Category: Real Estate

Some thoughts on growth

Carl Setzer

Earlier this evening I was considering traffic, while driving home…in traffic. Now, I don’t hate it like some folks do. But I did have a snarky moment today where I thought I’d be clever to text my family saying “I just left Bellevue. I should be home in time for high school graduation”.

Anyway, for me it’s a great opportunity to listen to music or podcasts. So I’m relatively happy. Sure, I’d rather not be stuck, but it’s the way of things, I guess.

With that, as I rolled through Kirkland and looked over all the growth, I was struck by the increasing density. I’ve noted before that we’re watching the greater Seattle area become more dense. Pretty much daily. I’m seeing many lots that held one house hey torn down and reolaced by three. Or more. With Growth Management Act limitations on where we cam build, and our economy continuing to bring new residents here, there’s only one way for things to go. Also, density is the solution to creating affordable housing.

I’m glad to see light rail getting implemented region wide. I drive by the Bellevue and Redmond, as well as the Lynnwood and Mountlake Terrace extension construction sites daily. We will have desperate need of tthese as the region continues its growth.

Tis a mixed blessing, clearly. So much has changed in my lifetime. I’m pretty sure my school friends who left the area would find it quite hard to navigate now.

How do you feel about all this? Terrifid? Excited? Bridging the hike between them?

Driving Around Here Nowadays

Carl Setzer

Saturday i had a meeting in south Everett, on 128th to be more specific. Well,traffic on that road was wretched,  but I improvised, taking side streets back to Lynnwood. I ended up driving past the door where the z over Park drive in used to be. Now it’s a medical center and apartment complex. I

Along this street are now many multifamily/higher density housing projects.Several duplexes, apartment and condos, within this area that was semi rural single family homes a generation back. 

This got me thinking about density. That we’re gong to see the greater Seattle area become increasingly densified. I expect in the next dozen to two dozen years this whole region will become mostly multifamily. The economic forces will drive that hard. I’ve long thought that the Growth Management Act’s limits on development will combine with our region’s continued economic expansion to drive this. 

Many will see if as something to lament, and to resist. Me? I see it as a a mixed blessing, so to speak. And as something that good planning can make a great thing. Planning for a transit system that will accommodate this load will be crucial. A predominantly car-centric system will not work. When the majority of commuters take transit, things will be more manageable. 

So, what do you think? 

What’s New With Me

Carl Setzer

Back in June Eagle Country Construction let me go (with 6 weeks of notice!). So, after digging around the internet, I’ve accepted a new position with Matt Steel, a Bellevue-based broker with EXP realty, with a decade or two of real estate experience.  I’ll manage their digital marketing. This excites me greatly. I did this for C&K real estate team a few years ago. I loved this part of my job, though I”m a bit rusty. My interest in digital marketing goes many years back and it aligns with my interests in web design, writing and social media.

Also, I’ll be managing this team’s transactions, which is another thing I’ve done (both for C&K, and also with Eagle Country construction). I’m excited to be continuing in the real estate and housing sector. I discovered how much I know and understand, and how much I bring to the table. As I’ll be renewing/rebooting my real estate license, I’ll dive deeper into this sector. I’m not entirely sure what I will do with this part of my career, but there are so many options, so many good ways to earn a living. I’m not sure which path is the right one. But as I’ve been listening to Gary Vee the past few days (updating my digital marketing knowledge), I see a need to experiment, take some risks, try some ideas out and see where they lead. I won’t get anywhere I want to go by seeking the easiest path, the easy way forward.

I’m excited to get back into the fray. And very excited to add the official title of “digital marketer” to my resume. And I’m really pumped to put all I’ve learned, and am learning, to work. Time to hit it hard!

A Few Random Thoughts This Saturday

Carl Setzer

It was a stunning day, one delightfully free of any hint of snow. After some morning meetings, we went to Alderwood Mall this evening for a few errands. A few observations: First, I like the renovated Apple Store. Doubling the space, as well as the high ceilings make the space feel huge. I got a reminder that I need to get my old Macbook Pro over there for the geniuses to commence voodoo. The poor thing failed to boot for several months. I’m pretty sure it’s simply a failed charger, but am not sure. Could be a failed battery, too.

Also, I noticed the increased presence of uniformed security officers in Nordstroms. I didn’t notice them that much at the mall before, but today they were very present, up front and obvious in Nordy’s. Makes me wonder why. Or if I was just remarkably unaware before.

Tomorrow we’re going to see Captain Marvel. Quite possibly at Alderwood Mall, but maybe we’ll make a bigger trip of it and head to Seattle. I do enjoy Cinerama, but it might also be fun to see it at the Pacific Science Center’s Imax theatre. I’ll post a review tomorrow. With that, I’ve been watching too many gents lamenting that Marvel hates men now, so I’m sure the internet dialog will be charming.

I had a couple of meetings this week that gave me pause about regional development. We have this intersection between the desire to maintain our pristine wild spaces, most powerfully manifested by the Growth Management Act, with the economic forces that bring 1,000s of people into our region every year. As we crash up against those barriers, I see growth getting vertical. Anyway, I will write  a bit more in depth about this soon.

