Queen Anne Historical Tours: Presented by Nicole Demers-Changelo

QA Historical Tour Poster Windermere agent, Nicole Demers-Changelo, is hosting a monthly Historical Walking Tour in Seattle’s Queen Anne neighborhood. The theme of the tour is Real Estate Speculation and Architectural Innovation within Queen Anne. Nicole states, “In particular, we will review the evolution of real estate ventures and architectural approaches from the late 1800′s to the present.”

Nicole is able to present a unique perspective to this tour, as she is also an architect. She began her career drafting and designing spaces. She is also immersed in the history of various architecture and has spent much time researching the lovely historical character which embodies the Queen Anne community.

The tours are scheduled for the first Sunday of the month May to September, beginning at 10 am. You will need to reserve a spot on the tour by calling 206-271-1267, or sending an email to andition@windermere.com. Also, a minimum tax-deductible $20 donation is recommended, with the proceeds benefiting 3 Queen Anne nonprofit organizations. Payment can be a check made out directly to the benefiting non-profit, or cash. Tour meet up spot is Kerry Park, 211 W. Highland Drive. The tours are approximately an hour and a half long; the walking distance is less than two miles. Dress for the weather – tours will occur rain or shine!

The May 5th and Aug 4th tours benefits the Bayview Intergenerational Childcare, “which harnesses the excitement of youthful exploration to provide a place for growth and learning; children develop a positive attitude towards age and disability from frequent interaction with the residents of Bayview.”

The June 2nd and September 1st tours benefits Beginnings School, “which provides a place for children to develop intellectually, emotionally, and physically through social interaction and individual exploration.”

The July 7th tour benefits Queen Anne Historical Society, “which has the goal of preserving the historic heritage of the Queen Anne community.”

If you would like to participate in a tour, but have little ones and need to use a stroller, Nicole is coordinating abbreviated tours with Twirl Cafe. Check their calendar for details.

Open Houses: Saturday, 4/27 & Sunday, 4/28

Hello! Happy Friday!! What a wonderful week of sunshine! Spring is here and summer is right around the corner. Lots of garage sales going on as people are spring cleaning!!!

We have 5 beautiful Windermere R.E. / Mercer Island listings being held open over the weekend. 

Details about the open houses is below. Enjoy!

Seattle

$860,000 l 2721 Warren Ave N l 470145 l Bonnie Sanborn l Sunday, 4/28 1-4PM

$950,000 l 2040 43rd Ave E #510 l 475531 l Nancy LaVallee l Sunday, 4/28 1-4 PM

Mercer Island

$779,000 l 5053 88th Ave SE l 476988 l hosted by Michelle Rubin l Sunday, 4/28 1-4PM

$1,375,000 l 5331 Forest Ave SE l 470311 l hosted by Kathryn Lerner l Sunday, 4/28 1-4PM

$1,449,000 l 7850 SE 52nd St l 470676 l Erin Ewing l Saturday, 4/27, 11-2 PM

“The Mercer Island Open House List is ready to conveniently print from this blog post!  5 home are available to preview Saturday, April 27th, and 22 will be open Sunday, April 28th. The list prices range from $4698,000 to $10,885,000. The prominent features of the homes being held open over the weekend include recent price reductions, new to the market, outdoor entertaining spaces and walk-in pantries.”

Open House List

Mercer Island’s Months Of Inventory: Incredibly Low & Creating a Seller’s Market

We’ve been talking a lot about our region’s low inventory of homes for sale here on Mercer Island Pulse (Should I Wait to Move Up; Continuing Discussion: Our Local Housing Market and Low Inventory; Sellers – Why Waiting To Sell May Not Make Sense). February 2013′s regional statistics exhibited another month of incredibly low inventory. February 2013′s Months of Inventory for Mercer Island was 2.8 months for closed sales. The Months of Inventory for pended sales on Mercer Island (where homes were in the process of being purchased but had not closed yet) was even lower at 1.9 months. This situation has caused the island real estate market to become more of a seller’s market, where there are more buyers for well priced homes than listings available.

Do you have questions about what the term “months of inventory” means? The infographic below explains “months of inventory,” along with sharing other pertinent information about the Mercer Island real estate market and low inventory.

