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According to the Seattle Times, a recent study by the University of Washington asked newcomers and long-term residents what they value most about the Seattle area. All answered “the natural beauty of the region”! So we can all agree we … Continue reading

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.

Sell Your Home This Spring With These Seven Tips

Spring has sprung in beautiful Seattle, and if you’re looking to sell your home, there may be no better time to do so. Think about it, what a lovely time to showcase your home and really put its best foot forward, so to speak? Here are some tips to get your home looking picture perfect for a Springtime sale.

  1. Spring Cleaning
    Nothing says Spring more than a good old fashioned Spring cleaning, and that may be just what your home needs (probably, even if you’re not going to sell it) to get it in tip top shape. Go through those boxes of STILL unpacked home goods, linens and clothes that have sat in a closet or attic since move-in day and get rid of whatever you don’t need or use anymore (trust me, charitable organizations are just as grateful for the donation this time of year as they are in winter).  Get the windows washed, floors scrubbed and everything looking clean and clutter-free. Plus, you’ll have the added bonus of a much easier move after you sell, if there’s less stuff to pack!
  2. Get Your Garden On
    Spring is an excellent time to make your yard look its absolute best. Slip on some gardener’s gloves and pull a few weeds, plant new flowers, prune trees and bushes and make sure any leftover leaves from winter are raked up and the grass is mowed. Potential buyers are definitely going to check out your yard, and just like a delicious meal, presentation is everything. Do your best to seed patchy grass, lay down beauty bark or simply add rock edging to flower beds. Adding more colorful flowers can make a big difference in how appealing your home looks too. It’s the little touches that can make a big difference.

  3. Create A Patio Worth ‘Sitting A Spell’ On
    Once the yard is looking good, it’s time to turn your attention to any outdoor living space your home offers. Simple improvements like clean, well-kept patio furniture with bright and colorful pillows and a few nicely potted plants can create a lovely and inviting outdoor space as well as help to evoke images of enjoying the Summertime there, in a home-buyer’s mind. That’s the kind of image that may just get you an offer. Also, it’s a good idea to stage the patio area with a pitcher and glasses of a refreshing beverage on the patio table when showing the home, especially on a nice sunny day.
  4. De-Gunk the Driveway
    A very simple yet often overlooked way to add extra curb appeal and freshen your homes appearance is with a good power wash to the driveway and any sidewalks outside. Moss, oil stains and other undesirable things can collect on paved surfaces outside of your home and make it look neglected or just plain grungy. A nice power wash should do the trick and rid those surfaces of any ‘blemishes’, instantly boosting the overall ‘put-together’ look of your home.
  5. Let There Be Light
    We are blessed this time of year with much more abundant sunlight than just about any other time of year (save for summer, of course). Why not take advantage of it by opening your house up to more light? Weather permitting, open windows and patio doors to let in plenty of light, fresh air, and maybe even the oh-so-Springy scent of freshly cut grass and flowers.  Use light the way ladies use lipstick for a night out, as an easy finishing touch that adds immense appeal, quickly and easily.
  6. Make Sure Things Are Up to Snuff
    Hiring an inspector to give your place the old once over is usually a good idea, no matter how well maintained it may be. If you have even a tiny inclination that something may need to be fixed before it hits the market, you should have a pro take a peek. Plus, getting things fixed and in great condition can significantly drive up the selling price of your home, which is generally a good thing. Your realtor (or a potential realtor) should be able to help you find a professional in your area to conduct an inspection.

7. All The Home’s A Stage
Staging can play a BIG part in attracting a buyer. Just as garden improvements and      landscaping are hugely important for the outside of your home, staging is key for the inside of your home. Regardless of whether you’re currently living in the home, or moved into your new abode, you want to create a space that’s warm, inviting and, well, homey. People need to be able to picture themselves living their daily lives there, so making it feel like home is important. Add a vase of fresh flowers to the dining table, a basket of fresh apples to the kitchen counter, have art on the walls (but not too much, and try to minimize the presence of personal or family photos) and fun throw pillows/blankets on the couches. You can even add the scent of fresh laundry or freshly baked cookies (a scented candle should do the trick) to get an extra edge, as our sense of smell is most directly tied to memory and scents like that can ‘take you home’ in an instant.

