NOVEMBER 2023
Local Real Estate Market Trends Plus...
Get to Know Our Office Meet Branch Manager Elsa Borgen
Decorating Ideas Tips for a cozy home
WA Property Tax Important information and dates to know about
...and more The power of Windermere. The personalized service of Windermere Chambers Bay.
Local Real Estate Market Trends Plus...
Get to Know Our Office Meet Elsa Borgen Join us at U.P. Tree Lighting
Local Feature Medzo Gelato Bar
Decorating Ideas Tips for a cozy home
Winter Storms Are you prepared?
WA Property Tax Important information and dates to know about
November Events What's Happening?
Market Update Current Conditions
WCB IN THE COMMUNITY! Save the date for the University Place Tree Lighting on Friday, December 1
Partner UP Event October 26, 2023 Strength in unity: Connecting with fellow local business owners at the University Place Partner UP event. Together, we grow stronger!
University Place Oktoberfest 2023
GET TO KNOW... REALTOR® ELSA BORGEN, BRANCH MANAGER Hailing from Central America and raised in South Florida, Elsa Borgen originally made her way to the Pacific Northwest chasing the threads of family ties. She couldn’t have predicted, however, that moving across the country would lead to a flourishing real estate career – and an inspiring new role as Branch Manager at Windermere Chambers Bay. Elsa vividly recalls her early days in UP, explaining, "We moved to the Pacific Northwest to be closer to my husband's family. I had four kids, three under the age of 2, and still wanted a job. I like to keep busy.” She quickly realized that a career in real estate would provide flexibility to both be there for her family and help others achieve the American Dream of homeownership. Over the past 16 years, Elsa has positioned herself as an invaluable asset in the industry, serving on the board of directors for the Tacoma Pierce County Association of REALTORS® (TPCAR) and acting as the organization’s most recent Treasurer, among other contributions. Most recently, Elsa earned her managing broker's license for Washington state.
"I've never taken the plunge into management, but since my youngest kids are graduating high school, I will have more time on my hands,” Elsa says of stepping into the leadership role. “I thought this would be an ideal time to make a change."
Elsa's life is more than just the real estate office, though. With her children growing up, she has embraced her love for travel and is heading to Italy this month. "I love to explore, take in the architecture, and experience local food," she reveals. "Typically, finding a good pastry shop or bakery is at the top of my list! I love bread and cake!" While her roots may be in the Sunshine State, and her passion for traveling continues to grow, Elsa remains inspired by the Pacific Northwest's unique charm. “I love the cold. It's nice to sit down with a warm cup of tea and take in the scenery. You have mountains and the Puget Sound," she muses. "I was just in Quilcene [on the Olympic Peninsula] and got to see the salmon run. It was amazing... You come across the unexpected here. It's refreshing." However, Elsa's biggest inspiration comes from her family. "I just want happiness for my kids,” she admits. “I hope they find their happiness.” Elsa adds that she’s learned a lot about life and the type of person she wants to be out in the world from her kids, especially her eldest daughter, sharing, “I learned so much from raising her. Namely: don’t jump to conclusions, have patience, pick your battles, will this really matter in five years?” Amidst her busy real estate career, and wrangling young adults aged 18 to 31, Elsa admits there’s never a dull moment in her house. But she chooses to make time for herself – and has been a proud member of CrossFit for over a decade. “I find that taking time for myself clears my mind and helps me focus on what matters,” she explains.”...I’m not great or even good at CrossFit, but the prospect of finally being able to do a movement that I’ve never done before is always exciting.” As she embraces her new role as Branch Manager, Elsa is focused on taking things one day at a time. She recognizes that tomorrow is never guaranteed but is also committed to taking the office to the next level in the coming months – and has her sights set on a potential run for TPCAR President in 2024. Tomorrow might not be guaranteed. But it will definitely be eventful. Elsa Borgen, REALTOR (253) 606-8212
elsa@windermere.com elsaborgen.com
Congratulations to US! She said YES to the chair! We are proud to announce that our very own Elsa Borgen-Keown has agreed to become our new Branch Manager! Elsa brings her considerable experience and talent to our already amazing support team. Some of the amazing accolades Elsa has achieved: Washington Realtors® Board Director 2017-21 2014 TPCAR Community Service Award 2023 TPCAR Treasurer 2022 TPCAR Treasurer-Elect 2018 TPCAR REALTOR® of the Year 2015 TPCAR Community Service Award TPCAR Diversity Committee Chair TPCAR Member Services Chair TPCAR Leadership Academy Graduate (2013)
Who you work with matters!
