Just listed by Matrix Real Estate: Tangletown Bungalow w/MIL

Trisha Quigley with Matrix Real Estate just listed this adorable Tangletown home yesterday at 2116 N 53rd Street.

The home has four bedrooms and three bathrooms, and altogether comes to 2,120 square feet.  Built in 1926, it has the original well cared for hardwoods in the entry, living and dining rooms, and of course lots of period details that we all love so much about our north Seattle homes.

But don’t expect a typical older home here, folks.  The kitchen has been updated with stainless steel appliances and granite countertops, plus a dramatic burst of color that seems to fit the home well.

And then it doesn’t stop there.  This home, like so many in our neighborhood, has a non-conforming mother-in-law unit in the basement.  The MIL is a studio home with kitchenette and 3/4 bath, perfect for guests or even as a personal rental.

If you’d like to take a look at this home, it is being viewed by appointment only with offers reviewed on June 15th (and believe me, there will be offers).  Priced at just $559,900, it’s a steal in the neighborhood.  To view it before the deadline hits, feel free to call me at (253) 653-6299 or email sheath@matrixrealestate.com.

Green Lake Real Estate – May 2012 Stats

The blog has been a bit neglected this past week or so, as my mother has been in town and I’ve been too busy taking her places rather than writing about them (we’ve been to Naked City Taphouse in Greenwood three times already because she loved the truffle fries so much).  But I can’t forget to give you my monthly real estate update, so here goes: a look back at May real estate in Green Lake.

Twelve single family homes, and two condominiums, closed in Green Lake in the month of May (as always, 80th to 50th, Aurora to I-5).  The sale prices of these homes ranged from $355,000 to $879,000, with an average price per foot of $299.65.

This 4-bedroom home on E Green Lake Way North sold in just 11 days for $710,000.

Now here’s the real kicker, folks – the average days  on market, which is a great unit of measure for figuring out how much inventory we have – was nine.  That means that of the 12 residential homes sold last month, the average time it took a home to sell was just over a week.  In fact, only one of those homes sat on the market for longer than 10 days, which skews our numbers a lot.

In addition to those closed homes, there are another 12 single family homes that went pending in the neighborhood last month, as well as 16 that are currently active.  Of the active listings, the average size is 2,249 square feet, and the average price is $551,384. This gorgeous tudor, listed by Redfin, has been on the market just three days on the Green Lake/Wallingford border at $574,950 for 2,930 square feet:

Inventory is remaining steady at basically less than a month’s supply of homes.  Bidding wars are continuing in Green lake, as well as the now common process of doing a pre-inspection and waiving contingencies that are meant to protect buyers.  It is definitely no longer a question of what the buyer can bargain for, and instead is now what the buyer is willing to sacrifice.

Rare Tangletown Townhome for sale, Open House Sunday

Now that The Publican is open, I bet you would love to be walking distance to it (like I am!).  Well, how about just across the street?  At the corner of 56th and Kirkwood, right in the middle of Green Lake and Wallingford and in the very heart of Tangletown is a newer building known as Kirkwood Place.  And above the retail spaces in that building sits just four highly sought-after homes.

In a rare case, one of those homes has just come on the market.  At 1,578 square feet, this three-bedroom townhome isn’t likely to last long.  Listing agent Marcel Dolak of John L Scott Greenlake is holding an open house this Sunday, January 29th from 1pm to 4pm so be sure to check it out.  Alternatively, you can call him for more info at (425) 466-5870.

The home shows remarkable craftsmanship.  The kitchen features granite counters, stainless steel appliances, custom cabinets and a great breakfast bar.  Even the bathrooms show a touch of luxury, after being remodeled just this past year.

Whats even better is not one, but two wrap around decks at the home level plus a private rooftop deck with hot tub.  PS, the roof also has a view of Green Lake, which isn’t too shabby.  Top it off with two secured parking spots and the best location in Tangletown, and you’ve got a winner.

