Not The Sharpest Tool….

Did you see the Sunday Seattle Times front page article by Elizabeth Rhodes? This condo owner, Paul Kelly, that is crying the blues over his inability to unload his $639,900 condo is NOT typical, as Ms. Rhodes would lead Times readers to believe. His situation is an anomaly, due almost entirely to his own folly, not the current real estate market trends. Follow along as I provide the facts that Ms. Rhodes conveniently omitted:

1. The Worst Part: Contrary to the article’s implication that Paul Kelly purchased his condo in 2004, he actually purchased it 0n April 20……..2007! for the extraordinarily inflated price of $604,000, from a private party. Apparently, no agents were involved in the sale, as I am unable to find a listing relative to his purchase, just the King County Tax Record.

2. Overpaid: Check out this Competitive Market Analysis for city view 1 bed/1 bath condos in the South Lake Union Area dating back to March 1, 2007. The average sold price per square foot is $644. Paul Kelly paid $799/foot.

3. Dumb, then Dumber: First he pays too much, then he asks too much. Oh, WHAT A TERRIBLE MARKET!! His problems have nothing to do with the market. If he paid 24% above the going rate to start with, what makes him think that he can tack on another $55,000 4 months later, taking the value to $871/foot, a 35% boost above what he paid? Yea, I feel terrible for the guy. There just has to be a bigger sucker than him around……isn’t there? Not likely.

4. Accountability: It is unfortunate, but Paul Kelly is the source of his own misery. How Elizabeth Rhodes manages to turn his situation into something that even remotely reflects  current regional real estate market conditions can be attributed to one simple fact: by Ms. Rhodes own admission to me via personal email, “I am a reporter, not a real estate agent.” Nuff said.

5. The Damage: There are many sellers in our market that would like to sell their homes for a fair price. It is the minority that may still be out to gouge someone (call Paul Kelly). It is true that sellers are still adjusting to the changes in the market i.e., learning to price more competitively, improve conditions, stage properly, etc. It is a shame that such brazenly careless reporting likely adds to the hesitancy many buyers are feeling today.

Paint Color: Plan Now For Indoor Winter Projects

One of the best projects to consider during Winter is interior painting. Not now, of course, as it is impractical while holiday decor and entertaining is in the works. But when the Holidays end, and decorations come down, you might find your home’s interior lacking. Color is an important component of every interior decorator’s repertoire. Especially with the rich, bold colors that are in vogue today. So think about rolling up those sleeves and making some interior changes as one of your New Year’s resolutions.

But you might ask, “where do I begin?” Color choices are so overwhelming that many people don’t do anything for fear of making a mistake. Painting, while viewed as the simplest and most economical of homeowner tasks, is still hard work when done properly. So it makes sense to have an idea, a game plan if you will, of where you are going with your color choices.

This is an example of the simple-to-use guides from Olympic Paints that we have applied with success for ourselves, and on behalf of our clients. These are designed by decorators that presumably know what they are doing. Each brochure provides a palette of contrasting colors that work well together, or at least they seem to.

Everyone has different tastes, but if you have no idea where to begin, and your budget precludes hiring a designer, this is very practical place to start. You may download all of the various palettes in a PDF format using the link above, or visit any Lowe’s Store to pick these up.

Olypic Paint seems to be a quality product, as well. Applies well, and seems to cover quite well, which is important when you begin using dark colors over white or light colored walls.

Experimentation is important, but going back and forth with your choices is not practical. While painting your entire bedroom chocolate brown might sound intriguing, first try painting just the wall where your bed is located. You may find it bold enough for now, or it provides just enough spark to enhance your bedroom set without overpowering it. For a little more impact, paint the window wall, and see if that doesn’t suit your desire.

In the living room, start with just the fireplace wall, same for the family room. Perhaps the window wall in your kitchen, or just the space between cabinets and counters could use a splash of color.

Regardless of your approach, these little guides from Olympic Paint at Lowe’s will get you past the first hurdle of deciding where to begin.

Next week I’ll provide some helpful techniques learned from the pros that will have you painting like a pro in a jiffy.

Avoid Freezing Pipes

When it gets cold there is nothing worse than when a frozen pipe bursts. The mess, the expense, is easily avoided with a few simple steps.

1. Protect all outdoor hose bibs . You don’t have to buy those Styrofoam covers. Simply wrapping the fixture with a thick rag will do the job just fine. Plus, you won’t have to chase your rag around the yard like those Styrofoam covers when high winds hit.

2. In some older homes you may find what is referred to as a “pet cock valve”, adjacent to an interior shutoff valve, in the garage and/or basement. The idea is to shut off the water supply to the exterior hose bib with the interior valve, then open the pet cock valve to drain any residual water from the pipe that extends from the shut off valve to the exterior hose bib. Use a small bucket to catch the water as the pipe is drained.

