Seattle Real Estate Bells

Mortgage Interest Rates for Seattle

I'm real excited that David and Karen Bell have invited me to be a contributor on their blog! For my first  post, I thought I'd do a quick rate update to let you know what current rates are for today.  Before I do so, you should know that there are several factors that impact how rates are priced:

• Credit score: today (with the exception of FHA/VA) rates are very credit score sensitive and are judged based on the lowest middle score of both borrowers.  So if you have a married couple and one mid-score is a 740 and the other is 719--the rate is priced based on a 719 mid-score.   And yes, there's a difference in rate between 719 and 720 for credit scores.  This is one reason why it's important to meet with a Mortgage Professional early on in the home buying process.   For the purpose of this and future rate quotes, I'm using a mid-score of 720.  If your score is higher or lower, your rate may reflect that.
• Loan to value:  Again, excluding FHA/VA, conventional loans are also impacted depending on how much equity or down payment there is with the purchase.  Typically, the more down payment, the better.  With FHA and VA, the amount of down payment does not impact the interest rate.   For conventional rate quotes, I'm using 20% down payment (or 80% loan to value).
• Lock period.  This is a trick some loan originators may use in trying to quote a lower rate.  The shorter the lock period, the better the rate is because there is less risk involved for the bank.  Since most purchase transactions take 30-40 days to close, I'm using a 45 day lock period.  If your closing shorter than 30 days or longer than 40, your rate will reflect this (if you're getting an accurate rate quote).
• Points or No Points and Reduced Closing Costs.  It is your choice on whether or not you want your mortgage interest rate priced with a point.  "A point" equals 1% of your loan amount and it takes roughly 5 years or more to break even on paying it.  Again--it's up to you.  Typically, 1% in loan fee (point) equals about 0.25% to interest rate.  If you would like to pay a point, your rate would probably be 0.25% lower with 1% more in cost.  Closing costs can be reduced in the same manner, by increasing the rate slightly, a lender can pay for closing costs (there's no such thing as a "no closing cost loan--you're paying for it either in rate or fees).

Note:  FHA and VA loans have different pricing criteria than conventional (Fannie/Freddie) mortgages.  I'm finding that more and more mortgages are going FHA than conventional due to pricing and better underwriting guidelines.  Do make sure that your loan originator is approved to do FHA loans (many are not) even if you're considering conventional financing just in case you need to switch programs for what ever reason.  If your loan originator balks at FHA, odds are, they're not approved or experienced in providing one of the oldest forms of financing homes in America. 

Here is just a small sample of rates quoted as of 1:30 p.m. August 27, 2008 (rates change several times per day):

Sales price of $500,000 with a $400,000 Conforming 30 Year Fixed priced w/0 points:  6.500% (apr 6.564) ~ priced with 1 point: 6.250% (apr 6.409).

Sales price of $500,000 with a $400,000 Conforming 5/1 ARM priced w/1 point:  5.750% (apr 7.099).

Sales price of $500,000 with a $485,000 FHA Jumbo 30 Year Fixed priced with 1 point:  6.375% (apr 7.183).

Sales price of $600,000 with a $480,000 Conforming-Jumbo 30 Year Fixed priced w/1 point: 6.375% (apr 6.531).

I have many other programs available.  As I mentioned this is just to give you an idea of current rates.  If you would like a personal quote for your specific scenario, please contact me.  You can also see examples of rates that I'm quoting live (anonymously) posted on Twitter.

Watch for future posts.  Is there a mortgage topic or question you would like me to address?  Send me an email and don't forget to subscribe to The Seattle Real Estate Bell's Blog (simply enter your email address in the upper right corner and you'll receive an email when a new article is posted).

Rhonda Porter is a Certified Mortgage Planning Specialist and Licensed Loan Originator 510-LO-32047 at Mortgage Master Service Corporation, a Correspondent Lender serving Pacific Northwest homeowners since 1976. 

Negative Headlines Effect Seattle's Real Estate Market

With all the negative news about the slumping National Real Estate Market is hurting the Seattle Real Estate Market even though Seattle is not facing very many of the problems that are effecting other areas like, Las Vegas, Phoenix, Southern California, and Florida. While the national figures show that home prices have fallen by as much as 15% in some areas, other areas like Seattle have only fallen by about 5%. And while that drop started in early 2007 in other parts of the country, it only started in Seattle in the late fall of 2007 and after there was so much bad news about other areas of the country and the sub prim fiasco.

