Available: 26 Historic Homes at Fort Lawton

By Ken Urman, Realtor

The development of the 26 homes at Fort Lawton is a fascinating story of history, a unique living opportunity and restoration. These homes, which were built between 1899 and 1935, have been closed to the public for decades, despite their location in the center of Seattle’s Discovery Park.

They are similar to the military housing of San Francisco’s Presidio.

Buyers will have the unique opportunity to live in the middle of a large park (think Central Park) that has miles of trails and beach front. This is a unique and rare opportunity to own an historic home in a very special location. Owners of these homes will be participants in the revitalization and preservation of this important historic Seattle neighborhood. All of the homes are on the National Register of Historic Places.

The houses were built in the Colonial Revival Style. They range from two bedroom homes to six bedroom estates. They feature high ceilings, thick moldings and refinished hardwood floors, as well

as tiled fireplaces, oversized windows, and wraparound porches. The exteriors of these homes preserve their historic colors, styles, and architectural details (as required of all historic structures).

The interiors have been renovated to incorporate the amenities and luxuries expected in a distinctive contemporary home. The homes range in size from 4,017 to 6,600 square feet. A new two-car garage has been added behind each home. All of the homes offer spectacular vistas of Puget Sound, the Olympic Mountains, and the acres of protected parkland surrounding them. The homes are located in two “enclaves” – Officers Row and Montana Circle.

The developer has done an outstanding job of preserving the historical nature of the buildings and grounds. For example, the original double hung windows were fully restored. They give the homes great character. Owners will be restricted from installing different windows or from making any other significant changes to the exterior facades. At first, I thought this was a negative, and then

realized that single-pane windows are a small sacrifice to make for the unique opportunity to live in one of these homes in such a unique environment.

In 1897, local citizens and governments donated 703 acres of land to the U.S. Army for a new artillery battery to defend Seattle and the south Puget Sound from naval attack. The base was to be called Fort Lawton. It was named for Major General Henry Ware Lawton (1843-1899. Lawton was a veteran of the American Civil War, the Indian Wars, and Spanish-American War campaigns). He was killed in action in the Philippines.

The fort opened on February 9, 1900 on a site that was redesigned for infantry use in 1902. In 1910, landscape architect John C. Olmstead prepared a design to include housing for officers and enlisted men. During the Great Depression, the Army offered to sell Fort Lawton back to the city of Seattle for the price of just one dollar. The city declined due to maintenance concerns.

World War II changed the use of the installation again. During the war 20,000 troops or more were stationed at the Fort at a time. More than 1 million troops passed through Fort Lawton both before and after the war. It was the second-largest port of embarkation for U. S. forces and material to the Pacific Theater during the war. The facility was also used as a prisoner-of-war camp.

The Korean Conflict brought another flurry of activity to Fort Lawton as troops moved to and from Korea. In the late 1950s Nike anti-aircraft missiles and Air Force radars were in use at the Fort. In 1968, the post was rejected for proposed defense upgrades. A few years later (1972) the Army

transferred 534 acres back to the city, which was dedicated as Discovery Park in 1973.

In 2005, the fort was included in the Base Realignment and Closure list for that year. Fort Lawton officially closed on September 14, 2011. The remainder of the fort property (except the military cemetery) was transferred to the City of Seattle in 2012.

You can learn more about the history of Fort Lawton on Wikipedia [ https://en.wikipedia.org/wiki/Fort_Lawton  ]

To learn more about the Homes of Fort Lawton, visit http://wonfortlawton.com/opportunity

If you are interested in owning one of the unique Homes of Fort Lawton, please give me a call. It would be a privilege to show you one of these homes.

4 Terrific Reasons to Be Bullish on the US Housing Market – And Especially Seattle’s Market

By Ken Urman, Realtor

During the last month, several people have asked me if it is wise to continue investing in the housing market. My response has been a resounding “YES!” Several indicators point to a strong market for the foreseeable future. Our region’s economy is no exception.

