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AUGUST 2016
Serving Queen Anne & Magnolia Since 1919
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Vol. 97, No. 31
The Pitfalls of Over or Under Pricing Your Home Determining a list price strategy for home sellers is one of the more challenging duties of a real estate broker. Timing can mean everything when it comes to selling a home as properties attract the most attention and interest level in the first two to three weeks on Pricing correctly out Ken Graff market. of the gate can help keep a COLDWELL property from languishing on the market, selling below value, BANKER or even not selling at all. BAIN When I meet with sellers, they often bring up the automated online estimates of their home’s value given by sites such as Zillow and Trulia. These estimates are based on algorithms, and while they may be interesting to read, they should not be relied upon for pricing. In suburban subdivisions built around the same time and with more uniform construction styles and materials, these estimates can be fairly accurate. This is not the case in neighborhoods such as Queen Anne and Magnolia where houses have been built in different eras and having received differing upgrades over the years. Sellers are wise to consult with a qualified, experienced REALTOR® and request a market analysis when determining a list price. Just a few years ago, when it was a more balanced market, it was standard practice to start at a higher list
price than what the seller would accept as people often didn’t submit full priced offers. The theory of “anchoring” holds that when making a decision on what they are willing to pay for something, people are greatly, sometimes irrationally, influenced by price factors. People tend to rely on the first bit of information available; that is the “anchor”. For example, a $3,000 watch might look like a good price to consumers when displayed next to a $5,000 watch. That same watch wouldn’t seem to be as good of a buy if displayed next to a $1,000 watch. Retailers are acutely aware of this theory. It can work the other way as well. A software company could offer basic services for $750 per month, but offer considerably more services for $775 per month. Consumers might think that they are getting a bargain by spending “only” $25 per month. The anchoring theory must be considered in residential real estate pricing also. A house priced at $750,000 is more likely to be thought of by buyers as a home worth $750,000 compared one priced at $740,000. Therefore, it is possible that a higher starting sales price, the initial data available to home buyers, could result in a higher final sales price. In fact, some studies show
➧ PRICE RIGHT, Page R3
Smart Ways to Baby-Proof Your Home BY FAMILY FEATURES First-time parents quickly discover how little they know, especially when it comes to critical tasks like baby-proofing the home. When a tiny tot’s safety is at stake, the entire house can seem like one giant danger zone. Before you pull out the hard hats and safety “bubbles,” take some time to sit down and assess where changes can be made. Tackle the project room by room and you’ll be surprised how quickly the chore grows more manageable. Be sure to give special attention to common safety pitfalls like open stairways, electrical outlets and cords. ^ Window Coverings When you’re decorating the nursery, it’s easy to get wrapped up in all the little touches that make the room feel complete. However, adding too much flair can create some safety concerns, especially when it comes to windows. The crib may look just right centered under the window, but once your little one can reach the curtains, you may be in for some problems. In fact, as your infant becomes more mobile, the same concerns apply to windows throughout the home. Curtains are a temptation most young children can’t resist. They’re perfect for peek-a-boo and pretend forts, but can also pose a suffocation hazard, and if tugged on too hard, bring the whole rod ensemble crashing down. That’s why it’s a good idea to skip floor-length curtains and opt instead for valances or bolsters that still add a decorative touch but are well out of reach of curious hands.
^ Door Blinds For new parents desperate for sleep, blocking the light to create a darkened room may be a top priority. However, some light-blocking options also pose a risk to children. Window and door blinds are a common solution because they allow the versatility of being raised or lowered and opened or closed to create different looks and lighting filters as needed. However, many blinds have exposed cords, which not only present a strangulation and choking hazard but also can cut off circulation and cause permanent damage if wrapped tightly around extremities and limbs. Look for cord-free styles or opt for a semipermanent film or tint instead. Another concern is windowpaned doors, which pose a similar challenge to windows when it comes to managing privacy and light. An option such as ODL Add-On Blinds for Doors is a lowmaintenance and easy solution. The blinds are easy to install and use, efficiently block light and don’t have any exposed cords. As kids grow older, you’ll also appreciate the enclosed design, which eliminates the banging and swinging experienced with traditional door blinds. ^ Furniture For most families, it’s not practical to re-furnish your home before a baby arrives. Fortunately, there are ways you can baby-proof the items you already have and as your little one grows, work on teaching boundaries to ensure safety. Options like adhesive foam can soften the sharp edges of coffee tables, while anchors help prevent large, heavy items from being tipped or pulled over.
