Each month about this time I receive a report from Rainier Title Company which gives a comparative breakdown of sales in King County by city. I’ve selected a portion of the report for my Kenmore readers.Â
May was not exactly a vibrant month for home sales in King Co. Kenmore was especially hard-hit by slow sales and a slight drop in prices.
For many years I was both a volunteer and employee of the Washington Business Week Program. Founded in 1976 at Central Washington University, it remains one of the most engaging and important experiential learning programs available to high school students here in the state of Washington. Since it’s inception the program has spread to numerous other states, Australia, New Zealand and it has even been conducted in Belarus.
So what is Washington Business Week? WBW is a week-long program conducted at four Washington State Universities. The student who attends the program will spend a week in the dormitory, work with a “company” of students he/she has never met on a fairly complicated business simulation, attend seminars, participate in a trade show, and much much more. Each student’s company is mentored by a business professional who volunteers a week of their time to guide the students.
I bump into people who attended WBW 20 years ago who still remember the “magic” of Business Week. For many kids it’s the first time they are away from home. For others, it’s a week that has a long-lasting impact on their lives. The adults who work with the students are so affected by the experience that many return year after year.
I can’t recommend WBWÂ highly enough. Inglemoor High School consistently sends over 20 students to the program every summer. Here’s the good news: the cost to attend WBW is only $295 for the whole week which includes dorm room, food and program materials. Most of the cost is covered by corporate sponsorships by many Washington State Businesses. If you can’t afford the fee, financial help is available. Here’s the schedule for this summer:
Just think about it, your high school student can spend a week at one of four great schools: Gonzaga University, Central Washington University, Pacific Lutheran University or Western Washington University. If you want to send your student to WBW this summer (Freshmen through Seniors are welcome) please call the WBW office at 1 (800) 686-6442 or info@wbw.org.
I’ll be honest, I’m not a real fan of “Father’s Day” as a national, quasi-holiday. Popularized by President Richard Nixon (in one of his rare sentimental moments), it has always felt contrived and hyper-commercialized to me. Coincidentally, I was recently in WY visiting with my sister and we had a chance to talk a lot about our mom and dad and since then I’ve thought a lot about my father. So, I’d like to share a few things about my father that have nothing to do with power tools, fishing trips or playing catch.
My father was born in Okland, CA to Tranquillo and Rose Lupori. I never knew either of my father’s parents as they passed away before I was born. My sister says that Tranquilo had a reputation of being extremely generous and, well tranquil. She also says he was a very handsome man. My grandmother was quite different: a stern, serious person.
Here’s a picture of my father in Oakland in the 1930’s.
Good times! Here’s a great shot of my mom and dad (circa the mid 1980’s) when we were all still living in Utah. My father was good guy. I was fortunate to have a healthy and loving relationship with him. Sure, we had our disagreements, but he wasn’t a controlling and overbearing person. In fact, he always told me to do my best and pursue my own path. In some ways he was also impenetrable especially when it came to his childhood, the second world war and other events. Nevertheless, he liked good conversation and I remember fondly our numerous arguments over just about everything at the dinner table. My father did a lot of things in his life: he was a musician, he was a fireman, and for most of his career he was a airplane/helicopter mechanic. He was also there for me whenever I needed help.
My father and mother were married for 52 years. The picture above was taken at their 50th Wedding Anniversary in 1999. I think this was one of his proudest moments.
Thank you for allowing me to share some thoughts about my father.
George L. Lupori August 11, 1925 - August 4, 2001
In this post we are going to cover briefly some big numbers related to King County and specific numbers for Kenmore. First, let’s take a look at the following charts:
KING COUNTY ABSORPTION RATE GRAPHS
The chart above shows some stunning numbers. Because it illustrates the statistics since 2003, we can see how the market has changed over time. Where the lines pinch together this means that the “absorption rate” (the percentage of homes that are being absorbed/turned-over every month) is high. In the Spring of 2005 almost 70% of the available homes were being sold every month. This Spring we see a very different picture:
Last month 14.7% of the active listings turned-over which is almost 1% less than April. Usually this time of year is a busy time for sales. Unfortunately, we are experiencing a very slow market.
In Kenmore, we continue to have a large inventory of single family homes and condos:
 
The sold statistics reflect the last 3 months of sales. 44 sales don’t exactly represent a rip-roaring market. I am pleased to see that the days-on-market haven’t grown too much.
The writ of habeas corpus and interracial marriage are two legal concepts that we don’t think about very much and, frankly, we Americans take them for granted. That’s why I’d like to say a few words about “Loving Day” (June 12, 1967) and today’s Supreme Court repudiation of the Bush Administration’s suspension of habeas corpus.
Here’s the sort of foolishness addressed by Loving vs. Virginia: “Almighty God created the races, white, black, yellow, Malay, and red and placed them on separate continents, and but for the interference with his arrangement there would be no cause for such marriages. The fact that he separated the races shows that he did not intend the races to mix.”
- Judge Bazile, Caroline County, VA, 1965.
Today is the 41st anniversary of the Supreme Court ruling legalizing interracial marriage. The case known as Loving vs. Virginia struck down all anti-miscegenation laws remaining in 16 states citing “There can be no doubt that restricting the freedom to marry solely because of racial classifications violates the central meaning of the equal protection clause.” June 12 is celebrated by many interracial couples and families as “Loving Day.” It’s the day in 1967 when the U.S. Supreme Court overturned the laws banning interracial marriage. The day is named for the couple who brought the case to court, Richard and Mildred Loving. In today’s multi-cultural America, it’s hard to believe that mixed-race marriages were illegal as late as 1967. It is, therefore fitting to celebrate the fact that 41 years later Barack Obama, the son of a mixed-race marriage, is running for the highest office in the land.
Now, I’d like to say a few words about today’s Supreme Court ruling repudiating the Bush Administration’s claim that Guantanamo detainees may be held without the right to representation. As a result the court has finally granted the writ of habeas corpus (”you have the body”) to the 270 detainees, some of whom have been in prison for 6-7 years. On this issue, I’m in total agreement with the Supreme Court. No matter how strongly we feel about national security and the fight against terrorism, we cannot give up our right to be represented by council, to know what crimes we are being charged with and, most importantly, that we can challenge, in public, those charges against us.
HABEAS CORPUS………………………………………….WELCOME BACK!
My June 5th commentary about the Kenmore Brightwater Portal generated a lot of questions about the tunnel boring machines that move their way under our very neighborhoods. When I spoke with David Freed and Derek Dugan they explained that the boring machine is, in essence, a moving factory with a cutter at the front end and a series of segments (called gantrys) that house generators, pumps, cables and even a saftey chamber into which the workers can go in case of an emergency. Derek, the principal engineer, mentioned that there are currently hundreds of tunnelling projects underway around the world. He even mentioned that there is a huge tunnelling fratenity worldwide. If you’re interested in seeing more projects world wide go to Herrenknecht’s website. There you will see some amazing projects. Now for those of you who want to know what the machine is doing under Kenmore, here a very interesting animation:
Click on this link to see how the boring machines work: http://video.aol.com/video-detail/best-tunnel-boring-machine-animation-ever/1570065021. The whole process of boring tunnels throughout the world is fascinating to me. When one thinks about it, the ability for large populations to move vehicles, water and wastes through large tunnels is a fundamental infrastructural necessity. So, when you’re driving through Kenmore know that there’s an amazing process going on right under your feet.
One of my favorite films is the 1994 thriller “The Professional” starring a brilliant Natalie Portman and tragic-hero hitman Jean Reno. After the brutal murder of her family, the 12-year-old Mathilda (Portman) is rescued by Leon (Reno) who teaches the young girl how to be a “cleaner” or professional hit-man.
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I mention this film because, for the zillionth time, the Seattle Times printed another grim article of real estate woe this Friday (June 6th) entitled “What’s a Buyer to Do?” To summarize: Sales are stagnant and inventories are growing. Also, seemingly qualified buyers are unable to obtain loans (even with good paying jobs and FICO scores above 700). Well, I’m going to suggest that the media should be suggesting the following remedy to the problem: HIRE THE RIGHT PROFESSIONALS TO HELP YOU PURCHASE OR SELL YOUR NEXT HOUSE! Even a 12-year-old knows this!
Anyone who wants to purchase a home must do two things before the hunt begins: 1) Find a legitimate lender who will spend the time to educate you about all of the various loans available in your current financial situation and, 2) Hire yourself a Realtor to help find the right house. Don’t hire your cousin, or brother-in-law who happen to be agents. Hire an agent who is hyper-aware of the area in which you’re shopping. This means the agent knows the inventory, previews homes in the given area and knows the statistics. Let me give you an example from my own town, Kenmore, WA. If you’re a buyer we’re going to sit down and discuss your financial capability to purchase a home. If you’re selling we’re going to sit down and talk about the realities of selling in a buyer’s market. Next, I’m going to show you statistics like this:
This market summary shows all the new activity in Kenmore from 6/1-6/8. It’s interesting to note that 15 new listings hit the MLS last week. The real story is that there are some truly good deals if one knows the market well. Let me show you what I see:
Of the 15 new listings, 9 have been previously listed at prices from 7% to 12% higher than the current list price. I’ve highlighted them above. Most of these 9 homes were listed almost a year ago and have expired a number of times. In my opinion they are still overpriced given the current market. Also, I have a sense that the sellers are far more likely to offer concessions (price, closing costs, upgrades, repairs, etc.) in order to get the homes sold than they were a year ago.
So do what Mathilda did and hire the right “professional” for the right job and quit listening to all the gloom and doom in the media. After all, most of the talking heads don’t know much more about real estate than your uncle Eddy……….who lives in West Virginia.
Click on the map above to locate the MLS published open houses this weekend. Although, I am not the listing agent on these particular homes, please let me know if you would like more information regarding them. You can always reach me at (206) 713-2102.
A recent aerial shot of the Kenmore Brightwater Portal.
I live very close to the Kenmore Portal of the Brightwater Treatment System on 80th Avenue NE. After driving past the project for the last two years my curiosity got the best of me and I asked King County if I might visit the site. I don’t know about you , but I’m fascinated with public works projects, especially those that are visionary and necessary. As you may know, Brightwater has been the subject of huge controversy in King County. Most of the criticism has focused on cost, environmental impact and feasibility. I’m going to leave those debates up to others for now. My reason for talking to the county about the Kenmore Portal was to reach out to the site managers, say hello, and find out how things are going. I was pleasantly surprised.
I recently had a chance to speak with David Freed from the county and Derek Dugan, the Project’s Resident Engineer. Frankly, I had no idea how complex the project is, nor was I prepared for the education I received. Both David and Derek were very generous in explaining the various aspects of digging a 14-mile long tunnel. There’s a lot to talk about: from the machinery that actually does the digging, to the way in which the various contractors, governmental agencies and communities have worked together on the project. The next photo shows the location of the actual portal where the tunnel boring machines were launched:
Currently there are 110 laborers and 35 engineers working on the project in three shifts (24 hours a day). When I met with David and Derek they explained that the tunneling machines, named “Helene” (heading east) and “Rainier” (heading west) had tunneled 2000 feet and 300 feet respectively. On a good day the machines can bore about 60 linear feet. When I asked them what goes on “down there” they promised to send me a picture that would explain it all. Here it is:
The tunneling machines are, in fact, long train-like factories which process tons of earth and stone. They also manufacture the concrete sheathing of the tunnel itself. It’s an amazing process.
I would like to thank David and Derek for inviting me to the site trailer for an interview. I will be writing more about our important and interesting neighbors in the near future.
I always tell my friends and family to avoid visiting the Seattle area in June. People actually believe that June is summer here! Yesterday was a quintessential Northwest day: dark, rainy, chilly….and, yes, a bit depressing. When I went out to my back yard to check out some of my spring herbs, I noticed the slugs were happy enough. As I watched the slimy things move slowly over everything on my patio, it occured to me that the real estate market in Kenmore has been moving at a slug’s pace as well. So, to satisfy my curiosity, I pulled the “sold” statistics for 2007 and 2008 to see if my suspicions were justified:
 Kenmore solds 1st half of 2007      Kenmore solds 1st half of 2008
As you can see, there has been a huge slowdown in homesales. In fact, the market is moving at a slug’s pace. What’s truly amazing is that more buyers are not taking advantage of the relatively low interest rates and higher inventories. The market hasn’t seen this opportunity in over 30 years. The problem lies in the fact that too many Americans have been listening to the media (and uncle Joe who doesn’t know anything about real estate) who say the sky is falling. There are, indeed, more challenges in the market at this time but those who are proactive and work with a competent lender and real estate agent will be a winner.
NO, THE SKY IS NOT FALLING
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