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MARCH 8, 2017
Is the Residential Market in Queen Anne and Magnolia in a Bubble?
Wikipedia defines I am occasionally a real estate bubble asked if we are about as a “rapid increase to repeat the whole in valuations of real fiasco again. My property until they reply is there is little reach unsustainable to no chance of that levels and then happening. In 2006 we decline in a bubble”. were in an overbuilt Ken Graff situation, and loose Nearly a decade after the peak of the and often fraudulent COLDWELL American real estate lending practices were BANKER BAIN bubble, a crash in in place. Today, unlike much of the US in 2006, buyers must 2007 and a sharp downturn meet much more stringent locally between ’07 and 2009, standards to be approved for
a loan. For the current Queen Anne and Magnolia markets to be in a bubble, we would have to be in an overbuilt situation and have unqualified buyers getting into homes they can’t afford. Where we currently stand, the chance of a bubble is pretty much zero. Per Realtor.com, in 2007, just before the housing crash, U.S. existing home inventory peaked at 4.04 million ➧ BUBBLE, Page R3
February Homes Active in Magnolia Address RE102416 Undisclosed
Bed
Bath
Sq Ft
Year Built
Days on Mkt
Original Price
List Price
12
3.50
4,180
1950
71
$1,400,000
$1,400,000
4812 40th Ave W
6
3.00
3,590
1984
18
$1,450,000
$1,450,000
2515 2856 4763 5230 5659 4568 4334 3035
5 4 3 4 5 3 4 4
2.75 3.25 1.75 1.75 5.0 3.0 4.75 3.75
4,180 4,540 2,700 3,050 7,130 4,760 5,800 7,610
1957 2012 1957 1948 2013 1993 1919 1995
3 33 243 169 454 1 262 211
$1,875,000 $2,595,000 $3,199,000 $3,250,000 $4,250,000 $3,680,000 $5,188,000 $7,950,000
$1,875,000 $2,595,000 $2,750,000 $2,950,000 $3,500,000 $3,680,000 $4,950,000 $7,950,000
42nd Ave W 44th Ave W W Roberts Wy 40th Ave W 42nd Ave W W Cramer St W Cramer St Perkins Lane W
February Homes Active in Queen Anne Address
Bed
Bath
Sq Ft
Year Built
Days on Mkt
4 4 4 5 3 2 2 2 5 5
3.25 1.75 2.50 2.75 3.00 2.50 2.50 1.75 5.00 4.75
3,200 2,700 2,960 3,640 4,270 3,050 3,050 2,592 6,150 7,125
2016 1906 1911 1910 1924 1970 1970 1974 2007 1913
117 71 36 221 1 51 51 855 620 127
1222 W Bothwell St 3042 15th Ave W 1917 9th Ave W 1428 9th Ave W 319 Prospect 1217 Willard Ave W 1217 Willard Ave W 111 W Highland Dr #6W 1201 7th Ave W 1220 7th Ave W
Original Price $1,489,980 $1,000,000 $1,695,000 $1,948,800 $2,950,000 $3,150,000 $3,150,000 $4,950,000 $7,500,000 $7,500,000
List Price $1,489,980 $1,499,999 $1,595,000 $1,948,800 $2,950,000 $2,996,000 $2,996,000 $4,950,000 $5,395,000 $6,895,000
February Homes Closed in Magnolia Address 3014 3839 3027 4512 4009 4007 4420 2561 2808 4012
@ qamagnews
21st Ave W #A 33rd Ave W 30th Ave W #A W Cramer St W Briarcliff Lane W Briarcliff Lane 31st Ave W 26th Ave W 43rd Ave W Washington Ave W
Bed
Bath
Sq Ft
Year Built
Days on Mkt
Original Price
3 3 3 3 4 4 4 4 5 4
2.00 2.50 2.50 1.50 2.50 2.50 3.50 3.50 3.50 4.25
1,610 1,690 1,840 1,730 2,265 2,265 2,967 3,653 3,940 6,278
2015 1943 2006 1975 2015 2015 2017 2017 2015 1904
9 11 6 84 125 79 0 6 10 5
$699,950 $729,000 $709,950 $1,090,000 $999,995 $1,019,995 $1,300,000 $1,988,000 $2,598,000 $2,800,000
List Price $699,950 $729,000 $709,950 $950,000 $999,995 $999,995 $1,300,000 $1,988,000 $2,598,000 $2,800,000
Sold Price $759,950 $765,000 $785,000 $850,000 $1,016,355 $1,048,995 $1,300,000 $1,925,000 $2,598,000 $2,800,000
February Homes Closed in Queen Anne Address 321 W Olympic Place #D 327 W Olympic Place #C 720 3rd Ave N #O 305 Valley St #C 1506 1st Ave N 3024 10th Ave W 1958 10th Ave W 200 W Highland Dr #104 1623 8th Ave W 3411 12th Ave W
Bed
Bath
Sq Ft
Year Built
Days on Mkt
Original Price
2 2 3 2 3 4 5 2 5 6
2.50 2.50 1.75 1.75 1.50 2.25 2.75 1.75 2.25 5.75
1,503 1,503 1,386 1,327 2,650 2,700 2,530 1,762 3,600 5,258
2016 2016 2016 2016 1908 1930 1930 2009 1908 2017
49 142 107 21 0 7 32 6 16 0
$979,000 $1,149,000 $989,900 $999,900 $1,150,000 $1,350,000 $1,750,000 $1,550,000 $1,899,000 $1,955,000
Asking Price $979,000 $999,000 $989,900 $999,900 $1,150,000 $1,350,000 $1,648,000 $1,550,000 $1,699,000 $1,955,000
