We're on the Job this Month as More Listings Hit the Streets. We're Ready to Sniff out your Perfect Home!
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With spring just around the corner, we're itching to get outside to work in the yard and enjoy some warmer temperatures, sunshine and springtime blossoms. We're also excited to see more listings coming into the market after the delays caused by our snowy & frozen terrain. Certainly, buyers have more leverage than they did at the height of the market last year, but the really good listings are still moving quickly and some are even sticking to the review date model.
Cheers,
Vin & Candice
PS - Baseball is almost back! Springtime in Seattle...when we start coming out of our gloominess and step into to the light with a smile! We hope see you out there :-)
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Market Sentiment
A quick look at the numbers reveal that, as expected, we may be stabilizing after the correction of the past 7 months. Median sales price dipped in January below April 2017 levels, but we saw February numbers headed higher.
The number of active and pending listings remained in line from January to February, but the number of sold residential listings increased from 733 to 986 month over month in our market area showing some acceleration with the seasonal expectations.
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There Goes the Neighborhood!
News from Around Town
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House Moving Ramping up Across
Old Seattle Neighborhoods
House moving isn’t a new business in Seattle but it’s certainly experiencing an increase in demand over the last few years. Nickel Bros, a company specializing in lifting homes off foundations has discovered a unique real-estate niche — lifting historic homes from their lots and moving them to their new site. Our neighborhood of West Seattle has been a hot spot for the company, where they have moved over a dozen homes recently. I’ve personally watched the process occur, and it’s remarkable to see these houses pulled from their locations and navigated through narrow and steep streets. Several of the homes made their way to the Alki boat launch and were sent sailing across Elliot Bay heading toward their new sites north of the city.
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Why are These Homes Moving?
Changes in zoning are the primary driver. Streets that were once zoned for single-family residences are now cluttered with projects extending as high as seven stories tall. Many of the new construction developers are not interested in the structures sitting on these now very desirable lots, so they may even offer the house back to the seller as a perk to get the deal moving forward. I’ve been following a project near the West Seattle Junction for the last two years. At the corner of California and Findlay stood a well preserved 111 year- old log cabin turned construction office. The house was sitting on newly LR-3 zoned land that would permit up to 6 townhouses to be built in its place. The structure was listed for sale for $1 plus the cost of moving the structure, estimated to be between $60-80k.
The buyers of the log cabin, who own a home just a couple of miles away, purchased the structure to be utilized as an addition to their existing house. Unfortunately, they couldn’t take the entire log structure to their property because Seattle’s land-use code doesn’t permit such a large addition to their home. They were able to take the historic front portion of the home, including its fireplace and sun room, which amounts to more than two-thirds of the structure’s 990 square feet. Only the rear bedrooms, added on more recently, were left behind for demolition.
Construction is underway on a three story building containing six live-work units at its former site. Several of these types of projects have been completed along California Ave.
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The house-moving ethic also has attracted the attention of the Southwest Seattle Historical Society. They have recently moved their focus to another unique property on Harbor Ave. SWSHS leaders stated that they are grateful that the new owners of the well-known little stone-covered house at 1123 Harbor Avenue SW have agreed to meet with them. The home stands unique against high rise condos, as one of the last few original Alki beach cottages. Built in the late 1920s, the stone siding was collected exclusively from the supply across the beach. SWSHS isn’t seeking to get in the way of whatever the new owners – who just bought the site and two adjacent lots last week – have planned. They just want to obtain the house itself and move it someplace new, potentially to use as an interpretive center.
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Tiny Townhouses - The Newest Addition to Micro-housing
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A new type of housing is furthering the change of West Seattle’s Delridge neighborhood. A location that was once known for its cheap wetlands is now flooding with boxy townhomes, modern condos and now a row of 8 tiny townhomes.
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The eight homes are identical in layout. There are three floors: a basement bedroom and bathroom, the main floor with kitchen and living room, and an upstairs loft bed and bath with a larger-than-normal balcony the builder titles a mezzanine. The use of stairs are quite unique with a tight spiral that leads to the basement and a tree house inspired ladder leading to the top floor. Check out the full tour here.
One of the lead designers said the idea for the units sprang up due to the number of people getting priced out of buying a home in Seattle. He added these units give people a chance to own a home for a price lower than what you can find on the market.
We toured one of these units after its completion earlier this winter and I must say that I was impressed. The place was laid out like an Ikea display room, with everything in tis right place. However, any more than two people on one of the levels felt uncomfortable to me. I was a bit skeptical of how quickly these units would move given the price tags of $349k-$389k, with the corner units priced higher due to a significant increase in natural light. However, all 7 that were listed sold for near full price within two weeks of hitting the market. The 8th home is expected to be posted within the next few weeks.
Since the project was viewed as successful & profitable; I would imagine that this could be a trend that catches some traction as Seattle continues its progression toward urban density.
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In Closing...
Those thinking of purchasing a home in the next year and beyond should become familiar with forecasted interest rates and what feels comfortable for a monthly payment.
If you have not already done so, contact a mortgage broker to understand what type of mortgage will be right for you. Get pre-qualified or better yet, pre-approved. It will take extra effort up front, but when that special property becomes available you’ll be ready to beat out any competition by showing your seriousness to sellers. When you’re ready to start seeing some properties, shoot us an e-mail or give us a call, and we’ll start a conversation to learn more about you and what you hope to find.
For anyone thinking of selling their home, we would suggest that you wait until the spring to list your home if possible. This will allow you to take advantage of usually warmer market. You’ll also be able to highlight your home in a brighter light! In the meantime, start looking around your home to see what you can do to highlight special features, to correct any issues and to “stage” your home for potential buyers if you plan to remain while your home is listed. If you need some help getting started, reach out to us to schedule a consultation. We’re happy to lend an eye and a hand.
We’ll continue to share more insights into this developing period in the coming months. Stay tuned and don’t forget to reach out and drop us a line- even just to say hello!
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Helpful Resources
If you are currently in a rental and are weighing the pros and cons of renter life vs. owner life, why not crunch the numbers with this Rent vs. Buy calculator from nerdwallet. It has numerous options to consider in your calculations.
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Vin & Candice Cangialosi, Real Estate Brokers
North Pacific Properties, LLC
2224 Queen Anne Ave N
Seattle, WA 98109
V: 206.939.3778 | C: 206.595.9645
vin.candice@settleinseattle.com
www.settleinseattle.com
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