2017 ANACORTES REAL ESTATE ON THE MOVE

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On the Move

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On the Move 3

Table of contents • Introduction ... Page 4 • Tough decisions ... Page 6, 8 • Seattle pressure heads north ... Page 9 • Hot market ... Page 10, 11 • Get your house ready ... Page 12 • Family finds dream home ... Page 14 • First-time homebuyers struggle ... Page 15 • It’s all about timing ... Page 16, 17 • Moving to Anacortes ... Page 18 • A building boom ... Page 19-23 • Rising mortgage rates ... Page 25 • Housing for seniors ... Page 26 • Nowhere to rent ... 29

Staff Editor Colette Weeks

Content and layout Colette Weeks Briana Alzola Joan Pringle

Advertising director Duby Petit ©2017 Skagit Publishing A supplement to the Anacortes American All rights reserved

4 On the Move

Wednesday, May 24, 2017 Anacortes American

Fidalgo Island real estate is on the move FROM THE EDITOR

P

roperty moves fast in a hot real estate market, but what happens when there just aren’t that many homes to sell?

Gridlock, frustration and inflation, Colette Weeks according to the Northwest Multiple Listing Service, which reported in May that inventory and sales continue to decline even as prices go up.

That’s the case right now. Builders can’t get new homes built fast enough.

Sellers are holding off on listing their homes. Buyers are grabbing them up quickly, resulting in bidding wars, particularly among “lower”-priced homes.

In addition to rising prices, potential buyers waiting for the market to cool have another important element to consider — rising interest rates.

The same supply-and-demand situation that has made Seattle the tightest real estate market in the country has made an impact to the north, including here on Fidalgo Island.

Prices have climbed above the highs reached in 2007 before the Great Recession.

The question everyone wants to know, but no one can answer with clarity, is what happens next. Is this area, the state or even the nation, again in a real estate bubble — that precarious position where the market expands so much that it bursts?

Expert opinions are mixed and

never as accurate as hindsight. Some markets aren’t experiencing anything like the type of growth occurring in the Puget Sound. But there are things the average buyer and seller here should know as they head into this heated market.

We aim to address some of that in this publication — not as a guide for what a buyer or seller should do, but as an explanatory snapshot in time — late spring 2017 on Fidalgo Island — and what some people in the know are saying. No crystal ball provided, despite the picture on the cover.

Real estate has always been a bit of a gamble, but people have to live somewhere. They’re going to either rent or own.

The best you can do is be informed.

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6 On the Move

Wednesday, May 24, 2017 Anacortes American

Decisions in unusual market hinge on past, present, predictions

B

uy? Rent? Sell? Build? Those are significant questions these days.

A lot of fence-sitters have been waiting and watching, hoping the answers might suddenly appear, but the pressure is on because prices are rising, and so are interest rates.

There’s a glimmer inside the cloudy crystal ball, but what else is lurking in there? That’s where the experts come in — not that they have all the answers.

But they do have some insight.

James Young is research director at the Runstad Center for Real Estate Studies in Seattle, which is currently the hottest market in the nation.

“The greater Puget Sound region is just booming,” he said, and it’s spilling out far and wide.

This region has been here before — in 2006 and 2007, before the bubble burst and the economy crashed.

But things aren’t quite the same, and Young doesn’t think the Puget Sound

area is in a bubble right now. There’s still tremendous employment demand.

“The only way you can tell if you’re in a bubble is if demand stops,” he said.

“It’s hard to say that we’re in a bubble as long as demand for employee talent is the way it is.”

Employment and business growth is what’s pushing the market in Seattle right now, he said. He points to Costco, Nordstrom and Amazon as a few of the businesses driving it. The area also enjoys a diversified economy, which helps protect it during periodic dips.

“The one thing that you didn’t have when the music stopped in 2007 is a lot of employment growth — growth in See Decisions, page 8

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8 On the Move

Decisions

Continued from page 6 wages,” Young said.

The other difference is that banks aren’t using the same loose lending criteria as before, he said.

The current market is geared toward what the Federal Reserve is going to do with interest rates, which have seen historic lows. They’re still low, running this spring at a little more than 4 percent for a 30-year conventional mortgage. But there is uncertainty around what happens next.

Add to that pressures on wages and general inflation, which pushes up the cost of materials. Demand for construction creates a worker shortage, which also pushes up prices, Young said.

“It’s always a problem in real estate where the demand can change quickly, but the supply can’t,” he said.

So Young doesn’t think there’s a bubble, but even if there is, the real key is being able to wait it out.

“If you’re buying a house to stay there for five, 10 years, there’s no good or bad time to buy,” he said. The house will gain equity just by paying down the mortgage over time. It’s rare for a house to be under water after a decade, he said.

And even if the economy hits a

• • • • •

Wednesday, May 24, 2017 Anacortes American

bump, “you still have a house, and it still has value,” Young said.

Investing is another proposition altogether.

