Green Lake Real Estate ~ The Continued Frustration of Buyers

Every now and then, I provide stats on the local real estate market.  I moved from Green Lake to Maple Leaf last year, but Green Lake is still a big neighborhood of focus for many of my clients.  I can’t blame them, it’s a fantastic place to live and just keeps getting better (yay second PCC!).  Here’s a look at where things are at for June – keep in mind this is obeying the street borders that most people commonly recognize as “Green Lake” and not the outskirts that some try to sneak in.  We stay within the outline of Aurora Ave and I-5 to the west and east, and N 85th Street south to 50th.

Stats and Facts

In June, there were 10 residential homes that closed in Green Lake (and 5 condos, but we’ll exclude them from this data).  The lowest price home sold at $452,000 and the highest at $1,125,000, with an average price per foot in the area of $332.58.    On average, a home sold for 104.3% of asking price – but the biggest difference was one home that sold for 116.7% above asking price.  The average time a home spent on the market was 7 days.

So with all our complaining about bidding wars, is this much different than last year?  Not really, although competition might be tighter.  In June of 2013, there were 19 residential homes that closed – almost twice as many – BUT, the average time on market was still only 10 days, and the average home sold for 103.15% of it’s asking price.

Of course, if we look back at June 2012, we see a little more normalcy.  The average time a home spent on that market back then was 20 days, and the average home sold for 100.08% of it’s asking price – so most homes sold for exactly what they are listed at.

Looking Outside the Box

Feeling the frustration?  Join the club.  Many buyers are upping their game, and some are stepping out and waiting until things get a little less competitive.  Others, like me, looked outside of the most desirable neighborhoods:  In Maple Leaf, there were 7 homes that closed in June 2014.  They ranged in price from $360,000 to $545,000 and the average price per foot was just $299.45.  That means that on average, a 1500 square foot home that would cost close to $500,000 in Green Lake would only be about $450,000 a few blocks north.

Upping Your Game

If you’re determined to keep trying in the most desirable areas of Green Lake, Wallingford, Fremont, Phinney Ridge and Ballard, you’ll need to up your game and be prepared to maybe take on less square footage than you originally wanted or something that potentially needs work instead of a newly updated home.  Preapproved for $600,000?  You should be looking at homes in the $500,000-$550,000 range so that you have room to over-bid.   Many buyers these days are waiving contingencies, making their earnest money deposits non-refundable, and waiving appraisals.  If you’re going to do something like that, you must make sure you have the cash reserves to make up a difference in price, should one occur.

Happy hunting!

MUSIC REVIEW: ‘BELIEVE’ in Kris Orlowski

This is my first (hopefully of many) music review posts.  I should start off by saying I am in no way qualified to judge music as there is not a talented bone in my body, but on that note I think that actually puts me on par with most other people out there reviewing music.  Because really, it’s all personal taste anyway right?

Local artist Kris Orlowski recently released his new album “Believer”  on April 15th, 2014.  It took me a few busy weeks of work before I had the chance to really sit and listen to it, but I’m thoroughly impressed with this rock/pop mix now that it’s been playing on repeat for the last week.

Orlowski somehow manages to blend clear pronunciation with an attractive drawl as he performs, making lyrics roll off his tongue in one fluid motion.  On top of that, this is the first album that has more of that full rock band sound rather than The Passenger String Quartet accompaniment that we’ve gotten used to over the past couple years.   The band (Greg Garcia, Mark Isakson, Torry Anderson, Tyler Carroll and Jonathan Warman) provide a solid backdrop to a good mix of uptempo and softer songs that sound just as good blasted from a car stereo as they do playing quietly in an office.

More importantly, this album keeps mainly in line with a Seattle music trend right now of inspirational lyrics that aim to change attitudes and bring about action (think Macklemore & Ryan Lewis and many of the fantastic positive-attitude songs of Allen Stone).  With words like “Stand tall, I’m a believer,” from the title track, you leave the album feeling pushed to do a little more with your day.

Link to the ‘Believer’ music video here

 

Green lake Village Soft Opening, Retail Spaces Filling Fast

I’ve been so excited about Green Lake Village for so long – living close to the site for years, I was just waiting for construction to start and the unsightly great hole to go away.  I walk by it at least once per week, usually walking my dog to the lake on the weekend or to my old standby Forza Coffee.

The building exterior is now complete, and I’m sure the home interiors are pretty close to it as the new leasing office soft opens on May 17th.  But I got really excited last weekend when I walked by and saw signs up for new businesses already moving into the retail spaces.

We all know the building is anchored by a new PCC – that one is slated to open on my birthday, June 4th, and I was happy to see a liquor license sign in their window last time I passed by.   But then on the south side of the building, we’re getting a few new fitness options – Modo Yoga and Pure Barre. Modo officially opened on May 1st, so you can already check them out.

When you’re done burning calories, you can happily put them back on at the west side of the building – in the new location of Lucia Italian Kitchen, who currently operate a restaurant out of Kirkland and will open the Green Lake spot in July.  It’ll help fill a gap in that neighborhood, I feel, for Italian cuisine and good wine.

There’s a Homestreet Bank opening within the building, and a Kinetic Sports Rehab is also opening by summer.  It looks like there will still be one or two spaces for businesses, so I can’t wait to see how they round this out!

