Kennedy Wilson will be holding an auction of 18 condominium homes in the 5th and Madison tower located at 909 5th Avenue in downtown Seattle.  The available floor plans are 1 bedroom 1 bath homes that range from 807 to 1,241 square feet some of which include a den and additional half bath.  There is also one stunning view penthouse unit available with 1,957 square feet, 2 bedrooms, and 2.5 baths.   You can check out the brochure online with details and pictures of the available floor plans.  The original prices for these units ranged from $399K to $899K for the 1 bedroom homes and 1,995K for the penthouse.  The auction will have starting bids that range from $225K to $385K for the one bedroom units and $995K for the penthouse. 

Homes are open for preview from 10am to 5pm daily.  The previewing process is simple and well worth the time if you are considering purchasing one of these homes.  Parking is available on Madison and will be validated for up to 2 hours.  You will be greeted at the front entrance where you will be given directions to the Auction Information Office (which is actually one of the units up for auction).  They will ask you for identification and to sign in as a guest, so remember to bring your ID.  It’s important to note that even though these homes will be sold at auction, you still have the right to agent representation as a buyer.  I strongly suggest taking advantage of this as the auction process can be a bit confusing and you want to make sure to protect your interests as a buyer.  It’s a good idea to have your agent with you when you preview, as you will be asked to fill out a registration form when you arrive at the Auction Information Office and you will have to register your agent at this time.

All auction buyers will be required to register in order to participate and bid on auction day.  Buyers who will be financing their purchase are required to obtain preapproval through Wells Fargo Home Mortgage (which is the seller’s preferred lender) but are not required to use Wells Fargo for their home loan.  It’s worth noting that the seller is offering a $5000 credit to buyers that use their preferred lender.  This building is also approved for FHA financing which is good news for those buyers with lower down payment options.   Cash buyers will be required to submit proof of liquid funds before the auction.  All bidders are required to bring a cashier’s check for $5000 to the auction along with a personal check for the remaining balance of the required 3% deposit.  Bidders who purchase more than one unit will be required to submit a deposit of 5%.  Buyers should also keep in mind that a pre-inspection is suggested as there will be no further negotiation or repairs made once the purchase is finalized.  For complete instructions regarding the auction, you may obtain a brochure online or in person at the Auction Information Office. 

Kennedy Wilson will be holding a “How to Buy at Auction” seminar on Sunday, March 21st with three available sessions.  Each session is half hour long with start times of 1pm, 1:30pm, and 2pm. 

Both Matt and I have been through the preview process and have toured all the available units.  We are happy to help anyone interested in potentially purchasing one of these homes, and are available to accompany you in previewing the condos.  Please feel free to contact the Urban Abode Group for additional information at team@urbanabodegroup.com

Auction Web Site – http://www.bidkw.com/auctions/view/33
Brochure- http://www.bidkw.com/files/uploaded/auction_33_20.pdf
Floor Plans – http://www.bidkw.com/files/uploaded/auction_33_22.pdf

So you are thinking about hiring a home inspector and you’re wondering where to get started & questions to ask.  Well you’re in the right place…I have been doing inspections for 11 years (Home, Condo, Commercial, Septic, etc)

We will give you 5 great questions to ask and one additional run like hell question to keep your inspector on his/her toes.  For the sake of this blog posting we will use condo/homes/properties interchangeably.

Begin with the obvious – if they get this wrong just move onto the next inspector.

1)     Are you certified or state licensed to provide home inspection services in the state in which you are considering having your property inspected?

 Amazingly enough until recently (Sept 2009) Washington State didn’t have a formal test to become an inspector.  In a roundabout we inspectors were under the control of Washington State Department of Agriculture for being licensed to do Structural Pest Inspections, but for the most part no licensing until recently. More detail, but that’s another rant for another day.

2)     How many homes have you inspected?

The wording of this question is important. Some people ask how many years have you been inspecting homes. The inspector can answer 5 years which infers a lot of inspecting experience. But what if the inspector works very part time and does an inspection every other week. He/she may have only inspected a 50-100 homes during that time period. So ask how many homes they have inspected? You can say roughly estimate. If the inspector has inspected  500+ homes you should be pretty confident they know what they are doing.

3)     How did you learn to inspect homes?