How’s your weekend going? Did you get out and enjoy the gorgeous day here in Seattle? I certainly hope so.

 

If you would be so kind to give this post a “like” and share on your favorite social media platforms, I would be much obliged. It really helps me grow this little blog. And, please, comment and subscribe. 

 

Hmmm…to become a real estate mogul…or not

Carl Setzer
A house made of dollar bills

I held a real estate license for over 7 years. However, last December I let it lapse. Over all the years I held my license I closed no transactions…as an agent. For that time I worked on a team that sold bank and government owned homes. That was my focus. So I didn’t work with clients…exactly. I worked with asset managers, on behalf of the institution that owned the house in our portfolio. I needed my license, but I never needed to go out and generate leads and such that’s part of being a real estate agent. Buy I know about the local market, how to price a home, how to market it, and I know the contract process better than most agents. So, though I haven’t a single transaction officially tied though, I’ve closed hundreds.

Now, I’m trying to figure out what to do next. I’m nearing the end of my grace period with the state of Washington. As of right now, I just need to take a few hours of online course work and then pay the renewal fee. After December, I’ll need to retake my real estate course work from scratch to renew.  A significant up-tick in cost and time. And, I’m not sure the pay-off. I don’t want to invest either cost without a plan for some kind of return.

So, currently, I manage the construction process from getting a contract signed around to having permits in hand. I believe that my understanding of the construction process coupled with my understanding of bank and government owner homes gives me a unique skill set in the real estate world. New construction, custom homes as well as real estate flipping and investing are things I understand well.

Not sure I want to become a mogul. But I think I could make a positive impact on the world. Do I need my real estate license to make that impact? Is it enough to make the investment worthwhile? Would I make back the investment in money, time and energy? I’m just not sure. What do you think? I’d love to hear your insights and recommendations.

 

The Only Constant Is Change 

Carl Setzer

Watching land prices rise around Puget Sound and western Washington, I think I see the future. Land costs extending beyond the reach of all but institutional investors. 

Our economic engine will continue to bring people here, demand for housing will continue to rise, the Growth Management Act will limit supply, so we will be forced to move vertically. Up will be all that’s left. 

We’re already seeing this in the downtown core. Most housing in the Seattle neighborhoods are multifamily. With exceptions, of course. But I’m sure those will succumb, too.  

I don’t view this negatively. More than its simply the way of things, especially in places that people want/need to live. This city won’t be my grandmother’s Seattle, but it will be Seattle. 

Some thoughts on Seattle’s growth  

Carl Setzer

Lately I’ve been considering growth. Seattle’s been growing in a huge number of ways: jobs, cost of living, rents, population. This growth changes things: traffic, greater economic fragility, more economic stress on nearly everyone. I

I read an article yesterday saying that San Francisco’s poverty line income was a bit above $114k. Seattle is getting close. 

With this growth and pressure on finances, I see this region’s density increasing. I expect the single family home will slowly vanish as land costs continue to climb. Eventually, multi-family will be the only way to earn enough return on land investment for builders. 

I expect well see lots of Seattle neighborhoods becoming predominantly multi-family, actually a region of apartments condos stretching from the center out to the burbs. 

I do wonder if there’s an equilibrium. Will we get to a point where things will stabilize? 

What do you think? I’d love to hear your thoughts in the comments. 

Check out this video I made of one of my team’s new homes

Carl Setzer

As this project is one of the first I’ve seen from concept to build, it’s of particular importance to me. Since I needed to be onsite, I thought it would be fun to share it with you.

Check it the video below.

Yeah, I realize I shot all the clips in portrait. Ugh!

Anyway, this house is for sale. Have your agent put an offer on this one! Tell them it’s MLS# 1233212 (in the NWMLS). Don’t have I agent? I can fix that for you.

We’re looking forward to turning this new house into someone’s new home. That’s the best part of this job.

With an Everett building’s rebirth, I consider the future of this lovely city

Carl Setzer

I’ve been watching the evolution of this building for a few years. Moving from weathered to worn to abandoned to dilapidated and now, finally, getting refurbished.

I love this style of building. When I lived in downtown Seattle I got to live in a couple of similar vintage and style. Watching it come back to life fills me with joy. The only downside for me: I was hoping I couple work directly with that.

Everett has an amazing amount of potential. There’s some great buildings, nice eateries, and a solid arts community. It’s also quite affordable. I firmly believe the city is on the cusp of a rebirth.

The economics of real estate play a key part. Combine the great walkable streets with reasonable prices, it’s just a matter of time. And as light rail expands up here, de-brutalizing the commute (to Seattle, at least), the expansion should grow.

I’m fond of this city and delight in the opportunity to grow. Everett also is in a place to learn from the development mistakes of Seattle, and others. Keeping the city’s unique charm, and liability would be wonderful.

Some thoughts on the Top Pot donuts getting built in Edmonds

Carl Setzer

This shop, just across the street from the ferry lanes. It’ll be a nice addition down there.

I like the stairs, and the upper loft they’re building.

Some good work was getting done today. Hope it means we’ll be done soon.

I’m not certain what the root issue has been for the delay. I expect it’s a permitting issue. Hopefully they can get this resolved quickly/finally. Vacant stores are a financial drain.