Author Archives: Dustin Luther

About Dustin Luther

Founder and original blogger on Rain City Guide, Dustin has since started #InterestedIn Marketing where his team provides content and social media services that helps industry experts earn recognition as thought leaders. You can find me on Twitter (@tyr) and LinkedIn (/DustinLuther)

Where are the sellers?

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Richard and Alice on a BikeThe Seattle Times highlights the fact that there are fewer sellers in the Seattle Market than last year:

According to May statistics released yesterday by the Northwest Multiple Listing Service, the number of available King County houses and condominiums was off by 31 percent compared with a year ago.

The reason?
I’d tend to agree with Judy Hay’s assessment from the article that:

The lack of inventory is at least partially the result of a shift in homeowners’ thinking. A year and a half ago, she says, they were trading homes simply because they wanted something else. Not now.

Unless there is some reason to move, they’re not doing it. They’ve refinanced and they’re saying, ‘Let’s remodel and stay where we’re at.’

The lack of sellers is all the more surprising considering the median home price in Seattle has risen 17% in the past year.

It seems to me that trying to time the market (whether real estate or stocks) is a game that should be left to the professionals! However, it is just common sense that Seattle home owners even remotely considering selling their home should talk to a real estate agent to find out how much their home would probably fetch on the open market. If you’re interested, I’d be happy to provide a free home valuation report.

King County Home Appreciation

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AppreciationThe Seattle Times put together an informative graphic that illustrates homes home appreciated by neighborhood between 2003 and 2004. No surprise in that every single neighborhood in King County experienced increase values:

Thanks to low interest rates, last year was a record-breaker that saw 31,333 single-family home sales and 9.8 percent appreciation on a per-square-foot basis. That’s the highest since 1999 and well above 2003’s 4.2 percent. But one thing remained constant: Appreciation varied greatly among neighborhoods, ranging from 31.6 percent in Newport Shores and Kennydale to 3.2 percent in Lake Youngs, between Kent and Renton.

The top five neighborhoods in terms of appreciation were Newport Shores/Kennydale (31.6%), South Central West Seattle (22.7%), Madison Park (22.6%), West Shoreline (17.1%), and East Ballard (15.1%).

Zoom… monorail agreement finally reached

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107 0791 IMGThe Seattle Times is reporting that an agreement has finally been reached to build the monorail. As stated in a previous post, you can be pretty sure that high-capacity transit will increase property values.

On a related note, does it seem odd to anyone else that they announced the agreement on a Friday afternoon?

After all, this is the only positive news that’s come out of the Monorail agency in months, and then they effectively bury the story… Of course, the completion data of December 2010 is later than initial forecasts, but at this point, I’d like to see some construction in order to know that all parties are serious about building this thing.

Lessons learned from riding two real estate cycles

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Swinging for a HomerBill Wendel over at Boston’s Real Estate Cafe has been posting podcasts on his blog for a little while now. The interview from his latest podcast is from a woman who…

..describes lessons learned over last two real estate cycles: first losing money (at least on paper) on a starter condo purchased at the top of the bubble in Philadelphia in the mid-1980’s; then purchasing another home at the bottom of the last cycle; and ultimately hitting the real estate jackpot in Atlantic City.

To hear the podcast, follow the link to his website and then click on the link that says “Real Estate Bubble Audio Time Capsule #2”. That should download it to your machine and then open it to your default mp3 player.

What is podcasting?
In it’s simplest form, podcasting is a recording that is saved in an mp3 format that is made available via the internet. The recordings could either be groups of songs (a la a typical radio station), interviews (a la NPR), simple rants (a la many blogs), or a mix of all the above.

I’ve linked to this podcast, mainly because I’m intrigued by the idea of podcasting. I know that at some point in the future, I’ll give it a try… If you have some ideas for good podcasts (obviously the topic should be related to Seattle real estate), please let me know…. Would it be useful to have a podcast of my impression of featured listings? Are there any major players in Seattle real estate that I should interview? I could probably cover more ground in a two minute podcast than I could in a three paragraph description…

My take is that podcasting the same information that could easily be written about would be a waste of time and bandwidth. Ideally, it would be great to cover topics that can’t easily be conveyed via a written format. I’ll keep thinking about this and would appreciate your ideas.

Housing Prices up 12% this Past Year

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ClimbingThe blogging world is abuzz (at least the blogs that pay attention to real estate issues!) with news from the Office of Federal Housing Enterprise Oversight (OFHEO) that housing prices rose over 12% this past year. Since the report is in acrobat format, I’ll quote more than usual (*.pdf) :

Average U.S. home prices increased 12.50 percent from the first quarter of 2004 through the first quarter of 2005. Appreciation for the most recent quarter was 2.21 percent, or an annualized rate of 8.82 percent. The new data represent the largest four quarter increase since the third quarter of 2004, when appreciation surpassed any increase in over 25 years. The figures were released today by OFHEO Acting Director Stephen A. Blumenthal, as part of the House Price Index (HPI), a quarterly report analyzing housing price appreciation trends.

“The House Price Index shows the rise in house prices continues at an extremely strong pace and raises the potential for declines in some areas later on,

Seattle Public Library Resources

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spiderDid you know that you can get the full-text of on-line newspapers through the Seattle Library? I read an article describing how many libraries provide full-text access (on-line) to magazines and newspapers that would normally charge fees for such access:

It’s impossible to list every database available from every public library since resources vary amongst libraries. Simply visit your local library’s web site, or give them a call and ask what’s available and how to gain access. It’s a painless process that can be accomplished in a matter of minutes.

After reading the article, I was pleasantly surprised to find many great resources available on the Seattle Library Website. While just scratching the surface, I’ve already found current and archived collections of all 18 Washington State Newspapers, Technology Review, and Harper’s Magazine. The only catch is that you will need a Seattle Library card in order to access many of the databases.)

gHomes Update #2

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Bright Water SchoolAbout a week ago, Google made an update to google maps (gmaps) which caused errors to my gHomes MLS Search (built on top of gmaps).

I finally found some time to get around to making updates to my coding so that my MLS search would work. In the process, I’ve streamlined the data conversion process, so that it now only takes me a few minutes a day (if that) to update the MLS. While the MLS search is not nearly as smooth as I’d like, I still think it is one of the most interesting ways to search the homes that are currently on the market.

The current version searches all the homes listed in the City of Seattle. I’m in the process of adding additional Cities and neighborhoods. I’d also like to add “sold” information, but that will also take some time. If you are interested in seeing where I’m going, check out:

http://raincityguide.com/ghomes

Starbucks is Built for Growth

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Pike Place Market StarbucksI ran across this interesting article on how Starbucks manages their real estate. Corporate real estate is not my usual thing, but I thought the insights were quite interesting and show how important location is to the Starbucks brand.

Starbucks is a concept driven as much by real estate as it is by coffee and the coffee experience. These days Starbucks opens at least three new locations a day somewhere in the world. It has taken a lot of real estate to open up 9,000+ Starbucks locations and it will take even more real estate to reach their stated goal of 30,000 global locations.

The blog entry quoted above is from a review of Built for Growth by a former EVP of Real Estate with Starbucks. In the book, the author describes how “Starbucks gained market dominance through finding the best real estate locations.”

While not surprising, it’s interesting to hear the different ways that location has become an intergral part of Starbucks’ growth strategy.