Did the inspector order some CD’s from the internet and then put up a shingle?  Wow - now they are out inspecting homes? It’s important to understand their level of hands on experience and education. Some inspectors have no choice but to download some CD’s because they live in an area where there isn’t a home inspection school. Again you are just gathering information. Don’t write the inspector off, just because they learned from the Internet or book…the important point to figure out is if the the inspector went from being a roofer to being an inspector. Now they are doing OJT on your home, hopefully figuring out how the plumbing works, or what a furnace looks like…etc. O ya OJT trade word for “On The Job” training. Yep just brought you into the “circle of trust”. Don’t tell anyone.

4)     What is your hands on construction experience?

This is an important question to gauge the level of  someone’s knowledge for potential repair/replacement questions. This will help when you are trying to figure out the level of concern in an item found at the time of inspection.  The inspector technically can’t tell you how to repair something, but adding additional insight on the potential repair is helpful, particularly when the buyer knows nothing about construction.  For example if you are a first time home buyer and your inspector calls out damaged grout and broken tiles in the shower and on the countertop. Well those two items sound very familiar (broken tiles/grout) but the potential repair scope and cost can be significantly different from a countertop to a shower. Again if the inspector doesn’t have some construction experience they might just point you to a contractor  which can add to your stress and anxiety, and really not provide a good scope of concern.

5)     What type of report do you provide and in what time frame?

Does the report include color photos, computer generated, delivered onsite or emailed within 24 hrs of completion. Or perhaps it’s handwritten with crayons by the inspectors 4 year old son, delivered via carrier pigeon. Serious though the most important element is the photos. It’s really difficult to convince a home owner their crawlspace is rat infested, but you show them pictures of a bunch of dead critters and end of conversation. Negotiations are a lot easier and less stressful. Ideally the inspector can send you a link to a sample report online or shoot you an example via email.

Here’s the run like hell question.  Ask the inspector if they ever do client repairs as a side job. If the inspector answers they do inspection customer side jobs and would be happy to give you a quote on putting in a new floors or doors or windows…yada yada. Run like hell. I know some states allow the inspector to do side jobs, but I think it’s a giant conflict of interest.

This inspector is either a handyman/contractor using the inspection business as a lead generator a big NO NO. As you have a major conflict of interest. i.e. I think you need to rebuild this bathroom and I think I have the perfect guy to do it for you..ME. Crazy I know but I am perfect at doing these repairs and I’ll totally rip you off but you won’t know.  Kidding … maybe!

Or the inspector isn’t doing enough inspections and therefore is trying to do handyman work on the side to make ends meet. Which in this environment is understandable, but in reality, this may mean the inspector won’t be in  the “Inspection” business in 6 months when you have a problem you want to discuss. I know reputable inspectors who do construction on the side, but never on the home they are inspector. Again major conflict of interest if you inspect and also do repairs on the same house. Perhaps it’s better is to ask the inspector or REALTOR for a referral contractor then get 3 quotes. To find out if you are a getting hosed.

Now we come to the end of my blog post. I know a bit blunt. You can also ask “What’s your prices”.  As long as the inspector is not outrageously more expensive then the other inspectors you have called – you should be good to go.  Don’t fall into the trap of not hiring a great inspector for a $40 difference in inspection fees. Remember this is an investment in your education, don’t go cheap : ) Congrats on making it through the whole article.  Learn more about Farren West @ www.KeyInspectionServices.com or www.EZ2Inspect.com or email me directly @ Farren@EZ2Inspect.com #206.931.0506 Washington State Licensed Inspector #489 & State Licensed Structural Pest Inspector #66918.

                                                 Conforming                    High Balance
                                                  (< $ 417,000)                 (> $417-567*)
Conv. 30 Year Fixed  4.875%/4.948 APR           5.000%/5.114 APR
Conv. 15 Year Fixed   4.250%/4.374 APR           4.500%/4.694 APR
Conv. 5 Year ARM      3.500%/3.567 APR            5.125%/5.240 APR
FHA 30 Year Fixed     4.875%/4.948 APR            5.250%/5.365 APR
FHA 5 Year ARM         3.750%/3.838 APR             4.375%/4.485 APR
                                                       Jumbo 
                                                 (> $ 567,500)
30 Year Fixed               5.625%/5.761 APR
15 Year Fixed                5.375%/5.604 APR
5 Year ARM                   4.625%/4.753 APR   

Million$+ Jumbo Loans
(Sales Price $1,250,000,  Loan Amount $1,000,000)
5/1 ARM                         4.625%/4.715% APR
7/1 ARM                         5.000%/5.092% APR   

Jennifer Fisher, LO#510-LO-52053

If you have been following Escala – you knew this was coming – Escala has announced new prices and services.

