Eastside Real Estate Working-for-you!

Are You A Prisoner of Your Drywall?

You come home from work to your Townhouse that you purchased in 2005.  You notice your house smells a little, er, gamey -- like a rotting egg.  Your brass keys are turning black.  You've been experiencing computer and appliance failures.  It all gives you a headache and a nosebleed.  Your eyes become irritated and breathing becomes difficult.  You may have a case of TOXIC CHINESE DRYWALL.

Since 2001, suppliers have been importing a common household building material -- drywall -- for China.  This drywall it seems emits a sulfur compound that out gasses into the living environment andgives off a sour or "rotten egg" odor.  These sulfur compounds quickly corrode a very common metal found in our homes -- copper.  Copper is used in wiring, appliances, computers and many other devices.

Florida and Louisiana are the states that seem to have the biggest problems (especially New Orleans after Katrina), but Washington State has been impacted, too.

Properties at risk are:

• Any property built after 2001.
• Condominium projects built after 2001.
• Townhouse projects built after 2001.
• Single family homes, condominiums townhouses or commercial properties remodeled in the US since 2001.

What are the symptoms of Potentially Toxic Chinese Drywall?

• Continuous failures of air conditioning coils or HVAC units beyond normal
• Corrosion in electrical wiring or metals, especially copper and brass.
• Mild to sever upper respiratory problems, nosebleeds, headaches, skin and eye irritation.

Government and consumer agenciesare trying to figure this one out.  In the mean time class action lawsuits especially in Florida and Louisiana have started.

To learn more: chinese drywall.com

 

King County Weekly Pending Sales Counts Decline

At the end of March, 2007, I saw the movement and reported it -- weekly Pending Sales counts jumped 25% going from 401 to 493.  After that week, we saw the Pending counts steadily climb until they reached the high water mark of 629 in August.

The last 3 weeks have seen a rapid decline in the Pending counts.  I wouldn't exactly say they fell off the cliff (on second thought maybe I would.....)  The last 5 weeks show 562, 471, 486, 426 and 311.

Why?  I am sure that the ending of the $8,000 First Time Home Buyer's Tax Credit (since extended) stopped buyers as soon as they knew they couldn't close by Nov 30th.   Even with the extension and expansion of the tax credit, there's a few weeks until Buyer urgency kicks in.  And.... we are entering the winter holiday season.

If you are currently selling a home you need to pay attention to these things.

Greg Perry, Kirkland Realtor

How Long Will It Last? -- (Life expectancy of home components)

 
The National Association of Home Builders published a study on common home components and the life expectancy.  The report covers everything from appliances, to roofing.  Other items include countertops, electrical devices, lumber faucets, windows and much more.

The report should be used as a guideline.

Here are a few excerpts:

Counter tops: Natural stone = lifetime.  Cultured marble products = 20 years.

Decks:  Under ideal conditions = 20 years.

Flooring: Natural wood = 100 years or more.  Vinyl = up to 50 years.  Carpet = 8-10 years.

To view the full report:  Download LifeExpectancyofHomeComponents2007

New Kirkland Listing -- Lovely Traditional 4 bedroom, 2 3/4 Bath 2 Story Home

By Greg Perry, Kirkland Realtor

Greg Perry | Windermere Real Estate/NE | 425-829-7012 13528 131st Ave NE, Kirkland, WA Clean-As-A-Whistle Traditional 4 Bedroom, 2 1/4 Bath Two Story Home with Classic Floor Plan! 4BR/2.5BA Single Family House offered at $395,000 Year Built 1975 Sq Footage 1,900 Bedrooms 4 Bathrooms 2 full, 1 partial Floors 2 Parking 2 Car garage Lot Size 7,220 sqft HOA/Maint $0 per month DESCRIPTION You won't find a traditional 2 story home cleaner than this one. This classic floor plan is ready to move in to! The updated kitchen is HUGE with new cabinetry, granite counters, hardwood floors and plenty of functional storage. All bathrooms have been updated with deluxe vanities and fixtures. The master bedroom has its own 3/4 bath and walk-in closet. It has just been completely painted inside and out. Deluxe moldings and millwork with solid wood 6 panel doors. Fenced back yard has patio and space for gardens. see additional photos below PROPERTY FEATURES - Central heat - Fireplace - Walk-in closet - Family room - Living room - Dining room - Breakfast nook - Dishwasher - Refrigerator - Stove/Oven - Microwave - Granite countertop - Attic - Laundry area - garage - Yard OTHER SPECIAL FEATURES - HUGE updated kitchen with granite counters and plenty of functional storage. Includes pantry. - Master bedroom with 3/4 bath and walk in closet. - Updated bathrooms with deluxe vanities and fixutres. - Hardwood floors. - Just painted inside and out! - Solid wood 6 panel doors. - Deluxe fireplace mantel. - Lovely kitchen eating area in front of bay window. - New french style patio door. - Back yard has a large patio. It is fenced and has plenty of space for gardening. - Nice neighborhood street with sidewalks. - Located close to shopping, services, Evergreen Hospital and I-405 ADDITIONAL PHOTOS Photo 1 Photo 2 Photo 3 Photo 4 Photo 5 Photo 6 Contact info: Greg Perry Windermere Real Estate/NE 425-829-7012 For sale by agent/broker Equal Opportunity Housing Posted: Nov 15, 2009, 6:10pm PST