Real estate cycles go up and down, and Young suggests that it’s safer to gamble on stocks or something that can be traded quickly.

James McCafferty is director at the Western Washington University Center for Economic and Business Research.

He notes that while the economy and real estate both always experience cycles, the speed at which things are happening has changed dramatically, and cycles can come around faster.

“The economy is actually good,” McCafferty said. “We’ve seen sevenplus years of economic growth. Unemployment is extremely low. When you look at companies’ profits, things are extremely high.”

But recovery has been uneven and mostly in metro areas where about half of the nation’s population resides. As people pour into Seattle to work, they’re finding that they have to go farther out to live.

When it comes to jobs and wages, counties like Skagit and Whatcom have bounced back from the recession more slowly, which has changed the demographics of who lives in those areas.

Young people are moving away to the cities to find work. Retirees are moving here.

Fidalgo Island has been known for

years as a place where retirees make their home. Local real estate agents and builders consistently report that they’re seeing even more of that now. The baby boomers are heading this way, many with healthy bank accounts.

Despite the rising prices, New Creations builder John Moehl thinks this area is still a safe bet for buyers.

“When people ask me what my outlook is, I tell them Anacortes is a very, very unique market. We have military that keeps moving here, and more on the way. And we have retirees who absolutely love Anacortes.”

Still, all builders know that these cycles repeat themselves. The question is how deep an economic downturn could go.

“Even if it goes down again, I think long-term we’re going to be OK,” Moehl said.

Despite positive economic indicators, the nation’s continued political unrest does have an impact, and that could be a factor in tight housing inventory.

Political uncertainty can influence people’s decisions to make big changes like selling their home, McCafferty said.

“Uncertainty ratchets up the emotional part of the equation,” affecting how people and businesses spend.

That has made it difficult to predict what might happen next.

Many of them are still waiting on that fence.

Fidalgo Island has less than two months of real estate inventory.

Skagit County’s median price rose by 14 percent to $298,900 in the first quarter.

Statewide, the median price rose 12.1 percent to $324,300.

The highest median price remains King County at $577,300.

Median price in the Anacortes/Fidalgo Island reached $425,000 in April 2017.

Source: Washington Center for Real Estate Research and Northwest MLS

Wednesday, May 24, 2017 Anacortes American

Seattle pressure moves north

S

kyrocketing prices in King County, where the median price for a single-family home in April was $625,000, are prompting househunters to head north, experts agree.

That’s pushing prices up on Fidalgo Island, and specifically Area 815 as shown on the Northwest Multiple Listing Service map.

Will it continue?

Brokers don’t see much changing soon.

“I think this market, at least through 2018, is going to keep going,” said Lana Thompson

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managing broker at Coldwell Banker Bain in Anacortes.

Guy Davidson of John L. Scott in Anacortes thinks prices will moderate, but said he’s generally positive about the long-term prospects.

In Gig Harbor, Re/ Max principal managing broker Dick Beeson predicts a tight market.

“The end game for the rest of 2017 is clear: More scarcity, more angst by buyers, more reluctance to sell among sellers because they can’t find their next home,” Beeson told Northwest MLS.

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10 On the Move

t finally happened this year.

Home prices on Fidalgo Island recovered and passed the high they had reached before the Great Recession hit over a decade ago.

The median price in the Anacortes area (Area 815 on the Northwest Multiple Listing Service) had dropped by nearly $100,000 in a few short years, and it’s been a slow climb back. But as of April, the median had surpassed its peak before the big fall, reaching $425,000, according to NWMLS. Skagit County led the Puget Sound region in median price increase in the first quarter compared to 2016, according to a May release from the Washington Center for Real Estate Research (University of Washington).

Closed sales for this area also are steadily climbing. Wages, however, have not kept pace.

The island isn’t alone. Standard & Poor’s CoreLogic Case-Shiller national home price index rose 5.8 percent in February — more than double annual wage growth. But here, the price of housing is climbing even faster.

Most would agree it’s been a long decade — a slow and painful recovery.

But real estate is hot now. And in a predictable supply vs. demand scenario, prices are rising partly because there aren’t enough houses for sale.

It’s clearly a sellers’ market. So why is the supply so low?

According to regional economists and local brokers and builders, there are many reasons, including: That wage issue. Even if they make a profit, sellers worry about finding an affordable replacement home as housing

In the Northwest, new listings in April dropped nearly 8 percent from the same time last year.

Home inventories are also measured in “months of supply,” meaning the number of months it would normally take to sell homes currently on the market. Six months is typical in a healthy market. But the supply in Skagit County and on Fidalgo Island dropped below two months.

“Inventory is growing, but inventory is still our main challenge,” said Nate Scott, owner of Windermere Real Estate Anacortes.

Blake Boatman, owner of Re/Max Gateway in Anacortes, said in early May that there were 79 listings in Anacortes, and 47 of them were under contract.

