About Seattle's Magnolia

Did you know?

Almost 40% of those buying a second home don't plan to use it for vacation purposes, but rather as an investment property. In most areas throughout the Seattle region, home values have appreciated at an exponential rate. Partner that with continued low interest rates and many homeowners find they are in a good position to invest in additional real estate. While many second homeowners are seeking mountain seclusion or a beachfront getaway, the number of those investing in a second home to pad their portfolios is growing consistently. Is a second home a wise investment for you? There are several factors to consider:

Can You Afford It?

There are many costs associated with owning a second home besides the additional mortgage. Some things to keep in mind are maintenance, repairs, property taxes, security, and insurance.

Location, Location, Location

Where you choose to look for a second home can determine how smart an investment might be. For instance, a waterfront home on the shores of lake washington in Seattle sounds lovely and should be easy to rent when you're not using it, but will it be in danger come flood season? Also, if your investment property is located in another city or state other than Seattle, consider the travel expenses, not to mention time, involved with every visit or check-up. Another issue can be the market in which the property lies. Houses might have appreciated steadily over the past two years, but what will happen to home prices as we enter a less frenzied, more balanced market?

Taxes

How will owning a second home affect your taxes? Each case is different. I recommend talking to your lawyer or financial advisor to fully understand the benefits and potential pitfalls.

A few weeks before the primary, a reporter from KCTS and a videographer met each of we candidates to discuss how it was to be running for the State House Representative position in the 36th district. The reporter left a message and said it is going to be showing this Friday.

I didn't make it to the top two but it is a good opportunity to check out my opponents in a very different setting.

I am now filling my days with the pursuit of real estate clients--a job I love. One thing campaigning has done for me is helped me to knock on doors and make telephone calls.

Wallingford, Green Lake, Capitol Hill, Fremont, Ballard, Queen Anne, Magnolia, Laurelhurst, View Ridge, and Windermere, Washington Real Estate Property Listings. Just click on the blue "homes search" button and then click on the area you wish to view. You can also search by street address or the MLS number.

I just checked what the Dow is doing--it is up 360 but before I looked I was hoping it wasn't following yesterdays route. Will on Yahoo Finance, I ran into an article by one of my favorite guys "Ben Stein." He wrote an article entitled "Drill, Baby Drill" which is talking about how the "Access Bill" that has just been passed to end the 26 year ban on offshore drilling maybe not exactly what the voters want.

The drilling has to be 50 miles off shore (further out than where 80 percent of the oil and gas is). It is a compelling article and I think the next time maybe we should draft Ben Stein for President. And in the meantime, we can seriously think about whom we should vote out when they come up for election. That would also go for local lawmakers.

Wallingford, Green Lake, Capitol Hill, Fremont, Ballard, Queen Anne, Magnolia, Laurelhurst, View Ridge, and Windermere, Washington Real Estate Property Listings. Just click on the blue "homes search" button and then click on the area you wish to view. You can also search by street address or the MLS number.

Everyone loves to see the progress on home projects so here is the first update from the Magnolia Estate Sale.  Here is a quick update.  Myself and another agent were contacted to list an estate sale home in the Magnolia neighborhood of Seattle.  We gave a list of preparation suggestions that the family is happy to follow through on.  Here is the progress so far. 

First here are some pictures of the house as it looked when we first saw it.

 

 

 

 

 

 

 

 

Then we had an estate sale to get rid of the contents:

 

 

 

 

 

 

 

 

Then we had it painted:

 

 

 

 

 

 

 

 

Today the sanding and finishing of the floors starts.

Later this week we are going to stage and do landscaping:

Total price to the owner is in the neighborhood of $10,000.  Money I am absolutely positive they will make back on the sale.  The house should be listed next week. 

Stay tuned. 

Many of you have probably asked the question, "What happens to a persons house and personal belongings when they die?"  The answer is that there is usually an estate sale.  This weekend there is an estate sale at a listing I will be co-listing later this month.  I thought I would take the opportunity to show you how they work. 

So when the owner of this home died he willed his estate to his three children.  They are located all over the country.  The owner's wife passed away several years ago and they have lived in the house for several decades. 

The family hired an estate lawyer to act as executor for the estate.  He in turn hired us to handle the sale of the home.  

The first step is allowing the family members the opportunity to go through the home and remove any personal items they would like to have. 

The next step is having the contents removed.  For this step we hired a company that specializes in estate sale situations.  They have been amazing.  Yesterday they came through and in one day, priced and arranged all the contents of the house similar to a yard sale.  (See pictures)  The actual sale of the items will happen this weekend.  All day Saturday and Sunday people can come in and purchase items. 

Next week I'll make another post on how the sale went.

On Monday the same company invites non profits and charities to comb through what didn't sell and take anything they think they might be able to use.  Later that day a final person is invited through to recycle any items that can be recycled and haul away the items that need to be thrown out.

So here is the timeline:

• Wed: Arranging and pricing of all items
• Sat and Sun: Estate Sale
• Monday: Donation of all usable items, recycling and removal of any remaining items. 

By Monday night the house goes from looking like the photos to completely empty.

Then the estate sale company subtracts their costs from the proceeds of the sale and hands the family a check for the balance. 

Its amazing and a fantastic service to a family who would rather not be burdened with the trouble of having to do all of this themselves.

Tune in next week for the next update.