Your link to Bellevue and its neighborhoods Supplement to Reporter Newspapers. Produced by the Marketing Department.
Today's Homebuyer
Five things you should know page 10
Adding Value to Your Home
Backyard Water Features page 4
First Impressions Are Everything
New Exterior Trim makes a great impression page 6
Taxpayers
Picking up after the greedy page 7
See Bellevue homes listed on the market today at homes.bellevuereporter.com
Simplified Home Loans
For a free mortgage planning session, please call David Foster Branch Manager
Email: David.A.Foster@wellsfargo.com Website: www.getloaninformation.com
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Community Support Community involvement is a great way to enhance the vitality and spirit in your neighborhood. Cindy Kohut CRS GRI, a local real estate specialist, knows first hand how true this is for home owners. Here are some suggestions on how you can make a difference in your community:
Courtesy/Home Improvement News and Information Center
Homeowners enjoy distinctive style and durability with InSpire Roofing’s slate-inspired roof tiles, made of eco-friendly 100% recyclable virgin resins and limestone.
Enhance Your Home’s Curb Appeal with Stylish, Eco-Friendly Roofing Imagine your home with an elegant new roof that offers durability and low-maintenance, too. InSpire™ roofing now gives homeowners the opportunity to enjoy long lasting, architecturally distinct roofs on their home. With the widest range of color options in the industry—seven standard colors, 11 premium colors and seven color blends—InSpire roofing makes it easy for homeowners to express their eclectic style. And custom color combinations are available by consultation for the most discerning homeowner. The architectural elegance of this slate-like roofing product comes from the patented molding process that creates varied edges and surfaces for a natural effect, adding a premium value to homes without the high cost and difficult maintenance of authentic slate. Using technologically advanced methods and eco-friendly materials, InSpire roofing is a breeze to maintain and has the appearance of natural slate, but is more durable, thanks to its 100% blend of virgin resins and natural limestone. And with either Class A or
Class C Fire rating, Class 4 Hail and 110 MPH wind uplift rating, it stands up to the toughest weather. “The integrity and endurance of this product dramatically improves the look of homes while adding to the longterm value,” said Jonathan Wierengo, Director of Marketing for The Tapco Group™. “Our passion with InSpire was to bring a wide range of colors to homeowners, including blends and the opportunity to customize color. At the same time, we went to great lengths to make sure this product was authentic in its appearance with natural edges and meeting the most rigorous of building codes and fire ratings, such as those in Florida.” Guaranteed not to lift, cup, warp, break or delaminate, InSpire roofing is backed with a 50year limited warranty. To visualize your home with the natural beauty of InSpire roofing, go to inspireroofing.com. Visit the site with your family and friends to pick the right color or color combination for your roof.
The Chamber of Commerce is a civic organization that serves as an advocate for business and community partnership. Joining your local Chamber of Commerce is an effective way to network, market, and find educational opportunities within your community. Go to chamberofcommerce.com to find a chapter near you. The American Red Cross is a humanitarian organization that provides relief to victims of disasters and helps people prevent, prepare for, and respond to emergencies. The American Red Cross accepts monetary donations, blood and tissue donations, and the donation of time and goods. Go to redcross.org to find the Red Cross chapter nearest you. Save Our Environment is one of the nation's most influential environmental advocacy organizations, which uses the internet to increase public awareness and activism on important environmental issues. You can find organizations that are dedicated to the environment by accessing saveourenvironment.org. Habitat for Humanity volunteers labor and donations of money and materials to build homes for underprivileged families. Habitat houses are sold to partner families at no
profit and they are financed with affordable, no-interest loans. The homeowners' monthly mortgage payments are used to build more Habitat houses. To get involved, go to habitatforhumanity.org. Children’s Hospital Volunteers are instrumental in raising funds to keep Children’s Hospital’s doors open. Volunteers are also needed to rock babies, play therapeutic games with the children, and to act as advocates for the health care needs of children. The John L. Scott Foundation makes contributions to 14 Children's Hospitals throughout the Northwest. Our mission is dedicated to ensuring that all children have access to quality medical care. Contact Cindy Kohut to find out which Children’s Hospital is in your area. If you have any real estate needs or would like more information on how to best prepare or sell your home in our current real estate market, give Cindy Kohut a call at 425.260.2017 or visit cindykohut.com. “The only way you can truly get more out of your life for yourself is to give part of yourself away.” Jim Stovall – Chamber of Commerce
See Bellevue homes listed on the market today at homes.bellevuereporter.com
– Home Improvement News & Information Center
Part of the PNW Homefinder Network
Supplement to the Bellevue Reporter Produced by the Marketing Department
Supplement to Reporter Newspapers. Produced by the Marketing Department.
A Breath of Fresh Ideas
Master Builders Free Remodeled Kitchen + Bath Tour page 2
Bellevue Real Estate Review Staff Publisher: Sandy Payson, 425.453.4270
America's Changing Lifestyles Condos coming into their own page 3
Enriching The Value of Your Home
Editor: Brandon Carr, 253.234.3519
The beauty and sophistication of stone page 4
The Housing Market
Where will it go next? page 8
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Advertising: Bruce Baker, 425.453.4273 McKenzie Lukecart, 425.453.4287 William Shaw, 425.453.4211
Bellevue Reporter: 919 124th Ave. N.E. #104, Bellevue | 425.453.4270 | bellevuereporter.com
Over 30 years of experience! 30 Day Extreme Condo Makeover Instead of selling, give your condo a new look and increase your value.
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Bellevue Real Estate Review is a special section published by the Bellevue Reporter. Extra copies are available at City Hall, Bellevue Chamber of Commerce and local libraries.
Your link to Bellevue and its neighborhoods
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Green home, happy home Mortgage rates dip, Another Earth Day has come and gone and we are left to wonder if this year will be any different from the last 38 Earth Days. The beautiful thing is it can be, if we choose to do something about it. Even little changes to your small piece of the earth can really add up. Green with Envy It's fun to change things up with color, but when it comes to paint, choose wisely. Lots of formulas out on the market contain volatile organic compounds, known as VOCs, that can pollute the air in your house. Choose a paint with clay-based pigment and non-toxic binders for safety. With all the colors of the rainbow available, you won't have to sacrifice safety for style. Try greenest.com for a wide selection.
