Issaquah Undressed

Bentley House is Now Having Tours

It has taken awhile but Bentley House is looking good and open to the public for tours. Located on the corner of Newport Way and Pine Cone Drive. Issaquah, WA 98027

The condominiums supports a luxurious life style. Would you like to have concierge service to park your car, a Theater, a Billiard’s Room, full Gymnasium, even a Spa with shower and steam?

That isn’t all. There is a Business Center and a place to store your boat or RV.  Another exciting feature is the Roof Lanai.

As per Jon Skipworth, Bentley House is open for tours, week days until 7pm, weekends 10am to 2:30pm.

Share

First Time Home Buyers Series Part 2

We discussed picking the right loan officer in part 1. click here. Part 2 covers what you should know about qualifying.

I get a kick out of pre qualification letters I see on offers of our listings.” So and so qualifies for the exact price” of their offer. The agent says “they are stretching and this is all they can go”. Well is that really so, for so and so? Not so most often. Interest rates aren’t stable. They often don’t last even through the day. They may not be the same an hour from now. And I am supposed to believe this is the max? The way that most loan officers cover their back side is to go conservative on the borrower. In other words they tell their borrower a lower number just in case rates go up. They may use a lower number as a bargaining point.

For you the buyer you should know the max you can afford. You only know that by payment. You only know that by an automated underwriting approval. By payment I mean have your loan officer tell you the MAXIMUM payment you can quafiy for. This means a little extra work for the loan officer. They may have to keep running your approval on the automated underwriting system. This number must include principle, interest, taxes, insurance, and mortgage insurance. In almost every case, you qualify for more than you want to qualify for. That’s a good thing.

When you get serious about a home, check the current interest rate, note the taxes on that property. Check on any home owners association dues, have the loan officer tell you the mortgage insurance and principle and interest payment on that specific home. Get a feeling if rates are fairly stable.

What I find is that it is good for first time home buyers to know the maximum they can buy. All too often they can’t find what they want at the payment they want. Almost always, knowing they can go higher allows them to be happier with their home purchase.

Now, a little about qualifying. It isn’t as cut and dried as you might think. When I first started originating mortgages my bank employer was firm on ratios. For FHA loans 28% of their gross income could go to the total mortage payment and 41% of their total income could go to total monthly payments.

Monthly payments are those that show up or should show up on your credit report. These are items such as credit card payments, car payments, and student loans. They are usually not items such as water, cable, sewer, and power. VA loans look at the latter items as part of their qualfiying process.

In reality each borrrowers financial picture determines what their ratios are allowed to be. Each bank then has their limits. It is not unusual for an automated approval to be higher than a bank will now limit.

In summary, pick a loan officer you can trust as in our first article. Then know how much you can actually qualify for in payments. Then enjoy the hunt. I call it a treasure hunt. It’s fun.

Mansion photo from Flickr and by Michael D Martin

Share

Cruising Through the Lights

Just a quick trip through Christmas lights in Issaquah. http://bit.ly/ChristmasLightsinIssaquah

To see a video of The Issaquah Highlands Christmas Festival Click here. It has that BIG camel in it.

http://www.youtube.com/user/kathleencragun#p/a/u/1/yQHGWSrzack

Share

Starpoint Residents Grab the Christmas Spirit

Starpoint is the next best thing in Issaquah to a high rise condo. It consists of 2 buildings at the corner of Park Ave, and 25th. On the commercial side it boasts Zeeks Pizza, Le Chic Pet, MK Ballet. Alices Beauty Salon, Luna’s Nails and coming soon a dentist office that is kid friendly. That is good because there are a lot of kids in the Highlands.

Starpoint is a choice place to live. Troubles from the developers financial troubles are at an end. Resident’s spirits are high and they especially enjoy the Christmas season. They have a progressive dinner for all residents and in the summer have events in the atrium.

Many residents decorate the halls for Christmas outside their doors, since they don’t have yards (and don’t have to take care of them) It feels very festive and bright.

