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Kenmore, WA

Kenmore, WA Home Sales: Almost-End-of-2008 Recap

James Lupori, Associate Broker Keller Williams Realty - 206.713.2102: Real Estate Agent in Kenmore, WA

I’ve broken out the 2008 Kenmore, WA home sale statistics into some interesting categories so you can get a sense of how the housing market has performed this year. I realize we don’t have the year-end numbers yet, but a number of my friends and neighbors have been asking me if the market is as bad as the media says it is. The following charts might put some things in perspective. You can see larger versions of the charts if you click on them:

SALES BY VOLUME - MEANING THE TOTAL VALUE OF GOODS SOLD

The charts below show a steady drop in the total sales revenue generated in the last several years. Between 2006 and 2007 there was a 2.5% change in sales revenue; however, we saw a -48% drop between 2007 and 2008.

2008

2006-2008

HOME PRICES

This is probably the category of statistics that’s the most difficult to interpret. If you look at the three-year chart it’s a crazy zig-zag of prices. Basically, the largest drop in price actually happened in 2006-2007. We’ve basically seen a leveling-off in prices in 2008. This is due, in large part, to the small number of sales.

2008

2006-2008

UNITS SOLD

These numbers speak for themselves. We started out 2008 with about 50% fewer sales and this trend continued throughout the whole year.

2008

UNITS SOLD 2006-2008

DAYS ON MARKET

The number of days it took to sell a home in Kenmore increased for most of the year. Things have leveled-off the last several months.

2008

DAYS ON MARKET 2006-2008

Once again, the home sale numbers for Kenmore are sobering. This year I observed a reluctance of sellers to accept the deteriorating market prices. As a result, through most of the first half of the year, homes were languishing on the market. It was only after the real bad financial news hit in August-September that prices started to drop or sellers took their homes off the market. In the last several months the number of active single-family-homes dropped from over 200 closer to 170. Not a great drop, but it was an adjustment that took far to long to occur.

All-in-all, the Kenmore housing market reflects what’s going on in many cities in the Northwest. It will be interesting to see if this trend continues in 2009. Unless the Credit markets thaw, I fear more of the same.

Real Estate Sobriety or Facing the Five Stages of Grief

James Lupori, Associate Broker Keller Williams Realty - 206.713.2102: Real Estate Agent in Kenmore, WA

THE FIVE STAGES OF GRIEF

DENIAL, ANGER, BARGAINING, DEPRESSION, ACCEPTANCE

A little over a year ago I attended a “team meeting” at the Keller Williams Realty office where I hung my license. I remember the day clearly because there were a lot of angry and frustrated agents who were having trouble selling houses. What, they wondered, was wrong? At that time I think we all had a sense that something had shifted out there in the world, we just did not know exactly what it was. Our broker and one of our more “market savvy” colleagues had some unsettling news: Experts were saying that serious problems existed with the sub-prime markets, that something was terribly wrong with mortgage backed securities, and economists had concerns the housing bubble was going to burst………

Needless to say, four of the five stages of grief were expressed in that one meeting. There were a lot of angry and scared agents who simply could not believe the world was going to change. Now that 2008 is quickly coming to an end, it seems that there are a lot of other things to grieve about:

  • Revelations that those in charge of the financial markets have engaged in de facto fraud for many years
  • Confessions by elected officials at the highest levels of government that they have deceived the American people regarding torture, wire-tapping, war and a myriad of other things
  • The realization that literally trillions of dollars have evaporated from our 401k’s, pension funds, stock portfolios, etc.
  • Facing the ugly fact that some of our most cherished and powerful institutions have squandered wealth by overpaying executives, neglecting research and development and focusing on the short-term
  • Watching corporate America as for hundreds of billions of dollars in aid from the federal government
  • Witnessing a tangible lowering of our standard of living, stagnating wages and the inevitable “class warfare” and finger pointing that results when people feel betrayed
  • And let’s not forget the shrinking equity in our homes and our inability to sell them or worse yet, the huge number of foreclosures and bankruptcies on the horizon

Not long ago, I finally realized that almost every real estate agent I know, including myself, is grieving about our industry. Oh, there are some Realtors who maintain the optimistic position that “things will get better.” Today, I even read a blog post entitled “Grow Where You are Planted” intended, I’m sure, to help us all get through these tough times.