Escala has a new marketing and sales team that has put forth a new direction with the project.

Here is the letter just sent out to potential clients:

YOU NEED TO CHANGE MORE THAN JUST PRICE IN TODAY’S NEW ECONOMY

As a valued registrant, we would like to share with you details of the important changes happening at Escala Seattle. First and foremost, our pricing has been dramatically reduced. Below is a list of starting prices for our One, Two and Three Bedroom Homes.

1 BEDROOM, 1.5 BATH, 952sf Homes starting at:  $384,000
2 BEDROOM, 2 BATH, 1607sf Homes starting at: $699,000
3 BEDROOM, 2.5 BATH, 2442sf Homes staring at:  $1,574,000

In addition, we have taken a sustainable business approach to homeowner fees and services. The concept of Club Cielo, a five-star, 30,000sf club facility with outside membership, will now be available to Escala residents only. This decision has greatly reduced homeowner fees. All the while maintaining an unbelievable level of service and a greater level of security.

What does this mean to you? In place of a fully-staffed Bar, Restaurant and Spa we are moving to a User-Pay system. Whether you’re planning a private party for your 40+ guests, want to schedule a fitness trainer or masseuse on Thursday or simply want to book the screening room – all can be arranged through the concierge and Columbia Hospitality. Where costs are involved, those fees will bill directly to you instead of burdening the entire Home Owners Association. The fitness facility, resistance pools and changing rooms are always available.

There are many things that have not changed at Escala. These include access to an extensive amenity package, spacious homes with the largest decks of any downtown development and classic Seattle views. Combine all of that with Absolute-Value pricing and there is no other building like Escala in downtown Seattle.

Our sales office opens to the public on March 27th, 2010. As an early registrant, we’d like to get you in prior to the March 27th date. Call 206.816.6300 to schedule an appointment with one of our new sales professionals.  [NOTE:   Urban Abode Group can help you with Escala & other downtown condo projects]

See you soon!

The Escala Seattle Team
1920 Fourth Avenue
Seattle WA  98101

 What are your thoughts on Escala?  Have you toured the building?

Click here to see the Active Listings in Escala

Enso : 820 Blanchard St, Seattle, WA

Click here for Active Listings at ENSO CONDOS in Seattle, WA

Located in the Denny Triangle and across the street from 2200 Westlake & Whole Foods, ENSO is one of Seattle’s newest condominium buildings.  Enso was completed in late 2009 with move-in starting in December 2009.  It’s great location, amazing amenities, and modern style make ENSO is a definite contender on the list of buyers looking for stylish urban living.

Convenience is an understatement!  Located in the heart of South Lake Union, ENSO scores a perfect 100% from Walk Score.  South Lake Union is becoming one of the hottest neighborhoods of Seattle and features some of the best shopping, restaurants, bars, and recreation.

Click here to see the ENSO web site

This building has 19 floors in its residential tower and offers a handful of different floor plans including several penthouse options.   The amenities include a large and well equip fitness center, a gorgeous roof deck, a sunning and lounging area, a guest suite for visitors, and a community room with a beautiful kitchen and large outdoor patio.  ENSO offers 24 hour building security and 12 hour a day concierge service.  

Bamboo flooring, granite and marble countertops, and gorgeous backsplashes in the kitchens are just a few of the beautiful upscale finishes used in the ENSO units.  This condo building also holds a LEED Gold certificate for it sustainable green building practices, which makes it a breath of fresh air for those Seattle city dwellers that are “green conscious”. 

With reasonable price adjustments in 2009 – ENSO offers a great buy and modern luxury.   Considering its amazing location, walkability, luxury amenities, and livable floor plans, it is easy to see why ENSO has sold over 60% of its 135 condos.

This is a great link for Belltown residents to know the history of the area.  The Denny Regrade project created the foundation for the current streets and buildings.

Look at what the author wrote in 1999 about the Belltown “condo craze” – well ahead of the boom in the mid-2000’s – looks like history will always repeat itself:

In the early 1980s, developer Martin Selig launched a one-man boom of new office construction in the area. The condo craze and superheated real estate market of the Reagan years promoted more construction — and nearly bankrupted a few developers when the tax reform of 1986 popped their financial bubbles. A new round of high-rise construction and rising property values threaten to drive out the Regrade and Belltown’s surviving bohemian element. But, as of the late 1990s at least, the artistic feel continues to mingle with the upscale restaurants and clubs that are serving the many new residents.