Find more information on safety options for your doors at odl.com/FFAOB16.
5 Easy Ways to Refresh Your Home BY FAMILY FEATURES When it comes to finding the time to refresh your home, there is truly no time like the present. Tackling your home cleaning and updating checklists does not have to be a chore - try taking inspiration from a few of your favorite tastes and smells by utilizing the five senses to keep spaces clean and inviting. Sight: Thoroughly wash windows until they are dirt-free so the sun can shine through. Capitalize on sunny days, no matter the season, by opening curtains and shades instead of using harsh bulbs. The natural light will soften the look of the room, making it more inviting, not to mention the savings on your energy bills. Sound: Curate a cleaning playlist full of your favorite upbeat tracks. For smaller tasks, use the playlist as a timer. Have to clean out the fridge? Challenge yourself to get it done in three songs or less. Wiping down the tabletops and counters? Give yourself one song. Not only will singing to your favorite tunes make the chores go faster, it will help you achieve all of your tasks in a timely fashion.
➧ SENSES, Page R2
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Queen Anne & Magnolia News: Home & Real Estate Section
August 2016 | www.QueenAnneNews.com
Small-Scale Home Upgrades with a Big Impact BY FAMILY FEATURES When it comes to remodeling, there are dozens of ways to improve your home’s overall value and appeal without breaking the bank. Opt for projects that are manageable in scale, affordable and deliver benefits in multiple ways, such as aesthetics and energy efficiency. Ditch uninviting doors From the curb, doors can have a significant bearing on your home’s overall appeal. Outdated or dingy doors, or doors that don’t reflect the style of the rest of the home and landscape can drag down your home’s appeal. Not only can a new door add character and brighten the overall aesthetic, freshly hung doors - whether at your entry or garage - come with the added benefit of new sealing. That translates into greater energy efficiency and savings on heating and cooling bills. Take a fresh approach to lighting Increasing the amount of natural light and fresh air that enters your rooms can transform spaces, making them seem larger, more airy and extra inviting. Skylights are a surprisingly affordable upgrade for the functionality and aesthetic benefits they provide. In areas where wall windows aren’t practical or desirable, such as master closets or baths where privacy is paramount, skylights provide an ideal solution. Give your lighting and home value a boost with an Energy Starqualified option such as Velux solar-powered fresh-air skylights, which let you adjust natural light and air flow, reducing dependence on artificial lights and fans, with the touch of a programmable remote control. For expanded control over the amount of light and warmth that enters or leaves your rooms, solar-powered skylight blinds are available in designer colors and patterns. Like the skylights, Velux solar-powered blinds are operated with the remote. The solar products and installation costs are also eligible for a 30-percent federal tax credit. Learn more at whyskylights.com. Expand livable space outdoors A backyard oasis that expands your property’s living area is a smart investment, no matter what climate you call home. This is one project that can scale up quickly, but it need not grow to extravagant proportions to make a noticeable difference in your home’s value and appeal and offer a nice return on investment. Some lush vegetation and cozy seating around a focal point, such as a fire pit, is a simple but effective entry point. As budget allows, additions like outdoor kitchens, water features and more abundant vegetation lend even greater impact. Whether you’re looking to make improvements for your own enjoyment or seeking ways to enhance your home’s appeal to potential buyers, there are simple but effective options that allow you to make a meager investment for a great impression.