With these tips, the task of readying your home for sale should be a little bit easier. Remember to take it easy though. Don’t try to bite off more than you can chew and do it all in one weekend. Home buying and selling can take time, and you should take the time needed to get all your ducks in a row before you put that sign out in the yard. Preparing your home for the market can be a breeze if you just take it one step at a time to get your home looking it’s best, and, with any luck, it will be someone else’s home in no time!

Washington State Home Sales Soar Past Previous Highs

sold-sign2015 may have been an interesting year for many reasons, but in the world of Washington real estate, it sure felt like the good old days.

Not since the way-back-when of 2007 had so many homes and condominiums sold in the Evergreen State. According to the Northwest Multiple Listing Service, 2015 saw a whopping 88,331 homes changed hands last year, about  14% more sales than in the previous year. Those who have done the math say that works out to about 75,975 single family homes and 12,356 condominiums, valued at  approximately $34 billion, about 23% more than the dollar volume sold the year before. Those impressive figures make 2015 one of the best years for Washington State real estate in recent memory.

The last time this state saw real estate figures like that was in 2007, before the bubble burst and sent the country into what is not-so-affectionately known as The Great Recession. Even in 2007, the figures only added up to about 82,197 sales valued at $32.3 billion, according to the Northwest Multiple Listing Service.

Furthermore, despite a ‘lower inventory’, so to speak, prices and number of sales continue to grow. In King County, the median home price was $480,000 and more than 26,600 homes sold. Compare that to a median price of  $440,000 and 26,600 homes sold, in 2014 and you’ll notice a jump of close to 10%. Snohomish and Pierce counties can top those figures with growth figures for both median home price and number of homes sold over last year at nearly 16.80% ($355,000, up from $326,360 with 11,303 homes sold) and 17.39% ($249,950, up from 230,000 with more than 13,200 homes sold) respectively.

Overall, region-wide, the growth was about 8.8% from 2014, with a median price for single family homes and condominiums at about  $310,000, up from $285,000  last year.

Numbers like this are a positive and encouraging sign for the state of the  real estate market and the country’s economy as a whole. Let’s just hope nothing comes along and tries to ‘burst our bubble’ this time.

Late Summer Gains For Seattle Area Housing Market

neighborhoodThe S&P/Case-Shiller Index numbers for August were released yesterday, and after a July where we saw average home prices decrease by 0.1 percent in the Seattle Metro Area (King, Pierce, and Snohomish counties), prices bounced back and increased by 0.7 percent in August. On a yearly basis, prices in the area grew by 7.6 percent, coming in at number five on the list of cities with the highest yearly gains among the top 20 metro areas in the index.

Though prices in the Seattle are are still four percent below their peak, overall prices are showing steady growth and much of it is coming from a surprising sector of the housing market: condos. Zillow’s Chief Economist Dr. Svenja Gudell said in a statement that in the national market “…a good portion of the overall home price growth we’re seeing, especially in cities, has been driven by strong growth in condominium values, which are currently appreciating more quickly than single-family homes.” He cited condos’ popularity with younger buyers, many of whom live more urban lifestyles, are looking for more affordable housing options than single-family homes. This appears to be true in the Seattle market, as according to statistics from the Northwest Multiple Listing Service, median condo prices in King County were up 19 percent this August over August 2014. The median price for a condo in Seattle was up 32 percent over the same time period to $248,500.

Overall, it appears that the U.S. market is leveling out. Zillow’s Gudell says that “Annual U.S. home value appreciation has stabilized and settled into a nice groove over the past few months, and this relative stability should continue into the foreseeable future.”