Do you live in Belltown or interested in living in Belltown?  I know a lot of people have strong feelings on the Belltown neighborhood – most of them on the positive or negative side – but few in the middle.

1. Access
Easy access to the property is key to selling it. Your place must be ready to show and easily accessible for buyers and their agents. Signs must be properly and clearly placed in front of the home, along with directional signs when necessary. All agents should utilize the MLS Lockbox system. There must be a MLS lockbox on or near the door, and make sure the lockbox is labeled if it’s a condo. Buyers and their agents will not waste time trying to find hidden properties.  Buyers will move onto the next property of their tour.

8 Common Mistakes Home Sellers Make

2.  Setting the asking price too high
Places sell for what the market brings, not what you want/need to get for your home. A lot of sellers are underwater (this was written in Feb 2010). To price your property appropriately, find out what comparable homes in the area sold for and how long they stayed on the market. You also want to look at expired and cancelled listings to see what couldn’t sell in your neighborhood or condo complex. Buyers look in search increments – so if you price a $500,000 house at $512,500 you might be missing all of the buyers looking up to $500,000 in their search. You have to lower your price if you are not getting the proper amount of showings.  If you are getting no showings – you are overpriced if your house/condo is otherwise in normal condition.

3.  Going with the wrong Real Estate Agent
You need an experienced real estate agent who knows the fundamentals of real estate, as well as what’s going on in the market at all times. Look for an agent whose primary job is real estate – he or she should be familiar with the business and the area you’re interested in. More experienced agents are accustomed to handling multiple transactions and tend to have superior negations skills. Most importantly, you should feel comfortable with your agent. You don’t want to be rushed or coerced into anything, so trust your gut.   

4.  Not fixing up your property prior to listing it
Home buyers like “move in ready” places. They generally don’t like the idea of living in a construction zone when they buy a new home. Make necessary repairs prior to listing and don’t underestimate the value of a fresh coat of paint. Choose neutral colors, but nothing too sterile. You will generate more buyer interest with well chosen colors, applied over properly prepared walls. New construction sells well for a reason. You need to make your place shine!

5.  Staging
Buyers need to see that ‘model home’ to be wowed! To start with, remove all unnecessary items, including excess furniture and any fixtures that will not be included in the sale. If your home isn’t vacant, rent a storage unit – almost every home shows better with less furniture. Empty out closets, cabinets and drawers as much as possible. Buyers have a tendency to investigate every inch of a property, so organize those items you do keep in the home. Neatly stack dishes, clothes and any other personal belongings. Also, remove all clutter and personal artifacts, such as family photographs. Allow the buyers to see themselves in the home by making it generic.

6.  Pictures, pictures, pictures
These days, the vast majority of home searches begin online and listings without photographs are often ignored. Buyers are visual, so you need to have at least ten great photos of the property. Don’t forget to “stage” all your photos, indoors and outdoors. The exterior pictures will be much more appealing without cars, toys and other debris in the shot. Mow the lawn, trim the bushes and be sure to include pictures of the yard. For interior shots, use lots of light and emphasize space. People will email their friends and Realtor a listing from the Internet and it must present itself well through the pictures.

7.  Marketing
Marketing is now Internet based. Online ads can be created instantly and updated as often as necessary. Internet advertising reaches the greatest number of people in the shortest amount of time. Postcards work, signs work, but the internet is key. Don’t get worried about newspaper ads – they don’t work.  Repeat – newspaper ads don’t work and newspaper companies are struggling for a reason.

8. Taking offense at offers.
Home buying is one of last great bastions of haggling in the U.S. Now, more than ever, buyers are testing the waters to see how low they can go. Everyone wants a great deal and the possibility of a lowball offer is a reality. Rather than turning your nose at what you think is a low bid, take the offer seriously and present a realistic counter offer. That way, you can spark a real negotiation.

Seattle Landlord Networking Hour
March 9th
8PM to 9PM

Gallery Condos – 7th Floor SkyLounge – RSVP Required to team@urbanabodegroup.com

Topic : Finding Great Tenants

We are going to host Sandee Baker with over 25 years experience in Property Management, Tenant Screening & Real Estate sales.

Preliminary agenda for Sandee’s presentation & subject to change:

• Screen (really, really well)
• Communicate expectations
• Avoid scams
• Keep it business-like and professional

Are you a casual landlord that owns rental properties in Western Washington?  Do you want to purchase investment properties, but have yet to do so?  Our networking group is made up of property owners that want to build their rental portfolio.  The goal is to share information to become better landlords and investors in the Seattle Metro area.

