Case Studies • CoBuy • February 23, 2021

COBUY SUCCESS STORY: Amber & Nate’s West Seattle Beauty

by Don Koonce

Amber and Nate moved to Seattle for work several years ago and have been renting all that time. Then they discovered CoBuy and decided to stop paying someone else’s mortgage and start paying their own. We were introduced through CoBuy and started working together to find them a home.

The journey was relatively short, especially in our busy market. They identified five homes they wanted to see, but when I checked into them, I found that two were already under contract. We toured the other three and they really liked one of them. The offer review was the next day so I got their offer together and waited to find out if they won.

The listing agent was expecting three offers including Amber and Nate’s. She ended up getting 14 offers and the price went 21% over list price! So, it was on to the next.

They identified two more houses that they wanted to tour. They liked one of them and wanted to submit an offer. The home had been in contract pending inspection two times before and was just back on the market. The previous buyers got cold feet and their decision to terminate their agreements wasn’t based on an actual inspection.

The three-bedroom/one-bath home is in a fabulous West Seattle location just moments from Westwood Village. The serene backyard farm-like setting boasts mature fruit trees, planter beds and room for more.

Amber and Nate’s offer was accepted at list price. We scheduled the inspection, and the resulting report was pretty clean, just mostly small items. I was able to negotiate $5,000 off their closing costs in lieu of repairs. The appraisal came in at value with no repairs requested, and their lender was able to close the transaction a week early.

They closed nearly two weeks ago and are planning to do a few renovations before they move in. They are super excited to be homeowners.

Congratulations, you two!

Restaurant Reviews • February 22, 2021

RESTAURANT REVIEW: Columbia City’s Super Six

by Don Koonce

My partner Alan and I have been going to Super Six for a number of years and have always had a good experience. The restaurant is in a former auto body shop, so it has an automotive theme with lots of interesting things to look at.

Post Covid, the dining is all outside either in a big unheated tent, or on their covered patio. For now, we’re choosing to stick with takeout or delivery until we can eat in the restaurant again unless the weather is warmer.

Super Six serves fun cocktails and Hawaiian inspired food. My favorite is the Huli Huli Chicken bowl and Hibiscus Margarita. The bowl is a base of rice with chicken, green beans, pickled red onion, cucumber, white rice and a sunny side-up egg. I like to mix it all up with a good quantity of Siracha. It’s comfort food for me. They have several other bowls to choose from as well as noodle dishes, burgers, ribs, wings, sliders, chili, salads and fries, all with a Hawaiian flair. They also have vegetarian options.

The patio / tent service was a bit slow when we visited in the summer, but I do try and cut them some slack since they’re still operating under Covid restrictions. The ordering process is by QR code, and online payment, so it’s all touchless. They also meticulously sanitize the tables and benches between groups.

If you find yourself craving something different, I recommend giving Super Six a try.

Super Six
3714 S Hudson St.
Seattle, WA 98118
(206) 420-1201

Photo courtesy of Super Six/Twitter.

Events • February 18, 2021

YOU’RE INVITED: 2021 Housing & Economic Forecast with Matthew Gardner, Economist

by Don Koonce

Mark your calendar!

You’re invited to attend a virtual presentation of the 2021 Housing and Economic Forecast by our in-house economist, Matthew Gardner, on Tuesday, February 23, from 7 to 8 pm. While it’s anybody’s guess what the future holds for this dynamic market, his insights are always useful and enlightening.

Please contact me, and I will forward you the Zoom link as soon as it becomes available.

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on national and regional real estate markets.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Department of Real Estate at the University of Washington where he also lectures in real estate economics.

Matthew’s forecasts are used by the Federal Reserve Bank of Philadelphia, Reuters, and he also participates in Zillow’s National Home Price Expectation Survey.

Best,

Don

Buyers • February 16, 2021

Striking Restrictive Racial Language from Your Title

by Don Koonce

Restrictive racial covenants—which excluded people of color from purchasing, leasing, or occupying homes in certain neighborhoods, developments, or regions—have been deeply embedded in the practices of the housing industry since the early 20th century. Although the Supreme Court ruled that municipally mandated racial zoning was unconstitutional with 1917’s Buchanan v. Warley, this decision extended only to government action such as city ordinances, and not to private agreements such as restrictive covenants.