Home Inventory Infographic

In the infographic, the term “balanced market” is mentioned. A balanced market is a situation where the market is neutralized – there are equal numbers of buyers and sellers in the marketplace. Home pricing is generally more stable as the months of inventory are higher to accommodate the number of buyers, however not so high as to cause homes to languish on the market because there are not enough buyers for the homes listed for sale.

How many months of inventory are needed to create a balanced market? This number is subjective, as it is dependent on a number of market factors like average home pricing and average number of homes listed for sale to create neutrality in the market. On Mercer Island, 5 to 9 months of inventory, as mentioned in the infograpic, is typically a balanced market. In other areas you may find that a balanced market has a little lower months of inventory count, like 3 to 6 months or 4 to 6 months.

Do you have any questions about the current real estate market on Mercer Island? Please post them in the comment section below. Also, if you would like more statistics about the real estate markets in Mercer Island, Seattle and the Eastside, check out the blog Weekly Property Report — this blog provides weekly 16-week summaries of market activity, by price point, for fifteen MLS areas in the greater Seattle/Eastside region.

Continuing Discussion: Our Local Housing Market and Low Inventory

The housing market recovery, locally and nationally, and the low inventory in our region are both hot topics of interest. Windermere Blog featured posts on both subjects this week.

Windermere’s president, OB Jacobi, discusses the low inventory in our region in his post Time to Reality Check the Real Estate Market. From the post:

Here are the current inventory levels in key markets along the West Coast, all of which fall below six months of supply and report strong competition among buyers.

· Seattle: 1.4 months

· Portland: 4.2 months

· San Francisco: 1.8 months

· Las Vegas: 3.8 months

· Palm Springs: 2.5 months

Mr. Jacobi discusses what this means to buyer and sellers, along with discussing the impact of current interest rates and its effect on affordability.

Matthew Gardner, principal at Gardner Economics, compiled a report on how our region fared during the 4th Quarter of 2012. He provides analysis of Western Washington’s job market along with the housing market. He, too, touched on our region’s low inventory:

As stated previously, I do worry about the lack of homes for sale. If we do not see a fairly dramatic increase in inventory, I fear that the market will be forced to give some of its recent gains back— albeit temporarily. Because of this fact, and regardless of the solid price growth that we are witnessing, I am still unable to raise my grade above the “C” that I gave it last quarter.

With that being said, Gardner goes on to state in his conclusions:

From a real estate standpoint, it is clear that we are now well removed from the days when home prices were hemorrhaging. Home values have stabilized and a recovery in values is underway. The credit markets have thawed and getting a mortgage is easier now than it has been since the housing “bubble” exploded. Interest rates remain at historic lows, and although I believe that they will rise in 2013, the increase should be modest.

Please take time to read both blog posts. They are full of pertinent data for those interested in our current housing market. To quote OB Jacobi, “It goes without saying that nobody wants to sell at the bottom of the market, yet at the same time, everybody wants to buy at the bottom. Obviously these two scenarios can’t exist at the same time, but I hope the information in this blog shows there are definitely opportunities to be had by both buyers and sellers that are worth considering.”

3 Mercer Island Residents Have Paintings in Celebration!, a Traveling Art Exhibition

MP900309017 Three residents of Mercer Island, and members of Women Painters of Washington, are participating in a traveling art exhibit opening in Seattle Tuesday, January 8th. The show, Celebration!, is a juried exhibition highlighting the diverse talent, and artistic styles, of 69 women artists from around the state of Washington.

The three Mercer Island residents with paintings in Celebration! are Esther Akrish, Nancy Axell and Seiko Konya. According to the Mercer Island Patch, all three artists are also members of Mercer Island Visual Arts League (MIVAL).

Celebration’s Seattle show is at the Women Painters of Washington Gallery, located in the Columbia Center Building, 701 5th Ave, Suite 310. The exhibition runs January 8 – February 22, 2013, with the Opening Reception (public welcome) on January 10th, from 11am-2pm. The gallery entry is free of charge and it’s open Monday through Friday, 11am – 4pm.

In the exhibition, Axell and Konya are showing watercolors and Akrish’s painting is an acrylic. And even though two of these three artworks are portraits, and two are watercolors, the diversity within these artists’ paintings is quite spectacular. Each woman’s work features a unique style and artistic passion. It would be a wonderful treat to see their paintings in person.

