Thanks to hard work from industry stakeholders, including the Washington REALTORS® organization, the Department of Revenue reversed an earlier decision to apply the state’s real estate excise tax to debt forgiven through short sales. Read the DOR’s statement here (PDF).
If you’ve paid the excise tax on a short sale forgiven debt, you can request a refund from the DOR. DOR Refund form (PDF).
Recently, the 2009 conforming, jumbo conforming and FHA loan limits were announced.
Effective January 1, 2009 (1-Unit properties in King, Snohomish and Pierce Counties):
The net result is that this will have, essentially, little impact except for buyers within the $506,000 to $567,500 price range. You’ll have till the end of the year to take advantage of the jumbo conforming loan rates and FHA loan programs.
In respects to FHA, effective January 1, 2009, the down payment amount will increase from 3% to 3.5%. So, there is a little incentive to save on upfront cash by buying before December 31st.
The $7,500 first time home buyer credit (aka interest-free loan) is still available through July 1, 2009.
Avalon Ballard (former Sunset Bowl parcel) - 1400 NW Market St.
A supplemental design review meeting has been scheduled for the Avalon Ballard apartment project. The design proposal workbook with renderings is now available on the Seattle DPD’s website (click here to download).
When: Monday, October 13th
Time: 6:30 PM
Where: Ballard High School Library
3031 Western
A design review board meeting has been scheduled for Martin Selig’s upscale 14-story 75-unit apartment development at 3031 Western. The project is adjacent to the Olympic Sculpture Park and will offer unobstructed, breathtaking views of Elliott Bay.
When: Tuesday, October 28th
Time: 7:00 PM
Where: Seattle City Hall, Boards and Commissions Room L280
Image credit: Avalon Bay - Ankrom Moisan; 3031 Western - Ruffcorn Mott Hinthrone Stine
Security Properties has proposed a 37-story, 310-unit residential tower at the old Pande Cameron site situated between the Paramount Theatre and Tower 801. The design of 815 Pine closely resembles Security Properties’ other nearby tower proposal, Kinects.
A DPD design review, early design guidance meeting has been scheduled for October 14th 13th at Seattle City Hall. The meeting time is slated for 5:30 pm 7:00 pm in the Boards and Commissions Room L280.
For more info, click here to view the project’s design workbook.
Up in North Seattle, Mastro Properties is planning an equally large 301-unit apartment development at the site of the former Leilani Lanes bowling alley on Greenwood Avenue.
The proposal is for two 5-story buildings that will include 601 parking stalls, 7,500 square feet of retail space and a 39,000 square foot mini-storage.
A design review board meeting has been scheduled for Monday, September 22nd at Ballard High School. The meeting bulletin provides two time slots, one at 6:30 pm and the other at 8:00 pm, both in the school’s library.
Mastro’s prior new construction development in the area was the Sapphire condominium at North 85th St in Greenwood.
Click here to download the design proposal workbook from the Seattle DPD website.
So you’re out about town looking at homes, or not, and you come across a house for sale that strikes your interest. You like to know more about it, like the price and how many bedrooms it has and maybe view a few photos, but darn it, the flyer box is empty and you really don’t want to call the listing agent. If you’re like most, you jot down the address or listing number and wait till you’re home to check out the listing online.
Or, you can pull out your web-enabled mobile phone to view the listing online right there and then.
I looked at websites of technologically forward real estate companies in Seattle to compare the ease of conducting a property search (depth and ease of locating the address and MLS# search options) and the display of the information including viewable sized photos as well as the number of pages and clicks that are needed to view the property information. Here’s my unscientific test results using my Treo 755 w/Palm OS, ranked from worst to best.
Redfin’s site is not optimized for mobile browsing and viewing the website on my phone shows an awkwardly chopped-up display in order to be viewable in a mobile browser. I made several attempts to search for listings but kept getting an error stating the page was too large to display, then a JavaScript error. Redfin’s site was the only one to return a JavaScript error. If I’m on the road I’m not going to mess with trying to view listing info on Redfin.
