Tag: Real Estate

The Story Of A Neighborhood Eyesore

Carl Setzer

A few blocks from my house in Lynnwood there’s this beat up home that screams bank-owned to me. The front window is broken out, there are two abandoned vehicles in the front yard with their windows broken out. However, this is a decent neighborhood, close to Daleway and Lynndale parks. The main drawback to the house: it sits on a busy street. Outside of the recession, though, this is quite an unusual state for houses around here.

The homeowner on this one, Marcos Santiago, struggled quite bit. Per county records, the house was in danger of foreclosure, but, if you review the court records, it looks like he managed to negotiate a loan modification back in 2010/2011. Now, though, they received a notice of trustees sale back on November 4 of 2013, which hasn’t been released.

Sadly, Mr. Santiago passed away just a few weeks later on November 20, 2013. The closeness of his death to the foreclosure made me wonder if his death was a suicide, but I don’t see any information supporting that. And I’m not feeling curious enough to pay for a copy of the death certificate.

Another tidbit about this home: Marcos’ son, Marcos Jr., a level three sex offender, actually had a community meeting to address concerns about him living at this home. Shortly after the meeting, he ended up in trouble with the law again. Clearly, a troubled young man. I’m not sure what happened to him after this. He didn’t appear in the sex offender database.

But back to house. It’s again in distress, with a sheriffs levy filled at the end of 2016. US Bank is the entity acting here. I wonder if this will come on the market as an REO (stands for Real Estate Owned, the accounting description for an asset owned by a bank). It was sold with a conventional loan, I don’t expect it to come on the market as a government held one, either. It could sell on the courthouse steps, too. Hard to gauge at this point.

I know how slow these processes can take. As the property is vacant, I expect the heirs don’t feel any great motivation to engage with the process. If so, it’ll be protracted. But, someday, it will be sold and someone else will take this home’s story and make it there own. I hope it will be a happier one.

Lake Stevens and the Future of Snohomish County 

Carl Setzer

Spent the day running errands. One of them had me at the City of Lake Stevens’ planning offices as two manufactured “portables” were delivered. Quite the tight squeeze along the tree lined street. But the drivers were skilled and nothing was injured save a few stray leaves. 

This got us talking about change, growth and the area. Our region’s density has changed dramatically. I remember coming out to Lake​ Stevens, way out in the country. Waaayyy out there. It seemed quite the excursion to go up and enjoy pizza at Up The Creek (the business is gone, but the building remains). That was something I always looked forward to, and something I remember years later. 

As the region grew, as decent paying jobs were getting created by the dozen, people started flowing into the region. Housing prices climb through Seattle. And affordability pushed outwards. Add the addition of the Everett Navy HomePort, which brought additional bodies to Snohomish County. Lake Stevens amenities make it a charming and desirable place to live. All of that pushed people out there. Adding traffic, the need for stores and transit. 

I expect the demand for homes there to grow boldly over the next few years. Prices in Seattle and Bellevue are extreme, livability collapsing. Snohomish county offers great living with ease of access to Seattle, which will get better as light rail builds out. 

Of course, I’m biased: I’ve lived in the region most of my life. And I don’t intend to live anywhere else. 

This is an exciting time for the region. I’m pleased to be part of it all. 

My curiosities, buildings, real estate and Everett

Carl Setzer

I noticed a classic older building in downtown Everett the other day. The building doesn’t look bad at all, but it’s completely vacant; not even the storefront spaces are occupied.

These are things that capture my attention.

I’m pulling a blog post together about this particular property, as it’s pretty interesting. Well, to me, at least.

Buildings and the politics around them fascinate me.

With this, Everett has begun to  intrigue me. There are some very lovely structures and neighborhoods, with some significant regional history. With these sorts of buildings, a thriving arts scene and solid proximity to Seattle, we have some amazing potential up here.

Around 35 miles north of Seattle, with access to the Sounder Trains and buses, along with Snohomish County’s CT bus fleet, centering from the Everett Station, accessing Seattle is pretty easy and convenient. The Eastside is a little less easy, but not too much so. Microsoft’s Connector buses make their way up here (Snohomish and Mill Creek…maybe with enough lobbying, the Everett station can get a stop, too), and there’s Sounder and CT buses that head to Microsoft’s Commons and the Overlake Station, and downtown Bellevue. Within a few years, and the lightrail system gets fully launched, Everett’s interconnection with the greater Seattle economy will be solidified.

Everett does have a lot to offer, and the way the region’s developing, it will be far more interconnected and accessible to the rest of the region soon.

There’s a lot of opportunity for the forward thinking folks.

Those home shows on TV, and real estate reality

Carl Setzer

Finally made it to taekwondo yesterday and the gym today. This after a several week sabbatical of sorts. Was fighting a nasty cold for a few weeks, then sprained my ankle at taekwondo. Now, that sounds better than the full description. I sprained my ankle, at taekwondo, after my third JUMPING JACK! Jeez…I’m a black belt who can land jumping back kicks, and I lose my ability to walk normally from jumping jacks. Ugh!

Anyway, I’m slowly coming back up to speed, and didn’t push myself that hard tonight. Spent about 1/2 hour on the treadmill watching one of the real estate shows. This one is about buying fixers and flipping them.

I’ve seen the show before, and recognize the hosts. I admire their work, find the subject interesting. But…BUT…elements of the show boggle me. Today there was one moment where the project was nearly derailed because, in Torrence, CA, there’s a code preventing powerlines from crossing above pools. I get that, and it makes sense. What doesn’t, though, is how no one discovers this until the concrete patio has been poured. How did they get permits without having this addressed? Maybe California is different, and the grant permits after you build. But that seems quite daft.