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Simply use the Senses ➧ SENSES, from Page R1 Smell: It is no secret that if a home smells clean, it feels clean. Toss out old candles and plug-in air fresheners that you’ve been depending on and opt for a whole home solution. Filtrete Whole House Air Fresheners adhere to your heating and cooling system air filter to release scented air to multiple rooms through the home’s air vents for up to 30 days.
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Queen Anne & Magnolia News: Home & Real Estate Section
www.QueenAnneNews.com | August 2016
Touch: Depending on the season, choose fabrics that fit your home’s general decor and aesthetic, but will also keep you comfortable. In the summer, you’ll want to shed some layers - choose lighter blankets that can be layered on cooler nights. As winter settles in, revamp old comforters with patterned duvets, pairing them with heavy throws and bold pillows. No matter the season, comfort is always key.
Taste: Turn your snacks into decor. Instead of hiding your favorite fruits in your crisper drawer, place them in a unique bowl as a centerpiece in your kitchen or dining room - fruits like apricots, cherries and plums are great options, but whatever is in season will do. Not only will this encourage healthy eating, but it will also add another pop of color to the space. For more tips to freshen your home, visit Filtrete.com.
OPEN HOUSE - SUNDAY 2-4PM
Quintessential Queen Anne View Home 474 WHEELER STREET PRICE $2,250,000
Built in 1908, this historic American Four-Square home sits at the end of a private cul-de-sac on the crest of Queen Anne Hill’s eastern slope. The wrap-around front porch offers the first glimpses of the jaw-dropping views enjoyed from nearly every room. Junior Torres, J.D. Windermere Real Estate/Wall St., Inc. 206-854-5596 junior@windermere.com
Price Right ➧ PRICE RIGHT, from Page R1
down. The truth is that there isn’t one particular price for a property. Rather it is worth what a willing buyer will pay in that snapshot of time and within a certain range. Anyone who can tell a seller exactly what their home will sell for should also be asked to provide the winning numbers for the upcoming lottery. Each property must be considered on its own merit. Unique, incomparable homes can likely be aggressively priced. Luxury homes at the high end of the market tend to have longer market times, and a higher anchor is often a good strategy. But in the majority of cases, a seller should price at what recent comparable sales suggest. Pricing higher or lower carries risk. The market for a property is influenced by how it is prepared, priced, marketed and negotiated. It is essential for sellers to work with an experienced, successful broker who can make suggestions on preparing the home for market, who can present an effective pricing and marketing strategy, and who has the skills to effectively negotiate when an offer is submitted and/or when issues arise once under contract. Sellers tempted to work with a limited service brokerage in order to save on commission should keep this in mind. Sellers should focus on maximizing their net proceeds, and hiring a great broker will almost always result in more money for a seller.
this to be true. But the risks in over pricing should be taken into account for sellers considering this strategy. I am finding that buyers new to the Seattle market will not engage with properties that they believe to be overpriced. I am also finding that newer agents also fall into this way of thinking. Over the last three years where Seattle has been in a seller’s market, many buyers not willing to pay asking price or higher, will not be interested in making an offer for a property. Some brokers recommend pricing below what comparable sales suggest the list price should be in hopes of creating a bidding war. They may site examples of homes listed for considerably under market price which resulted in multiple bids and prices driven beyond seller’s expectations. Perhaps this is an effective strategy in some cases. Of course there is no way of knowing that if these same listings had been brought on at a higher price, a bidding war could have pushed the final sales price even higher. Relying on a bidding war is a risky strategy for a seller. While bidding wars are not uncommon in the current market, it isn’t a given. In early August in Queen Anne, there were 25 active listings for single family homes in the Northwest Multiple Listing Service. The average days on market for these homes was 47 days. In Magnolia, there were also 25 active listings with the average days on market being 54 days. Not everything sells in a week. If a seller were to intentionally price low to create a bidding war, they would be anchored at a lower price if the property didn’t sell right away, and there likely would benowhere to go from there but
FEATURES 5 bedrooms 3.5 bathrooms 13,420 sq. ft. lot 4,790 square feet Sweeping Views 3 Decks MLS# 950929
EXCEPTIONAL SERVICE WITH YOUR GOALS IN MIND STEWART KARSTENS 206-601-3421 www.stewartkarstens.com
Ken Graff is a native Seattle REALTOR® and broker named to Coldwell Banker Bain’s International President’s Circle for his exemplary record of success.