Sleep Soundly If you're in the market for a new mattress, why not go organic? They're non-toxic and perfect for those sensitive to pesticides and other chemicals. You might want to incorporate 100 percent organic wool into the bedding - it's a naturally flame-retardant fabric that's also moisture-repellent.
soar like roller coasters
Only two weeks ago, you could have gotten a great rate on a 5/1 adjustablerate mortgage to finance that dream home with a white picket fence in the suburbs. How times have changed. “The ARM market melted down basiEnvironmental Upgrade cally in a week,” says Bob Walters, chief If you're in the market for a new economist for Quicken Loans. appliance, be sure to think through According to the latest Bankrate.com your buying decision. These things national survey of large lenders, the are expensive, but if you go for average rate on a 5/1 ARM shot up 49 Energy Star-qualified models you'll basis points last week, to 6.21 percent. save money and reduce energy costs The benchmark 30-year fixed-rate over the long haul. The great news mortgage rose 7 basis points, to 6.39 is that all the top brands have quali- percent. A basis point is one-hunfied models - KitchenAid, Kenmore, dredth of 1 percentage point. The General Electric, etc. mortgages in this week's survey had – Scripps Howard News Service an average total of 0.40 discount and origination points. Thirty-year rates are now 82 basis points higher than their January lows. You know that making your home more the summer. In unused rooms, close the The benchmark 15-year fixed-rate energy efficient can help you save money. vents and keep the door shut. Caulk and mortgage rose 6 basis points, to 5.85 But did you know that you making your weatherstrip around windows and doors. percent, and the 30-year fixed jumbo home more efficient doesn’t take a lot of Use low-flow showerheads and faucets. rose 17 basis points, to 7.6 percent. work? Here are some low- or no-cost tips Install compact fluorescent light bulbs for saving energy from Edison Electric in fixtures that are on for more than two Homeowners who normally would take advantage of the lower rates Institute. hours a day. In the winter, set your home’s tempera- Vacuum the refrigerator coils (behind offered by ARMs suddenly are giving ture to 68 degrees, and lower it when or underneath your refrigerator) twice a the cold shoulder to these products, you’re away or overnight. In the summer, year. according to Jim Sahnger, mortgage set the thermostat to 78 degrees, and raise Call your electric company or visit their it when you’re away. website for more information. You are broker with Palm Beach Financial Net Clean or replace your air conditioner/ encouraged to visit getenergyactive.org work in Stuart, Fla. heat pump/furnace filter every month. and request a free booklet, More than 100 “There have just been an absolute lack Keep the curtains open on sunny after- Ways to Improve Your Electric Bill. of bids,” Sahnger says. “Price is always noons in the winter, and close them in – Home Improvement News & Information Center determined by a function of demand, and banks are just finding right now that they can't get rid of the ARM product.” Walters believes uncertainty in the Next Issue Date: rhoods Your link to Bellevue and its neighbo credit markets is largely to blame for soaring ARM rates. Today's Homebuyer To understand what's going on, you Reach 42,000 HHs & 96,000 Readers need to grasp the difference between Adding Value to Your Home how ARMs and fixed-rate mortgages Online marketing packages available for are priced, Walters says. Fixed-rate First Impressions Are Everything purchase at homes.bellevuereporter.com mortgages are based on the price of Taxpayers long-term bonds. Simplified Home Loans Ask your account executive for details! “We can observe what those bonds 425-351-8900 are being priced at every minute of every day,” he says. “It's very liquid, it's very transparent and it's easy to price Don't miss this great opportunity to maximize those loans.” By contrast, there is no actively traded your local print and web advertising dollars! security that lenders look to when pricing ARMs. Instead, it's an over• UV glossy pages will be available on the cover page, inside cover, the-counter market "where you call inside back and back page up and you create the securities as you • High quality electrabrite paper on all other pages have loans," Walters says. As a result, the ARM market is poten• Full color is available on every page tially much more volatile. Right now, • Premium positions are available, first come, first serve fear is driving that volatility to unprecedented heights. “It's just fear in the • Editorial submissions available for consideration with ad credit markets,“ Walters says. “Any• Pick up your Bellevue Real Estate Review advertisement into any one thing that's not liquid, transparent, readily observable is being beat up.” or combination of our 15 network publications Sahnger says the level of instability • Increase your marketing exposure by utilizing our online and print packages over the past week is unlike anything with the recently launched - homes.bellevuereporter.com he's previously seen. “The last two weeks have absolutely not been like • Enhance your web presence in the neighborhoods where you do business anything that I've seen in the 15 years
Low, No-Cost Energy Saving Tips
Supplement to Reporter Newspapers. Produced
Wednesday, May 14, 2008
by the Marketing Department.
