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Hi folks. Sorry to have been off the blogging radar screen since May - I have been busy helping clients buy and sell homes and haven’t had too much time to share my thoughts with you all. I just got an email from a colleague of mine, Mike Anda with Washington Financial Group,  letting everyone in our Issaquah Highlands Networkers group know that Port Blakely has announced Town & Country Markets Inc. will open a signature Central Market store at The High Streets. The store opening is scheduled for mid 2010.

Construction of the 50,000 square-foot store – almost as large as a football field – is set to begin in 2009. Central Market stores feature exceptional produce, organic foods, fresh seafood, natural meats and a delicious selection of gourmet foods and specialty items.

Town & Country Markets selected Issaquah Highlands for its fourth Central Market store because of Issaquah’s community spirit, exciting growth of the High Streets shopping center and excellent location for retail expansion. Central Markets are considered to be “destination” grocery stores with a broad scope of quality, selection and value. Central Market’s unique format, unsurpassed service and vast variety of the freshest and best food available makes food shopping an adventure in culinary discovery and delight. So it looks like we are finally getting our high end grocer after all. Yippee!!!

It’s not cute; in fact it can be down right ugly. But it is nothing to be embarrassed about. Critters in our crawls spaces are a very common problem. In fact my two most recent transactions turned up rodent infestations in the crawl spaces and attics.

So what do you do about this?

Whether you are a buyer or a seller don’t panic. It is actually an easy fix, but it can be pricey, so shop around. The best vendor out there that I have found is Clean Crawls. They do excellent work and are competitively priced - and YOU don’t have to get dirty! I don’t know about you - but I sure don’t like to be face to face with a rat.

If you are thinking of selling your home, it is not a bad idea to have a preliminary home inspection done prior to going on the market. Doing this allows you to address issues before they have a chance to turn a deal upside down.

If you are a buyer and this issues comes up - again don’t panic. Just have your agent get some quotes from reputable vendors so you know just how much of a problem you are dealing with. From there you can go into your inspection negotiation and home ownership with your eyes open.

Little critters can be cute, but for me and my clients, I much rather see them in a cage than scampering around my house.

There is so much hype about what is going on in our marketplace today. Is it up, is it down? Well so far this year with my clients I have experienced a balanced market with give and take on both sides. That being said, it baffles me that a seller in this market would not respond to an initial offer or that an agent would recommend to their seller to not counter an initial offer.

An offer is like a conversation. If a seller doesn’t respond to an offer, the conversation ends. In today’s market a seller should be prepared for an offer to come in under asking price. What they should not do is be insulted by an offer that is less than asking – no matter how much less it may be. It is better to counter a less than full price offer than to let it go unanswered. By responding it at least gives the buyer a chance to adjust their thinking and provides an opportunity for a transaction to come together and in this market that is an important opportunity to create. So far this year I have had multiple situations where the initial offer was low, but ultimately ended up at a fair price. This has been the case for both my buyers and my sellers. So for all you sellers out there (and buyers too), embrace the counter offer and keep the conversation going.

Alice, a reader from Florida, recently asked a question about how income is calculated for this low income housing in Issaquah.

I would like to move to Issaquah to be close to my daughter and her family. Can you please tell me how the income is calculated for this low income housing? My main income is from Social Security, have some other income and once my home sells here in Florida will have some cash.

Any help you can give me with this matter will be much appreciated.

For all interested in knowing what HUD uses to base income off of you can refer to the official document titled "TITLE 24–HOUSING AND URBAN DEVELOPMENT, PART 5_GENERAL HUD PROGRAM REQUIREMENTS; WAIVERS" or 24CFR5.609 for short. Or you can just read the summary below.

To answer your question Alice, HUD uses all amounts and sources of income, INCLUDING SOCIAL SECURITY PAYMENTS, whether they be monetary or goods and services. There are however a few, okay quite a few, exceptions which I have listed at the bottom of this post. So yes, your Social Security income and your "other income" (assuming it does not come from one of the exceptions below, would count against you.

To determine what housing you qualify for, you would need to add up all your income, count the number of members of your household and then refer to the chart below.

For example, if your household income totaled $50,000 and you had 4 persons in your household, you would qualify for a affordable home at the 80% of median income or greater level. That would basically allow you to purchase, or rent any affordable housing units in the Issaquah Highlands.

