October 26, 2016

Berkshire Hathaway HomeServices Northwest Real Estate Earns Green Genius Top Listing Award

Berkshire Hathaway Green Genius Award 2016

Photo from left to right: Dietrich Schmitz (Washington State Housing Finance); Mark Leingang, Tim Bower and Paul Poirier (Berkshire Hathaway HomeServices Northwest Real Estate); Krystal Meiners (Green Canopy Homes).

Green Genius Award Goes to Berkshire Hathaway

Berkshire Hathaway HomeServices Northwest Real Estate received the Green Genius Top Listing Company Award at the 4th Annual Built Green Conference in Bothell, WA.

Berkshire Hathaway HomeServices Northwest Real Estate agents Tim Bower (Burien), Sunny Tumber (Burien), Paul Poirier (West Seattle), Mark Leingang (Bellevue) and Ken Arkills (West Seattle) accepted the award on behalf of the company. These award-winning agents have partnered with Green Canopy Homes to promote green building and sustainability in the Pacific Northwest community.

“I applaud Green Canopy Homes for creating sustainability-focused communities and educating others about green-building practices,” says Berkshire Hathaway HomeServices Northwest Real Estate president and CEO, Jason Waugh. “And I appreciate the efforts our brokers put forth in promoting sustainability in the Pacific Northwest.” [Read more…]

Brazen Sotheby’s International Realty Inducted into Luxury Real Estate Board of Regents

Luxury Real EstateBrazens Represent Bellevue Luxury Real Estate

The Luxury Real Estate Board of Regents continues to expand its reach with the newest appointment of Brazen Sotheby’s International Realty to represent the city of Bellevue in Washington State. Each member of the Board of Regents is selected based on their leadership and enduring accomplishments in the real estate industry and are armed with an exclusive array of impressive marketing tools and solutions.

The Brazen name has been renowned in luxury real estate for over 37 years, [Read more…]

M-M Properties Purchases Sunset North Office Campus in Bellevue for $155.3 Million

Sunset North Office Campus BellevueCBRE Group, Inc. recently announced it represented a fund managed by Beacon Capital Partners in the $155.3 million sale of Sunset North, a three-building, 464,000-sq.-ft. office campus in Bellevue. The complex was purchased by M-M Properties and a large institutional investor. Sunset North is currently 99 percent leased and anchored by The Boeing Company.

Tom Pehl and Lou Senini of CBRE’s Institutional Properties team worked with Kevin Shannon, Ken White and Michael Moll to represent the seller in the transaction. Paul Sweeney and Jason Furr of Broderick Group assisted in representing the seller in the transaction. [Read more…]

5th Annual Seattle Modern Home Tour Showcases Eight Residential Works of Architectural Art

Modern Home Tours logoThe 2016 Seattle Modern Home Tour will take place Saturday, April 30th, offering tour-goers the chance to walk-through and explore eight modern homes throughout the Emerald City, and meet the local architects behind the designs. Seattle Architecture Foundation is local non-profit partner.

The Seattle Modern Home Tour returns on the last Saturday in April, giving Seattleites the opportunity once again to explore eight modern homes that exemplify modern architecture and design, right in their own city. Visitors will get the inside scoop from homeowners on what it’s like to live in a modern home, and talk to the architects to find out from where the inspiration for design comes. This is every Seattle resident’s chance to check out ‘that cool house down the block…’ [Read more…]

Suncadia Continues to See Increased Home Sales Year After Year

Suncadia, Washington state’s four season mountain resort community located 80 miles east of Seattle, ended 2015 with more than $55 million in closed real estate sales.
“Suncadia saw more than 40% of all 2015 sales result from a referral of a friend, family member or business associate by current owners. It is a strong testament to the commitment of our owners,” said Richard Seay, vice president, director of sales and marketing for Suncadia.

“There is a strong community of homeowners here at Suncadia who enjoy just getting away to relax for the weekend, or spending a few weeks at a time to immerse themselves in our mountain retreat culture.”

