Archive for the ‘kenmore real estate’ Category
-->
Mar
03
Posted by James Lupori
Home Sales in February Were Lethargic at Best
One year ago 10 single family homes sold in Kenmore. This year there were 14 home sales. I suppose if you’re a “glass-half-full” person this represents a 29% increase in sales. OK, I’ll grant you that. Great news for you optimists. To me, there’s something ominous about these sales figures: It doesn’t seem that the extended $8000 1st time buyer tax credit or the $6500 repeat buyer tax credit have stimulated as much activity as was hoped for.
For an interesting perspective regarding the repeat buyer credit, read “Not much impact from the repeat buyer credit,” in the February 28th Seattle Times. It seems that Americans are staying put for the time being. There’s simply too much uncertainty in the world for a lot of people: high unemployment, a grid-locked political system, natural disasters, the wars….I think it’s reasonable to conclude that Americans are hunkering down until things look and feel better.
So, let’s take a quick look at the sales from last month:
February 2010 Home Sales in Kenmore
Most of the home sales in Kenmore last month were under $400,000 (85%). Also, 50% of the home sales were new construction! As I mentioned last month, DR Horton built a community of smaller homes with some killer incentives which are selling quite well right now. Homes were selling at about 94% of the list price, which is better than last year.
For those of you interested in the current inventory, please turn your attention to the following:
Active Listings in Kenmore – Beginning of March
There are currently 111 single family homes listed in Kenmore. Last year there were closer to 140 active listings.
Pending Sales
Pending sales are always a good indication of the current market activity. Right now there are 60 pending sales. 30% of these homes are new construction. 22% are distressed properties (short sales or bank-owned homes). This is a healthy number of pending sales for the beginning of the month.
I had hoped to see more closed sales in the month of February, but the year is young and as Spring approaches we may see a reasonable up-tick in home sales.
Share
-->
Feb
17
Posted by James Lupori
AND THEN THERE WERE TWO!
Last October I wrote a post entitled “Kenmore Village – Squandering a Chance to Create a 21st Century City” in which I expressed my frustration about the way in which the Kenmore City Council and city leadership have essentially allowed Kenmore Village to become a ghost-town. Pardon me for being so blunt, but it’s a disgrace to see business after business vacate Kenmore Village whilst the City Council clings to the false hope that Urban Partners LLC will someday be developing this site. To add insult to injury the City of Kenmore is simultaneously building a new City Hall right across the street at great expense.
Kenmore Village is Down to Two Businesses!
On February 10th the owner of Grocery Outlet told me, officially, that she is moving her store to Kenmore Square at the beginning of April. This means that there will be two businesses left in the square: European Deli and Kenmore Fitness.
So What’s Next?
I’ve got to tell you, I drive past the new City Hall and the almost-empty twilight zone “formerly-known-as-the-Kenmore-Village” every day and I can’t help but wonder why it is that the citizens of Kenmore can’t see the uber-irony in all this.
I can tell you that there are a lot of business owners in Kenmore who feel that the City Council doesn’t care about business development. Some have pointed to their own dealings with the City and many have also pointed to the Kenmore Village as emblematic of a City Leadership that is unresponsive to the realities facing the business community. Everyone wants to know why the City is holding on to Urban Partners LLC WITHOUT A PLAN B!
The Kenmore City Council, Mayor and City Managers owe us an explanation regarding the current status of the Kenmore Village. I don’t think the City of Kenmore can afford to allow the structures in the village to sit empty. When will the City Council tell us what they’re going to do with this important asset? I highly recommend you all get on the phone, call the Mayor and council members and tell them that we want answers regarding the Kenmore Village.
Share
-->
Feb
01
Posted by James Lupori
Warm Weather Brought a Warmer Real Estate Market to Kenmore
Last night I attended our neighborhood annual Home Owner’s Association Meeting and there was a lot of concern about property values and questions about how the real estate market was going to perform in 2010. There is no reason to believe that 2010 will bring much change to this tough market. Lending continues to be tight and I have a sense that the job market will have more of a negative impact on the market than does price or inventory. Even so, last month buyers were obviously taking advantage of tax credits and low interest rates. So let’s take a quick look at January which turned out to be a good month for home sales in Kenmore:
ACTIVE LISTINGS
We saw a 31% decrease in inventory compared to last January (148). I believe a lot of homeowners have finally realized that unless they absolutely MUST move, they are staying put. One interesting factor this last month was the number of new construction homes that were offered and sold. Currently, 27% of the active listing are new construction and many of these homes (DH Horton homes) are smaller 1500-2000 square foot houses at the low $300,ooo price point. It was a smart move to build smaller. The builder is also offering some attractive buyer’s incentives. 39% of the inventory has dropped in price and many of these price reductions are significant.