If you’re interested in speaking with a real estate expert about Seattle’s market, contact your local agent today.

Real Estate Site Ranks Seattle No. 1 Housing Market

1150 17th Ave E-33. straightened smalljpgReal estate website auction.com has ranked the Seattle area the No. 1 housing market in the country for single-family homes, according to its analysis of home prices, sales data, demand, and economic factors. They point out the combination of strong price growth, at 10.9 percent over the year, and an equally strong increase in sales over the year, at 12.6 percent, as indicators of our market’s overall strength. The Seattle area’s solid job market keeps attracting new residents, and relative affordability compared to other tech hubs such as San Francisco, San Jose, and New York has seen demand continue unabated. Coupled with the fact that it is still 13 percent less expensive to buy rather than rent in Seattle means that everyone is trying to get their piece of the Seattle real estate pie.

Rounding out the top five behind Seattle are three areas in Florida – Fort Lauderdale, Orlando, and Palm Beach County – followed by our little sister to the south, Portland, where prices grew by 9.4 percent over the year.

If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today!

Home Tips: Prepare Your House For Fall

Fall has truly begun in Seattle this week, with leaves changing color seemingly overnight, and warm temperatures giving way to crisp fall air. Before you begin cozying up inside for the months ahead, there are several things you can do to prepare your home and yard for wet, cold weather. Here are some tips for making sure you and your house make it through the cold season unscathed:

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  • If you’re handy and can safely do it yourself, make sure your gutters are clear of leaves and debris. If not, hire a professional to do it for you.
  • Make sure your roof is in good shape. The last thing you want is a roof leak in the middle of the rainy season!
  • Trim back shrubs and bushes at the base of your house. Anything that can trap water near your home’s foundation is a recipe for water damage, so make sure your landscaping directs water away from your house.
  • Make sure your home is air- and water tight. In addition to saving you money on energy costs, making sure your house is sealed up makes it more comfortable and prevents potential water damage. Make sure your windows and doors are weatherstripped and are sealing tightly, and if drafts are still sneaking in under your doors, consider using a “door snake” for additional insulation.
  • If you have a fireplace, have the inside and chimney cleaned and inspected by a professional, and give the exterior a good scrubbing yourself. Porch.com has some great tips on how to clean your fireplace here.OLYMPUS DIGITAL CAMERA
  • Winterize your outdoor faucets and pipes. Read tips on winterization here from Seattle Public Utilities.
  • Make sure your smoke and carbon monoxide detectors are functioning correctly. Washington state law states that you must have a carbon monoxide detector installed outside of each sleeping area and on each floor of your house. Fall leaves
  • Do some yard maintenance to ensure safety. Since it will most likely be dark when you leave your house in the morning and when you come home in the evening, consider installing outdoor lights. Solar-powered options cost you nothing in energy costs, and many models switch on automatically at dusk and turn off at dawn. No brainer. Also, make sure your walkways and porches are free of cracks, moss, and leaves that can make them slippery.

Commercial Lease Rates Hitting New Heights In Seattle

seattle sunsetThe Highway 99 Blues Club, established in 2004 and located in the basement of a hundred-year-old brick building, is possibly one of the best blues clubs in Seattle. As reported by The Seattle Times, in June, the business was notified that their rent would be increasing. Somewhat normal and understandable considering the immense growth Seattle overall is experiencing, especially downtown. However, their rent isn’t going up just $500, or even $1,000. Starting in January 2016, the blues club, if they intended on staying, would be responsible for paying $14, 959 a month. That’s an increase of 225 percent (or $10,359 more a month) and how the business sees it, an eviction notice.

