Get to Know the Library Neighborhood of Mercer Island

By Ken Urman, Realtor 

Situated between Island Crest Way on the West, 92^nd Ave SE on the East, SE 47^th on the South, and SE 42^nd on the North is a quiet neighborhood known as the Library Community. This well-located neighborhood is very typical of Mercer Island in most ways – it is convenient, quiet, good topography and has many positive community features, the most popular is, of course, the terrific Mercer Island Library and Rotary Park.
The Library community is just a short walk away from the high school, the Boys and Girls Club, several parks (including Ellis Pond), and several popular churches. Trails and level topography help connect the community and its features.  It is also served by a bus route.

The current Library structure was built in the early 1990s. It has become the site for many city and community meetings, art exhibitions, and musical performances. Beginning in early 2014 renovations will ensure that the library facility can accommodate an ever-growing collection of publications ranging from print and digital books and journals, print and digital magazines, public use computers and research tools and technologies, as well as special collections of interest to the community. Current plans call for improvement of interior acoustics and window replacement. Renovations will also refresh the interior of the existing building (no changes to the footprint of the building) as part of this 1.6 million dollar renovation. 

 
The second major attraction in the Library neighborhood is Rotary Park, which was created in 1970 as a project of the Mercer Island Rotary Club.  The park is located across from the Library and close to St. Monica's Church.  Over the years, it has evolved into a neighborhood park. Every spring, volunteers from the Rotary Club and the high school Interact Club clean up the park and make minor improvements. Activities in 2013 included: (1) planting nearly 50 trees, ground covers, etc., (2) barking all tree stands, (3) laying a gravel cover along the path, and (4) installing a new bench.

Two homes in the Library neighborhood have sold in the last 180 days. One, at 4248 86th Ave SE, sold for $788,000. This single level home with west exposure for sunset viewing was originally a five bedroom home. It is now a two bedroom with master suite and bonus areas. It features hardwood floors, stainless steel appliances, French doors, circular drive, fenced back yard and large patio (http://www.matrix.nwmls.com/Matrix/Public/Portal.aspx?ID=9860422010).

There are currently no homes in the Library community for sale. However, due to demand there is at least one under construction in the neighborhood.
To be notified when a home becomes available or to list your home, please call me at (206) 230-0833.

Real Estate and Dating

I recently ran across this. It is a very fun and appropriate analogy.  I would go a bit further……how about  “buyer’s remorse” or not making it to the wedding.  Once you’re engaged (under contract) there are so many ways the relationship can crash and burn.  We always strive for happiness and “wedding bells”

Real Estate Dating

ptupper

Reply

June 26, 2013

Look at this cute little comic I found on Bizaro.com.

He, he.   Told you it was cute.

When you think about it, buying a house IS like dating.  Now, don't get me wrong, I'm a happily married woman however, when you REALLY think about it, there are many ways that shopping for or buying real estate can be like dating.  Let's take a look at the top 5.

1. First Dates.  How many first dates did you go on until you found "the one"?  You look at many houses (some online), imagining the prospect of your lives together...

2. The List.  Number of beds and baths, garage, yard, updated.  Sound familiar?  Must be tall, thin, handsome, great teeth...you get the idea.

3.  Curb Appeal.  Never judge a book by its cover, or a house by an overgrown yard.  How about the great date whose shoes don't match his belt (do people still do that??).

4. Location, Location, Location. Always a must for your ideal home.  After all, you don't want to be stuck in traffic for two hours a day, now do you?  How about that friend-of-a-friend your gal pal wants to introduce you to because "you two would just be perfect" even though he lives 1,000 miles away.

5.  Financing.  I think this is a conversation that most normal people dread before taking that big leap and deciding to move-in together.  "I only owe $100 grand in student loans".  Yikes!

So there you have it, buying a home IS just like dating.  What other ways can you think of where buying a home is like dating?

- See more at: http://www.paulettetupper.com/real-estate-dating/#sthash.fLtJ4GMo.dpuf

Get to Know The Lakes Community in Mercer Island

By Ken Urman, Realtor

The Lakes neighborhood is an all-Buchan-style planned community that has become a Mercer Island landmark on the Southend. Built in the 1980s by John F. Buchan Construction, Inc.