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NEW LISTING: One bedroom condo in Greenwood

Here’s a little info on my newest listing!  Waterford North is a fantastic building on N 90th just a block east of Greenwood Ave (that means it’s walking distance to Naked City Brewery, just sayin’.)

This one bedroom, one bath condo is on the market for the first time in over twenty years and priced for a quick sale at $150,000.  It has a wood-burning fireplace with tile surround, kitchen with eating bar, and a huge private patio off the living area.   The seller is offering a $500 credit at closing towards a new range, as the current one is a little old (but works).

There is one assigned parking space and one storage space in the controlled-access garage beneath.   For more information, you can call me directly at (253) 653-6299 or email sheath@matrixrealestate.com.   Or, stop by the open house this Sunday, May 4th, from 1pm to 4pm.

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MAKING A FULL PRICE OFFER? GET USED TO REJECTION.

I’m frustrated. Other real estate brokers are frustrated. A lot of homebuyers are frustrated.  In some parts of Seattle, making a full priced offer on a home just doesn’t get you anywhere anymore.

Let me give you a backstory: I have clients that are looking for a new home in north Seattle.  They’re open to a lot of different neighborhoods, but they have wants and needs just like everyone else so over the past two months of house hunting they’ve found only four or five homes they like enough to actually pursue.  And out of those four or five, they’ve so far put offers in on three of them, and lost out every time.

The first home they put an offer in on was listed at $650,000.  They didn’t get it – but whoever did paid $760,000 for it – $110,000 more than list price.

The most recent home they put an offer in on went the same way – it was listed at $650,000, and it sold to someone in the range of $760,000 + (it’s still pending).

From the time I started house hunting with these particular clients, to this past week of facing another rejection, I have felt like it’s gotten worse.  So I checked the stats – and yep, it’s gotten worse.

I took some of the most popular neighborhoods – Ballard, Green Lake, Fremont, Wallingford, and Phinney Ridge – and to narrow my stats down, I took a popular price point right now – homes between $600,000 and $800,000.   Looking back at those homes that closed in the month of January, the average sale price was 101.8% of list price – so if a house was listed for $700,000, for instance, on average it sold at $712,600.

In February, the average sale price was 102.5% of list price – or $717,500 on that hypothetical $700,000 house.  In March it crept up just a little more to 102.6% – $718,200.

Then came April.  In the month of April, the average sale price in that range and in those neighborhoods was 105.3% of list price – that means that $700,000 house is now costing on average $737,100.   And a scary thought here – the biggest percentage difference during April between list price and sale price was 123.3% – that would have made a $700,000 house $863,100.  OUCH.

I very much wish I had a point here, but I think instead this post is meant more to vent everyone’s joint frustration on the matter.   What’s my advice?  Persevere, buyers.  Don’t pay more for a home than what you value it at.  Consider how long you intend to live there.  Know that you’re not alone. Because hell, if you were alone, you wouldn’t be paying so much.

Keep on truckin’.  And punch a pillow, instead of a wall.

 

EARTH DAY RETURNS TO LATONA PUB IN GREEN LAKE

Earth Day is April 22nd, which happens to land on a Tuesday this year – but many of us will be spending this Easter weekend contributing somehow.  For example, I’m headed to Federal Way tomorrow to work with Habitat for Humanity on a neighborhood cleanup project.

Latona Pub, however, is once again continuing their awesome streak of providing a full tap list consisting only of beers that have made it to the pub by means other than motorized transportation.  Many of the kegs going on tap this weekend are from fairly close breweries like Naked City and RAM Northgate and are walked to Latona by way of hand truck.  Some, however, are coming from a little farther away, like Black Raven Brewing (about 19 miles).  That particular keg was attached to the back of brewer Tom Mace’s bike and cycled over.

This is the fourth year in a row that Latona Pub has held this tradition.   It all culminates on Sunday, April 20th, when nonprofit organization Feet First (along with a number of volunteers and participants), walk the final keg from Two Beers Brewing in SODO starting around 9:30 in the morning.  The beer, called Hand Truckin’ Amber Ale, should arrive at the end of it’s 10-mile walking trek at about 2pm where the festivities really kick off at Latona.   An auction is held at the pub and both donations and awareness benefit Feet First, who help make Washington more walkable.

Look for me (and my dad, who’s in town visiting me!) at Latona Pub that afternoon, ready to bid on a some cool prizes!

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U DISTRICT FOOD BANK PLAYS BARTENDER FOR 50 NORTH

Next Wednesday, April 23rd from 6pm to 9pm, the University District Food Bank will be playing guest bartender for 50 North Restaurant,in an effort to raise a little extra cash.

50 North is located at 5001 25th Ave NE #100 (at Northcut Landing), with free garage parking.  It’s a family-friendly restaurant and serves dinner until 9pm on weeknights with the bar closing down at 10pm.

Next Wednesday, 10% of all drink sales will be donated to the Food Bank.  Receipts will also give an opportunity to donate extra amounts to the Food Bank on your credit/debit card, and there will be tip jars around the bar collecting also.  Finally, 50 North is donating $1 to the University Food Back for every “LIKE” they receive on Facebook today through the event night, so click through and give them a like!

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