Queen Anne Top 10 most expensive Sold July 2016 Bed
Bath
Sq Ft
Year Built
Days on Mkt
2466 4th Ave N
Address
3
2
2,718
1918
11
Asking Price $1,165,000
$1,176,000
Sold Price
Sold Price/ Asking Price 100.94%
1937 7th Ave W
3
3
1,840
1907
26
$1,250,000
$1,250,000
100.00%
354 Galer St
3
2.25
2,826
2016
107
$1,549,000
$1,540,000
99.42%
2622 1st Ave N
4
3.25
3,425
1998
8
$1,550,000
$1,550,000
100.00%
200 W Highland Dr #106
2
2.25
1,713
2009
8
$1,500,000
$1,550,000
103.33%
611 W Kinnear Place
2
2.25
3,330
1924
212
$1,650,000
$1,640,000
99.39%
1005 5th Ave W
3
2.5
3,220
1929
32
$2,095,000
$2,075,000
99.05%
1237 3rd Ave N
6
4.5
4,753
2004
67
$2,275,000
$2,225,000
97.80%
310 W Prospect St
4
3
4,030
1926
12
$2,395,000
$2,375,000
99.16%
517 W Highland Dr
4
4.75
6,339
1994
13
$3,995,000
$3,995,000
100.00%
Magnolia Top 10 most expensive Sold July 2016 Address
Bed
Bath
Sq Ft
Year Built
Days on Mkt
Asking Price
Sold Price
Sold Price/ Asking Price
2531 Westmont Wy W
3
1.5
1,720
1938
18
$799,900
$725,000
90.64%
2001 35th Ave W
3
1.75
2,700
1950
5
$649,000
$761,100
117.27%
3646 W Viewmont Wy W
3
1.5
2,580
1910
5
$799,995
$775,000
96.88%
3240 W Viewmont Wy W
3
1.75
2,160
1939
12
$800,000
$801,000
100.13%
2916 W Eaton
3
2.5
3,000
1963
6
$965,000
$1,015,000
105.18%
3903 W Dravus St
4
3.5
2,544
2015
0
$1,084,995
$1,090,995
100.55%
2600 40th Ave W
3
2
3,000
1926
8
$1,365,000
$1,325,000
97.07%
2834 W Viewmont Wy W
5
3.5
3,610
2001
10
$1,495,000
$1,520,000
101.67%
4324 W Cramer St
4
3.5
4,200
2015
24
$1,598,000
$1,700,000
106.38%
3214 43rd Ave W
5
3.5
4,780
2005
60
$1,988,000
$1,925,000
96.83%
Information supplied by Northwest Multiple Listing Service
Get Started on the path to homeownership!
Julia Eaton Harford
NMLS #120442 | Loan Originator
(206) 818-5576
phone email julia.eaton@axiahomeloans.com WEB
juliaeaton.axiahomeloans.com
I look forward to working with you!
A registered trade name of Axia Financial LLC - NMLS ID 27830
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Queen Anne & Magnolia News: Home & Real Estate Section
August 2016 | www.QueenAnneNews.com
Fresh Flavors with Friends BY FAMILY FEATURES Nothing beats a meal filled with flavorful ingredients fresh off the farm - unless you add a table filled with your closest friends to enjoy the bounty. From sides to main dishes to desserts, these recipes show you how to transform wholesome farm-raised foods into a crowd-pleasing menu you can enjoy from start to finish.
Make Chicken the Centerpiece
Center your home-cooked meal around a hearty dish such as Pan Roasted Maple Dijon Chicken with Butternut Squash and Brussels Sprouts to ensure that none of your guests leave the table hungry. To find more main dish ideas for entertaining, visit eatchicken.com.
