Comments on: Older sells faster and for more http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/ Seattle's Leading Resource for Real Estate Information Sat, 21 Nov 2009 06:01:18 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: leanne finlay http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-306800 leanne finlay Sun, 13 Apr 2008 19:55:06 +0000 http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-306800 Broker Bryant - you have a lot of FLAT land there in Florida, we sure don't have much of it here. We're an extremely hilly region, with lots of steep ravines for streams and rivers to flow down to the lakes and Puget Sound. The mountains that provide the snowmelt to fill the streams and rivers are as close as 40 minutes away from the City of Seattle. All that water, hills and mountains means great beauty, but also means a very limited supply of buildable land for housing. The Seattle housing region is bounded by Puget Sound waters to the west of downtown Seattle, Lake Washington to the east, and the Cascade Mountain Range beyond Lake WA. Our close-in properties are more expensive per sq ft due to very limited land availability due to our geography. In-City growth is very limited without growing vertically, which increases density, which has its' own set of issues. Our geographic region limits housing supply, which means prices increase, so long as good jobs are available. And, we do have great employment here, with well-paying jobs. We are a very lucky region to have both strong employement, as well as a very beautiful region. Broker Bryant – you have a lot of FLAT land there in Florida, we sure don’t have much of it here. We’re an extremely hilly region, with lots of steep ravines for streams and rivers to flow down to the lakes and Puget Sound. The mountains that provide the snowmelt to fill the streams and rivers are as close as 40 minutes away from the City of Seattle. All that water, hills and mountains means great beauty, but also means a very limited supply of buildable land for housing.

The Seattle housing region is bounded by Puget Sound waters to the west of downtown Seattle, Lake Washington to the east, and the Cascade Mountain Range beyond Lake WA. Our close-in properties are more expensive per sq ft due to very limited land availability due to our geography.

In-City growth is very limited without growing vertically, which increases density, which has its’ own set of issues. Our geographic region limits housing supply, which means prices increase, so long as good jobs are available.

And, we do have great employment here, with well-paying jobs. We are a very lucky region to have both strong employement, as well as a very beautiful region.

]]> By: David Small http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-306769 David Small Sun, 13 Apr 2008 18:18:49 +0000 http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-306769 I'm with BB on this one. Over $200/sqft is pretty impressive! We saw that back in 05-06, but not even close now. What were the prices/sqft before the market downturn? I’m with BB on this one. Over $200/sqft is pretty impressive! We saw that back in 05-06, but not even close now. What were the prices/sqft before the market downturn?

]]> By: ARDELL http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304920 ARDELL Thu, 10 Apr 2008 20:02:09 +0000 http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304920 LOL! I thought so! I've seen enough rotted eaves in my day and rarely does an inspection NOT note rotted eaves. I have never seen a lender call them, as they don't usually have the inspection report, unless you tried to do a credit for them and the lender saw that addendum. In any case, the prevention technique for future rotted eaves is to take the same roof shingles and cap them now so they are more protected from getting rained on. I'm sure there are others and maybe even better ones, but that remedy takes about 20 minutes and $20 bucks. I really appreciate your being so open, as readers really like to hear from "real people" and not just agents all the time. LOL! I thought so! I’ve seen enough rotted eaves in my day and rarely does an inspection NOT note rotted eaves. I have never seen a lender call them, as they don’t usually have the inspection report, unless you tried to do a credit for them and the lender saw that addendum.

In any case, the prevention technique for future rotted eaves is to take the same roof shingles and cap them now so they are more protected from getting rained on. I’m sure there are others and maybe even better ones, but that remedy takes about 20 minutes and $20 bucks.

I really appreciate your being so open, as readers really like to hear from “real people” and not just agents all the time.

]]> By: Liz http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304876 Liz Thu, 10 Apr 2008 18:55:04 +0000 http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304876 Yes eaves, I guess they were connected to the soffits? It was the ends of the wood that stuck out from supporting the roof and gutter. It was in the inspection report and appraisal. I believe on the appraisal because the roof was new and the appraiser noted that but said some of the wood hadn't been replaced and was rotting and to be valued at $250,000 needed to be fixed. It was ~ 3 inches on the end so a contractor came and cut the ends off and installed new. We did 100% financing (this was just when 80/20 loans started and pre subprime) due to the dollar value of upgrades. We had some money to put down but the lender agreed to do 100% , we pay PMI, and pay cash for upgrades as we went. The other option was financing a higher amount to pay for the upgrades and put money down. Either way we had to pay PMI so opted for 100% financing and not have to pay interest on the money used for repairs. Yes eaves, I guess they were connected to the soffits? It was the ends of the wood that stuck out from supporting the roof and gutter. It was in the inspection report and appraisal. I believe on the appraisal because the roof was new and the appraiser noted that but said some of the wood hadn’t been replaced and was rotting and to be valued at $250,000 needed to be fixed. It was ~ 3 inches on the end so a contractor came and cut the ends off and installed new. We did 100% financing (this was just when 80/20 loans started and pre subprime) due to the dollar value of upgrades. We had some money to put down but the lender agreed to do 100% , we pay PMI, and pay cash for upgrades as we went. The other option was financing a higher amount to pay for the upgrades and put money down. Either way we had to pay PMI so opted for 100% financing and not have to pay interest on the money used for repairs.