“If you’re a seller, that’s great news,” he said.

Boatman doesn’t remember a time with tighter inventory.

Guy Davidson, owner of John L.

prices grow faster than income; Homeowners who bought homes at historically low interest rates realize that after they sell, whatever they buy next will be at a higher rate; Uncertainty about the national political situation and its effects on the economy makes people nervous about making significant personal economic changes.

Homes that do hit the market get snapped up fast; and, builders can’t make new ones fast enough. On Fidalgo

Island in particular, there aren’t nearly as many “spec” homes available as a decade ago, which means more custom orders.

See Hot market, page 11

Area 815 - April Median Price 425,000

425,000

395,000

365,000 Median Price

I

Hot market follows slow recovery

379,000 375,000

376,500

335,000 331,500

329,000 316,500

305,000

275,000 2007

308,000

2008

2009

285,000

283,500

2010

2011

289,500

2012

2013

Year Northwest Multiple Listing Service

2014

2015

2016

2017

Wednesday, May 24, 2017 Anacortes American

On the Move 11 Area 815 - Months of Supply / April

Hot market

20

19.2 17.4

Continued from page 10

15 13.1 10.9

Months of Inventory

Scott in Anacortes, noted that the island is influenced by the Seattle market, which is currently No. 1 in the nation.

Statistics bear that out. The highest median price remains King County, a year-on-year increase of 11.1 percent, and Snohomish County grew 10.6 percent. Both low inventory and proximity to Seattle are likely behind the rapid price growth, according to the Center for Real Estate Research.

“There’s really no end in sight. I expect demand to remain high for quite some time,” Davidson said. “I don’t really see a lot of changes in the supply either.”

The downside is that the median price in the area is already beyond affordable for a large part of the working population, he said.

A median price means half of sales were higher and half were lower.

While buyers may find a house listed under the median, many are getting offers higher than the list amount.

“We are getting into multiple offer situations,” said Lana Thompson, managing broker at Coldwell Banker Bain.

She noted there was a 16 percent change in median prices in homes from March 2016 to March 2017.

As a result of the rising prices, wealthy retirees will continue to be one of the pillars of the area’s economic strength, Davidson said.

“I think home prices are going to continue to stay strong, and there’s going to be a continued (housing) shortage,” he said.

But will it last?

The rapid price hikes and growing competition among buyers to find a home has made some people nervous.

After all, the bubble that burst after the highs of 2007 are still fresh on many minds, and some wallets have

10.8 9.6

10 6.8

6.3 5

5

3.7 1.7

0

2007

2008 2009

2010

2011

2012 2013

2014

2015 2016

2017

Year Northwest Multiple Listing Service

still not recovered.

Many people left the real estate and construction industries as a result. That’s contributing to a current labor shortage in the construction field.

‘I expect demand to remain high for quite some time. I don’t really see a lot of changes in the supply either.’

Guy Davidson, John L. Scott

But local real estate brokers, builders and regional economists say the situation today isn’t the same as a decade ago.

Scott of Windermere said the pace of the market feels a lot like 2006 and 2007, when appreciation was “happening so fast that you worry about a correction at some point.”

The outlook is different this time,

he said. Lenders are doing a better job of vetting buyers, and employment is strong.

“If you look at a period of 20 years, appreciation isn’t crazy. It just feels like it because we’re in a swing,” Scott said. “We dropped quite a bit (after 2007), so the market had to make up some of that ground to get back to even.”

Will there be some leveling out in home prices? All agree there will, though no one can be sure when.

Scott said Windermere’s economists are saying to expect price increases of 4 to 5 percent in 2017, with more growth possible in 2018.

John Moehl, a builder and coowner of New Creations, rode through the storm of the past decade and said his current outlook is that nationally, there are signs of a slow-down. But Washington’s been the best real estate market in the country, with no signs of change.

“Western Washington’s just exploded,” he said. “I think Anacortes lags behind Seattle just a little bit.

When Seattle slows, that’s when we notice. But Seattle has not slowed down.”

Wednesday, May 24, 2017 Anacortes American

12 On the Move

Get your house ready, inside and out R

eal estate brokers will advise sellers to save themselves some time and possibly money in the pre-closing period by getting any necessary repairs done before listing a house.

For a house in pretty good shape, here is a list of things that will help your home make a good first impression without taking too much time or breaking the bank before the “For Sale” sign goes up.

1.

2.

3.

Inside

Clean and neat (including closets) Free of photos and personal items No evidence of pets

4.

5.

6.

7.

1.

2.

3.

4.

5.

6.

7.

Open blinds for natural light Neutral tones Furnished to show a room’s purpose, but space for buyer’s imagination Smells good, but not like perfume

Outside

Nicely landscaped yard House numbers easy to see House, driveway and deck pressure-washed An inviting entrance; a new “Welcome” mat Fresh stain on aging decks Fresh paint on front door and trim Clean windows

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14 On the Move

Wednesday, May 24, 2017 Anacortes American

Persistence pays off to help Rice family get their dream home Brian Rice and wife Rose Schanen sit with their two sons, Elliott, 8, and Avery, 5, on the front steps of the home they bought this year.

