May 2008
Supplement to Kirkland Reporter • A division of Reporter Newspapers
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 dyDebbie Walter namics of the marRealtor® - RE/MAX NW ket 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 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. see FIVE SMART STEPS, page 6
Clive Egdes 206-251-1680 Clive@Windermere.com www.Cliveegdes.com
Specializing in Kirkland Properties. “Exceptional Service, Extraordinary Results” See Ad on Page 9
Beth Kovacevich 206-719-2302
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Five Smart Steps for Today's Homebuyer
2 | A great place to call home
Kirkland Reporter - May 7, 2008
Homes still too high for 'average' family One of the worst things about the overall real estate market today is that there doesn't seem to be any silver lining behind that big black cloud. Normally, you'd think dramatically falling prices would make homeownership a reality for more moderate-income families. But even with homes more affordable, the median price is still out of reach for a median-income family in many markets, according to “Paycheck to Paycheck: Wages and the Cost of Housing in America,� a study by the Center for Housing Policy, or CHP, in Washington. Comparing housing costs in more than 200 metropolitan areas with the wages earned by workers in 60 occupations, the study found that homeownership is unaffordable for all of the five fastest-growing occupations: registered nurses, retail salespeople, customer-service representatives, foodpreparation workers and office clerks. Even registered nurses, who typically have high salaries, were unable to purchase a median-priced home in 108 of the markets. “Even with the housing downturn, the drop in prices still just isn't enough for many workers in traditional backbone occupations,� says Rebecca Cohen, a CHP research associate. In many parts of the country, the
housing increases have outpaced wage growth for almost a decade. Census data released in 2006 revealed that between 2000 and 2005, the burden of housing costs grew sharply. The CHP study based affordability on the metrics that a family or person should not spend more than 30 percent of household income on rent and utilities while homeowners should not spend more than 28 percent of income on the mortgage, taxes and insurance. The most recent National Association of Realtors (NAR) report projected a January 2008 median home price of $198,700 and median family income of $59,858. With a 20 percent down payment, a 30-year mortgage at 6.2 percent would mean $973.59 monthly for principal and interest. Assuming $3,600 per year for insurance and property taxes brings the total monthly payment to $1,273.59 - barely within the $1,396 maximum threshold, without factoring in any closing costs. Lenders have often used formulas such as this to gauge a person's lending capacity, but property taxes and insurance can vary drastically by region. Cohen says these affordability metrics can also show different stories based on the number of dependents in the house. “A benchmark is just that and
should be taken with a grain of salt. If a single person spends 27 percent of their income on housing, they might be doing great, but if you're a family with five kids, certainly the amount you're able to comfortably spend without cutting into your budget will vary,� says Cohen. Lawrence Yun, chief economist for the NAR, says that in many of the “superstar cities,� such as New York, Los Angeles and San Francisco, real estate has always commanded a significant premium. Even with the recent declines in property values, Yun says that when compared to median incomes, housing values in these cities will likely always be out of whack. “Some of those high-profile markets are encountering up to a 10 percent price decline. Certainly, it's still not affordable, but at least it is better now than it was a year ago,� says Yun. In Middle America, Yun says homes
are much more affordable when compared with median incomes. There, he says, it is less about interest rates and prices and more about jobs. Yun points to markets such as Dallas, Indianapolis and Milwaukee, where most middle-class residents with good credit and decent jobs can afford median home prices. Sean Snaith, who holds Ph.D. in economics and is director of the Institute for Economic Competitiveness, says affordability evaporated in many parts of the country, where home prices have risen to such levels that many middle-class residents have no choice but to move farther outside the city radius and expand their commutes. “If you want a single-family home, swing set and the American Dream, the reality is that in major metro areas, most of us will have to commute in order to enjoy that,� says Snaith. – Scripps Howard News Service
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A great place to call home | 3
Kirkland Reporter - May 7, 2008
How Does the U.S. Housing Cycle Work? ment of future prices. Two indicators - builders' concessions and loan delinquencies - may suggest prices have bottomed out, according to Dotzour. Concessions. The “most fundamental� indicator is whether home builders are still offering price concessions and extra amenities to buyers. As long as concessions are on offer, buyers should be wary, Dotzour suggests. Yet builders' concessions can be very attractive, especially for buyers who plan to own their new home for a few years. “If you are going to stay more than two years, now might be a good time to buy one of these heavily discounted homes on which builders are offering major concessions .... The supply and demand situation is liable to correct itself within about 24 months or so, and at that point, those concessions will be gone,� he says. Delinquencies. Another indicator is the rate of late payments on sub-
prime mortgages. Since the delinquency rate on each ‘graduating class’ of mortgages tends to peak about 18 to 24 months after the loans were originated, the mortgages from 1999-2005 have already peaked, the class of 2006 is starting to peak and the class of 2007 is “still going through the roof with no sign of abating,� Dotzour explains. “The party stopped in about July 2007, so if you take that out 18 months, that's the spring of 2009. At that point, the last class of subprime mortgages will have peaked in terms of delinquency. So the pressure on prices coming from foreclosures is likely to peak at that time or perhaps in another 90 days,� Dotzour says. Homeowners who plan to stay put needn't worry much about housing market cycles, experts agree. “Over the long term,� Retsinas concludes, “residential real estate does OK.� – Scripps Howard News Service
Supplement to the Kirkland Reporter
April 2008
Produced by the Marketing Department Supplement to Kirkland Courier Reporter • A division of Reporter Newspapers
Know WHAT To Do In Today’s Real Estate Market
Kirkland Real Estate Review is a special section published by the Reporter Newspapers and is a supplement to Kirkland Reporter. Extra copies are available at City Hall, Kirkland Chamber of Commerce and local libraries.
PAID ADVERTISEMENT
As the sprin selling season moves into high gear, the housing market is upending the conventional wisdom that guided buyers and sellers during the housing boom. The changing dynamics have implications for a wide Debbie Walter variety of players in the real-estate 3FBMUPS¥ 3& ."9 /8 market. Some brokers are advising sellers to price their homes in the bottom 25 percent of comparable properties. People looking to enter the market for the first time are being told not to expect double-digit appreciation rates and don’t expect to use their homes like a credit card by tapping into lines of credit. Employees who are relocating are being advised to buy in neighborhoods and communities that are attractive to the masses so they can quickly sell, if needed. Such strategies aren't entirely new, but with the number of homes For Sale climbing across the country, consumers and professionals need to adjust how they think about their local real estate market. see TODAY'S MARKET, page 2
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and prices rose too fast. 2: When these risky borrowers weren't able to pay back their loans, the lenders cut off the easy credit. Builders, who had expanded to meet the new demand, couldn't stop building new homes fast enough to match the sudden disappearance of buyers. Supply exceeded demand and prices dropped too quickly. “In this cycle, we had a real abrupt change in demand (because) a certain segment of the home-buying public, mainly subprime and Alt-A buyers, were just completely shut out of the market overnight,� Dotzour says. “Then what happens is that you get too much inventory and prices go soft.� Speculation by investors and homebuyers' expectations of a major financial payoff also make housing more volatile than other economic sectors, says Nicolas P. Retsinas, director of the Joint Center for Housing Studies at Harvard University. This factor can be represented along a continuum between consumption, or the purchase of a home primarily for personal use, and investment, or the purchase of a home primarily to generate a capital gain or profit. The chief risk that cyclicality poses for homebuyers and sellers is that local home prices may fall further as the cycle deteriorates. Whether the current phase is a prudent time to buy depends on an assess-
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It's no secret that the U.S. housing market is cyclical and in the midst of yet another painful correction. The causes and characteristics of these cycles vary, but the implications for homebuyers, home sellers and homeowners remain remarkably reliable as the cycles roll by. Housing cycles aren't all alike, yet over periods of time, a basic pattern can be discerned, explains Mark Dotzour, chief economist of the Real Estate Center at Texas A&M University. A cycle doesn't really have a start or a stop, but to pick a point at random, we might say that a housing cycle starts when economic activity heats up and interest rates rise. Higher interest rates make housing less affordable, so demand decreases and home prices fall. Then, as economic activity slows and interest rates decline, housing becomes more affordable and, consequently, demand and prices go up. Then the cycle repeats. Housing tends to lead the economy, thus can be an indicator of future economic activity. The severity of the current housing cycle has been exacerbated, Dotzour explains, by two factors: 1: Lenders flooded the housing markets with subprime loans that enabled borrowers who had poor credit to purchase homes they otherwise wouldn't have been able to afford. These risky loans were then securitized and sold to investors. Demand outstripped supply
Publisher: Mike Walter, 425.822.9166
Editor: Brandon Carr, 253.234.3519
Advertising: Mike Walter, 425.822.9166
Deanne Jess, 425.822.9166
Kirkland Reporter: 720 Market St. Suite A, Kirkland | 425.822.9166 | kirklandreporter.com
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4 | A great place to call home
Kirkland Reporter - May 7, 2008
Ken Nash 206-919-3167 (Direct)
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A great place to call home | 5
Kirkland Reporter - May 7, 2008
Kirkland/Yarrow Bay Office 3933 Lake Washington Blvd NE, Suite 100
425-822-5100
Windermere Real Estate/East, Inc.