The other thing this evening, which almost caused me to truly laugh out loud, was this shot where a host discovers a rat in this nasty, messy bank repo property. Now, don’t get me wrong, many of these houses have rats. When I was working for a real estate company selling bank owned properties, we had many. However, the rats were never, EVER a pristine white. Nor were they demure, like the one in the ad. The ones I’ve seen would hiss and snarl at you, and quite possibly chase you.

Anyway, that’s just my experience ruining the suspension of disbelieve. Don’t let that stop you from enjoying the shows. Just now that those shows aren’t, well, “exactly” realistic. So, having a team of folks who knows what they’re doing might be a worthwhile investment.

Real Estate Insights for Edmonds: October 11, 2016

Carl Setzer
I try to spend time daily researching current market trends. Looking at Edmonds, I was stuck by one detail regarding pricepoints on sold listings in September. Look below:

Do you see the crazy spike at the $1,000,0000 price?

In particular the way that $850k and above are quite uniform except for the $1,000,000 to $1,500,000 range. It’s really interesting, and very Edmonds, I think.

All those view homes off of 9th, the condos in the Bowl, and up at Point Edwards and you’ll see the roots of this.

So, take a look at all the listings in Edmonds here.

A fun find in eastern Snohomish County

Carl Setzer

image

Found a fun property for sale: a $14.4 million dollar estate in eastern Snohomish county. Probably better to call it a compound. Comes with a lake, golf course, train (with roundabout…I’m sure scaled down some), and go cart track to name a few amenities. Got a couple million laying to spend on an amazing experience for your family? Let me know!

Reflections On The Week

Carl Setzer

image

Another piece: Lynnwood’s highest price point seems to be east of 99. Many of those are newly constructed, especially the parts that abut Bothell. Of course, there are the view homes in Blue Ridge, but even they have been hovering in the high 500s, and I haven’t seen one break 600k recently. Just observations.

I also noted the number of condos sold in Lynnwood. Less that half the total sales, but a solid contributor to Lynnwood’s overall sales numbers. The lower price point really helps with affordability. Remember, though, that condo association dues play a part in financing. If your acceptable monthly mortgage payment is $2,000 and dues are $300, it’ll more like you’re financing $1,700. (This is not exact. Lender’s computations are more complex, so I always recommend developing a relationship with a good one. I know several I trust deeply, fyi)  I’ll take a deeper dive into condos soon. They are cool and provide some really affordable options.

Life’s getting easier for buyers. More inventory means less competition. But the summer buyers are coming soon. It’s going to be a zany few months. It’ll be fun!relationship

Defining “Accidental Real Estate Agent”

Carl Setzer

I’ve been calling myself an accidental real estate agent for quite awhile. It’s well past time to explain what I mean.

Most real estate agents I’ve met made a deliberate choice to enter this field. For many, it was money. Others I know are in this for the flexible hours, to be their own boss, and so forth. The specifics are less important though. They made a deliberate choice. Very few people in the industry stumble in.

Just over five years ago, after a firey end to my last stint at Microsoft (if you want to hear the story, let’s meet for coffee sometime), and I was burned out on the Fortune 500. My focus for the ensuing job search was Snohomish county. I stumbled upon a Craigslist ad for an office manager and was hired.

A few months in I got my license and things changed a bit further. Now I’ve coordinated sales for hundreds of transactions, created marketing for even more, and developed great relationships with amazing, dedicated and talented folks. My career ride to this point has been lots of fun.

It’s really a fascinating industry. We move people into their HOMES! Really, how amazing is that! It’s where lives are lived, kids raised, and where most people capture their wealth. It’s one of the most stressful events in anyone’s life. And influential. And we agents are right there, lowering stress and making lives better. It’s very satisfying, indeed.

Things are changing for me more as the business evolves. But I’m still here for you, and to answer your questions! Drop a comment and let me know.

A YouTube Video Featuring Me

Carl Setzer

So, my Real Estate team made a video a little while ago and I got some good coverage. I really like the video, crafted by a top quality company. Those are always fun! I love this sort of stuff.

In this video, my team discusses our philosophy around listing, marketing and selling homes, for both sides of the transaction. I think we’re a pretty awesome group!

So, if  you’re thinking about buying, selling or investing in real estate, give us a call. Our team phone number is 360-474-5128, or send us an email. I’m proud of this group and know we’ll treat you the best.

 

This week’s thoughts about real estate

Carl Setzer

I wanted to share a few articles today to keep you up-to-date with the changing real estate market.

  1. Higher Home Prices Pressing Buyers
    1. It’s been all over the news, and we’ve mentioned this quite a bit. Rising prices and a lack of inventory are making it harder for buyers right now. However, don’t give up hope. We’ve put several families in homes in 2016, and we can help you buy a home, too. As the article above says, “you have to tackle it like a project manager”.
  2. 4 Housing Predictions for the Rest of 2016
    1. We have several key economic indicators that point to the rest of 2016 maintaining it’s energy, even though the first quarter was “gloomier” that predicted. Employment’s staying strong, mortgage originations are up, mortgage rates are still low, and housing prices are still rising.

Ultimately, this means that:

  1. If you have any interest in selling, this is an amazing market. All kinds of things are pulling prices up. Find out what your home is worth by filling out this form or calling my rock star team at 360-474-5128.
  2. For those looking to buy, it’s a challenging time. However, homes are being sold and we’re helping people buy right now. Check out the latest listings, then call us today and let us help you, or your friends, find your dream home.