PENDING SALES
Pending sales are encouraging as they represent homes that are in the sales process. Last January there were only 19 pending sales. It’s also a positive sign that the days-on-market are fairly low at 64 days. Something to keep in mind is that 43% of the pending sales are new construction. Only 16% were “distressed” properties.
SOLD HOMES
Last January there were a whopping 8 homes that sold! We did much better this year. Of course, this time last year we were still recovering from the most severe winter in many years and that certainly made things tough; however, it’s nice to see that we had some good activity. I would like to point out that fully 58% of the homes that sold last month were new construction, most of which were the lower priced properties. As the new homes are sold out, it will be interesting to see how the remaining inventory will sell. I can tell you that selling a home that’s over $450,000 is challenging.
So the 2010 real estate market started out much better than last year. Let’s hope that the momentum continues. If you have any questions regarding the Kenmore housing market or have questions about the value of your home, please give me a call at 206.713.2102 or email me at jlupori@gmail.com.
Share
-->
Jan
23
Posted by James Lupori
NO, In Fact Don’t Get Comfortable
The "American Way" has some serious systemic problems
This Great Recession in which we find ourselves has had an enormous impact on many facets of our lives. If you’re paying attention, you know that the “American Way” may not have been as affluent as it appeared. Certainly, we know just how over-inflated the housing market became. As a Realtor® I believe it’s imperative that we understand the underlying causes of this recession and, more importantly, we need to consider what’s going to happen in the coming years. Should we be optimistic given the rise in the Stock Market this last year? Should we expect home prices to rise? Will the job market improve?
7 “Inconvenient” Economic Realities to Ponder
Pondering the Future!
Dan Froomkin of the Huffington Post has written a powerful summary of a series of articles from the Nieman Watchdog website which highlight 7 things about the economy that we should be worried about. He writes:
“A common theme underlying them all is that while our leaders — and the voices of conventional wisdom — treat our current recession as cyclical in nature, and are essentially mostly just waiting around for growth to pick up again, there is plenty of reason to believe that this crisis was instead an expression of structural problems. And if that is so, and we don’t take the proper action, then the wait could be a long one.“
I highly recommend you read the article entitled: Seven Things about the Economy that Everyone Should Be More Worried About than They Are.
Here is a summary of the 7 ideas:
- The middle class may never be the same again – Lost wealth + high debt
- The recovery could take a really long time – The recovery has been largely government funded and this won’t last
- The recovery could only be temporary – What will spur new growth?
- Then what? We don’t have the tools to get out of a recession – we can’t keep borrowing forever or lower interest rats any lower
- The “very real” people in Washington are still obsessed about the deficit – let’s not make the same mistake made during the Great Depression
- Whatever is making the stock market go up could go away – where’s all the money coming from to fuel the current rise in the market?
- The hugely irresponsible financial sector remains unchastened – the banks, so far, have been successful in dodging regulation
Why is this important to talk about on a real estate blog? Well, it was irrational speculation that drove the housing bubble that helped bring our economy to its knees. As we face the future, I think it’s important for anyone buying or selling property to think carefully about what long-term consequences there are in being in this difficult market.
Share
-->
Jan
08
Posted by James Lupori
68,000 Jobs Lost in the Seattle Area
One of the “universal laws” of real estate is: A good job market equals a good housing market. Of course, the “other universal law” of real estate is: When people lose their jobs, they lose their houses AND THEN, for some, it’s still a good real estate market because there are short-sales and foreclosures to buy, right? I believe the employment statistics from 2009 may help us understand what 2010 will bring in terms of the housing market.
Employment Statistics from 2009
According to Puget Sound Business Journal (January 6, 2010), the Seattle area shed 68,000 jobs in 2009 which is a 3.9% loss in employment. The Journal also reported on January 4, 2010, that, state wide, 33,100 jobs were lost in the Construction Industry which is an 18% drop in employment.
Even though the local “real estate gurus and economists” are putting a positive spin on last year’s improvement in home sales, (see my post “Real Estate Headlines – Do They Make Sense?“), I believe 2010 will continue to be a tough year for the local market. Here are several reasons why:
- Even though the inventory of foreclosures, short-sales and other “distressed” properties will rise, most of these transactions do not close.
