWN VIEW CONDO 98 UNION STREET #406

|

CENTRAL DISTRICT MODERN

O F F E R E D AT $ 5 , 5 0 0 , 0 0 0 S PA F F O R D R O B B I N S

206.604.7575

12024 243RD STREET SOUTHWEST

TOM MALONEY | S PA F F O R D R O B B I N S

M A D I S O N P A R K M U LT I - FA M I LY |

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O F F E R E D AT $ 1 , 1 9 5 , 0 0 0

206.890.4615

4 2 1 5 E A S T LY N N S T R E E T

MLS# 1282340

SUYAMA RETREAT ON VASHON

O F F E R E D AT $ 1 , 0 9 9 , 0 0 0 MARK POTVIN

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O F F E R E D AT $ 1 , 8 9 5 , 0 0 0

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MEREDITH ERICKSON

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206.999.8832

STUNNING LOPEZ ACREAGE DRAGON RUN ROAD

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O F F E R E D AT $ 1 , 7 7 5 , 0 0 0

O F F E R E D AT $ 7 9 5 , 0 0 0 - P E N D I N G P R E S H A S PA R L I N G | 2 0 6 . 7 9 9 . 1 5 7 2 R I L E Y S PA R L I N G - B E C K L E Y | 2 0 6 . 7 9 9 . 2 8 5 1

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Photos credited to Ferguson Bath, Kitchen & Lighting Gallery in Bellevue Consider the following tech-enhanced appliances for your next upgrade.

Ovens: A connected oven allows you to control the oven’s functionality using a smartphone and customize your cooking experience with helpful tips and information. Preheat your oven on-the-go using your mobile device or access gourmet guides that direct meal preparation, including desired doneness and the type of pan to use. Another tech innovation to consider when selecting an oven is convection. Convection cooking lets you cook multiple items at the same time without sacrificing consistent quality. For example, multiple racks of cookies will bake evenly, no matter their placement in the oven.

Refrigeration: With a connected refrigerator, you can verbally instruct the fridge to fill the ice machine or raise and lower the temperature.

Additionally, many fridges can now self-diagnose issues and alert you which replacement part to order or the precise error message to give the technician so they can diagnose the error.

Hands free faucet control: Reduce the spread of germs and messes with hands free and single touch faucets. Not sacrificing style or functionality, these faucets come with all the features of a traditional faucet, but also include a unique sensor and water flow mechanism. Simply touching any part of the faucet or placing objects directly under the faucet head turns the flow of water on and off.

Washers and dryers: Use an app to stay up-to-date during each step in the laundry process thanks to notifications from connected washers and dryers. Some washers are equipped to send digital reminders to start and stop wash cycles based on fabric care needs. If no one is available to unload the dryer, you can receive a smartphone alert to activate a wrinkle shield function. For the ultimate in connectivity and energy savings, some units offer technology that pairs a connected washer and dryer with a home monitoring device. You are then able to automatically activate or delay the start of a cycle based on your device’s ability to recognize when you are home or away.

From cooking up culinary creations to removing tough stains, appliance purchases are an investment in productivity. Don’t simply replace an appliance, select an option that is high-tech, faster and efficient enough to meet your needs for years to come.

To learn more about how to integrate technology and connected appliances into your home, visit your local Ferguson Bath, Kitchen & Lighting Gallery or www.fergusonshowrooms.com to request an appointment with a knowledgeable appliance expert.

Find more content online queenannenews.com

Pacific Publishing Company – Queen Anne & Magnolia News • Capitol Hill Times • Madison Park Times • City Living Seattle

WASHINGTON PARK WATERFRONT $12,850,000

NEWPORT SHORES $4,288,500

BROADVIEW $3,890,000

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WASHINGTON PARK $5,295,000

WASHINGTON PARK $2,680,000

Betsy Q. Terry

MAY 9,2018

MADRONA $1,595,000

Jane Powers

WINDERMERE $4,295,000

BLUE RIDGE $2,350,000

206.322.2840

ewingandclark.com luxuryrealestate.com

Kristine Losh

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Home & Real Estate

MAY 9, 2018

LOCAL REAL ESTATE EXPERTS We at Queen Anne Real Estate specialize in Queen Anne and Magnolia. Our brokers are Queen Anne and Magnolia residents with close relationships to the community. Our familiarity with these neighborhoods makes us uniquely qualified to help you navigate the local market and provide our clients with a distinct advantage in these areas. Come find out why we are one of the most highly reviewed award-winning brokerages in Seattle!

2017 MARKET DATA RESULTS

HOW QUEEN ANNE REAL ESTATE COMPARES Price Per Square Foot $531

In 2017, Queen Anne Real Estate’s residential listings sold for 15% more per square foot than Seattle’s average ($531 vs. $463). Queen Anne Real Estate sold residential listings in Queen Anne 39% faster than the area's average (11 days vs. 18 days).

Days On Market 18 Days

$463

11 Days

Queen Anne Real Estate

Other Brokers

Queen Anne Real Estate

Other Brokers

CLIENT TESTIMONIALS “Sam helped us sell properties on Queen Anne in Seattle twice! He really knows the neighborhood and the value of real estate in Queen Anne. He is very well organized and will help make the sales process go smoothly. He is a professional sales person and will represent you and your property very well.” —N.S. “Sam did a fantastic job helping us buy and sell our home in Queen Anne. He is a consummate professional and the expert for local home prices. When it came to negotiating, he communicated efficiently in each round, recommended good tactics, and made the process as smooth as possible. He takes the commitment to representing his client's interests ahead of his own seriously. I was very pleased with Sam. I highly recommend that you work with him!” —J.R.

Sam Konswa

Paul Crawford

Craig Watson

Charlotte Crockford

10 Year Winner Sam Konswa

Jeff Strand

Tim Gaydos

Brooke Roberge

Courtney Longhurst

Queen Anne Real Estate 206-217-0900 info@queenannerealestate.com www.QueenAnneRealEstate.com

Maria Hewett

Carol Griffith

Marcel Kluetz