Starpoint doesn’t have the usual Real Estate flyer posts out front, but there are a number of units for sale.

Starpoint may be the best kept secret in Issaquah for easy livin’. Some units have underground parking. Elevators mean you don’t have to lug stuff up any stairs.

Share

Issaquah Real Estate Statistics For September, 52 homes & 36 Condos Sold

The NW MLS Stats show that This home sold in September for $384,950.00

September Issaquah home Sales, closed sales, reports 52 homes sold.

The Median List Price was $517,400. The Median selling price was $495,750.

The Median home details: Bedrooms – 4, Bathrooms – 2.5, Square feet – 2,448, and days on market – 53.

36 Condominium homes sold in Issaquah in September:

The Median List price was $274,525 and the Median sales price was $272,500.

The Median Condo details: Bedrooms – 2, Bathrooms – 2, Square feet – 1238, and days on market – 51.

The least expensive home sold in Issaquah was for $185,00. It was 2 bedroom, 1.5 bath, 1015 square feet and was on the market for 4 days.

The most Expensive home sold was for 1.8 million. It had been listed at 1.999 and was on the market for 253 days.

The least expensive condominium sold last month in Issaquah was for $164,900. This was a 1 bedroom 803 square foot condo. It sold the first day on the market.

The most expensive condominium sold in September was for $434,990. This condo was on the market for 362 days.

Share

OK, You Decide What This Means

Will we ever be sure photo from Flickr & by:Philipp Klinger

Today I was emailed 4 listings a new buyer was hoping to have us show to her today.

1 of them was on the market for 14 days and is sold and pending closing.

1 of them was on the market for 9 days and is sold pending closing.

1 of them was on the market for 11 days and is sold pending inspection.

1 of them is available.

Share

Bentley House is Back!

It looked like the Bentley House luxury condominium project was a goner. No work being done, sitting in a rather sad state without activity or hope. We thought the economic downturn had claimed it. But, WAIT, suddenly things sprang to life. Bentley House IS back. There are workers all over it and I have from a good source that it will be done in December. That is very good news. It was a favorite project of ours.

Bentley House, an unusual condo in Issaquah

As we find out more, we will keep you posted!

Share

Issaquah Real Estate Sales Statistics

July real estate numbers are out. Last month real estate transactions were near those of June.

In Issaquah there were 57 homes closed in July (Junes were 60)

Condominium sales were 25 in July. (June Condo sales were 39)

The chart below shows how close to list price the average transaction is getting.

We have been buyers agents in situations where the discounts we have obtained are more drastic. It isn’t common as you can tell by the chart above. I don’t believe it will continue.

Two of the transactions we are working on now have multiple offers. Multiple offers drive prices up. In one case we offered $2500.00 over asking price. The seller is going to give the first offer  a chance to match our clients price. They were a few days ahead of us. One offer was so low (3 of us total) that they are out of the running. We probably are too. The house was nice and priced to be the best of it’s ilk in the area.

If you are a bottom feeder, waiting for prices to hit the bottom, is this it? I’m not sure how to know until we look back and say – yep that was the bottom.

I’m remembering when I was a corporate buyer, working the Southern California market in a down time. I thought it would never rebound and was pretty picky. Goodness, everything rebounded.

I wish I could see into a crystal ball, it would make everything so much easier.

Crystal ball photos from Flickr and by circulating, by David Reece

Share

Welcome to the bottom: Housing Begins Slow Rebound

This article’s title is on Yahoo news from A/P.

In a macro approach perhaps, I hope so. Not Issaquah. Sure we had a great June in sales, but it isn’t being reflected in what sellers are getting for their homes. Especially condominiums. One month does not a bottom make.