Since January 2015, Suncadia had 133 real estate transactions for homes, homesites and condominiums ranging in price from $80,000 to $3 million. Sixty-nine homesites, 46 custom homes and 18 condominiums were sold with the average price increasing by nearly 30% from 2014. Suncadia’s median home price is $810,000, compared to the King County’s median price of approximately $448,600 for a single-family home.
“Suncadia has found that their second home market is a direct reflection of the strength of the primary home market in the Puget Sound area,” said Seay. “With the region’s significant growth in the real estate market over the past few years, Suncadia’s housing market is thriving.”
Suncadia will be hosting a monthly Tour of Homes on Sunday, February 14 and March 20 from 10 a.m. to 2 p.m.The public is invited to tour a variety of available properties in Suncadia at this time.
Since properties became available in 2003, 715 homes and condominiums have been completed. Nine distinct Suncadia neighborhoods offer a variety of styles – Suncadia for a resort village experience offering  The Lodge,Rope Rider, Prospector, Black Nugget, Trailhead, Prospector’s Reach, and the exclusive Osprey Ridgecommunities; Nelson Preserve for dramatic views and easy access to the river; and Tumble Creek for a private retreat within a gated enclave of homes.
Suncadia offers homeowners a variety of amenities including: award winning resort golf courses; Prospector, designed by Arnold Palmer and Rope Rider, designed by Jacobsen Hardy; Portals Restaurant; the Suncadia Club Swim & Fitness Center; and Glade Spring Spa. Suncadia is the only resort of its kind to feature a winery within its boundaries, Swiftwater Cellars, which crushes grapes on-site and makes premium Swiftwater Cellars’ wines. In addition, for those that reside in the private Tumble Creek neighborhood, Tumble Creek Club members have access to the private Tom Doak designed golf course, glamorous camping of Sasse Mountain outpost, and their own private Hill House Swim & Fitness Center.
Seasonal activities and events at the property include the Suncadia Summer Nights Outdoor Concerts Series, annual Multi-Sport Festival, and annual Swiftwater Classic golf tournament, Harvest Festival and Winterfest, outdoor concerts at Swiftwater Cellars, miles of hiking and biking trails, winter ice skating and tubing hill, guided fly fishing tours, paddle board rentals and much more.
About Suncadia          
Suncadia has quickly become a recreational playground for Seattleites and travelers across the Pacific Northwest.  Located 80 miles east of Seattle in the Cascade Mountains, Suncadia is a world away from the hustle and bustle of the city, offering a unique combination of activities and amenities that make it an ideal Northwest getaway and resort residential community.

Seattle-based RE/MAX On the Lake Announces Acquisition of RE/MAX Northwest REALTORS

RE/MAX On the Lake, a locally owned real estate brokerage, is expanding further into the Seattle metropolitan area with the acquisition of RE/MAX Northwest REALTORS. The owners of RE/MAX On the Lake have signed an agreement to purchase the RE/MAX Northwest REALTORS brokerage; the parties expect the transaction to close in early 2016. Following the close, RE/MAX Northwest REALTORS will continue to operate under the same name, but will return to local ownership with current RE/MAX on the Lake Broker/Owner Matt van Winkle.

RE/MAX Northwest REALTORS has approximately 160 real estate agents in three office locations: Bothell, Kirkland and Seattle. All offices combined will be home to more than 240 Associates in six offices, resulting in the largest RE/MAX brokerage in the state by agent count and sales volume.
“RE/MAX Northwest has tenured, experienced agents who provide a high level of service to their clients, which is a perfect fit for RE/MAX On the Lake,” van Winkle said. “Together, our offices will ensure a more efficient and effective business environment that will ultimately take customer service to another level. It’s a win – win for everyone.”
By joining forces, RE/MAX On the Lake and RE/MAX Northwest REALTORS are able to expand its entrepreneurial atmosphere to a wider audience of Associates. By providing valuable productivity tools, enhanced coaching opportunities and a collaborative work environment, Associates will be able to have a more efficient business strategy tailored to each client’s needs.


New Neighborhood Next to Issaquah Highlands Will Offer 15 High-End Homes

Presidio Residential Capital and Summit Homes of Washington recently broke ground on Copper Ridge, a 15-unit community on 4.59 acres at 24424 S.E. Issaquah-Fall City Road in East King County. The first home sales are expected to close in December 2015. The retail value of this project will exceed $11.7 million.

“Copper Ridge is ideally located in an area that consistently holds its value because

Issaquah is one of the most desirable places to live in the Northwest,” said Tim Easter, vice president of sales and marketing for Summit Homes of Washington. “Issaquah experiences some of the highest appreciation rates in King County, comparable to waterfront areas on Puget Sound and Lake Washington.”