- Regular transactions have become difficult in terms of appraisals, loan approval, etc..
- The tax incentives, as well-intentioned as they are, won’t significantly increase the number of buyers, especially in those price ranges related to 2nd-time buyers hoping to “move up” to a more expensive home.
- Finally, the job figures point directly at a systemic problem with our local market: With fewer jobs there are simply fewer people in the buyer’s pool. Also, I think that when workers perceive that a job market is tight, they are less likely to change their current situation and “hold the course” until better times come along.
Please understand my thinking here: I’m not pessimistic about the real estate market here in the Seattle Area. We are far better off than a number of other areas in the U.S.. I do believe it’s important to acknowledge that there is a NEW NORMAL in the housing market which does not look like the boom years of 2004-2007. For those of you who will enter the real estate market this year as buyers or sellers, it’s imperative that you set REALISTIC expectations and work with a real estate professional who has a good grasp of your local market.
As a Realtor® here in Kenmore, WA I have years of experience in the residential real estate market. If you have any questions about the market, please contact me. I’d love to hear from you.
Share
-->
Jan
05
Posted by James Lupori
Don’t believe everything you read!
At about this same time every month, the Media and the Real Estate Industry publish the sales statistics from the previous month and attempt to interpret the past, present and future. I found this month’s crop of press releases and reports to be the usual “cheer leading” chatter about how sales will get better as the year progresses and what a great month it was for sales. Never mind that actual sales numbers are still at a decade’s low and the inventory of homes is still huge compared to the decade’s average. I thought you might enjoy reading through several articles:
If you’re interested in selling or buying a home, I think it’s important that you take a look at these publications each month. They are interesting and can give one some insight into the market; however, as a Realtor® here in Kenmore, I have some advice if you’re planning to buy or sell a home in this difficult market:
First, understand that ALL real estate is local. The Seattle Times can crow all it wants to about how great sales are in Seattle or King County; however, home sales can vary greatly from city to city and even neighborhood to neighborhood.
Second, no matter how well you think you understand “the numbers,” when it comes time to buy or sell, locate a real estate professional who specializes in the town or neighborhood you’re interested in. You will discover that there’s more to a real estate transaction besides filling out the paperwork and bickering over price.
Share
-->
Jan
01
Posted by James Lupori
Kenmore Home Sales Were Up in 2009
If 2008 ended as the “winter of our discontent,” then 2009 ended on a “kinder and gentler” note. Overall, residential real estate sales in the City of Kenmore were up 18% for single-family homes: 177 homes sold in 2008 and 214 in 2009.
Single-Family Home Sales in Kenmore 2008
Single-Family Home Sales in Kenmore 2009
Condo Sales in Kenmore
Condominium sales in 2009 were basically flat as compared to 2008: 52 in 2008 and 51 in 2009.
Sales in 2008
Sales in 2009
Home Sales in December 2009
The 21 home sales in Kenmore last month is downright magnificent as compared to the 13 that sold last December. Of course, for those of you who live here, you’ll recall we were in the midst of one of the worst winter snow dumps in Puget Sound history. In fact, my wife and I were stuck in our house for quite a number of days after Christmas last year. It was a December that, simply put, was not exactly friendly to buying or selling houses.
If you have any questions regarding the Real Estate market here in Kenmore, WA or the surrounding communities, please consult with me. I am a Realtor® who specializes in the Kenmore residential market.
Share
-->
Dec
14
Posted by James Lupori
ALPACAS IN KENMORE! HOW COOL IS THAT!
Meet Lyle Lovett!
Back in 2003 I was working with a number of home buyers who were interested in purchasing “waterfront” properties. In the world of Real Estate, waterfront can mean a lot of things. Here in the Seattle area we have Sound-front, lake-front, slew-front, river-front, stream-front and creek-front properties. My clients wanted to find a unique, waterfront property in Kenmore or Kirkland and one particular property kept coming up in our searches: On the 193rd block of 73rd Avenue NE is a Spanish-Style home (with a Sante Fe flavor) that lies on a 4.9 acre lot and is transversed by Swamp Creek.
The Hess Property: An Incredibly Interesting Property!
As a Realtor® I have found that clients love to look at “interesting” properties but are often intimidated by the scale and scope of land that comes with complex components. This particular property includes the 4700 square foot home, Swamp Creek, a number of outbuildings, 2 bridges (one of which was over 60-years old) and a huge pasture. At that time, the home was listed over $1 million. In the end, my clients found it hard to wrap their heads around what to do with the place and I never had the chance to take a stab at it.