Medzo Gelato Bar Creates Unique Flavors and Community By: Celeste Schueler
Nestled in downtown Tacoma, Medzo Gelato Bar is creating delicious and unique flavors for every season. Summer may be over, but that doesn’t mean it’s not time to enjoy a cold sweet treat. This gelato bar is planning all sorts of events to get the community involved in the long fall and winter months in the Pacific Northwest. Owners Fareed and Jennifer Al-Abboud have been in business for more than 10 years, and have been making their own gelato for the past six years. They have been in their latest location since April 2023. Jennifer welcomes customers with a smile and explains the flavors and the quaint shop feels warm and inviting. She explains how welcoming the community of Tacoma has been in their new location, noting, “The Tacoma community has been very supportive, including the neighbors and landlord within our building, nearby residents, local business owners and workers, local press, the greater Tacoma and Pierce County communities, and returning customers from Burien, Bainbridge, and Alki who have followed us or rediscovered us in this location. We couldn't be happier with the support we have received in Tacoma.” It is not surprising that they have returning customers with such delicious sweet treats. Gelato is different than ice cream or frozen yogurt, with the Al-Abbouds explaining, “Gelato has less air, less fat and fewer calories than ice cream, but it is creamier, denser and has a more intense flavor due to its slower churning process and higher serving temperature. In a nutshell, it is better tasting, better for you.” “But not all gelato is the same,” they note. “At Medzo, we pride ourselves on offering a handcrafted product made with natural and organic ingredients and served up by people who care about quality and authenticity as well as outstanding customer service.” Affogato: Classic goodness. 2 shots of espresso over 2 scoops of gelato in any flavor Photo: Medzo Gelato Bar Facebook.
The couple studied how to make gelato at Gemelli Gelato School in Westchester, Pennsylvania, under the direction of Chef Vincenzo Tettamanti, and Carpigiani Gelato University in Bologna, Italy, under the direction of Chef Francesco Giordano. After years of study, they crafted their own techniques and flavors. They also create flavors based on customers' preferences, with mostly fruit sorbets in the summer and more robust flavors like German chocolate and cheesecake in the fall and winter. Additionally, the couple makes their chocolate paste, caramel, and sugar syrup in-house, which must be made the day before creating the gelato. Medzo Gelato Bar also offers unique desserts and events for the holiday season. The AlAbbouds have offered gelato pies for pre-order around Thanksgiving for several years. Their first holiday season event will take place November 18 from 8-9:30 p.m. and will feature a gelato tart sampler complete with an Italian hot chocolate demitasse, a savory snack sampler, and a single scoop mocktail. The Al-Abbouds explain their love for Tacoma, “We have always been drawn to Tacoma for its many hidden gems including a lively arts and culture scene, great restaurants, beautiful parks, stunning views, and friendly, down-to-earth people.” Despite the gloomy season ahead for the Pacific Northwest, Medzo Gelato Bar is serving up excellent sweet treats and customer service for their community.
Photo: Medzo Gelato Bar Facebook King 5 Feature
Medzo Gelato Bar 612 Tacoma Avenue South, Tacoma, Wa. 98402 medzogelatobar@gmail.com
PIERCE COUNTY STATS
October 2023
Median SOLD Price
500,000 Even Year over Year down 4.3% from last month
Number of Closed Sales this Month
840 Down 7.4% compared to last month
Days on Market
16
Up 2 days compared to last month
Buying to Selling in this Market
Months of Pending Inventory
New Listings in Pierce County
2.2
981
Even compared to last month
Down 17.3% compared to last month
Sold values and days on market are holding steady while the number of closings show a seasonal decline. It happens at this time every year. Who you work with matters.
MUCH LIKE PEOPLE, EVERY MARKET IS UNIQUE. SOME MARKETS HAVE VIEWS, SOME LARGE YARDS. FROM HOMES BUILT AT THE TURN OF THE CENTURY TO NEW CONSTRUCTION, EACH AREA HAS ITS OWN FEATURES AND TYPES OF HOMES.
Real Estate is Local
The Power Of Windermere. The Personalized Service Of Windermere Chambers Bay.
Current Market Conditions Interest Rates and the Real Estate Industry: A Historical Perspective I was recently asked about the impact of interest rates on the real estate market if they remain at or above 8 percent for several years. My answer surprised them – it wouldn't have much of an impact! The real estate industry has withstood much worse. In the 1980s, interest rates were over 15 percent, and yet the market persevered. Even during the market crash in 2008, home buyers and sellers continued to operate. Despite negative media coverage, real estate has a long history of adapting to challenging circumstances and persevering. Those who weathered high rates in the 80s are now enjoying unprecedented low rates in their retirement years. It's important to remember that the real estate market is cyclical and influenced by various factors, including the seasonal and economic climate. What distinguishes real estate from other economic sectors is that it's not controlled by a select few or large corporations. Homeownership is a privilege open to everyone, providing an avenue to create financial stability and wealth for individuals and their families. However, it's crucial to work with the right people.
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