About Seattle's West Seattle

It is easy to get all mixed up with the vocabulary swirling around the real estate market these days. Two very confusing terms being thrown around right now are short sales and distressed properties. While the two are similar and many times both are involved in the sale of a home, they are not the same thing.

Robopedia:

Short Sales - When a seller is selling a home and the proceeds of that home will not be enough to cover the loan amount that the seller owns on the home.

For example, If you refinanced your home for $500K last year and put your home up for sale for $480K, that sale is officially a short sale.

Distressed Property - A home where the seller is at least 30 days behind on a payment of a loan that used the property as collateral. This could be a home loan, home equity line of credit, construction loan, etc.

• So if someone has fallen behind on payments and is selling their home, but the proceeds from the sale will be enough to pay off all loans owing on the home, then it is a distressed homeowner situation but not a short sale.
• If a seller is selling their home and is current on the payments but the proceeds from the sale will not be enough to cover the loans owing on the home, then it is a short sale but not distressed.
• If a seller is at least 30 days behind on loan payments and the proceeds from the sale of the home will not cover the loan debt, then it is officially a short sale and a distressed homeowner.

The situation for a potential buyer is different in each situation and the pitfalls can be significant. Be sure to get some good advice before attempting to buy a property in any of the above situations. They can offer some of the best deals in the market, but also come with some extra baggage. The world of real estate is in a rapid state of change at the moment and this stuff isn't even clear to many agents.

Give me a call if you need help.

Yes.. I have another article for you about the Seattle real estate market. I can't get enough of these. In the last few weeks there seems to be story after story about how Seattle is one of the top cities in the nation to rebound from these difficult financial and real estate times. Thank you, Michele, for the link!

According to SmartMoney Magazine, Seattle is holding strong through these tough economic times and is due for a nice rebound. Here in the Pacific Northwest we have some strong businesses, like Boeing, Amazon.com, and Microsoft, that are doing well and in turn, has kept median sales prices from falling far.

"The national unemployment rate for October was slightly higher than Washington's, at 6.5 percent. State officials said that indicates Washington's economy is 'in relatively better shape at the moment'." (http://www.kirotv.com/money/18007999/detail.html) The state gained about 800 jobs in October, and held steady year-over-year.

"Honestly, the near-term outlook is still grim, and nobody is forecasting a rapid nationwide rebound. But there are signs that the overbuilding and speculative pricing that inflated the bubble are working their way through the system. Nationally, the rate of decline in sales is slowing, and in some regions sales numbers have actually perked up. 'The indicators are starting to look better,' says Adam York, an economic analyst with Wachovia." (http://www.smartmoney.com/personal-finance/real-estate/Now-for-the-Good-News-on-Home-Prices/)

The article went on to mention that the national sales figures that get so much attention and remain depressing are brought down by boom-and-bust markets like Las Vegas, Miami and Phoenix. "If hard-hit states like California, Arizona, Nevada and Florida are taken out of the statistical mix, the picture is much more promising." But we all know that real estate is local, so let's look at a Seattle neighborhood for insight:

WEST SEATTLE-

There were around 123 pending & sold listings in November of '07 as compared to November of this year were we have only 54. The month is not over yet so that number will increase (hopefully) but the median home price of those homes has only dropped by $20,000. In other areas of the country, those prices have dropped by 100,000's of thousands of dollars.

"Dave and Alison Keith recently sold their two-bedroom townhome in West Seattle for $289,000, up more than 25 percent from their purchase price four years ago. They plowed that windfall into a home in the same neighborhood with twice the living space and a fenced-in yard, for $429,000. 'You're always nervous, but I feel like things are holding up well here,' Alison says."

"As long as people like great views of water, mountains and city skylines, "those homes will always maintain their value," says local broker Febe Cude."

If you are interested in finding out more about your neighborhood or about the real estate process, the Egerer & Weidauer Team is happy to help. Give us a call or shoot us an email from our website.

206.661.7256 www.jeremyandnicolesellhomes.com 360.990.4083

In honor of my latest listing in W. Seattle, I thought I would share this great video tour of W. Seattle. 

PS  if you want to see more videos of Seattle Neighborhoods or just Video of Seattle in general, I am trying  to organize the best ones that I find.  Check them out here:

http://www.youtube.com/user/RainCityRealEstate

When doing an inspection:

Always get a sewer scope!

A sewer scope is an additional inspection that costs about $200 but is one of those things you don't want to buy a house without knowing. During a sewer scope they put a camera down the sewer line to see if there is any damage to the line. Often they find tree roots that need to be removed but other times they can find actual damage or whole collapsed lines. The cost to fix them can run in the tens of thousands of dollars and become your problem after the close so you need to know about them before hand.

Let me tell you a little story:

Several years ago a friend of mine was selling her house. The potential buyer did a sewer scope and found a complete collapse. The estimate to fix it was in the neighborhood of $40,000. That's a 4 with 5 zeros! Something you would certainly want to know.

Side note:

The scope isn't necessary for condos since the association is responsible for the maintenance of the sewer line for condos and co-ops.

Just like a regular inspection and a title search, you hope they show nothing and they typically do, but when they do find something it makes the $200 you just spend seem like candy.

Seattleite's love to eat out and thank goodness we have so many great choices to do so. But if you are like me you sometimes find yourself in the rut of going to the same places over and over. Well, if you are looking for a new place to check out, NW Source has a list of places readers have recommended for 2008. Each year they do a poll asking Seattle to name their favorite eateries in a variety of categories. So if you are looking for a new place to satisfy your palate, here are some thoughts. Just for some fun I thought I would add my own favorites. Feel free to add your own comments if you have favorites that you don't' want overlooked.

