Lake Union Floating Home Available For $1.7M

houseboat

This houseboat on Lake Union in the Eastlake marina has off street parking and is now listed for $1,795,000! With a scenic setting, this home offers fine design, amenities, convenience & a  once in a lifetime unique lifestyle opportunity. Solarium with garden space, dining room, living room and sauna. Features include a King size master bedroom with a five piece master bath that is finished with Carrera marble. Rooftop deck & largest floating deck in the complex, with city and Gas Works views, moorage, storage, air conditioning, 1 garage stall,  and one uncovered parking stall. For more information on this or other Seattle real estate listings, contact your local real estate agent today.

Status: For Sale
Bed//Bath: 3/1.75
Price: $1,795,000

Tips For Purchasing a Home in 2015

Many homeowners will tell you that they entered and exited the real estate market several times before making the final offer and closing on their home. As a buyer, you’re not always tied down to a time frame, priorities might shift and unexpected things happen that could delay purchasing a home. The beginning of a new year is a great time to review your goals and resolutions for the year ahead, so if you’ve been thinking about buying a home, and want 2015 to be the year you take the plunge, here are a few tips to help you stay afloat in today’s marketplace. 1910 NW 100th St-6

Prospective buyers are usually shopping online, and reviewing several of their dream listings at home, researching the mortgage process, and trying to grasp the local market. Serious buyers partner up with a real estate agent well versed in the neighborhoods, and can walk them through the home buying process. Agents have completed many transactions, and will have the knowledge and experience to put you one step ahead. It also helps to stop thinking that you’re going to get a great deal on your dream home. The great Seattle marketplace is competitive, with low inventory and a growing number of serious buyers, so if you’re truly interested in buying you might want to stop hunting for a bargain. Making a low ball offer on a home when you’re first entering the buying process might seem ideal to test the waters, but it might also sabotage your offer, and lose you a home. Your agent can help you determine a fair offer, and ultimately help you find listings that match your criteria. Every buyer has a unique set of goals and needs, so contact your local real estate agent today to get started on the home buying process.

Two Seattle High Rise Buildings Under Design Review

 

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Photo Courtesy of the Daily Journal of Commerce

Two new proposals for towers under review in Seattle’s downtown core. According to the Daily Journal of Commerce, design review meetings have been set for the towers, the first a 39 story residential tower located at 1613 2nd Avenue, and the second a 40 story mixed-use building at 970 Denny Way. The Wood Partners are interested in building the 39 story tower on 2nd Ave, and have listed 1,000 planned sq ft of street level retail space, as well as parking designated for 140 stalls, four levels below ground, and 6 levels above ground. An early review meeting is scheduled for this project on January 20th at 7pm, in Seattle City Hall.

Holland Partner Group is also planning a 400 ft building at the intersection of Denny Way and Terry Avenue North. The design plans include 500 residential units, 17,000 sf of retail space and 450 parking stalls. For more information on Seattle Real Estate, contact your local real estate agent today.

Chinese Buyers Big Players In Seattle Real Estate – And Getting Bigger

bellevue homePeople from China bought more than $2 billion in residential real estate in the Puget Sound area in 2013, and it doesn’t appear that that number will be decreasing anytime soon, according to a new report by the Puget Sound Business Journal. Chinese buyers are lured here by our clean air and good schools, and by the fact that they are able to buy a large home here for the same price that a small condo would cost in Beijing or Shanghai.

Tere Foster, a residential agent with Windermere, told the PSBJ that while many Chinese buyers buy homes here to use as their residence, many also buy them simply as part of an investment portfolio and let them sit vacant. Chinese investor groups have also been getting in on the commercial market in the past several years, having bought the First Congregational Church property in Bellevue for $30 million, and another Bellevue development site for $31 million. Many transactions, for sales of both residential and commercial properties, are being conducted in all cash, making closings much quicker than those involving financing, an obvious incentive for sellers.

Local brokerages are fully embracing the influx from East Asia, hiring Mandarin-speaking agents and forming divisions specifically to serve Chinese buyers. PSBJ cites a statistic from the National Association of Realtors that says there are more than 2 million millionaires in China, 47 percent of whom plan to move out of China within the next five years, meaning that the flow from China to Seattle has most likely just begun.

Insurance Tips For First TIme Home Buyers

Searching for a home can be a job in and of itself, and home insurance often gets lost in translation of the to-do list for first time home buyers. There are so many factors to consider in the home search,  such as choosing the right mortgage company, and real estate agent. Finding the right home insurance, and factoring it into your home buying budget should also be a top priority. Our friends over at Zillow have put together great guidelines and insider insurance tips for first time home buyers. Here are some of the key take-aways: 1910 NW 100th St-6

Do your research, and shop around for the best rate between insurance carriers. You might be able to save yourself hundreds of dollars just by comparing a few different companies.

Your credit score matters – not just for your mortgage rate, but also for your insurance. Insurance companies utilize your credit report to determine the level of risk you’d be as a new policyholder. If you’re shopping for a home, you’re probably already making moves to improve your credit, but its important to know that your credit is also important in achieving an affordable insurance rate.

Consult with your current auto insurance or boat insurance company to discuss bundling options. You can often save on your premium by utilizing the same company for home and auto insurance.

Invest in substantial coverage plans. While you don’t want to overspend, home owner’s insurance is also something you don’t want to hold back on.  Be sure your policy covers your home from weather risks common to your area, and be sure your dwellings coverage is substantial enough to cover the structure of your home incase of serious damage or destruction. If you’re looking for a new home, and would like some inside knowledge on the Seattle real estate scene, contact your local real estate agent today.