Five things you should know page 10
Backyard Water Features page 4
New Exterior Trim makes a great impression page 6
See Bellevue homes listed on the market today at homes.bellevuereporter.com
For a free mortgage planning session,
David Foster Branch Manager
Email: David.A.Foster@wellsfargo.com Website: www.getloaninformation.com
please call
68481
Picking up after the greedy page 7
homebuyers and sellers both fear home prices will fall further in coming months
that I've been in this business,” he says. “We've had more hundred-basis-point swings in price in a day in the last eight days than I can recall in any period in any quarter.” He calls such gyrations “mind-numbing.” “I've been just flat-out alarmed,” Sahnger says. ARM volatility is likely to continue until home values stop falling, according to both Walters and Sahnger. “A lot of it will depend on the housing market,” Walters says. “Until people believe that it has stabilized, I think we're in this.” For now, homebuyers and sellers both fear home prices will fall further in coming months. As a result, nobody knows the true value of homes today, Walters says. “When you don't have any idea what those numbers are, you start making worst-case-scenario types of guesses,” Walters says. “Every analyst in every firm and every bank is making their own guesses and it leads to wild gyrations in price and assumptions.” Sahnger has seen that volatility firsthand. He talks of one homeowner in a relatively tony South Florida neighborhood whose home would have appraised for $1.35 million 15 months ago. Today, four comparable distressed properties in his neighborhood are listing between $720,000 and $780,000. “It just flat out evaporates,” he says of the homeowner's equity. “He didn't want to do anything last year because of the prepayment penalty, which is understandable,” Sahnger says. “But you don't expect that you could potentially see 35 percent of your home's value wiped out in the course of less than a year and a half.” Eventually, the uncertainty behind such stomach-turning price drops will resolve, Walters says. "Once prices start to stabilize, you start to see a uniform agreement start to occur, a consensus start to occur as to what homes are worth across America," he says. At that point, ARM rates should begin to stabilize, he says. “When liquidity comes back, the spreads will come into a normal range and you'll see the ARMs take their normal place in the mortgage spectrum,” Walters says. However, for now, “nobody knows what end is up.” As a result, mortgage shoppers should belt themselves in for a bumpy ride. “It's hard to predict rates, it's hard for people to shop for rates,” Walters says. “You're chasing a bouncing ball, and that's not easy to do.” – Scripps Howard News Service
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Backyard Water Features Add Value to Your Home As the housing market slump continues, homeowners are looking for ways to make their homes stand out and increase resale value without spending their life savings. According to a survey of 5,000 U.S. home owners by Remodelestimates.com, the interest in home remodeling remains high for homeowners though they are more conservative about costs in light of declining home prices. With so many options available for the do-it-yourself (DIY) homeowner, it can be confusing to know where to start. Homeowners should consider the following questions: - What remodeling project will give you the most value impact for prospective buyers? - What is the price range for remodeling and addition projects? According to Remodeling Magazine’s “Cost vs. Value Report 2007,” the national mid-range average for a deck addition was more than $10,300; a mid-range kitchen remodel (major) was more than $55,500; and a sun room addition was nearly $70,000. A much less expensive alternative is to add a water feature to enhance your backyard landscape. Water features not only add aesthetics to a yard and home but also provide a calming, serene and eco-friendly environment that everyone can enjoy. “Landscaping and the appearance of your yard is a critical point to making your home stand out in today’s market,” said Mark Munley, vice president of sales and marketing for Firestone Specialty Products. “You don’t have to be discouraged by today’s high remodeling costs because something simple, such as installing a backyard water feature, is easy, cost efficient, and can provide you with a higher resale value.”
and creating an outline. After digging your hole, add a geotextile mat large enough to cover the base of the hole and walls. The geotextile mat is important because it provides additional protection for the liner, helping to prevent punctures.
Choosing and Installing the Liner There are many liner options available to choose from, but the most popular and trusted option for water feature installations is EPDM rubber liners. “Firestone Specialty Products manufacturers PondGard liners, which provide outstanding durability and flexibility, and can be shaped to fit the unique contours of any water feature,” said Munley. “PondGard is also an eco-friendly option for those looking to include plant and aquatic life in water feature design because it resists algae growth and microbial attack.” Available in a variety of sizes, PondGard provides you with peace of mind because it requires minimal mainteCourtesy: Home Improvement News and Information Center nance once installed and it is extremely resistant to ultraviolet (UV) radiation in the housing market, and who enhances your home. and ozone, even when exposed. knows, you may not want to leave To install the liner, gently place it after seeing how much a water feature – Home Improvement News & Information Center in the hole and fill with water to hold it in place. Next, use rocks and stones on the floor of the water feature and begin building layers along the walls. Add the stones and rocks on top of the exposed liner and continue to stack. Using a range of stones from By Beth Billington your local nursery, masonry supplier or even your own yard will help add character to the water feature. Be sure to use different size stones and ground-covers on the perimeter of the pond to avoid a harsh transition from One of the crucial things to re- business’s gross income. the water feature to the landscape. search before deciding where to How to begin exploring this To take this design even further, move for your retirement years is important factor in your deciyou can add a small waterfall by addwhat tax consequences the move sion about where to move? Start Building a Water Feature ing a pump, hose and additional rock may have—not just the process of with the “Taxes by State” guide at It is easy to become discouraged with formations to the equation. If you are moving but also the year-to-year, www.retirementliving.com. Be sure many home improvement projects considering this addition, be sure to day-to-day expenses created by the you read carefully. Arizona, for exbecause of the complicated installation contact your local electrician to ensure tax codes in your new home. processes. Water features, on the other a safe and proper installation. ample, has a state sales tax of 5.6%; hand, range in size and complexity Other “finishing touch” options to You may be especially attracted California’s is 7.25%. But local mufrom the novice all the way up to the consider are plants and aquatic life. to a state that has no state income nicipalities add to the sales tax, in DIY expert. Many water feature enthusiasts include tax, for example—but you should some cases (Arizona) resulting in a The most important factor is to Koi fish and other tropical water life look closely at the other ways you combined rate of 10.7%, where Caldecide what size and shape water fea- to enhance the aesthetics. Visit your will be taxed in that state. In many ifornia tends to top out at 8.75%. ture is appropriate for your backyard. local nursery and aquatic center to cases, local property taxes, sales This website also features great A commonly used style is the smaller find out which options work best for taxes, gas taxes and estate taxes may information about other aspects of kidney-shaped water feature because your water feature. more than make up for the missing retirement living. For assistance call it is easy to install and can fit in even state income taxes. Look, too, at the Beth at 450-5208 and visit her webthe smallest backyards. Sit Back and Enjoy way businesses are taxed. Those who site at www.bethbillington.com. Although the average water feature Imagine the sound of calm, flowing plan to run their own businesses in measures about 11x16 feet, sizes and water and swimming fish–right in Beth Billington is a Realtor ® their new residential area may face shapes may vary. Also consider other your backyard. Easy to install backwith Coldwell Banker Bain in inflexible B&O” (Business & Opfactors, including if the water feature yard water features create a scenic and Bellevue, WA. erations) taxes based largely on the will accompany other objects in your aesthetically pleasing mini eco-system backyard such as a pool or deck. that can be enjoyed by all. Adding this PAID ADVERTISEMENT Begin your water feature installa- unique feature to your home will give tion by determining the perimeter you an edge over your competition
Beth’s Real Estate Update
TAX QUESTIONS ABOUT YOUR RETIREMENT HOME
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Where will she hold her slumber parties?