Best Sandwich/Place for Kids/Mac and Cheese/Bakery/Brunch/Dessert Spot

• NW Source Pick: Eats Market Café (West Seattle) - Talk about knocking the cover off the ball. Eats received top honors in no less than six categories. With that kind of support, this is a place you have to try out.

For the record I am a huge brunch fan. If it were up to me there would be nothing but three servings of brunch each day. Here are my favorites.

• Rob's Pick: The Dish (Ballard/Freemont) Angelina's Trattoria (W. Seattle) Salti's on Alki (W. Seattle)

Brew Pub

• NW Source Pick: Pike Brewing Company (Downtown, Pike Place Market)
• Rob's Picks: Elliott Bay Brewing (W. Seattle)

Burger

• NWSource Pick: Stell's Burger's and More (Queen Anne)
• Robs Pick: Kid Valley (Green Lake, U. District, Queen Anne) - Cummon', how can you beat a place that has a secret hand shake.

Chinese

• NWSource Pick: Ying's Drive-(International District)
• Rob's Pick: Uwajimaya - (International District) Yes I did have to look up the spelling of this and it truly isn't a restaurant but a market. Nevertheless, it is a fun place to go and there is great food there. Judy Fu's Snappy Dragon (Maple Leaf) - Ask anyone, its the best amost kept secret in Maple Leaf. (Thanks Courtney)

French Fries

• NWSource & Rob's Pick: Dicks (Queen Anne) - You can't argue with a classic

Happy Hour

• NWSource Pick: Tiger Tail (Ballard)
• Rob's Picks: Matador (Ballard) Great food, fun people watching, expect a crowd. Palisade (Magnolia) Great views, fun bar, limited menu though. Try the sliders.

Independent Coffee House

• NWSource Pick: Fuel (Capital Hill, Wallinford, Mountlake)
• Rob's Picks: Firehouse Roasting Co. (Ballard), Café Ladro (Freemont), Café Van Gogh (Wedgwood)

Indian

• NWSource Pick: Bengal Tiger East Indian Cuisine - (Ravenna)
• Rob is not a huge fan in this category so I am taking a pass.

Italian

• NWSource Pick: Perche' No Pasta and Vino (Green Lake/Wallingford) - I have to say I whole heartedly agree with this pick. Drop in and say hi to David and Lilly for me. They are great hosts.
• Rob's Other Picks: Mamma Melina's (U. District) Fantastic food but poor seating. Expect a wait. Assaggio's (Belltown) - Pricey, but so good. Pasta Bella (Ballard) - Little hole in the wall place on 15^th but honestly they have really great authentic food. Take it from a guy who grew up in New Jersey - Fageddaboutit.

Mexican

• NWSource Pick: La Carta de Oaxaca (Ballard)
• Rob's Pick: Gordito's -(Greenwood) You just can't beat a burrito the size of your head. Rosita's - (Greenlake) Fantastic in the summer time for before or after a stroll around the lake.

New Restaurant

• NWSource Pick: Tidbit (Capital Hill) - This Spanish Italian fusion restaurant is getting rave reviews.
• Rob's Pick: Loki Café (Wallingford)

Outdoor Dining

• NWSource Pick: Salty's (Redondo)
• Rob's Pick; Ray's Boathouse - (Shilshole/Ballard) No place better to watch the sunset over the sound and sip a margarita. Try the calamari and the burgers. Aqua Verde - (Wallingford/U. District) For me you need a view of the water to rank in this category. Agua Verde has great home made salsa and chips. I would have included it in my Mexican choice except that I was including it here. If you get bored afterward there are kayak rentals downstairs.

Pizza

• NWSource Pick: Pagliacci (all over) - I have to say I agree. I am pretty picky when it comes to pizza having grown up on the east coast, but they are the best.
• Rob's bonus pick: Pegasus Pizza (Alki) Great location, great food, fun atmosphere.

Seafood

• NWSource Pick: Nordstrom Grill (Downtown) I have to say I am a little surprised by this pick, but there you have it.
• Rob's Picks: Alki Crab and Fish Co. (W. Seattle) Hands down the best fish and chips in the city. You can also get several other varieties of sea fare to go with your chips. Grab a bottle of malt vinegar and watch the ferries head downtown. Warning - If you sit outside you will have to fight the gulls for your fires, they aren't shy. Ponti Seafood Grill (Queen Anne/Freemont) A classic never goes out of style. Great upscale dining.

Steak House

• NWSource Pick: Jak's Grill (Laurelhurst, W. Seattle, Issaquah) - I do like Jak's but more for their sandwiches then their Steaks.
• Rob's Pick: El Gaucho (Belltown), Metropolitan Grill (Downtown)

Sushi

• NW Source Pick: Chiso (Freemont)
• Rob's Pick: Sam's Sushi (Ballard) - Shh, no one knows about this place. Lets keep it between you and me. Musashi's (Wallingford) - Shh, everyone knows about this place. The line sometimes wraps around the block.

Thai

• NWSource Pick: Mae Phim Thai Restaurant (Downtown)
• Rob again takes a pass.

Vegetarian

• NWSource Pick: Café Flora (Madison Valley)
• Rob - Did I mention how much I love burgers and steak?

For the full list check out NWSource. Eat, Drink and leave a generous tip!