(Colette Weeks / Anacortes American)

T

heir dream house almost got away before they even had a chance to bid on it.

But with some persistence and a bit of luck, Rose Schanen and husband Brian Rice are living in their dream home now.

It started last year, when they decided to sell their home on Camano Island.

They had both grown up in Anacortes and knew they eventually wanted to return to raise their own family.

They accepted an offer on their house before Christmas and saw their dream home in the Old Town neighborhood about the same time — as soon as they started looking. In fact, it was the first house they went to see.

But they were too late. Someone had put in an offer already, so they had to decide immediately whether to submit their own offer.

“It was the first one we looked at, so we were nervous,” Schanen said.

So they waited and continued looking.

They made an offer on another house at Campbell Lake, but were outbid. By then, they had seen some homes but were still wondering what had happened with that first house that caught their attention.

“I couldn’t stop thinking about it,” Schanen said.

Their broker, Elizabeth Bishop of Re/Max Gateway, found out that the

sale had hit a rough patch, so they made a back-up offer. It worked.

“Thank God we knew our lender, and we had all our ducks in a row. We weren’t worried about our deal falling through,” Schanen said.

The deal went through in February, and they couldn’t be more pleased, she said.

The couple said their dream home needs a little work, but the house’s structure is solid, and it has a good roof.

Rice said it wouldn’t be the first time he’s worked on a house, and he hasn’t been disappointed.

“Just needs a little love,” Schanen said.

Wednesday, May 24, 2017 Anacortes American

First-time homebuyers struggle in frenzied real estate market

wenty. That’s how many offers Dylan Lowery and fiancee’ Kylie Whitener made by mid-May since they started looking for a house last summer.

Three offers were accepted, but the young couple backed out of two after inspections revealed costly problems that were too much for the first-time homebuyers to take on. In this market, sellers have been unwilling to pay for significant repairs, Lowery said.

On a recent Friday, they were hoping the third time would be the charm.

The couple had a limited budget and a big problem. The inventory for Skagit County and all over the Puget Sound has been very tight. Homes between $300,000 and $400,000 are especially scarce. Under $300,000 is nearly nonexistent, especially on Fidalgo Island.

“There’s a lot of people in the $300,000-and-under bracket. So we’re constantly competing with people who want the same thing we want,” Lowery said. “People are paying $300,000 for an old mobile home on half an acre.”

‘People are paying $300,000 for an old mobile home on half an acre.’

Dylan Lowery, Buyer

Lowery and Whitener have held firm and said they will stick to their budget.

They also don’t plan to buy a house they know isn’t worth the asking price.

They looked everywhere from Anacortes to the east end of the county.

Their third offer was a stick-built house on an acre-and-a-half in Hamilton, east of Sedro-Woolley. They were happy it wasn’t in the flood plain.

It made it past inspection. By press time, they were still waiting to hear about the appraisal.

“This has been kind of a crazy journey,” Lowery said. “I never thought I’d be so much into the real estate market.”

Whitener said it’s been a learning process, both in how complicated buying a home can be and in how much it all costs. But it’s something she said buyers need to understand.

“This is a long-time commitment you’re making,” she said.

1010 22nd Street, Anacortes, WA 98221 360.707.5588 www.kreiderconstruction.com Find Us On Instagram

1612600

T

On the Move 15

16 On the Move

Wednesday, May 24, 2017 Anacortes American

In this market, it’s all about the timing T he old real estate mantra of “location, location, location” has experienced a rewrite, at least for a while. Right now, especially on Fidalgo Island, it’s “timing, timing, timing.”

For buyers, it’s about being prepared, watching listings like a hawk, being on-call for viewing opportunities and making snap decisions about an offer.

For sellers, it’s about asking the right price and making sure there’s somewhere to go before putting the house up for sale. If you’re looking to move across town, good luck. Buying is a challenge, and rentals are scarce.

Real estate agents on Fidalgo Island have seen the tempo increase over the past couple of years, with things launching into top speeds this spring.

For them, it means staying diligent on behalf of their clients.

John L. Scott agent Allen Workman said he checks for new listings multiple times every day as he watches for something that might suit his clients.

If he finds something, he encourages them to see the property as soon as possible, preferably the same day.

He and other agents agree that buyers need to have their finances in order before they begin. Getting pre-approved is better than getting pre-qualified, and going through the underwriting process early is even better.

“You don’t want any doubt in the sellers’ minds that you will be able to get that loan,” Workman said.

That matters when there’s more than one offer on a house, which is happening more often.

The buyer who is chosen may or may not have the highest offer. It may be the offer most likely to close quickly.