I have helped several clients find and purchase affordable homes and most recently am in the process of helping one purchase in the Issaquah Highlands. If you would like any help with finding and purchasing affordable housing, or would just like more information, feel free to give me a call or send me an email.

These exceptions are subject to change but currently include the following sources:

• Amounts paid by a State agency to a family with a member who has a developmental disability and is living at home to offset the cost of services and equipment needed to keep the developmentally disabled  family member at home.
• The value of food stamps provided to an eligible household under the Food Stamp Act of 1977.
• Incremental earnings and benefits from participation in qualifying state and local employment training programs.
• The amount by which the family’s welfare benefits were reduced, if the family was not an assisted resident at the time of sanction.
• Non-recurrent, short-term benefits that: * Are designed to deal with a specific crisis situation or episode of need
  • Are not intended to meet recurrent or ongoing needs; and
  • Will not extend beyond four months.
• Work subsidies (i.e., payments to employers or third parties to help cover the costs of employee wages, benefits, supervision, and training).
• Supportive services such as child care and transportation provided to families who are employed.
• Refundable earned income tax credits.
• Individual Development Accounts.
• Services such as counseling, case management, peer support, child care information and referral, transitional services, job retention, job advancement, and other employment-related services that do not provide basic income support.
• Transportation benefits provided under a Job Access or Reverse Commute project, pursuant to section 404(k) of the Social Security Act, to an individual who is not otherwise receiving assistance.
• Lump-sum benefits payable as a death benefit.
• Deferred periodic amounts from SSI benefits that the family member received in a lump sum amount or in prospective monthly amounts.
• Amounts received by a person with a disability that are disregarded for a limited time for purposes of SSI eligibility and benefits because they are set aside for use under a Plan to Attain Self-Sufficiency (PASS).
• Deferred periodic amounts from Social Security benefits that the family member received in a lump sum amount or in prospective monthly amounts.
• Child care arranged or provided under the Child Care and Development Block Grant Act of 1990.
• Amounts received by the family that are specifically for, or in reimbursement of, the cost of medical expenses for any family member.
• Payments received under the Alaska Native Claims Settlement Act.
• Income derived from certain submarginal land of the United States that is held in trust for certain Indian tribes.
• Income derived from the disposition of funds of the Grand River Band of Ottawa Indians.
• The first $2,000 of per capita shares from judgement funds awarded by Indian Claims Commission or the Court of Claims or from funds held in trust for an Indian Tribe by the Secretary of Interior.
• Payments received under the Maine Indian Claims Settlement Act of 1980.
• Payments received by the Indian Claims Commission to the Confederate Tribes and Bands of the Yakima Indian Nation or the Apache Tribe of the Mescalero Reservation.
• The first $2,000 of income received by individual Indians derived from interests or trust or restricted land.
• Payments received for the care of foster children or foster adults (usually persons with disabilities, unrelated to the tenant family, who are unable to live alone).
• Lump-sum additions to family assets, such as inheritances, insurance payments (including payments under health and accident insurance and worker’s compensation), capital gains and settlement for personal or property losses.
• Full amount of student financial assistance paid directly to the student or to the educational institution.
• Temporary, nonrecurring or sporadic income (including gifts).
• Reparation payments paid by a foreign government pursuant to claims filed under the laws of that government by persons who were persecuted during the Nazi era.
• Adoption assistance payments in excess of $480 per adopted child.
• Refunds or rebates under state or local law for property taxes paid on dwelling unit. 
• Amounts specifically excluded by any other Federal statute from consideration as income for purposes of determining eligibility or benefits under a category of assistance programs that includes assistance under any program to which the exclusions set forth in 24 CFR 5.609(c) apply.
• Payments or allowances under DHHS’ low-income home energy assistance program (LIHEAP).
• Federal scholarships funded under Title IV of The Higher Education Act of 1965, including awards under the Federal work study program or under the Bureau of Indian Affairs student assistance program.
• Payments received from programs funded under Title V of the Older Americans Act of 1965.
• Payments received on or after January 1, 1989 from the Agent Orange Settlement Fund or any fund established pursuant to the settlement in the Agent Orange product liability litigation.
• Earned Income Tax Credit refund tax payments.
• Any allowance paid under provisions of 38 U.S.C. 1805 to a child suffering from spina bidifa who is a child of a Vietnam Veteran.
• Any amount of crime victim compensation that the applicant (under the Victims Crime Act) receives through crime victim assistance (or payment or reimbursement of the cost of such assistance) as determined under the Victims Crime Act because of the commission of a crime against the applicant.

