About Seattle's Maple Leaf

I recently posted a little powerpoint on my website (ABODEN.com) about this, but I thought I might go into a little more detail.

My latest research shows that the Maple Leaf neighborhood in North Seattle is fairing better in the housing market than some other areas.

Check out the diagrams and I'll explain:

• Long story short - over half the homes in Maple Leaf are selling in 30 days or less (orange area).

Here's another diagram showing how much homes actually sold for compared to how much they listed for:

• Long story short - Homes that sold in less than 30 days went for over 99% of their listed price (again, orange bar on right graph).
• After 30 days, though, sellers took a much bigger hit on the price (all other bars).

Here's my opinion on these stats:

Example: Seller A and Seller B have the exact same home for sale on the same street. Everything is the same except Seller A priced their home at $400,000 and Seller B priced their home at $412,000 (which was the top of the pricing scale their Realtor gave them).

Who's house will stay on the market longer? Seller B, right? Yep.

Seller A is part of that "30 days or less" category in the diagram. Seller B is part of the "more than 30 days" group.

Seller B, after 30 days has gone by, has to reduce the price of their home to be competitive.

What price do they reduce to? Seller A's price. Why? Because that price got the home sold while Seller B's home is still on the market collecting dust.

So Seller B reduces their price to $400,000 and their home gets sold for $395,000. All together, Seller B had to wait 3 months before their home sold because they didn't price it right to begin with. They were too greedy.

So, how much did it cost them to overprice their home? Let's take a look:

$412,000 (original price for Seller B)

- 12,000 (perceived loss. They didn't really lose this amount because it wouldn't have sold at this price)

- $6,000 (3 months of mortgage payments while the home was on the market)

- $5,000 (buyers took advantage of seller's desperation. Wouldn't offer more than $395k)

- $1,500 (cost for 3 months of professional home staging)

Total Loss (perceived and otherwise) = $24,500.00

Total Actual Loss = $12,500.00

Ultimately, Seller B sold their home for about 4% less of their original price. This is also what's indicated on the diagram. Homes taking longer than 30 days to sell are selling at around 2 -4% less.

How can you avoid this frustration as a home seller? Here's my advice:

If you know that the housing market in Seattle is on a mild downward turn, don't price your home at the current market price!

Price your home just ahead of the downward curve! You'll sell your home in 30 days or less and avoid the losses accumulated by Seller B.

This is only one aspect of selling your home quickly and making the most of your time and money. If you need more help with selling your home in North Seattle, let's talk.

- Jay Silver

It's always a treat to see a new cafe open its doors, especially when it's only a few blocks from my house!

Back in March the Blue Saucer Cafe threw their proverbial hat in the ring and started slinging shots for the Maple Leaf/North Seattle masses. Actually, I don't know if the "masses" have started showing up yet. But if the Saucer stays on the path of righteous coffee-making they won't do too bad. They have roots in coffee, as the owner is formally of Hotwire Coffee House. So they may be new to the neighborhood, but their blood flows dark brown. :-)

Blue Saucer is just down the street from Cloud City Coffee House, which may make it difficult for business until customers realize there is a whole different vibe here. It's a bit smaller but with a nicer interior and more welcoming ambience. They serve StumpTown Coffee (free trade, etc.), of who's Columbian blend I am quite a (new) fan.

If you're working on something and need a spot that's a little quieter in the Maple Leaf/Northgate area, check out The Blue Saucer. The music isn't blaring in your ears and the paint isn't peeling off the walls like you might find in some other independent shops.

They're so new they don't have a website yet. So you just have to experience it first-hand if you're in the area.

Right on the corner of 92nd and Roosevelt in Maple Leaf.

- Jay Silver

The following information was current as of April 15th, 2008.

Maple Leaf continues along the trend with much of the northeast region of Seattleand is still in good shape. While many neighborhoods are squarely in favor of buyers, Maple Leaf is still balanced. In fact if my office is nay indication, there has been a significant upturn in activity in recent days. We are heading into the busy season and rates are still low. Rates did tick up overnight, but nothing to be alarmed about.

Thinking of selling your home? Enroll in my free home sellers program. Receive a report showing market data in your neighborhood along with all the homes that have sold in your area in the past six months. Included with the report, you'll get a free booklet called "Sell Your House Fast, For Top Dollar". As an added bonus you will be added to my newsletter list to receive even more information on selling your home each month. All free! Call, click, or e-mail me to get started.

North Seattle's Maple Leaf neighborhood has a gem tucked discreetly away from Seattle's pop-coffee culture. There may be a Starbucks on virtually every corner here in Seattle, but what many people (who don't live here) don't know is that there is quite an alternative coffee movement. I live here in the Maple Leaf neighborhood in North Seattle and we have a local community coffee house called Cloud City Coffee.

Cloud City is a great spot within the North Seattle community to hang up your umbrella and grab a nice tall latte. If you're hungry, you can order anything from a cinnamon roll to the Cloud City Club Sandwich. Sit back on one of the couches and enjoy the free wireless internet access.

Sometimes the baristas might look a little grumpy, but once you start talking to them you'll realize first impressions aren't worth a dime at the cafe.

My favorite thing about it is the location. Most coffee shops compete with each other on busy thoroughfares, like Lake City Way or Northgate Way. But Cloud City is on the corner of 88th and Roosevelt. Tucked away in a community that loves dog-walking and has a large family park right in the middle of it.

There are some other great small businesses in the Maple Leaf neighborhood that I'd like to write about, but I'll write about those later.

You can learn more about the coffee house here: www.cloudcitycoffee.com

- Jay