Greenwood Phinney Undressed

It is a Great Time to Buy!

Remember back in 2006 when there was no real estate inventory and people were climbing all over each other to buy a house in Seattle?  Most houses had multiple offers, buyers had to pay money and pre-inspect not even knowing if their offer would be accepted and, everyone was run ragged.  My personal home purchase that year won out over at least 10 other offers - it was very stressful, even for an agent.  The interest rates at that time were around 6.25%.  Now, prices are back to the 2006 level, intereste rates have dipped below 6% AND the inventory levels are great.  Some houses are still moving the minute they come on the market and there are a few multiple offers here and there but, if you are a buyer, you have options and great intrest rates. 

Will the prices fall more?  Who knows but the stats so far look like things are leveling off  a bit in Seattle and with so many people relocating here for jobs it is just a matter of time before the inventories tighten up.  The experts still predict a housing shortage in 2010 but recovery could take until late 2009, or not. At this point it is anyones guess.  There are a lot of benefits to home ownership so if you are planning on being in your home for a number of years, now is a great time to buy - you have more options now than ever which means more opportunities to find that home of your dream.

Written by:  Kerri Sheehan, Realtor -Keller Williams, GRSE LLC 

Stonington, Maine - Lobster & Art

Stonington is my santuary away from a busy city life.  Located at the tip of Deer Isle in Maine, Stonington is a small harbor town with approx. 1200 residents and is supported by the year round lobster fishing industry and tourism.

Located about an hours drive from Bangor or 5-6 hrs. from Boston, it isn’t that easy to get to for a Seattleite but the drive from either direction is well worth it, especially this time of year when the leaves are starting to turn and amazing shocks of color are evident every where.  The blueberry fields are especially pretty. 

Stonington itself has much to offer.  Isle Au Haut, which is part of Acadia National Park, is just a Ferry ride away and offers 18 miles of hiking trails and 12 miles of biking trails some of which can be very challenging.  The kayaking in the area is great!  Rentals, tours and lessons are all available in Stonington.  There are also numerous boat tours available including the opportunity to go out on a lobster boat or just tour the harbor and learn the history of the area.  Main street has tons of fun shops and excellent restaurants - you can feast on lobster from breakfast through dinner or you can buy lobster from the co-op and cook it your self.  Art galleries are everywhere!  The Haystack Mountain School of Art is located on Deer Isle and offers studio classes for beginners to professionals. 

Stonington is also a great launching point for visiting other small towns including Castine which is a wonderful historical town first discovered in 1604 and settled by the British in 1759.   During the Revolutionary war the Amercians, who arrived by ship, where completely defeated by the British in what many call the worse Amercian naval defeat in history.  The British stayed until 1815.  As you might imagine, the town is full of historical buildings including John Perkins home and a wonderful museum.  Maps are available for self walking tours of the town.

Castine is also home of the Maine Maritime Acadamy which has a beautiful campus.  You can sit on the dock and eat a lobster sandwich and watch the students drill. 

so much more to write about………. I’ll report back after my next visit.

written by:  Kerri Sheehan, Realtor - Keller Williams, GRSE LLC

The unit attached to this harbor view deck is called Ketch and is located on Main st. within walking distance of all Stonington has to offer.  Ketch has 2 bedrooms/ 1 bath and is for rent - contact info@islandvacationrentals.com for more details.

Seattle Ranked Second in Job Growth

NWREporter February 2008

By Phil Pinkstaff
Market Analyst & Valuation Specialist, MCM Group

From April 2007 to April 2008, the Seattle area ranked second in job growth of all metropolitan areas with population of three million or greater. With a growth rate of 2.1% in the last 12 months, Seattle’s job growth is 2.3 times as much as the average growth for cities of our size.

When cities have increases in the number of jobs; this means they need more apartments, condominiums and single family houses. Some of these jobs are taken by local residents, including recent college graduates; while some are taken by people moving into the area. The Seattle area has always been a desirable place for people to relocate to. But since the Seattle area economy is outperforming most other metro areas in the United States; more people than typical will move into the Puget Sound area in the next few years. The increased demand for housing will cause rents to increase and prices for condominiums and houses to increase.

Apartment rents have increased significantly in the last few years in the Seattle area. This was due to fewer apartments being built over the last several years (when rent increases were lower) and lots of apartments taken away as they were converted to condominiums. As such, the cost of waiting to buy has increased and will continue to increase.

All those factors combined lead to a conclusion that demand should continue for condominium properties in our market, despite the gloom and doom national outlook.

About the statistics: There are 369 Metropolitan Statistical Areas within the United States monitored by the U.S. Department of Labor’s Bureau of Labor Statistics. Of these 369 MSAs, 16 have a 2007 population of 3 million people or more. The chart above lists these 16 MSAs from highest to lowest in terms of employment growth rate added between April 2007 and April 2008. (The growth rate is determined by jobs added between April 2007 and April 2008 divided by the number of jobs in April 2007.) The Seattle MSA includes King, Pierce and Snohomish Counties.

Food Banks Need Your Help

The current economy is making it difficult for a lot people to make ends meet, especially seniors on fixed incomes.  If you have never visited a food bank, you might be quite surprised.  No matter what your expectation is or preconceived notion…..the reality will not match.  Working families, seniors, well heeled individuals who have lost their jobs, homeless, disabled….every walk of life is represented at our food banks. 