(http://www.buchan.com/), this 40 acre development draws its name from the man-made lakes that dot the landscape throughout the neighborhood. The development was designed to hold storm water in artificial ponds (“Lakes”) and release it slowly downhill to Lake Washington without overwhelming the city’s minimal storm drain lines and ditches. As such, it is an outstanding example of storm water management.

The community is adjacent to the South Mercer Playfields, Lakeridge Elementary School and Islander Middle School. It is also in close proximity to the Mercer Island Beach Club, Country Club and Southend shopping area.

Community statistics:

·         Population (2011):  414

·         2011 median household income:  $186,053

·         Average household size: 2.9 people

·         Vast majority of homes were built between 1960 and 1989.

Halloween trick-or-treating is a hugely popular annual activity in The Lakes, that draws children from all over the island. Treats handed out by residents of The Lakes are reputed to be the Best! A comment often heard is “best Halloween trick or treating ever!” For Halloween, the community encourages families to bring a canned, non-perishable food item to donate to the Mercer Island Food Pantry food bank. Food bins are located throughout the neighborhood on Halloween.

The homeowner’s association in The Lakes is very active. The neighborhood is relatively small and sponsors a number of social activities, allowing neighbors to get to know one another. The homes in this community tend to be very uniform in style, and are either a rambler or a two-story traditional.

Homes in The Lakes are very desirable and sell very quickly when they come on the market. Currently there are no homes for sale or pending sale in the neighborhood. Only two homes have been sold in the last 180 days. The most recent sale occurred June 7, 2013, when a four bedroom, 2.5 bathroom two story lakeside home sold for $1,350,000.

To learn more about The Lakes, or other local neighborhoods, or to list or buy a home, call me today at 206-230-0833.

Get to Know the Junction Neighborhood in West Seattle

By Ken Urman, Realtor

The Junction is the best-known intersection in West Seattle. The designation dates from the time when two streetcar routes first crossed at the intersection of California Avenue Southwest and
Southwest Alaska Street. After a century-long evolution, it is a unique area that brings together residential and retail space in a way that has consistently retained a small-town feeling. From popular live entertainment to unique and fashionable shopping to the year-round farmer’s market, the Junction offers everything locals want in a gathering place with a unique vibe and a fascinating history.

In 1907, the intersection of the two streetcar lines near a wooded bog led to draining the area and

clearing land that quickly became a residential neighborhood. In fact, the pace of development of this area is considered legendary by some. Within just three years, the Junction was the central business district of West Seattle.

A residential neighborhood quickly grew around the Junction, taking its character from the business district and from the various development stages in its history. Like the Junction itself, the neighborhood is an eclectic mix of single-family homes, apartments, and a group of luxury high-rise apartments and condominiums. Although most of the residents of the homes are homeowners, there are some rental properties, such as the one I manage.

In terms of architectural styles, the neighborhood reflects the community’s history. From the first

homes built in the early years of the 20th Century’s Craftsman style, to a new burst of building in the 1940s accommodated the influx of people working in the area’s shipyards and airplane factories, the community grew until the “Boeing Bust” in the early 1970s. The bust resulted in job loss for three of every four Boeing employees. When J.C. Penney closed its doors in the Junction three years later, the business district was in trouble. Just two years later, the Jefferson Elementary School was closed due to low enrollments.

The community struggled until the new West Seattle Bridge opened in 1984, making it easier for people to visit West Seattle. Traffic entering West Seattle was, unfortunately, matched by traffic leaving the community to shop at the malls in other areas. Despite disagreements with the City of
Seattle over making the Junction an “urban village” and with the various interests in the community
regarding parking, traffic flow, building height, and density, it was clear at the turn of the millennium that a renaissance was in progress.

Part of the progress made in the 1980s and 1990s included construction of Alaska House in 1979 and the commissioning of the 11 historic murals on buildings throughout the neighborhood. Efforts by the Seattle City Council to designate the Junction an “urban village” even prompted an effort to secede from the city; but it was vetoed by the Governor. Soon a number of new stores opened at the Junction and brought some revitalization.

After the Huling Brothers automobile dealership closed in 2007, some of the property was developed, notably a Trader Joe’s, which has been very welcome by the community. The rest has encountered issues, and ground has not been broken. Those plans include multi-use buildings, one of which may include a Whole Foods store and luxury apartments.