E XC LUSI V ELY PR ESE N T ED BY
Windermere Real Estate
featured home of the week
ENATAI
MEDINA $3,650,000 A stunning estate situated in one of the most coveted neighborhoods that offers features and quality that far surpass the ordinary. This home speaks to elegance while maintaining a comfortable ambiance; outstanding details, beautiful materials, all of the bedrooms are ensuite, and the living spaces provide an unparalleled setting for entertaining. This estate showcases high ceilings, broad hallways, generous rooms, oversized bonus room, media room, a main floor master suite & absolute excellence. MLS#28054617 Judie O’Brien 206-817-2363 www.OBrienRealEstate.com judie@judieobrien.com
LUXURY MEDINA LIVING! $3,249,000 Nestled on a serene private property with spacious grounds in the heart of Medina, just a short stroll to the Park & Beach, this custom 4bd home is a tribute to traditional styling with a tangible twist. Beautiful rooms and thoughtful design offer a floorplan that transitions easily from casual living to stylish entertaining with welcoming formal rooms, a media room with bistro bar, wine cellar, tech area and a stunning outdoor patio with a warm stone fireplace. MLS#28050177 Anna Riley 425.761.8836 www.westbellevue.com anna@ westbellevue.com
WEST BELLEVUE $2,998,000 The Grant…set among 5 other Lochwood-Lozier new construction homes. Stunning views of Seattle, Lk WA, & the Olympics. Schools, parks & downtown Bellevue are just moments away. Meticulous construction of this contemporary home is of the highest quality, including soaring ceilings & spacious floorplan. Rich hardwood floors, custom built-ins, top-of-the-line appliances, rec room, media room. Master suite sanctuary w/sitting room, spa bath & private deck. 4 BR/3.75 BA. MLS#28044727 Steve Erickson 206-295-8485 www.steveerickson.mywindermere.com serickson@windermere.com
CLYDE HILL VIEW HOME $1,995,000 This Clyde Hill remodel is light and bright and has all the right spaces! Gorgeous chef’s kitchen with granite countertops, Viking range, Sub-Zero refrigerator and wine cooler. Main floor master suite is the perfect retreat! Gorgeous landscaping includes lush plantings, Koi pond, large patio and fenced backyard. Fantastic views of Lake Washington, the Olympic Mountains and Downtown Seattle! 4 Bed, 3.25 Bath, 3800 sq ft. MLS# 28033964 Nate Short 425-891-5842 www.MRCLYDEHILL.com
CLYDE HILL $1,499,000 New Price! Timeless and traditional, proudly sited home on one of Clyde Hill’s most scenic streets. A light-filled kitchen opening to an adjoining family room, with a fireplace and built-in cabinets, has a large eating space and French doors leading to a covered patio. The main floor also features a large den, dining room and formal living room. A separate staircase leads to a spacious bonus room. The private yard is complemented by lovely grounds, a large patio and a pool with its own bath and cabana. MLS#28004699 Wendy Paisley 206-650-5812 www.wendypaisley.com wendy@wendypaisley.com
WHALER’S COVE - BELLEVUE $1,050,000 The effective year built is 1985. A lovely two bedroom, two bath unit with timeless designer touches and stunning marina views. Fabulous den and European Poggenpahl cabinets in the kitchen. This home includes a balcony, deck, patio and a private two car garage. Exercise room. Approximately 2,503* square feet. Wonderfully located above Meydenbauer Bay and within a short walking distance of Old Main Street. The perfect urban hideaway. MLS#27195794 Rondi Egenes 206-953-1771, www.rondi.com
PHANTOM LAKE $949,950 “Location, location, location! Home is close to Microsoft, Phantom Lake Swim & Tennis Club, freeway access, and great schools. This Northwest Contemporary boasts a gourmet kitchen with slab granite, stained oak floors, stainless steel Sub Zero, Viking and Bosch appliances. Plantation style shutters accent your windows throughout the home. MLS#28061524 Justin Richards 425-765-8088 www.RichardsNorthwest.com justinrichards@windermere.com
SPIRITRIDGE $739,800 Light and Bright Open floor plan welcomes you! Fabulous open kitchen remodel has cherry floors, custom slate backsplash, Maple cabinets & French doors. Large living rm w/stone fireplace & oversized windows. Dining area with a fireplace. Lower level offers 2 bdrm’s, ¾ bath & family room w/3rd frplc. Master has 2 closets, ¾ bath & French doors. Wonderfully private bkyd with great landscaping! 5 bdrms, 2.5 bths. Ideal location! MLS#28051744 Julia Krill 206-406-9000 www.juliakrill.com jkrill@windermere.com
Welcome to this urban lodge retreat where the city views, lifestyle flexibility, style and amazing outdoor living spaces of this home are guaranteed to exceed all expectations. From Limestone columns to Ceramic Porcelain floors to the Cedar Timer Truss vaulted ceiling, indulge yourself in this unparalleled lifestyle. With luxurious main floor master suite to any of the three additional bedrooms, four baths, bonus room, office, flex room, cozy reading loft, and the meticulous gourmet cook’s kitchen – you’ll be sure to find room for every need with amenities around every corner. Just a minutes jaunt to Downtown and all that Bellevue has to offer. MLS#28037927 Julie Scozzafave 425417-3566 www.Scozzafave.com Julie@Scozzafave.com Top real estate agents do 3 things: put you first, know more, and work harder. Meet Julie Scozzafave. You’ll find that her quick, confident responses are invaluable, time after time. That she genuinely listens, so you don’t have to repeat yourself. And that she has a statistical finger on the real estate pulse; she knows what’s Julie Scozzafave, happening, and even better, she knows why. For commercial, high425-417-3566 end residential and international www.Scozzafave.com properties as well as land, choose the Julie@Scozzafave.com agent who knows the value of your time, as well as your property.
Steve Erickson 206-295-8485
serickson@windermere.com
Julia Krill 206-406-9000 www.juliakrill.com jkrill@windermere.com
Anna Riley 425-761-8836
anna@westbellevue.com www.westbellevue.com
Justin W. Richards 425-765-8088
justinrichards@windermere.com
Wendy Paisley 206-650-5812
Wendy@wendypaisley.com www.wendypaisley.com
windermere.com
$2,795,000
Rondi Egenes 206-953-1771 Rondi@rondi.com www.rondi.com
Nate Short 425-891-5842
www.MRCLYDEHILL.com
Judie O’Brien 206-817-2363
judie@judieobrien.com www.OBrienRealEstate.com
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New Exterior Trim Makes Great Impression
The Science of Trim Some engineered wood products, like MiraTEC, are manufactured by physically and chemically bonding resins with wood under heat and pressure. They offer increased durability (they are harder and more dense than some species of wood), are consistently straight, and are engineered to resist shrinking, checking, warping, cupping and splitting.
example, MiraTEC costs half as much as PVC trim and, unlike PVC, it accepts paint beautifully and is not affected by temperature extremes.