G.G. Getz 206-915-7777 www.gggetz.com
Heidi Bright 425-820-5343 www.bigdogrealty.com
Kathryne Green 425-766-1315 kathrynegreen@windermere.com
Marilyn Carroll 425-444-6910 www.marilyncarroll.com
Kathy Magner 425-803-9457 kathy@kathymagner.com
Craig Gaudry 425-576-5555 craig@gaudry.com
Carlene Sandstrom 206-910-366 www.carlenesandstrom.com
HOUGHTON $1,850,000 Panoramic Views from Hunts Point to Holmes Point. Large entertainment deck for indoor-outdoor living w/ built-in BBQ. Walk to beaches & restaurants! Just completed by Jet City Development. HEIDI BRIGHT 425-820-5343
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DOWNTOWN CONDO
$1,499,000
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$1,150,000
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$799,950
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Piece-of -art Contemporary with state-of-the art view. Plunge yourself into the view & your toes into the lake! Seconds from Kirkland waterfront fun. 4,010 sq ft of interesting curves & angles. GG GETZ 206-915-7777
Private home on rare 9,000 sq ft corner lot w/partial lake & mtn views. Chef’s kitchen opens to inviting fam rm w/stone frpl. 4 bdrms, w/5th bonus or bdrm option upstairs & den downstairs. KATHRYNE GREEN 425-766-1315
KIRKLAND TOWNHOME
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Downtown Kirkland location! Duplex/townhome w/NO home owner dues! Mountain, lake & city views. 2,104 sq ft, 3bdrms, 2.5 baths, 2 car gar. New SS, granite & marble int. Elegant master ste w/5 pc bath. CARLENE SANDSTROM 206-910-3662
Large 1-level Penthouse unit w/panoramic 180° views & wrap-around decks for indoor-outdoor living. Walk to heart of town, just 2 blks. Open, spacious, light & bright w/floor to ceiling windows HEIDI BRIGHT 425-820-5343
Exquisitely remodeled inside and out. Rich hardwoods, extensive millwork, granite & stainless. 3 bdrms, 3.5 bths + den/office. Stunning views, two decks, beautiful setting. A masterpiece! KATHRYNE GREEN 425-766-1315
KIRKLAND BUNGALOW
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Private & serene setting! This Camwest treasure offers oak hdwds, millwork, Hunter Douglas blnds & gas frpl. Kitchen is built for entertaining, perfect for your friends & fam gatherings. Fenced bckyrd w/dog run. KATHY MAGNER 425-803-9457
$1,299,950
New construction by Lux Homes! 4,669 sq ft, panoramic views, 5 bdrms, den, bonus, & media room. Huge deck, fenced yard. Fabulous floorplan & finishes. www.kirklandstyle.com NATASHA BOSCH 425-766-8019
Tranquil, private & serene describe this stunning contemporary. Chef’s kitch overlooks dining & family rm, creating a spacious, open living area. Detached home gym, separate pet rm w/access to dog run. CRAIG GAUDRY 425-576-5555
Designed w/distinction & style, while enhanced w/quality updates! 3 bdrm/2 bath/2 car gar, backs up to beautiful protected areas. Mint condition & shows like a model. www.marilyncarroll.com MARILYN CARROLL 425-444-6910 70937
Natasha Bosch 425-766-8019 www.kirklandstyle.com
6 | A great place to call home
FIVE SMART STEPS
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 Know exactly what you can afford As a buyer, one of the first things comparisons. you need to do is sit down with a good Real estate pricing is not black and mortgage broker and determine exact- white science. It is hours and hours ly what you can afford to spend. New of research and analyzing of past banking guidelines have made down data. Hindsight is the best indicator payments and higher credit scores a although most agents wish they had foresight. What I mean, no agent is requirement. Once you are approved for a loan, a born with a magic crystal ball to know buyers agent will help determine what exactly what the market will bear on you can get for the money. It is critical any given home. that you must establish realistic expec- Often the comparison can be diffitations from the beginning. In almost cult because no two homes are exactly every situation, however, some com- identical. What if a comparable home sold for $50,000 higher because sevpromise is necessary. Many people have champagne taste eral buyers got into a bidding war? but a beer budget so start with proper Typically, with bidding wars, emoexpectations then you can begin to tions are the driving force. Just betake advantage of the multitude of cause a buyer got swept away when home ownership benefits. Nobody they bought the home doesn't drive says you will live in your first place up the price of the next similar house forever so think of it as your first step- - unless the home garnishes multiple ping stone, then you can eventually offers too. Here’s the plain truth: If you walk move on to bigger and better. into any real estate office and ask five Know the current market conditions agents to price a property you will Somewhat like the stock market, the most likely get five different prices. On real estate market changes throughout the other hand, there are agents who the years. Some years are better for really know their business and know sellers and some are better for buyers. how to price property and are very acFor this reason, it is in the buyer’s best curate in determining what the market interest to work with a buyer’s agent will bear. who has long term familiarity with the However, agents often run into local real estate market and its history. resistance from the seller and may Although the Seattle area has been have to compromise the listing price in an overall "sellers market" since the for some time before the seller is willspring of 1996, the shift into a buyers ing to lower the price to what it should market should be great news to many. be. I imagine every listing agent has The Seattle real estate market still re- been faced with a seller with unrealismains strong due to local economy tic opinions of value, and while skilled and increasing population, combined agents advise clients what the price with limited land left for building should be, agents sometimes have to put the house on the market for more homes. We have shifted into a “buyers” mar- a higher price to satisfy the client. ket, in large part due to new lending A reputable agent will caution a sellrestrictions that require higher down er that an overpriced home will sit on payments and higher credit scores. market for longer and statistically sell Lack of consumer confidence due to for less than if the home is priced right national media hype has also played from the beginning. a major role in the market shift. All indicators suggest that our shift Know the Listing Agents’ role into a “buyers market” may only be a The Listing Agent, represents the short term situation. But even so, re- seller, and tries to get the highest posally good houses that are priced cor- sible price for the seller. The Listing Agent signs an agreement with the rectly, are and will still sell quickly. In the long run most real estate and seller that stipulates compensation, financial professionals believe that the called a commission. That commisSeattle real estate market will continue sion is usually 6 percent of the selling to be very strong and continue to ap- price and it is split 50/50 between the preciate faster than in most markets Selling Agent and the Listing Agent. of the country. Over the last 40 years, The job of the Listing Agent is to real estate has appreciated, on average, market the home and represent the seller's best interest at all times. So if 7 percent a year in our area. With interest rates still good and in- a buyer walks into an open house and ventory choices higher than in the last asks the Listing Agent if the home is several years, it’s a perfect opportunity priced correctly, even if it's over priced, what do you think the Listing Agent for buyers to make that move. will say? “Oh, this house is WAY overpriced, it’s a dump and I don’t think Know how the listing prices anyone should pay even close to what are determined How do sellers and real estate agents the asking price is.” determine what the listing price of a Highly doubtful you will ever hear home will be? Good question. Often, that. A more typical response is “It's the agent does a CMA (comparative a great house and priced really well,” market analysis) to determine value. The seller is paying the Listing Agent continued from page 1
Kirkland Reporter - May 7, 2008 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.