This left the door open for discrimination in real estate to continue. The Supreme Court’s 1926 ruling in Corrigan v. Buckley validated the use of racially restrictive covenants, and they quickly became common practice. Shortly thereafter, these restrictions were endorsed by federal housing administrators and lenders alike, creating a system that shaped communities and segregated neighborhoods throughout the country.

In 1948, with Shelley v. Kraemer, the United States Supreme Court ruled that these racial deed restrictions were no longer enforceable. But the structures of segregation remained intact and real estate brokers, agents, and property owners continued to discriminate based on race.

Congress struck a blow against these practices by passing the Fair Housing Act in 1968, which prohibited discrimination on the basis of race, color, religion, or national origin in the sale or rental of housing. However, the language of restrictive racial covenants is still written in the chain of title for many homeowners nationwide.

Striking Restrictive Language By State

As part of our commitment to diversity, equity, and inclusion, Windermere has prepared educational content on how homeowners can remove racially restrictive language from their chain of title. Of the ten states that Windermere operates in, there are processes in place to remove this language in Arizona, California, Colorado, Idaho, Nevada, Oregon, and Washington. Homeowners in Idaho will note that the process to strike restrictive language is subject to change, pending the legislature’s passing of I.C. § 55-616 in 2021. In Hawaii, Montana, and Utah, there is currently no process for the removal of discriminatory covenants from a chain of title, nor is there pending legislation to address the issue. In Hawaii and Utah, although there is legislation in place declaring such covenants void, there is nothing currently in place that permits a court or auditor to strike the restrictive language from the title.

Contact me to begin the process of striking the restrictive language from your title.

Real Estate News & Information • February 9, 2021

Southeast Seattle Sees Greatest Home Sale Price Increase in King County

by Don Koonce

It’s no question that 2020 was an unprecedented year in just about every way possible — including real estate. Low inventory and high demand sent home prices skyrocketing, ratcheting up the competition in King County’s already hot market. This competition didn’t slow down in the winter months either, as neighborhoods continued to see a rise in prices and home sales through the end of December.

But among the region’s most competitive neighborhoods, which ones fared the best at the end of 2020? Recent data from the NWMLS gives us some insight into King County’s strongest neighborhood markets.

Ballard/Greenlake and North Seattle both saw a marked increase in closings. Compared to December 2019, the neighborhoods both saw a 44% increase in closings. Ballard/Greenlake also had a significant price increase, from an average of $705,000 in December 2019 to $776,500 this year.

In terms of Seattle price increases, Southeast Seattle saw the greatest gains, coming in with an average increase of 16.4% in the neighborhood.

Last month, Queen Anne/Magnolia saw the number of houses under contract in their neighborhood more than double from December 2019, also indicating a strong interest in the area.

King County at large also performed well at the end of the year, with closed sales rising over 28% from December 2019, and the median price increasing almost 10%. In Seattle specifically, the number of closed sales rose 30.7% and the median price increased 5.8% year-over-year. On the Eastside, Kirkland/Bridle Hills saw the largest price increases in the county.

Buyers • February 3, 2021

Buying with Remodeling in Mind

by Don Koonce

Everyone has their own definition of a dream home. For some, they know right when they see a home that it’s perfect as is. For others, it takes remodeling to achieve their vision. Whether you’re looking for something in need of a few upgrades or a total fixer-upper, buying with the intention of remodeling comes with added considerations.

Finding the Right Home to Remodel

When it comes to choosing the right home to remodel, you’ll want to look for a property that not only aligns with your renovation plans but has significant ROI potential. How much value a home stands to gain depends on a variety of factors, like the cost of the project and your local market conditions. Knowing this information will help paint a picture of a home’s potential ROI. By conducting detailed Comparable Market Analyses (CMAs), your Windermere agent can provide helpful info on how similar homes in the neighborhood have performed on the market. Though these factors don’t provide a concrete valuation, they will help you understand how much your home could be worth.