Kirkland Listing, Kirkland Home For Sale, Greg Perry

Seattle Eastside Residential Real Estate -- October 2009 Statistics

Here is a quick snapshot of October 2009 residential Eastside real estate statistics:

 

and next you'll find the King County / Snohomish County absorption rate heat maps.

 
Here are the NWMLS area boundarys:

ByGreg Perry, Kirkland Realtor

 

Congress Extends FTHB Tax Credit AND Gives Tax Credits For Existing Homeowners.

Today, President Obama signed an extension of the First Time Home BuyerTax Credit and opened up tax credits for certain existing homeowners. Here are the details:

Seattle Eastside Real Estate -- 3rd Quarter Closed Sales by Price

By Greg Perry, Kirkland Realtor

Eastside (NWMLS Areas 500-600) Closed Residential Sales 3rd Quarter 2009:

• Almost 50% of the sales sold for less than $500,000. About 80% of sales are under $750,000. This has been consistent throughout 2009.

• Seller occupied properties that sold have increased in percentage of the solds from 41% early in 2009 to 58% in the third quarter. (January and February = 41%; May = 50%; September = 58%)
• Short Sales are hard to get closed:
• 1. Active Listings that are short = 9% (315 of 3,372)
  2. Closed Sales that are short = 5% (80 of 1,479 sold)

• Bank owned properties are getting closed:
• 1. Active listings that are banked owned = 2% (72 out of 3,372)
  2. Closed Sales that are bank owned = 6% (93 of 1,479)

 

What the Heck Are Closing Costs, Anyway?

All you ever wanted to know about real estate closing costs, escrow, good faith estimates, liens and encroachments!

What Will Your Home Be Worth in 2012?

From an article today on MSNBC

Metro: Seattle-Bellevue-Everett
What a home will be worth in 2012: $413,966
Q4 2008 price: $395,000
Projected price change by MSA: +4.8%
Projected price change by state: +5.4%

Relatively protected by the presence of tech giant Microsoft and airplane maker Boeing, after a nearly 10 percent drop in 2008, analysts project an 8.7 percent decrease this year, followed by gains.

Real estate is very local.  Other cities won't fare as well.  To see the entire article:

http://www.msnbc.msn.com/id/31446244

The Eastside Real Estate (agent) Bubble

By Greg Perry, Kirkland Realtor

Just as Eastside median prices experienced a bubble, the Eastside real estate agent count experienced one, as well.

The following chart represents September numbers in the year indicated:

Eastside Real Estate Agents

 
 In 1998, the NWMLS had 2,276 real estate agents in the Eastside areas 500-600.  Agent counts modestly rose until 2002 where they started expanding in excess of  10% per year until the peak in 2007 with 5,485.  Agent counts immediately started withdrawing at the rate of approximately 10% per year for 2008 and 2009.  2009 started the year with 4,605 Eastside agents in January.  At September's end there were 4,498 agents representing a 9% decline year to date.

For combined residential and condo PENDING sales, the Eastside had 686 Pending sales in 2008 and 908 Pending sales in 2009 for a 32% increase, while Active listings fell 14% (5531 in 2008 vs. 4780 in 2009).  Months of supply in 2008 was 11.2.  In 2009, months of supply improved to 5.3%.

To understand NWMLS areas, see map: