November 24th, 2009
Autumn Market Update
Tax Credits
There is a lot to report since my last post. The extension of the First Time Home Buyer Tax Credit did, in fact, happen. In addition, there is a tax credit that applies to an additional group of home buyers who are being referred to as “move-up or repeat home buyers.” There are some eligibility requirements for both of these categories, and a good web site with answers to FAQs is here. One striking requirement for the move-up buyers is that it can only apply to homes under $800,000. Sorry, folks in the higher end of the market hoping to utilize this credit. However, since 75% of single family homes on Bainbridge have sold for under $800,000 this year, it is nothing to sneeze at.
Market Stats
I have been watching the market throughout the year to see how it compared with the dismal numbers of 2008. Through September of this year, it was neck-and-neck for number of sales. October is where things start to diverge (not surprising given the collapse of the stock market in October 2008). As I write this there have been 186 sales of single family homes this year compared to 187 for the entirety of 2008. With 35 homes pending inspection or pending sale, this is sure to be a better year with respect to number of sales.
Interest Rates
October 28th, 2009
UPDATE: Homebuyers’ Tax Credit
Good news is on the horizon for first time homebuyers, and others as well. It looks like the First Time Homebuyer Tax Credit of up to $8000 will be extended by 5 months, through the end of April. An additonal twist is that a $6500 tax credit may also be in the works for current homeowners who have been in their homes for at least 5 years, and will buy a new home by the end of April 2010. For a few details, click here for a story on CNN’s Politics web site.
October 17th, 2009
New Listing on Wimsey Lane…Open Sunday 10/18 1-4
How often do you see a home on Wimsey Lane listed for sale? Not often. People who live on Wimsey Lane love living there. A dead-end street located off Eagle Harbor Drive with just 16 houses. This is a place where kids play in the street, neighbors know each other, and there are neighborhood potlucks. At a time when people are making their real estate buying decisions with the long-term in mind, this is a place to move and stay.
The house itself will make you think “home” from the minute you come around the curve in the driveway. A red farmhouse-style with a big front porch welcomes you as you wander past perennial gardens. Inside is a center-hall with dining and living rooms on either side. The family room off the kitchen is huge - plenty of room for a piano and a large sitting area around the fireplace, with two sets of French doors to the back yard. The kitchen is also quite spacious, and includes a walk-in pantry, breakfast area (definitely more than a “nook”) and a separate laundry room with enough space to move around in and even set up a full-sized ironing board.
Upstairs the layout is great. In addition to the master suite there are two nice-sized bedrooms that share a Jack-and-Jill bathroom. There is a fourth upstairs room that makes a nice study, guest room, play space, or… ?
In addition to the hardwoods throughout the main floor, the stairs are also hardwood, as is the upstairs hallway. Other details that make this house stand out from its peers are the crown moldings and built-in cabinetry in the pass-through between the living and family rooms.
If you are not already hooked, read on. Adjacent to the rear of the garage, but with its own entry, is a heated shop with a window. Yes, a SHOP (for those of you with lots of tools and ideas, you know how precious this space is!). Finally, to top it all off, there is a treehouse tucked away in the southwest corner of the property. This property has it all.
Please stop by for a visit at our open house Sunday, October 18th from 1-4pm. For additional details and photos, click here.
September 15th, 2009
Back to School
We have made it through the first week of school. Getting back into the routine has been particularly challenging this year because the elementary school start time is earlier for us this year, and the school bus arrives at the end of our lane at about 7:10am. I know that I was more nervous on the first day than my first grader. However, any fears any of us had were put at ease when the bus stopped at our lane, the driver’s window opened, and the driver called, “Hi Morgan!” What a treat to have Jonah, who drove the route when my daughter was at a different school last year, remember her and call out her name to welcome her back to school.