I hate to say it, but this sort of thinking has limited value when one confronts the brutal facts: housing prices in our area continue to drop; lower mortgage interest rates will not affect home sales significantly; credit remains virtually frozen and there are a huge number of real estate agents who are leaving the business. In today’s Seattle PI article entitled “Property prices to rebound in ‘009, some brokers say,” some of these brutal facts are confirmed. The optimists believe we will see some recovery in the housing markets by the Spring of 2009; however, the vast majority of experts believe the Northwest is in for a long, slow recovery.

I would like my readers to know that I am still an active, practicing Realtor/real estate agent. Just for good measure you should know that I’m also an Associate Broker (wow!!!). I have been writing Kenmore Undressed.com since April and, during that time, I have become far more observant of the local housing statistics and I’m more involved in my community than ever before. I consider myself to be a true expert in residential real estate in Kenmore, WA. Let me also say that I’M SOBER ABOUT THE CURRENT REAL ESTATE MARKET. I make it my job to know what’s real and what’s not. I think I’ve crossed over from a sense of DEPRESSION and I’ve ACCEPTED the way things are. The world has become a far more complicated place these days, but I’m ready to face the challenges. I wish the same for you.

Five Stages Photo courtesy of

COCOMARIPOSA - http://www.flickr.com/photos/8463160@N08/

My Christmas Gift to You: How to Bake Your Own Italian Biscotti....Yummy

James Lupori, Associate Broker Keller Williams Realty - 206.713.2102: Real Estate Agent in Kenmore, WA

JAMES LUPORI YOUR FRIENDLY NEIGHBORHOOD REALTOR COOKS BISCOTTI

I was a professional cook for many years prior to my life as a Realtor. Some of my fondest memories were in the kitchen helping my mom with meals. I began cooking in restaurants when I was 16. Over the years I’ve learned how to prepare a huge array of cuisines and during the holiday season I love to bake Italian Biscotti or “twice cooked” cookies.

A lot of people ask me how to make biscotti because they seem complicated to most people. The fact is, biscotti aren’t hard to make. They do tend to be ingredient intensive, yet, the ingredients are fairly easy to purchase at your local grocery store.

I’ve wanted to do a visual explanation of the process for a long time. Finally (because we’ve been snowed-in for the last two days) I had time to document how I bake biscotti! Really, I’m really excited about this. Let’s start with the recipe:

4 whole eggs

1lb (500 g) all purpose flour

12 oz (350 g) sugar

7 oz (200 g) whole almonds

1 tblsp unsalted butter

1 oz (15 g) oil

pinch of salt (aprox 1/8 tsp)

2 tsp baking powder

Anise seeds or fresh vanilla bean or both

Heat the oven to 350 degrees (180 C)

Place the flour on a work surface, make a well, add the salt, sugar, butter & oil. Beat the eggs in the well then incorporate the flour little by little mixing the ingredients together. At the end, add the almonds and the baking powder. Work the dough until smooth. At this point, I divide the dough into 4 pieces and then divide the first large piece in half. Roll the dough into two long pieces (ropes). Place them on a baking sheet, then brush them with a beaten egg and sprinkle with any large sugar you have. Bake for about 40 minutes at 350 until golden-brown. Take them out of the oven (leave the oven on). Let the baked logs cool for a few minutes, then cut each log into 1/2 inch pieces. Put the biscotti on the baking sheet and bake again to dry for about 10 minutes. And there you go…………………..yummy!

I’ve created a slide show showing you how to bake bisccotti. Just click on the picture below to see how it’s done. I sincerely hope you try to make biscotti in the near future. They are wonderful with coffee, tea and wines. My wife loves to dip biscotti in wine. In Tuscany, my relatives will serve biscotti with a sweet wine called vin santo. It’s absolutely wonderful.

HAVE A MERRY CHRISTMAS!

Snow + Cold Weather x Seattlites = The Ultimate Weather Wimps

James Lupori, Associate Broker Keller Williams Realty - 206.713.2102: Real Estate Agent in Kenmore, WA

Yes, the picture above should give you an idea of how much snow it takes to TOTALLY PARALYZE a major metropolitan area: Seattle. You can’t imagine how many calls I’ve received from friends around the country who simply can’t believe what a bunch of weather wimps we are here in the Northwest. I won’t even dignify them by repeating the dispariging things they say. Heck, almost made me cry!