Potatoes Perfect for a Party
Perfect as a crowd-pleasing appetizer or side dish at any festive party, simply grill or bake Wisconsin potatoes and top them with your favorite flavors, like bruschetta or a combination of ingredients such as Greek yogurt, cheese, herbs, olives and tomatoes. Find more potato recipes at eatwisconsinpotatoes.com.
Pan Roasted Maple Dijon Chicken with Butternut Squash and Brussels Sprouts
Festive Papas Tapas
Servings: 4
1 tablespoon olive oil 4 chicken thighs 4 chicken drumsticks 3 /4 teaspoon kosher salt 1 /2 teaspoon freshly ground pepper 1 tablespoon unsalted butter 16 Brussels sprouts (about 8 ounces), bottom trimmed, outer leaves removed and halved 2 cups diced (1/2 inch) butternut squash 1 1/2 cups chicken stock 2 tablespoons maple syrup 2 teaspoons Dijon mustard 1. In saute pan large enough to hold chicken in single layer, heat olive oil over medium-high heat. Season chicken with salt and pepper. Add chicken to pan, skin side down, and saute about 4-5 minutes per side, or until chicken is browned. 2. Remove chicken from pan and reserve. In same pan, add butter. Allow butter to melt over medium heat. Add sprouts and squash to pan and saute, tossing occasionally, until outsides are golden brown, about 3-4 minutes. Remove from pan and hold separately from chicken. 3. Turn heat to high and add stock, syrup and mustard. Stir and bring to boil, stirring to scrape up brown bits on bottom of pan. Add chicken back to pan, cover and reduce heat to medium-low. Cook over medium-low heat 20-25 minutes, or until chicken registers 170 F with instant read thermometer. 4. Add vegetables back to pan, cover again and cook another 8-10 minutes until vegetables are tender. Move chicken and vegetables to serving platter, placing vegetables around chicken. Turn heat to high and boil sauce until it is reduced and slightly thickened, about 2-3 minutes. 5. Spoon sauce over chicken and serve.
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Better with Berries
When dinner settles, end your gathering on a high note with Mixed Berry Shortcakes. These palate-pleasing pastries combine sweet strawberries and blueberries, fluffy biscuits and a dollop of ice cream. For more delicious dessert ideas, visit nestleusa.com/ nestle-kitchens.
Mixed Berry Shortcakes
Prep time: 10 minutes Cook time: 20 minutes Servings: 6
Recipe courtesy of Nestlè
2-4 medium Wisconsin russet or gold potatoes 2 tablespoons olive oil 1 /4 teaspoon pepper 1 /2 teaspoon sea salt 1. Heat grill or oven to 400 F. Thinly slice potatoes lengthwise to 1/4-inch thick, discarding ends. 2. Toss with olive oil, salt and pepper. 3. Place on grill or prepared baking sheet in single layer. Cook 10 minutes on each side. Add toppings. Topping Ideas Bruschetta: In bowl, mix together 2 medium tomatoes diced, 1/4 cup chopped fresh basil leaves, 2 cloves minced garlic and 1 tablespoon olive oil and spoon on top of potatoes. Baked Potato: In bowl, mix together 1/2 cup plain nonfat Greek yogurt, 1/4 cup shredded reduced-fat cheddar cheese, 2 tablespoons fresh chives, chopped, and spoon on top of potatoes. Garnish with 1 tablespoon chives. Mediterranean: In bowl, mix together 1 container (6 ounces) feta cheese; 1 can (2 1/4 ounces) sliced olives, drained; 1 medium tomato diced; salt and pepper, to taste; and spoon on top of potatoes. Creamy Greek Yogurt with Lemon and Herbs: In bowl, mix together 1/2 cup plain nonfat Greek yogurt; 2 tablespoons chopped fresh dill; juice from 1/2 lemon; salt and pepper, to taste; and spoon on top of potatoes. Garnish with dill sprigs.