The commercial real estate market in Seattle is reaching new heights, quite literally and figuratively speaking, so much so that downtown tenants, like the Highway 99 Blues club, are being squeezed out due to astronomical rent increases. This gentrification of downtown Seattle is well supported, as companies haven’t a problem finding tenants to fill local office space in exchange for a pretty penny. In fact, not only are rents 7.5 percent higher (an average of $36.76 a square foot) than last year, but in June of this year “the vacancy rate was 11.4 percent, down nearly by half from its high of 21 percent five years ago,” according to the Seattle Times.

This rise in lease rates in Seattle, Bellevue, and surrounding areas has been greater than any other metro area in the US, and that includes tech hotspots like San Francisco, San Jose, Boston, and New York, according to the New York based market research firm Reis. Still, Seattle is cheaper than Manhattan, San Francisco, and London, and currently offers a thriving and exponentially growing technology and health industry. In fact, many San Francisco-based businesses are on the hunt for Seattle offices, including cloud-computing giant, Salesforce.com.

It’s been reported that three-quarters of newly occupied office space in King, Snohomish and Pierce counties is located in downtown Seattle. Last year a top floor office space went for $30 a square foot, this year a lower floor office space in the same building is asking $36 a square foot. That’s a 20 percent rent increase. Demand for land is what is moving these prices, as business owners are paying huge premiums and signing large lease transactions in order secure a spot to set up shop.

Adding to the difficultly in securing an already existing office in downtown Seattle or nearby areas, many companies are signing pre-leases on buildings that are still under construction. Some of these companies being:

–          Amazon just leased 817,000-square-feet of Troy Block, which is part of two-building project in South Lake Union.

–          Holland America Line just leased Martin Selig’s new 185,000 square foot building in Lower Queen Anne, set to open next year.

–          Tableau Software is set to lease a new 2016 210,000-square-foot building north of Gas Works Park.

–          And Juno Therapeutics leased 287,000 square foot building which is under construction at 400 Dexter Ave. N in South Lake Union.

It certainly seems “Seattle is a landlords market,” Stuart Williams, managing director of commercial real-estate brokerage JLL told The Seattle Times. This isn’t a playground for the mom and pop smaller tenant. This game is only available for big time tenants ready to pay up, commit to long term leases and wait patiently for their space in the ever changing Seattle metropolis.

A Hidden Cost That May Be Helping Drive Rent Increases

Parked CarsThe affordable housing crisis in Seattle is garnering attention from the media, homeowners and politicians alike. Rent costs continue to rise and more than 100,000 people are estimated to move to the Seattle area in the next 20 years. Minimal affordable housing options have over half of Seattle renters paying more than one third of their income on rent, an average of $1,501 per month for a one-bedroom apartment.

Common reasons thought to contribute to rising rentals costs are lack of rent control and the fact that almost 65 percent of the city is zoned for single-family housing, leaving limited areas for multifamily development. But an article in The Stranger recently outlined a less visible factor that contributes to monthly rental costs: parking garages in apartment buildings.

Off-street parking requirements and more conservative developers contribute to the, arguably excess, parking built for apartment buildings. It’s estimated that one parking stall in a residential garage can cost between $20,000 and $50,000. Depending on the size of the building this can add several hundred thousand dollars in cost, not to mention taking up space that could be used to construct far more profitable housing units.

The article states that though many still cite parking as an amenity they prefer, more than 30 percent of parking spaces in buildings built after 2008 go unused at night, according to a  2013 report by the Sightline Institute. So who pays for these parking spots? All tenants, even those without cars.

Because the developers rarely see a full return on investment for parking spaces, landlords generally pass on the expense to their tenants. These expenses, usually represented in higher rent, can add up to 15 percent of monthly rent, applying to all tenants regardless of whether or not they own a car.

This issue was recently addressed in the final proposal of Mayor Ed Murray’s Housing Affordability and Livability Agenda. “Off-street parking requirements or quotas have a large impact on the financial viability of new housing for both market and affordable housing development,” the report states. “Parking quotas act as density limits, inflate the average size and price of housing units, and prevent some smaller properties from being developed altogether.”