Outbuildings
This bridge replaced the old 60 year-old structure....$$$$$$
Swamp Creek
THEN CAME PAUL AND JANET HESS!
In 2005 my wife and I moved from our long-time residence in Shoreline to Kenmore and that same year Paul and Janet Hess purchased “the one that got away!” As it happens, we currently live a short distance from the Hess property and for the last couple of years we’ve noticed something really interesting down in the pasture: ALPACAS!!!! Every morning, when I take my wife over to the Kenmore Park & Ride, we’ve been noticing a growing population of what we thought were llamas. Finally, I decided to go over and meet the owners and find out if they would let me “meet the critters.” As it turned out, Paul Hess graciously allowed me to come over last Thursday to meet the herd and talk about all of the things he and his wife have done to transform the property into a truly amazing place.
Paul is an wonderfully engaging person and we talked about how he and his wife were able to align some of their personal passions with various facets of the property. We talked about the challenges of Swamp Creek, replacing the original bridge, environmental issues, (some) local politics and, of course, the herd of alpacas. When we went out to meet the animals I was surprised at how approachable they were:
The alpacas were extremely curious and seemed to have no fear of me. Even the mothers and the babies came right up to me. I have to say this was a lot of fun!
Today the Hesses have 18 alpacas and 2 romney sheep. Alpacas produce one of the most valuable fleeces of any animal and clothing made from their fleece is highly sought-after and expensive. Janice has a wonderful workshop where she processes the fleece and produces handmade products.
My visit with Paul Hess was a real treat because I have both a personal and professional connection to this unique property. Personal, because I’ve had the pleasure of meeting a neighbor with the vision and enthusiasm to transform a complicated property into a working compound. Professional, because I tried to sell this property. You know, it is always the obligation of real estate professionals to recognize the “highest and best” use of a piece of property and I can say with confidence that the Hesses are genuine stewards who have made their property a truly magical place.
Share
-->
Dec
02
Posted by James Lupori
Overall, November 2009 Was Better Than Last Year
Last November was a dismal time for home sales in Kenmore. As a Realtor®, I didn’t have a lot to be happy about: the market was plunging into a deep recession and there was a lot of anxiety about the economy. If you take a look back on my analysis then, the numbers were pretty grim. As I wrote:
“Kenmore’s home sales moved at a glacial pace in November. Only 12 homes closed between November 1 and November 30. There are 19 pending sales. The current active inventory remains relatively high (171).”
November 2009 Statistics
Home sales are still lethargic here in Kenmore; however, they are up from last year. Where we see some positive movement is in the number of pending sales and the significant drop in the current active inventory. Let’s take a look:
Active Listings
Today the active inventory of single family homes in Kenmore is 31% lower than last November. This is a far more healthy environment for both buyers and sellers. Over the last several years, home owners have been forced to either take their homes off the market or lower their prices to better reflect this challenging market. Now, buyers have fewer choices; however, it’s far easier for them to make offers to sellers who are serious about making a deal.
Pending Sales
Last November there were only 19 pending sales which was a clear indication that December and January were going to be a bust (and they were). This year pending sales have grown 41%: from 19 to 46. This reflects a far healthier market than one year ago. My only concern is that 25% of the pending sales are distressed or bank owned properties which tend to be difficult transactions.
November Sold Homes
Kenmore has not seen a huge growth in the number of sold homes as compared to last November. Certainly, a 30% increase in sales is a good thing, but only 5 more homes were sold than last November (17 this year versus 12 last November). One interesting fact to note is that both this year and last year, the days-on-market for sold homes was 45 days. This means that a well-priced and presented home doesn’t take forever to sell, even in difficult times.
We are now quickly approaching the Christmas Holiday slowdown in the real estate market. It will be interesting to see how this whole year turns out. It was definitely better than 2008.
Share
-->
Nov
12
Posted by James Lupori
Tax Credit Stimulates Lower-Price Sales
Home sales exceeded expectations for October 2009. Last year we saw 23 single-family-home sales. This year 27 homes sold, spurred-on by lower prices and the $8000 tax credit. Of particular note is the number of lower-priced home that sold:
The majority of home sales in Kenmore were under $400,000. 10 were under $300,000 which suggests that a lot of 1st time buyers realized that the planets were aligned perfectly for a home purchase. If you’re interested in what the local Multiple Listing Service has to say about the overall market in Puget Sound, check out their monthly news release:
Click on this picture to read "Real Estate News"
Share