So much fear has been created by the media that many people are just plain scared to buy or sell today. We have one client that wants to rent their home and buy a smaller condo but is so afraid of what is happening that they are not going to do anything. The facts are that they can buy a condo now for about 10% less than they would have been able to at this time last year and they would be able to rent their house for about 15% more than they would have last year. Financially they would be making a good decision to make that move today but all the bad national news has them too afraid to make the move.

The rental market in Seattle is very strong today and there have even been bidding wars on some rentals. Over the past several years there have been so many apartment building converted to condos that we have a short supply of rental apartments. Because the housing market has changed and buyer and sellers are waiting to see where this market is heading, there aren't as many homes for rent. Supply and demand! Demand is up because people aren't buying and supply is down.

We see Bloggers that put out all these Real Estate sales statistics that can be very misleading. They paint the greater Seattle area with the broad brush of average sales prices and prices per square foot. They fail to understand that every city has areas that are different. If you look at sales figures for all of King County you get a much different picture than if you look at Ballard, Queen Anne, or Magnolia. Renton has a different Real Estate market than Madison Park. Yet people tend to lump all the areas together and make their analysis. Usually that analysis is misleading and inaccurate and we believe now that these misperceptions are hurting our market unjustly because of the phycological impact it's making on people here.

A good example of this just happened to a client of ours. They have their home for sale and received a low offer the first day it was on the market. The client countered and the buyer walked away. Three weeks passed and it was evident that a price reduction was needed even though the home was originally priced very well. But the few buyers that are out there are being so cautious that they have to feel like they are getting a very good deal. Well, the original buyers came back after the price reduction and wrote another offer for $30,000 less than their original offer. With this offer they attached a letter from the seller stating that all the headlines say that home prices have fallen by at least 15% and the end isn't near. They stated that mortgage rates have increased as well. What happening in Stockton California and Phoenix Arizona isn't happening in Seattle. In fact that same article with it's headlines saying "Home Prices Fall by 15%" buried in the middle of the article it said that Seattle prices were only down 4.8%. And mortgage rates are still at historical lows but the talk is that mortgage rates will be heading up.

You need to understand your specific market and not just rely on broad statements or sensational headlines. There are some outstanding opportunities in Seattle today to buy homes at greatly reduced prices, yet you still need to be careful and make sure you are buying a good home in a good location at a good price. You need to be working with a real estate agent that fully understands the Seattle market and home values and know how to get you best deals.

Magnolia Townhome

This townhome is in the great Magnolia neighborhood that is so quite yet so close to everything.  Just minutes to downtown Seattle by Car or by Bus saving on fuel costs and commute times.  This spacious home was built in 2005 and has three levels.  On the main floor you have a large open kitchen with s/s appliances and gas cooking, a large pantry area, and a 1/2 bath.  The Living Room and Dinning Rooms are combined to offer wide open spaces and there's a very private patio and small yard off the Living Room.  On the second floor you have a 2 very large and light filled Bedrooms each with there own Full Baths, pulse a Laundry area with full sized washer and dryer.  On the top floor you have a huge Master Suite with a Sitting Room with a gas fireplace and a huge Master Bedroom with it's Master Bath. The ceilings on the top floor are vaulted giveing you the sense of even more open space and light.  This Townhome is huge at 1930 square feet and is priced at a excellent below market value of only $233 a Sq Ft...just an outstanding value.

The open large Kitchen has Cherry Cabinets, Granite Counters and Tile Floors.  The large Living Room is filled with light and has sliding doors to the Patio that's perfect for entertaining or if you have a pet.  There is a lot of design detail in this home as shown by the stairs leading up to the Master Suite.  The Sitting Room has Hardwood Floors and and a very cozy Gas Fireplace.  The Master Suite takes up the entire top floor giving you tremendous space and privacy from kids or house guests.  Use the 2 floors large Bedrooms as office space.  You really have so many wonderful options.  The Master Bedroom has Vaulted Ceilings, Windows on the South and West Sides and French Doors that open to the Sitting Area. The Fireplace in the Sitting Room has a Granite Surround and a huge top shelf that's filled with light.  This home offers privacy, great space with good design, and convenience to shopping, downtown Seattle, the Metro Bus, Ballard, and the Magnolia Village.  For any questions or to arrange a private showing please contact us at 206.283.9100 or dkbell@dkbell.com.  You can read more about this home at www.dkbell.com then just click on Homes for Sale.

