Year     # Closings

2007        48

2008        18

2009        24

2010        30

I see a positive trend. This is good news for our real estate market. I hope the trend will sustain itself and we will see a healthy real estate market throguh 2010. 

How green can you get at home? Something that recently caught my eye is a toilet/sink combo made by Caroma that is the epitome of environmentally friendly in the bathroom. Forget the old “if it’s yellow let it mellow, if it’s brown flush it down” mantra, if you want to be green in the bathroom then one of these babies is a must. It has a high-efficiency dual flush system (one flush for yellow, a different flush for brown) and an integrated sink. The wash water from the sink empties into the toilet tank to prep for the next flush. Ta-da!

Imagine the space you can save, let alone the water. I wish this was available when I was trying to figure out a remodel of a teensy-weensy bathroom (3′ x 4′, at most!) in my last house. We ended up with a Toto high efficiency flush toilet and a small and beautiful wall-hung sink.

Do I sound like a nut?  I kind of am, when it comes to stuff like this. I once gave clients who bought a house from me and were planning a bathroom remodel a Toto dual-flush toilet as a housewarming gift. They came home at the end of their work day to find it on their front porch. We had done several property transactions together, so I knew the toilet would go over well.

I wonder if this blog post will scare some people away…? If you require a gift basket at the closing of your real estate transaction, I’m not the agent for you.

From light bulbs to heat pumps, it pays to be energy efficient. Say you are buying a home that has in-wall electric blower type heaters. Installing a forced air system with efficient heat pump will save you money on your energy bills over time, as well as quailify you for a tax credit and rebate from the local power company under certain circumstances. Below are links to Puget Sound Energy’s “Rebates and Promotions” page and to the “Tax Incentives Assistance Project” web site for energy tax incentives.

PSE Rebates and Promotions

Energy Tax Incentives

5789 Wimsey Lane
Facts: 
3 bedrooms + office
1 acre
2736 square feet
$600,000
Hosted by Susan Butler

1708 Parkview Drive NE

Facts:
3 bedrooms + office/4th bedroom
Views of Olympics, Puget Sound, Ferry Route
2823 square feet
$529,000
Hosted by Sarah Sydor

It isn’t often that you can find a four-bedroom house on Bainbridge Island for $350,000, let alone one in-town on a dead-end cul-de-sac. This is a great home for first-time homebuyers, investors and those looking to build some sweat equity. With just under 2000 square feet and a quarter acre of land, this is a deal.

For full listing details and a photo gallery click here.

What do you imagine when you think of the word “home”?  Is it a place with a big kitchen with a door that opens to the back yard where you can watch your kids run out to climb the ladder to their tree house? Is it somewhere with space for everyone, including a shop with a window to the back yard? Do you imagine a home full of family and friends for holidays, with plenty of space to entertain?  Have you dreamed of a place where you know your neighbors, and you can easily get to town? This house has all these things and more. Located on the sought-after Wimsey Lane just minutes from town and close to public transit. Only one other home in the neighborhood has sold since 2004. So if you are looking for a place to hang your hat (and keep it there!) this could be the place for you.

For more information and a full photo gallery click here.

Lower Inventory

Last year at the end of January, there were 190 active residential properties for sale on Bainbridge. In 2008 that number was 206 and in 2007 (before the “stuff” hit the fan) there were 144 and just 80 in 2006. Compared to 2008 and 2009, available inventory is down 22% and 16%, respectively. Why is that news? We have had an oversupply of inventory for some time now. As inventory declines, the market will come back into balance, between the supply provided by sellers and demand desired by buyers.

Months of Inventory

A measure that can be helpful in understanding a local real estate market is the number of months of available inventory. By dividing available inventory (active listings) by the previous month’s number of sales, we arrive at the number of months of available inventory. At the moment, we have seven months of available inventory.

Days on Market

When I compare the number of days on the market for active inventory versus sold listings (in all of 2009) it is striking. The median number of days actively listed single family properties have been on the market is 112, while the median number of days of all single family properties last year was 74, a difference of 38 days. Of the properties that are currently in contract (contingent sale, contingent on inspection or pending sale) the median number of days on the market are 110. What I gather from these statistics is that while inventory is down, it is taking longer to sell properties.

The statistics coincide with my personal observations. Buyers are taking hard looks at their options, kicking the tires hard. This is not necessarily a bad thing for sellers, because once someone makes an offer, rest assured they have thought about it and are not rushing in with a decision they will regret later and pull out of the deal.

So, if you have a house on the market or are thinking about selling, be prepared to wait.

