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Everett, WA

Everett Commercial Sales Since June 1, 2009

Jason Hershey: Commercial Real Estate Agent in Duvall, WA

According to CBA information, there have been 3 commercial property sales in the Everett market area (CBA area 310) since June 1 of this year.

As comparison, during the same period last year 18 properties sold. Additionally, as a general rule, the value of each sale is far lower than in the previous year.

From the beginning of 2009 until June 1, there were 9 commercial property sales in the area.

Here is the list of properties sold since June:

Property Name/Addr Sale Date List Price Sale Price
128th Street Retail Plaza 8/20/09 $2,660,000 $2,358,143
927 Medical Center 6/23/09 $1,660,000 $1,425,000
AM/PM Mini Mart & Gas 8/5/09 $800,000

TWO buses for sister SLUT (South Lake Union Trolley)

Kirk Williams,   #LMA 510-LO-32537: Loan Officer in Everett, WA

The tiring argument between the ideological forces continues. One side says no more taxes, cut taxes, reduce spending the latter of course never happens. The other side says taxes should be the solution to pay toward services for the have-nots and of course those folks never met a tax they didn't like even if the money is wasted so that is not a solution either.

The truth is if government made capital expenditures (to support existing revenue producing assets plus build more to increase asset and revenue base) complimented with a revised tax system (a flat tax of some sort) the argument would end and the money would be there for education and health care to name a couple of priorities.

Our focus should be to revise the tax code. At the same time locate and invest in revenue enhancing assets specifically our infrastructure. Bridges, highways, trains, buses to move goods services and our population safely. This is not a jobs thing more of a cost savings thing however jobs would be created. This is a solution to reduce costs for public and private sectors and if costs are reduced more revenue is created. Our country will become a little "greener" too.

A simple example is picturing a school bus, transit bus, UPS truck, and individuals driving to an important destination in a traffic jam. Miles per gallon is zero. Add the cost to each and multiply. You get the picture.

The cost of education includes school buses and the staff on those buses. How much in resources would we save and what could that do for the classroom? Transit is constantly up against budget issues and improved infrastructure would reduce cost, improve time, and increase ridership because it becomes a timely resource for working families. If it takes three hours because you sit in traffic or have to transfer three times nobody will ride.

UPS or other businesses trying to ship by train, plane or truck need easy and timely access to and from wherever. Ask Boeing. Trains would reduce pressure on airports further reducing expense. We need an increase in limited ingress and egress roadways plus we need to re-focus on trains and their potential.

The train, trolley or light rail is very popular and many environmentalists love it and they should it has great potential if planned and executed properly. When politicians allocate money making political points instead of making revenue the taxpayer ends up spending fifty million for a trolley named SLUT (South Lake Union Trolley). That same taxpayer could have spent one million to have two buses do the same thing on the same route. The remaining forty nine million would have built our community a bridge. Two birds one stone but I digress.

Everyone is enamored with alternative fuels or resources. So am I but that technology is down the road and government should be investing in those technologies plus executing a plan that will lead us toward future revenue by selling that technology to the world like we have in the past. Instead, our government purchased another "SLUT" - the ethanol program that wastes money and continues to do so even though everyone agrees it is a failed technology.

Regardless of the energy source there will always be congestion so my point is infrastructure is the most important component and solution to any problem we choose to tackle including health care. Infrastructure impacts every aspect of our life.

Without money we can't fix it. We can't tax, we can't cut but we can budget and spend on revenue generating assets. Tax is regressive, spending too much is regressive but managing your assets and spending to create more revenue is progressive.

What I hear and see in my State of Washington and in Washington DC is nonsense and for those choosing to carry the water for their party (Dem or Repub.) regurgitating the party line talking points you are not part of the solution just more noise.

You never hear a cost neutral program, pay as you go program or revenue enhancement program. Revenue enhancement should not mean tax however it is used when cowardly dishonest politicians do not want to use the "T" word.

Harvard, Yale, Brown, Columbia, George Washington all these and many more are represented in Washington DC yet we cannot get it right. It makes me wonder if all those students paid too much for their education. Perhaps we need to elect folks that got their start in a garage. Bill Gates comes to mind.

Tax reform and investment in infrastructure. No more SLUTS.

I wish us all well.

America held hostage - Where is the leadership?

Kirk Williams,   #LMA 510-LO-32537: Loan Officer in Everett, WA

The banks, foreclosure management companies, attorneys, secondary market - the list is longer continue to have a strangle hold on the American economy. Clearly there is no incentive or hammer compelling the aforementioned to negotiate with the main street American that is struggling with their house payments. There is no incentive or hammer for the aforementioned to negotiate a short sale for those main street Americans that lost their job forced to sell their house so they can get into housing they can afford until things improve or for the employed main street American buyer trying to buy that house - there is no incentive or hammer to help so America you better start making demands.

Two years ago the United States of America was converted to the New Republic of Wall Street and your ‘representation' is the banking lobby (and there are others) so congress is at their beckon call (not yours). You want proof? Look at the results....look where we are today.

Fannie Mae, Freddie Mac, Banks - and all the other investment systems feed money to keep your representative campaign coffers full so don't be surprised foreclosures continue and the world of finance continue to blow off the desperate. Money is cheap but the consumers are paying more. Why should banks do anything? Look at earnings.