Format of the hour will be a ~20 presentation with a question & answer session following – and then followed by casual networking.  This will be a casual happy hour style meeting that is both fun and informative.

We meet the 2nd Tuesday of every month from 8PM to 9PM.

—————————————————————————————-

Our next meeting, April 2010, will be a special 90 minute class at Wallingford Keller Williams (1307 N. 45th Street @ 45th & Stone) with Cris Anderson, Esq:

April 13th, 2010

8PM – 9:30PM

Cris Anderson will be presenting real estate investment analysis, real estate taxes and 1031 Exchanges.  He is going to be presenting material that is regularly taught for a fee!  Don’t miss this event.  This event will be fun and informative.  He was 2007 Instructor of the Year by the Seattle-King County Association of REALTORS®.

Cris Anderson’s bio can be found at http://apiexchange.com/staff/cris_anderson.pdf

Upcoming topics will be:

• Financing for investors
• Foreclosures & Auctions
• Landlord Panel
• Property Management Services – Pros & Cons
• Top Referrals – Referral exchange bewtween landlords
• Move In & Move Out Process

Questions?  Email or call Matt Warmack at matt@mattwarmack.com

Rates are for a Purchase or Refinance, based on 740+ credit score, Full Doc Income, 80% Loan To Value, 80% Combined Loan To Value, Primary Home, Single Family Residence, King County, 25 Day Lock with 1% Loan Origination Fee & 0% Discount Points and does not include any add-ons to rate or fee for such things as Cash Out, 2nd Home, Investment Property, 2nd Mortgages, etc. **County Limits Apply, Max for King, Pierce & Snohomish = $567,500.  

Jennifer Fisher; Partner, Sr. Mortgage Advisor

WA Lic.#510-LO-52053

Cobalt Mortgage 

About the Author:  Most people who meet Jennifer Fisher instantly wonder what she does with all that positive energy.  Luckily for her clients, she puts it into making sure that they get the best situation for their financial futures.  She truly represents her clients best interests, and does so with extreme professionalism, honesty, and a touch of wit.  You thought talking about mortgages would be a task?  Jennifer actually makes it fun and interesting. 

 Jennifer has been in the industry for 10 years, and has lived in this area her entire life.  She raised her child here and is familiar with schools, restaurants, and outdoor activities.  Jennifer has an abundance of trusted referral partners for her clients, should they need anything from a plumber to a financial planner to a car dealer.  She knows how to make your home and mortgage truly work for you. 

Contact for more information: 

Cell  206.423.3904

jennifer@jenniferjfisher.com 

www.jenniferjfisher.com

The Federal Reserve met again this week and reiterated for the third time in a row that they will cease to purchase mortgage-backed securities on March 31st of this year.  What does this mean to you as a homeowner or home buyer?  Rates are going to go up!  Without the benefit of mortgage-backed securities to falsely deflate interest rates the rates will have to start moving upwards.  If you are in the market to purchase a home, sooner rather than later could benefit you.

 

Rates are for a Purchase or Refinance, based on 740+ credit score, Full Doc Income, 80% Loan To Value, 80% Combined Loan To Value, Primary Home, Single Family Residence, King County, 25 Day Lock with 1% Loan Origination Fee & 0% Discount Points and does not include any add-ons to rate or fee for such things as Cash Out, 2nd Home, Investment Property, 2nd Mortgages, etc. **County Limits Apply, Max for King, Pierce & Snohomish = $567,500.

 

Jennifer Fisher WA Lic #510-LO-52053

 About the Author:  Most people who meet Jennifer Fisher instantly wonder what she does with all that positive energy.  Luckily for her clients, she puts it into making sure that they get the best situation for their financial futures.  She truly represents her clients best interests, and does so with extreme professionalism, honesty, and a touch of wit.  You thought talking about mortgages would be a task?  Jennifer actually makes it fun and interesting. 

 Jennifer has been in the industry for 10 years, and has lived in this area her entire life.  She raised her child here and is familiar with schools, restaurants, and outdoor activities.  Jennifer has an abundance of trusted referral partners for her clients, should they need anything from a plumber to a financial planner to a car dealer.  She knows how to make your home and mortgage truly work for you. 

Contact for more information: 

jenniferjfisher@cobaltmortgage.com