The data for the Seattle-Tacoma-Bellevue area is compelling:

1.      Job growth in our area is remarkably strong. According to a report from Bright Media, a staffing agency, the Seattle metro area saw 168.44 new jobs per 10,000 residents. This places us at the top of the list of U.S. metro areas in job growth. The top industries for this area were professional services, health care, tech, financial services, and retail.

2.      According to a recent Gallup poll, the region ranked second in the nation for wage growth. Employees in the Seattle-Tacoma-Bellevue area saw salary increases of $4,320 between 2009 and 2012.

3.     To assess consumer confidence relative to the real estate market, one need merely look at the competition for available real estate inventory during the last year.

4.      Inventory of home available for purchase has been consistently tight. I’ve commented on this issue almost every month for the last year in my monthly market update (published in my monthly newsletter). Our area has abundant pent-up demand.

5.      Housing starts in our area – primarily for single family homes – is somewhat behind the national average.

A recent article published on Forbes.com by PIMCO pointed to “4 Reasons to Stay Invested in U.S. Housing.”http://www.forbes.com/sites/pimco/2015/10/02/4-reasons-to-stay-invested-in-u-s-housing/  retrieved October 6, 2015]  Some of the key points in the article are particularly relevant to our area.

      ·       The nation’s housing market is continuing to grow faster than the economy.

·       Strong job growth and rising consumer confidence will lead to demand for homes, even if mortgage rates rise modestly.

o   The U.S. economy added about 3 million jobs in the private sector during the last year.

o   About 750,000 of those jobs are in the 25 – 34 age cohort, which is near a 15-year high. This is the prime segment for first-time home buyers

o   The unemployment rate dropped by 2.4% in the last two years to 5.1%.

o   The authors expect these factors will lead to increased consumer confidence and a higher demand for homes.

·       Low inventories and rising pent-up demand.

o   Nationwide, home inventories are near 15-year low levels. 

o   In the last year, 1.5 million new households have been formed, yet less than 12 million new housing units have been added.

o   About one-third of people aged 18-34 are living with their parents.

o   This translates to a lot of pent-up demand at a time when the nation has been significantly under-building relative to long term demand.

·       Banks are more willing to lend and demand for credit is expanding.

o   Mortgage origination at all four of the largest U.S. banks rose by double digits.

o   Consumer confidence is rising.

o   A large number of previously foreclosed homeowners could become eligible to buy a home in the next five years.

o   These factors are expected to result in increased supply of credit, which should, in turn, support the U.S. housing market.

·       Relative affordability.  The cost of owning a home is still remarkably low both as compared to the cost of renting and as compared to historical housing affordability.

When all factors are considered, it is clear that the housing market will remain strong in the Seattle-Tacoma-Bellevue area. It is a great time to sell, a great time to buy, and a great time to invest in real estate. If I can be of assistance to you, please give me a call. Let my experience, professionalism, and tenacity help you make the best possible real estate transaction.

Top 6 Factors in Pricing a Home for Sale

By Ken Urman, Realtor

To many people, the factors that contribute to the way a home is priced for sale seem mysterious. In fact, this is one of the most common questions asked by sellers and by some buyers. The seven factors considered by most realtors and appraisers to set a sale price are actually not mysterious at all. However, there are many factors that affect selling price, and no two homes are identical.

It is important, first, to distinguish between the Listing Price (the price advertised and asked for the property), determined by the seller and his/her Realtor; the Offered Price (the price offered by a potential buyer), determined by the buyer and his/her Realtor; and the Sale Price (the final price negotiated by the buyer and the seller and their respective Realtors. The seven factors most commonly used in pricing a home for sale are:

(1)  Local Real Estate Market Conditions

In the Seattle-Bellevue-Mercer Island area today, these conditions are very important. We are currently experiencing a shortage of homes for sale and an abundance of potential buyers. In business terms, demand is far greater than the available supply. This is called a Seller’s Market. Typically, sellers are able to ask higher prices and find buyers willing to pay the asking price or more to own a desirable home. Sometimes, there are multiple bids for desirable available homes, which results in competition and even bidding wars. This is the first type of market.

The second type of market is called a Buyer’s Market. Under these conditions, there are typically more homes available for sale than there are buyers. Sometimes, either listing prices are reduced or homes remain available for some time, with some not selling at all.

