About Bellingham's Fairhaven

Just wanted to take this opportunity to share with you some wonderful places to stay while your on a quest

to see if Bellingham Washington could be your next home.

I have personally stayed at the Hotels listed at one time or another and this is of course my opinion.

Please note many have spa's. This is due to my body needing to recover every now and then..

I also want to be able to recommend properties suited to each clients individual needs.

Chrysalis Inn and Spa

The Chrysalis is a fantastic property nested in the Historic area of Bellingham named Fairhaven. You will not be disappointed when you are gazing out the window of your room and watching the sunset on the bay. The rooms are decorated with newer features of slate, granite and glass. Jacuzzi tub to relax in and window seat to enjoy the view. Fireplace for the winter nights and just an overall feeling of total relaxation.

This is good because sometimes I have been with clients and shown a dozen homes and you just need a place to download all the real estate you just toured.

The restaurant and Wine bar Fino is wonderful and you will enjoy the complimentary breakfast. An assortment of bagels, muffins, eggs, granola, yogurt and the usual coffee tea and juice. Dinner is truly an experience as well as the sun sets upon the bay.

The spa is award winning and would be my favorite. The smell of the Essential Elements spa products help maintain a relaxing space and you feel so blissful every moment you spend whether it be a massage, facial or just a pedicure.

Just steps outside will find you walking on a fantasic pier that connects to Boulevard Park where you can enjoy a wonderful cup of coffee and perhaps a scone at Woods Coffee. Take a walk in the other direction and you will find yourself in the heart of Fairhaven. So much to do and see that is a whole other blog in itself.

The only disclosure that must be made is that you may hear the occasional train drifting by, I personally love the sound of a train.

If you are looking to spend time looking for real estate in Bellingham and would like stay overnight, give the Chrysalis a try. It will take the stress out of riding around Bellingham with a Realtor all day:)

A sweet and simple approach to real estate,

-Katharine Carey

We just purchased our 2nd foreclosed property from the bank this year, done some additional research, and determined banks are really anxious to offload their inventory. Their anxiety is so high they are willing to offload them for just about anything (within reason) which spells a very profitable investment.

To add to this, lending guidelines are still pretty tight. While they have loosened up a little bit, the economy (for the avg Joe, not the media) continues to worsen. This means less money in people's bank accounts. The $8k 1st time homebuyer credit helps confidence, but it doesn't give homebuyers the money *today* to put down on a property. What's happening? These banks are desperate to offload inventory, they are accepting offers, but many of the "prequalified" buyers are falling through and not able to purchase.

This type of situation really puts the bank into dire straights. The bank was expecting the property sold by X date, and the buyer fell through. The house goes back on the MLS, typically at a heavy discount, and really the bank will take just about anything for it at this point.

To illustrate the point, I'm changing names to protect the guilty. ;) The Smiths are prequalified and have put in a full price $180k offer on 123 Smith St. The bank see's dollar signs and accepts and believes because they are "prequalified" they will follow through. 15 days into escrow, the Smiths find out the loan is a full point higher than they expected, and back out. The bank has lost nearly a full month at this point and has to relist the property. They NEED to sell it now. They drop the price 9% and offer 3% closing assistance. A 12% reduction in a matter of 30 days. Any investor with the dollars to put down can snatch this property up at a heavy discount.

Granted every situation is different, and some lenders will re-list at the original price; however, I'm willing to bet that more often than not they will take an offer 10-15% lower than their asking price in situations like this. Keep an eye out on the MLS for re-listings to spot these. They are a gold mine.

Of course once you have it, be sure to keep it on track and positive cash flow so it doesn't end up back at the bank again. I recommend using property management software to track closely the finances of each property. Make sure you are receiving a decent return on your down payment (8% minimum, ideally 12% or higher). And if you are renting, be absolutely certain to screen your tenants carefully. Nothing can make a positive cash-flow property turn negative quicker than bad tenants.

HUD has announced that first time home buyers tax credit of $8,000 has been approved for all FHA loans.

But the catch this time is that you can't use this tax credit for the required FHA down payment of 3.5%.

The new rules say you can receive the first time home buyers tax credit upfront, as a second loan from any Federal, State, or local agency, or any FHA approved non-profit organization.

