October 31, 2007 by Joe Kennedy.

According to an article in the Seattle Times, Seattle area home prices fell in August.  I look for a lot more of this to happen, as there seems to be fewer buyers and a lot more inventory on the market - much of it drastically overpriced.

Posted in Residential, SFR | No Comments »

October 18, 2007 by Joe Kennedy.

I had to laugh - and applaud!  This is a great marketing idea, but unfortunately does show the state of the market.  Agents are getting discouraged with the lack of buyers and sellers who think their properties are worth a lot more than they are.  Apparently this listing agent is finding that other agents are no longer showing up for open houses.  Many listing agents are finding that their open houses are only attended by neighbors who want to snoop - and only a short time ago, these same houses would have sold before a brokers open could be held.

I did get this email this afternoon through spam (apparently many real estate professionals feel that its ok to illegally spam other real estate professionals), which I hate and never condone - but I do have to appreciate the fact that this agent is trying something different …   Perhaps she should just try advertising it in Eastside Business.  That’s one of the places our advertising gets listed.

Posted in Brokers Open | No Comments »

October 13, 2007 by Joe Kennedy.

I just received quite a pleasant surprise this morning.  Real Estate Blogging Queen and Washington Broker of Brio Realty, Ardell DellaLoggia accepted my LinkedIn invitation and I am her first LinkedIn “Connection”.  I know that Ardell has been very busy with her recently acquired duties as broker of Brio and if she’s anything like me, probably has an email inbox that is constantly full.  Not sure how long ago that I sent the invite, but glad that she’s now a connection.  She’s really very highly thought of in the real estate industry, a very smart lady with a lot of great real estate experience and a great blogger.  I wish I was as good a blogger as Ardell, but am sure I am not as focused (or as good as a writer) as I would need to be.

I’m glad that Ardell has decided to explore LinkedIn and hope that it is of benefit to her and her business(es).

Posted in Blogging, Bellevue | 2 Comments »

October 6, 2007 by Joe Kennedy.

Since joining Active Rain a year or so ago, I’ve made a lot of blog posts and comments there and was at one time able to earn the top brokerage position in Bellevue for a short time.  Once I was found out, the folks at Active Rain and Brio decided to make sure that was not going to happen again.  I boycotted for awhile and then went back, until I was displaced still once again - once again by Brio (whose founder is also an owner of Active Rain).  I boycotted once more and then went back - until last week.

Last week it was announced that Active Rain had filed a huge lawsuit against Move.com (which operates Realtor.com). Apparently, AR was going to sell their platform (and their members?) to Move to use for a REALTOR blogging community.  I’ve had to think about this for awhile, but for now I have decided that I don’t want to be part of a group that can be bought and sold without any of my input or any regard to how the membership would be affected.

There are thousands of real estate professionals on AR.  They helped build it.  I helped build it.  AR was going to sell us down the river to make a few people multi-millionaires.  That’s fine and their choice, but my choice is to no longer contributing or participating at Active Rain.  At this point, I see WannaNetwork as a good alternative, but after the Acid Rain experience, I think that my blogging time will be spent on my own blogs - not to line somebody else’s pockets with gold.

Posted in Blogging, WannaNetwork, Personal | No Comments »

October 6, 2007 by Joe Kennedy.

This photo of Lennox Scott, the Chairman and CEO of John L. Scott Real Estate was in a full page Stewart Title ad in the September/October 2007 edition of LORE (Lives of Real Estate), along with the statement “I am … a technology INNOVATOR”. Lennox is a nice man who does take pride in being on the cutting edge of real estate technology. It’s nice to see him smiling! (The shades are a nice touch too!)

Posted in Uncategorized | No Comments »

October 2, 2007 by Joe Kennedy.

Last week I had a call from a gentleman here in Bellevue who was very excited about our $500 Flat Fee Listing program. We still haven’t officially announced or launched it, but he had read about it in a post on one of my blogs and gave me a call.

Apparently he has been trying to sell a family house as a FSBO (for sale by owner) for the past two or three months with no success. First of all, he should not feel all alone - there are many homes in our area that have been languishing on the market for months - and they are listed on the MLS and represented by agents!

I explained to him that it is very important for his property to be exposed to as many potential buyers as possible and that in my opinion, the best way to do this is by getting the house listed on the local multiple listing service (MLS). He agreed that’s what he needed to do and went to AAAListsHomes.com to get the forms to fill out to get listed.

A short time later, he called back to ask about the selling broker commission. With a Flat Fee Listing, no listing commissions are charged or paid, but the seller does need to offer selling brokers (or buyer’s agents) a commission for their work. Our FSBO didn’t want to pay the buyer’s agent at all - in his opinion that should be up to the buyer!

