Quote of the Day

Success comes in CANS not CAN'TS!

Check out Apex on YouTube!

Check out SPNW community sales manager Marisa Nichols on her YouTube debut! You can see the video below or check it out directly on YouTube by clicking this link!

http://www.youtube.com/watch?v=ASaugRThu8I

For more information, visit www.apexpenthouses.com or call Marisa at 253.471.5202.

Up in Value - Seattle Homes & Lifestyle Magazine

Finding a property that has future selling power can be daunting in a buyers' market, but these tips on location, universal design, green-living and upkeep will have you looking at a great return on your investment.

by Julie H. Case

It may be that there’s a perfect storm brewing in Seattle’s condo market. Yes, like much of the country, the Puget Sound region is facing a buyers’ market, but for the first time ever, Seattle’s downtown is becoming dense with urban population. The value of being near the office, near the theater and near shopping is gaining appeal. And increased gas prices are pushing more buyers to consider properties in the urban core or in locations that offer easy access to transportation.

Condos also seem to be appreciating at least as quickly as single-family homes. Condo prices in the city of Seattle in June 2008 averaged $401,000, up from $351,000 in June 2007, while the average single-family home price increased from $570,000 to $592,000, according to Matthew Gardner, principal of

Gardner Johnson, a Seattle real estate and land-use economics firm.

Finding a property that will be marketable and desirable three years down the road has real merit. So how do buyers identify a condo that will hold its value—or even appreciate?

Location, Location (and a View)

According to realtors and experts in the region, the most important factor that influences a property’s value may be location.

“If I’m looking for a condo, I’m going to try to anticipate where the growth is going to take place over the next decade,” says Bill Donahoe, co-president of the real estate marketing company Solutions Partners NW/ Windermere.

Right now, those locations appear to be near public transportation, transit centers and the urban core. “In an environment of increasingly expensive transportation, condos that are near transportation corridors should appreciate in value simply because of the convenience they provide for a great swath of the market,” Donahoe says.

That’s true for the Eastside too.

“Condos in close proximity to Microsoft or other high job-growth companies should fare well,” says Jim Reppond, associate broker with Coldwell Banker Bain Associates. “And properties near planned developments or mass transit hubs are also a good bet.”

Reppond recommends researching an area’s projected growth trends—for example, how population is expected to grow in the next 10 years, and where developments such as shopping centers, businesses or churches are being planned—as these are good indicators of possible future appreciation.

Within a building, location also matters. A ground-level unit may have a lower value, especially if it’s perceived to be less securable, while corner and top-floor units are among the most desirable.

“Typically, the higher you are in the building, the better,” says Jon Hunter, associate broker with John L. Scott. “The price of the home tends to increase from $3,000 to $15,000 per floor.”

Of course, no matter where you live, a unit with a view is always more desirable.

Services Galore

“Amenities are the reason most people choose to buy a condo,” says Olga Dyckman, community sales manager for 5th and Madison Condominiums. Living within a community allows you to get amenities—a swimming pool, for example—you might not be able to afford in a single-family home.

These days, many amenities are hotel-related. A spate of new properties, such as the forthcoming Olive 8 and Bellevue’s One Lincoln Tower, incorporate a hotel (and its attendant services) in the condo property, and residents reap the benefits. Without going outside, they have access to conveniences such as dry cleaning and a concierge.

Dream Designs

While it’s important to find a condo that fits your style, buying one that appeals to a broad range of tastes is important for future marketability. A modernist condo with abrupt lines and cool colors may be the rage in New York City, for example, but in Seattle the warmer, more inviting properties tend to appeal to more buyers, says Leslie Williams, president and CEO of Williams Marketing.

So a buyer has to ask: Does the design fit my lifestyle, and how typical am I in comparison to other (future) buyers? Am I buying an anomaly—something that’s quirky and fun for me but that might not have an appeal to the wider market? The condo that’s alluring to the largest group of buyers will have the better appreciation rate.

Some of the design elements that seem to attract just about everyone are centered around light and spaciousness. Floor-to-ceiling windows—such as those in Moser Lofts and 5th and Madison—increase light flow and make the space feel bigger, Dyckman says, and that makes the property enticing.

When It’s Easy, Be Green

Those who can afford to buy anywhere are increasingly drawn to more sustainable developments, whether because they want to give back to the environment or because it reflects their values. Not only do these buyers get the moral benefits, they’re getting a bottom-line benefit too. Over time, the energy savings add up. A recent study from the New Building Institute shows that average energy use in Leadership in Energy and Environmental Design (LEED) buildings is 25 to 30 percent better than the national average—savings that can be passed on to owners. Olive 8, which is seeking LEED silver certification, expects residents to see water bills 32 percent lower than the norm and energy bills 10 percent lower.

The value of a “green” condo is only likely to increase, too. According to a CoStar study, buildings certified as Energy Star sell for an average of $61 per square foot more than their peers, while LEED-certified buildings get about $171 more per square foot.

“When you look at two condos side by side, the one in a ‘green’ building will be more marketable,” Williams says. That means owners will likely get more for their green condo when it comes time to sell.

Upkeep Keeps Values Up

“No matter which location or market you’re trying to appeal to, there’s nothing as appealing as [a condo that is] clean and crisp, well-cared for and thoughtfully maintained,” Donahoe says. “That’s why in the same location you can have three condos sitting in a row, and the one that puts that care and maintenance number one will always appreciate better than its neighbors.”