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 Know how to find the right buyers needs and would best represent you. agent Finding a good Buyers Agent could Here are a few things that I suggest be one of the most important decisions when looking to hire a buyers agent: you can make. Real estate transactions Only work with licensed Realtors, involve one of the biggest financial inwho are members of the National As- vestments most people experience in sociation of Realtors®, as all real estate their lifetime. licensees are NOT created equal. You wouldn’t perform surgery on Only real estate licensees who are yourself nor go to trial without an atmembers of the N.A.R. are properly torney, so it would be much wiser to called REALTORS®. They proudly dis- seek the help of the professional asplay the REALTOR "®" logo on their sistance of a REALTOR® to ensure a business card or other marketing and 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®. For further information or suggestions on future topics, please contact Debbie Walter 206.930.8699 or visit debbiewalter.com.
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East of Market -- Terrific newly remodeled house, tiled bath w/granite ctop. New appl, gas heat, newer roof. Level, fncd bckyrd & Lrg deck. Fantastic views of Lk WA, DT Seattle, & sunsets over the Olympics. Call for more info. $512,850
Downtown Kirkland condo at Gallery. 2 bdrms, 2 bath, 2 deeded parking spaces side by side. Hardwoods, granite counters, stainless steel appliances. ADA capable, pet friendly. Pool & hot tub to spoil you! $339,000
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Spacious Redmond Townhouse
Spacious Houghton 2 bdrm condo, close to DT Kirkland. Fresh remodel. Quiet complex in prime location-easy 405/520 access. 1 block from new Google, dining & shopping. Reserved cvrd parking, 2 storage units, pool & clubhouse. Pet friendly. $278,000
Gorgeous newer 3 bdrm 2 bath, 2 car gar townhome at Taluswood super close to Microsoft. Real Brazilian Cherry Hardwoods, high ceilings, granite counters, stainless appl, fenced bckyrd with BBQ deck, hitech wired & surround sound. $418,000
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A great place to call home | 7
Pay home debt before credit card obligations Dear Debt Adviser, What is worse - having your home go into foreclosure or allowing your credit cards to default? - Sylvia
Dear Sylvia, This used to be an easy question to answer. ‘Pay your mortgage first’ was always the mantra of financial advisers. And it's still true - if you can afford your home. Unfortunately, the subprime crisis has revealed that many people are in houses they simply cannot afford to keep. Can you afford your home? Answer this question before you do anything else. Contact a credit counselor (visit moneymanagement.org, aiccca.org, or debtadvice.org to find a credit counselor) who can help you put together a spending plan. This plan will show you what money is coming into your household and where it is going. If you don't have a spending plan already, you are missing opportunities to redirect at least part of your income. If a credit counselor helps you determine that your living expenses are larger than income, you will need to make adjustments. Try cutting some expenses
or adding extra income from a second job or overtime. If you still can't break even, you have decisions to make. The counselor can help you determine which course of action is right for you: ditching the credit card bills or taking the even bigger step of downsizing housing. If you can't afford the house, contact a counselor certified by the Department of Housing and Urban Development, or HUD (hud.gov), for your options. This is best done before any missed mortgage payments, as there are fewer options available as you get further behind on payments. Your options are different if you can afford the house but not the credit card bills. A credit counselor can discuss whether you'd be better off with a repayment plan of your own, a debt management plan through an agency or a bankruptcy. Keep your eye on what really matters Somewhere along the line, a wellmeaning friend or a collector will raise the ‘but this will ruin your credit’ argument. Don't focus on credit impact. Rather, work on a dollars-and-cents solution that will work over the long term. Otherwise, you will go crazy with unnecessary worry and fall prey to
every bill collector who only wants the bill paid and threatens you with credit Armageddon. Bad credit is a temporary situation that disappears over time if you treat the source of the problems rather than the symptoms. Your credit and credit score mirror your financial situation. The sooner you solve the problem, the sooner your credit will reflect a new, solid financial position. Whichever option you choose will involve challenges. Getting out of a home you can't afford involves trying to get a lender to work with you to solve the problem. A housing counselor can be a good guide to maximize your chances of working out a plan to keep or gracefully exit your home. For more help, contact the HUD people or Neighbor Works. Or contact your state housing finance authority for a referral to a local group that may help. If you decide to keep the house and not pay the credit card bills, expect a rising storm of phone calls from collectors with possible legal action as an end result. If you can't afford to pay those credit card bills, see a lawyer soon to determine your legal options. – Scripps Howard News Service
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Kirkland Reporter - May 7, 2008
8 | A great place to call home
Kirkland Reporter - May 7, 2008
Real Estate Sales in Kirkland, WA: March 16, 2008 - April 15, 2008
Residential Housing in 98033
Residential Housing in 98034
10126 NE 62nd St . . . . . . . . . . $700,000
12427 NE 87th St . . . . . . . . . . $340,000
13315 NE 137th Pl . . . . . . . . . $324,500
130 8th Ln . . . . . . . . . . . . . . . . . 710,000
10815 132nd Ave NE . . . . . . . . $350,000
12301 NE 149th St . . . . . . . . . $328,000
5304 Lake Washington Blvd . . $775,000
6504 108th Ave NE . . . . . . . . . $410,000
13025 110th Ave NE . . . . . . . . $365,000
515 Lake St . . . . . . . . . . . . . $1,032,500
8202 126th Ave NE . . . . . . . . . $425,000
11223 NE 141st Pl . . . . . . . . . . $375,000
4918 114th Ave . . . . . . . . . . . . $435,000
13732 90th Pl NE . . . . . . . . . . $375,000
346 6th Ave . . . . . . . . . . . . . . . $463,000
