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Fremont — A state of mind

Fremont.
Any trip to Seattle deserves an excursion to Fremont The self proclaimed Center Of The Universe(vers,ers,rs). Just thumb through these pictures or follow these links to get only a glimpse of this funky, eclectic, eccentric borough of Seattle or just use a map and find your own way to and through.

Fremont The Chamber of commerce site
A map of (note the intersection of N 36th and N 34th which in some galaxies would be im-possible … Not here!

(ok so a closer view shows N 36th merges into Fremont Ave N, but where more appropriate for a tesseract than here) in Fremont!

View Larger Map

View Larger Map

Dusty strings–
Along Fremont avenue you will find a stairwell and signs pointing to Dusty Strings, if you like American folk instruments Do Not miss this. In business since the 1970s they are manufacturers of fine folk harps, hammer and mountain dulcimers, and they have one of the most playable guitar walls I have ever seen Martin, Taylor, and Collings, to name a few
Dusty strings http://www.dustystrings.com/

The solstice parade –
Every year on the Saturday of the solstice week a mini Mardis Gras takes place. Inventive irreverent, (body painted bicyclers are a regular attraction), expression for the eccentric, happens here.

Fantastic eclectic food–
Some of the great grubb in town is found here also, Jai Tai, Costas Opa, Café Lladro, to the south across the bridge to the Nickerson Street Saloon or Ponti (bring your gold card) or venture north up the hill to Swingside Café (a quaint name for one of the Finest Rotating menus in Seattle)

Antiques and Arts–
Fremont is Funky Urban Art, and many artists and galleries flourish here and intermix with the charm of a settlement grown from an 1880s milltown to an artists enclave in the 1920s to the present, reflected in the antique shops scattered about. Monuments from Rocketships to Trolls and Karl Marx in-between, the sign post to the Center Of The Universe, and stainless steel vines climb a building at the corner of 34th and Fremont.
I think my favorite link to Fremont is this last , an historical document of great civic importance, its Declaration of Independence.

Larry Baumgartner
Realtor

Foreclosures in Washington State

More and more we are seeing short sale, foreclosures, REO homes for sale.  It helps to understand the laws regarding foreclosures as well as the time lines.

Each state has it’s own regulations for foreclosures.  These are links to the Washington State Foreclosure Laws as well as a good basic explanation:

Washington Foreclosure Law

Washington Foreclosure Law Explanation

Lynette Hensley
Associate Broker

April 2009 Seattle Market Updates

KING COUNTY
In King County, number of sales increased by 3.7% over March showing a seasonal rise, and also favorable market changes with some tax help for first time homebuyers.  From April ‘08 to April ‘09 average prices are down 15.27%.

SNOHOMISH COUNTY
In Snohomish County, the number of sales rose 13.6% from March ‘09.  The average price of a residence is 14.29% lower than April ‘08.

Please remember that these numbers are county wide trends, and that real estate pricing is very localized and can also be affected by the owner’s situation.
Please call us for a closer look at properties that interest you.

Lynette Hensley

Here are downloadable PDF’s:
Real Estate Market updates for King, Snohomish Counties:
King County

Snohomish County

Compiled by our title partner, from MLS statistics.

Lynette Hensley, Associate Broker, Realtor
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Short Sale Perspective

I asked if I could publish this article about short sales by Danette, because she has a unique view of the process as an escrow closer. –Lynette

Short Sales

By Danette Johnson, of Ballard Escrow

A short sale is when a seller doesn’t have enough equity in their property to fully pay off the underlying mortgage debt and negotiates a reduced payoff with one or more lenders holding a security interest in the property.  So long as the lender agrees to accept less than the amount needed to pay the debt in full, the seller is able to proceed with the sale of their property — shorting the lender or lenders the full balance due under the terms of the original loan.

With real estate values declining, sellers may consider a short sale as the answer to avoid foreclosure.  Anyone considering a short sale — sellers and listing agents and perhaps more significantly buyers and selling agents – should be educated in the world of short sales to formulate their plan of attack.

It is important to understand that a short sale does NOT protect a seller’s credit rating.  Once a payment is late or missed, the lender may report the late payment to the credit agencies. Upon completion of the sale, it may appear as a “charge off” or a “pre-foreclosure” on their credit rating.  Hence, short sales not only adversely affect the seller’s credit rating, but sellers need also be aware that they remain liable for the unpaid balance of the loan or loans being paid short unless the lender(s) agree in writing to excuse payment and confirm in writing that the debt is paid in full. Without something in writing from the lender confirming that all further payment of debt is excused, sellers may find that one or more of their lenders, post closing, will pursue payment of any unpaid loan balances by obtaining a judgement or a lien. Short sale approvals are also frequently conditioned upon the seller’s agreement to pay some portion of the remaining debt after closing.

Buyers need to be educated about the process of a short sale transaction.  Buyers may see a property advertised as a “short sale” and believe that property will be sold at bargain basement pricing, and therefore a wonderful opportunity for them.  However, buyers beware,  as short sales are plagued with delays and seemingly endless extensions of closing dates.  We find that more often than not, buyers end up extremely frustrated with the constant delay and re-negotiations by the lenders and finanlly just walk away from the transaction.  And, because of the fluctuating closing date, even buyers with the patience to wait the process out should be wary when locking in their financing until absolutely certain that their closing date will accommodate their lock-in deadlines. With interest rates again predicted to fall to record lows, short sales could cause a buyer to miss out on a very low interest rate while waiting out the lender’s approval of the short sale.  Interest rate fluctuations can mean the difference in qualifying for a buyer’s dream home or losing the opportunity to take advantage of the low rates anticipated for 2009. These frustrations should give pause and lead selling agents to question the wisdom of subjecting buyers to a short sale.

