By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on February 16th, 2012%
Should I buy a Co-op?
“Should I buy a Co-op?” asked my client. Hmmm…good question! We’ve been looking at condominiums in a higher end neighborhood in Seattle. It’s a good shoe-in for an expensive neighborhood.
I think we can largely agree it’s a good time to buy real estate in general right now. But let’s back up for a sec. First let me answer the question what is a condo association and what is a co-op association.
Condominium is a big building with individual units. Each unit has a tax parcel number and the owner has ownership of the interior walls inside. They also own the Title for the unit. Each owner pays a home owner due (HOD). Which it turn goes into an account managed by the home owner association. If there are any needed assessments (aka repairs) on the building or lawsuits to pay out, it is debited from this account. You qualify. You buy. You’re in.
Co-Op is a big building with individual units. The building is the company. The units are the shareholders within the company. You don’t hold Title. The co-op committee does. And usually the building is one big parcel number. There are home owner dues just like condo ownership. You interview with the co-op board. You buy. You’re in. Oh yeah, and no dogs (usually) and no leasing (usually).
Should you buy a co-op? Yes, you should. If you are a person who likes people, who likes sharing, who likes working together for a common goal, then yes buy a co-op. If you like relinquishing some of your control issues and collaborating with your fellow shareholders, then yes you should think about buying a co-op. If you don’t want to pay 1.78% excise tax as a seller in King County, co-op is a way to avoid this tax.
Should you buy a co-op? No, you should think twice about buying a co-op if you own a dog (usually), if you like larger buildings (co-ops are generally smaller buildings), if you are an investor/landlord and intend to rent. Oh, and perhaps you don’t want to know who your neighbors are.
Financing is no different for co-ops. You can do an FHA loan if you want. Just make sure you ask for the Financials Addendum from the building. This is similar to the Resale Certificate for a condo building. It contains meeting minutes, financials, and future assessments.
Hope this bit of info helped you make the right move. Questions? I’m here.
Ciao.
Molly@cooperjacobs.com
206.841.6800
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on December 15th, 2011%
 Friends want to know, am I keeping busy in the Green Lake Real Estate Market for 4th quarter…notoriously a sleepy time of the year for Realtors. The answer is YES I’M BUSY! Keeping track of the real estate market is a daily, constant routine and the inventory is literally changing every day. Clients want to know what’s going on every day.
Many buyers are asking what’s up with this lack of inventory. On the flip side, sellers are asking is it a good time to sell with home values seeming to be slipping. True, the Green Lake real estate market has seen better inventory before, but the homes that are active are selling! A home listed for sale on my street went for $10,000 over list price which means, yes, multiple offers. Then there’s the bank owned property for sale around the corner. So you really do need a professional Realtor in this market who can help you understand the market and the pros and cons.
So how is my favorite neighborhood, Green Lake, faring in this 4th Quarter so far?
Just to show you how active Green Lake’s real estate has been as we are nearing the end of the 4th quarter, here’s a quick snap shot.
Green Lake 4th Quarter 2011 Solds
If you want the short version, here goes:
High Sold Price
$910,000
Median Sold Price
$482,500
Low Sold Price
$246,500
The average price per square foot rounds out at just about $240.00 and with 63 days on the market, things have been selling for 98% of list price.
If YOU’RE interested in understanding the Green Lake Real Estate Market, I’d be happy to help. I’ve lived in this ‘hood for 17 years and love every minute.
molly@cooperjacobs.com / 206.841.6800
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on July 10th, 2011%
The Value of Siding
The way I see it, vinyl siding is a love/hate relationship. I love the fact that it’s inexpensive, low maintenance, and just keeps on giving back … especially on those southwest exposures. I hate the fact that it doesn’t give a $$ return on your investment and the awkwardness of finding a charming 1916 bungalow with vinyl siding. Its all that worth saving $3.00 per square foot from installing wood products?
And sorry, you can’t paint it. I don’t care how many Google searches you do on it, the fact is vinyl is made to resist anything so painting will only mean chipping, peeling, and fading later.
Are you curious of how much new siding cost? Me too. So I did a quick search and it appears, much like everything else in real estate, the price per square foot is about $8.00 for wood and $5.00 for vinyl. So for my Green Lake house, it would cost roughly $23,000 to reside my house. And that might be something in mind to to think about when it comes to selling your home too.
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on June 10th, 2011%
Welcome to Green Lake, New Home Owner!