The Junction neighborhood is home to about 6,000 residents, with a median age of 39 years. The median home value in July 2013 is $421,600, an increase of 13.2% over July of 2012. Median rent is $1,862. Median household income is $54,171.

The Junction is a thriving community that brings people together to shop, dine, relax and be
entertained.  The neighborhood draws those who want to live near their businesses or want to live near a thriving social and business hub. This unique community is a great place to connect with people of all kinds, to engage Seattle’s history, and to do business with one’s neighbors.

 

If you are interested in buying or selling a home or condo in the Junction neighborhood, please give me a call. I know the area well, spending time there both for work and for pleasure (206-230-0833). Several wonderful homes are currently on the market. It would be my pleasure to show them to you – remember, I’ll bring the coffee.

Get to Know the Fairmount Park Community (West Seattle)

By Ken Urman, Realtor

The Fairmount Park community in West Seattle is located between two north-to-south ridges that extend the length of West Seattle, running roughly along 37^th Avenue SW (on the east) and 42^nd Avenue SW (on the west). Local records trace the name for the area to a Seattle realtor who was familiar with Philadelphia, and named the area after a Philadelphia park. This name became official when it was applied to the area by the Seattle Planning Commission in 1954.

 

 Today, the Fairmount Park neighborhood is roughly four to eight blocks wide, extending between California Avenue SW (on the west) and 35^th Avenue SW (on the east), and basically follows SW Fauntleroy Way (one of the busiest primary roads in West Seattle) from SW Edmonds and SW Genesee Street on the north, and running south to SW Raymond Street. SW Fauntleroy Way runs approximately four miles, and is characterized by almost continuous residential and commercial development. There are a few diagonal sections of SW Fauntleroy Way that were once part of the Seattle Electric Railway Company route in 1907.

 

Many of the single family homes in the Fairmount Park neighborhood were built between the 1940s and1960s. The residences (single-family homes and townhomes) on the slopes and in the low-lying areas near the Playfield were built more recently.

 

 

Fairmount Park covers roughly 475 acres, with 4,636 residents (according to the 2010 Census). Their average age was 35.2 years. The average household size was 2.0 people, and the average family size was 2.7 people.

 

After several years of disuse, the Fairmount Park Elementary School is about to undergo improvements and revitalization. The current building will be expanded into a two-story building of 19.122 square feet, including an expansion to accommodate 10 additional classrooms. When completed, the school will be able to handle as many as 500 students. The improvements and expansion will allow SPS (Seattle Public Schools) to demolish to portable classrooms previously added to the school. The goal is to complete the expansion in 2014 and current plans seem to indicate it will be used as a neighborhood elementary school.

 

The neighborhood essentially has retained its character as a middle-class neighborhood. Its consistent history, as well as its location and proximity to Fairmount Park Playground, the historic Fairmount Park school, and the activity hub of SW Fauntleroy Way make it very desirable.

 

 

Will the Internet Help Me When Buying or Selling a Home?

By Ken Urman, Realtor


A critical question seldom asked by home buyers and sellers is how to use the Internet when buying or selling a home. It is an important question. The Internet has become a critical factor in shopping for most products and services. However, buying or selling a house is not the same as buying a new

pair of jeans. The Internet can be an important tool for real estate sales, but the wise buyer or seller recognizes the need for a local experienced professional Realtor/Broker.


Some people are willing to trust the information provided on websites in choosing a home and finding an agent to close the deal. Others shop for a home by attending open houses to view properties. When they find a home they like, they make the mistake of choosing any realtor available at the moment or they decide to allow the listing agent to handle the entire transaction. I strongly advise against either of these approaches. Some Real Estate websites will recommend or provide agents. However, doing “good Internet” does not mean they employ or work with experienced professional agents who are committed to the best interest of their clients.


It makes sense to conduct some research on the Internet. This includes:

1. Exploring and comparing home costs in the communities surrounding your new place of employment.
2. Researching the communities in the area in which you plan to relocate. You can learn a good bit of helpful information about the school systems, community amenities, property tax rates, local activities, etc.
3. Explore the types of architecture most common in a particular community.
4. Research job opportunities in a city or area.
5. Find a list of Real Estate Brokerages in an area.
6. Use review sites to learn about and compare brokerages and agents. Visit brokerage and agent websites to learn about specialties, certifications, experience, etc., and read testimonials from
   
   previous clients,
7. Use a site like Realtor.com to explore property listings in an area you like.