Another key for buyers is that they know enough about what they really want and can truly afford that they can make a fast decision they won’t regret later.

“Be ready to pull the trigger,” said

Blake Boatman, owner of Re/Max Gateway. And streamline the offer. The less complicated it is, the more attractive it will be, he said.

A potential buyer might even want to write a letter as to why they want the

house, he said. It may or may not have influence, but it’s hard to predict what will lead a seller to choose one buyer over another.

See Timing, page 17

Wednesday, May 24, 2017 Anacortes American

Timing

On the Move 17

Area 815 Closed Sales 6,500

Continued from page 16

5,205

4,900 4,684 Closed Sales

As for sellers, they should understand that while it’s a sellers’ market, they should be realistic about pricing, said Lana Thompson, managing broker at Coldwell Banker Bain.

“Buyers are very well informed these days. They’ve done their homework,” she said.

Beyond price, she said sellers should make sure their homes are decluttered and that the landscaping makes a good first impression.

Remove family photos from the walls and personal items that make it more difficult for a potential buyer to imagine their own furniture in the home.

“Even if the home is dated, if it’s cleaned and decluttered, that’s what buyers are looking for,” Thompson said.

Get prep work done on your house before it’s listed, said Windermere owner Nate Scott.

“A good listing agent will walk through and help determine what needs to be done,” he said.

5,748

5,700

4,604 4,164

4,100 3,520

3,452 3,430

3,300

3,304

2,787

2,500 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Year Northwest Multiple Listing Service

Finally, be ready to move. That can be a bit of a problem for people looking to move elsewhere on the island.

In some cases, sellers are able to sell and then rent back for a couple of months, but people often have to be prepared to move twice — once when they sell and then after they buy.

“It’s a dance,” said John L. Scott owner Guy Davidson. Beyond luck with timing, the key is having finances in order at the start and a plan for transitioning from seller to buyer.

“Buyers have to be well equipped to compete in this market,” he said.

FIDALGO BROKERS’ TOP 5 ADVICE LIST BUYERS

1. Get finances in order first.

2. Be ready to view properties quickly.

3. Be ready to make a fast decision.

4. Be ready to make your best offer early.

5. Keep your offer as simple as possible.

SELLERS

1. Know where you’re going before you list.

2. Declutter; hide personal items.

3. Price realistically.

4. Prepare to move.

5. If you’re buying a home next, get finances in order.

18 On the Move

Wednesday, May 24, 2017 Anacortes American

Couple decides Anacortes perfect place to retire

T

odd and Lorie Morgan are examples of a story becoming more and more common on Fidalgo Island. They visited Anacortes, fell in love with the area and decided it’s where they want to retire.

The Morgans have lived in California and in Seattle, so they knew the area and understood what was happening in the housing market.

Property became available at Cap Sante that had an older house on it they knew would have to be rebuilt.

They bid on it, against several other potential buyers, and came out on top. Todd Morgan said they made a higher offer right away because they expected the competition. They knew that offering too low would likely kick them out of the running.

The bidding went their way, and they set off on their journey to build,

even though they weren’t living in the area yet.

Brooks Middleton architects designed their home, and Kreider Construction built it.

‘We wanted a town that was warm and friendly and a place where we were part of a neighborhood.’

Lorie Morgan

“We built it by email,” Todd Morgan said. The couple probably visited eight times during construction and relied on photos with progress reports.

They also faced what some buyers

just can’t handle — inflation during the build. Inflation and unexpected costs raised the price by 10 to 15 percent, he said.

But they’ve been happy with the result — a house built the way they wanted right next to Fidalgo Bay. “We really just fell in love with Anacortes,” the retired sailor said.

They are big into boating and wanted a home on the water in an area with a “neighborhood feel.”

The town offers a lot of what retirees are looking for, and local builders and real estate agents report that their customers are increasingly coming from all over the country.

“We wanted a town that was warm and friendly and a place where we were part of a neighborhood,” Lorie Morgan said. “Anacortes offers all that.”

Wednesday, May 24, 2017 Anacortes American

On the Move 19

Builders find they can’t build fast enough to meet buyer demand Jake Walker works on trusses in a new house Keystone Building Services is constructing on West

2nd Street while Doug Hyatt looks on. (Colette Weeks / Anacortes American)

K

ristopher Yaun, owner of Keystone Building Services, dropped by one of his home-building sites on West 2nd on a recent May afternoon, where four houses in various states of development were under way. Workers were busy on all four — hammering, nailing, digging.

One house was nearing completion, and two lots down, crews were digging a deep hole, which would soon be filled with concrete to prepare the foundation for another.

Two of the houses were already committed to buyers.

Yaun said he typically only builds custom homes, but in this real estate market, he felt confident enough to

invest in a couple of spec homes, as well. He has no worries these houses will sell. He’s more concerned about finding property for the next one.

Meanwhile, his dance card is filling up for the year anyway. In fact, Keystone has work lined up through April 2018.

