Saturday, March 28, 2009

Apartment Rented

This apartment is the place for you if…

1. You have a dog that needs a nice yard. The yard is fenced and offers a great place for a dog, or a cat to hang out during the day while you are at work.

2. You want a quiet place in the city with a yard. This yard, is two levels, the lower level has a grass area and trees. The side yard you can grow veggies, as it is southern exposure great for your tomatoes.

3. You enjoy taking baths, as the apartment has not only a claw foot tub but a large jetted tub. Don’t ask me how the place got two bathrooms right next to each other, but lets say that we did not want a shortage of bathroom space.

4. If you want to be walking distance to downtown, great bike commute via the I-90 bike path.

5. If you want to be near blue dog park.

6. If you and your roommate don’t want to worry about splitting utility bills, at $1100 this includes all utilities including cable. You have to pay your own phone.

7. If you hate doing laundry, as there is a washer and dryer in the unit

8. If you love afternoon sun, the place has great afternoon sunlight.

This apartment is not for you if..

You want a large gourmet kitchen. The kitchen has a microwave, stove, dishwasher, disposal, but… it is small.

You want a standard walk up apartment building, with a standard lay out.

I am looking for someone who will love living here. The last tenant lived her over five years, and was sad to leave...

Call Daniel at 206 310 2190, to schedule a time to see the place. Please send an email with more questions. Thanks

Tuesday, March 24, 2009

Rainer Beach Empowerment Meeting

I went to the Rainer Beach Empowerment Council. There were representatives from Seattle Department of Transportation, King County Transit, and Sound Transit. Seattle talked about the sidewalk projects and the transit restricted parking zones. I was most interested in this the sidewalks, as I received a letter from the city, and I responded, but still I have not received a response. In some ways I think that SDOT does not pay much attention to Rainier Beach, but they did come to the meeting. I would like to see more action. Metro was great. They explained the changes to the bus system that are coming. I sent my from in about the bus changes when they first sent it out. It makes sense to adjust buses to take advantage of the light rail. The sound transit presentation was ok, but the power point presentation didn’t work. The issue that everyone was interested in was the fee structure, but there was little information on it.
The meeting continued, but I had to leave. I will probably go next time.

Credit Crisis

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

Monday, March 16, 2009

2845 S Alaska St

Check out the light rail rom the upstair hall window. At least in the winter, you will be able to see when the train is leaving the station.

The roofer was just finishing the roof when I took the picture. Just in time before the rains started on Saturday. Plumbing has been installed and was under test over the weekend. Structual inspection on Monday. Wednesday windows and siding will start. By the end of next week it will start to look like a real house.

Mc Mansions Presentation

Uploaded on authorSTREAM by danielbretzke

Rainier Beach You Tube Video on March Property

I created a video on Youtube which is about Rainier Beach Real Estate showing some homes and parks. The following is the linkg

Sunday, March 15, 2009

McMansions Presentation

The following is a presentation on McMansions. Sorry no music, but it is interesting on the topic of large houses on small city infill lots. Check it out on author stream

Tuesday, March 10, 2009

Sold and Pending House Since first of year in Rainier Beach

Sold Activity since the first of the year

Seven house have been sold.
The lowest was $160,00 which the last list price was 169,000. The house started off last year at almost twice that much. The owner wanted to sell it so he could build a new house for himself next door. This house was not a short sale or foreclosure, but it did need some work, but not enough that it did not pass a FHA inspection. Small lot, big cute older house, with a small view of the lake this house sets the low end of the market.

The highest was sold for $267,999, the last list price was $280,000. It started off last year at $335,475. It was originally listed in 2007 for $405,00. This was at the height of the real estate boom, but it never sold. This home sold right after the first of the year. This house needed some updates, but was livable. This home set the high end at the first of the year.

There are 8 home pending sale. These are interesting as there is a mix of very nice homes waiting for a short sale to close, or fixer houses that need inspections or work orders. The prices range from $124,000 to $514,900. This range in pricing and in housing type indicates that there are all types of buyers looking, and they are starting to say, this is the bottom, time to buy.

Rainier Beach Market Update 3 11 2009

Rainer Beach Market Summary As Of 3/11/09

This summary includes Rainier Beach, Upper Rainer Beach, Dunlap, Pritchard Beach and Kubota Gardens, with a north boundary from Kenyon, south boundary of Bangor, east boundary 62nd Ave South, and West Boundary of Martin Luther King Way, using the information available on the NWMLS.

Currently there are 61 active residential listings on the market.
Low $160,00
Median $ 319,950
High $1,950,00Average
Price per Square foot is $203

Currently there are four multi family houses on the market.
High price $1,890.000Median $465,969
Low $344,950
Average Price per Square foot is $149

Currently there are 6 vacant residential development lots on the market.
High price $1,299,00
Median $619,975L
ow $399,888

Currently there are 12 condominium units on the market
.High price $1,344,000
Median $389,990
Low $47,500
Price per square foot is $378

Rainier Beach is Getting More Sidewalks

I got an letter in the mail about the City of Seattle putting some new sidewalks in front of my house. I checked the web site and found that they are going to put sidewalks not only down my street, 50th Ave S, but on some other streets in Rainier Beach. This will be a great improvement. My only concern is that the installation of the sidewalks will affect my parking, as most of the parking is straight off the street. The sidewalks will improve the drainage, as I had problems with the street water running down into my driveway. I built a berm to keep it out in the street, but berms are so tacky, and they break apart.

