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Who Gets the Earnest Money?

Cash with a new house key and keychain

Have you ever wondered what happens to the earnest money deposit when residential transactions fail to close?  The answer is found in a piece of legislation created by the State of Washington called the Interpleader.  Intending to resolve uncertainties surrounding the proper disposition of earnest money deposits, this process was clarified for SeattlebyDesign, by one of our favorite Title & Escrow companies, and we felt obliged to share it with you.  Note that earnest money can be held by title companies, escrow agents, and real estate licensees.

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Where Next: Insights from our Broker Network

St Croix in the U.S. Virgin Islands!  This month’s contribution comes from Vanessa “Ness” Fennessey, who descends from a line of London-based realtors dating back to 1804.  If you like to watch HGTV’s House Hunters International, you may have seen her in not-one-but-two episodes that feature the popular island.  Like many before her, Ness visited St. Croix in 2001 and fell in love with all the island offers.  Plan a visit and connect with Ness for some sage guidance.  She would be delighted share with you the virtues and secrets of island living, followed perhaps with a tour of available properties.

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Changes to Selling Office Commissions Rules

We want to let you know about some changes directed by the Northwest Multiple Listing Service (NWMLS) regarding how those selling office commissions are determined. The intention is that sellers will have a greater degree of choice on what commission, if any, they offer to the brokerage representing the buyer.  These changes will have implications for sellers and buyers in real estate transactions as well as Appraisers and Lenders.  

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Where Next: Insights from our Broker Network

SCOTTSDALE/PHOENIX! Brad Kimmelman is an Associate Broker at Russ Lyon SIR, serving the Phoenix Metro Area. Brimming with endless warmth and charm, Brad is a talented partner well-equipped to make good on your real estate goals.

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Touring the Floating Homes of Lake Union

They are some of Seattle’s most unique and recognizable homes, and there’s only 500 of them. Last month, team member Enrico Pozzo—an expert in all things floating homes—led a tour of Lake Union and the homes that top its waters. Skippered by Realogics Sotheby’s International Realty (RSIR) CEO Dean Jones, our team was joined by nearly 40 of our RSIR colleagues and a few guest brokers from our affiliates in New York and California.

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The Benefits of Buying an Investment Property in the Seattle Area

 

 

Seattleites know how hot the real estate market is right now and are closely monitoring the conditions of their neighborhood. The market is changing quickly and many of my friends and clients are wondering if it’s the right time to buy or sell.

Most people have a short-term mentality when it comes to real estate, but they should have a long-term mentality. Real estate should always be a long-term investment.

 

When to Buy

It doesn’t matter when you buy an investment property in the long run. Every time you sell a home, it costs you about 8.5%, so each investment you make is more profitable the longer that you own it. It’s always a good time to buy a property that you will hold onto for a long time!

Where to Buy

You should buy the right property for you, in the right location. What neighborhood do you want to invest in? What will connect with you personally? A real estate broker understands investing and can help you study the neighborhood for the long-term potential.

Residential is Different

What are you proud of owning? Buying a home for you and your family is a big financial investment. The home you choose should really depend on your quality of life, and what will serve you the longest.

For example, if you’re single and want to buy a one-bedroom condo, it might be worth stepping back and assessing the next few years. Do you want to have a live-in partner in the next 10 years? If your answer is yes, and a two-bedroom apartment is in your budget, this might be a better choice for you.

 

I got my start in real estate investment a handful of years ago while we were remodeling our house. We bought a little condo, located near the downtown Seattle core, to stay in during the remodel. We held onto it over the years and bought another condo shortly after. In the years that I’ve owned the properties, they have more than doubled in value, accumulating $500,000 worth of profit, plus the monthly income. Even though the real estate market is hot right now, I’m not thinking about selling. I really love owning these properties.

The biggest mistake I see investors make is buying a property that requires a lot of work. You will make less money in the time that you own the property. In the two years that I’ve owned my condos I’ve done just one full day of work, fixing small things like garbage disposals or air conditioning units. I purposely buy condos because I don’t have to worry about the roof or any major issues. Though I have to pay HOA fees, it’s worth it to me to not have to worry about the hassle. The most I ever have to do is manage the cleaning and painting that comes with each new tenant.

 

Many of my clients are considering investing in the real estate market and turn to me to explore different investment avenues. If you’re interested in having a conversation about real estate investment, please call me!

-Enrico Pozzo

Rah Rah Issaquah!

 

View of Lake Sammamish and Issaquah

What do you think of when you think of Issaquah? Do you think of the big Salmon Days event? The Costco headquarters? The beautiful Olde Town neighborhood? Maybe you think of the great school system!

 

On June 14th, SeattlebyDesign’s Chris Kallin attended a private presentation by Jen Davis Hayes, Issaquah’s Economic Development Manager. Developer’s and tier-1 tenants were the primary audiences, but Chris learned a lot of information that might be of interest to the residential real estate investor and/or owner-occupied homebuyer!

Chris would love to share the full presentation for any interested readers, but here are a few interesting tidbits that you won’t find in the presentation:

– Issaquah boasts more C-Level executives than any other area of the Puget Sound. Astonishing, given some of the more high-profile neighborhoods one might think of first.

– Currently, 70% of the Issaquah valley floor is covered in asphalt. City planners aim to change this dramatically, by requiring structure parking in key areas and for projects of a certain scale.

– The City of Issaquah has lifted their 1.5-year moratorium on new commercial development. The goal during this time was to develop a comprehensive view of a future-Issaquah and to produce an architectural fit / urban design manual. The requisite zoning changes align with the prescriptive objectives.

– Just 9% of residents currently live and work in the city. With several anchor tenants dramatically increasing their footprint (e.g. Costco’s doubling of its corporate office space), planners hope to see this figure improve dramatically. One of the ways they aim to increase this is to add “play” to the live-work-play equation. Projects that provide entertainment value are sure to get more support from the City of Issaquah than others ignoring this element.

– A review of the presentation reveals a number of residential real estate opportunities. Areas of interest might include the area of likely ST3 light rail expansion, the soon-to-be improved transit center, and the several roads being added to the area, including at least one overpass connecting the two halves of the city bisected by I-90.

Please contact Chris Kallin if you’d like more information or a copy of the city’s presentation! You can email him at chris@seattlebydesign.com.

And if you’re interested in making an investment in the area, be sure to check out the Issaquah Active Projects Map: http://bit.ly/2KJNCnd

Puget Sound Business Journal Says Nearly 22% of Seattle’s Renters are Qualified Homebuyers

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Marc Stiles reported in a recent Puget Sound Business Journal  feature that “More than a fifth of renters in Seattle could afford to buy houses,” a fact that is contributing to the seemingly ever-rising cost to rent in Seattle.

Seattle’s rent is currently growing faster than any other city in the U.S., this according to the Seattle Times as June 2015 vs. June 2016 rent comparisons revealed a staggering 9.7% increase. What’s more, “rents are soaring so fast that June’s 1.1 percent monthly price gain in the Seattle area beat out the growth that Chicago and Washington, D.C., have seen in an entire year.”
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SeattlebyDesign | Seattle Area - Real Estate Specialists
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