New Construction in Green Lake
“What’s THAT?”, asks a client.
I’ve been getting that question since 2008.
“Oh, that’s The Hole”, I reply.
The Hole has made its bed in Green Lake since 2008. Vitamilk used to occupy this entire 3 acre city block until they sold it to some developers that year.
Unfortunately the developers had a major fall out with the main tentant (heard it was Whole Foods or maybe Metropolitan Market) and the site has sat empty for all these years. And sits. And sits.
2011 brings promise! It’s been reported that PCC has stepped up to the plate and will be the main retailer anchoring the ”the hole” in Green Lake. Above PCC will live about 295 apartments. Might be competition with Circa, which is the other apartment/mixed use building, replacing my beloved Alberton’s years ago.
The Hole will be starting their new construction soon and the new 55,000 mixed use space will become Green Lake Village slated for completion in 2013!
What’s Up With Those Bank Owned Properties?
Banks are discovering that if they negotiate with the owner, it actually costs them less than if they were to go down foreclosure lane. This equals a shrinking foreclosure market.
My clients and I recently went through two separate bank owned property adventures.
Foreclosure #1: After 309 days on the market, someone else decided to put an offer on the same property, on the same Monday morning as us. Two bids: One house. Back to the drawing board to put forth our highest and best offer: best man wins. We felt the home was only good up to a certain price. So the other guy won as they bid quite a bit higher. Note: This is after a week and a half of waiting to hear back from HUD. In the meantime, other great potential properties were coming on the market.
Foreclosure #2: Great neighborhood with tons of potential. Have you heard this one before? Under appraised, walk into equity. Fortunately, we were the only bidders this time. So after 5 hours of HUD paperwork, over night fed ex packages, multiple visits to the property (de-winterize/winterize), and, atlas, the inspection it was determined that this house should have burned down months ago with hot, faulty wires secured by God knows what. Rescinded our offer. I see the equity there but this particular home screams “tear down” not “first time home buyer”.
House #3: Six days on the market, motivated sellers, and happy buyers: Pending. Set to close next month.
You can chase foreclosures all day but what buyers really want to see is a cooperative seller with a home that won’t burn down after you buy it.
ONE month of inventory in Green Lake equates to a seller’s market, indeed. We haven’t seen inventory this low since 2005 and ’06. Multiple offers are definitely not unheard of. Because the inventory is so tight, it’s keeping buyers squirming in their seats for a solid home in some of our most attractive neighborhoods – Ballard, Green Lake, Ravenna, View Ridge, and Maple Leaf. Translation: It’s in-city mania.
First time home buyer, moving up, scaling down – the target price is all across the board. A good Realtor will give you a laundry list of “to do’s” to get your home in tip top shape for hitting the market. Savy buyers still want to see a value (who doesn’t?) and they’ll know when a house is overpriced. Pricing will always be the pivotal strategy but if the home is clean, well staged or organized and is easy to show, the seller will see their return.
Financing is the biggest hurdle I’ve seen lately. So make sure you’ve got your financing nailed down first and happy buying!
Green Lake Open Houses Highlight: Come See This Green Lake Home!
If you are looking for the perfect newer Green Lake Craftsman home just down from the lake and all that is offered there, then you should come check this one out. Open Saturday from 1-4 PM, this larger home offers all the conveniences of modern living with Green Lake Loop steps away.
Look for great features like a butler’s pantry along with a super large regular pantry, in city two car garage parking, covered front porch, two master suites, high ceilings on all THREE levels. Fully finished basement only partially underground and offers large bright windows, wet bar and room for your own dance club – or build out more bedrooms for a great mother-in-law or separate guest suite.
More info: Green Lake Home For Sale
You can find this home as well as other Green Lake Homes For Sale on the Cooper Jacobs Real Estate Website – it sweeps the MLS for changes so you always have current Green Lake listings and no forced sign ups.
Green Lake in Seattle
Green Lake is so pretty this time of year if the weather is cooperating. I had the great pleasure of walking in the bright sunshine yesterday under ideal conditions.
I walk Green Lake or Lake Union almost every day. Green Lake is just under 3 miles and Lake Union is about 6 miles. Green Lake is good for a slow stroll, a jog, bike, strollers, skates, blades, hula hooping blades, wagons, and just about any other thing you can imagine and it is nice because if you feel like going around twice, it is easy to do so. It usually takes me about 45 minutes to walk around the lake rain, snow, or shine at a fairly brisk pace. it is flat for the most part and has great scenic sites along the way.
I now count myself among one of the lucky who get to live within walking distance from the lake, but there is ample parking if you need to drive to get there.
If you are interested in Green Lake real estate, let us know – we would be happy to show you this wonderful Seattle neighborhood!
98103: More Homes Selling
Green Lake, 98103, witnesses an uptick in sold homes for March, as compared to February 2011. Trendgraphix noted a 43% increase (1430 homes sold in 98103) and 34% are pending to close compared to February numbers.
Courtsey of Trendgrahix
The average active price is $571,000 for 98103 selling at 96% of asking price. Not bad! Inventory has picked up but the under $400,000 is still a HOT market.
Fabulous new price for a one of a kind Green Lake home. Meticulous finishing work, ample two car garage, and a gorgeous great room. Plus an extra master suite perfect for the nanny, out of town guests, or a teenagers getaway!
You don’t want to miss this wonderful home at this wonderful price! $874,950 / 4 beds / 4.25 baths / 3600 sq ft
8552 Densmore Ave North
Saturday April 2nd 1-4p