Located next to Issaquah Highlands, an award-winning master-planned community currently under development and construction, Copper Ridge is under 10 minutes from shopping and major amenities, 20 minutes to Bellevue and 25 minutes to Seattle.
The two- and three-story single-family detached homes on 40-foot sites will range from 2,800 to 3,300 square feet with four to five bedrooms, two and a half to three baths and two- to three-car garages. Several upgrade options will be available for the homes, which will be priced from the high $700,000s to the mid $800,000s.
Presidio Residential Capital and Summit Homes of Washington have partnered on 10 projects with more than 300 units in Washington.
According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, adding 15 single-family homes will generate $4.3 million in local income, $540,000 in taxes and other revenue for local governments and 59 local jobs.
About Presidio
Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, Calif., the firm provides capital for the entitlement, development and build-out of for-sale residential projects throughout the Western United States. Presidio has infused more than $500 million into the economy to capitalize the housing industry. The firm’s goal is to fund an additional $250 million in capital for home-building projects in the Western United States, and it currently has investments in Arizona, California, Colorado, Nevada, and Washington. The firm is affiliated with a privately held registered investment advisor specializing in alternative investment strategies who has a long history of investing in the home-building sector. Current assets under management total more than $2 billion. Presidio is a member of the Building Industry Association of San Diego. Online and social media: www.presidioresidential.com, Facebook, Twitter and LinkedIn

Northwest Real Estate Investors Expo August 15th in Bellevue

Get on over to the Embassy Suites in Bellevue next Saturday August 15, 2015, for the Northwest Real Estate Investors’ Expo!
Admission and parking are FREE!
Northwest Real Estate Investors' Expo in Bellevue
For more information, check out Realty411Guide.com/EVENTS

Local Home Sales Reaching 10-year High

Temperatures around Western Washington were not the only thing sizzling during June. Northwest Multiple Listing Service members reported 11,453 pending sales last month, the highest volume since August 2005 when members notched 11,546 mutually accepted offers. Last month also marked the fourth consecutive month of 11,000-plus pending transactions.
MLS members credit first-time buyers, an influx of relocating workers, and escalating rents for part of the surge.