My husband and I attended a classroom meeting with our first grader’s teacher one evening last week. During the meeting, the principal came in to introduce himself and make a few comments. Perhaps most notable was that he thanked the parents, as members of the community that contributed to the “Save Our Teachers” campaign run by the Bainbridge Schools Foundation (BSF). Last year when the state cut its budget for education, Bainbridge was forced to cut a number of teachers. With the fundraising effort of the BSF and the generosity of the community, ALL of the teachers were recalled. Amazing.
It is a good to live in a place that has it’s priorities straight. No, Bainbridge is not perfection - no place is - but it is a darn good place to live. With every real estate transaction I am a part of, I try to keep my priorities straight, too, and allocate part of the sales commission to education funding and part to the Housing Trust Fund. Thanks to my clients for their support and you can feel good knowing that the first thing I do with my commission is to give some of it back to this community.
September 4th, 2009
New Listing - Open Sunday, 9/6, 1-4pm
New Listing
Just listed on the south end of the island, this home is turn-key and beautiful. It screams “home.” From window treatments to pretty painted woodwork to details such as the hexagonal white tiles of the bathroom floors, this newer home 
has classic appeal.
The main floor has an open design, flowing freely 
for comfortable living and entertaining. A deb is tucked away from the living and dining areas, and has glass-paned French doors. The kitchen features stainless appliances and attractive and abundant wood cabinetry. Painted wainscoating in the dining room is one of the many details that give this home its classic style. One of my favorite features of the house is the 
storage under the stairs that is currently utilized as a children’s art and game cabinet.
Upstairs a lovely master suite includes a western Juliette balcony and vaulted ceilings. A second-floor laundry is a nice bonus. Two additional second floor bedrooms share a full bathroom.
This property will be open to the public for viewing Sunday, September 6, from 1-4pm.
For additonal information and photos, click here, or contact:
Sarah Sydor
Windermere Real Estate/BI, Inc.
ssydor@windermere.com
(206) 683-4526
August 27th, 2009
New Listing - Open Sunday, 8/30 1-4pm
Doesn’t this photo make you want to see more? This unique home has much to offer… Close to town (Grand Avenue), nearly a half acre with sunny garden space galore, and a stylish home with an open floor plan. A nice bonus is the outbuilding that is half finished space (art studio, office, ???) and half shop/garden shed/storage.
For details and a photo gallery, click here.
August 16th, 2009
Market Update
Overview
It’s been a while since I have posted a market update. The tone in the business section of The Seattle Times of late, relative to real estate, has been pretty positive. In general, they have been reporting sales are up while prices stay flat or continue to decline ever so slightly. The most important three rules for real estate buyers also applies to dissecting the market: location, location, location. Below is a look at our micro-market, as compared to 2008. Keep in mind that 2008 was not a stellar year for the real estate sector, but my view is that if the market holds steady in 2009 that will be good news given the climate of economic instability that has hovered for much of this year.
Single Family Homes
Compared to last year, the number of sales is down by 8%, year-to-date. Last year as of August 16th, there were 119 sales compared to 110 in 2009. The median price of a singe family home sold last year was $610,000 compared to $620,750 this year, for an increase by 2%. (Note: I would not interpret that as “prices are up.” Looking house by house, prices are definitely down.) There is almost no change in how long it takes to sell a house - 75 days compared to 74 days in 2008. This statistic is the number of days it takes from when a house is listed to when it has a pending contract.
Condominiums
Similar to the single family home market, the number of condominium sales are down by a marginal amount, with 31 sales this year and 34 in the same period last year. The median sale price of condominiums is down from $391,750 to $349,000, and the median days on market is 105, up from 82 last year. The striking statistic here is how long it is taking to sell a condominium; we are finally seeing sales of a number of condominiums in new projects that have been on the market for quite some time. The market is still absorbing that segment of inventory.
Vacant Land
With just 5 sales this year compared to 9 in the same period last year, land sales are down 44%. Bottom line here? The market still has plenty of inventory and there just is not much of a market for new spec homes. Lending is also a factor; with so many builders defaulting on construction loans in the past year are so, banks are reluctant to lend to builders for new projects until the market changes. The median days on market has changed from 48 in 2008 to 135 in 2009, up 181%.