It would be helpful if our industry had a list of specific requirements that lenders consider when approving a short sale transaction.  If such a list existed, more certainty in the process would exist, and it would be easier to evaluate the property up front. To date we have found the approval process to be riddled with tentative approvals, then new conditions, and out of nowhere a new department or supervisor steps in to review what was believed to have been a pre-approved short sale. Unfortunately the work-out departments within the lending institutions are currently overwhelmed and appear to be under-trained, underpaid and under-valued by the lending institutions as a whole.   With lending regulations in turmoil and lenders continuing layoffs, short sales with preliminary approval may never reach final approval. Our experience over the last couple of years at Ballard Escrow tells us that short sales require a minimum of six months to close.  We are also finding that short sale transactions are closing with very low success rates of five to ten percent.  That means 90-95 percent are rescinded, often as a result of the buyers simply giving up and perhaps taking themselves out of the market altogether as a result of the negative experience of dealing with a short sale.

All of these issues combined should cause everyone to question the wisdom of dealing with properties that are subject to a short sale.  Be ready for a fight, or run for your life.  The choice is yours.

Entrance to 1-5 at Mercer Street

This entry to I-5 going North from Mercer Street has two lanes, or so it seems. The I-5 freeway is set up through Seattle to accommodate rush hour traffic with an express lane that changes direction depending on the time of day. There are barriers at the entry of the express lanes that open and close, and when the traffic is going south, this particular entrance to the freeway merges down to one lane pretty quickly around a blind corner. There are signs, but folks still get the surprise from time to time.

Entrance to I-5 at Mercer

Lynette Hensley
Associate Broker

Traffic light Photo by Edy Kizaki

March 2009 Seattle Market Updates

In King County, the number of residential sales increased in March by 30% over February 09, which shows a continuing seasonal rise as well as low rates and the first time home buyer tax credit coming into play.

From March ‘08 to March ‘09 average prices were down 12%.

Again this month, the most active price range for resale homes is $300,000-$350,000. Second most active is $350,000 to $400,000.

The most active price range for new construction homes is $600,000 to $750,000, and the second most active is $500,000 to $600,000.

In Snohomish county, the number of sales rose 55% from February ‘09.

The average price of a residence is 13% lower than March ‘08.

The most active price range for resale homes is $300,000 to $350,000. Second most active price range is $225,000 to $250,000.

In the new construction arena, the most active price range is $300,000 to $350,000. In second place, $225,000 to $250,000.

Please remember that these numbers are county wide trends, and that real estate pricing is very localized and can also be affected by the owner’s situation. Please call us for a closer look at properties that interest you.

Lynette Hensley

Here are the March 2009 Real Estate Market updates for King, Snohomish Counties:
King County

Snohomish County

And statistics by neighborhood:
King County Neighborhoods

Snohomish County Neighborhoods

Compiled by our title partner, from MLS statistics.

Lynette Hensley, Associate Broker, Realtor
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Nationwide Pending Home Sales Rise 2.1%

Just a note:

Pending home rise 2.1 percent in Feb. from Jan. – Yahoo! Finance
http://biz.yahoo.com/ap/090401/pending_home_sales.html?.v=7

Lynette Hensley
Associate Broker

February 2009 Seattle Market Updates

In King County,  number of sales increased by 8% over January showing a seasonal rise, and also favorable market changes with some tax help for first time homebuyers.

From February ’08 to February ’09 average prices are down 9%.

Not surprisingly, the most active price range for resale homes is $300,000-$350,000.  Second most active is $350,000 to $400,000.

The most active price range for new construction homes is $600,000 to $750,000, and the second most active is $750,000 to $1,000,000.

In Snohomish county, the number of sales rose 68% from January ’09.

The average price of a residence is 15% lower than February ’08.

The most active price range for resale homes is $300,000 to $350,000.  Second most active price range is $225,000 to $250,000.

In the new construction arena, the most active price range is $300,000 to $350,000.  In second place, $400,000 to $450,000.

Please remember that these numbers are county wide trends, and that real estate pricing is very localized and can also be affected by the owner’s situation.  Please call us for a closer look at properties that interest you.

Here are the February 2009 Real Estate Market updates for King, Snohomish Counties:
King County

Snohomish County

And statistics by neighborhood:
King County Neighborhoods

Snohomish County Neighborhoods

Compiled by our title partner, from MLS statistics.

Lynette Hensley, Associate Broker, Realtor
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Government Help Site & Call In Number for Mortgage Holders

On March 19th the U.S. Treasury Department’s Making Home Affordable program went live. The program’s purpose is to help homeowners refinance or modify their Fannie Mae or Freddie Mac held mortgages. This is part of the Obama plan to keep homeowners in their homes and prevent foreclosures.

For more information, visit the Web site at makinghomeaffordable.gov as or call the telephone hotline number at (888) 995-4673.

Source: Indianapolis Star (03/19/09)

Lynette Hensley
Associate Broker

A Seattle Street Car Experience

Ever since the end of 2007,  you could ride the South Lake Union Street Car!  South Lake Union has a 1.3 mile line, a beginning of the city’s commitment to light rail and public transit.  With over a 500,000 riders thus far, it has exceeded ridership expectations.

Ride the rail, and you will see real time arrival message boards, solar ticket vending machines, and human activated doors.  Visit the web at seattlestreetcar.org to find out the arrival times, and hook up your cell phone or PDA to the schedule so that you can be on the move and on time for the trolley.

South Lake Union, is in rapid development due to Amazon’s planned move to the area, the strength of the biotech industry in the area and new condos built to house the folks that will want to live nearby, and the trolley is contributing to the fun and ambiance of this wonderful area of town.

Lynette Hensley
Associate Broker