Being actively involved with Issaquah real estate, as a REALTOR ©, my opinions about this market currently are 1- Condos are having a harder time selling than homes. There are more of them and fewer buyers. 2- 80% of the inventory is priced by what people want, need, or dream they can get for them. Being the wrong approach to pricing, they are sitting there. 3- Serious sellers that are able are negotiating with buyers that make low offers rather than blowing them off or getting angry.

Photo from Flickr and by  linda yvonne

Share

Issaquah Real Estate Market Activity For June 2009

It used to be common for Issaquah to see 60 home and condo sales in a month. Not recently. At least not until, June 2009. June saw 60 closed home transactions and 39  closed Condominium transactions. The charts below show information and statistics on  how that breaks down.

Condos: Days on market.

Is your home or condominium for sale? Are you considering selling it? Note that there are two 1/3 pieces of the “days on market” chart above. One third were on the market over 120 days. One third were on the market less than 30 days. As we are currently active with different buyers we have been through a large segment of the Issaquah homes and condos for sale.

Here is my conclusion. Sellers, to not fall in the 120 days or more on market category – price your home to sell. It’s all over the board in home values as per listing price. Too many are listing their homes based on what they owe, what they paid, or what they need. Those 3 reasons have nothing to do with a homes current value. Competition of similar homes, specifically recently sold homes set the market value. More important in these time of difficult appraisals, sold homes set the market value. The homes that are selling are the homes and condos that are the best value. That’s it.

Now to  the buyers out there. You want a good deal don’t you. Of course.  But a good deal is based on the market also. If a home is priced low, don’t expect a huge discount. The chart below shows how close to asking price the actual sales are coming in.

Condos:

Homes:

A greater detail is show below: Homes Sold In Issaquah – June 2009

The Columns below are for                         2 -                     3 -                     4 -                   5- bedrooms.

Share

2nd Saturday Tour of Homes IH 1pm to 4pm

If you are out and about at Issaquah Highlands 2nd Saturday Tour of Homes, take a few minutes, park near IH retail, get out of your car and walk around the WSDOT Pond. You will catch a glimpse of why people like to live in Issaquah Highland.  The Photo of flowers to delight the eye was provided by Janet Jelen.

Flower Heaven Around Issaquah Highlands WSDOT Pond - Photo by Janet Jelen

Share

Whoa There Nellie, Issaquah Had An Increase In Sold Homes

NEW ISSAQUAH HIGHLANDS LISTING BY LARRY – SCOTT AND I ARE WORKING IT TOGETHER: CLICK HERE FOR COMPLETE INFO, WEBSITE, VIRTUAL TOUR

Yes,  Issaquah homes for sale had some buyers in May. Closed homes that were listed for sale numbered 35. That isn’t in the 60’s we used to see but it sure beats the heck out of the 15 homes that sold in April.

The price ranges are as follows:

charts courtesy of Northwest Multiple List

Look at the statistics chart above and ask – do you want to sell your home in 0 to 7 days? If the answer is yes, price it under $300,000. The stats are bad news if you are in the $500,00 to $550,000 range as the days on market averaged 588 days.

How about condos, condominiums, or condo, condominium? The answer: 25 sold in May versus 11 condos sold in April. Again, we used to hit over 60, but this news would be settling if it continued.

We close tomorrow on a condo we had listed. The sellers were serious sellers. They priced their condominium to be the best deal of its size in Issaquah Highlands. The buyers were tough but our sellers were serious.

We did everything we could besides price to capture the interest of the buyers: this included planning ahead on wall colors, what new carpet to put in, what it needed in accessories, etc. Once we had an offer our sellers responded as a serious seller would. There a lot of homes for sale, lots of condominiums. If you have your home listed and not sold, speak to your REALTOR on what it takes to be competitive.

Here is the breakdown of the condos that sold in may:

Almost a third of the condos sold in Issaquah were in the $200,000 to $250,000 range. Days on market were pretty decent statistics: 58.

So how many homes and condominiums are currently listed for sale in Issaquah at this time? The answer is scarry:  357 homes with an average day on market of 112 and 222 condominiums are listed in the MLS with an average days on market of 96.