Year Built:  2005   Sq Ft: 1930 per KCR    Number of Bedrooms:  3     Number of Baths:  3.5         Offered at : $449,500

People are Driving Less, 30 Billion Miles Less, Not Even Close!

The Seattle Times reported yesterday that Americans have driven 29.8 Billion fewer miles for the six month period from November 2007 to April 2008 than they did for the same period in 2006/2007. The only way we can have any impact on oil prices in our opinion is to drive less, and it's beginning to look like that is starting happen. Also the article goes on to say that "commuters took 10.3 billion trips on public transportation last year, the most in 50 years." And AAA reports that the average family with two cars will spend $6,200 a year now for gas, that's huge. These trends suggest that we are reaching the point where we will be willing to give up the freedom of our cars and take public transportation. That's all good news but why are gas prices still going up?

If Americans are driving less and if public transportation is up, why then have gas prices gone up so much in the past 6 months? We all hear that it's basic economics 101, supply and demand. The demand is up but we are driving less, or are we? It's estimated that public transportation accounts for only about 1 percent of US travel. If public transportation increases by another 20 percent that will only be 1.2 percent of US travel. Has the US economic slow down had any impact on these numbers? With more people out of work they should logically be driving less. We are driving less, even thought we have to use our cars for our business. We take fewer trips to the store and we don't do some of things we used to because of the fuel costs. We were able to get a hybrid car and that car has cut our gas consumption in half. It's not enough however, Americans will need to cut their driving down by about 10 percent across the board to have a recognizable impact on oil prices. But we also think that oil prices are artificially high based on speculation by investors. Could have demand over the past 6 months really increased that much to drive up prices they way they have?

Oil prices may be one of biggest economic challenges we face over the next several years. We need to do something about it. Our government needs to do something about it. The new administration in 2009 needs to do something about it. As informed voters, we need to understand what each candidates plan is. We need to actually see a plan, not just a bunch of words, smiles, and non specifics. It's a very complicated problem however, but one that needs our full attention. As of right now, does anyone know what both sides even think about the problem and how to fix it? We do agree that we need to open up many domestic areas for oil exploration yet even if that happens immediately, it will take many years to produce oil. However, our need for oil will be around for many many years, and the US will depend on it for a long long time to come. Just saying that we need more fuel efficient cars will help some, but it's going to require a lot more than that. How many cars would we need to replace so that just 50 percent of the cars Americans drive (not to mention the rest of the world) were hybrid or cars using alternate fuel sources? We have no idea, but we bet it would be a long long time and a huge unmanageable expense for most Americans to replace even half of our cars.

We think we need to stop all the political positioning and arguing and deiced on a direction that will reduce our demand for foreign oil and at the same time put a full blown effort into developing alternative sources of energy like we did in the space race. We think we need to have a environmentally safe plan to tap all of our oil reserves. We can fix all this if we all work together to get it done and understand that there will have to be compromises on all sides.

The Short Sale Process

A Short Sale is where the market value of a home is less than the actual mortgage amount owed to the lender. How does this happen? In several ways actually. Because Seattle's Real Estate Market has been so strong the past few years and prices have increased so quickly that many people got into bidding wars and bid the price of a home up, something by as much as 10% to 20%. Then when the market recently corrected the home wasn't "owned" long enough for the usual appreciation to catch up with what was paid for the home. And in fact, the Seattle Real Estate Market has actually declined by an average of about 8% to 10% since September of 2007. So that $450,000 home that got bid up to $495,000 is now worth about $400,000. If the buyer did a zero down or a 5% down mortgage they are underwater so to speak with the property at this time. Also when you sell there are selling cost that can range from 2% (if you do everything yourself) to 9% of the selling price.

Now, if the homeowner has financial problems, like they loose their job, they get sick and can't work, or they got one of those very low introductory adjustable rate mortgage programs and have seen their mortgage payments increase substantially they are in trouble if they can't make their house payments. When this happens the home owner needs to contact their lender and try to work something out immediately. They need to try to re-finance or modify the mortgage program if they can but that can be a problem if the home value today is substantially less, or they can't qualify for a new loan because of new tighter lender requirements.