In addition, they are widely available and pricing is stable. The process used to make MiraTEC includes a factory-applied mildew-resistant primer on four sides. The end result is a trim board that offers a unique combination of moisture, rot and termite resistance not found in other materials. It looks and handles like wood, and offers superior performance over PVC and fiber cement trim. For
What the Pros Use Because of its durability and low maintenance requirements, homebuilders across the country use MiraTEC in a variety of applications. According to Steve Kothman, general manager, Hanson Builders, Inc., a custom home and townhome builder in the northern suburbs of Minneapolis/St. Paul, Minn., “We use MiraTEC on all exterior trim applications for one simple reason – performance. It resists swelling and moisture better than any other exterior trim product we’ve used, and it holds paint very well.” Another builder who also uses MiraTEC for all his exterior trim is Mike Reilly of Reilly Homes in Leavenworth, Kansas. Located in the rolling hills of northeastern Kansas on the Missouri River, the Leavenworth/Lansing area is relatively humid, which can lead to moisture problems with wood products. “We were looking for a better answer to issues with wood rot that we’ve experienced with cedar and pine trim, particularly around windows. MiraTEC solved the problem,” Reilly said. “Incorporating MiraTEC into all our exterior trim applications has helped us create a truly low maintenance home.” Beyond its sheer beauty, MiraTEC is backed by an industry-best 30-year warranty that covers hail and termite damage, delamination, splitting and more. If you're looking to add curb appeal or are remodeling your home, look for MiraTEC trim at most local building material suppliers. For more information about MiraTEC Trim, visit miratectrim.com. – Home Improvement News and Information Center
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Whether you are buying a new home or are selling your existing one, first impressions are everything. And, nothing makes a worse initial impression than exterior trim that is cracked, rotted, peeling or falling apart. Wood, one of the traditional trim materials, may look fine when first installed, but it can split and swell, and is prone to knots and defects. Other materials, like polyvinyl chloride (PVC) and fiber cement trim have performance limitations and may pose installation challenges. Today, homeowners and remodelers are turning to advanced building materials to get long-term performance from their exterior trim. Locally, and nationwide, many homeowners have found MiraTEC® Treated Exterior Composite Trim offers the ideal combination of the beauty of wood and the durability of an engineered product. It provides the perfect accent to any exterior cladding your house may have: vinyl, fiber cement, brick, OSB, stone, stucco, wood or hardboard. With a clear, wood grain texture on one side and contemporary smooth finish on the other, MiraTEC is ideal for any home style. From new home construction to remodeling and repair projects, MiraTEC is used for roofline fascia, soffits, window and door trim, corner trim, dentil, gables, column wraps, trim along porches and other nonstructural applications.
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Taxpayers must pick up after the greedy Washington, D.C. – As home foreclosures mount and Washington struggles to find a solution to a dilemma that threatens to drag the nation into fullfledged recession, one thing seems inescapable: Ultimately, the taxpayers will be assessed for the greed of lenders and the self-indulgence of a couple of generations of Americans who want everything without struggle. One can only hark back to when zero-down loans didn't exist and the rule of thumb was that a mortgage payment should not exceed one-quarter of one's monthly income. In 1961, my house in Denver cost $15,000 and I needed $3,000 down to qualify. That amount of front money wasn't easy and required several years of apartment living to save, even when the first child arrived and two salaries suddenly became one because pregnancy then meant automatic job termination. The tendency to bite off more than one could chew was always there, but it was stifled by the business of getting a loan made difficult perhaps as a lingering hangover of the Great Depression, when defaults and evictions were as common as double-digit unemployment. Lending agencies, at least those with long histories of responsibility, demanded that applicants meet draconian requirements before receiving a nickel. Even borrowing $500 without collateral was difficult. Most of us settled for less house than we would have liked. But somehow, while those who had been forced to play by the old rules weren't looking, the sane approach to borrowing and repayment went out the picture window as housing prices climbed steadily through the popcorn ceilings of those snappy ramblers and imposing colonials. Houses quadrupled in value once, then twice, then a third time facilitated by creative loans devised by greedy, often-unscrupulous lenders who required nothing up front and provided ridiculously low but insidiously misleading interest
rates. Five percent could become 10 overnight. So what if the sub-prime rates climbed. Who could lose when the value of the property was always way ahead of the purchase price? In the best “what goes up must come down” tradition, we have discovered that there are millions of pampered Americans - for whom adversity meant doing without a third bath-
room - who never should have been lent the money in the first place. They simply weren't in a position to buy and, apparently, were too unschooled in basic economics to know a flimflam from a 30-year fixed. Only after they found themselves out on the street did they finally understand. So now everyone is scrambling to find a way of getting them and their
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money-changing facilitators - including some of the largest financial institutions in the world - out of the scalding water in their backyard hot tubs. Federal Reserve chief Ben Bernanke is lowering interest rates at a mighty clip while urging the White House and Congress to do more, including forcing banks to cut back on the principal owed by so many poor people. Majority Democrats in both houses are talking about several remedies, none of which bodes well for the majority of us. They include changing bankruptcy laws, buying out bad loans and other emergency measures that would require an offsetting increase in taxes. Never mind that this mess was not the fault of Aunt Sue and Uncle Harry, who have made responsible lifelong decisions about their finances and are trying to enjoy retirement. They avoided the too-good-to-be-true sales pitches that led less prudent Americans into speculative bets on the housing market. Then why now should Sue and Harry be required to pay for the mistakes of those who sold their souls to the banking devils? Isn't a contract between private parties still a contract, even if rife with potential disaster? That may seem hardhearted. It is. Letting them sink might finally bring some sanity back into the process, purging it of the outrageous excesses. The danger of a hands-off policy, of course, might be a sizable economic downturn that hurts everyone. Most Americans - and I'm one of them - haven't a clue about how to solve any of this. They simply know that greed, self-indulgence and funny money are at the bottom of the very deep hole someone has dug for us. It would be my guess that a referendum on the issue of responsibility would not go well for those yelling for a bailout. Yet, what alternative do we have? – Scripps Howard News Service
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B ELLE V U E
real estate review
W e d n e s d a y, A p r i l 2 3 , 2 0 0 8
Real Estate Sales in Bellevue, WA: March 1, 2008 - March 31, 2008
Residential Housing in 98004
5210 137th Pl SE . . . . . . . . . . . . . . . $710,000
4181 W Lake Sammamish Pkwy SE $211,000
10910 1st Ave . . . . . . . . . . . . . . . . . . $625,000
4430 134th Pl SE . . . . . . . . . . . . . . . $730,000
10819 NE 37th Pl . . . . . . . . . . . . . .
$215,000
2504 98th Ave NE . . . . . . . . . . . . . .