For more information you can visit the King County Housing and Community Development Program website.

World Pies is here and off to a great, and tasty I might add, start. My husband and I were one of the lucky few that were able to get a sneak peak at the delicious food World Pies is serving up. This week they have been having a "Soft Open" by inviting friends and family in to test out the menu as well as work on the restaurant’s operations. I thought the evening was lovely. While you could tell that people were still getting the hang of a new restaurant, I couldn’t find any flaws in the service. Our server was a bit on the shy side, but she was knowledgeable, attentive, accurate and made sure that all here tables were well taken care of.

What I really loved about the evening though was in addition to the food which was great, was that without even trying to plan it, we ran into six of our friends.  To me one of the whole points of a neighborhood restaurant is be able to do exactly that. The atmosphere was nice and relaxing and after a busy day - it was really nice to sit down to a nice meal and an impromptu gathering with friends. 

Their menu is pretty solid with a nice selection of pizzas and salads. I had a wonderful pizza that had all sorts of delicious meats and cheeses. My husband had one that had some amazing pesto sauce and we both really enjoyed the flat bread and hummus. All at our table agreed - the crust is perfect! Apparently it is reminiscent of New Haven style pizza, which I must admit, I have never had the pleasure of trying, but I draw upon visions of "Mystic Pizza" for a point of reference. The Caesar salad tasted great; not overly dressed and not too fishy. The wine was nice although I would like to see them expand their selection by a few.

All in all - it was a wonderful ending to a busy day and I look forward to going back once they officially open.

Thank you World Pies and Welcome!

UPDATE - Here is the phone number for ordering takeout: 425-392-6099

  Well in case you haven’t noticed, the much anticipated arrival of Nine Bar Espresso has finally come to fruition. Nine Bar opened their doors today.  I stopped by for a tasty treat and was very pleased with the indulgence. Their coffee was FANTASTIC! I also personally love that they offer their sweetener in liquid form. Not only does it more evenly distribute sweetness to your favorite coffee beverage, but it cuts down on paper waste by not having individually wrapped packets of sugar. Way to look out for the environment.

The atmosphere is great too. Nice warm colors throughout the space and great tables and booths make it a cozy place to sit and enjoy a cup of joe with some friends. During the warmer months there is going to be a fantastic patio area that I am looking forward to frequenting.

World Pies, the other half to this taste sensation, will be ready to go soon. Hopefully by about the 15th of this month according to the owner Matt Snook. Matt was very gracious and gave me a personal tour of the shop. You can tell he is very proud and excited about this project.

Matt - congratulations and welcome. You and your crew are off to a great start.

They’ll be open this week from 9am to 6pm. Watch for extended hours and Grand Opening info coming soon!

The last Retail Task Force Meeting didn’t uncover too much that wasn’t already known. Judd did mention that an Oregon business man who owns several hotels had recently signed a lease on the hotel space at The High Streets. Unfortunately, at the time, he was not sure what hotel he was going to build. Recently, things have changed.

As of last Wednesday night, it looks like he will be moving forward with the Residence Inn brand under the Marriott umbrella. I think this makes total sense.

People don’t really want to come to Issaquah (as much as I love this place I call home) to spend a weekend or a night or two for leisure. They are more apt to come because they are here from out of town visiting friends or family or possibly relocating to the area and need a place to stay until they find a permanent home. And with Swedish building a hospital 3 blocks away, it will also be a convenient place for out of town guests to be close to loved ones who have the unfortunate privilege of being a guest of the hospital.

This is perfect for this brand whose core competency is catering to guests who have longer stays. For more details on what a Residence Inn offers travelers, check out their website.

Swedish Hospital recently executed its option to purchase 18 acres of land in Issaquah Highlands, further cementing their commitment and determination to bring better hospital services to the growing population of King County’s Eastside communities. The land that plan to build on is located at the South West of edge of the Issaquah Highlands.