I explained that real estate commissions, while always being negotiable, are traditionally paid as a percentage of the sales price of a property - and from the sales price. That means the seller generally pays the sales side of the commission, even if that agent is working for the buyer. Another thing that I mentioned to him is that buyers are having a hard enough time finding financing, without having to come up with another big pile of cash to pay commissions.

AAA Properties is happy to be part of changing the real estate industry by eliminating listing commissions, but the fact is there are still thousands of agents out there who represent most of the buyers. We want those buyers agents to show our listings to our buyers, so we recommend that those who use our flat fee service offer a full 3% to any agent who brings them a buyer. This is truly the only way to make sure that your property gets full exposure to the market and will bring the best price possible.

In the end, it is unknown if our FSBO will be listing his house or not, whether he’ll choose to offer a selling broker commission, how long it will take him to sell the property or whether he will get a good price for his house. What would you do? What do think will happen in his situation?

Skidoodleski, Hair Farmer Joe

Posted in MLS, Residential, FSBO, Commissions, Listing, Bellevue | No Comments »

October 2, 2007 by Joe Kennedy.

Ardell says she won’t be going, but wrote a recent post about Than Merrill coming to Bellevue on October 11th to speak at a special Real Estate Investors Association event. I am a new member of REIA and will be at this event (along with the regular meeting on Oct 8). Both events are completely free to members. I fully recommend that anyone with any interest in real estate investing join this group.

As a side note, Than recorded a Real Estate Today Podcast with Tom Kelly on Sunday which is definitely worth listening to.

Posted in Flippers, Investors | No Comments »

October 1, 2007 by Joe Kennedy.

	PT: Residential YBT: 1953 Style: 10-1 Story Sq Ft: 1390 Bed: 2 Baths: 1 Lot Size: 7000 WFT: View: Owner Name: Gates Listing Office: Coldwell Banker Bain (ID:5901) Occupant Name: Gates Agent: Jean Hill (ID:44096) 425-736-9519 Co Agent: Julie Johnston (ID:39410) 425-753-2867
Driving Directions: Going So. on Bellevue Way, L/on Main. R/on 108th Ave. SE,R/ SE 10th Ave, L/on 107th Ave SE. Tour Comments: Come join us! Refreshments will be served. Delightful home, beautifully maintained and updated!

	PT: Residential YBT: 1962 Style: 12-2 Story Sq Ft: 2450 Bed: 4 Baths: 2.25 Lot Size: 12231 WFT: View: Territorial Owner Name: Daniel Listing Office: Skyline Properties, Inc. (ID:5353) Occupant Name: Daniel Agent: Jeffrey T. Hu (ID:36598) 206-351-6557 Co Agent:
Driving Directions: FROM 148th AVE SE, head East on SE 16th ST. TO 152nd AVE SE, and then Turn Right-head South, Then Go straight to end of STREET. Home ON RIGHT AT END OF STREET. Tour Comments:

	PT: Residential YBT: 2003 Style: 12-2 Story Sq Ft: 1450 Bed: 3 Baths: 2.50 Lot Size: 3060 WFT: View: Owner Name: Kevin and Val Kok Listing Office: RE/MAX Eastside Brokers, Inc. (ID:5625) Occupant Name: Kevin and Val Agent: Brian Johnston (ID:36184) 206-243-1811 Co Agent: Stephanie L Marsh (ID:23317) 206-835-8250
Driving Directions: From Avondale R Novelty Hill R Cedar Pk Crescent R 227th Way around circle to R 94th Way R 228th Way Left 229th Pl NE Tour Comments:

	PT: Residential YBT: 2004 Style: 12-2 Story Sq Ft: 4717 Bed: 4 Baths: 4.50 Lot Size: 1.490 WFT: View: Territorial Owner Name: John & Jennifer Gregory Listing Office: Skyline Properties, Inc. (ID:5353) Occupant Name: Gregory Agent: Chip McBroom (ID:50127) 425-894-4043 Co Agent:
Driving Directions: Redmond/Fall City Road East to Left on 236th. Continue about 1 mile to Montelena Gate Entrance on Right. Enter 1st home on Right. Tour Comments:

	PT: Residential YBT: 1974 Style: 14-Split Entry Sq Ft: 1720 Bed: 3 Baths: 2.50 Lot Size: 0.180 WFT: View: Owner Name: Gavin Listing Office: RE/MAX Real Estate Center (ID:5035) Occupant Name: Jeff & Angela Agent: Ron Horsman (ID:9670) 425-941-8311 Co Agent:
Driving Directions: I-405 N, TAKE EXIT #208B/N.E. 124th st. TOWARD TOTEM LK. BLVD,TURN L ON TOTEM LK. BLVD,TURN R ON NE 132nd st, TURN L ON 124th Ave NE,TURN R ON NE 144TH st,TURN L ON 130th AVE NE,BEAR L ON NE 144TH WAY Tour Comments: Fantastic Kirkland Home! Sunday Open 1:00 - 4:00