 

 

Finding the right home for your family will be easier with the help of an experienced professional local Realtor. A Realtor provides a trained first-hand look at properties you discover online. Many factors affect home pricing and average time to sale. These factors are not explained on websites.  Nor will a website provide information about recent events or the history of a property’s ownership.

 

 

The valuable knowledge and insight provided by Realtors/Brokers includes:

• A professional Realtor, committed to the best interests of his or her client, functions as the client’s “wingman,” and provides a needed buffer or filter between other agents and Internet data.
• Identification of misrepresentation on the part of the seller regarding the condition of the home, the reliability of an inspection report, liens against the property, or an unclear chain of title.
• Knowledge or ability to research quickly if properties one might identify online could be under contract by the time one is able to connect with a Realtor.
• Internet listings are unlikely to provide a deep knowledge of neighborhoods or to answer questions about the community, schools, etc. adequately. Realtors are very knowledgeable about the facts and about the history and residents of a community.
• Because they work in a specific area, a local Realtor generally has seen and knows what properties have sold. They can function as a barometer of property value.
• An experienced professional Realtor can actually evaluate asking to sale prices based upon improvements and square footage of a house.
• Internet sources cannot evaluate views (very important in the Seattle-Bellevue-Lake Washington area), curb appeal, amenities, etc. Many desirable attributes are very subjective and do not fit well into internet site algorithms. Here, the experience of the Realtor cannot be duplicated.
• An experienced professional understands the market conditions that govern asking prices and time for sale. A website does not have the ability to bring this information to a buyer’s or seller’s attention.
• Internet sources cannot identify the challenges homeowners may face with particular properties. Only a professional Realtor can understand the challenges and propose solutions.
• Professional, experienced local Realtors have strong working relationships with other service providers, such as inspectors, appraisers, lenders, other agents (to find listings),and trades people for repairs. These recommendations are typically faster, safer, and more reliable.
• The Internet has no way to reconcile inconsistencies in data. A Realtor, however, will persevere until the inconsistencies are explained and resolved.
• It is easy to skip over a property worthy of consideration when conducting an Internet search. A good broker considers many aspects of a property – often aspects that are not apparent from a website.
• Visiting properties and neighborhoods is critical. Things like walk scores and neighborhood reviews will never reveal the true flavor and color of a neighborhood or street. Buyers need to visit, sample and taste!

Particularly in a market as competitive as Mercer Island and the communities surrounding Lake Washington, it is important to use the Internet correctly – for preliminary research. With that information in hand, and with your agent and brokerage research to guide you, contact an experienced professional Real Estate Broker to guide you and to protect your interests. Good Internet research in conjunction with a good (boots on the ground) Realtor is still the best way to make your home sale or purchase a very successful experience.

 

If you are considering buying or selling a home, please give me a call after you do your Internet research (206-230-0833 or 206-499-4948). I am deeply committed to serving the best interests of my clients. I would be delighted to sit down and talk with you about your short term and long term real estate needs.  By the way, I’ll bring the coffee.

 

Get to Know the Mercerdale Community

The Mercerdale Community on Mercer Island is located west of Island Crest Way and abuts the downtown neighborhood. It is also adjacent to (but not part of) Mercerdale Park, which is an

important area for the city and for the community. The homes in the Mercerdale neighborhood are mostly 1950s/60s suburban style, and are typically moderately priced. Homes in this neighborhood sold in the last year ranged in value from $487,500 to $890,000.

Mercerdale’s moderate home prices, access to the Island’s acclaimed school district, and the proximity to several parks, makes Mercerdale a very desirable neighborhood. One highlight of Mercerdale is the Mercer Island Skate Park which is located in the south western corner of Mercerdale Park.  The concrete space was designed to entertain and challenge skateboarders of all skill levels and welcomes skateboards, inline skates and rollerblades. Restrooms and a drinking fountain are located nearby.

The well known Mercer Island Youth and Family Thrift Store is housed on the corner of Mercerdale Park. Other community events held at Mercerdale Park are Mostly Music in the Park, Summer Celebration, and the Holiday Tree Lighting. There is a stairway that connects Mercerdale to the First Hill and East Seattle communities of Mercer Island. The first stairway has 321 steps down the Mercerdale Hillside, from west to east.

The Mercerdale community was developed on a site that was important to the logging industry at the turn of the century. Near what is now 76^th Ave. and SE 32^nd in Mercerdale, there was a steam-powered logging “donkey” working to “yard the logs.” “The skid road remained for a number of years from about 32^nd and 80^th, north along the ridge, then to the northeast following the slope to what is now the swimming beach at Luther Burbank Park. Horses and oxen were used to skid logs to the lake from the donkey engine. Logs were then boomed, and towed to saw mills on the lake.”

 Currently, two homes are for sale in the Mercerdale community. Pictured to the left is a typical home in this community. The first is 3471 77^th Avenue SE. This 1420 square foot home features 4 bedrooms and 1.75 bathrooms, and is priced at $575,000. The second is at 3755 77^th Place SE. It is 2090 square feet, and has 3 bedrooms and 2.5 bathrooms, priced at $699,000.  

If you would like to see the two homes available in Mercerdale, or if you would like to learn more about Mercerdale, please contact me at 206-230-0833. If you are interested in buying or selling a home in the Mercer Island, Seattle, Bellevue, or other nearby communities, please give me a call.

The Truth about the Seattle-Bellevue Real Estate Market Today

By Ken Urman, Realtor

You might have seen this article recently: Seattle home prices zipping upward, but slowdown likely.

Although this article talks about our local Seattle market, I believe it is still very skewed by national statistics and national economic factors. From my point of view, the market in Seattle is much more related to the economic fundamentals of supply and demand. Demand is very high in our area,

primarily due to a strong jobs market, many new people coming to the area, pent up demand, and traffic avoidance issues.

Amazon alone keeps bringing well paid employees to the area who want to live close to their work place. Basically, there are many people looking for housing in the Seattle area. As long as Amazon, Costco, Starbucks, Microsoft and others continue to hire and interest rates remain at a reasonable level, demand will continue.

I often say "most people need a place to live. The majority do not want to be homeless." Let me help you decipher the Seattle Real Estate market. Everyone's situation is different. Relying on news reports to help make your housing decisions may be a mistake. Please give me a call at 206-230-0833.

Get to Know the Gatewood Community

By Ken Urman, Realtor

The Gatewood neighborhood is located in West Seattle and is bounded by Raymond Street to the

north, Thistle Street to the south, 35^th Avenue to the east, and California Avenue and Fauntleroy Way to the west. 

West Seattle has some of the city’s oldest neighborhoods including Gatewood. The Southwest Seattle Historical Society has a Log House Museum at Alki Point another community within West Seattle.  The Alki point is considered the landing site where the Denny Party founded Seattle before crossing Elliott Bay to what is now downtown Seattle.  Later, much of Gatewood was developed during World War II to create government housing.

Homes in Gatewood that have been on the market are commanding higher prices than in the last several years.  Gatewood and West Seattle have become an area with a terrific vibe and is an ideal location for a "fun" lifestyle.  In and around Gatewood there are great restaurants, good shopping, and even a Trader Joes, as well as a Whole Foods currently under construction.  Many homes in this community have spectacular vista views of Puget Sound and the mountain peaks.

Gatewood abuts the area known as the Junction, which is densely populated with restaurants and small specialty destination stores. It is also close to the Fauntleroy Ferry Terminal, Lincoln Park, a number of coffee shops and cafes, hiking and nature trails, and an active schedule of events.

The most prominent landmark is the Gatewood School, currently in use as an elementary school.  The neighborhood is served by the Seattle Public Schools district. Gatewood Elementary School is the third-oldest school in West Seattle. The original building was closed for construction in 1989, reopening in 1991. The school is located at 4320 SW Myrtle Street.

Gatewood is also near some of the best bottle shops (beer stores) in the Northwest. The Super Deli Mart on 35th (https://twitter.com/SuperDeliMart) is a good example. There also are a number of brewpubs offering locally brewed beer. In fact, Seattle is home to one of the country’s largest concentrations of breweries.

According to CityData and the 2010 Census figures, Gatewood covers an area of 0.764 square miles and is home to 7,459 people. The median household income (2010) was $74,708 ($60,619 for all of Seattle). The average household size is 2.1 people, and 39.3 percent of households are families. In terms of education, 30 percent of residents have less than a high school diploma, 22.8 percent have a Bachelor’s Degree, and 12 percent have a Master’s Degree.