The address of the home is 5600 Kirkwood Place North #102, and it’s priced at $549,000.  Stop by their Sunday Open House, and tell them North Seattle Sarah sent you.  Can’t wait for the weekend?  Sneak a peak today with the brokers from 11:30 to 1:30.

Wallingford Craftsman for Rent and open this Saturday

Although I focus on helping people buy and sell real estate, I know not everyone is ready to buy.  I also come across some great rentals now and then, and this is one of those.

This Wallingford craftsman home has 3 bedrooms and 2 baths, plus an 800 square foot basement in a superb location on 2nd Ave NE.  The home is completely remodeled with granite counters and stainless steel appliances in the kitchen, a gas stove in the living room, and a double shower upstairs.

With fir hardwoods on the main level and tandem parking big enough for three cars off-street (a prized possession), this home is pretty cool and ready for occupancy between mid-December and early January.

The biggest benefit of all – a fully landscaped yard (with fruit trees) maintained by the owners – you don’t have to do any of the work!

Interested in taking a look?  There will be an Open House this Saturday, November 19th, from 11 a.m. to 1 p.m.  If you can’t make it to the open  house, you can call 206-986-2289 for more information or to schedule a different appointment time.  The address: 4226 2nd Ave NE.

The details: rent is $2850 per month with a $1500 security deposit, $200 non-refundable cleaning fee, and first and last month’s rent due at lease signing.  The owner pays water/sewer and landscaping, all other utilities are covered by the tenant.

Short Sales 101: What to expect when buying a Short Sale Home

In the north Seattle area, there are currently 486 active condominium and single family listings (this includes Ballard, Wallingford, Fremont, Phinney, Greenwood, Green Lake, and further north to 145th).  Of the 486 listings, 64 of them – 13% – are short sales.  I get a lot of questions on how a short sale works, and it doesn’t surprise me that although they’ve been a common occurence since the recession hit, many people still don’t know what one is or how to go about purchasing one.  This is my highly condensed version of How to Buy a Short Sale.

So you want to buy a short sale:

You’ve found the perfect home for you.  It’s everything  you ever dreamed of, and you’re ready to make an offer.  There’s just one problem – it’s a short sale.  So what does this mean exactly?  It means that the homeowner owes more money on their mortgage than their home is now worth.  Generally the owner is experiencing some kind of financial hardship, so they’ve had to stop making their mortgage payments.  To sell their home as a short sale, they have to show the bank that they owe the payments too that they can no longer afford to stay in the home and would like to sell it.  The bank then reviews their case, and if they agree, the house can go on the market at a reasonable market price.  Often, the bank will “forgive” the debt owed (the difference between the sale price and the amount owing) – but seller beware, some banks don’t do this, and there could be hidden taxes and fees involved.

Ok, I get it, now how do I buy one?

With a lot of patience.  The seller puts the home on the market at a certain price.  That is NOT necessarily the price that the bank is willing to sell it for (sometimes it’s high, sometimes its low).  So first, you make your offer.  Then you wait.  And wait some more.

The seller will review your offer first and either accept or reject it.  Most sellers will accept your offer.  However, this does not mean you now have a contract on the house.  Because after the seller accepts the offer, it then goes to the bank.  The bank review time could be anywhere from a couple of weeks to several months, depending on how busy they are.  So after submitting your offer, you could be waiting 30, 60, or 90 days to hear if the bank will accept it. 

The good news is that if the bank DOES accept your offer, the rest of the deal moves forward just like in any other transaction.  Once the bank accepts the offer, it could only be a matter of weeks before you’re moving in. 

The one other exception to a regular deal at this point is that the bank generally won’t agree to any repair work that might be needed.  You can still perform an inspection, but the home is usually sold “as is.”

That doesn’t sound so scary.