Basically what happens now is if the homeowner has lost their job and they can't re-finance and they can't make their house payments they will be in default of their mortgage when they become 30 days past due. At 30 days past due the homeowner will get a phone call from the lender telling them they are late with the payment and that there are now "late charges' they need to pay as well. After 60 days past due the home owner will get a certified letter telling them that they are in default of their mortgage and they need to bring their account current or the lender will Foreclose on the property. At 90 days past due the home owner will be served with a notice that they are in Foreclosure and this notice is now of public record and a Auction date will be set. The Auction date will usually be about another 60 to 120 days out. The last date the home owner can come up with the money to cure the past due mortgage and penalties and legal fees accrued by the lender is 11 days prior to the Auction date. At the 10th day before the Auction the homeowner has to pay the entire mortgage off plus penalties to keep the home. If nothing can be done by the homeowner their home will go to auction where about 20% to 25% of homes in Foreclosure actually sell. The homes that don't sell go back to the lender and the lender will then put the home back on the market to sell. The homeowner is out of the home, their credit is severally damaged and situation and consequences can just be miserable.

What are the options?

1. As mentioned earlier try to work out something with the lender right away

2. Try to re-finance the home with a different lender (that can be pretty difficult however)

3. Try to find the money from a family member to stay current on the mortgage

4. Try to sell the home, but if the home value is less than the mortgage amount then you need to orchestrate a short sale and they work about 50% to 60% of the time

5. Talk with an Attorney that specializes in Bankruptcy

6. Talk with a credit counselor to try to work out a solution

7. You need to take action and not be embarrassed, everyone has problems at on time or another

Everyone situation is different and the solutions may be different and difficult. Getting professional advise can save people a lot of problems in the long run. This is where people need to make sure they are working with people that know how to actually help. As we've said before, people don't go out and buy a home so they can get foreclosed on, but things happen and we need to make smart and timely decisions to obtain the best possible outcomes. If the home owner can't work out the situation with the lender (and that happens most of the time) they need to try to protect their credit as much as possible. While a short sale does have a negative impact on a credit rating in most cases it's much less of an impact than being foreclosed on or filing for Bankruptcy.

Got 5 Bedrooms?

This Rare 5 Bedroom Home in the close-in area of Olympic Hills in North Seattle is the best priced and best value home in the area. Built in 1998 by a well know and respected bulider, Kohary Construction.  This very large 2740 Sq Ft home is located close to Schools, several Bus Lines, Shopping, and Golf.  The Kitchen is huge and filled with light.  It has tons of storage and counter space and best of all...Gas Cooking.  The LIving Room is warm and inviting with Vaulted Cielings and a Gas Fireplace.  This home has a very functional floor plan with a Dining Room and 3 large Bedrooms and 2 full Baths on the Mian Floor.  The Lower Level is has a large Family Room that has been set up for a Media Room with a Large Screen and video projector.  Also you have two large Bedrooms down, a huge 3/4 Bath and a large Laundry Room.  The back yard is very private with a patio area, garden area, a hot tub, and a great play area.

This home was constructed using quality materials and workmanship and has been very well maintained.  There isn't anything to do to it except move in! 

 

13528 20th Ave NE - Olympic Hills,    Seattle

Bedrooms:  5

Baths:        2.75

Heat:         Gas Forced Air

Year Built:   1998

House Size:  2740 per KCR       Lot Size:   7200 per KCR     Garage:   2 Car Attached

Asking Price:   $479,000  that's just $174.82 a Sq Ft

Call or email us today for a private showing or with any questions on this great Home!

Short Sales and Foreclosures...Are They the Same?

Sometimes YES, and sometimes NO.

Lets start with the Short Sale. The term "Short Sale" is used to describe a sale of a home that is in a situation where there is more owning on the home than the property's market value. Depending on the circumstances of the homeowner (borrower) , a lender may be willing to agree to allow the property to be sold for less than the loan amount, or what is owed on the property. The homeowner may or may not however, be in a position of default with the lender, but there isn't any equity in the home.

A Foreclosure on the other hand is when the homeowner falls behind on their mortgage payments. After 30 days late, the home owner will receive a letter from the lender saying that they are in default of the terms of the loan and the payment with late fees are due now. If that payment is not made, then in 60 days, the home owner will receive a notice of Trustee Sale of the property if the back payments and late fees are not brought current and a Public Notice is issued and a Auction Date to sell the property is set, usually 120 days from the first notice of default.