The third type of market, a Balanced Market, is characterized by some equality between the number of homes for sale and the number of potential buyers prepared to purchase them. In terms of both buyer and seller interests, this is the most desirable type of local real estate market.

Other factors that can influence local market conditions include:

·       An event that affects the desirability of a neighborhood or region either positively or negatively (for example, Bellevue was ranked one of the most livable cities in the US in recent months)
·       Some change affecting major local employers, especially a leading employer moving to the area or leaving the area
·       Local Schools and their public rankings. 
·     Transportation improvements. For example; new light rail lines going into many areas.

(2)  Comparable Market Analysis

In setting a listing price for a home, many Realtors conduct a Comparable Market Analysis (CMA). This process identifies homes that are “comparable” to the seller’s home and compares the “selling price” of these homes. There are two primary reasons experienced professionals use a CMA: first, it helps to establish a base price based on what buyers are willing to pay for a comparable home at the current time, and, second, it helps the Realtor keep the listing price within a range of what lenders will accept as a reasonable price for the home.

Mortgage lenders typically look for at least three comparable home sales occurring in the last 12 months at roughly the same price. If a selling price negotiated between buyer and seller is too high, the bank may not approve the loan. However, your local Realtor will often have a better sense of the current market climate than an appraiser.  When lenders challenge the price, the seller’s Realtor can usually explain the pricing justification and resolve most problems with lender appraisals.

(3)  Factors Based on Location and Neighborhood Characteristics

We often hear the phrase, “location, location, location” in connection with home prices and desirability. In calculating the price of a home, location refers to the geographical location of the property. Is the property located across the street from a busy shopping center, or at the edge of an industrial/manufacturing zone? Is the home within city limits or in a suburb? Is it located on a busy road or is it on a quiet street in a residential neighborhood. Is it proximate to an airport, railroad tracks, high-voltage power lines, or an expressway?

Characteristics of the neighborhood in which the home is located also influence price. Is the home located in an older, established and thriving neighborhood or in a decaying neighborhood? Is it located in a high-crime area? Is the neighborhood considered desirable? Is it typically populated by white collar executives and professionals, by middle class people, or is it a subsidized neighborhood? How are the schools rated? What local amenities are nearby (parks, shopping, hospital, entertainment venues, restaurants, etc.)? Is public transportation available? How does the tax rate for the neighborhood compare to other neighborhoods? Is the home on the waterfront? Does the home offer spectacular views?

All of these location and neighborhood characteristics can affect the listing and selling price of a home in any area. An experienced professional Realtor is a great benefit in assessing these factors and how they affect pricing due to his/her extensive knowledge of local communities and neighborhoods.

(4)  Upgrades and Other Special Features of the Property

No two houses, even if built with the same floor plan, are identical. They might be differentiated by features of the yard or upgrades and additions to the home. These features are important factors in pricing a home. If the upgrades and additions are desirable to potential buyers, at the time of the sale, they will influence the price upwards. If they are not desirable or are poorly done, they might influence the price downwards. The right upgrades to a home will also make it sell faster once it is listed.

Among the most desirable upgrades and additions to homes on the market today are:

·      Gourmet kitchen
·       Energy efficient windows, doors, appliances, roofing, etc.
·       Garage (usually attached)
·       Smart-home features
·       Decks, landscaping, outdoor kitchen
·       Upgraded bathrooms
·       First floor master bedroom or single-level living
·       Security systems

(5)  Motivation of Buyer and/or Seller

The urgency of the need or desire to sell or buy a home can also influence the selling price. Often, people who need to sell quickly (perhaps because they are being transferred to another city) are willing to make some concessions on listing price in order to make a quick sale. Similarly, some people who like a home and need to buy quickly will offer a higher price for the home they want if, for example, they want to move in before the beginning of a new school year.

Occasionally, sellers who are in no hurry to finalize a deal will overprice a home. The result is often that buyers overlook the home (because of price), and in time it becomes known as “the house nobody wants.” In this case, I typically advise the sellers to wait until they are motivated to sell before they list their home on the market.