 My Favorite Yellow Castle Congratulations if you are one of the lucky 26 people who can call Green Lake home. The month of May turned out to be a successful month for sales in this paddle-boarding, bike-riding neighborhood. The previous two months – even more successful! Crazy to imagine 87 homes were sold in the last three months – all of which have 1, 2, 3…5 each in a household. I know of a couple households which sold their Green Lake home only to move two blocks away. It’s nice to know growing families want to stay here. So let’s look at the numbers in a glance:
March 2011 - Booming! 34 homes sold with an average of 84 days on the market. Okay – that last number is not so great. Probably just people getting out of the winter hibernation. We want days on market to be more like 30. Homes were also selling on average for roughly $423,000….better (if you’re a seller) than the average price today.
April 2001 – Sweet! 27 homes sold with an average of 49 days on the market. Okay – better! People thinking ahead for summer and school changes. Homes were selling on average for roughly $406,800…better (if you’re a buyer).
May 2011 – Looking ahead! 26 homes sold with an average of 41 days on the market. Okay – getting there! More sun, longer days. Homes were selling on average for roughly $397,500….really better (if you’re a buyer).
So what if you’re a seller? Yes, the average prices have come down in the last three months IF YOU’RE LOOKING AT AVERAGES. See the thing with averages are there might be a million dollar home that sold…which happened in March ($1,225,000 to be exact) which then shoots up the average.
 Southwest Flare Then you look at April and the highest house sold was $698,500..which went OVER asking price. Yay! In May it looks like $785,000 was the highest house sold.
If someone were to ask me what the average price of a Green Lake home is, I would say a solid $500,000 with 3 bedrooms /2 bath, garage, and logical upgrades on a great avenues like Corliss and Bagley.
 Corliss Ave Tangletown has really sprung into action too. Tangletown is known around here by mostly the locals. Here’s the equation:
Dive bar/nice bar/ to die for sushi,/cafe complete with free wi-fi/ hip salon/dentist/ dry cleaner, and of course you got your quick market + many zig zag residential (walkable) tree lined streets = tangletown.
Oh yeah, and it’s four blocks from the lake. Bam!
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on April 28th, 2011%
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!
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on April 8th, 2011%
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.
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on February 14th, 2011%
Time To Sell?
Looking in Seattle for a home between $400,000 and $500,000? One word of advice: Get pre-approved. This price range is attracting both first-time home buyers and the downsizers right now. I’ve seen multiple offers on homes that have been sitting for a few months in this price range. A surge of solid, non-distressed homes came on the market and almost instantly had one or more offers.
 Green Lake Are you still thinking about waiting until spring to put your home on the market? I’d think again if I were you. Most buyers don’t want the hassle or have the time to close on distressed homes (short sales). The lack of non-distressed homes right now is a great reason (if you’ve been thinking of selling) to put your home on the market now. More buyers are trying to buy this type of home.
Having said that, it’s imperative to inspect your home as if you were a buyer and repair items which a buyer’s inspector would identify. Deep clean your home, new paint, rent a storage locker and purge. Staging (whether occupied or vacant) sells homes. If you’re still living in the house, ask a consultant’s advice to reorganize your furniture, paintings or accessory items. Keep lights on and the thermostat at a comfortable temperature.
Pricing is critical more than ever now. Distressed homes are typically discounted around 10 to 15%. Non-distressed homes have the advantage of being just that - able to negotiate price and terms with a seller (vs a bank). Non-distressed homes are usually much more appealing to buyers and most will pay for that, therefore having an advantage.
Let’s take a look at the market activity across the different counties for January 2011, courtesy of the NWMLS, for single family and condos:
Statistical Summary by Counties: Market Activity Summary – January 2011
|
January 2011
Single
Family
Homes
+ Condos
|
LISTINGS |
PENDING
SALES |
CLOSED SALES |
New
Listings |
Total
Active |
#Pending
Sales |
# Closings |
Average
Price |
Median
Price |
| King |
3,311 |
10,294 |
2,101 |
1,259 |
$411,353 |
$333,500 |
| Snohomish |
1,475 |
4,691 |
938 |
533 |
$263,195 |
$239,000 |
| Pierce |
1,345 |
5,124 |
985 |
554 |
$225,206 |
$200,000 |
| Kitsap |
391 |
1,515 |
248 |
145 |
$271,257 |
$239,000 |
| Mason |
130 |
649 |
62 |
34 |
$160,849 |
$154,250 |
| Skagit |
202 |
1,016 |
105 |
81 |
$207,543 |
$197,000 |
| GraysHarbor |
159 |
874 |
76 |
37 |
$155,976 |
$130,000 |
| Lewis |
108 |
694 |
63 |
37 |
$169,248 |
$165,000 |
| Cowlitz |
103 |
560 |
72 |
42 |