People get into these situations for a variety of reasons and things just happen. People loose their jobs, they get sick, they got mortgage loans with adjustable rates that have gone up so high that they can't make the payments. All this, coupled with the fact that we are seeing property values drop and mortgage loan programs requirements tighten up, it's put some people in a very difficult situation and it's not always the persons fault, stuff just happens in life. But there are some good options out there.

Here are some Frequently Asked Questions about the Short Sale Process:

How Long Does a Short Sale Take? The process can take time. It can be several weeks or several months to get a short sale approved. Most lenders have several layers of management, insurers, and investors that will have to be dealt with in order to get a short sale approved. It can be a very time consuming and complicated process, especially if you don't do it a lot.

Is There Enough Time to Do This Before A Foreclosure? Maybe and maybe not. Just starting a Short Sale will not automatically stop the foreclosure, sometimes you can get postponements of the auction date however, to give you time to get the property sold.

Does This Always Work? It doesn't. No promises or guarantees can be made that it will work all the time. Once you fall behind on your loan the lender can proceed to foreclosure if they want to. But Lenders usually don't want to foreclose and , if effectively presented with smart, complete paperwork and good alternatives, Lenders will often agree to a Short Sale rather than foreclosure.

Will I Get Any Money From the Short Sale? NO! When a Lender agrees to a short sale, they require that the Borrower (home owner/seller) not receive any money from the sale of the propety as the Lender is going to take a loss on the loan.

What Is A "RELEASE?" A Lender may offer to "release" its security interest against the property in exchange for less than the total amount of the loan. A release will allow the home to be sold without paying off the obligations of the note. However, the note is not Satisfied. Advantages: This successful Short Sale will allow the home to be sold and thus avoid foreclosure. Disadvantages: The remaining debt on the property (usually called a "Deficiency") still exists. The homeowner is still liable for the note and still owes the money. Reality: It is not likely that the Lender will pursue to get a "Deficiency Judgment" against the seller unless they have other significant assets. And if you don't try a Short Sale and the property goes to foreclosure, you are likely to have a "deficiency" on any junior (2nd) mortgages you may have anyway.

Are There Any Tax Consequences? There may be if its an Investment Property, but most principal residence homes, with a mortgage under 2 million, may not have any tax consequences. You should always consult your tax professional on tax matters however. In December of 2007 the US Congress passed the Mortgage Forgiveness Debt Relief Act of 2007. Here is a link to the act: Mortgage Forgiveness Debt Relief Act of 2007

In closing today, Short Sales can work and work well if you know what you are doing, and you should alway seek professional advise to make sure you do. You also need to be aware that there are some people out there looking to take advantage of this bad situation...so do your homework! More to come on Short Sales and Foreclosures.

The Foreclosure Issues Facing Seattle Homeowners

It was reported last week that foreclosures have exceeded the 1 million mark nation wide. A vast majority of those however are located in just 4 states, California, Nevada, Colorado, and Florida. Washington State has less than 1% of all foreclosures nationally. But don't be fooled there are still people in Washington State that are at risk of foreclosure. Most of the foreclosures nation wide have been blamed on adjustable rate mortgages, when the buyer was offered a "teaser" rate then saw their house payment increase significantly over the next couple of years. We believe that some foreclosures in the Seattle area have and will be the result however of buyers paying too much for the home when they bought it over the last couple of years.

Seattle has been one of the last areas in the US to see any downturn in the real estate market. In the fall of 2007, we started to see our real estate market change and prices have fallen some and inventories have increased since then. There is still good activity however, and there are buyers ready to buy but sellers have to go about selling their homes much differently now. The latest foreclosure statistics have Washington State in about the middle of the pack in the US, ranked No. 27 for foreclosure filings in May 2008 according to RealtyTrac, which tracks default and auction notices and bank repossessions.

Washington State has seen almost an 18% increase in foreclosure filings compared to the same time in 2007 however, according to the report. Nationwide, RealtyTrac said foreclosure filings rose year-over-year for the 29th consecutive month and in May 2008 record the highest foreclosure-filing rate since the report began in 2005. One in every 483 households received a foreclosure filing during that month, according to RealtyTrac.