Financially Distressed Properties

No longer a small fraction of our marketplace, financially distressed properties represented a significant proportion of transactions in 2009 and that trend appears to be carrying through to 2010.

While it is difficult to get exact numbers on this because of a change in the way the multiple listing service reported financially distressed properties that did not occur until mid-2009, I do have some estimated results. At my count, there were 37 sales that of distressed single family homes (15 short sales and 22 bank-owned), representing 17% of all single family home sale last year.

As of January 26, 2010 14% of the active inventory is in financial distress (13 short sales and 9 bank owned). Forty-one percent of properties in contract are distress sales, or 13 out of 32.

Of note is that short sales are taking about twice as long to get into contract than bank-owned properties. Could this be contributing to the increase in the number of days on the market for active listings? Most definitely. This is another conversation in itself and perhaps I will post on the topic later.

Forecast for 2010

Ha! I don’t want to be trapped by my own words so this is the beginning of the mystical section of my blog post.  First, I’ll use an analogy from my experience with my two babies (now ages 2 and 6). In talking with new parents, I tell them that the only thing that will be predictable for a while with their baby is change. I warn them not to rely on what is happening today to predict tomorrow, and be open for anything. For real estate buyers, sellers, and holders, my advice is to think carefully about your decisions and make sure you get good advice from trusted professionals. Look ahead in your life and think about what a purchase, sale, or staying put will mean for you. Ask not only your real estate agent what she thinks, but an accountant and financial advisor. And, as I always like to point out, real estate decisions are usually made because of some underlying personal reason like a new baby, job change, or other life experience that drives you to act (or not!).

The second approach I will take to making predictions about the 2010 market is to turn to a tried-and-true source the Magic 8 Ball. Manufactured by Mattel and invented in 1946 by the son of a clairvoyant, Albert Carter, I make all my important decision with the advice of this toy, um, I mean, precise prediction tool. My question to the Magic 8 Ball today, is, “Will 2010 be a good year for the Bainbridge Island real estate market?” Wow!!! I got a “Yes, Definitely.”  The Magic 8 Ball might be feeling a little more optimistic than me, but who am I to question its advice?

Every year the Chilly Hilly is fun for participants and spectators alike. We waved from the end of our lane as bikes whizzed by, the cyclists waving and saying hello, and participating friends stopping to chat.

Snow in April! This photo reminds me of the a snow storm last year that knocked out our power. I had coffee beans, a propane stove top and a French press, but no way to grind the beans and make coffee! A good (VERY good) friend who lives nearby stopped by with a thermos of coffee for me, taking his chances driving on the very slippery road. THAT is friendship - he knows it would not have been a pretty day for my family if I had to go without coffee

Liz Gadbois, owner of Bottom’s Up Farm, opened up a field on her property to anyone who wanted a plot to garden. Liz’s generous spirit created a great opportunity for people to meet, grow food, and have fun. My family STILL has canned tomatoes from the “tomato jungle” we grew. That, along with zucchini, carrots, beets, snap peas, and lots more contributed to a fun and yummy summer. Liz is an amazing person and she helped make our summer so special!

We have been attending the All-Comers Track Meets organized by Jim Whiting for 5 years. This was the first year for my youngest daughter to participate, and she had a blast. Who wouldn’t?

A big event you may have missed was the birth of a litter of twelve (12!) chocolate labradoodles this summer. We were one of the lucky families to get one, thanks to a chance meeting with my friend Michelle at Bainbridge Bakers, where a flyer about the puppies was posted and Michelle dragged me over to the bulletin board to see it. Thanks Michelle! Tallulah is now 7 months old and thriving as a member of our nutty family. Watch for the 12 siblings, or as many as we can get together to march next summer in the 4th of July parade!

The Bainbridge Island Downtown Association puts on the annual Zucchini Races. The rules are fantastic, like ecouraging bribing of the judge and disqualification for cucumbers. People go all-out, and if you have not attended in the past, it is worth a trip.

Trick-or-treating on Winslow Way is a great time to catch up with friends we have missed seeing each week at the track meet and concerts at waterfront park. Below is a photo of my little mouse with two members of Bainbridge’s Finest.

It was great to have a second year of holiday wreath-making at Bainbridge Gardens with my Mom. We were a little cold after an hour of working, and she treated me to a latte at New Rose Cafe.

Inside the building where the wreath-making happens, everyone is having fun.

The last week of the year we were invited by friends for an evening beach walk at low tide from Hawley Cove park to Waterfront Park, passing under the ferry dock. The adults, kids, and dogs all had a great time despite the cold. We watched the brightly lit ferries come and go, and enjoyed being outside and getting a different perspective on the beauty of our surroundings.

Happy New Year!!!!