Truly, it is still a buyers market when it comes to Issaquah Real Estate.

Share

Real Estate Market Information

Are you selling or thinking about doing so? It is still a buyers market. And for a fact buyers are buying in Issaquah. Our Issaquah Highlands office sold three homes over the weekend. In all 3 cases these were homes priced to be the best value for the money. That’s the way it is with so many homes for buyers to choose from.

This is a picture of May 11th activity for the entire MLS.

This weekend in Issaquah 4 homes went into a pending status. This is the first step or status when an offer is mutually agreed to. From here the next step is getting past the inspection. Financing is almost always a contingency at this point. Three of the 4 homes were 4 bedroom. The asking prices were between $399,950 and $ 559,900. All had at least 2.5 baths.

Contrast this with the number of homes available at this time: 567 – enough said?

RE: Homes not sold – The lowest price home is at $229,800 in May Valley that has been on the market for 241 days. The best deal in our opinion is the home we wrote about last week at 1.2 (I should say Homes) -

this oneat $1,250,000

By the way, we do this blog for fun and business and as a service to the community: Just know this “I would love to be your Realtor.”

Share

An Extraordinary House With An Extraordinary Price! An Estate for the Price of a House

This is not really a house. It is an ESTATE and is priced thousands and thousands below property tax value. For sale for: $1,250,000. Custom built in 1995, and that is CUSTOM built, as in One of a Kind. You can pay this price for just a very nice home. This property has almost 5 acres, an charming separate guest house, gated entry to the estate, wine cellar, huge shop, bonus game room, 3 huge bedrooms each with own bath, 6 bathrooms, 2 utility rooms, Cherrywood library. There are too many things to list. You have to see it to believe it!

Entering through the gates

Victorian style home with wrap-around porch

Looking toward the garage

Detail of Porch

Close up Detail

3 car garage with covered RV parking

Separate 1420 sq ft Guest House

Hall in Main House

Interior Entrance of Main House

Dining Room

Just some of the interior detail

 The main house has 4885 sq ft and with the unfinished basement where the shop, storage and wine cellar is, it totals 6305 sq ft. There is much more, such as built in generator…………If you would like to see this home call Larry K. Cragun at 206-618-3724. You have to see it to believe it!

Share

Issaquah Home of the Month – New Listing

ATTN: NEW INFO: This home has just been LOWERED in PRICE to $389.950! It was already a good deal.

April’s Home of the Month is in Issaquah Highlands and coincides with the IH 2nd Saturday Tour of Homes. It is a condo but has the look and feel of a single family home.  The home is in Timarron 1601 NE Katsura St # 704. LOOK AT THE PRICE! This may be the best value for what you get in Issaquah, $399,950 . 1861 sq feet . Large inviting entry . 3 bedrooms .  2.5 baths . Utility room with sink  . Large kitchen with eating area . Walk in Pantry . Desk in Kitchen . All appliances stay . 5 Piece Master Bath with huge soaking tub . Burnstead Contruction . New Carpet . Open 1:00 to 4:00 pm Sat. April 11

Mater Bath in Timarron Home

Last, but definitely not least is the kitchen! Click on the photo below for a tour.

If you can’t make it to the open house and would like to see this home, call Larry Cragun at 206-618-3724.
Living in Issaquah Highlands is an additional benefit of this home. There is a strong sense of community with a lot to offer a diverse neighborhood, making it the perfect match for each of its residents. You will love the conveniance of close freeway access, many parks and trails. Natural beauty surrounds this home. Social opportunities, such as festivals, concerts, and clubs sponsored by the Highlands make it easy to connect and make friends. In Issaquah Highlands, you are also walking distance to many retail places and more even more exciting ones are to come. Grand Ridge Elementary is an important asset as well for the many children in Issaquah Highlands.