$163,588 |
$154,950 |
| Grant |
76 |
480 |
39 |
21 |
$175,689 |
$153,000 |
| Thurston |
385 |
1,528 |
241 |
155 |
$225,735 |
$214,950 |
| San Juan |
30 |
325 |
10 |
9 |
$554,480 |
$450,000 |
| Island |
144 |
845 |
68 |
45 |
$290,644 |
$258,000 |
| Kittitas |
63 |
386 |
33 |
27 |
$177,499 |
$157,000 |
| Jefferson |
48 |
421 |
26 |
24 |
$286,345 |
$243,500 |
| Okanogan |
34 |
339 |
8 |
9 |
$188,344 |
$159,500 |
| Whatcom |
287 |
1,463 |
193 |
110 |
$262,916 |
$232,250 |
| Clark |
87 |
261 |
33 |
21 |
$215,401 |
$198,550 |
| Pacific |
29 |
315 |
30 |
11 |
$161,009 |
$118,000 |
| Ferry |
4 |
54 |
0 |
1 |
$85,000 |
$85,000 |
| Clallam |
62 |
369 |
39 |
21 |
$245,690 |
$220,000 |
| Others |
83 |
444 |
23 |
31 |
$176,960 |
$157,500 |
| MLS TOTAL |
8,556 |
32,647 |
5,393 |
3,207 |
$305,428 |
$243,500 |
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on February 12th, 2011%
It’s spring fever in February! Green Lake, Tangletown, Wallingford, and Ballard-areas are all fired up with fresh, new listings that are flying off the shelf. Just as the for sale signs are speared into the ground, the buyers and their agents are making offers. One, two, three days on the market for some of these ripe listings.
I toured all the new listings in these areas on Wednesday (two days ago) and three are pending inspection. Pending inspection doesn’t necessarily mean other buyers are out of the running. They just have to take a back seat in the form of a back up offer. Home prices across the board ranging from $449,000 to $849,000 are being snatched up and if you blink, you might just miss out.
What’s the motivation all of a sudden? Well, the motivation has always been there. It’s the inventory which has been a bit stagnate. Inventory is up, school is back in session, the big holiday plans and vacations have happened and now it’s back to routines and work.
For more Seattle neighborhoods, visit Cooper Jacobs Real Estate’s home page and find the map you’re looking. Condos, houseboats, scheduled open houses for any area you’re looking for can all be found here.
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on January 16th, 2011%
Phinney Ridge Real Estate Frenzy - Green Lake Neighbor Phinney Ridge..
Are you one of those people looking and waiting for a home in Phinney Ridge between $400,000 to $500,000? Have you been waiting six months or less? There were only 4 lucky people who got this wish. During the last six months, Phinney Ridge has been wiped out of inventory if you’re not quick enough to put in an offer in this range. These four homes all sold in less than 7 days within 98% of their asking price – one home was 102% of asking price.
 And what about now? Well one lone Phinney Ridge house just came on the market 2 days ago in this price range – on the east slope of Phinney – great views of Green Lake! If history repeats itself, this one won’t last long either.
Why Phinney Ridge? Their close community gels folks together. Whether you’re a family of 5 or a single person, Phinney has something for everyone. Fastened between Fremont, Ballard, Green Lake and Greenwood it has the views, the walkability to great restaurants, cafes, and local merchants, their killer community center, Woodland Park Zoo and more.
It might be frigid outside but Phinney Ridge real estate is on fire! Check out more available listings in Phinney Ridge. A little history on Phinney Ridge can be found here – quite an interesting read!
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on January 13th, 2011%
Bank Owned Properties: I recently read an article advising sellers to list their homes before closing of the second quarter 2011. The reason, it states, is banks have been holding alot of their banked owned properties and now the dam is going to burst. They predict this will wash out the sellers who actually are in good standings with their mortgages and home ownership and drop prices overall by as much as 10%. Haven’t we been traveling down this road for the last two years already? The article goes on to say banks have been holding out because they didn’t want to glut the system any more than they have to. A new 200+ condo building could be looked at as glutting the system too.
REO or bank owned properties are definitely a way to buy your next home. Just make sure you have a “can do” attitude and fix it mentality first. A bank owned property is essentially like buying “as is”. The seller (aka bank) might not be willing to fix that leaking faucet or negotiate a new roof or, in some cases, assist with buyer’s closing costs. But you can buy a non-bank owned house and perhaps negotiate easier on price, upgrades, or repair work because there is a motivated seller on the other end. Each buyer will have their logical preferences, of course. I’m just thinking - there’s something to be said for buying a home with assurance? With a history and explaination…a “heart” if you will. Sometimes I think we forget the process of buying and selling houses isn’t just about getting the best deal and/or the lowest price. I’ve always thought it was about bringing (generally) two parties together to accomplish an end to one and a beginning to another.
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