Two days ago I received another email responding to my borrowers offer. Their original offer had been in for months. My borrowers offered to buy a property at the asking price. The seller is in the home however the foreclosure process is ongoing. The bank came back and said they wanted twenty thousand more than their list price. A classic bait and switch. Since it was a good value the borrowers did so. Again the borrowers waited (another couple months) and the bank came back and wanted another fifty thousand. The borrower said no their offer stands as is. Here is the email I received word for word:

"The lender rejected your buyer's offer, so they won't accept it, even if they have no other offers. I realize this seems silly, as they would get nothing if the home went to auction but for since it is a HUD loan, the lender is not budging unfortunately. Sadly, we cannot choose what the accept and don't."

Realtors, Buyers and Sellers across the country know exactly what I'm talking about.

For the past two years I have watched the hearings both Senate and House and the banks, rating agencies and so forth lined up and testified. The banks sat there (the few that are left) telling Barney and Chris they have a commitment to main street to help them. They go on to pat themselves on the back stating they have made substantial head way....really?

Only one person from our government asked a pertinent question and that was - "How do we know you (banks) are working in good faith- is there any measurement to show you are doing what you say you are doing?" Alas that question just evaporated in the air and was not pursued.

I get the health care debate. Again our government is showing intellectual dishonesty. It is more of a political battle than a battle for the American on Main Street.

For those partisans on both sides of the political spectrum choosing to carry the water and talking points for their respective parties - shame on you and get a life. The stupid that continues to fall out of the mouths from both sides continue to keep our citizens and country in a strangle hold. The health care debate is important however like comedy timing is everything and until we as a country get our economy going so revenue can come in to our government to support such an ambitious and needed program, the CBO will continue to say health care reform will add to the deficit.

One last point. You will continue to hear reports generated from who knows where (Wall Street perhaps?) making proclamations that we have bottomed or we have turned the corner ....I'm sorry who has turned the corner? False hope is being sold and we have not weathered the storm. It is my belief that we will be better off in 2011 and we may be toward the end of it but it could be later than that frankly nobody knows.

You cannot have recovery until the Banks and Wall Street get hammered hard and regularly to perform. If YOU don't start acting like a crazy and call and email your representative then you get what you deserve.

Contacting your representative is a frustrating process too. You Google to find them then email them then at some point you get a template non-response response and a pat on the butt. You must continue to email then call then demand. If your bank is not cooperating contact your representative. And if that doesn't work - tell your local newspaper or TV station about the response you get from your representative. Tell the world because that may get some attention and you know politicians - they like ribbon cuttings but they hate getting bad press. Election time is coming - take advantage of it.

President Obama in a press conference stated "we will take all the necessary steps"....my question is when?

I wish all of us well.

Snohomish County, WA Buying REO Properties Part Property Condition IV in Series

09-06-09
Don Sieb
Don Sieb: Real Estate Agent in Everett, WA

By: Don Sieb

Part IV Buying REO Properties-What is the condition of the property?

Be prepared to buy the property as is, or make a strong offer to get your repairs made. Banks will always push to sell the property "As Is" to avoid coming out of pocket with additional money.

Working with a solid Realtor can help your negotiations. The banks always want to sell the property in "as is" condition.

  • Most of them will provide a Section 1 termite clearance but make sure you include this in your offer. In addition, make sure you get a good inspection of the property so you know exactly what you are buying.
  • It is so important to have a good physical inspection of the property. Most contracts call for a time period to back out of the transaction should you find problems with the home.
  • Make sure you have enough time to back out of the transaction if you need to and do not jeopardize your deposit.

Even though the bank wants to sell the property "As Is", make sure you try to get the bank to make the needed repairs or provide you with a credit at closing to complete the necessary work.

If it really gets tough and you feel that you really want to back out of the deal because of the repairs, the bank may work with you instead of having to go out and find another buyer. This depends a lot on what the current market is doing in your area and how many other buyers the bank may or may not have.

HomeSeeker Center specilizes in distressed Property Sales. We strongly recommend Buyers seek our Real Estate Specialist to assist Buyers in purchasing bank owned properties.

How to Use Self Directed IRA’s to Make Investment in Real Estate

09-06-09
Don Sieb
Don Sieb: Real Estate Agent in Everett, WA

Snohomish County, WA How to Use Self Directed IRA’s to Buy Real Estate By:

By: Don Sieb

Little-known IRS rules allow retirement savers to take "nonrecourse" loans against IRAs and leverage their savings as a down payment to buy investment real estate. IRA borrowers can get loans on a condo or townhouse, a single-family home, a multiunit apartment building and even commercial property -- so long as the rental income will yield positive cash flow.

Since 1974, Americans have had the ability to use IRA assets to buy investment property. Yet the means to do that -- called a self-directed IRA -- remains one of the least known and unheralded investment vehicles in the vast financial marketplace.

The overriding factors are whether the property appraises for the sale price and will produce enough income to cover mortgage payments, property taxes, insurance and related costs. With foreclosed homes selling at deep discounts, residential real estate is a bargain for investors holding cash. And if they can put 30% down, IRA investors will find specialty lenders eager to help them leverage their retirement savings with mortgages on rental properties.

Existing-home sales are on the mend in hardest-hit markets and foreclosure-avoidance programs are expected to stem the rising inventory of bank repossessions, meaning the window to buy at rock-bottom prices could close before the year is out.

HomeSeeker Center specializes in difficult home sale situations. Our group of agents specialize in helping Buyers and Sellers. Visit us at www.homeseekercenter.com