13934 122nd Ave NE . . . . . . . . $410,000
9907 NE 124th St . . . . . . . . . . $165,000
7809 126th Ave NE . . . . . . . . . $468,000
14250 131st Ave NE . . . . . . . . $447,000
12516 NE 117th Pl . . . . . . . . . $197,000
12711 NE 105th Ct . . . . . . . . . $495,000
13411 78th Pl NE . . . . . . . . . . $447,500
10016 NE 122nd St . . . . . . . . . $199,000
12818 NE 91st St . . . . . . . . . . $507,000
13824 119th Ave NE . . . . . . . . $475,000
10016 NE 122nd St . . . . . . . . . $199,000
403 10th Ave . . . . . . . . . . . . . . $538,000
12005 89th Pl NE . . . . . . . . . . $518,500
12525 NE 116th St . . . . . . . . . $201,000
830 6th Pl S . . . . . . . . . . . . . . $550,000
13115 72nd Ave NE . . . . . . . . . $539,500
12723 NE 116th St . . . . . . . . . $222,000
13010 NE 103rd Pl . . . . . . . . . $563,000
7243 NE 116th St . . . . . . . . . . $665,000
10015 NE 120th Ln . . . . . . . . . $229,950
10104 111th Ave NE . . . . . . . . $570,000
13939 105th Ct NE . . . . . . . . . $699,000
14312 126th Ave NE . . . . . . . . $238,000
11807 NE 67th Pl . . . . . . . . . . $592,000
8351 Juanita Dr NE . . . . . . . . . $935,000
11920 98th Ave NE . . . . . . . . . $242,500
8744 126th Ave NE . . . . . . . . . $600,000
12439 Holmes Point Dr NE . $1,325,000
12530 109th Ct NE . . . . . . . . . $253,450
12822 NE 105th Pl . . . . . . . . . $607,500
7935 NE 112th St . . . . . . . . $1,450,000
12028 Slater Ave NE . . . . . . . . $257,000
9702 Slater Ave NE . . . . . . . . . $640,000
12901 Holmes Point Dr NE . $2,625,000
13150 102nd Ln NE . . . . . . . . . $260,000
6548 125th Ave NE . . . . . . . . . $690,000
13117 Holmes Point Dr NE . $3,250,000
10134 NE 135th Ln . . . . . . . . . $303,000
11413 NE 103rd St . . . . . . . . . $690,000
7601 NE Champagne Point Pl $3,750,000
9910 137th St NE . . . . . . . . . . $314,900
6700 104th Ave NE . . . . . . . . . $710,000
Condos/Townhomes in 98034
9620 NE 121st Ln . . . . . . . . . . $316,500
1316 Market St . . . . . . . . . . . . $750,000
Residential Housing Averages
12301 NE 149th St . . . . . . . . . $328,000
1607 8th St W . . . . . . . . . . . . . $810,000
AVG. List Price: $879,209
9910 NE 137th St . . . . . . . . . . $335,000
10903 NE 48th St . . . . . . . . . . $823,500
AVG Sold Price: $848,045 Condos/Townhomes Averages
6211 114th Ave NE . . . . . . . . . $888,000 9721 111th Ave NE . . . . . . . $1,060,000
Condos/Townhomes in 98033
609 18th Ave W . . . . . . . . . . $1,070,000
10315 NE 116th St . . . . . . . . . $245,000
604 1st St . . . . . . . . . . . . . . $1,076,000
11419 99th Pl NE . . . . . . . . . . $310,000
815 18th Ave W . . . . . . . . . . $1,100,000
511 7th Ave . . . . . . . . . . . . . . . $346,000
473 2nd Ave S . . . . . . . . . . . $1,200,000
11507 105th Pl NE . . . . . . . . . $360,000
10325 NE 55th St . . . . . . . . $1,350,000
6504 108th Ave NE . . . . . . . . . $410,000
214 9th Ave . . . . . . . . . . . . . $1,450,000
122 State St . . . . . . . . . . . . . . $455,000
6215 102nd Pl NE . . . . . . . . $1,720,000
12212 NE 103rd Ln . . . . . . . . . $465,000
13528 NE 66th St . . . . . . . . $1,785,000
8622 113th Ln NE . . . . . . . . . . $595,000
AVG List Price: $375,702 AVG Sale Price: $359,619
Kirkland Real Estate Next Issue Date June 4, 2008 To Advertise, call Mike: 425.822.9166
A great place to call home | 9
Kirkland Reporter - May 7, 2008
Mortgage mess affects renters, too It's no secret that the nation's subprime mortgage meltdown, spike in foreclosures and fallen home prices have affected legions of homebuyers, home sellers and homeowners. But what may be surprising is that the turmoil in today's U.S. housing markets has important implications for renters as well. The trends include: More renters. Some renters have delayed homeownership because they're afraid of foreclosure or can't obtain easy financing. Some former homeowners have been forced back into apartments after a foreclosure or short sale. More rental units. Some homeowners and builders have rented out condominiums or houses because they can't sell them today at a price that's acceptable to them. More roommates. Some homeowners have taken in roommates to help pay the mortgage and avoid foreclosure. Some former homeowners have become roommates, rather than renters because they've lost both their home and their job. “There is some pickup in demand, but there is also a pickup in supply - both new apartments that are being built and also units shifting from
owner to renter,” says Mark Obrinsky, chief economist of the National Multi Housing Council (NMHC), an apartment industry trade group. Until last year, many renters felt tremendous pressure to buy a home because prices were on the rise and financing was seemingly affordable. But now that pressure has subsided and many renters have decided to put off this major investment due to fear of falling home prices or an inability to obtain financing on what they consider to be attractive terms, according to Mark Verge, owner of Westside Rentals, an online rental listing service. Yet the impact of actual foreclosures may be less important than the influx of new first-time renters and the psychological impact of foreclosures. Even two million foreclosures, a figure predicted by some analysts, would be a relatively small number compared with the nation's 35 million renters, Obrinsky notes. Meanwhile, though, horror stories about today's housing markets have caused more fear of buying and have turned a lot more potential buyers into long-term renters, Verge says. Moreover, some former homeowners may not be able to rent until their financial situation improves. For these folks, the immediate aftermath of a
Beth Kovacevich 206-719-2302
BethK@Windermere.com www.bethk.mywindermere.com
foreclosure or short sale may be a roommate situation. “They are looking to crash somewhere, to move back in with their parents or a brother or sister, or to move in with a friend,” Obrinsky says. The trend toward roommates may or may not help homeowners who can't afford their mortgage payments. “A lot more people are taking in roommates who never would have (done so before). We get calls from people who say, ‘I want to rent out a room in my house.’ They're looking to supplement their income, so they can pay their mortgage,” Verge says. Other homeowners opt to rent out their entire home because they've relocated, but can't sell the home for enough money to pay off their debts, which might include a home equity loan or line of credit in addition to a first mortgage. This trend increases the supply of rental housing.