“First time buyers are returning to the market, but cautiously and with more knowledge based on market values and trends,” said Gorge Moorhead, designated broker and owner at Bentley Properties in Bothell.
“Educated buyers today are no longer just dipping their toes in the water. They are diving right in,” reported Mike Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate. Gain, a past chairman of the Northwest MLS board, said in his 38 years in the industry he’s experienced “good years, bad years and everything in between,” but he’s never seen a market as complex as the current one. “It’s been challenging for everyone involved in a real estate transaction, whether buyer, seller or agent.”
Gain and many of his colleagues bemoan the lack of listings. “The only real problem we are experiencing today is the lack of inventory,” he said.
Brokers added 11,581 new listings to inventory during June, about the same number as a year ago (11,541), but pending sales outgained the same month last year by nearly 16 percent, depleting the selection. At the end of June, the number of active listings across the 23 counties in the MLS report totaled 20,333. That compares to 25,342 for the same month a year ago for a drop of 19.8 percent.
OB Jacobi, president of Windermere Real Estate noted some improvement in inventory over the past three months. “I’m happy to see the total number of homes listed has grown by nearly 20 percent since March. That’s still down compared to last year, and well below historic averages, but we are trending in the right direction,” he remarked.
Most counties in the MLS service area reported double-digit drops in inventory compared to a year ago. In King County, the number of active listings is down almost 24 percent compared to a year ago, while in Kitsap County the volume plummeted nearly 35 percent.
The imbalance between listings and sales means shrinking “months of supply,” an indicator of sales velocity. Industry experts use a figure of four-to-six months of supply as one gauge of a balanced market. For the Northwest MLS market overall, only 2.2 months of inventory existed at the end of June. In King County it was down to less than 1.2 months. Snohomish County had about 1.7 months of supply at month end. Both Pierce and Kitsap counties reported about 2.2 months of inventory.
“Kitsap house sales are hotter than a firecracker,” observed MLS director Frank Wilson, the branch managing broker and Kitsap district manager at John L. Scott Inc. in Poulsbo. “Despite heat, vacations and holidays the market has not slowed. We continue to see good open house traffic, low market times and multiple offer situations,” he stated.
Multiple offers are common throughout the Central Puget Sound region.
“We see many multiple offers on properties,” reported Dick Beeson, principal managing broker at RE/MAX Professionals in Tacoma, who described sales activity as “phenomenal.” For first-time buyers, the competitive bidding can be daunting, which he suggested underscores the importance of relying on experienced brokers. Anxious buyers have a sense of urgency as prices rise, he noted. “They need a great real estate broker to help guide them through multiple offer situations,” added Beeson, a member of the Northwest MLS board of directors.
Rising prices are prompting some house-hunters to broaden their search beyond primary job centers.
“More and more buyers are starting to chase the market northward as prices increase in King County, especially around Seattle,” said Diedre Haines, principal managing broker-South Snohomish County at Coldwell Banker Bain in Lynwood. “Open house activity, despite buyers’ fatigue and slight increases in interest rates, remains robust,” added Haines, a past chairman of the MLS board.
Median prices continue to trend upward, according to Northwest MLS figures.
The area-wide median price for last month’s 9,163 closed sales of single family homes and condos was $321,500. That’s up 7.4 percent from a year ago, when the median price was $299,335 and up 1.4 percent from May’s figure of $317,000. Since January, prices are up 13.6 percent.
In King County, the median price for sales that were completed during June was $450,000. That compares to a price of $410,000 for the same month last year for a year-over-year increase of nearly 9.8 percent. Compared to May, prices in King County are up about 3.7 percent.
For single family homes only (excluding condos) in King County, the median selling price for sales that closed during May was $500,000, an increase of 10.3 percent from the year-ago figure of $453,500.
Rising prices are prompting some worries about affordability. Broker Dick Beeson believes the growth rate in jobs and the “sheer numbers of people flowing into the state make this market appear to be sustainable for the long term,” despite some uncertainty around reaching the upper limit in pricing and the likelihood of rising interest rates.
Referring to a list compiled by Forbes magazine that rank the Seattle-Bellevue-Everett area as an “overpriced area,” MLS director Moorhead suggested it’s a matter of value. “An experienced real estate broker will be invaluable in navigating through the buying and selling process” and understanding value as inventory levels balance out and interest rates increase.
Appraisals are also concerning to some. Low appraisals are a big challenge, according to Beeson. Other MLS brokers agreed. “We are beginning to see a resurgence of low appraisals, most are small gaps between sale price and appraised value adding to frustration for both buyers and sellers,” reported Diedre Haines. “Kitsap is also beginning to see a higher incidence of low appraisals,” said MLS director Frank Wilson.
Several brokers were surprised the record-setting temperatures in June didn’t deter activity.
Gary O’Leyar, the broker/owner at Berkshire Hathaway HomeServices Signature Properties also commented on the weather’s impact on activity while offering advice to sellers and buyers. “It’s been my observation that when the thermometer goes up, the market cools down a bit. Hint to buyers: while the waters and beaches are full, there are sellers wanting to sell. This season could be an opportunity in disguise for buyers who have been frustrated by the recent overheated market,” added O’Leyar, a past chairman of the Northwest MLS board.
Rising rents are another contributor to brisk sales. “The cost of renting versus buying is another force that is fueling strong sales gains,” explained Mike Gain. “In most cases buying a home costs significantly less than renting and the good news is the monthly payment will remain the same as rents continue to rise. Numerous renters are entering the home buying market. Many who are renting today think they can’t afford a home. They need to think again and get pre-qualified for a loan to see just what they can afford.”

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 23,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

PCCP and Align Real Estate Form JV to Purchase Pacific Towers Office Building in Downtown Bellevue

Pacific Tower Downtown BellevuePCCP, LLC recently announced that it has formed a joint venture with Align Real Estate to acquire the six-story, 110,372-square-foot Class A Pacific Tower office property within the central business district of Bellevue, WA. The property is 95 percent occupied and includes ground-floor retail and a three-level parking garage consisting of 315 stalls. The acquired property consists of the bottom six floors of a 23-story tower, the top 17 stories are residential condominiums.

“This is our first joint venture with Align, a firm specializing in value-added office development throughout the Pacific Northwest and California,” said Erik Flynn, managing director with PCCP. “Bellevue Pacific offers us an opportunity to increase the asset’s revenue through value-add improvements including a lobby renovation and aesthetic upgrades to the tenant floors that are designed to enhance the building’s prominence in the marketplace and ultimately attract long-term tenants.”

Built in 1995, the property is located at NE 2nd Avenue, between 106th and 107th Avenues. It includes 24 Hour Fitness, Opus Bank, TIAA-CREF as well as other tenants. Over the past several years the property has been amidst a rapidly transforming neighborhood with new hotel, mixed-use, residential, and retail developments occurring on each side of the property.

Bellevue, the business center of the Eastside of Seattle, continues to see the highest growth in rental rates in its submarket with premium buildings experiencing average rental rate growth of 12.7 percent in 2014. Rental rate growth projections through 2015 are expected to reach approximately 8 percent with continued growth over the next four years.

Eastdil Secured represented both the buyer, as well as the seller, LaSalle Investment Management.