$690,000
4725 Somerset Dr SE . . . . . . . . . . .
$740,000
12220 SE 60th St . . . . . . . . . . . . . .
$215,000
10595 NE 12th Pl . . . . . . . . . . . . . .
$705,000
5840 145th Pl SE . . . . . . . . . . . . . . . $745,000
10400 NE 32 Pl . . . . . . . . . . . . . . . .
$220,000
3223 103rd Ave NE . . . . . . . . . . . . .
$728,000
5570 152nd Pl SE . . . . . . . . . . . . . .
$940,000
14620 NE 31st St . . . . . . . . . . . . . .
$222,000
10615 NE 18th St . . . . . . . . . . . . . .
$755,000
11058 SE 61st Pl . . . . . . . . . . . . . . $1,164,963
3930 Lake Washington Blvd SE . . . .
$229,000
1216 104th Ave SE . . . . . . . . . . . . .
$825,000
5425 156th Ave SE . . . . . . . . . . . . $1,210,000
2630 118th Ave SE . . . . . . . . . . . . .
$265,500
10460 NE 12th St . . . . . . . . . . . . . .
$925,000
15644 SE 54th St . . . . . . . . . . . . . $1,500,000
15214 NE 8th St . . . . . . . . . . . . . . .
$291,000
3115 109th Ave SE . . . . . . . . . . . . $1,000,000
16906 SE 58th St . . . . . . . . . . . . . $1,799,950
2560 118th Ave SE . . . . . . . . . . . . .
$291,350
756 126th Ave NE . . . . . . . . . . . . . .
$215,000
10819 NE 37th Pl . . . . . . . . . . . . . .
$215,000
10637 SE 29th St . . . . . . . . . . . . . $1,030,000 2646 109th Pl NE . . . . . . . . . . . . . $1,200,000
Residential Housing in 98007
9013 NE 32nd Pl . . . . . . . . . . . . . . $1,316,000
14819 SE 18th Pl . . . . . . . . . . . . . . . $405,000
10400 NE 32nd Pl . . . . . . . . . . . . . .
$220,000
10925 SE Lake Rd . . . . . . . . . . . . . $1,597,000
15522 SE 27th St . . . . . . . . . . . . . .
$500,000
10418 NE 32nd Pl . . . . . . . . . . . . . .
$320,000
1608 106th Ave SE . . . . . . . . . . . . $1,825,000
1260 140th Pl NE . . . . . . . . . . . . . .
$500,000
1420 Bellevue Way SE . . . . . . . . . . .
$336,000
9544 NE 1st St . . . . . . . . . . . . . . . $3,130,000
2313 153rd Ave SE . . . . . . . . . . . . .
$589,950
130 105th Ave SE . . . . . . . . . . . . . .
$355,950
15115 NE 12th St . . . . . . . . . . . . . .
$785,000
401 100th Ave NE . . . . . . . . . . . . . .
$449,000
11004 NE 11th St . . . . . . . . . . . . . .
$475,000
9951 Lake Washington Blvd NE . . . .
$480,000
Residential Housing in 98005 Residential Housing in 98008
2448 137th Ave SE . . . . . . . . . . . . .
$421,000
13025 SE 21st Pl . . . . . . . . . . . . . . .
$491,500
16612 SE 10th St . . . . . . . . . . . . . .
$397,960
150 102nd Ave SE . . . . . . . . . . . . . .
$565,000
12448 NE 2nd St . . . . . . . . . . . . . . .
$504,900
1112 166th Ave SE . . . . . . . . . . . . .
$415,000
10610 NE 9th Pl . . . . . . . . . . . . . . .
$907,836
2506 123rd Ave SE . . . . . . . . . . . . .
$544,500
16611 SE 4th Pl . . . . . . . . . . . . . . .
$415,000
10047 Main St . . . . . . . . . . . . . . . . $1,050,000
1524 121st Ave SE . . . . . . . . . . . . .
$699,900
15964 NE 15th St . . . . . . . . . . . . . .
$417,000
2630 118th Ave SE . . . . . . . . . . . . .
$265,500
12814 NE 5th Pl . . . . . . . . . . . . . . .
$795,000
15611 Lake Hills Blvd . . . . . . . . . . .
$425,000
2560 118th Ave SE . . . . . . . . . . . . .
$291,350
13707 SE 3rd Pl . . . . . . . . . . . . . . .
$925,000
16252 NE 26th St . . . . . . . . . . . . . .
$435,000
756 126th Ave NE . . . . . . . . . . . . . .
$293,000
16317 SE 9th St . . . . . . . . . . . . . . .
$445,000
12690 NE 10th Pl . . . . . . . . . . . . . .
$299,900
154 163rd Pl SE . . . . . . . . . . . . . . .
$457,500
12519 SE 30th St . . . . . . . . . . . . . .
$305,000
$380,000
1804 173rd Ave NE . . . . . . . . . . . . .
$499,950
2244 132 Ave SE . . . . . . . . . . . . . . .
$375,000
6725 113th Pl SE . . . . . . . . . . . . . . . $398,500
16613 NE 18th St . . . . . . . . . . . . . .
$559,950
11950 SE 4th Pl . . . . . . . . . . . . . . .
$439,500
11302 SE 65th St . . . . . . . . . . . . . .
$405,000
18027 NE 13th St . . . . . . . . . . . . . .
$583,950
4106 Factoria Blvd SE . . . . . . . . . . .
$192,000
4011 162nd Ave SE . . . . . . . . . . . . .
$430,000
3209 170th Ave SE . . . . . . . . . . . . .
$595,000
12220 SE 60th St . . . . . . . . . . . . . .
$215,000
12218 SE 65th Pl . . . . . . . . . . . . . . . $431,000
1665 185th Ave NE . . . . . . . . . . . . .
$640,000
3930 Lake Washington Blvd SE . . . .
$229,000
12142 SE 68th Pl . . . . . . . . . . . . . . . $450,000
262 174th Pl NE . . . . . . . . . . . . . . .
