Seattle residents will be participating in the 7th Annual Lake Union and Portage Bay Sweep on Saturday, May 9. Local Seattle volunteers, homeowners, businesses, and government agencies will gather to clean up the waterfront shorlines of our in-city waterways.
Last year, the Sweep netted over 3 tons of garbage, beautifying the landscape and cleaning up the waterfront habitat. The waterfront is covered by boaters in kayaks and small craft, and walking volunteers along the shoreline. Trash is then transferred to larger craft and delivered to Seattle Public Utilities for Disposal.
The event is organized by the Puget Soundkeeper Alliance, and is sponsored in part by the Floating Homes Association. For more information, contact Chris Wilke of the Puget Soundkeeper Alliance at 206-297-7002.
Monday, March 30, 2009
Saturday, March 28, 2009
Seattle's Lake Union Loop
The Cheshiahud Lake Union Loop was ceremonially dedicated by Seattle Mayor Greg Nickels and residents of the Lake Union waterfront. There is a lot of work to be done, but the plans for improved access and recreation around the lake will benefit Seattle as a whole.
The trail, named for a Native American chief who led a tribe in the area, should create access to Lake Union for local residents.
The master plan is to connect Gasworks Park along with dozens of other pocket parks and street ends that surround the lake. This should create better walking, biking, and jogging trails for the residents of Wallingford, Eastlake, South Lake Union, Montlake, and Westlake. It will probably also attract more visitors from the rest of the city for recreation, similar to Green Lake's draw.
The trail, named for a Native American chief who led a tribe in the area, should create access to Lake Union for local residents.
The master plan is to connect Gasworks Park along with dozens of other pocket parks and street ends that surround the lake. This should create better walking, biking, and jogging trails for the residents of Wallingford, Eastlake, South Lake Union, Montlake, and Westlake. It will probably also attract more visitors from the rest of the city for recreation, similar to Green Lake's draw.
Friday, March 27, 2009
Rates Drop Again - 4.85% Interest
Interest rates on 30 year mortgages dropped to 4.85% this week, a 38 year low according to Freddie Mac.
After the Fed's announcement of plans to buy $750B in MBSs and $300MM in Treasuries, the mortgage markets responded with the big drop. On top of the $8000 tax credit for first time buyers and lowered prices over the last few years, incentives for buyers are everywhere right now.
After the Fed's announcement of plans to buy $750B in MBSs and $300MM in Treasuries, the mortgage markets responded with the big drop. On top of the $8000 tax credit for first time buyers and lowered prices over the last few years, incentives for buyers are everywhere right now.
Thursday, March 26, 2009
Toxic Chinese Drywall
Another Chinese product being imported here with dangerous levels of chemicals. This time it affects our industry.
Toxic Chinese drywall is creating disastrous conditions for home builders and buyers in the Southeast. Some developments in Florida have seen sales drop off a cliff after begin tagged as "Chinese drywall hot spots". While it's a relatively new topic, more of the country needs to be aware of it.
Some Chinese drywall imported since 2001 has high levels of sulfuric compounds. These compounds release sulfur gases when they come in contact with moisture or moist air. This is obviously a big issue for homes in the Southeast with humid, hot weather.
The sulfur gives off the smell of rotten eggs, which is annoying if not nauseating to the buyers. Even worse, it corrodes air conditiong coils and electrical wiring. Homeowners with fairly new homes have had breakdowns in the mechanical systems of their homes far more quickly than should be expected. More recently, inspectors have seen even galvanized nails and building materials quickly showing early signs of corrosion that will lead to further damage down the road.
While most of the damage thusfar has been restricted to the Southeast, according to the Homeowners Consumer Center, "we always expected to find very heavy concentrations of the Chinese drywall in California, Arizona, Las Vegas, the Pacific Northwest and the Mountain West, because most of the product was shipped through the ports of Long Beach, Oakland, and/or Seattle/Tacoma."
Just because it isn't humid in your city, doesn't mean that there won't be long-term problems with this drywall in your local community. There are specialty inspectors now that look for the signs of Chinese drywall. By going in attics or unfinished spaces, they can sometimes find markings on the back of the drywall signifying its origin. If that's not possible, they can take samples and test.
Don't be alarmed, just be aware. This is an issue that's not going to go away quickly.
Toxic Chinese drywall is creating disastrous conditions for home builders and buyers in the Southeast. Some developments in Florida have seen sales drop off a cliff after begin tagged as "Chinese drywall hot spots". While it's a relatively new topic, more of the country needs to be aware of it.
Some Chinese drywall imported since 2001 has high levels of sulfuric compounds. These compounds release sulfur gases when they come in contact with moisture or moist air. This is obviously a big issue for homes in the Southeast with humid, hot weather.