I volunteered for a while at the Ballard Food Bank and was very suprised at the well dressed, very polite and very appreciative seniors.  ”Where are their families?” I wondered.  Why are they here?  Then came along the working couple expecting a baby who had just lost one income, the manager of a shelter who needed additional supplies, Grandparents taking care of their childrens’ children, the homeless - too many, the disabled with meager means - also too many.   All of them are our neighbors in need and you can help without breaking your own bank.  A monetary donation of any size is most appreciated as are extra produce and fruit from your garden, a bag of groceries, diapers, pet food (yes their pets are hungry too)…….. the following is a short list to help give you some ideas:  No Glass please

Peanut Butter, Hygiene supplies, diapers, baby food, canned tuna fish, pasta, rice, beans including re-fried beans, Mac and cheese,  powder milk, fresh veggies, canned veggies - lots and lots of canned veggies, items for the homeless that don’t require heating or can openers, grains, instant oatmeal……..milk and other diary products etc. in shelf stable packaging, juice containers for the kids …….. Many food banks such as the Ballard Food Bank, also prepare special bags for clients who have special dietary needs such as no salt, etc. so don’t hesitate to donate those types of items either. 

So the next time you are at the store, pick up some extras and drop them off at your local food bank, volunteer with the Phinney Neighborhood Center to collect “back yard” fruit and produce or just drop them a check.

written by;  Kerri Sheehan - realtor, Keller Williams, GRSE LLC 

Seattle Expecting a Housing Shortage by 2010

Channel 2 news broadcasted a story today about the future expected housing shortage in Seattle.  This may come as a surprise to many people but what the locals don’t always pay attention to is what is really  happening locally versus nationally.   The story sited numerous reasons for the pending shortage including a consistent flow of people moving to Seattle.  Jobs are still pretty good here. They also noted that many relocating to Seattle have not been able to buy yet because they can’t sell their home elsewhere but once those homes sell they will likely be buyers here too.   Seattle was also listed as being one of the top 5 cities for graduating college students to get a job and in 3-4 years, those ex college students will be wanting to buy their first condo or home. 

 Another reason is that not only is there less and less land to build on but the process to create a new development such as the Issaquah Highlands etc. is about 4 years and builders are finding it increasingly harder to get loans. In 2006 there were 14,339 project permits, 2007 11,798 and 2008 only 4,268.  The projected demand in 2010 is for 106,814 new homes vs. the inventory of 66,066.  So with the limited land to build, fewer permits being requested and loans harder for builders to get - it doesn’t look like that gap will be filled anytime soon which will result in prices moving up higher and too many people chasing too few properties - yet again.   

written by:  Kerri Sheehan-realtor, Keller Williams

Greenwood & Phinney Neighborhood Real Estate Stats for 9/5/08

 One of the many incredible sunflowers now in bloom around our neighborhood.

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As of today, per the NWMLS, there are 77 Single Family homes and 22 townhomes for sale in our neighborhood and 38 condos.  The single family home prices range from $259,950 - $1,450,000 with a median price of $475, 950 and an average square foot size of 1,880.  The average days on market is 81.

 The 38 condos are priced from $168,000 - $619,990 with a median of $274,750 and avg. square foot of 850.

 Contrasting those figures with sales for the past 6 months: 113 single family homes  have sold since March priced from $265,000 - $1,195,000 with a median of $477,700, average sq. ft of 1806 and an average number days on the market of 58.   This would put the current inventory at 4.09 months for single family homes.

33 Townhomes sold during the same period ranging from $295,000 - $675,000, 1,369 sq. ft and a median price of $345,000 also putting the inventory at about 4 months.

The combined 99 units of Single family homes and townhomes started their launched on the NWMLS with an average price of $550,993 which has now dropped by 3% to $534,429.00

 Just some quick stats.  There is still good inventory to choose from but houses are selling and some are selling very quickly.  The days on market number tends be skewed by homes that came on way over priced and were willing to hang out and or new construction that was listed prior to having the ability to officially close i.e. when completed.  Every day when I jump on the NWMLS there are houses pending that have only been on the market for a couple of days.    If you would like more details on any of this information, please contact me at 206-660-7489 and I’d be more than happy to email you details.

written by:  Kerri Sheehan - realtor, Keller Williams 

The Phabulous Phinney Pigout is Back!

 Help fight hunger and join us for the 5th annual Phabulous Phinney Pigout on October 2nd.  A number of Greenwood/Phinney restaurants, bars and coffee shops have teamed up to contribute a portion of their proceeds on October 2nd to benefit the PNA soup kitchens.  So put October 2nd on your calendar and plan on hitting Greenwood/Phinney for breakfast, late morning coffee, lunch, dinner,dessert and a bar stop on the way home!

Participating businesses:

74th St. Ale House, 7401 Greenwood
Carmelita, 7314 Greenwood
Fresh Flours, 6015 Phinney
Gaspare Ristorante,  6705 Greenwood
Gorgeous George’s, 7719 Greenwood
Kouzina, 8403 Greenwood
Mae’s Phinney Ridge Cafe,6412 Phinney
Naked City Taphouse, 8564 Greenwood
Oliver’s Twist,  6820 Greenwood
Park Pub,6114 Phinney
Pete’s Egg Nest, 7717 Greenwood
Pg ‘N’ Whistle , 8412 Greenwood
Red Mill Burgers, 312 N 67th
Santa Fe Cafe,5910 Phinney
Stumbling Goat Bistro, 6722 Greenwood
Wingdome, 7818 Greenwood
Yanni’s Greek Restaurant, 7419 Greenwood

Respectfully submitted by:  Kerri Sheehan - Realtor