]]> By: ARDELL http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304799 ARDELL Thu, 10 Apr 2008 15:57:48 +0000 http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304799 I'm confused by "soffits" which are usually interior. Do you mean rotted eaves (wood) on the exterior? What was rotted about the "soffits" and where were they. I'm surprised the lender picked up on that. Was it in the appraisal? I’m confused by “soffits” which are usually interior. Do you mean rotted eaves (wood) on the exterior? What was rotted about the “soffits” and where were they. I’m surprised the lender picked up on that. Was it in the appraisal?

]]> By: Liz http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304774 Liz Thu, 10 Apr 2008 15:15:44 +0000 http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304774 We, the buyer, had the holdback. The seller didn't want to do the soffits and said they couldn't afford to (she was 87) but agreed to lower the sales price $2,000 (yeah, I didn't understand it either because in directly she paid for the soffits by lowering the price). The bank agreed that was fine but required the work be done and use holdback. Had we gotten the work done prior to closing could've skipped holdback but we were more focused on nightly dates to Home Depot. We, the buyer, had the holdback. The seller didn’t want to do the soffits and said they couldn’t afford to (she was 87) but agreed to lower the sales price $2,000 (yeah, I didn’t understand it either because in directly she paid for the soffits by lowering the price). The bank agreed that was fine but required the work be done and use holdback. Had we gotten the work done prior to closing could’ve skipped holdback but we were more focused on nightly dates to Home Depot.

]]> By: ARDELL http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304755 ARDELL Thu, 10 Apr 2008 14:38:33 +0000 http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304755 BB, P.S. I'm pretty sure I read that Poinciana was pretty much blackballed by the lending industry and it's near impossible to get a mortgage on the homes there. If people can't finance homes, that drives prices down and keeps them down. We had one complex here near Microsoft that had lending woes during the rise in prices, and they were the only complex that saw only modest gains while everything else was going up. Difficulties in financing aimed at a particular complex or area, inhibits price increases dramatically. BB,

P.S. I’m pretty sure I read that Poinciana was pretty much blackballed by the lending industry and it’s near impossible to get a mortgage on the homes there. If people can’t finance homes, that drives prices down and keeps them down.

We had one complex here near Microsoft that had lending woes during the rise in prices, and they were the only complex that saw only modest gains while everything else was going up. Difficulties in financing aimed at a particular complex or area, inhibits price increases dramatically.

]]> By: ARDELL http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304751 ARDELL Thu, 10 Apr 2008 14:31:28 +0000 http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304751 BB, I don't think so BB, as many parts of CA are very expensive in areas where earning power is only high for very few. I think it's West Coast vs. East Coast as to your home prices to some degree. As to Central Florida, I was told it was all Disney's fault for having so many minimum wage jobs. I think the locals have been saying that since Disney was built. BB,

I don’t think so BB, as many parts of CA are very expensive in areas where earning power is only high for very few. I think it’s West Coast vs. East Coast as to your home prices to some degree. As to Central Florida, I was told it was all Disney’s fault for having so many minimum wage jobs. I think the locals have been saying that since Disney was built.

]]> By: Broker Bryant http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304720 Broker Bryant Thu, 10 Apr 2008 12:42:01 +0000 http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304720 ARDELL, I just want to comment on the price per sq footage. In Poinciana FL it is between $70 and $80 for a 1800 sq ft home!!! Your's in Seattle is 3 times. That's incredible. I guess it's all about the location, location, location. But go figure, we have beautiful sunshine and you have rain yet your properties are selling for 3 times as much. So maybe it's really about jobs, jobs, jobs. ARDELL, I just want to comment on the price per sq footage. In Poinciana FL it is between $70 and $80 for a 1800 sq ft home!!! Your’s in Seattle is 3 times. That’s incredible. I guess it’s all about the location, location, location. But go figure, we have beautiful sunshine and you have rain yet your properties are selling for 3 times as much. So maybe it’s really about jobs, jobs, jobs.

]]> By: ARDELL http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304500 ARDELL Thu, 10 Apr 2008 05:03:41 +0000 http://raincityguide.com/2008/04/08/older-sells-faster-and-for-more/#comment-304500 "Like many new owners we would’ve spent the $1,500 on fun stuff -paint, furniture, mirrors etc and ignored the soffts for a year! Thus recognizing the benefit of holdback." LOL!!! I would definitely like to meet you some time. You are definitely my kind of people. Honest and not afraid to tell it like it is. Wasn't the "holdback" from the seller's funds and not yours as the buyer? “Like many new owners we would’ve spent the $1,500 on fun stuff -paint, furniture, mirrors etc and ignored the soffts for a year! Thus recognizing the benefit of holdback.”

LOL!!! I would definitely like to meet you some time. You are definitely my kind of people. Honest and not afraid to tell it like it is.

Wasn’t the “holdback” from the seller’s funds and not yours as the buyer?

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