$660,000
5713 SE 122nd Ave . . . . . . . . . . . . .
$294,000
6346 121st Ave SE . . . . . . . . . . . . .
$485,000
3253 W Lake Sammamish Pkwy SE $675,000
6755 SE Cougar Mountain Way . . . .
$316,000
6310 129th Ave SE . . . . . . . . . . . . .
$510,000
18606 NE 16th St . . . . . . . . . . . . . .
$710,000
6725 113th Pl SE . . . . . . . . . . . . . . . $398,500
13640 SE 59th St . . . . . . . . . . . . . .
$520,521
930 178th Pl NE . . . . . . . . . . . . . . .
$725,000
6640 114th Ave SE . . . . . . . . . . . . .
$540,000
6640 114th Ave SE . . . . . . . . . . . . .
$540,000
927 179th Pl NE . . . . . . . . . . . . . . .
$731,000
14620 NE 31st St . . . . . . . . . . . . . .
$222,000
4682 148th Pl SE . . . . . . . . . . . . . . . $563,000
2655 171st Ave SE . . . . . . . . . . . . .
$900,000
15214 NE 8th St . . . . . . . . . . . . . . .
$291,000
4620 154th Pl SE . . . . . . . . . . . . . . . $565,000
16129 Northup Way . . . . . . . . . . . .
$900,000
513 142nd Ave SE . . . . . . . . . . . . . .
$306,000
15202 NE 8th St . . . . . . . . . . . . . . .
$320,000
Residential Housing in 98006 4216 153rd Ave SE . . . . . . . . . . . . .
15822 SE 47th Pl . . . . . . . . . . . . . . . $615,000 6017 147th Ave SE . . . . . . . . . . . . .
$625,000
Residential Housing Averages
4181 W Lake Sammamish Pkwy SE $211,000
4724 162nd Ct SE . . . . . . . . . . . . . .
$625,000
AVG. List Price: $755,692
15964 NE 15th St . . . . . . . . . . . . . .
15715 SE 44th Pl . . . . . . . . . . . . . . . $640,200
AVG Sold Price: $717,713
3110 W Lake Sammamish Pkwy SE $625,000
13507 SE 59th St . . . . . . . . . . . . . .
Cumulative Days on Market: 121
$655,000
Condos/Townhomes Averages
11215 SE 64th Pl . . . . . . . . . . . . . . . $670,000 4609 140th Pl SE . . . . . . . . . . . . . . . $719,000
$417,000
Condos/Townhomes in 98005
AVG List Price: $386,081
17262 SE 49th Pl . . . . . . . . . . . . . . . $708,000
4106 Factoria Blvd SE . . . . . . . . . . .
$187,500
AVG Sale Price: $377,672
11602 SE 63rd St . . . . . . . . . . . . . .
4106 Factoria Blvd . . . . . . . . . . . . . .
$192,000
Cumulative Days on Market (CDOM): 181
$709,950
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B ELLE V U E
real estate review
9
W e d n e s d a y, A p r i l 2 3 , 2 0 0 8
SPOTLIGHT HOMES
Country Home in Issaquah East Bellevue Home 204 - 153rd Place SE, Bellevue, WA 98007
NEW LISTING
$655,000
Spotless Bellevue home with quiet ambiance & curb appeal.
MLS#28059190, 2640 s/ft, 4 bdrm, 2+ bth, 565 s/ft shop
425.736.2203
s.jullion@comcast.net
s.jullion@comcast.net
69158
SARAH JULLION
Sarah Jullion 425.736.2203
68757
• One-OF-A-KIND Country living with the City so accessible! • One-acre plus-level and with salmon-running creek wandering through • Great Room design, expansive decking. 3 bedroom, 2.5 bath, 2,480 sq.ft.
A World of Possibilities can be had with this 4BD 2.5BA home. With it’s unique personality and many features this home has an updated kitchen a remodeled master bedroom and 5 piece master bath with a jetted soaking tub and a gorgeous view of Lake Washington. The daylight basement has a possible MIL suite, and enough storage to make any avid shopper proud. Welcome home. Price is $950,000 • 3,200 sq ft. • 13,000 sq ft. lot Jackie Ramirez Coldwell Banker Bain 425-890-1141 jackieramirez@cbbain.com
68853
This beautiful condo offers you privacy in downtown Kirkland. Relax and rejuvenate. Later take a stroll along the waterfront. Mingle, enjoy the people watching, impress a friend with your good taste without saying a word. This is a great opportunity to own a great condo in a great location. What do they say when purchasing a property? Oh yes, it is all about location, location, location. Don’t wait until someone else gets it all figured out. You do not want to miss this.
cindykohut@johnlscott.com
425-260-2017
69164
1311 108th Ave NE, DT Bellevue, New Construction by Meritage Development Group. The Trevi is a new plan that is a 4,900 Sq Ft magnificent home that features a formal living room, stunning kitchen with slab granite, 3 built in fridges & a great room with 2 story ceilings on the main level. Also on the main a guest room & den with 2 bathrooms. Upstairs is 4 more bedrooms, 3 full bathrooms, a bonus room and media entertainment room over the 3 car garage. Ken Bell Realty Executives 1-800-Ken Bell
69160
69155
$2,395,000
Exciting new presale at Calina at Kirkland! This will be built as a 5 bedroom/4 bathroom and bonus room plan, with a bedroom and 3/4 bath on the main floor, you have a great guest room or den. Large great room concept with all the craftmanship and specs you would expect from West Tier Development. Call Cindy to get more details about the latest presale in Kirkland’s fastest selling neighborhood.