That’s the story for builders in the area.

A business remodel

“It’s the busiest I’ve seen it,” said Greg Kreider of Kreider Construction.

Kreider has seen the ups and downs in the 25 years his company has been building here, but the latest upturn has not propelled him to go out and

purchase property for spec homes. His company is sticking with the model that got them through the Great Recession — custom builds and renovations.

“A great mentor called me in 2008 and said, ‘Things are changing, and you better adapt,’” Kreider said.

As a result, his company made a decision to be debt-free. They did carry some property through the recession, but developed a business plan that doesn’t keep their money tied up.

“What we do well is build and remodel homes,” he said.

Scott Irving of Irving Construction has worked here since 1989 and finSee Building, page 20

20 On the Move

Chicago Title has been helping homebuyers and sellers through the real estate transaction process for more than 165 years.

Nels Strandberg is focused on putting custom homes on those lots. Property is getting harder to find, and there’s no indication the city plans to expand its borders in the near future, he said.

Building

Continued from page 19 ished several developments, including Cedar Glen, The Meadows and The Orchards.

With recent completion of The Orchards, he’s working on a much smaller, eight-lot subdivision called Northview at West 10th and Minnesota.

The first house is up.

“The large pieces of developable land in the city are pretty much gone,” Irving said. Even tracts with less than a dozen lots are scarce. As a result, his company’s business model is changing, too.

“We are starting to get into remodels quite a bit more,” Irving said.

The limits on available land are one reason prices are rising. He notes that $35,000 was standard for a raw lot, a price simply not available here anymore. Many residential lots in the city now are well over $100,000.

Add to that the limited labor pool, which was made shallow first by the long-lasting recession and is hampered now by extreme demand, and the cost to build grows.

“If the city doesn’t annex any more land, there will be more remodeling and rehabbing of homes,” Irving said.

A booming market

Strandberg Construction has about 80 lots set for building, but owner

‘The large pieces of developable land in the city are pretty much gone.’

Scott Irving, Irving Construction

Areas he’s now developing include Rock Ridge and Leeward Landing. The latest phase at Rock Ridge has 29 view lots, which will range from $150,000 to $450,000. House packages are estimated to range from $650,000 to $1.5 million. Strandberg plans to start construction there in July or August.

Leeward Landing, which overlooks Guemes Channel and is near the San Juan Passage and Portalis communities, has 10 high-bank waterfront sites. The lots are about $500,000, and the home packages are currently $1.2 million to $1.8 million.

Business is good, largely because new people are coming to town, Strandberg said. Most are baby boomers with money to spend.

“Anacortes has gone from being a

Every day in America, someone somewhere is buying or selling a home.

And behind the scenes are people like ours-detail-minded professionals who conduct in-depth searches to find and remedy any problems for the seller, buyer, or lender.

Boundary disputes, liens, assessments, undisclosed heirs-the list of possible problems is considerable. We look for these problems. We make every effort to resolve them so the deal can close and the home buyer can move in with peace of mind.

And should a title problem arise in the future, our Homeowner’s Policy of Title Insurance can provide complete protection-even to the point of paying for legal representation.

See Building, page 21

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Wednesday, May 24, 2017 Anacortes American

On the Move 21

Building

Continued from page 20 little sleepy retirement community because it was a good deal to being a place where they want to be when they could be anywhere in the world,” he said.

For many people coming from other states, the prices in Anacortes still seem like a good deal, Strandberg said.

San Juan Passage has 99 homes, with only the last nine still to be sold.

All are either being built or being planned, said sales director Sandi Davidson.

“We’ve sold to very few local people,” she said. “The majority are early retirees looking for an active Northwest lifestyle.”

San Juan Passage started in 2008,

San Juan Passage is nearly complete. (Contributed / Forrest Davidson) just as the economy took a dive, so it didn’t sell a house until 2010, Davidson said. But its owner, Gilbane Development of Rhode Island, was large

enough to ride out the downturn.

Sales started taking off in 2012, she said.

See Building, page 22

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Wednesday, May 24, 2017 Anacortes American

Building

Continued from page 21 Of the remaining homes to be sold, prices range from $1.3 million to $1.75 million.

They should all be completed next year, she said.

Nearby at Portalis, managing member Al Schroeder said there are two single-family homes under construction not yet on the market, and eight villas will be built next. Prices will be in the low- to mid-600s for single-family homes and mid-500s for the villas, he said.

Schroeder has plans to later work on a smaller group of houses along B Avenue, but that may not begin for another year, he said.

He isn’t worried about the market cycling.

“I don’t think it’s an artificial market,” Schroeder said. “I think it’s real, and I think it’s driven by baby boomers.”

A higher level

Landed Gentry Homes just started a 30-home development called 48 North near the Washington State Ferries landing. There will be some presales as well as some built and then sold, said owner Brian Gentry.

All will have a marine view, and prices will run from 600s to 800s, he said.