The sulfur gives off the smell of rotten eggs, which is annoying if not nauseating to the buyers. Even worse, it corrodes air conditiong coils and electrical wiring. Homeowners with fairly new homes have had breakdowns in the mechanical systems of their homes far more quickly than should be expected. More recently, inspectors have seen even galvanized nails and building materials quickly showing early signs of corrosion that will lead to further damage down the road.
While most of the damage thusfar has been restricted to the Southeast, according to the Homeowners Consumer Center, "we always expected to find very heavy concentrations of the Chinese drywall in California, Arizona, Las Vegas, the Pacific Northwest and the Mountain West, because most of the product was shipped through the ports of Long Beach, Oakland, and/or Seattle/Tacoma."
Just because it isn't humid in your city, doesn't mean that there won't be long-term problems with this drywall in your local community. There are specialty inspectors now that look for the signs of Chinese drywall. By going in attics or unfinished spaces, they can sometimes find markings on the back of the drywall signifying its origin. If that's not possible, they can take samples and test.
Don't be alarmed, just be aware. This is an issue that's not going to go away quickly.
Tuesday, March 24, 2009
First time buyer - time to move
The Seattle Times had a great report this weekend on the advantages of buying for first time home buyers. The market conditions are perfect in Seattle for a first time buyer to get a great deal on a home.
- Interest Rates are Historically low
- Mortgage payments will therefore be more affordable
- Lower payments make it easier for a buyer to qualify for a mortgage
- Income Tax Credit of $8,000 is available to first time buyers
- Prices in Seattle and King County are down a bit, and it's still a buyer's market to negotiate
- The job market and real estate market in Seattle are still among the strongest in the country
If a buyer is waiting for the right time, it may make sense to jump off the fence now. No one can predict where prices will be next year, but historically, we know these rates probably won't be lower any time soon. An increase of 1% in interest rates can erase a 15% savings on price in today's market. The $8,000 tax credit is only good through November 30 of this year. If it's a good investment, an affordable payment, and fits your desired lifestyle, now is the time to buy.
King County Sales up 8%
Some good news for the local housing market. With Washington State residential sales up 5% from January to February, we had an even bigger bump in King County at 8%. There is almost always a bump in sales as we head towards spring, but these numbers look significantly better than a normal cyclical trend.
The fastest-moving homes are, not surprisingly, $300k-$350k, closely followed by $350k to $400k homes. In Seattle and much of King County, these are starter homes mainly purchased by first time home buyers. Many of these sales can be attributed to the low interest rates available, as well as the tax credit for these first time buyers.
The fastest-moving homes are, not surprisingly, $300k-$350k, closely followed by $350k to $400k homes. In Seattle and much of King County, these are starter homes mainly purchased by first time home buyers. Many of these sales can be attributed to the low interest rates available, as well as the tax credit for these first time buyers.
Wednesday, March 18, 2009
Nutria and the Seattle Waterfront
Nutria are non-native animals to the Seattle area, and they have quickly gotten a bad reputation as having a negative impact on the waterfront real estate and natural environmental habitats of our lake and river communities. They were imported from other countries decades ago, and have recently resurfaced in our area without any natural predators.
You can recognize Nutria a few ways - if they're swimming, their long round tail will be up out of the water (muskrats and beavers swim with their flattened tails). The muzzles of the nutria have white hair and white whiskers, unlike the other water animals. The nutria are about 2 feet in length, and sightings should be reported to the US Department of Agriculture's state office at 360-753-9884
You can recognize Nutria a few ways - if they're swimming, their long round tail will be up out of the water (muskrats and beavers swim with their flattened tails). The muzzles of the nutria have white hair and white whiskers, unlike the other water animals. The nutria are about 2 feet in length, and sightings should be reported to the US Department of Agriculture's state office at 360-753-9884
Real Estate owners and environmentalists agree - we need to corral these critters quickly.
More info on Nutria:
Destruction of marshland habitat for fish, birds, and other wildlife can be extreme where large populations of nutria thrive, for they are voracious consumers of marsh vegetation. Eating 25% of their weight daily in the form of roots, rhizomes, and plant stems, nutria carve up floating vegetation in their quest for food and burrow into shorelines to build their dens. Their appetite for wetland vegetation destroys fish habitat, pushes out muskrats, and ravages the nesting areas of ducks, grebes, and other water birds. Their burrowing undercuts sidewalks and roadways along Lake Washington Boulevard and is currently carving up the marshland near the Montlake Playfield in the south end of Portage Bay. Individuals who have encountered nutria feeding on their shoreside gardens report that they are not afraid of humans, and a recent article by Lisa Stiffler of the Seattle P-I states that they are also unafraid of pets and may carry disease affecting both humans and domestic animals.
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