(6)  Choice of Local Realtor

All Real Estate agents are not the same. Your choice of a local agent, whether you are the seller or the buyer, can become a factor in the price of a home. An inexperienced or incompetent agent can cost either party to a real estate transaction.

Sellers need agents who will do far more than list a property with the Multiple Listing Service and hope it is seen by the right person. A seller’s agent should price the house carefully, actively market the home, and be a strong negotiator on your behalf. In addition, I believe it is important to choose a full-time, experienced professional Realtor (a member of the National Board of Realtors) with a strong track record in the area, who is honest and creative in listing and selling your home and attending to every detail related to the closing of the transaction.

These are the top 6 factors in pricing a home for sale. If you would like to know more about how these factors affect the listing price of your home, please give me a call. I would be pleased to put my experience, knowledge and professionalism to work for you. And remember, I’ll bring the coffee.

Just Listed: Award-Winning Mercer Island Home

Now available on Mercer Island, this award-winning home on desirable Forest Avenue boasts 5 bedrooms, 3 ½ baths, and 5,396 square feet of luxurious living space. Both formal and informal spaces, including a home office, bonus/media room, and family room offer ample space for both entertaining and relaxing. Three fireplaces will keep you cozy through the Northwest fall and winter. 

The updated chef’s kitchen features slab granite counters, double ovens, stainless steel appliances, a Sub-Zero refrigerator, and custom cabinetry, and offers quick access to an entertainment-sized deck.  Large windows afford views of surrounding greenery from almost every room, and the light-filled living room and den on the main level feature vaulted ceilings for an airy feel.

Upstairs, the spacious master suite is a calm retreat, and French doors open to a lovely private deck and serene territorial views. The master bath features a large jetted tub and separate shower, and a huge walk-in master closet has room for everything.

The lower level spaces offer numerous options. A large space with a separate door to the outside is perfect for use as a professional office, or utilize the wired-in speakers to use the space a home theater. A downstairs play area and custom “big toy” in the backyard offer hours of fun; slide, hang out in the fort, or play tether-ball.

The home’s large deck looks out into the trees, and is the perfect spot for relaxing with your morning coffee; and for outdoor dining and entertaining.

Please contact listing agents Ken Urman or Jane Potashnick for a private showing of this home.

Get to Know the Seaview Neighborhood of West Seattle

By Ken Urman, Realtor


The Seaview neighborhood of West Seattle is aptly named for the extensive Puget Sound shoreline
comprising its western boundary. Other boundaries are SW Edmunds Street to the north, California Avenue to the East, and the intersection of 48th Avenue and Beach Drive on the South.

Seaview is a quiet neighborhood of a number of single-family homes and condominiums. The waterfront properties are very popular, and the most desirable properties are located on Beach Drive. Many homes in this area have spectacular vista views of Puget Sound and the mountain peaks. The neighborhood is proximate to a variety of recreational venues and activities, including Lincoln Park and the Fauntleroy Ferry Terminal.

Homes in Seaview that have been on the market are commanding higher prices than in the last several years. Seaview and West Seattle have become an

area with a terrific vibe and an ideal location for a "fun" lifestyle. In and around Seaview there are great restaurants, good shopping, and even a Trader Joe's, as well as a Whole Foods currently under construction. Some of the most popular independent businesses are Bakery Nuevo, Husky Deli, and The Beverage Place. There are a number of brewpubs offering locally brewed beer. In fact, Seattle is home to one of the country's largest concentrations of breweries.

Seaview is a perfect neighborhood for those who value peace and quiet, a neighborly environment that is both clean and green, easy access to public transportation, and views of Puget Sound. With a local park and access to water activities, it is popular with families, professionals and retirees.

Seaview by the numbers:

• Population density: Seaview - 5,414 people per square mile; Seattle - 7,401 people per square mile.
• Median household income: Seaview - $75,492; Seattle - $61,037.
• Average household size: 2.0 people.
• Average estimated value of detached houses (2010): Seaview - $473,596; Seattle - $565,508.

If you are searching for a home in a quiet, semi-secluded neighborhood with spectacular views, Seaview might be a good choice for you.