PT: Residential YBT: 1982 Style: 14-Split Entry Sq Ft: 2380 Bed: 3 Baths: 2.25 Lot Size: 8170 WFT: View: See Remarks Owner Name: Sixta Listing Office: RE/MAX Real Estate Center (ID:5035) Occupant Name: Sixta Agent: Pam Schmoll (ID:36068) 425-922-9344 Co Agent:

Driving Directions: Traveling east from Woodinville-Redmond Rd (Hwy 202) on 124th, turn L on 172nd Ave NE into English Hill, R NE 131st curves into 175th Ave NE, R NE 136th St, L 179th Ave NE, home near end of cul-de-sac Tour Comments: Progressive open house for several English Hill homes this Saturday. This home offers two great rooms & a rear wooded greebelt for rare privacy. Enjoy vacation ambience year-round with many outdoor spaces & lovely indoor places on a cul-de-sac.

	PT: Residential YBT: 1979 Style: 14-Split Entry Sq Ft: 1652 Bed: 3 Baths: 2.25 Lot Size: 0.240 WFT: View: Owner Name: Estate of Margaret Reith Listing Office: Skyline Properties, Inc. (ID:7462) Occupant Name: None Agent: Tamara B Dowd (ID:46771) 425-750-6892 Co Agent:
Driving Directions: From Bothell Everett Highway & Maltby Road. Continue West Through intersection on Maltby Rd. Turn Right on 14th Dr. SE. House is on the Right. Tour Comments:

	PT: Residential YBT: 1975 Style: 13-Tri-Level Sq Ft: 1920 Bed: 4 Baths: 1.75 Lot Size: 9041 WFT: View: Mountain, Partial, Territorial Owner Name: David and Rebecca Bluher Listing Office: Skyline Properties, Inc. (ID:5353) Occupant Name: David and Rebecca Bluher Agent: Abbie Cort (ID:57085) 425-239-1130 Co Agent:
Driving Directions: I405 either way, 522 W towards Bothell. Slight right onto Kaysner Way. Kaysner Way becomes 104th Ave. NE. Turn right onto NE 201st St. Tour Comments:

Posted in Uncategorized | No Comments »

October 1, 2007 by Joe Kennedy.

In case you are in the market for a home, there are already a number of open houses scheduled for the Eastside this week - mostly on Sunday.  If there are any houses that you’d like to see and don’t want to wait for the open, please let me know and I’d be glad to show you.  Here are the public opens scheduled for this week:

	PT: Residential YBT: 1953 Style: 10-1 Story Sq Ft: 1390 Bed: 2 Baths: 1 Lot Size: 7000 WFT: View: Owner Name: Gates Listing Office: Coldwell Banker Bain (ID:5901) Occupant Name: Gates Agent: Jean Hill (ID:44096) 425-736-9519 Co Agent: Julie Johnston (ID:39410) 425-753-2867
Driving Directions: Going So. on Bellevue Way, L/on Main. R/on 108th Ave. SE,R/ SE 10th Ave, L/on 107th Ave SE. Tour Comments: Come join us! Refreshments will be served. Delightful home, beautifully maintained and updated!

	PT: Residential YBT: 1962 Style: 12-2 Story Sq Ft: 2450 Bed: 4 Baths: 2.25 Lot Size: 12231 WFT: View: Territorial Owner Name: Daniel Listing Office: Skyline Properties, Inc. (ID:5353) Occupant Name: Daniel Agent: Jeffrey T. Hu (ID:36598) 206-351-6557 Co Agent:
Driving Directions: FROM 148th AVE SE, head East on SE 16th ST. TO 152nd AVE SE, and then Turn Right-head South, Then Go straight to end of STREET. Home ON RIGHT AT END OF STREET. Tour Comments:

	PT: Residential YBT: 2003 Style: 12-2 Story Sq Ft: 1450 Bed: 3 Baths: 2.50 Lot Size: 3060 WFT: View: Owner Name: Kevin and Val Kok Listing Office: RE/MAX Eastside Brokers, Inc. (ID:5625) Occupant Name: Kevin and Val Agent: Brian Johnston (ID:36184) 206-243-1811 Co Agent: Stephanie L Marsh (ID:23317) 206-835-8250
Driving Directions: From Avondale R Novelty Hill R Cedar Pk Crescent R 227th Way around circle to R 94th Way R 228th Way Left 229th Pl NE Tour Comments:

	PT: Residential YBT: 2004 Style: 12-2 Story Sq Ft: 4717 Bed: 4 Baths: 4.50 Lot Size: 1.490 WFT: View: Territorial Owner Name: John & Jennifer Gregory Listing Office: Skyline Properties, Inc. (ID:5353) Occupant Name: Gregory Agent: Chip McBroom (ID:50127) 425-894-4043 Co Agent:
Driving Directions: Redmond/Fall City Road East to Left on 236th. Continue about 1 mile to Montelena Gate Entrance on Right. Enter 1st home on Right. Tour Comments:

	PT: Residential YBT: 1974 Style: 14-Split Entry Sq Ft: 1720 Bed: 3 Baths: 2.50 Lot Size: 0.180 WFT: View: Owner Name: Gavin Listing Office: RE/MAX Real Estate Center (ID:5035) Occupant Name: Jeff & Angela Agent: Ron Horsman (ID:9670) 425-941-8311 Co Agent:
Driving Directions: I-405 N, TAKE EXIT #208B/N.E. 124th st. TOWARD TOTEM LK. BLVD,TURN L ON TOTEM LK. BLVD,TURN R ON NE 132nd st, TURN L ON 124th Ave NE,TURN R ON NE 144TH st,TURN L ON 130th AVE NE,BEAR L ON NE 144TH WAY Tour Comments: Fantastic Kirkland Home! Sunday Open 1:00 - 4:00

PT: Residential YBT: 1982 Style: 14-Split Entry Sq Ft: 2380 Bed: 3 Baths: 2.25 Lot Size: 8170 WFT: View: See Remarks Owner Name: Sixta Listing Office: RE/MAX Real Estate Center (ID:5035) Occupant Name: Sixta Agent: Pam Schmoll (ID:36068) 425-922-9344 Co Agent:

Driving Directions: Traveling east from Woodinville-Redmond Rd (Hwy 202) on 124th, turn L on 172nd Ave NE into English Hill, R NE 131st curves into 175th Ave NE, R NE 136th St, L 179th Ave NE, home near end of cul-de-sac Tour Comments: Progressive open house for several English Hill homes this Saturday. This home offers two great rooms & a rear wooded greebelt for rare privacy. Enjoy vacation ambience year-round with many outdoor spaces & lovely indoor places on a cul-de-sac.

	PT: Residential YBT: 1979 Style: 14-Split Entry Sq Ft: 1652 Bed: 3 Baths: 2.25 Lot Size: 0.240 WFT: View: Owner Name: Estate of Margaret Reith Listing Office: Skyline Properties, Inc. (ID:7462) Occupant Name: None Agent: Tamara B Dowd (ID:46771) 425-750-6892 Co Agent:
Driving Directions: From Bothell Everett Highway & Maltby Road. Continue West Through intersection on Maltby Rd. Turn Right on 14th Dr. SE. House is on the Right. Tour Comments:

	PT: Residential YBT: 1975 Style: 13-Tri-Level Sq Ft: 1920 Bed: 4 Baths: 1.75 Lot Size: 9041 WFT: View: Mountain, Partial, Territorial Owner Name: David and Rebecca Bluher Listing Office: Skyline Properties, Inc. (ID:5353) Occupant Name: David and Rebecca Bluher Agent: Abbie Cort (ID:57085) 425-239-1130 Co Agent:
Driving Directions: I405 either way, 522 W towards Bothell. Slight right onto Kaysner Way. Kaysner Way becomes 104th Ave. NE. Turn right onto NE 201st St. Tour Comments:

Posted in Open Houses | No Comments »

October 1, 2007 by Joe Kennedy.

As predicted a number of months ago, the number of homes in Bellevue listed for sale under $500,000 has continued to increase. Today there were 54 single family residences (SFRs) listed for sale here in Bellevue for less than half a million dollars. These are all properties listed on the NWMLS and does include a few townhouses, but doesn’t include the many for sale by owners (FSBO) around town.

I look for this number to continue to increase for some time, as it continues to get tougher to qualify for a loan and prices drop back down to some normalcy.

Has anyone else noticed how many places are for rent lately? Do you think these could be people who thought they’d have sold their properties for huge profits by now? Will the availability of these rental units and many under construction have a lowering effect on rents? Or will the real estate sales slowdown turn a lot of would-be buyers into renters again and cause rents to rise?

If you want to search homes that are on the market, try the new Seattle Home Search site or on the Eastside, check out the place to find Eastside Real Estate for sale.

Posted in Residential, NWMLS, Listing, Bellevue | No Comments »