Share

Tax Credit Can Be Used for Down Payment

Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at “The Real Estate Summit: Advancing the U.S. Economy,” at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Other Solutions for Today’s Market

During his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

“Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”

The real estate summit is part of the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo. During the week ending May 16, more than 8,500 REALTORS® will attend meetings, visit lawmakers and inspire action on Capitol Hill.

Source: NAR Photo from Flickr and by  brianjmatis

Share

Real Estate Investments, Are They Practical Now?

One of my good friends, Thomas Wolter has taken an interesting career direction with his real estate practice. After several years as a high producing ReMax residential agent, Thomas has concluded that real estate can still be a good investment. In doing so, Thomas has joined Colliers International.

I thought it might be worth mentioning.

I opposed the flipper mentality in the early stages. I also opposed the panic to buy properties 0 down and then flip. I went ballistic on Real Estate Undressed when the NAR announced in 2005 that 25% of the home purchases were second homes. Owning a mortgage company, I knew that these second homes were only second homes to get the best interest rate. In fact, they were investment properties. Second homes balony, these were investment homes.

In my career I spent several years as head of real estate for a mini storage developer. To me that is a real estate investment. There are others too. However, they take more than buying a deal to flip.

Tom is focusing on several aspects and has thusly joined Colliers International. You might follow Toms two new undressed network blogs: Snoqualmie Pass Undressed and Hood Canal Undressed. He might just drop a hint or two about current market places to be in real estate. I could give a hint or two. How about TIMBERRRR – or REO – or developing shared ownerships – or is that three? Actually Tomas has more than four.

Thanks to Flickr and by nick_hardcastle for the blog this license on the great photo.

Share

Buy A Home For Your Valentine – In Starpoint

I am holding our Starpoint Condo Listing open Saturday from 11AM to 2PM.. Come visit and see the reason we love Starpoint Condos. What can I say – secure building – Underground Parking – Quality – Lock n Leave. Just follow the instructions at the door to get in…. 1880 25th Ave NE # 207 Issaquah Highlands

Events
Second Saturday Home Tour “Sweetheart Deal”
This Valentine’s Day, Saturday, February 14, 1:00-4:00pm. Tours are available for nearly every for-sale home, new and resale, in the community. As a special nod to this day of romance, prospective buyers can pick up a long stemmed rose at every new construction and most resale open houses they visit. If you have a home for sale make sure to hold it open this Saturday and have your agent contact Judy Harris at the New Home Information Center for details! 206-701-0340 or jharris@portblakely.com

Share

Bentley House – # 4 On the Issaquah/Sammamish Fall Home Tour

There are 13 Open Houses on the Fall Home Tour of 2008. Saturday and Sunday Oct 11 & 12th 1-5 pm. One you won’t want to miss is Bentley House, a luxurious condominium. Do you want Concierge service, a gated community, a 3600 sq ft health/exercise club, his and her steam rooms, a business center, guest suites, a roof top terrace, air conditioning, a view of Lake Sammamish? That is just the amenities. Still under construction, but don’t let that deter you. The model is spacious and beautiful. Each unit at Bentley House has 2 underground parking stalls. The Bentley House is open 11am- 6pm Sat and Sun, a little longer than the tour hours. 

Bentley House is at 2700 NW Pine Cone Drive off of Newport Way in Issaquah 98027 (You can even walk to the Cougar Mountain Zoo)!

The Seattle Times and The Issaquah Press both have a supplement with all the information on the Fall Home Tour. The tour is self guided.

Share

Issaquah Real Estate Commentary

Why are people still moving to Issaquah? Real Estate is still selling fairly well.

Hopefully some of these young ones will join us here. I have a special reason to want these kids to move in the area, they are some of our grandchildren.

The answer I would say is a combination of things. Prices are holding there own, the location is convenient to all parts of the county, the city is very proactive, there are a lot of things to get involved in. I invite you to study this blog, we have over 450 reasons to live in Issaquah that we have written about.

Share