NOTE: Sometimes plumbing valves are broken by folks that are not sure which way they should be turned. A saying we recommend is “righty tighty, lefty loosey” i.e., clockwise (righty tighty) to close, counterclockwise (lefty loosey) to open.

3. Exposed pipes in the crawl space and attic are susceptible to freezing. While it is best to have these pipes permanently wrapped with black foam designed specifically for this purpose, it can be a difficult and tedious job, especially when it is already cold. A quick fix that should allow you to get through the cold spells for now is to loosely cover exposed pipes with any type of sheet or fabric. This will prevent frost from forming on the pipe exterior, a common prerequisite to water freezing inside pipes.

4. Running water? If you hear running water and nobody is home, investigate immediately. It could be a broken pipe. If it is, you will need to locate and shut off the main water supply to your house. It is surprising how few people know where their main shut off valve is. It is just as surprising how often plumbers place this important valve so that it is almost impossible to operate. If you have never used your shut off valve, be prepared for some degree of struggle. When the typical “gate” type valve has not been turned in a long time, it can be a bear to get it started. Using not too much force, or too big a wrench, coax that valve clockwise (righty tighty) until you feel the interior corrosion build-up break free, and continue turning until the flow stops.

In case you cannot turn the valve, or broke the valve handle as I once did, your back-up is the water meter outside your house. Aside from the creepy spiders, cacoons and such, this is often easier to turn off than your in-house shut off valve. All you usually need is a “crescent” wrench, also referred to a spanner. See the accompanying picture.

Once things are under control, call a plumber. Our favorite plumber is John Morelli of New Concepts Plumbing: 206-948-1617

The Peak Has Passed, Now What?

  Graph From Seattle Times Article 12/07/07

We noticed early last Spring that prices had begun to soften on the Eastside. As we made listing presentations to potential clients, it was apparent that the media, and thus the public, had no clue. More than a few homeowners turned us away, saying our market evaluations were too low compared to others that they had received. These folks were convinced that their respective properties were still appreciating at 1% per month. While we calculated that prices had stopped rising in November, ‘06, these properties were all listed between May and July at 5 to 6% above the market. Not to toot our horn too loudly, but not one of those homes ever sold.

During the first half of this year I challenged Elizabeth Rhodes of The Seattle Times regarding her skewed interpretations of sales figures obtained from the Northwest Multiple Listing Service, overstating market appreciation rates by citing very narrow market locations and products, missing the bigger picture reflected in extended market times, final sales prices, expired and cancelled listings. Ms. Rhodes tacit reply was that, “I’m a reporter, not a real estate agent”.

Now What? Just as the media clearly overstated the good times, they are bound to do the same with the bad times. Right now the market is in a seasonal lull. After the Holidays, there is always a surge, what Diana refers to as the “too much crap for Christmas” sale. Many of you have heard us repeat this over the years, that there is something about taking down the Holiday decorations that causes people to fall a little bit out of love with their homes. They also may have experienced some realization that their house wasn’t big enough for visiting guests. Whatever the motivation, people tend to start looking around at houses more after the Holidays than at any other time of the year. While folks may start looking, the media might continue to suppress buying decisions with frightful headlines. But sales will be made, and right after the first of the year, they might be some of the best deals found in 2008.

When It Rains This Hard, Check Crawl Space and Gutters

It looks like today’s storm may set a rainfall record. It is the right time to take a peak in your crawl space in verify that it is draining properly. A little bit of water under your vapor barrier is to be expected, but there should not be any water accumulation on top of the plastic. After this heavy rain subsides for about a week, check the floor of your crawl space again. If you still have standing water, it will have to be addressed. It may be a simple matter of unclogging the drain line that allows water to escape. This is usually a 3″ or 4″ perforated plastic pipe located at the low point of your crawl space floor. After several years, silt may build up in this pipe causing water to back up in your crawl space. It may be cleared with a garden hose at high pressure. If that doesn’t work, it may require professional assistance.

A company we have come to rely on for their good quality work, professionalism, and fair pricing is:

 Perma-Dry Contractors 1-800-584-9118

Be aware as there are some less than reputable companies out there which seek to take advantage of the uninformed.

Gutters. If water is spilling over the side of your gutters, correct this condition immediately. Few things cause more long term headaches and expense than gutters that are neglected. Painting, siding replacement, water intrusion and subsequent framing damage, displaced soils that support your foundation……the list goes on. As unpleasant as it is, don’t wait for the rain to stop to take care of it. As with most homeowners, it is an easy item to overlook when it’s not raining.