Seriously, the Seattle area is NOT set up to deal with snow. The topography is quite hilly and we are subject to a complex array of wind conditions and bodies of water. Not only do we receive cold wet winds off the Pacific Ocean and Puget Sound, but we also get blasted by uber-freezing gusts from Canada. When the winds and moisture come together as snow, the locals head indoors and hibernate. What’s more, there are virtually no snow plows and the roads are rarely sanded (never salted). If you must drive in these conditions, you’re taking your life into your own hands. I don’t recommend it.

Today I had to brave the frozen roads and hills of Kenmore to mail Christmas Cards and pick up some gifts for my favorite person (the wife!!!). She owes me BIG TIME! But, before heading out I had to shovel snow from the driveway, something I haven’t done in many, many years (since 1990!). I didn’t do too badly:

Quote of the Week: It’s about Life, Death and What’s Important

James Lupori, Associate Broker Keller Williams Realty - 206.713.2102: Real Estate Agent in Kenmore, WA

I'm suffering from a bit of cabin fever. The snow and frigid temperatures here in Kenmore and the greater Seattle area have basically put a halt to normal life. I've had too much time to think about all the chaos and grim news out there. I'm going a little bonkers and my wife is about ready to strangle me. Well, things turned around yesterday morning in an interesting way. I read two obituaries of two icons of American culture, and listened to a radio program that re-calibrated my thinking. I'd like to share some thoughts (and the quote of the week) with you:

W. MARK FELT - aka DEEP THROAT

W. Mark Felt who died this week at the age of 95 may be one of the most influential figures of modern American history. His role as the anonymous informant to the Washington Post reporters, John Woodward and Carl Bernstein, led to the eventual disgrace and resignation of President Richard Nixon. This is heady stuff to me. I was in junior high school when the Watergate scandal occurred and, in many ways, it shaped my perspective of power and government. It's amazing that he remained anonymous for almost 30 years after his involvement.......................But then I read about the passing of yet another icon from my generation:

MAJEL BARRETT aka NURSE CHRISTINE CHAPEL in Star Trek

Majel Barret died this week at the age of 76. She was a constant fixture in the original Star Trek series (the best of all the series!) and appeared in many of the subsequent Star Trek spin offs. It's amazing how influential this science fiction program has been over the years. I was saddened to hear of Majel's passing and this made me reflect on growing up during the 1960's and how the world has changed.

Then, I listened to a powerful interview this morning which, you guessed it, provides the quote of the week:

WILLIARD WIRTZ - Former Secretary of Labor under Lindon Johnson & JFK

Willard Wirtz is 96 years old and was a very important person, yet, I'm sure very few of you know who he is. Here's a snippet from Wikipedia:

William Willard Wirtz (born March 14, 1912) is a former U.S. administrator, cabinet officer, attorney, and law professor. He served as the Secretary of Labor between 1962 and 1969 under the administrations of Presidents John F. Kennedy and Lyndon B. Johnson.

Recently, Mr. Wirtz wrote a short memoir entitled "In the Rearview Mirror," which is a reflection of his career in government and life with his wife of 66 years, Jane. Yesterday, on NPR's program, Saturday Morning Edition, Mr. Wirtz was materfully interviewed by Scott Simon. During the course of the interview Scott asked him an obvious question from whence our quote of the day comes:

Scott Simon: "Mr. Wirtz, what's it like to be 96?

Mr. Wirtz: "I don't recommend it. Jane died six years ago. That takes the fun out of it."

Talk about a powerfully honest answer! He goes on to describe how his friends have all died off, he can't walk anymore and he isn't quite as sharp as he used to be. It was sobering to listen to him. You see, our culture has a tendency to measure our lives by how long we live. We have this idea that there is something magical about living forever. I have included the whole interview (only 6 minutes) below. I highly recommend you listen to it.

This interview really made me think hard about the way the world works. Mr. Wirtz points out that Life will eventually take away everything it gives us. It's a simple fact of Life. From a larger perspective, as a nation, we are living at a time when some of our most cherished beliefs and possessions are being taken from us. The world has changed and we must make choices. The important thing is how we respond to this challenge individually and as a people. I sincerely hope you have the opportunity to fill your life with powerful experiences and deep love. Rock on!