After loading the necessary JavaScript, it didn’t help much. The maps didn’t load and I got other errors indicating data could not be displayed. Though, I did come across a comment from one of their program managers on the Redfin forum indicating a mobile version is in the works.
Verdict: Ranks last since I couldn’t successfully conduct a property search on my phone, however results may be different with other mobile operating systems and/or browsers.
The Re/Max site had the most limited search features which made it more difficult to narrow down to a specific property, but it did include an MLS# search that was just one click from the home page. An address search option is available but was four convoluted clicks away.
And, like the other company websites, it had a very chopped-up display. However, once you got past all that and viewed the actual listing info, they provided all of the listing details on a single page. This is great since you don’t need to wait for additional pages to resolve. But, I was only able to view one photo; clicking on the next photo button didn’t do anything but reload the page.
Verdict: Probably the best display of listing information, but it requires a convoluted four clicks to access the address search feature and trouble viewing photos.
CB Bain does not offer a mobile version, either, and their website is displayed in a chopped-up format. Their pages are large which takes quite a bit of time to fully download, plus I also received a page too large to display error.
The site offered an MLS# search on the home page with the address search feature two clicks away, which is a bit much considering how long it takes for each page to display. The initial listing page provided basic info and required one additional click to get detailed info and viewable sized photos. However, once the pages resolved, it was pretty easy to read and navigate through. The address search was a bit awkward with the city field showing up in between the house number and street fields.
Verdict: It simply took far too long to access and download the listing information.
As with all of the sites above, the John L. Scott website is not mobile optimized, formats the site awkwardly and is slow to resolve. It offers a couple of search options on the home page including an MLS # search, but the address search was two clicks away.
The initial listing page provided basic property information and a single photo. Though, additional information and thumbnails were another click away. Unfortunately, I was not able to view the other images in a decent viewable size.
Verdict: Results were similar to CB Bain (developed by the same tech firm) with the lack of viewing other photos offset by a faster download time.
Windermere does not offer a mobile optimized website and the site displayed in the choppy format as well.
Fortunately, the Windermere site provides an address and MLS# search option on the home page, which made it very simple and considerably faster to access the listing information. However, detailed info and photos were on multiple pages requiring additional clicks and wait time. The listing page shows one viewable photo with a link to the photo gallery that only display thumbnails.
Verdict: Windermere offers the most accessible search feature for non-mobile site, but viewing listing information necessitated navigating multiple pages and only had thumbnail photos.
John L. Scott is the only company to offer a mobile optimized website which can be accessed at m.johnlscott.com.
The site is basic, just a home search application that’s stripped of unnecessary options which makes loading and navigation faster and more user friendly. The home page defaults to an MLS# or John L. Scott property code search option with an address search option one click away.
If you have the MLS#, the mobile application displays all of the listing information on a one page with a single photo. Unfortunately, the site does not provide additional photos.
If you enter an address, the application returns all of the listings at that address (e.g. condos) as well as all available properties within a 1-mile radius. This is a great feature when you’re out looking at properties and you want to see what’s available near the one you’re at.
Verdict: The only mobile-optimized site, so by default, ranks first. Though, the experience is diminished by the omission of viewing multiple photos.
A land use review board meeting for the Leilani Lanes parcel on Greenwood Avenue has been scheduled for Monday, September 22nd between 6:30 pm and 8:00 pm. The meeting, which will be held at Ballard High School, will provide the public an opportunity to learn about the project and to provide feedback.
The application is for two 5-story structures containing 301 apartment units, 601 below grade parking spots, retail and mini-storage space.
View the land use notification bulletin.
The developer is Mastro properties who also built the Sapphire condominium in Greenwood, and the architect for the project is Group Architect.