“Exceptional Service, Extraordinary Results”
71004
Terrific Kirkland neighborhood. This 3500 SF lake view hm w/multiple decks encompasses 4 beds + 3.5 baths & lrg media/ game rm. The kitch w/granite counter tops opens to the fam rm. Desirable main flr master w/walk-in closet, master bath w/soaking tub & double sinks. Multi rm office/gym w/direct street access, contemp cul-de-sac home w/3 car gar. MLS 28062996 $1,049,000
Clive Egdes 206-251-1680
Clive@Windermere.com www.Cliveegdes.com
Sophistication & elegance fused with the traditional comforts of luxury living, this luxurious 4 bedroom, 3.5 baths, 4,000 SF home built by Duren Homes has it all! The open floorplan provides all the space & extras you are looking for. Formal dining & living rooms, gourmet kitchen with full Viking line, granite slab counters, large casual eating area & family room that opens to a large entertaining deck with sunny Southwest exposure. This home includes a media room, bonus room, executive sized den and generous 3 car garage. MLS# 28040130. $1,329,950
Proposed new East of Market residence by Telus Co. Main house with 4150 SF includes 5 bdrms, 4.5 baths, office/den, media rm & island kitch w/breakfast nook opens to the great room. Sumptuous master suite w/deck (views), walk-in closet & frplc. Mother-in-law house w/755 SF. 4 car gar & a short stroll everything DT Kirkland. MLS #27206353. $1,699,000
Many cities experienced a boom in conversions of apartments into condos, but now, due to lower condo prices, some builders and owners have opted to rent out units they'd intended to sell. Former homeowners who have had a foreclosure or short sale face special challenges in the rental market. Landlords typically refuse to rent to people who have poor credit, which can result from a late mortgage payment, short sale, foreclosure or bankruptcy. A foreclosure typically can hurt a former homeowner's credit score for a number of years, though the exact duration is a matter of dispute since credit companies don't disclose that information. Renters who need to find an apartment should put together a nice rental resume that explains why they experienced a foreclosure or other credit problems, Verge suggests. – Scripps Howard News Service
Timeless finishes & stylish elegance hallmark this stately 4,000 SF new custom, built by Duren Homes located in the highly desirable East of Market. This exquisite three level home features 4 bedrooms, 3.5 baths, media room, bonus room, den/ office, formal living & dining rooms and a huge light-filled gourmet kitchen with a full Viking appliance package. Enjoy sunny SW exposure on the generous entertainment deck off the kitchen, nook & family room. Quiet neighborhood close to parks, beaches & DT Kirkland. MLS #28073885. $1,299,950
Elegant, Classic, Tranquil describe this updated spacious home w/some lake & Olympic mountain views in the highly desirable East of Market area. 4 bedrooms+ 2.5 baths + a bonus room & large yard. Priced to sell! MLS #27200374. $679,000
Specializing in Kirkland Properties
Updated rambler with gorgeous curb appeal on a huge flat lot. Located in the desirable Rose Hill area. Close to downtown Kirkland. From the cntr island kitch w/dining area to the hardwood flrs, well appointed fixtures & frplc, no wasted space here. Enjoy the spacious bckyrd that compliments this remodeled home. MLS#28046804. $479,500
10 | A great place to call home
Kirkland Reporter - May 7, 2008
EXCLUSIVELY PRESENTED BY
Windermere Real Estate - Kirkland
WEST OF MARKET $2,590,000. Exceptional Martha’s Vineyard inspired residence! Situated on an 11,450 asf lot, this 5 bdrm, 3.5 bath home offers a spacious floorplan, custom details & a grand front yard. Amazing lake, city & mtn views. #28074177. Dayna Barringer 425-691-8319
JUANITA POINT $1,790,000. Amazing lake, mtn & city views!! Includes heated flrs, security system w/indoor fire sprinklers & so much more. Hot tub w/TV-DVD. 3-car garage w/.5 bath. Meticulously landscaped w/sprinkler system. A must see! #28028396. Phil Smith 425-273-5308
DOWNTOWN KIRKLAND $1,665,000. Ultimate location & lifestyle! Lake View Luxury Living with 4 bedrooms, 3.5 baths, 4 fireplaces, media room, guest suite & wine cellar. View roof deck and so much more. #28014019. Angie Behrbaum 206-550-8409
EAST OF MARKET $1,600,000-$1,550,000. Renowned architect custom design 4-Star Build Green & Energy Star home. Metal roof w/50 year warranty. Hardwoods & designer touches throughout. #28035156, 28035143. Mike Moghaddas 425-830-1316
EAST OF MARKET $1,329,950 A masterpiece residence w/extensive detail & 4,000 asf of spacious living. This gorgeous new 3-level home offers 4 bedrooms, 3.5 baths, media room + bonus + den & 3-car garage. #28040130. Beth Kovacevich 206-719-2302
EAST OF MARKET $1,299,950. Timeless finishes & stylish elegance hallmark this stately 4,000 asf new custom home w/4 bedrooms, media, bonus, den, 3.75 baths & 3-car garage. Gourmet kitchen with Viking appliances. #28073885. Clive Egdes 206-251-1680
EAST OF MARKET $1,249,950. Unbeatable value! Classic Craftsman from Lux Homes. Fabulous floorplan with twostory formal living & dining, 4 bedrooms with walk-in closets, 2.5 baths, den, bonus & huge master suite. #27090152. G. Baumann 425-761-7600
HOLMES POINT $1,090,000. Serene ’05, 4,370 asf Craftsman 4 bedroom, 3.5 bath w/office & bonus room. Gourmet kitchen, high quality throughout. This home features its own creek & waterfall. Lake Washington views. #28017093. Ineza Kuceba 425-442-6544
ISSAQUAH $997,950. Spacious & Gracious! 2-story w/full basement, 5 bdrms, 4.5 baths & 4,310 asf. Master suite w/lake views. Huge rec room opens up to patio, backyard & hot-tub. New siding & ext paint. 3+ car gar. Cul-de-sac. #28065682. R. Judy 206-618-5638
EAST OF MARKET $899,950. Incredible two-lot build opportunity in highly desired East of Market neighborhood. 12,500 asf lot qualifies for new small lot short plat guidelines. Call for details. #28053104. Lynn Sanborn 206-227-5966
REDMOND $869,000. This stunning 4 bedroom, 3 bath Tudor is peacefully established on a 2.43 acre private equestrian property. The open floorplan & exquisite architecture will exceed your expectations. 4-car garage w/ shop. #28028014. Tracy Vaughn 206-971-3550
BELLEVUE $799,950. This exceptional 4 bdrm, Bridle Trails home offers bay windows, newly remodeled kitchen with S/S appl. & vaulted ceilings in living rm. The sound & beauty of the private bkyrd stream offers a serene atmosphere. Great street appeal. #28012576. Lynda Coccione 425-444-4850
DOWNTOWN KIRKLAND $849,000. Exquisite 2 bedroom, 2 bath, 2 park-view condo in the heart of Downtown Kirkland. Marble entry, granite, gas cooktop & air conditioning. Across the street from shops, restaurants & Marina. #28043135. Chris Judd 206-852-1691
SOLUS AT THE KIRKLAND HIGHLANDS From the $800K’s. See the newest series of Steve Jensen homes, distinctive, quality construction. Models open! #27190882. Marsha Matchett 425-681-8484 or BJ Connolly 425-765-0783/ 425-823-4600
KIRKLAND HIGHLANDS $795,000. Remodeled 4 bedrooms, 3 bath daylight rambler w/ some of the best lake, city & Olympic Mt. views. New hardwood floors, paint & water heater. Generous sized yard w/large deck & hot tub. #28049385. Christina Roberts 425-442-1456
SAMMAMISH $720,000. French Country inspired 2story on shy horse acre. Circular drive, 4 bedrooms, 2.5 baths, remodeled granite kitchen, huge master suite. Peaceful, sunny backyard w/new deck & RV/boat parking. #28048023. BJ Connolly 425-765-0783
KIRKLAND DOWNTOWN $635,000. Enjoy the amenities of downtown living. Immaculate one-level condo featuring over 1,600 asf of living space. 2 bedroom, 2 bath + family rm. Beautifully maintained complex w/designated parking for 2 cars in garage. #28063968. C. Parris 425-891-1834
CLEARVIEW $624,950. This 4 bedroom, 2.5 bath home was built in 2002 on approx 2.16 level acres. With 2,528 asf, this home offers hardwood floors, gas fireplace w/TV niche above, attached 3-car garage & fenced backyard. #28006212. The Hanson Team 425-829-2427
Windermere Real Estate/SCA, Inc.