If you can’t make it to the Seattle show, Celebration! will be at Childhood’s End Gallery (222 4th Ave. W, Olympia, WA), March 1 – April 21, 2013; Northwind Arts Center (2409 Jefferson St, Pt Townsend, WA), May 3 – 26, 2013; and Clymer Museum (416 North Pearl St., Ellensburg, WA) June 7– July 27, 2013.

The wide range of styles, subjects, and media by artists in the CELEBRATION! show make this a “must see” exhibition. ~ Women Painters of Washington Blog

Before You Waive the Inspection Contingency, Consider the Risks

In marketplaces where multiple offers are more common place, there may be a temptation to forgo an inspection to woo the sellers. However, it would behoove a buyer to take some time to learn the risks that can accompany forgoing the inspection contingency when purchasing a home.

The American Society of Home Inspectors (ASHI) website has an informative FAQ section which addresses commonly asked questions about inspections. Their Facebook Page contains photo examples of what ASHI inspectors find out in the field. While many are humorous looking, the reality is dealing with unexpected problems after purchasing a home is no laughing matter.

Check out this Huffington Post article about a woman who paid $1,000,000 for a home, waived the inspection contingency, and after the transaction closed discovered an enormous mouse infestation. According to the article and accompanying video, the home needs to be torn down to the studs. While this is an extreme example, it illustrates clearly why conducting an inspection prior to purchasing a home is usually in a buyer’s best interest.

If the local real estate market you want to buy in suffers from low inventory, like it is here in the greater Seattle area and Eastside, multiple offers are a reality buyers grapple with. For buyers who are finding that an unwillingness to waive the inspection contingency can be a deterrent to sellers receiving multiple offers, a pre-inspection may be a good option to consider.

What exactly is a pre-inspection? This is an inspection service available to buyers that is conducted before making an offer on a house. It’s not as long, or as detailed, as a regular inspection. During a pre-inspection, which generally lasts an hour to 90 minutes, the inspector examines all the main structural elements and systems. Roof, attic, crawl spaces, foundation, heating and cooling systems, electrical, plumbing… the large components of a home, like these, will be inspected for damage, moisture problems, breakdown and infestations.

In neighborhoods that have more buyers than available inventory, it’s become increasingly popular to invest in a pre-inspection first. While it’s not as thorough, conducting one may give a buyer more confidence to move forward without a full inspection if that waiver would make their offer stronger. “Certainly no one wants the added expense of paying for an inspection on a house where your offer may not be accepted,” Raj Hayden, of Cardinal Home Inspection, shared. However when you consider the risks of forgoing any type of inspection, Hayden said for her it’s always preferable to have as much information going in to the decision making process as is readily available, to minimizing the shock and/or regret later.

Furthermore, during a pre-inspection, while their agent is present, buyers can do the detail leg-work a home inspector usually completes during a full-length inspection. Check out doors and windows. How do they fit into their frames? Do they open and close easily? Check out the appliances that will be staying. How do they work? How noisy are they? Do closet doors ride easily on their rails? Have walls been patched? What is the condition of the cabinetry? Does the carpet in any of the rooms have spots pulling away from under the molding? These details can be easily checked by the buyer while the inspector examines the core of the home.

Now it’s your turn. What has your experience been in a multiple offer situation? Have you invested in a pre-inspection before making an offer on a home?

Another way to view our office listings

Here at Windermere R.E. / Mercer Island, we’ve been working on a creative way to feature our current office listings. On Youtube, we have started a channel called WindermereMI. Several of our listing videos are now available to view on our Youtube channel.

Please check back often, as we will be adding new video content on a regular basis. We’d love to hear your feedback as well. What is your opinion of the WindermereMI channel, and the videos themselves?

Mercer Island Spotlight: Island Books

A long-standing member of the Mercer Island business community, Island Books’ own story possesses the magical elements that create an urban legend.  Lola Dean, who originally established the store, was an island resident back in 1973.  She was a nurse, married to a Mercer Island pediatrician, who saw a need for a place where reading was supported and celebrated – and which did not involve leaving the island.  Dean, a woman who could take an idea and run with it, decided in September of ’73 to establish a local book store. On November 1st of the same year, Island Books opened its door. The shelves, which are still used in the store today, were built by Dean’s pediatrician husband; his examination table now sits behind the cash register for staff to wrap gifts on.  From time to time, Roger Page, current owner of Island Books, reminds long-time residents they probably once sat on that very table as children!