cindykohut@johnlscott.com
425-260-2017 68754
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Near Financial/Int’l Districts & Pioneer Square 2 BR/2 full baths 2 Car tandem Arlene Wong 206-226-3017 Dawn Bond 206-310-6520 By Appointment
68841
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69178
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B ELLE V U E
real estate review
W e d n e s d a y, A p r i l 2 3 , 2 0 0 8
Five Smart Steps for Today's Homebuyer In the past six years, we in the Puget Sound area have experienced a very fast and competitive housing market. Over the past year however, the Seattle & Eastside real estate market has slowed down and the dynamics of the market have shifted. Many sellers think their home is worth much more than it actually is at this time. On the other hand, some buyers paid over the asking price, but in six months looked back and realized what a great deal they received. Every situation is different and needs to be approached accordingly in this ever-changing market. In order for you to find the right house at the right price there are several things that you, the buyer, should know before you begin the buying process: 1: Know exactly what you can afford 2: Know the current market conditions 3: Know how listing prices are determined 4: Know the Listing Agents role 5: Know how to find the right buyers agent Know exactly what you can afford As a buyer, one of the first things you need to do is sit down with a good mortgage broker and determine exactly what you can afford to spend. New banking guidelines have made down payments and higher credit scores a requirement. Once you are approved for a loan, a buyers agent will help determine what you can get for the money. It is critical that you must establish realistic expectations from the beginning. In almost every situation, however, some compromise is necessary. Many people have champagne taste but a beer budget so start with proper expectations then you can begin to take advantage of the multitude of home ownership benefits. Nobody says you will live in your first place forever so think of it as your first stepping stone, then you can eventually move on to bigger and better. Know the current market conditions Somewhat like the stock market, the real estate market changes throughout the years. Some years are better for sellers and some are better for buyers. For this reason, it is in the buyer’s best interest to work with a buyer’s agent who has long term familiarity with the local real estate market and its history. Although the Seattle area has been in an overall "sellers market" since the spring of 1996, the shift into a buyers market should be great news to many. The Seattle real estate market still remains strong due to local economy and increasing population, combined with limited land left for building
more homes. We have shifted into a “buyers” market, in large part due to new lending restrictions that require higher down payments and higher credit scores. Lack of consumer confidence due to national media hype has also played a major role in the market shift. All indicators suggest that our shift into a “buyers market” may only be a short term situation. But even so, really good houses that are priced correctly, are and will still sell quickly. In the long run most real estate and financial professionals believe that the Seattle real estate market will continue to be very strong and continue to appreciate faster than in most markets of the country. Over the last 40 years, real estate has appreciated, on average, 7 percent a year in our area. With interest rates still good and inventory choices higher than in the last several years, it’s a perfect opportunity for buyers to make that move. Know how the listing prices are determined How do sellers and real estate agents determine what the listing price of a home will be? Good question. Often, the agent does a CMA (comparative market analysis) to determine value. Agents generally look at what sold in the last three-to-six months in the same neighborhood. They then base their price recommendations on these comparisons. Real estate pricing is not black and white science. It is hours and hours of research and analyzing of past data. Hindsight is the best indicator although most agents wish they had foresight. What I mean, no agent is born with a magic crystal ball to know exactly what the market will bear on any given home. Often the comparison can be difficult because no two homes are exactly identical. What if a so-called comparable home sold for $50,000 higher because several buyers got into a bidding war? Typically, with bidding wars, emotions are the driving force. Just because a buyer got swept away when they bought the home doesn't drive up the price of the next similar house - unless the home garnishes multiple offers too. Here’s the plain truth: If you walk into any real estate office and ask five agents to price a property you will most likely get five different prices. On the other hand, there are agents who really know their business and know how to price property and are very accurate in determining what the market will bear. However, agents often run into resistance from the seller and may have to compromise the listing price for some time before the seller is willing to lower the price to what it should
be. I imagine every listing agent has been faced with a seller with unrealistic opinions of value, and while skilled agents advise clients what the price should be, agents sometimes have to put the house on the market for a higher price to satisfy the client. A reputable agent will caution a seller that an overpriced home will sit on market for longer and statistically sell for less than if the home is priced right from the beginning. Know the Listing Agents’ role The Listing Agent, represents the seller, and tries to get the highest possible price for the seller. The Listing Agent signs an agreement with the seller that stipulates compensation, called a commission. That commission is usually 6 percent of the selling price and it is split 50/50 between the Selling Agent and the Listing Agent. The job of the Listing Agent is to market the home and represent the seller's best interest at all times. So if a buyer walks into an open house and asks the Listing Agent if the home is priced correctly, even if it's over priced, what do you think the Listing Agent will say? “Oh, this house is WAY overpriced, it’s a dump and I don’t think anyone should pay even close to what the asking price is.” Highly doubtful you will ever hear that. A more typical response is “It's a great house and priced really well,” The seller is paying the Listing Agent to get the job done for the highest sales price possible and a top-producing agent is being compensated to produce results. If the buyer has no representation, the Listing Agent becomes a Consensual Dual Agent and may agree to represent both parties, but that is just like going into court and telling the judge that you represent both the plaintiff and the defendant....invariably, it just doesn't work. The buyer has no one advising him or her whether the house is priced correctly nor does the buyer have true
representation during the entire process. Effective buyers agents possess a very strong sense of the local real estate market and are attuned to its nuances and subtle changes.
Know how to find the right buyers agent Here are a few things that I suggest when looking to hire a buyers agent: Only work with licensed Realtors, who are members of the National Association of Realtors®, as all real estate licensees are NOT created equal. Only real estate licensees who are members of the N.A.R. are properly called REALTORS®. They proudly display the REALTOR "®" logo on their business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. Also, choose to work with agents that have been in the business for at least three to five years and that have some advanced designations, like Associate Broker, GRI, CRS, or ABR. Those agents with special designations rank in the top 5 percent of the country. I think it is important to work with agents who both list properties and represent buyers, because they have a fuller view of the market. I would then suggest you interview the agent to ensure that they fully understand your needs and would best represent you. Finding a good Buyers Agent could be one of the most important decisions you can make. Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. You wouldn’t perform surgery on yourself nor go to trial without an attorney, so it would be much wiser to seek the help of the professional assistance of a REALTOR® to ensure a smooth and successful outcome.
Editorial provided by Debbie Walter. Debbie is a Realtor® with RE/MAX NW Realtors in Kirkland, and a member of the National Association of Realtors® (a trade organization that promotes real estate information, education and professional standards). For further information or suggestions on future topics, please contact Debbie Walter 206.930-8699 or visit debbiewalter.com.
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98386
98374
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98396
Bellevue Real Estate Review Advertising Contacts:
98376 98338
98360
98323
Bruce Baker Bellevue Real Estate Account Executive p: 425.453.4273 e: bbaker@reporternewspapers.com
McKenzie Lukecart Bellevue Real Estate Account Executive p: 425.453.4287 e: mlukecart@reporternewspapers.com
Deanna Jess Kirkland/Mercer Island Real Estate Account Executive p: 425.822.9166 e: djess@reporternewspapers.com
William Shaw Reporter Newspapers Marketing Director p: 425.453.4211 e: wshaw@reporternewspapers.com
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