70933
737 Market Street • 425-823-4600
A great place to call home | 11
Kirkland Reporter - May 7, 2008
EXCLUSIVELY PRESENTED BY
Windermere Real Estate - Kirkland
BELLEVUE $599,950. Centrally located cul-de-sac home. 2,920 asf home located on 9,000 asf lot! 3 bedroom (5th possible), 3 bath w/great room downstairs. Bedrooms on entry level, minutes to Microsoft & freeways. #28065872. James McCarthy 206-599-9395
HOUGHTON $575,000. A simply stunning combination of style & substance! This lovely multi-level home features soaring ceilings & dramatic spaces. Adjacent to 60 acres of parkland w/miles of trails, yet close to 520 & 405 access. #28010241. Laura Brodniak 425-444-3232
GREENLAKE $559,000. Great investment opportunity in this 1910 Greenlake beauty. Huge price drop $230K! Two bedrooms in both upstairs & downstairs units. Remodeled in 2007. Too much to list, must see to appreciate. #27041125. Robert King 206-972-8839
DOWNTOWN KIRKLAND $549,950. Nestled in a quiet environment with a stream & forested backdrop, this is an elegantly updated 2 bedroom, 2 bath + den unit. Private patio for summer bbq’s. Close to shops and waterfront. #28058737. Laura Burgess 206-972-1028
KIRKLAND $499,950. This home backs a greenbelt, in the popular Finn Creek neighborhood. Distinctive floorplan features 5 bedrooms, formal liv & din areas, and a kitchen w/eating nook. Lavish backyard w/fruit trees & English garden. #28043413. Christina Marie Pablo 206-510-3518
FINN HILL $499,950. Seattle-style charmer in the heart of the suburbs! This special home 3 bedroom boasts new carpet & paint, and newer appliances. Just blocks to awardwinning schools, and a great location for many commutes. #28037614. Leslie Heinz 425-466-2277
JUANITA BEACH $499,000. Top-floor w/stunning views overlooking Lake Washington! 3 bedrooms, 2 baths & 2 parking spaces. New carpet, paint, extra storage space & more. 2 view decks & direct Lake WA access. Walking distance to beach. #28030667. Amy Tovel 206-313-0996.
ROSE HILL $449,990. Updated & remodeled, 1,400 asf, 3 bedroom, 1.75 bath rambler on quiet side street with big fenced yard. Skylights to let the sun shine in, new windows & carpets. Close to schools, park & commute corridors. #28060614. Lisa O’Brien 425-577-4877
DOWNTOWN KIRKLAND $439,000. Excellent investment opportunity in the heart of Downtown Kirkland! Value is definitely in the land, but also in the home which works as a rental or primary residence, until a new home is built or a remodel. #27203896. Derrick Fenner 206-962-7114
MILL CREEK $409,950. A Must See! Extra large, fenced lot, landscaped w/sprinkler system, located in a quiet cul-desac. 4 bedroom, 2.5 bath + den + bonus or 5th bedroom. Vaulted ceilings & skylights. Minutes to the Mill Creek Town Center. #28054341. Kristi Macpherson 206-409-8555
SAMMAMISH/ISSAQUAH $379,500 Spacious 1,345 asf, 2 bedroom, 1.75 bath, end-unit condo in desirable Jacob’s Creek gated community. 2 fireplaces, private gar. & large covered patio offers privacy & expansive views! A must see! #28035231. Sue Frankl 425-591-7777
JUANITA $329,950. NEW LISTING! Remodeled 2 bedroom, 1.5 bath townhome with attached garage. Over 1,100 asf, S/S appliances, granite, vaulted ceilings, and lots of extra storage. Blocks from Juanita Bay. #28060852. Christi Packard 206-498-3269
DT KIRKLAND $323,500. Chic designer finishes in this 2 bedroom, 1 bath w/granite kitchen, S/S appliances, fireplace & balcony. 2 parking spots. Clubhouse offers kitchen, grill, hot-tub, pool & trails to Downtown. Low HOD’s #28031844. Diane Charouhas 425-503-8883
BALLARD $275,000. Light & bright, top floor, 2 bedroom, 1.75 bath with sweeping territorial southern & western views; Mt Rainier, Olympics, Top of Space Needle & water! Secure parking, meeting room & elevator access. #28051256. Heidi Braund 206-200-4650
CAMANO ISLAND $259,950. Vacant Land. Dynamic views from north end of island (provides easy access). Western water view, Saratoga Passage & Mt. Baker. Easy access to community beach. Adjoining lot 22 also available. #28000069. Pamila Hussey 206-650-6815
HOUGHTON $193,500. Perfect first time homebuyer or investment property. In Houghton, this end-unit is quiet, bright & well taken care of. Enjoy an outdoor heated pool & cabana. Property managers will manage unit for under $40 a month. #28027050. Lise Shdo 206-650-8511
HOUGHTON $189,950-$399,950. Remodeled studios from $189,950. One bedrooms from $269,950 & 2 bedrooms, 2 baths from $379,950. Beautiful settings w/all new kitchens, designer colors & vaulted ceilings. #27203882, 2706515, 28008385. Lydia Infinger 425-442-9905
CAPITOL HILL $179,950-$389,950. Seventeen 07 condos have it all. Updated studio, 1 & 2 bedrooms w/high-end finishes. Amenities includes: media, lounge, fitness area, & pet grooming center. Secure building with off-street parking. #28025367. Dave Janssens 425-785-7432
Windermere Real Estate/SCA, Inc.
50951
737 Market Street • 425-823-4600
Kirkland Reporter - May 7, 2008
12 | A great place to call home
New Exterior Trim Makes Great Impression 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. 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
example, MiraTEC costs half as much as PVC trim and, unlike PVC, it accepts paint beautifully and is not affected by temperature extremes.
shrinking, checking, warping, cupping and splitting. 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
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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
Redmond - $439,999
Redmond - $525,000 Lo 1/2 Avecly re
on MJuast rket
Updated rambler in Education Hill. 3-Bed/ 1.75-Bath + Office w/Fr drs. Min to 520, MS campus, Lk Wa schools. MLS # 28065558
Ballard - $1,100,000
Quiet & Spacious Tri-Level 2620 sq ft, 4-Bed, 2.75Bath Home Situated on Park-like 1/2 acre. Corian Ctops, Hrdwd flrs, SS app & more! MLS # 28057990
Issaquah - $600,000
Pa Livinrkg
on MJuast rket
Stunning ‘08 Craftsman. Yesterdays Charm w/ Todays Lifestyle. Grmt Ktchn w/Granite Slab, SS App, 5-pc Master Suite. MLS # 28070299
Lovely ‘03 Lozier-built 2367sq ft, 3-bed, 2.5bath, home. Open flr plan, lots of light, 9’ ceilings, den, bonus & more! MLS #28051664.
9 Debbie 2% of Sell in s Listings • Staging • Professional Photos • Virtual Tours Les 45 Da s Than • Video Commercial • Beautifully Colored Flyers ys • Your Home Showcased on YouTube, Google, MSN & 62 other websites!
“Because You and Your Home Deserve the Very BEST”
Debbie Walter, Realtor
®
for more information or to get started in this program! Part of the PNW Homefinder Network
Cell: (206) 930 - 8699
RE/MAX NW Realtors Servicing the Greater Puget Sound Area
See All Available Listings at www.DebbieWalter.com
70916
Call 425.822.9166
“Your Real Estate Consultant For Life!” CRS, GRI, ABR, SRES, Platinum Club & Hall of Fame Producer
A great place to call home | 13
Kirkland Reporter - May 7, 2008
KIRKLAND SPECIALIST
Buying or Selling Kirkland Property?
3 reasons to work with Stacy Bouska:
1. 99% of my transactions are downtown Kirkland East of Market, West of Market, Houghton and Highlands. 2. Licensed in both WA and CA - I have extensive first hand experience in volatile market trends and contract negotiations. 3. Aggressive, ethical, knowledgeable and trustworthy Call one of my clients and hear it from them! 504 7th Avenue, Kirkland
$799,000 THIS STUNNING DOWNTOWN KIRKLAND HOME HAS IT ALL! CHARM EXUDES EVERYWHERE WITH THE BEAUTIFUL SPACIOUS KITCHEN, EATING NOOK AND OPEN FLOORPLAN. CUSTOM FRENCH DOORS LEAD YOU TO THE COZY FAMILY ROOM WITH WOOD BURNING FIREPLACE.