In 2010, the average value of a detached house in Gatewood was $547,392, slightly higher than the average value of houses in all of Seattle ($457,552). Median rent in 2010 was $972 for Gatewood and $915 for the city of Seattle as a whole.

For more information about the Gatewood neighborhood, West Seattle, or the Seattle-Bellevue communities, please contact me at 206-230-0833 or email kenurman@comcast.net.  I welcome the opportunity to discuss home buying or selling with you.

The top 3 reasons that now is the right time to buy a home

This article caught my eye this morning.  Simply stated and so true!  I especially endorse this statement:

Regardless of what is happening in the market today, tomorrow, or a year from now, real estate is almost always a good investment for the long term. 

Always has and always will!!!!


According to a recent article on RISMedia (article), the top 3 reasons that now is the right time to buy a home are:

1.  Rising Home Prices:  Home prices are inching upward at an accelerated rate.  Since price is likely the most significant consideration most people have when buying, this is important.  If prices continue to rise, and you buy now, your equity will begin to build as soon as you close.  And home prices ARE projected to increase. 

2.  Low Mortgage Rates:  Yes, interest rates did go up a little in the last month, but they are still super low!  And the gurus are projecting that they will go up even more over the next year.  NOW is the time to get locked in.

3.  The Re-emergence of New Construction:  Builders are building again, but not at the rate they built in the mid 2000s.  Land costs more, materials cost more, labor costs more.  New home prices are going up, too.  Buying today may be your best option because the cost of new constructions isn't likely to decrease.

King County median home price up 12.5 percent from June 2012 | Business & Technology | The Seattle Times

It was just a year ago that news reports and experts were saying it may take 5 to 10 years to recover. Employment is strong and demand is high. Glad to see strong recovery. We're on firm ground!


King County median home price up 12.5 percent from June 2012 | Business & Technology | The Seattle Times

Cash Sales: 32 Percent of Residential Sales

This is an amazing statistic, but not surprising.  I've had a lot of experience with cash buyers and sellers.  My observation is that most cash buyers are looking for a secure place to park their money.  Real Estate in most cases is secure.....no ones going to steal it and long term returns can be excellent.

Cash Sales: 32 Percent of Residential Sales

Sell Now, Buy Now, or Wait?

By Ken Urman, Realtor 

The question I am asked most often this year is, “Should I sell now or wait until prices increase more?” This is not an easy question to answer because much depends upon the amount of your

mortgage and the amount of equity you have in your home. Yet several considerations suggest that this is a good time to buy and to sell a home.

The factors to consider are:

1.       Mortgage rates, although still at record lows, are beginning to rise.

2.       A mortgage rate increase of even ½ point will cost hundreds of dollars more per month.

3.       The average U.S. net worth has reached an unprecedented level; this is certainly the case in the Seattle-Bellevue-Lake Washington area.

4.       High-paying employers in the area are hiring, increasing both the demand and the price of available homes.  Seattle jobless rate is now under five percent.

There is an extreme imbalance in our area between demand for homes and homes currently on the market. Many homes, particularly in highly-desirable neighborhoods, are receiving numerous offers that are significantly above listing price. This creates a very advantageous market for sellers. Throughout the U.S. homeowners are caught in negative-equity situations, owing more than the current value of the home. Many of these homeowners cannot afford to sell.  This contributes to the buyer-seller imbalance. Add to this people who want to move to a more desirable location or a larger house and newcomers to the area, and the result is a very competitive market.

As mortgage rates rise, the actual price of a home also rises. As long as mortgage rates are at historic lows, the actual cost of purchasing a home is far less than it will be as mortgage rates increase – and they will increase, probably to six or seven percent in the next few years. This is a strong argument for buying now. Look at the difference in total cost of a home purchase at a higher interest rate:

Purchase of a $750,000 home with $250,000 down payment and a loan of $500,000

15 years at 4%   Monthly payment = $3,698.44                    Total Interest = $165,719.13
15 years at 7%   Monthly payment = $4,494.14                    Total interest = $308,945.44

30 years at 4%   Monthly payment = $2,387.08                    Total interest = $359,347.53
30 years at 7%   Monthly payment = $3,326.51                    Total interest = $697,544.49

Clearly, higher interest rates make a home more expensive to purchase.