It’s really not.  It takes patience and can be frustrating, but if you have the time to wait you could end up with a really good deal.  Of course, this was Short Sales 101 – there’s more details to go into when you get a little more serious.  Here are a few questions you should know about the short sale home/owner that you’re going to be buying from:

1.  How many mortgages are owed on the house?  Generally, if a home has more than 2 mortgages (such as a first mortgage, second mortgage, and HELOC), the short sale can get messier because there are more people to pay off.

2. Has the home received an offer before?  If it has, that could be good news.  Often, a short sale listing will have already gone through the offer process with another buyer, who just got sick of waiting and walked away.  If it has, that can usually cut your wait time in half to get a response from the bank.

3. Is there a professional short sale negotiator involved?  Some real estate brokers are experienced in short sales by now, and handle the bank negotiations themselves.  Others, however, hire a short sale negotiator to do it.  If that’s the case, there may be an extra charge involved for you where they’re asking to split the cost of the negotiator.  You’ll want to find that out right away, as the cost can easily climb over $1000. 

Side note: Short sales are completely different from bank-owned properties.  For some reason, people mix these up a lot.  A bank-owned sale is just that – bank owned.  The homeowner is already out of the picture, the bank has repossessed the home, and it’s more like buying a house in a regular transaction (bank owned homes will also be sold as-is).

Wallingford Home Tour this Sunday

For $15 you can take the Wallingford Home Tour this Sunday, Jan 9th from 11am to 4pm.  This tour lets you into some interesting houses that have been remodeled or redecorated, and lets you get some ideas for your own home.  The tour almost didn’t happen this year, but was saved last-minute and is back on (this is actually the 2010 Home Tour, it got a little delayed).

Tickets can be bought at the Tweedy & Pop Hardware in Wallingford, or at the Wallingford Neighborhood Office at 2100 N 45th Street.  This event benefits the Wallingford Neighborhood Office, who puts on other community events and works to preserve the area.

What to do when you go “condo”

I have worked with countless buyers moving into their first condo, either as a first time purchase or as a downsizing move.  And with Matrix Real Estate now selling Hjarta in north Seattle, and Celine Place up on the Shoreline border, it made me realize – there are a hell of a lot of condos around here.  I also realize that people don’t know what they’re getting into – either good or bad – when purchasing their first condo.

First, the bad.  For those of you moving from a house, condos are a hard adjustment.  Even if the salesperson tells you how sound proof the condo is (a bold-faced lie, as no condos are “sound proof”), you will hear noises from your neighbors!  Granted, it will likely be quieter than an apartment – but generally if the person above you flushes the toilet in the middle of the night you stand a good chance of hearing it.

And, just like an apartment, you might get frustrated with your close neighbors from time to time.

You have to abide by the rules of an association, which you’ll pay monthly dues to.  The dues generally cover the maintenance of the building and grounds, and sometimes your water, sewer and garbage – but each condo building is different so make sure you clearly understand what you’re paying for.   The rules can be very lenient, or very strict, and cover a number of topics – even what pets you’re allowed to keep and what kind of signs you can place in your window. 

The board members of your association are voted in – so if you want to have a say on what goes on, you can run for the board. 

But it’s not all bad – for those that are downsizing, you’ll love not having to maintain a yard anymore, and you’ll never be outside with a paintbrush fixing up the house.  However, condo living is NOT maintenance free.  You still have the responsibility to maintain most of the interior of your home – and you’ll want to check when you purchase new, what kind of warranty you get with the home and what’s covered. 

You may get some great community features in the right condo.  For someone who uses a gym regularly, an onsite gym might save you money if you cancel the membership you’re currently paying for.  Some places also have swimming pools, rooftop decks, sport courts, business centers, guest suites and more.  So think about what’s important you to.

We’re still in a buyer’s market and I can tell you from personal experience that condos are still selling really well.  If you like living in a mini-community and knowing your neighbors, if you hate yard work, and if you don’t mind a slightly smaller space, condo living might be for you.  If you need the yard and don’t like to check the rulebook for what kind of Christmas decorations you’re allowed to have, you might want to skip the condo shopping this holiday season.