I would love to help you find a great home in Seaview or any other West Seattle neighborhood. Please give me a call t get started. And, remember, I'll bring the coffee.

Today’s Seven Top Real Estate Trends

By Ken Urman, Realtor

 

We are now in the traditional peak selling season. Whether you are contemplating selling or buying, here are some of today’s top real estate trends that will – to some degree – affect our local housing market.

1.       Mortgage rates are holding steady. Each month I provide a mortgage rate

update in my newsletter (click here to subscribe). With many 30-year fixed-rate mortgages remaining below four percent, it is a great advantage for buyers.

2.       Home prices continue a steady rise. I also include a breakdown of median prices across our area in my monthly newsletter (subscribe here). In most parts of the Seattle-Bellevue-Mercer Island area, prices now exceed peak prices before the mortgage crisis. Also driving prices higher is the extremely low inventory of available in our market.

3.       As I have been pointing out for months, inventory of available homes across our area is extremely low. As a result, there is competition for most homes on the market. As I reported just last week in an email update, I listed a property in a desirable neighborhood that needed a great deal of work (after 10 years as a rental property). The sale closed in just two weeks, and the property was under contract in only a few days.

4.       Most buyers want homes that are move-in ready. There are many first-time

buyers who may not have extra cash to finance upgrades or significant repairs. Further, knowing they are competing for properties and paying top dollar for their new homes, buyers expect properties to be in top condition and ready for them to move in and enjoy.

5.       Today’s buyers typically are not investors. With the drop in the number of distressed properties coming to the market and low inventory underpinning strong competition and top-dollar prices, the market is not conducive for investors. Those who are buying want to move in immediately.

6.       It is more expensive to rent than to buy in most areas. This is one of the reasons there are more buyers in our area.

7.       Buyers are concerned about the environment and want eco-friendly homes. Our area is noted for the concern of its residents for the environment. These buyers want energy-efficient windows, doors, HVAC, and appliances. They are also interested in conserving water and the use of eco-friendly building materials.

Keep in mind today’s seven top real estate trends. These trends are shaping the real estate market throughout our area.

If you are considering selling, please call me for a free market analysis of your home. I would be very happy to help you prepare your home for sale, and represent you to sell for top dollar in this highly competitive market.

If you are considering a purchase, please give me the opportunity to help you find the home that best meets your needs.

Remember to subscribe to my newsletter to receive my monthly updates, helpful articles and tips for homeowners. You will also receive important news and insights about our local real estate market. Click here to subscribe.

Looking for the perfect neighborhood? Click here for access to my neighborhood overviews, as well as my relocation resource kits for information about local cities.

Get To Know the Education Hill Community in Redmond

By Ken Urman, Realtor

The Education Hill community is a beautiful and large community in Redmond. The current name reflects a preponderance of schools within this community. In keeping with Redmond’s reputation as a sort of high-tech enclave in the Seattle-Bellevue-Lake Washington area, 40.6 percent of Education Hill Residents (according to the 2010 Census) work in computer and mathematical occupations (33.9% of men and 6.7% of women).

The city’s website (Redmond.gov) describes Education Hill as “primarily residential, consisting largely of low – moderate density residential housing. There is some high density residential in the southern portion of the neighborhood, the western edge and along the eastern edge.” The single-family houses in the community range from old to new homes.

According to Sarah Stiteler, one of the city’s planners, “One of the interesting things about

Education Hill is that it isn’t one big subdivision. It’s a larger community connected by churches, schools and trails.” This neighborhood is known for wide tree-lined streets, modern schools, spacious homes, lovely parks and trails. It is a friendly community where homeowners are likely to know most of their neighbors.

Shopping is located in close proximity, with a small commercial area opposite the neighborhood’s northeastern border and in Redmond’s downtown, which the community borders.

Education Hill occupies 2.5 square miles (about 11 percent of Redmond’s land area). The surrounding neighborhoods are North Redmond, Bear Creek, Downtown Redmond, Southeast Redmond, and Sammamish Valley. The name was chosen when the community was incorporated by the City of Redmond in the 1950s. In its earlier history, the community was called Poverty Hill because its residents had to journey up and down the hilly roads of the neighborhood to get water.                                     