Whether you are considering buying or selling, rising interest rates make it beneficial to act now. In a seller’s market, sellers may get a higher price for their homes due to competitive bidding. Further, sellers can expect to benefit from lower interest rates on their next home purchase. Buyers are able to invest significantly more in the house and pay less interest if they buy while mortgage rates are low.

Some people in the real estate profession are predicting a very troubled trade-up market in two or three years as interest rates and home prices rise. I agree with this prediction, particularly in a luxury home market like Mercer Island and the communities surrounding Lake Washington. The current extreme supply-demand imbalance is driving both competition for available homes and prices of those homes. When interest rates reach six or seven percent, it will become more difficult for owners of mid-range homes to trade up. The high salaries paid by many local employers will also continue to push prices higher. I have no doubt that, in the long run, you will be happy with the outcome of either a sale or a purchase now.

To schedule a free consultation to evaluate your options as a seller or as a buyer, please call 206-230-0833 or 206-499-4948. I’ll be happy to come to your home, and I’ll bring the coffee.

Get to Know the Woodridge Community

By Ken Urman, Realtor®

Woodridge is a community of 5,116 (2010 census) within Bellevue, WA. It includes the neighborhoods of
Woodridge Hill and Norwood Village, and accounts for about four percent of the City of Bellevue. After World War II, most of Woodridge Hill was an undeveloped tangle of blackberry vines, trees, and undergrowth. The area was developed over the next two decades, and was annexed by the city of Bellevue in 1966.

The Woodridge Hill neighborhood is located immediately south of downtown and east of I-405, and a long strip of multi-family, office, and light industrial development flanking Richards Road. Woodridge Hill is a neighborhood of quiet streets and family homes -- many with views of Lake Washington, downtown Bellevue, or Seattle.

Much of the community’s daily life revolves around Woodridge Elementary School, located at the top of the hill within this neighborhood. Woodridge Elementary School was rebuilt completely in 2007. The 2012 enrollment was 574. Many people consider Woodridge Elementary to be one of the best elementary schools in Bellevue.

Norwood Village was built on Woodridge Hill in the late 1940s by and for World War II veterans. This development began in 1947, when a nonprofit veterans’ organization acquired 48 acres and developed it into Lower Norwood. Local architects designed these homes and positioned them on lots to take advantage of the spectacular views. This prevented the neighborhood from having the uniformity of other post-war tract housing neighborhoods. The community was considered so unique that it was featured in home and garden magazines in 1952. Norwood Village is the oldest community in Washington

State with continuous water fluoridation. Today, it is a Historic District of post-WWII architecture. Before there was a Bellevue, there was historic Norwood Village!

The average household size in Woodridge is 2.2 people, and the average family size is 2.8 members. Among all households, 50.6 percent are married couples, and 19.1% of households include children. The median household income in 2009 was $83,178. Residents are well educated, with 53.6% holding at least a Bachelor’s degree and 12.1% a Master’s degree.

Both Woodridge Hill and Norwood Village built their own community swimming pools, still prized by

residents. The pools provide a range of activities for all ages, and provide swim lessons and competitive swim teams.

There are three parks within the Woodridge Community: Bannerwood Ballfield Park, Norwood Village Park, and Woodridge Water Tower Park, which offers a trail that is well shaded by tall trees and a good spot for serious bird watching. Residents also have immediate access to the Woodridge Open Space, a 20-acre upland forest that is part of the Richards Valley Greenway.

Currently there are five homes listed for sale in the Woodridge area. Here is one example. In the last 180 days, 31 properties have sold in this area, ranging in price from $160,000 for a condo to $851,000 for a 4,140 square foot single family home. The average travel time to work for 75-80% of the population is 10 to 20 minutes.

Keep up with all the news from the Woodridge community with the Woodridge blog.
If you would like to see the homes available today or you wish to learn more about Woodridge, please contact me 206-230-0833 or email me, kenurman@comcast.net.

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  Ginormous Kitchens: Are They Really a Good Choice?

  Bottom line for me is open kitchens work. Size is a separate consideration.  With an open kitchen I love being able to interact with guests while cooking or washing dishes.  Everyone is together and that's really good!  Good pros and cons presented in this article.

  
  
  Huge, open kitchens continue to grow in popularity, getting bigger and bigger. But is bigger really better? Read

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