This Labor Day weekend, the Ashworth Cottages at Green Lake took huge price reductions, ranging from $70,000 to $150,000 on few remaining homes. Ashworth Cottages is a newly completed development of 20 Craftsman-style detached and semi-detached 5-Star Built Green homes that are LEED Platinum certified.
MLS #28117831, 8015-B Densmore Ave N
Priced reduced $70,000 to $529,950 on 8/30/08
(total of $140,000 decrease since 7/08/08)
MLS #28149204, 8010 Ashworth Ave N
Priced reduced $80,000 to $789,950 on 8/30/08
MLS #28107563, 8021 Densmore Ave N
Priced reduced $150,000 to $649,950 on 8/30/08
Elsewhere in North Seattle, I’ve noticed a few significant, cumulative price reductions recently. Here’s a sampling that I’ve come across that have been reduced around $90,000 to $250,000 since they were originally listed. Those currently in pre-foreclosure have had the biggest drops.
MLS #28124184, 5810 56th Ave NE
Original List Price: $1,000,000 listed on 5/8/07
Current List Price: $750,000, now in pre-foreclosure
MLS #28124738, 9734 Sand Point Way NE
Original List Price: $800,000 listed on 7/17/08 (yes, 2008)
Current List Price: $550,000, now in pre-foreclosure
MLS #28123987, 827 NW 65th St
Original List Price: $588,000 listed on 8/30/07
Current List Price: $419,000, now in pre-foreclosure
MLS #28118563, 3718 NE 70th St
Original List Price: $950,000 listed on 2/1/08
Current List Price: $859,900
MLS #28015462, 10741 19th Ave NE
Original List Price: $839,900 listed on 1/25/08
Current List Price: $739,000
MLS #28096595, 10745 19th Ave NE
Original List Price: $845,000 listed on 9/27/07
Current List Price: $757,000
It seems Seattle’s corporate image is getting a little tarnished. First, the city lost the headquarters of the area’s largest company, Boeing. Now, another major employer is expected to start packing (eventually), as Safeco shareholders voted to sell the company to Boston-based Liberty Mutual (I voted for the sale).
No doubt Safeco will remain around for a bit, but with insurance company acquisitions, most of the “home office” operations in downtown Seattle will be absorbed by the Liberty Mutual’s East coast operations. At best, Seattle will remain a regional office. Having worked for insurance companies prior to real estate I’ve been through or have witnessed from both sides the effects of several acquisitions. It’s safe to say Seattle will lose virtually all the company’s high-paying, intelligent jobs.
I suspect Starbucks will survive its current turmoil - the loss of 180 jobs at its SODO Center headquarters and closure of 600 stores. Now we hear, courtesy of the Daily Journal of Commerce, that Starbucks is selling two of its properties in Pioneer Square, including the new office building currently under construction on First Avenue.
The city’s other major employer, WaMu, is on shaky grounds as well. There seems to be no shortage of speculation about how long WaMu can survive as an independent company. And, they’re going through significant staffing reductions, too.
Seattle has lost two of its biggest companies in Boeing and Safeco while two others are fighting for survival. It seems the city’s once bright star is dimming. And, unfortunately, selfishly for me, this gut punch to the Emerald city’s psyche may impact the region’s economic and housing recovery.
Countrywide Mortgage hasn’t had a particularly good year and now it’s just gotten worse. Today, the states of California and Illinois announced they are suing Countrywide over predatory lending practices. And, Washington state is seeking to revoke Countrywide’s license, impose a $1 million penalty and halt the lender from writing mortgage loans in the state.
The NWMLS Board of Directors recently approved a revision to its data display policies that will take effect July 3, 2008. The change is not overwhelming but is significant in that additional, pertinent information will be made publicly available, namely the listing price history and the cumulative days on market (CDOM). I know Redfin is feverishly working to incorporate the new info. No word from the major companies (Windermere, CB Bain, John L Scott), however, they do not currently publish all available data as it is.