Sold Price $950,000 $975,000 $989,900 $999,900 $1,355,000 $1,362,000 $1,540,000 $1,616,000 $1,700,000 $1,955,000
Information supplied by Northwest Multiple Listing Service
VOL. 98, NO. 10
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Home Design Trends... Make style the focus of your home renovation (Family Features) If a home makeover is on your horizon, it’s the perfect time to take note of design trends that may help shape your project. Today’s hottest looks leave plenty of room for personal interpretation, so it’s easier than ever to incorporate the latest looks for a home that seamlessly blends your personality with on-trend decor and design elements.
Eye-catching detail
Understated elegance, a look that many designers have favored in the past, is losing ground to more prominent design features that make no bones about attracting attention. Colorful woodwork in the kitchen, vibrant patterns such as marble countertops, jewel-toned textiles and bold details like nail-head patterns on furnishings are all evidence of a bolder style. The trick is to blend elements carefully and avoid competing pieces that create more of a mish-mash than a stylish statement.
The “fifth wall”
The ceiling represents an untapped design opportunity with the power to completely Source: Velux transform spaces from top to bottom. Incorporating the “fifth wall” into your design allows you to set your sights higher than the average wall. Current interior design trends show an increased use of vibrant colors, creative wallpapers and even wood cladding on ceilings, aiming to make a statement that places the fifth wall at the center of a room’s overall decor. Another must-have for a stunning fifth wall design is skylights, which provide a connection to nature, whether it’s a view of the sky on a sunny day, treetops, a passing rain storm or a starry night sky. Skylights provide balanced, natural light that can make colors appear truer while enhancing interior decor. In addition, strategically introducing natural light from ➧ TRENDS, Page 2
R2
Queen Anne & Magnolia News: Home & Real Estate Section
March 8, 2017 | www.QueenAnneNews.com
Source: Velux
M A D I S O N P A R K M U LT I - FA M I LY 4 2 1 5 E A S T LY N N S T R E E T
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Style is the focus
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➧ TRENDS, from Page R1
above can free up wall space for cabinetry or artwork and make small rooms feel larger. “Skylights bring much more than natural light into a space. They give occupants the feeling of being outdoors with elements like a sky view, gentle breezes and the smell of fresh air,” said Ross Vandermark, national product manager for Velux America. “By fully incorporating the fifth wall into a room’s decor, homeowners can create beautifully designed rooms that engage all of the senses.” Beyond the aesthetic benefits, special features can enhance the practical use of skylights. For example, for added flare and light control, homeowners can add blinds to Velux Skylights, choosing from more than 100 colors and styles for a pop of color on the ceiling that echoes accent colors below. Many models also offer remote control operation for convenience in raising and lowering the blinds and even opening skylights to let in some fresh air. Learn more about making skylights the focal point of your fifth wall design at whyskylights.com.
Texture, texture, texture
With everything from wallpaper to linens to artwork, texture brings added dimensions to the room. As with color and patterns, don’t be afraid to mix and match for a unique look that blends different tactile elements for a space that is as pleasing to the fingertips as it is to the eye.
Smart enhancements
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No modern home makeover is complete without the consideration of technology. Smart features and devices bring added enjoyment and convenience to nearly every aspect of modern living. Be sure to consider which electronic features can be integrated into your smart home network, so once the renovating is done you can simply flip a switch and sit back to enjoy the stunning results of your effort.