While Dean was a mover and motivator, she was also always ready for a new challenge. Rumor has it, when she was ready to tackle her next project 3 years later, Dean gathered 3 friends of similar age and life circumstances — Elinor MacDonald, Fam Bayless and Margory Wilkens—  and took them for a boat ride around the island.  At the end of the lake tour, Dean made the announcement that they were going to purchase her book store.  Page is not clear how much of the story is embellished—he figures it contains both truth and touches of fancy.  When he started working at Island Books, MacDonald, Bayless and Wilkens owned the store and daily operations were carried out through the enlisted help of 15 other island women.  Page’s own story adds to the Island Books mythos—he had been a teacher for approximately 10 years back in 1983.  Deciding that he needed a break from teaching, Page elected to take a year to try some other employment opportunities.  An avid book hunter, Page thought a turn in a book store would be just the thing for him to experience—however he could not find a store in Seattle which was hiring.  Acting upon a tip he’d heard, Page called up Island Books and the ladies hired him on as the gift wrapper for the 1983 Christmas season.  He stayed on after Christmas and attended a 2 week book selling school offered by the American Booksellers Association during the winter of ’84. Due to the fact he was at the store so often, Page was made a store manager soon after.  In 1991, Page and his wife, Nancy, wanted to start a family.  He approached the ladies of Island Books about a more substantial position at the store. Instead, they offered to sell him the whole operation.  As Page spun the tale of Island Books’ rich history, the integral elements of roots, relationships and community became inherently clear.

Those elements are as important to today’s Island Books as they have been during the developmental years of the business.  For instance, the store has an enduring relationship with local book clubs. They offer members a 10% discount when purchasing their most recent titles, and store staff have been invited to speak at various clubs. Nine of the island book clubs’ current reading selections are displayed on Island Books’ website. However, the number of groups they service is closer to 30-40, located both on and off Mercer Island.  Island Books’ Open Book Club, the only one they officially sponsor, was established back in 1996 to accommodate locals who are looking to join a club. It’s a great way for new residents to meet people.  Throughout its tenure, like-minded participants of Open Book Club have split off, forming their own groups.  The longstanding Poetry Potluck is a group Island Books has sponsored for many years.  While they are not currently accepting members, the monthly group gathers to nosh and share the varied poetry they so love.  In addition, there are many informal ways locals connect through Island Books.  Parents bring their children to play in the same store play house they enjoyed as youngsters.  Nancy Stewart, a Seattle area singer, has performed at pj story time for 30 years.  Lola Dean herself still travels to Mercer Island to attend a book club which has been meeting here for decades.

As a by-product of his 30 years at the store, Page has witnessed the cyclic growth and waning of the island business community. He noted that in 2012 there is less variety in the types of businesses located in the Downtown neighborhood than in years past.  “Part of what’s happened with that is we have diversified,” Page replied when asked how changes in the Downtown core have affected Island Books’ business practices. The store has morphed from being just a book store into being more of a mercantile—they now offer a variety of products which are no longer readily available at other island businesses.   The advent of online shopping is another change Island Books has adapted to.  They offer online shopping options in addition to their brick and mortar storefront.  While convenient, online shopping may not replace the need we have, at times, to interact with others. “Sometimes people want to touch things, sometimes people want to connect… sometimes people want to shop with their kids… there is something about who we are in the Pacific Northwest, and as humans— people want a place to do their shopping,” Page opined. When asked for suggestions on how to increase the diversity and vitality of Mercer Island’s Downtown, Page brought up the renaissance of two Seattle neighborhoods which sprang from the long-term ideas of a local visionary.  In Ballard, it was Kenny Alhadeff, and his Majestic Bay Theatre, which gave steam to the revitalization there.  In South Lake Union, Paul Allen’s perceptions developed into a neighborhood plan that not only shaped the neighborhood itself but influenced Seattle’s future.  Page suggested that Mercer Island’s Downtown could also benefit from a long-term vision, and that it might reduce the “log-jam” of similar businesses which are clustered in the Downtown core.