While this is great news for the community, they are not out of the woods yet. Swedish has cleared all the state Department of Health’s red tape, so they have started the planning process. They still need to get a favorable ruling from the state Department of Health administrative judge in the joint appeal filed by Overlake, Evergreen, Snoqualmie Valley and Children’s Hospital & Regional Medical Center. Their argument is that the plans of Swedish concentrate too many beds in one location. I find that odd seeing that some of those participating in the appeal tried to be the hospital developer of choice in the first go-round. In fact, Overlake and Swedish both submitted applications that were rejected way back in 2004. Overlake gave up while Swedish filed for appeal after appeal until they finally were granted permission to build.

Maybe Overlake shouldn’t have given up…

Regardless on what happens with the current appeal by the competition, Swedish owns the land and will build some sort of medical facility; with or without beds.
To read the official press release, click here.

In addition to the current affordable housing, another 60 units, a combination of rentals and single family homes, will soon be under construction. Division 95, the last chunk of land previously not committed to any one in particular to build affordable housing has finally found at least one developer.

For those of you not familiar with Division 95, it is North of Park Drive, on the West side of 25th Ave NE, and right at the intersection of 25th Avenue NE and Logan Street.

The site plan calls for 50 rental units (location indicated by the blue shading in the picture) and 10 single family homes. The 10 single family homes will be directly adjacent to 25th (as indicated by the red shading in the picture). These homes will be built by Habitat for Humanity and are scheduled to break ground sometime this year. If you would like to help out in this project, please check out the volunteer page at the East King County Habitat Website.

Port Blakely is still trying to find a non-profit builder for the 50 rental units. They have proposals out to several different builders currently. If no builder is found in the next 12 months, PortBlakely will most likely step in and take the ball on this.

And for all of you who might be concerned about “Affordable Housing” bringing down property values or not fitting in the community, here is some food for thought. “Affordable Housing” already makes up about 20% of Issaquah Highlands real estate. It must pass the same Architectural Review Standards that all the other homes do to ensure there is a level of consistent quality. In addition, to qualify for affordable housing you must meet certain income requirements. Depending on the unit you are trying to acquire, a single person can make up to 80% of the median income to qualify for the most affordable programs, all the way up to 120% of the median income before they no longer meet the requirements. The median income in 2007 for a single person was $54,500.

In a previous post on the appreciation in real estate prices that Issaquah Highlands has seen comparing 2006 to 2007, I showed some data on the resale’s that had occurred in Issaquah Highlands between 2006 and 2007. Shaq, one of my readers, inquired about specifically about one home that had shown a anemic 1% increase in price from the time it was first purchased in 2006. So I decided to dig in a little bit to investigate why this house is such an outlier.

House 29 indeed has had an interesting history.

The home was first on market in 2005 as new construction and was originally listed in the high $600,000 getting moved up to $704,950 where it generated an offer in May of 2006. The house finally closed in November 2006 with a sales price of $713k,000. The increase in price probably was related to upgrades put into the home as well as the increase developers were making in prices at the time to account for market demand.

The original buyer then tried to sell the home only four (yes you read that right; FOUR) months later in March of 2007 hitting the market at $800,000. In my opinion, the listing was overpriced and underwent a series of price reductions:

• first reduction - 04/12/2007 - $775,000
• second reduction - 05/21/2007 - $769,950
• third reduction - 06/04/2007 - $759,950
• fourth reduction - 06/20/2007 - $755,000
• fifth reduction - 08/13/2007 - $739,000

The home finally generated an offer at the $739,000 asking price. The home closed on October 1, 2007 for $722,000 - still an increase in price over the original sales price a year earlier.

This quick turnaround does not appear to be the result of someone trying to “flip” but rather a less than timely relocation as the property was originally listed with the owners of record on the deed, but that changed to a relocation firm shortly before the house sold. In my opinion the 7 month market time was in large part due to an overly optimistic original listing price. I would suspect that if the home were originally listed closer to $760,000, it would have sold sooner and closer to asking price than it did. Stair stepping down in price is not the way to get your house sold. When you do that, you end up chasing the market.

While this example is interesting because it shows us what happens in value over the course of a year or two (it did increase) obviously in this instance the increase was not enough to cover the expenses. That being said though - I don’t know many people who end up having to list their home for sale four months after moving in. My guess is the employee was “bought out” of his home by the relocation company and the relocation company / new employer was willing to take the hit. They will even be able to write it off.

I do think real estate is a great investment - but I believe in the buy and hold method vs flipping.

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