There are some good things happening in Rainier Beach

Sunday, March 8, 2009

Progress on 2845 S Alaska St Seattle

The house has been framed except for a portion of the roof. The Magnolia tree is in the perfect location, just outside of the door. A curved path will lead from the street to the porch. I noticed that there are a lot of crocus coming up in the front yard area by the fence.This house will look like it has been there for years, but it will new this year.

Tuesday, March 3, 2009

Mar Vista Flyer

Check out link at

9 Unit Apartment for Sale $840,00 Rainier Beach

Check out the listing for the Mar Vista apartment. The Mar Vista Apartments is a well maintained stable apartment building that will offer a solid 6% CAP rate on existing rents. Purchase this building from the second owner, who has replaced the windows, added a pitched roof, installed washers and dryers in each unit. The apartment has views of Lake Washington, is close to bus lines, shopping and restaurants. With parking and separate entrances for each unit, this will make an excellent future condo conversion.

Monday, March 2, 2009

2845 S Alaska St

This week got the second floor framing and sheeting complete. With one day of snow, and a lot of extra blocking under each floor seam, this is good progress. Next week should start looking like the final form.

Sunday, March 1, 2009

Rainier Beach Market Summary

Market Summary
Rainer Beach Market Summary As Of 3/01/09 This summary includes Rainier Beach, Upper Rainer Beach, Dunlap, Pritchard Beach and Kubota Gardens, with a north boundary from Kenyon, south boundary of Bangor, east boundary 62nd Ave South, and West Boundary of Martin Luther King Way, using the information available on the NWMLS.

Currently there are 57 active residential listings on the market
Low $160,00
Median $ 378,171
High $1,950,00
Average Price per Square foot is $208

Currently there are three multi family houses on the market.
High price $1,299,000
Median $465,969
Low $399,888
Average Price per Square foot is $162

Currently there are 6 vacant residential development lots on the market.
High price $1,299,00
Median $399,950
Low $169,000

Currently there are 12 condominium units on the market. High price $499,000 Median $344.,895
Low $115,00
Price per square foot is $412

State of the Market, Seattle Real Estate

What is the state of the market? I hear on the radio and read in the newspaper that housing prices are continuing to go down in price. I read that people are being laid off from their jobs. How much farther will prices fall? The stock market is off, with the DOW average being more the 50% off from the high. Housing prices in Seattle area are down 16%. Some people fear that houses will be 50% off from the peak, so why not wait until that $500,000 house is $250,000? Can it happen? The stock market went down by that much, so why can’t the housing prices go down that much. In fact, in some areas of the country real estate prices have already fallen by 50%.
What are the factors that affect housing prices in Seattle? The biggest factor in determining the price of a house is demand. Supply is a factor, but supply is influenced by government regulation and financing. In Seattle, there is a limited availability of land. Another factor in the supply equation is the time it takes to acquire permits. With falling profits, some builders will wait until their current project is sold before they start a new one. With limited supply to begin with, and reduced production, the supply of finished houses will be diminished.
The biggest source of demand is population growth. In areas, such as in Florida or Arizona, population growth is based upon the idea that more people will move there to retire. Along with the retirees, construction and service workers would come to work. When the stock market takes a hit, people who have saved money to buy a retirement house fear they can’t afford one. Retirees stay where they are. They don’t move, and if they haven’t retired, they may even keep working.
So let’s say that some of those retirees live in Seattle. They don’t want to buy or sell a house in Seattle, or anywhere else, they just want to hang tight. This segment of the population doesn’t want to buy or sell a house. This equates to less demand.
Population growth also occurs each year when children finally leave the home and rent an apartment. With entry jobs being competitive, and experienced workers competing for these entry level jobs, some younger people decide to stay at home or share a house. Seattle has a lot of two and three bedroom dwelling units occupied by a single person. A great way to save money is to double up, or rent that empty room. When roommates are sharing a space, they are not creating additional demand for entry level housing.
Growth in population occurs when people move from one place to another. Seattleites like living in Seattle. They may travel, go away a couple of years, but they usually return. Other people move to Seattle for jobs or school. Some stay, some leave, depending upon if they keep a job, find friends or have family. Seattle is popular because of the climate and the natural environment. The existing population is stable, but the growth comes from new people moving here. With a couple of major employers laying off people some of the draw bringing in new people is reduced. Demand is reduced for a whole range of housing types.
So when the retirees, decided that they have worked and saved an extra year, when that sharing a small apartment with someone gets old, and some of the people who left return, Demand will come back. My prediction is that in fall of 2009, demand will be back, supply will be lower, and prices will go up. You may find a house that was 30% over priced be available at 50%, but any house where the house payment is equal to it’s equivalent rent, will be sold quickly.