The value of building maintenance goes well beyond the surface. It’s vital for buyers to evaluate the homeowners association budget to make sure it’s adequately funded and that there’s a long-term reserve for maintenance and repairs. Analyzing, for example, whether the property has the reserves to pay for a new roof when needed could tell you how well owners and managers have thought out the maintenance plan and help you avoid future assessments.

“If it’s an extremely well put-together budget and reserve analysis, then you have a reasonable assurance that the people who [developed] the condominium, and the property managers who are typically responsible for the maintenance, are insightful enough to know that maintenance is a key issue,” Donahoe says.

Luck + Wisdom = Value

In the end, finding a condo that has the possibility of appreciating is one part luck, one part planning. Ideally, you want to choose a property that fits your lifestyle and someone else’s. Hopefully, it will also be on a top floor, near transportation hubs and with a sweeping view. For an incredibly low price, naturally.

For link to article, please visit http://www.seattlehomesmag.com/Seattle-Homes-and-Lifestyles/October-2008/Up-in-Value/

Quote of the Day

A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty. - Winston Churchill

VA Financing at Apex Penthouses!

Apex Penthouses announces VA Financing is now available! Take advantage of great pricing and VA zero down loans. Only 17 homes left. Prices range from $179,000 to $360,000. Open Saturday to Wednesday, 11am to 5pm. Come check out our incredible views! 2424B South 41st Street • Tacoma, WA 98409 • 253.471.5202 http://www.apexpenthouses.com/

Quote of the Day

He who stays in the valley shall never go over the hill.

Q3 2008 Market Report: Summary Charts

For complete report, contact info@solutionpartnersnw.com

Year-over-year Q3 active listings up in King and Snohomish counties. King County up 23% single-family and up 37% condo.

Year-over-year Q3 closings are down across the board with the largest drop (47%) in King County condos, followed by Pierce County condos 41%.

All counties and product types exceed the 6 month balanced inventory level. Pierce County condo has the highest level, but down from Q1 2008 level.

Year-over-year Q3 average DOM up with King County condo up 67%. Most all counties and product types leveling off Q2 to Q3 2008.

Data source: NWMLS

Charts by: Solution Partners NW Market Research Department.

Quote of the Day

Definition of Insanity: Continue doing the same thing and expect a different result!

Real Estate Markets Most Likely to Rebound

By Dorothy Pomerantz
Forbes.com
November 3rd, 2008

If you're a homeowner seeing property values plummet, look to the commercial real estate market for solace. It might tell you which areas will recover fastest--and which will likely remain weak.

The Urban Land Institute recently asked 700 real estate professionals to name the best (and worst) places to invest in commercial real estate in the coming year. Those surveyed included private developers, Realtors and Real Estate Investment Trust executives. Their answers also apply to the residential market, since the single-family-home sector typically follows the economy. As wages go up and there are more jobs, more people can buy homes, pushing prices up.

The best cities in which to invest are those that are considered gateways to international investment, have vital downtowns where people can forgo cars, and don't have a glut of condos or office space.

In Depth: Best and Worst Places for Real Estate Investors

These traits landed Seattle the No. 1 spot on the list. No city scored above a 6.15 on a scale of one to nine (one being an abysmal place to invest and nine being excellent). Seattle is "a diversified market, has a good base of business and is becoming a 24-hour city," says Stephen Blank, senior resident fellow, finance, of the Urban Land Institute. "It's going to be in a good position to come back."

Although the city is suffering from the loss of Washington Mutual and the downsizing of Starbucks, Boeing and Microsoft are still relatively strong. Apartment vacancies are low and there aren't too many new buildings going up, meaning the market won't be oversupplied. The same is true in the retail space.

For link to article, please visit http://www.bizjournals.com/seattle/stories/2009/01/05/daily19.html?ana=from_rss

Home sales up, prices down in Western Washington

By Associated Press
October 6, 2008

KIRKLAND, Wash. (AP)Home sales in Western Washington are up for the first time in more than a year and a half, prices are down and the inventory of homes on the market is tighter.

Those results for September were reported Monday by the Northwest Multiple Listing Service, a real estate consortium based in Kirkland. It covers all 16 counties west of the Cascades and three to the east - Kittitas, Grant and Okanogan. Home sales in those counties rose nearly 4.1 percent in September and about a percentage point more, nearly 4.2 percent, in King County. The last monthly increase in home sales was 4.8 percent in February 2007.

The region's median sale price for single-family homes and condominiums fell last month by 8.3 percent to $295,000.

For link to article, please visit http://seattletimes.nwsource.com/html/localnews/2008233482_apwahousingprices1stldwritethru.html

When opportunity knocks, is there a positive, highly trained, accountable, professional, on-site sales person there to listen?

In this market more than ever before, we believe that having a highly trained staff on-site is the first step to ensuring sales success. The key to converting market interest and site traffic into closed sales is utilizing a sales team that is committed to thoroughly and successfully following a nationally recognized path to sales processes. Solution Partners NW’s national award-winning sales teams follow proprietary sales processes and systems that have been developed through many years of record setting experience.

We are the largest seller of builder communities in Washington State. We sell out communities even in tough times so you can sleep better at night!

Call us today to find out how we can partner with you to provide sales solutions for your unique community. It’s our career, it’s our expertise and facing this market, you need to have the best professionals on the sales floor when those hard earned prospects show up!