Within the last eight years, Page’s wife, Nancy, transitioned from owning and managing her own business to partnering with him at Island Books.  She’s helped manage the helm of the store during this time of rapid change. She works with Page to maintain the relationship-based, community-hub atmosphere it has matured into.  Nancy was excited to share a lovely gift a patron hid, back in March, on top of a book self in the store.  It’s a sculpture of their logo meticulously created from the pages of a Shakespeare play, poised on a pedestal built from copies of Jane Eyre and Robinson Crusoe.  The attached note refers to an anonymous artist gifting Scottish libraries with similarly created sculptures—a neat story covered in the Store Journal 4 months ago.  More importantly, the note shared the sincere feelings of the local, unnamed artist, regarding Island Books. Through the charm of local mythos, procuring long-term staff who establish relationships with their clientele, and being involved in the community, Island Books has grown into a place where people enjoy spending time with friends and family, or just by themselves, whiling away an hour or two.  It’s so fitting that their tag line throughout the last 4 decades has often been the Shakespeare quote, “I like this place and could willingly waste my time in it.”

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Tweeted: Positive Economic News About the Seattle Metro Area

Matthew Gardner is a terrific person to follow on Twitter. He shares important, timely local economic and real estate information. He’s @SeattleEcon on Twitter. And look at this wonderful Seattle Metro Economic news he shared today on Twitter!!!

PS: He just started up a blog, too. It’s called Gardner Economics. Definitely worth checking out!

The Gardner Report for Western Washington’s 1st Quarter 2012– Both Positive and Realistic

Windermere Real Estate is proud to partner with Gardner Economics to create an analysis of the Western Washington real estate market for the first quarter of 2012.

Matthew Gardner, principal at Gardner Economics, stated that “location” is the most appropriate theme for this first quarter analysis. Depending on the location in Western Washington, the signs of recovery for both the job market and real estate market varied. However, to quote Gardner, “…we have come out of the free fall and are starting up the long road to recovery on both the job front as well as in our real estate markets.” Between March 2011 and March 2012, 54,230 jobs were added in the counties examined for the report. That is a 2.58% growth rate, exceeding the growth rate of Washington State as a whole and the United States average.

While not all the counties experienced job growth — 9 of the counties examined did, while 7 experienced a decline to their employment base — compared to this time last year the statistics show definite improvement. The 3 counties which saw the most employment growth were Snohomish, King and Whatcom. The growth rate we’re seeing in our regional employment base right now is not a rate that Gardner sees as sustainable, so he chose to give the current employment situation in Western Washington a “B-” grade. This is up some from his last assessment, and is at a grade level Gardner sees as maintainable with our current economic trends.

The sales of existing homes in Western Washington saw a growth of 13.7 percent when compared to the first quarter of 2011. The counties which experienced the biggest gain were Mason, San Juan, Snohomish , Pierce, and King. When examining sale price numbers for the region, it appears that there was a 4.5% decline in price over the 1st quarter of 2011. However, the mercurial stats from San Juan County greatly skewed the data. Remove those numbers from the aggregate and home prices in Western Washington actually rose by 2.9% year-over-year.

Short sales and foreclosures are still a formidable force in the market, and their presence has been keeping home prices lower. While it’s difficult to continue to deal with these distressed properties, Gardner discusses how it’s part and parcel of the process of recovery.

“Getting through this inventory is a process, and it can be a painful one. That said, it is an important part of any recovery. We know that the percentage of “all cash” sales are far higher than we have ever seen, which indicates to me that investors are now buying, and this will likely help in depleting this inventory.” ~Matthew Gardner

Gardner again stresses location when discussing recovery. Depending on how close the county is to economic centers, and how much growth home sales saw in yesteryear, will impact how quickly counties will see more of an increase in home prices. And while recovery signs are positive in so many local markets, Gardner rates Western Washington’s real estate market at a “C” grade this quarter. The low inventory, in his opinion, greatly affects the health of the market and he does not see an improvement of his assessment until there is a larger inventory of homes available for sale.

The take away from Gardner’s 1st quarter report of Western Washington is we have come a long way to climb out of the hole the recession left in our job and real estate markets, however we still have work to be done. Gardner states “We are not out of the woods yet, but the forecast is a positive one.” Please take some time to read the full report on Neighborly News. It’s well worth your time– his analysis is insightful and he shares several graphs to illustrate his points.

“Overall, I am still looking to 2012 as the year that we emerge from the recession and, in our own inimitable Washingtonian manner, stride forward in the belief that the way ahead is a good one. (After all, who else wears shorts when it’s 50 degrees outside?)” ~Matthew Gardner