              

Demographic information

Population: 14,244
Population density: 4680 people per square mile
Median household income in 2011: $94,983
Median age of residents: 34.7 years for males; 35.7 years for females
Average household size: 2.3 people
57.3 percent of households are families
The average value of detached houses in 2010 (52.1% of all units) $430,833
Houses in the area date back as far as 1939 or earlier (83 homes). The vast majority of homes were built between 1970 and 1999.

The top employers in Redmond, according to the City’s 2013 Comprehensive Annual Financial Report:

·         Microsoft

·         Terex/Formerly Genie Industries

·         Eurest Dining Services @ Microsoft

·         Nintendo of America

·         AT&T Mobility

·         Volt Technical Resources

·         Physio-Control

·         Honeywell

·         United Parcel Service

·         Lake Washington School District

Residents of Education Hill can easily avail themselves of activities, concerts and events in Seattle and Bellevue. However, Redmond is a thriving city that offers a broad range of activities for its residents, including

·         An extensive system of trails for walking, bicycling and horseback riding

·         Numerous parks designed to meet the needs and interests of all of the city’s residents

·         Redmond Derby Days, an annual community festival held every July, that began as a bicycle race around Lake Sammamish in 1939. It has become a major event. 

·         Performing arts: the Eastside Symphony, the Second Story Repertory Theater Company, artists performing at the Redmond Performing Arts Center, and outdoor sculptures throughout the city streets and parks.

·         Redmond Lights – an annual community festival held the first Saturday in December

·         The Old Redmond Firehouse, a center for local teens that has become a hub in the Eastside independent music scene

·         Concerts at Marymoor - an annual summer series of concerts at the amphitheater in Marymoor Park. Since 2004, Cirque du Soleil has set up in Marymoor when visiting the Seattle area.

If you are interested in learning more about Education Hill, or if you are interested in selling or buying a home in this beautiful neighborhood, call me. I’d love to help you.

How Coffee Affects Home Values

By Ken Urman, Realtor

Believe it or not, coffee and coffee shops affect home values in nearby neighborhoods. Zillow CEO Spencer Rascoff revealed in his recent book, Zillow Talk: The New Rules of Real Estate," that houses located within a 1/4 to 1/2 mile radius of a Starbucks coffee shop are most likely to appreciate in

value the most and the fastest.

Before you laugh and shrug this off, please keep reading. There is scientific analysis behind the claim.

As you might know, I really enjoy a great cup of coffee. And in keeping with my general desire to support local businesses and companies headquartered in the area, I am a loyal Starbucks customer. You also might have noticed that I bring coffee when I meet with clients. A hot cup of great coffee is a terrific ice breaker.

The folks at Zillow (headquartered locally) have developed a very scientific system to determine where to open each coffee shop. If we are willing to trust their claims, they also have a way to predict the next hot spot neighborhoods. As for Realtors, they would have us believe we need only to follow their lead.

Nichole Goodkind, writing at Yahoo Finance, reports that Zillow analyzed the prices of homes located within a ¼ to ½ mile radius of Starbucks locations for five years after each shop opened. “They found that homes closest to Starbucks appreciated by 21 percent, while homes a bit farther

away grew in price by under 17 percent.” Specifically, according to the article, “they found that in 1997 a home within ¼ mile of a Starbucks sold on average for $137,000, while a home not near a Starbucks sold on average for $102,000. Today, the average home has gone up 65% in value to $168,000 but homes near Starbucks have tone up 96 percent to $269,000.

Zillow also addressed the obvious question, “is this a generic coffee shop effect?” They discovered that homes near a Dunkin Donuts appreciated 80 percent over the five year period, while those near a Starbucks appreciated by 96 percent.

If you are in the market for a house near an existing coffee shop, I would be delighted to share my vast knowledge of all coffee shops in the area and I would enjoy helping you drink (coffee) your way through neighborhoods within a ¼ to ½ mile radius of various coffee shops, including Starbucks, Dunkin Donuts, and other brands. Call me – I’ll bring the coffee!