Choose the Right Remodeling Projects

The right remodeling projects are the ones that align with your plans for living in the home. If you’re looking for an investment property, you’ll be targeting renovation projects that appeal to buyers, like a kitchen remodel, attic conversions, garage door replacement, and exterior projects that boost the home’s curb appeal. However, if you’re planning on putting down roots and staying for an extended period of time, you’ll want to focus on projects that maximize your enjoyment of the space. In either case, any structural issues require immediate attention and should be at the top of your list.

Know Your Remodeling Budget

Your remodeling budget will help you determine the scope of renovations you’re able to afford, and ultimately, which home is right for you. Knowing this information will help your agent identify which homes fall within your range. It will also guide your conversations with your lender when structuring your loan. For more information on home renovation loans, talk to your Windermere agent.

Break Down Your Remodeling Costs

Although remodel cost estimates aren’t always final, they give you an idea of what you can expect to spend. No renovation comes without hurdles and complications, so leave some wiggle room in your budget for unforeseen costs. This will allow you to expect the unexpected and stay within your budget. A cost breakdown will also help to identify areas where you can save money by doing-it-yourself. Painting projects, landscaping, and small-scale demolition are common DIY projects that can add up to significant savings.

Find the Right Contractor

For the remodeling projects that require professional expertise, finding the right contractor is another pivotal step in making your dream home a reality. Start by reaching out to your circle of friends and family for referrals. If someone you know and trust had a positive experience with a contractor, that’s a great starting point. Continue your search by gathering information for multiple contractors in your area and request project bids and timelines from each one. This will allow you to compare pricing and make a more informed decision.

Conduct Thorough Inspections Before Remodeling

Buying a home with the intention of remodeling means that a home inspection is likely to produce a longer list of items than a newly constructed home. Conducting a thorough home inspection is critical to formulating your plans for remodeling. Additionally, it will help identify which issues need immediate attention, enabling you to negotiate repairs and concessions, so long as the inspection is performed during your inspection contingency period.

Restaurant Reviews • January 26, 2021

RESTAURANT REVIEW: Southcenter’s Bai Tong

by Don Koonce

Bai Tong at Southcenter in Tukwila is one of our favorite places for Thai food. We’ve been going for more than a decade and have never had a bad experience with the food. They have a very extensive menu, and are open for lunch and dinner.

The restaurant has a cozy atmosphere, friendly staff, and delicious food, but since we currently can’t dine in, we’ve been getting takeout. One of my favorite dishes is their Crispy Garlic Chicken, although it is much better when you can eat it in the restaurant, since it’s not as crispy when eaten as takeout.

Some of our other favorite Bai Tong dishes that tend to travel well and stay hot are the Tom Yum soup (be warned, it can be SPICY), Swimming Rama, Asparagus Mushroom, Pad Prik Khing, Pad Khing, and Pad Thai.

I’m looking forward to being able to eat in the restaurant again. If you are looking for delicious Thai takeout, give Bai Tong a try.

Bai Tong
Located next to the Southcenter Mall
16876 Southcenter Parkway Tukwila, WA 98188
(206) 431-0893

Homeownership • January 19, 2021

8 Tips for Your Winter Home Maintenance Checklist

by Don Koonce

Winter is a magical season to spend at home. We all want to be able to enjoy the shorter days and longer nights from the comfort of our homes while we watch the season change.

To truly enjoy this winter at home with peace of mind, you’ll want to complete a home maintenance checklist to prevent unexpected costs, ensure your family’s safety and warmth, and keep your home in the best shape for the winter season ahead.

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Homeownership • January 12, 2021

Technology in Your Home

by Don Koonce

Every year there are more products that come out to automate your home. There are many reasons to add technology and to automate your home including safety, security, efficiency and convenience. Here are some reasons and products that are must have for your home.

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Homeownership • January 5, 2021

10 Ways to Save Money by Going Green

by Don Koonce

Contrary to popular belief, going green does not have to be hard or cost money, in fact it can even save you money. There are many small things that you and your family can do within your home to save money while reducing landfill waste and the use of natural resources. Discover a few ways to go green and save some money by choosing a green home.

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