Tis the Season: Top Reasons to Buy During the Holidays

Although sales are historically down during the last few months of every year, there are certainly some noteworthy perks to the home search during the holiday season. Here are a few reasons a new home should be on your wish list for Santa this year. 812 W Galer

Did you know home prices are generally listed lower in December, than they are throughout the rest of the year? There are several reasons for home affordability increasing this month, and low mortgage rates is another factor in your favor. Mortgage rates are around or just under 4%, and according to Zillow estimates, are expected to jump to 5% by this time next year. If you wait just one more year to purchase the same home, your monthly mortgage payment could increase significantly. This isn’t to say that you should buy a home now if you’re not ready; buying a home is a huge commitment, and  knowing when you’re ready and able to purchase is essential. It is also worth noting that if Seller’s are listing their home during the holidays, they are usually very serious about selling their home. Maybe they recently received a new job and need to relocate before the end of the year. Their lack of time is your gain – and you can also lower your tax bill for the year if you close on your new home by Dec 31st. For more information on homes for sale in the Seattle area, contact your local real estate agent today.

Home Value Appreciation Slowing Locally And Nationally

housingZillow is reporting that markets across the country, including Seattle’s, are seeing a sustained slowdown in home price appreciation that will likely continue into 2015. At the end of the third quarter this year, annual appreciation for homes in Seattle stood at 6.9 percent, whereas the change in the third quarter of 2013 from the previous year was 12.9 percent. Zillow is forecasting that in the third quarter of 2015 appreciation in Seattle will be down to 5 percent.

Nationally, home values grew by 6.5 percent over the past year, which is down from the peak annual appreciation of 8.1 percent in April of this year. To give some context, U.S. home values are still 10.1 percent below their peak in April 2007 at the height of the bubble. In further evidence of a softening national market, there are 18.6 percent more homes on the market in the U.S. than there were a year ago, though Seattle is still seeing very low inventory.

If you are interested in real estate in the Seattle area, contact your local real estate agent today.

Seattle Condo Prices Still Below Market Peak

Seattle condo prices are taking their time to bounce back from the housing bubble in comparison to single family home prices. With condo prices down, the market has presented a unique opportunity for renters who haven’t been able to save for a down-payment to purchase a single family home. In some of the suburbs around Seattle, condo listing prices are still well below recovery prices, and low prices paired with low interest rates means more and more renters have the opportunity to be new homeowners. pioneer square

According to the Seattle Times, out of the 30 suburbs throughout King County listed by the NWMLS, all but 3 (Bellevue, Kirkland, and downtown Seattle) have not seen the median home price surpass the 2007 market peak. In 19 of the 36 markets listed in King and Snohomish County, median home prices are still 20% below the market peak. Seattle has seen the cost in rent and single family homes continuously rise, while condo prices have stayed consistent, or even dropped in some areas. While there are a number of reasons that a condo market can suffer during a market recession, many singles, small families and people looking to downsize are turning to condos for an affordable option towards homeownership. If you’re interested in learning more about the Seattle condo market, contact your local real estate agent today.

City Council Votes To Enact Mandatory Developer Fees

towersThe Seattle City Council voted 7-2 Monday to make real estate developer fees that would go toward building affordable housing mandatory; until now, developer fees have been voluntary. As reported by the Puget Sound Business Journal, the Affordable Housing Linkage Fee Program will require commercial and residential developers to pay a fee of anywhere from $5 to $22 per square foot of rentable space in the building, or make 3 to 5 percent of the building’s units available to those who make 80 percent or less of the area’s median income. According to KIRO, that works out to no more than $1,200 for a one-bedroom apartment.

Linkage fees will apply to developments mainly in commercial areas and multi-family residential zones, and will range from $16-$22 per square foot in Downtown and South Lake Union to as low as $5-$7 per square foot in the Rainier Valley and North Seattle (see the map of where fees would be applied here). The money generated by the fees would be used to build housing for people making 60 to 80 percent of the median income, which works out to $45,000 to $65,000 for a family of four, according to The Seattle Times. The fees would not apply to buildings in single-family neighborhoods.

Before the city council vote, a group of 13 land-use lawyers sent a letter to the council opposing the mandatory fees, saying they were illegal under current state law.

If you are interested in learning about housing in Seattle, contact your local real estate agent today.

‘Best September In At Least 10 Years’ For King Co. Home Prices

housesAfter a sluggish summer for home price gains in King County, the median price for a single-family home rose to $460,000 in September, almost 10 percent higher than a year ago and 5.3 percent higher than August’s median price, according to an article in Tuesday’s Seattle Times. The Times says that those numbers, pulled from the Northwest Multiple Listing Service, point to the best September for home prices in at least 10 years.

The city of Seattle performed the best of all the sub-markets in King County in September, with the median price having risen to $517,000, 12 percent higher than September 2013. While the median price on the Eastside was higher than Seattle’s at $605,000, yearly appreciation was slower at only 6.3 percent. Southwest King County, which includes Burien, Tukwila, Des Moines, Normandy Park, SeaTac, Federal Way, and West Kent, continues to be the most affordable sub-market with a median price of $267,250, though that is still up 6.7 percent from September 2013.

Despite the price increase over the past year, the number of closed sales has actually decreased in every sub-market in King County except Seattle, which still only saw one more sale in September 2014 (643) than in September 2013 (642). North King County saw the biggest decrease in closed sales, having dropped 17 percent from September 2013. Agents quoted in the article say this could be the result of buyers’ fatigue after months of low inventory sparking bidding wars and extreme price increases.

For more information on Seattle-area real estate, contact your local real estate agent today.