The company has another dozen or so lots scattered around town with plans for homes in the $400,000 to $500,000 range, Gentry said. He’s constantly looking for individual lots because larger tracts are hard to find.

As an Anacortes resident, it bothers him that the options for affordable housing are so limited.

“I think infill development is the future of building in Anacortes,” he said. It’s already happening, but the city will eventually need to consider changes like higher density to have any hope of affordable housing here, he said.

“It requires a higher level of design, higher level of thought and higher level of density than what we’ve seen in the past,” Gentry said. “It can be done well if it’s done thoughtfully.”

For now, though, new construction is not likely to be affordable.

“Given what it takes to build new homes, it’s a very expensive process,” he said.

‘I don’t think it’s an artificial market. I think it’s real, and I think it’s driven by baby boomers.’

Al Schroeder, Portalis

Brian Johnson, owner of Anacortes Construction Services (ACS), said prices keep rising even during a build.

“That’s uncontrollable expense,” he said.

Price instability and concern about the economy has kept some people from committing to homes not yet built, he said.

“I have met with several people in

the last three months who said if I had a house ready today, they would buy it today. But they’re hesitant to go into a six- to eight-month build process,” Johnson said.

Still, there’s plenty of work — enough that many builders say they won’t take projects under $100,000 or jobs like kitchen and bath remodels that can take a lot of time.

Even smaller companies are passing on jobs they had to rely on in the past.

“We’re trying to fill with jobs that don’t take as much time and energy right now while it’s so busy,” said John Moehl, co-owner of New Creations.

He and brother Steve started the company about 10 years ago with a focus on custom homes and renovations.

“Every year we think it can’t get any busier, and it does,” John Moehl said.

“We average two to three homes a year, but it’s just exploded in the last two years or so.”

Demand isn’t the only thing pushing up prices, though. Materials are higher, and tighter regulations pressure costs, as well.

“A year ago it was easier to get permits,” Moehl said. ” … Since the new See Building, page 23

Wednesday, May 24, 2017 Anacortes American

On the Move 23

Building

Continued from page 22 year, things have gotten way harder on us builders.”

He said that just four or five years ago, he could build a house at just over $100 a square foot. Now it’s more like $150 to $175, he said.

“We try to be competitive. We try to stay lower, but we’ve raised our rates like everyone else has,” Moehl said.

Scott Irving has concerns about what the rising prices will do to the community as a whole.

“The health of the city requires middle-income people to be able to have a home, which is hard for people to do,” he said.

He and other developers say that city officials will ultimately feel the

pressure to help make affordable housing possible. For now, Irving said he tries to provide the best value he can in what has become a heated market.

“Hopefully the economy is going to be good to everybody — buyers and builders alike, and we can get some houses built and moved in the next year or two. “

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Wednesday, May 24, 2017 Anacortes American

On the Move 25

Rising mortgage rates worry buyers, but not enough to slow market pace About half of potential homebuyers consider rising interest rates to be one of their top concerns, according to a recent survey from Zillow Group Mortgages.

This is the first time in several years interest rates have been a major worry.

The recent mortgage rate increases have been a direct result of the U.S. presidential election and federal rate hikes in December 2016 and March 2017.

But it isn’t interest rates that worry Fidalgo Island brokers most.

“I can say with absolutely certainty that people will buy houses and get mortgages even when interest rates are high,” said Blake Boatman, owner/broker with Re/Max Gateway in Anacortes. “The first house I sold was in 1989, and I got those folks an FHA loan for 12 percent.

The market was hotter than a pistol.”

Families grow and shrink, he said, and interest rates are just part of the equation.

Because additional federal rate increases are expected in the near term – likely two more – interest rates have the potential to have a serious impact on overall affordability.

In a market where prices are climbing, those rates do affect how much house people can afford.

“Our affordability index is low,” said Guy Davidson, owner/broker at John L. Scott in Anacortes. “It prices a lot of people out of the market.”

The Zillow Group survey was conducted among respondents currently searching for or buying a home.

Their top concern was their ability to find an affordable home considering the

said Eugene Gamble, an internationally renowned real estate and financial investor based in London. “With confidence in further economic growth, a strong U.S. dollar, and the influx of money flowing into the country, 2017 should be considered a very favorable year for getting a home loan or refinancing.”

Rate hikes this year may motivate prospective buyers and sellers to get off the fence before rates creep further north.

Report by CTW Features and Anacortes American staff low inventory (65 percent of respondents), followed by worries over interest rates (53 percent).

In spite of these worries, most potential homebuyers don’t expect any immediate changes to their plans. More than four out of five buyers (83 percent) intending to make a purchase within the next three years plan to stick to their plans even if rising rates increase their monthly payment by $100.

Nearly half (49 percent) would continue with their plans even if the rising rates add an additional $200 to their monthly payment. Still, rising rates will have an impact. A quarter of respondents stated they would consider looking for a smaller home or a home in a cheaper community if monthly payments were to increase by $100. That number rises to 38 percent if monthly payments increased by $200.