What this all means is that you can borrow the money from the $8,000 Tax Credit as your down payment, but after you put down the first 3.5% of that down payment. You still need to come up with 3.5% of your own funds. With FHA loans, that can still be a gift from someone in your family, or it can also come from a non-profit or government agency but not from the tax credit . You can now borrow money against your tax credit in advance, to use for additional down payment or closing costs. But you can't receive any money back at closing.

You can read the HUD letter here.

Washington State has some Funds set aside in its latest budget to use for these loans but it has been difficult to find any information about it. I think they are still working out the details and have been waiting for this announcement from HUD to finalize them. I think we will be hearing more about this soon.

There are 9 main condominium buildings located within the core of downtown Fairhaven. Condos in Fairhaven range in price from $175,000 up to $1M+. To give you an idea of what your money can buy in Fairhaven, I have broken down the condo availability within price ranges.

$175k - $250k - This is a very tough price range for Fairhaven. There are a couple of studios and one bedroom units available in Harris Square or the Fairhaven Square building. There are also 1 bedroom units in the Larrabee condos that sometimes become available under $200k.

$250k - $300k – Pushing you budget over $250k and up closer to $300k, will make a big difference in your Fairhaven condo search. There are typically 2 bedroom (900 sq.ft.) condos available in Harris Square under $300k. This is also the entry price range for 1 bedroom units in the Fairhaven Gardens building. Judson Plaza also becomes an option near $300k, however there are seldom units available in Judson Plaza. 2 bedroom (900 sq.ft.) condos in Creekside also fall within this budget.

$300k - $400K – Stepping up over $300k will considerably open your options in the Fairhaven condo market. This price range also opens up the possibility of condos with views of Bellingham Bay. Nearly everything in Harris Square is available under $400k. There are 2 bedroom condos in Fairhaven Gardens available between $300k - $400k. Some of the larger units in Creekside are available around $350k. The Young condos and Fairhaven Heights also become available over $300k.

$400k - $500k – Once you start shopping over $400k in Fairhaven, you can begin to look at some of the larger condos that Fairhaven has to offer. Nearly all of the condos will be over 1,000 sq.ft. and will have bay views. You can also begin to look at some of the higher end finishes. There are a couple of corner units in Harris Square that fall in this price range. There are also units available in the Young Building in this category.

$500k and Beyond – While there are not a lot of condominiums over half a million dollars available in Fairhaven, they do exist. The Waldron Building currently offers the most expensive condos in Fairhaven with prices ranging up to $1.4M. The Young Building and Fairhaven Gardens also have some units that valued well over $500.

If you are interested in purchasing a condo in Fairhaven, work with an expert. I have been located in downtown Fairhaven for over 6 years and have detailed knowledge of every condominium building located within the core of Fairhaven. I would be happy to educate you on the market and give you a personal tour of the inventory if you think that Fairhaven might be the right place for you.

Ryan Martin – Windermere Real Estate/Whatcom, Inc.

Your Fairhaven condo expert

Direct Line: 360-296-7366

It's Memorial Day weekend and what that means here in Bellingham is the annual Ski to Sea Race from Mt. Baker to Bellingham Bay. The race is a relay starting on Mt. Baker with a cross-country skier handing off a baton to downhill skier who hands off to a runner who hands off to a bike rider who hands off to a canoer who hands off to a mountain bike rider who hands off to a kayaker who finishes the race in Fairhaven.

The race is often traced back to the Mt. Baker Marathon held from 1911 to 1913. The marathon was a foot race to the top of Mt. Baker conceived by the Mt. Baker Club as a publicity stunt aimed at focusing the government's attention on the region to have the North Cascades area designated as part of the National Park System

To present Ski to Sea Race began in 1973. Now a relay race, it was designed to showcase the recreational opportunities available in Whatcom County. The Race has evolved into the annual event it is today, attracting participants from all over the world. It has been featured on national television several times.

Aside for the race Ski to Sea weekend has also evolved to include a grand parade, a junior race, a junior parade, a golf tournament, and a tremendous party and festival where it "all ends in Fairhaven" on race day. If you happen to be anywhere near Bellingham come on down to Fairhaven enjoy the party atmosphere, the art, the food, the music, and watch the racers cross the finish line.