UPSTAIRS
FIND A WONDERFUL MASTER RETREAT WITH WALK IN CLOSET, LARGE MASTER BATH AND TONS OF EXTRA STORAGE.
SUNNY SW EXPO-
SURE AND LOW MAINTENCE YARD WITH AN OVER SIZED
2 CAR GARAGE/SHOP. OLD WORLD CHARM
WITH MODERN DAY AMENITIES AND LESS THAN
2 BLOCKS FROM MOVIES, PARKS, STARBUCKS AND MORE! MLS # 28060083
FOR MORE INFORMATION, PLEASE CALL...
STACY BOUSKA 425.891.8140 WWW.STACYBOUSKA.COM
TEC REAL ESTATE, INC.
72767
DIRECT PHONE
14 | A great place to call home
Kirkland Reporter - May 7, 2008
Real Estate Professionals Thinking Of Buying Or Selling?
Residential and Investment Specialist (425) 442-6544 ineza@windermere.com
Todd and Candis Brink, CRS 425-821-3992
• 2006 Five Star Real Estate Agents—Best In Client Satisfaction • Life-long residents of Kirkland
www.ToddandCandis.com 71255
71270
RE/MAX Northwest Realtors
G.G. Getz... Results!!!
Laura Westlund Realty Inc “Kirkland’s realtor for 30+ years” 1320 Market Street, Kirkland 98033
Associate Broker, CRS, GRI, ABR, ALHS
425.822.5100
425-827-6676
cell 206.915.7777
www.Laurawestlund.com
Windermere Real Estate/East, Inc
71247
72260
gggetz@gggetz.com www.gggetz.com
Realty Inc. and Assoc
See my list of Kirkland’s Hottest Buys at www.kirklandstyle.com!
Fax (425) 576-8187 14450 N.E. 29th Place • Bellevue, WA 98007
Email: Poneil@landam.com
71248
(206) 930-2202 Office
(425) 766-8019 natasha@windermere.com Windermere Real Estate/East, Inc
71282
Patrick O’Neil Sr. Account Manager
To advertise, call Mike @ 425.822.9166
Your community newspaper!
For home delivery, email circulation@reporternewspapers.com or call 1.888.838.3000.
71043
Pick up a copy at any of these locations: Kingsgate Library: 12315 N.E. 143rd St. Kirkland Art Ctr.: 620 Market St. Kirkland City Hall: 123 5th Ave. Kirkland Library: 308 Kirkland Ave. N. Kirkland Com. Ctr.: 12421 103rd Ave. N.E.
A great place to call home | 15
Kirkland Reporter - May 7, 2008
Real Estate Professionals Keith Childress
real estate Professional
Your Local Advantage. 71296
206-390-9722 (Direct)
Windermere Real Estate/SCA, Inc.
71266
www.keithchildress.mywindermere.com
Julie Devine, ABR, ASP Serving the Eastside for 40 years! We’re Different and We Prove It! www.PacificRE.com 425.458.4140 / 4142
RE/MAX Northwest Realtors
Selling Devine Homes, One Client at a Time
Dick & Melinda Skogerson 5914 Lake Washington Blvd. Kirkland, WA 98033 Owner / Broker
www
lydiageline.com
Associate Broker ABR, CRS 206-419-0775 lgeline@lydiageline.com
Windermere Real Estate / East, Inc
Bergdahl Real Property - 206.849.7950 Office: 11250 Kirkland Way
71259
72938
Stacy BouSka
71289
206-227-4954
71243
Julie@DevineHomes.com www.DevineHomes.com
I Know Kirkland
425.891.8140
John A. Brightbill
71269
71278
Stacy@StacyBouSka.com www.StacyBouSka.com
Associate Broker Direct (425) 450-2668 Home (425) 803-0913 brightbl@windermere.com Windermere Real Estate/Bellevue Commons
Debbie Walter, Realtor
ÂŽ
Certified Residential Specialist (CRS), Accredited Buyer Representative (ABR) e-PRO / Platinum Club Producer (Top 4%) RE/MAX NW Realtors Servicing the Greater Puget Sound Area
To advertise, call Mike @ 425.822.9166
71040
See All Available Listings at www.DebbieWalter.com
73662
71263
Cell: (206) 930 - 8699
16 | A great place to call home
Kirkland Reporter - May 7, 2008
Give your combined print and web Real Estate merchandising and branding campaigns even more visibility in qualified markets that are important to you and your clients 2
• Auburn Reporter Delivered to 30,386 HHs twice weekly
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Mortgage Professionals 98338
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FREE Home Appraisal Purchase or Refinance
JOE WHITESEL
MORTGAGE PROFESSIONAL
DIRECT: 425-653.7200 CELL: 425.269.3618
Simplified Home Loans For a free mortgage planning session please call David Foster
Mortgage Consultant
351-8900
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To advertise, call Mike at 425.822.9166
(425) David.A.Foster@wellsfargo.com
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WWW.PLANETFINANCIAL.NET JWHITESEL@PLANETFINANCIAL.NET
A great place to call home | 17
Kirkland Reporter - May 7, 2008
put our knowledge ON YOUR SIDE
Perfection!!
$595,000
Immaculate 3 bedroom + Den, 2.75 bath home on a quiet cul de sac in Kirkland/Juanita area. Upgraded granite and stainless steel kitchen...cozy family room with warm inviting colors... beautifully landscaped, fully fenced and large deck with retractable awning...It’s perfect and a must see!! #28065267
Holmes Point
$1,999,999
Stunning views abound from this half-acre Colonial Revival estate on the shores of Lake Washington. Exquisite renovations combine turn-of-the-century elegance with modern convenience. Three fireplaces, five bedrooms, ballroom, and a stunningly renovated kitchen. Boat ramp and beach access. #28036462
Carol Ireland
Catherine Taylor
carolireland@cbbain.com
catherine taylor@cbbain.com
4 Bedroom Rambler - Lg Lot
$349,950
Looking for 1 level home with no stairs? Large 4 Bed/1.75 Bath on almost a 12,000 sq.ft fenced lot. Located in Bothell. New white vinyl windows, laminate flooring. Don’t miss out! Take advantage of this time to buy! #28045856
Enjoy The Good Life!
Invest In Renton!
$650,000
Great opportunity in “walk to” location off 4th & Union. Triplex. Townhome style. 1400 sq ft. 2 bedroom, 1.5 bath, fireplace each. All rented. 1989 building in excellent condition. Located in back of complex. Quiet, nice outlooks. Newer Remodel. Only 4 owners in complex. Easy maintenance. Do NOT Disturb Tenants. Call for details. #28068890
Shari Jansen, CRS 425-765-9411
425-531-1460
425-602-1149
CBBain.com/homes
sharijansen@cbbain.com
$509,000
Rare find! A detached 3 bedrooms townhome a few blocks from downtown with a private fenced yard? Unbelievable! Upgrades throughout, gourmet kitchen, new paint and roof, 2 cars garage, in a small complex of 11 homes. Enjoy the good life of kirkland for a fraction of the price! See more at www. cbbain.com/fabricemuratore.