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206.604.7575
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MLS# 1034575
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MLS# 807385
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Visit: www.queenannenews.com
Queen Anne & Magnolia News: Home & Real Estate Section
www.QueenAnneNews.com | March 8, 2017
R3
Is the market in a bubble? ➧ BUBBLE, from Page R1 homes for sale, according to National Association of Realtors data. In November 2016, there were only 1.85 million homes for sale, 9.3% lower than the year before— and a whopping 54% lower than the 2007 peak. Lending standards have come down a bit (they needed to), but they remain much tighter than they were before the mid-2000s bubble began inflating. I asked Rob Berg, Certified Public Accountant and Loan Advisor for RPM Mortgage in Seattle for his take from a lender’s perspective. Here is what Rob had to say. “I don’t think we’re in a bubble. I often get this question from first-time homebuyers and there are very few similarities between this market as compared to 2005 and 2006 when we saw that last big run-up in prices. In the mid 2000’s, the increase in prices was due to relaxing guidelines and the increased availability of credit. Today, we are seeing the market appreciating at a rapid pace but, this time, it’s driven by employment growth and lack of inventory. My barometer for whether things will slow down in the near future is the number of pre-approved clients I have looking for new homes at any given time. I close around 180 loans a year and typically have around 30-40 clients pre-approved and looking for homes. Currently, I have 3 times the average number of clients pre-approved and looking for new homes. I’m just one loan advisor (and there are a lot of us) and from talking with all my friends in the mortgage industry, we are going to need a huge slowdown in the local economy, a significant number of new homes built, or a substantial increase in
HERE ARE SOME 2017 “FUN FACTS”: • Amazon is looking to hire around 40,000 additional workers in the Seattle Area. • Twenty-five of the twenty-nine NWMLS regions in King County with single-family home sales in January had a higher median price than a year ago. • According to the Puget Sound Business Journal, Downtown Seattle office development shows no signs of easing up. Developers have added 5 million square feet of office space in the last two years and it is anticipated that developers will build 13 million more square feet of office space by 2020. • At my firm, locally owned Coldwell Banker Bain, we ended the year with a 7% increase in average sales price for the entire company and we are now the #1 Coldwell Banker franchisee in the world by volume. This is impressive when you consider we are in competition with heated markets such as San Francisco, Vancouver, Los Angeles, Beverly Hills and New York. Coldwell Banker is an international brand with over 86,000 agents. • In a list of the top 10 housing markets for 2017 by Rismedia: Seattle made #2. • Facebook is doubling its footprint in Seattle to 624,000 square feet. • According to the PSBJ, as of 1/20/17 there were 62 construction cranes in Seattle, the most of any city in the United States.
rates to even get us back to a normal market let alone a drop in prices – and none of these events are expected to occur anytime in the near future”. I completely agree with Rob. In a piece for the Queen Anne – Magnolia news in March of 2016, I wrote about reasons why I believed that the residential market was not in a bubble. To back up my opinion, I listed “fun facts” such as in the previous 12 months, 174,000 people had exchanged their out of state driver’s licenses for Washington state licenses. If assuming two drivers per household, that’s 87,000 new households moving to Washington. Roughly 75% of those moved to the Greater Puget Sound region, meaning there were more than 60,000 new households
in the Puget Sound area. To compare that with what was under construction, in the same period, King County issued only 7,500 single-family building permits. The lack of inventory and strong demand makes this an excellent time to sell. And buyers taking advantage of still low interest rates, can take comfort that purchases of Queen Anne and Magnolia real estate should be solid investments that will continue to appreciate in the years to come.
Avenue One Residential specializes in the Leasing and Property Management of houses, individual condominium units, townhomes, and small apartment buildings. For more information contact: Julie Landry, Principal julie@avenueoneresidential.com 206.458.4096 avenueoneresidential.com
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Stunning Professional Photography
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Comprehensive Web Presence
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High Quality Print Advertising
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Staging Consultation
Exceptional Service with your Goals in Mind
STEWART KARSTENS 206-601-3421 www.stewartkarstens.com
Serving Seattle for 35 Years! Computer Aided Kitchen and Bath Design Available
Ken Graff is a native Seattle REALTOR® named to Coldwell Banker Bain’s International President’s Elite for his exemplary record of success.
Festive Fun for St. Patrick’s Day (Family Features) Turn your St. Patrick’s Day celebration into a chance to enjoy Irish heritage with hearty foods and a lively atmosphere. When it’s the one day each year it’s acceptable to pinch nonconforming friends and family, it’d be a shame not to go all out. These few simple tips can help you put together the perfect party to revel in all things green - and tasty. • Decorate with purpose.
