Real Estate News from Ewing and Clark

The heat is really rising this month and the inventory in the real estate market is still low. For the first time in the King County area, the median home price has increased over $100,000 in just one year. The country had its hottest month of July in the last 17 years, with prices rising 18.6 percent from a year ago. Seattle and the Eastside did show a slight drop in median prices compared to our record-setting June, but were still up 15 percent from last year. Seattle’s median home price is $749,000 and the Eastside is $860,000. Condo median price in Downtown Seattle actually saw a slight drop compared to the prior year ($462,000 vs $465,000).  The condo price drop in Downtown Seattle was due to the Insignia condo which was completed in 2016.  In July 2016, the Insignia accounted for over 25% of the condos sold (105 units) at a median price of $695,900.

Check out our new listings all over Washington State. Click on the photos below to see more!

Extraordinary, sweeping panorama of City skyline, Space Needle, Mt Rainier, Elliott Bay, and Alki Point. MLS#1158119

Newly refreshed 3 bedroom and 2.5 bath 2 story home in Auburn. New paint inside and out, new carpets and appliances. MLS# 1175853

Stuart Silk designed modern residence on the shores of Lake Washington in Washington Park. Sublime, meaningful design exudes serenity & sophistication. MLS# 1176637

Remarkable low bank architectural residence w/sandy beachfront on 3.5+ acres in Anacortes. MLS# 1174896

A boater’s paradise: new dock, boathouse, sandy beach & ramp! Just outside the Locks on Shilshole Bay offers gorgeous views of the Bay, Locks, boating activity & wildlife. MLS# 1173593

Sophisticated, open design- a modern longhouse, w/cathedral ceilings, beautiful wood carpentry, huge windows taking in peaceful, breathtaking views in Sequim, WA. MLS# 1142395

Contact Ewing and Clark for any of your real estate needs.

 

 

Homes for Under a Million

The Seattle real estate market continues to be one of the hot topics in the nation.  As prices rise and inventory remains low, many first-time home buyers are in bidding wars for their dream home (or close to their dream home). Queen Anne has become Seattle’s first neighborhood to have a median home price of $1 million dollars and Capitol Hill is not far behind at $890,000. Condominium sales are also struggling with inventory, down 24 percent from a year ago. The median sales price for condos last month was $328,675, which is an increase of 9.6 percent from a year ago. Some think there is no chance of finding a home under a million dollars, but here are some for you to consider!

3030 80th Ave SE, Mercer Island

Available for $499,950

20012 27th Dr SE, Bothell

Available for $700,000

2721 1st Ave, Belltown

Available for $309,000

3116 164th St SW, Lynnwood

Available for $255,000

Ewing and Clark is Seattle’s oldest real estate company. Our agents are experts in the market and have been for many years. Contact us today and we can make the home buying process feel like a breeze.

Seattle Just Keeps Growing

In spite of the building boom in downtown Seattle, there have been very limited options for buying a home, versus renting. Resembling giant glass Rubik’s cubes stacked 41 floors high, the Nexus Seattle condominiums will be taking ground at 1200 Howell Street in the Denny Triangle. The building will feature 382 units, varying in size and price, ranging from $300,000 to $3.5 million. Sections of the building are twisted to face different directions, views will vary depending which floor the home is located on.

According to the Nexus website, 80% of the units have already been reserved as of this past November (2016). Underscoring the market’s desire for permanent housing and the influx of people for high-paying tech jobs downtown, hundreds of buyers lined up to pay a $5,000 refundable deposit to be guaranteed a spot at a priority presales event on June 4th last year. Some people even camped out overnight to be first in line.

Burrand Group, the Canadian company that owns the site, plans to break ground this month to begin construction. The Nexus building will be within walking distance of at least two large-tech work campuses in the South Lake Union area. An article with Puget Sound Business Journal states a fitness center, common co-working space, the option of renting a guest room, and a rooftop terrace will be some of the amenities available.

As of October 2016, the median price for a downtown Seattle condo was $650,000. The median price for a 1-bedroom rental is currently $1,820 per month, reflecting the 40% hike in rent over the past 5 years. Seattle is now in the top ten of most expensive apartment markets in the United States, as of April 2016.

Staging Your Home for a Winter Sale

winterSpring is a popular time for home sales and easier to make the home appear more desirable when flowers are blooming and the weather is brighter and warmer. Below are a few tips to help make your home more desirable during the winter months.

Be sure to keep walkways to your home safe and clear. Shovel away any snow and put a little sand down if it seems icy so no one falls. Be sure to sweep away loose leaves. If it is rainy and wet, put down a mat for dirty shoes and a place to put wet umbrellas.

Open all blinds and pull back all drapes, except those that would show an undesirable view, to let light in. Make your home as bright as possible especially if there aren’t many windows letting in natural light. Turn on all lights in the house including those in closets and pantries.

Keep your home warm and cozy. You want to make potential buyers stick around and really think about living there. Turn the thermostat up a couple degrees above normal. The house will stay warmer and by doing so, the furnace will not kick on while people are tour your home. You don’t want them to hear your noisy furnace. Keep a small fire going in the fireplace for warmth and to make the home feel more comfortable.

Have framed photos of your yard and flower garden in full bloom set out to show what it will look like in the Spring and Summer.

Many people are allergic to candles and scented sprays. To make your home smell good without it smelling like you are trying to mask an odor, bake cookies or a pie before an open house or simmer a cinnamon stick in a pot of water for a few minutes. Your house will have a more comforting and welcoming smell which many people are familiar with and like.

Following these simple tips can help you create a more appealing image of your home in a more dreary and gloomy time of year.