Magnificent Magnolia
$214,999
1 bedroom, 1 bath, open floor plan w/great location. Secure quiet complex w/pool, sauna, cabana. Remodeled kitchen & spacious bath w/ addition office & walk in pantry. Also includes family & dining rooms. Tons of storage in unit and adjacent. Newer paint, fixtures and lights. A Wonderful place to start the dream of home ownership. #28017730
Laurie Lenihan, ASP
Fabrice Muratore
Kimberly Harrington, CRS
laurielenihan@cbbain.com
fabricemuratore@cbbain.com
kimberlyharrington@cbbain.com
Totem Lake Trad. Two Story
$525,000
Just when you thought a comfortable home on a great lot, within walking distance of the Wine country, Totem Lake Shopping, Evergreen Hospital and all the traffic routes to the tech corrider were gone, along comes this 1830 sf gem. Ready to move in, updated windows, floors, counters, furnace, even Air 4BR 2.75 BA #28048841
425-442-9981
Queen Anne/Magno
Rich Whitehill
Erin Allen, ASP
richwhitehill@cbbain.com
erinallen@cbbain.com
425-260-4318
$368,800
Spacious one bedroom & one Bath w/french doors off master. Exceptional private deck over looking a peek-a-boo view of Lake Union, city, territorial and Capital hill with slight mountain glow. Nestled in the west hill of Lake Union. Great freeway access. Nice and private A must see!! #28041243
206-715-7070
206-579-8147
Juanita Point
$975,000
Open 1-4. 8121 NE 110th Pl. Completely remodeled home perched above Lake Washington. Spectacular lake, city, and Mt. Rainier views. Granite counters, stainless appliances, and refinished hardwoods in the kitchen and family room open onto an incredible entertainment deck. Lower level complete with second kitchen. #28016659
Valerie Burmester 425-519-3298
valerieburmester@cbbain.com
70918
206-778-7066
18 | A great place to call home
Kirkland Reporter - May 7, 2008
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-ityourself (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 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.” Building a Water Feature It is easy to become discouraged with many home improvement projects because of the complicated installation processes. Water features, on the other hand, range in size and complexity from the novice all the way up to the DIY expert. The most important factor is to decide what size and shape water feature is appropriate for your backyard. A commonly used style is the smaller kidney-shaped water feature because it is easy to install and can fit in even the smallest backyards. Although the average water feature measures about 11x16 feet, sizes and shapes may vary. Also consider other factors, including if the water feature will accompany other objects in your backyard such as a pool or deck. Begin your water feature installation by determining the perimeter 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 both 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
Courtesy: Home Improvement News and Information Center
you with peace of mind because it requires minimal maintenance once installed and it is extremely resistant to ultraviolet (UV) radiation and ozone, even when exposed. To install the liner, gently place it 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 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 the water feature to the landscape. To take this design even further, you can add a small waterfall by adding a pump, hose and additional rock formations to the equation. If you are considering this addition, be sure to contact your
local electrician to ensure a safe and proper installation. Other “finishing touch” options to consider are plants and aquatic life. Many water feature enthusiasts include Koi fish and other tropical water life to enhance the aesthetics. Visit your local nursery and aquatic center to find out which options work best for your water feature. Sit Back and Enjoy Imagine the sound of calm, flowing water and swimming fish–right in your backyard. Easy to install backyard water features create a scenic and aesthetically pleasing mini eco-system that can be enjoyed by all. Adding this unique feature to your home will give you an edge over your competition in the housing market, and who knows, you may not want to leave after seeing how much a water feature enhances your home. – Home Improvement News & Information Center
Search for Kirkland real estate listed on the market right now! homes.kirklandreporter.com Part of the PNW Homefinder Network
A great place to call home | 19
Kirkland Reporter - May 7, 2008
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 bathroom - 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
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 find a way of getting them and their 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
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. 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 percent 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 long-term 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.” Guaranteed not to lift, cup, warp, break or delaminate, InSpire roofing is backed with a 50-year 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. – Home Improvement News & Information Center
Low, No-Cost Energy Saving Tips • In the winter, set your home’s temperature to 68 degrees, and lower it when you’re away. In the summer, set it to 78 degrees, and raise it when you’re away. • Clean or replace your air conditioner/heat pump/furnace filter every month. • Keep the curtains open on sunny afternoons in the winter, and close them in the summer. In unused rooms, close the vents and keep the door shut. • Use low-flow showerheads and faucets. • Install compact fluorescent light bulbs in fixtures that are on for more than two hours a day. • Vacuum the refrigerator coils (behind or underneath your refrigerator) twice a year. Call your electric company or visit their website for more information. You are encouraged to visit getenergyactive.org and request a free booklet, More than 100 Ways to Improve Your Electric Bill.
– Home Improvement News & Information Center
20 | A great place to call home
Kirkland Reporter - May 7, 2008
#1 Residential Sales Agent in Kirkland…Again! *Statistics provided by NWMLS by Geography 98033
Please call Fay or Amin for a private consultation to discuss your real estate needs.
New o
nM
arke
New t!
West of Market. Modern
design on 30ft of Lk WA waterfront. SieMetic Kit, in-floor hydronic heat, dock w/moorage. $3,350,000
New o
on M
nM
arke t!
West of Market. Sanctuary
for urban living w/sweeping Lk WA & Mtn views. Stylish combination of natural stones & wood. $2,690,000
Juanita
. Beach rights, lake & Mtn views! Recent updates include: Bamboo floors, Cat5 wiring, SS applcs & more! $825,000
New
East of Market
. New Coal Creek 4BR/2.5BA home w/den & bonus rm. Stainless & Granite kit, 3-car tandem garage. $1,275,000
New
Pric
e!
Downtown
. Polished gem located walking distance to area parks & amenities. Functional flrpln w/office & bonus rm. $995,000
Houghton
. New CamWest home w/unobstructable views of Lk WA, Seattle & Mtns. Office, EnSuite BR, Bonus Rm. $1,525,950.
New
on M
West of Market. Sleek
Houghton
Houghton
Pric
e!
Yarrow Bay
assembly of stone & stucco w/ infinite views. Over 7700sq ft & 2000+/-sq ft of decks. $5,800,000
. Ideal top floor unit w/chic updates located on Lk WA. Minutes to dwtn Kirkland, Bellevue, 405 & 520. $588,000
Downtown
West of Market. Coveted
Pric
e!
West of Market. Traditional designs blend w/modern features in this new 4BR/4.25BA home from New Traditions. $1,995,000
. Luxury 2BR/2BA condo in sought after Marina Pointe w/sweeping views. A/C, 2 pkg, ground flr & more! $998,000
Ne w
. Over 5000sq ft home just 3 blks to Lk WA. Lake views, elevator, Walnut floors, wine rm, bonus & more! $2,495,000
!
t!
. Houghton Estates, a private enclave of 5 new, 4BR/3.5BA homes from Kirkland Builders Group. From $1,170,000
New
arke t
arke
Highlands. Elegant Cape
Cod style new 4BR/3.5BA home w/ expansive Lake WA, city & Olympic Mountain views. $1,800,000
Rose Point neighborhood home w/ private beach rights, office, media rm, wine cellar & more! $2,150,000
Pric e
!
Juanita
. Tastefully updated view home w/2 large decks, fully landscaped & fenced yard. Office & Bonus rm w/FP. $819,000
West of Market. Relax &
enjoy the views from the expansive Ironwood deck, decadent kitchen, master on main & more. $2,595,000
www.FayBesharat.com Fay Besharat
Amin Besharat
Top 1% of Realtors® Nationwide
Sales Associate
206-999-0715
425-463-6229
Fay@FayBesharat.com
Amin@FayBesharat.com Eastside Brokers Inc
70909
11555 SE 8th Street Suite 200 • Bellevue WA 98004