2 pounds fresh strawberries, sliced (about 6 cups total) 2 containers (6 ounces each) fresh blueberries (about 2 1/2 cups total) 7 tablespoons granulated sugar, divide nonstick cooking spray 2 cups all-purpose flour 1 tablespoon baking powder 1 /2 teaspoon salt 1 /4 cup cold unsalted butter, cut into pieces 2 /3 cup lowfat milk 1 /4 cup lowfat Greek yogurt or sour cream sparkling sugar (optional) 3 cups light Vanilla Dreyer’s or Edy’s Slow Churned Light Ice Cream 1. In large bowl, combine strawberries, blueberries and 3 tablespoons granulated sugar; stir gently. Let stand, stirring occasionally, for 30 minutes. 2. Heat oven to 425 F. Spray baking sheet with nonstick cooking spray. 3. In large bowl, whisk flour, remaining granulated sugar, baking powder and salt; cut in butter with pastry blender or two knives until mixture resembles coarse crumbs. Add milk and yogurt; stir just until moist dough forms. 4. Turn dough onto floured work surface. With floured hands, knead 6-8 times until dough is smooth. With rolling pin, roll dough into 9-by-6-inch rectangle, or about 1/2-inch thick. Cut into six 2 1/2-inch circles. Transfer to prepared baking sheet. Sprinkle with sparkling sugar. 5. Bake 10-12 minutes, or just until golden. Transfer biscuits to individual plates; split open. Top each with about 1 cup berry mixture and 1/2 cup vanilla ice cream.
NG
$1,725,000
Commercial Mixed Use
Prime Queen Anne location. Excellent office/apt building zoned NC2P40 Renovations in 2006. Rent potential for detached shop. Includes storage, basement laundry, and parking.
Where Eagles Soar!
Whitney Mason • 206-310-3985 www.SoldinSeattle.com
gary McMann • 206-919-4300
PE
Urban Quiet
$1,350,000
Sited in a special enclave unique to north Magnolia, embrace the beauty of the surrounding nature & panoramic Bay, Sound, canal & mountain views. This well-designed 2004 Craftsman offers open & spacious living, a gorgeous master suite, 2-car garage. Space to live & entertain!
$575,000
Lower Queen Anne 2BR/1.75BA plus den & over 1200 sq ft. Southwest corner unit. Sophisticated, modern & convenient to shops & restaurants. Air-conditioning. Lots of storage, outside deck. One secured parking space.
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Gorgeous Dutch Colonial
$965,000
Come tour this gorgeous Dutch Colonial home that’s near to all that makes Queen Anne special, yet is set in a quiet, highly desirable neighborhood. Enjoy views to Alki and beyond from the sunroom. Seller is an expert craftsman who has this home in excellent turnkey condition. ken graff • 206-498-7818 kengraff@cbbain.com
NG
Concrete BLDG--live close-in!
$425,000
Sun filled 4th floor unit on fabulous Highland DR! South slope QA. Sound views from concrete and steel, high-rise next to Japanese Consulate. Original condition--ready for your updates. View deck. Includes 1 secure, covered parking. EZ access to downtown and I-5. No rental cap.
Susan Picht • 206-724-8768 & Satya Dunne • 619-980-3922
Terry Miller • 206-954-7174 QualityCondo4Sale.com
Water View from Lower QA!
$379,000
Terrific lower Queen Anne location! Spacious & light-filled, this Mid-Century building, top-floor unit offers an Elliott Bay view to embrace! Enjoy the large and open living & dining area with hardwood floors. Sweet kitchen, full bath w/ washer/dryer, assigned off-street parking. Whitney Mason • 206-310-3985 www.SoldinSeattle.com
Serving Seattle Neighborhoods & Beyond Lake UNioN
MagNoLia
206-283-5200 | 1200 Westlake Ave. N, Suite 406, Seattle, WA 98109
206-283-3604 | 3300 West McGraw St, Seattle, WA 98199
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cbbain.com/magnolia