Still, it’s important to remember that historically, interest rates have been much higher.

“Credit is still cheap today, relative to historic rates, so acquiring a home loan in 2017 still makes sense,”

Changing rates Mortgage rates rise and fall daily, but have hovered in relatively stable territory for the past several months, with 30-year fixed conventional loans at 4 to 4.5 percent, and 15-year fixed closer to 3.5 percent.

National politics plays a role, and recent events caused rates to fall in mid-May for the first time in months. Market Watch reported that the national average dropped below 4 percent for a conventional 30-year fixed rate.

Local lenders reported a similar improvement, with conventional rates as low as 3.99 percent for a 30-year fixed loan and 3.24 for a 15-year.

Wednesday, May 24, 2017 Anacortes American

26 On the Move

I

Accessibility key issue for seniors

n a place where a growing part of the population is at retirement age, the demand for senior-friendly housing will only continue to grow.

That is certainly the case on Fidalgo Island, where “main-level living” is a popular feature to mention in real estate listings. For many potential homebuyers, such features are essential.

Rhonda Duffy, CEO/founder of Duffy Realty in Atlanta, says demand for appropriate housing for an aging population will be unprecedented in coming years.

“Americans today are not only going into their golden years in larger numbers, they are going into them healthier than their predecessors – so they will be in their 70s, 80s, and 90s longer and have an even greater need for senior housing,” Duffy said.

Her solution?

“Make more money, prepare to retire

later and be nicer to your kids,” Duffy says, only half-jokingly.

Mike Townshend, retirement coach from Delmar, Md., and author of “Living Well Later in Life” (Author House, 2017), said the first thing Americans need to do to better ensure they’ll have an accommodating place in which to live down the road is have a reality check.

“You need to set in motion a plan for living well later in life that may include aging in place and having a graduation plan for infirmities if you cannot live solo.”

To remain living comfortably and safely in your current home, forwardthinking and key upgrades may be required, “including ramps, handicapaccessible bathrooms, converting a dining or living room on the main floor to a master bedroom, converting an unused bonus room as a potential bedroom for an overnight caregiver, and easy-

to-maintain landscaping,” Duffy said.

“When these upgrades would cost more than the closing costs, loan fees and real estate agent commissions to purchase a comparably priced home that already has these senior-capable features, it may be better to purchase than renovate.”

At minimum, three essential modifications should include grab bars in the bathroom, zero-access entryways, lever door handles and rocker (not flip) light switches, said Florence Kawoczka, executive director for Habitat for Humanity of Bucks County in Chalfont, Pa., which provides modifications for older adults.

“These are fairly low-budget, easy fixes homeowners can do on their own or have done quickly by a local remodeler that will allow them to age in place and maintain their independence,” Kawoczka said.

Report by CTW Features and Anacortes American staff

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Wednesday, May 24, 2017 Anacortes American

On the Move 29

Rentals in short supply everywhere, contributing to sales gridlock Rent prices are climbing, and inventory keeps dipping close to zero for homes to rent on Fidalgo Island.

The shortage mirrors the low inventory of homes for sale, and it’s creating problems, particularly for people looking for affordable housing.

“I’ve been renting homes for 25 years, and I’ve never seen it like this,” said Lynne Lang with Dream Catcher Property Management.

People call into the office daily, Lang said. She manages about 35 properties in Anacortes, Oak Harbor and Coupeville and often has nothing empty.

The availability of rental homes is at an all-time low, and that’s pushing up prices, said Peggy Curtin, with Anacortes Property Management.

At any given time, she has only a couple homes available for rent among

the more than 250 she manages.

Leonard Johnson, owner of American Dream Real Estate Services, said the median price of rentals right now is about $1,500.

“The rental market is stronger than I’ve ever seen it,” Johnson said.

Prices are coming in $300 to $400 dollars more than what they were just a year or so ago, Lang said. The downside is that many people can’t afford a place to live, she said.

As a result, some are having to look off Fidalgo Island for a home.

When a new rental is posted on the website, several people will have called within the first hour about the listing, Johnson said. Close to 10 people see each listing, and then it’s a battle to see who gets to move in.

Very few tenants are moving volun-

tarily, Curtin said. With no real open rental homes, people are staying in the same ones for longer instead of moving on to a new home. Yet, some owners have decided to sell while the market is hot, which means their tenants need new homes.

That means higher rates for those that remain. Some landlords are raising rates without improving their units, Johnson said. And pet-friendly homes are even harder to come by, Curtis said.

Part of the depletion in rental properties in the area is a huge surge of new Navy personnel, Lang said.

As more Navy families move into the area, they are looking for housing off base, both in Oak Harbor and Anacortes.

That isn’t likely to change anytime soon.

“I don’t see any real improvement in the near future,” Lang said.

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