Enjoy a Summer Evening at Concerts At The Mural

mural2

Together, KEXP 90.3FM and the Seattle Center are presenting Concerts at the Mural. Beginning at 5:30pm on each of the first four Fridays of August, you can enjoy the music of some of KEXP’s favorite artists such as Mudhoney and Cloud Cult at the Mural Amphitheater. The all-ages concerts are free. Seating is first come first serve so you get there early for a good seat. Enjoy a drink in the beer garden and browse sponsor booths. For more information in the event you can visit KEXP‘s website.

5 Steps to Take Before Buying Your First Home

home buyerWith the housing market heating up again it has become more competitive and lenders are demanding more documentation regarding the sale process which means that as a first time buyer you want to be prepared and not have anything that can snarl the process. The following 5 steps will help a first time home buyer prepare for their first home purchase.

1.  Be sure to check your credit report. Make sure that there isn’t anything that shouldn’t be on there such as paid off balances, fraudulent charges or even family members’ credit. Your credit should be as clean as possible. Pay off any and all debt possible. If you feel the need to cancel any credit cards, do so strategically. If you decide to cancel multiple credit cards in a short time period be aware that can send out red flags to lenders. The best thing to do is to close the newest cards. Lenders like to see that you have a long standing relationship with credit companies as well as have more credit available a month than what you spend. It is also a good idea to have a savings account.

2.  Create a monthly budget so that you know what to expect spending wise when you buy a home. Wright down all your finances and as you save money for your first home, live as if you are making a mortgage payment so that you will be prepared spend less money once the home is bought. Be sure to stick to your budget.

3.  Be sure to find a good agent to help you in the search and buying process of your first home. Your agent should be showing you homes with in your price range, listen to your wants and needs pertaining to the house, help you become a strategic bidder, guide you through the process and they should be concerned about making you happy and not solely about their commission.

4. Find a good lender. It is important to find a lender that explains all aspects of the loan to you and one that is willing to look over your credit report with you and give advice as to what you can do to improve it. Be sure to interview several lenders before choosing one and wait until you find one you are happy with before having your credit checked. It will be another red flag and bump on your credit report if it shows your credit has been checked several times within a short time period. Do not settle for what may seem like the best deal such as settling with a lending company which you found and signed up with online. You may get a good rate but when the time comes to speak with an agent you may have difficulty getting a hold of one.

5. Keep a look out for properties and be ready to make an offer. The market has become competitive and you want to be quick at making a wise and competitive offer. Don’t make large purchases such as a new car which may lower your housing budget. When you find the house you are interested in, call utility providers and ask for usage history or contact the HOA so that you are aware of the average costs of living at a certain property and you don’t end up going over budget. Remember to continue to live and spend as if you are already making house payments so that you don’t end up under budget.

Real Estate Development in Madrona

There has been signs of a stronger real estate market for months and the numbers have proven that Seattle’s real estate market is improving.  In addition to the strong sales numbers, I have noticed that construction has picked up in Madrona.  Everyone in Madrona is aware of the Pike Station project on the corner of 34th and Pike, but that is not the only Madrona real estate project.  For example, there are two new homes being built on separate lots on one square block in Madrona in between 30th and 31st Avenue and East Olive and East Howell Street.

Madrona Real Estate

Madrona Real Estate

On the corner of 30th and Olive an old blue home was torn down and a new larger single family home is being built while in the middle of the block on 31st a new modern home is being built in what once was the backyard of another Madrona home.

Madrona Real EstateIn another part of the Madrona neighborhood on 35th Avenue between Union and Spring, another old home was torn down and it will be replaced with two new view homes.  One house will be 1120 35th Avenue and the other will be 1124 35th Avenue.

Madrona Real Estate

The Madrona real estate market is strong, if you want more information feel free to contact me with any of your real estate questions.

CORRECTION:  Two Madrona view homes are being built on 35th rather than just one as previously reported.

Prime Madrona Real Estate For Sale

Madrona HomeA gorgeous 1920’s Dutch Colonial on prime Madrona real estate with fantastic views of Lake Washington, Bellevue skyline, Mt Rainier & Cascades recently came on the market.  The completely remodeled Madrona home presents a modern, open floor plan, with pretty entry gardens and front porch open to the oak floors and crisp lines of the interior. Fir windows and doors, with two sets of French doors opening to spacious deck. Kitchen with impressive limestone island and high end appliances. Huge master bedroom suite fills the entire 2nd floor with two additional bedrooms in lower level.

Click the link to see more pictures, details and location of this fabulous Madrona home.

Status: For Sale
Bed/Bath: 3/2.25
List Price: $1,365,000

Madrona Home Featured in Pacifc Northwest Magazine

Contemporary HomeA beautiful Madrona contemporary home was featured in the Pacific Northwest Magazine in this Sunday’s paper.  The home was built in 2009 after the owner noticed the real estate was for sale while jogging in the Madrona neighborhood.  Click the link to the Seattle Times to see more pictures and read more about this Madrona home.

Building Stories on 6th and Lenora; Via6 Complex Unveiled

Pine Street Group has unveiled the new name for it’s current project on 6th and Lenora: Via6. The $200 million dollar apartment complex began construction last spring, with 100 workers currently on site. Production will increase to 350 workers this summer, and pre-leasing is said to begin in the fall. Designed by GGLO, and in collaboration with MKA, Via6 is a single structure unit with sister 24 story towers, connecting to a 6 story base. The complex will house 16,000 sq ft of retail space, that is proposed to include a bicycle club with storage space and shower units for commuting tenants. Via6 will be ready for tenants to move in Spring of 2013.