Silver Lining
I’m a cup-is-half-full sorta gal. The positive new is that we are holding ground in number of sales for single family homes and condominiums. If you have money to spend now would be a good time to make an investment in any of the market segments. There are single family homes and condominiums that could cash flow with 25-30% down with today’s interest rates. It has been some time since we have seen that on this island. Rental rates have felt downward pressure just as house and condominium sale prices, but the equation still works out on some properties.
For someone who has thought about building their dream house some day, this is also a good time to buy and hold. There are 83 vacant land listings on the market. Half of these are under $300,000. There is one piece of water view land, close to 2 acres, that sold for $550,000 three years ago and is now on the market for $299,000.
If you have any questions about the above statistics, please call or email me.
June 21st, 2009
Who Cares? We do!!
It could just be my super-duper-Bainbridge bias, but it seems to me that people on our little island not only care deeply about this community, but in additona to “talking the talk” they also “walk the walk.” A few examples that strike me how entrenched giving is here follow.
Bainbridge Island Rotary Auction and Rummage Sale
Each year, this event raises hundreds of thousand of dollars ($353,000 in 2008) that help support the mission of the nonprofit Rotary organization. For instance, this year 11 Bainbridge high school students were awarded scholarships for ongoing education. The scholarships are awarded to students who exhibit “Service Above Self,” an important theme for Rotary.
Save Our Teachers Campaign
School districts across the state are facing deep budget cuts, and Bainbridge is no exception. Earlier this spring, 17 teaching positions were eliminated due to lack of funding. The Bainbridge Schools Foundation went right to work to get the word out about the cuts, what impact they could have on education, and what the community can do to help. From rummage sales to car washes to individual donations, money has been pouring into the foundation to help recall the teachers who lost jobs.
Montessori Country School Rummage Sale
This amazing pre-school and kindergarten is where my oldest daughter has spent the past two years learning and thriving. Acknowledging that the current economy has been hard on many islanders, the school (with the driving force of one parent in particular) organized a rummage sale that yesterday raised $5600 for scholarships.
There are many other examples of giving that happens every day on BI. I feel fortunate to live in a place where people don’t look the other way when there is a need - they face it head on and with energy, enthusiasm and caring.
June 17th, 2009
New Sound & Mountain View Listing for Under $600K
It’s been a while since a custom-built, nearly-new house with views of Puget Sound and the Olympic Mountains could be had on Bainbridge for under $600,000.
A new listing on Parkview Drive in one of the sunniest spots on the island has it all: views, size (2823 square feet), 4 bedrooms, beautiful landscaping, and yes, a “man cave”. What, you may ask, is a man cave? It is a place where men go to be men: play video games, watch Caddy Shack, or tie flies. While this special room is fairly plush for a man cave (it has central heat and nice carpet) it meets the basic design needs: tucked away in the basement level where the man of the house can pretend he does not hear the calls to please mow the lawn or help with the dishes.
All jokes aside, this is one heck of a nice house. The light is phenomenal, it is on a smaller lot but feels private, and there is a lot to the rear of the house that can be included with the property for just $40,000.
For a gallery of additonal photos, click here: http://www.windermere.com/tid260388 or call or email me with any questions. The house will be open for the public to view this Sunday, June 21st, from 1-4pm. The man cave will be open in honor of Father’s Day.
May 21st, 2009
Treehouse Architect - How Cool is THAT?!?
One thing I like about living on this island is how it seems to attract creative people. A talented architect I know (Craden Henderson) has been designing and building treehouses for organizations and private families. Talk about a dream job!
There is also a great photo gallery showing the treehouse being built. http://gallery.me.com/sherwoodrodney/100099 I am just so amazed by this. Growing up, we slapped a piece of plywood between some tree branches, nailed some pieces of two by four to the trunk for a “ladder” and called it good. Craden takes it to a new level - and he has so much energy and enthusiasm for it!