Everyone knows that green is the color of the day, but go one step further by incorporating it into different items. Banners and streamers work fine, but setting out green candles or even adorning your light fixtures with green bulbs can help you take an extra step forward. • Create active fun. Instead of limiting your guests to ➧ FESTIVE FUN, Page R4
Ballard/Crown Hill Location: 8055 15th Ave NW
206-789-3205 www.morgansonline.com
R4
Queen Anne & Magnolia News: Home & Real Estate Section
March 8, 2017 | www.QueenAnneNews.com
LOCAL AGENTS with a Queen Anne + Magnolia Focus
Ken Graff REALTOR ®, Broker and Certified Luxury Specialist 206-498-7818 kengraff@cbbain.com KenGraffHomes.com
GARY McMANN R E A L E S TAT E B R O K E R 206.919.4300 GARYMcMANN@HOTMAIL.COM WWW.MYDIGS.COM
Stephen Saunders
Lela Lucht
Managing Broker
Broker
T R AC Y A D A M S R E A L E S TAT E B R O K E R 206.409.6076
206-818-1409
206-819-5112
T R AC Y A D A M S @ C B B A I N . C O M WWW.MYDIGS.COM
SeattleColdwellBanker.com
LelaLucht.com
Experience Counts ... Expect the Best! Whitney & Virginia
Mason
Broker, Realtor CRS, ABR, GRI
Kevin Bohnert
KRISTINE E. HENDRICKS
MANAGING BROKER RESIDENTIAL/CONDOMINIUMS SPECIALIST
MANAGING BROKER ACCREDITED LUXURY HOME SPECIALIST
Cell Office Fax
WINDERMERE REAL ESTATE/ WALL STREET, INC.
(206) 856-6396 (206) 283-8080 (206) 283-5650
DIRECT
kbohnert@windermere.com www.kevinbohnert.com www.facebook.com/kevinbohnert
206.310.3985
•
(206) 755-5757
khendri@windermere.com
www.SoldInSeattle.com
Enjoy Irish heritage ➧ FESTIVE FUN, from Page R3 dining and conversation, plan some simple activities to help the fun flow. Games like a “treasure hunt” for gold coins, limerick-writing competitions or even just turning up Irish-themed music can help get the party started. • Eat festively. Turn your party’s food and drinks into true Irish dining with some delicious recipes like this American Irish Stew, which includes beef, onion, carrots and potatoes for a tasty cultural meal to fill all of your hungry guests. For more hosting tips and the perfect themed recipes for any occasion, visit culinary.net.
American Irish Stew
Reprinted with permission from the American Institute for Cancer Research Servings: 6 1 tablespoon extra-virgin olive oil 1 1/4 pounds beef, top round, cut into 3/4-inch pieces
3 cloves garlic, minced salt, to taste pepper, to taste 1 medium onion, coarsely chopped 3 medium carrots, peeled and cut into 3/4-inch pieces 2 medium parsnips, cut into large chunks (optional) 3 cups low-fat, reducedsodium beef broth 4 medium russet potatoes, peeled and cut into large chunks 1 tablespoon chopped fresh rosemary 1 leek, coarsely chopped 2 tablespoons chopped fresh parsley
potatoes falling apart, do not overcook. Serve hot and garnish with parsley, if desired.
In large pot over medium-high heat, heat oil. Add beef and garlic. Cook, gently stirring until meat is evenly browned. Season with salt and pepper. Add onion, carrots and parsnips. Cook 3-4 minutes. Stir in broth and bring to a boil. Reduce heat to low and simmer about 75 minutes, or until meat is tender. Stir in potatoes and simmer another 30 minutes. Add rosemary and leeks. Continue to simmer, uncovered, until potatoes are tender. To avoid
Bay Vista Condo $918,000
Nutritional information per serving: 370 calories, 8 g total fat (2 g saturated fat), 43 g carbohydrate, 32 g protein, 6 g dietary fiber, 427 mg sodium.
Photo courtesy of Getty Images, Source: Culinary.net
Queen Anne Luxury Condo $875,000
Queen Anne Townhome
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Beautiful newer Queen Anne townhome with Puget Sound views. Great location, walk to shops, and restaurants. 2 bedroom/ 2.5 bath. Beautiful stainless and custom granite kitchen, gleaming hardwoods, marble and tile baths. Bright and open!
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LAKE UNION 206-283-5200 | 1200 Westlake Ave. N, Suite 406, Seattle, WA 98109 cbbain.com/lakeunion
Serving Seattle Neighborhoods & Beyond
MAGNOLIA 206-283-3604 | 3300 West McGraw St, Seattle, WA 98199 cbbain.com/magnolia