The Tacoma area, Pierce County, is #1 in the state for foreclosure filings, according to the report, with one in every 574 households going into foreclosure. Interestingly, though, that number was a 6% decrease from the same time period in 2007. The Seattle area, King County is #2, Clark County is #3, and Snohomish County is #4 in the state, as of April 2008.

A new law (in Washington State) took effect on June 12, 2008 intended to protect homeowners from foreclosure scams. See Washington State Adopts a New Statue that May Harm Distressed Homeowners

While this new law has many good parts to it, and will help protect people form equity skimming scams, it will also, most likely, discourage many real estate agents from helping homeowners facing foreclosure sell their homes. The new law also effects home buyers and depending on the situation the buyer may not want to buy a home that is within 20 days of the foreclosure date because of unnecessary but real liabilities.

There will be real estate agents in the Seattle area that will see an opportunity created by this new law and increased number of people going into foreclosure that will get involved with foreclosures, now called distressed homesellers. Some of these agents will do a fine job and others won't...so business as usual I guess!.

Stay tuned for several more articles on Foreclosures and Short Sales and some of the Do's and Don'ts to this very complicated process.

5 STAR BEST IN CLIENT SATISFACTION for 2004, 2005, 2006 & 2007

       

                                                

    

David & Karen Bell Voted Seattle Magazine’s “5 Star Best In Client Satisfaction” Selected By The End Consumer, for 4 Straight Years

"Your Clients Identified You As The Best!”

“David & Karen Bell are among less than 1% of Realtors in the Greater Seattle Area to have been awarded by Seattle Magazine the FIVE STAR Real Estate Agent “Best in Client Satisfaction” for the first 4 Consecutive Years this award was given. In 2003 Seattle Magazine hired a marketing and survey company out of Minneapolis Minnesota to determine which Seattle Real Estate Agents provided the best customer service according to the clients and others in the Seattle market place. How they determined who was chosen was by surveying:

1. Over 33,000 Consumers were Surveyed each year for 2004, 2005, 2006, & 2007
2. 31,000 Home buyers were Surveyed for each year
3. 1,500 Readers of Seattle Magazine were Surveyed each year
4. 1,000 Mortgage and Title Company Offices were Surveyed each year

Then Each Agent Was Scored and Rated for:

Customer Service
Integrity
Market Knowledge
Communication
Negotiation
Closing Preparation
Finding the Right Home
Marketing of Home
Overall Satisfaction

We are obviously very proud of this Achievement Award and we believe that the level of service and degree of knowledge we provide to our clients is unique and the Best in the Business.  Buying or selling a home today can be a very complicated thing, and people stand to make some serious mistakes if they don't have all the necessary information and insights.  While we ranked very high in all the categories, our highest rankings and that averaged well over the national and local averages were in "Market Knowledge" and "Negotiating" with "Integrity" and "Communications" a very close second. We want to make sure that our clients find the best possible homes to buy at the very best price and ones that will be a good investment over time.  We want to make sure our clients sell their homes for the highest possible price with the least amount hassle and expense.  We would look forward to discussing any of your real estate goals with you, just call us direct at 206.283.9100, email us at dkbell@dkbell.com.  Success is a proven track record not just promises!

New Listing on Magnolia Understated SOPHISTICATION

Born in 2006 with the perfect marriage between Dovetail Construcon, Broderick Architects and David
Ohashi Landscape Design.  This is a very special custom home. Understated elegance with attention to every single drtail and designed with many Feng Shui elements that lead to a very vary warm, relaxed and peaceful feeling in the home. This is a true Custom
 Home, engineered and built to the very highest standards for design,livability, enginerring and most importantly...peace of mind!  Well Planned Custom Lighting throughout the Home is used to highligh Art Work and create a
wonderful inviting atmosphere when the sun goes down. Every light switch is on a dimmer to be able to dial in the exact ambiance desired.  The Kitchen has over head lighting and under counter lighting and wine glass cabinite with a window in the back of it also has lighting to created dramic effects in both and day and evening. The two Bosh dishwashers in the Kitchen areso quite you don't they they are running and having two dishwashers is wonderful when entertaining or just keeping all the dishes out of the sink and off the counters.  The Custom Built Double Pantry is huge and holds everything a gourmet chef could ever use and the cupboards and counter space are a delight to  have and...you have Sweeping views of Downtown Seattle, The Cascades and Mt.Rainier from the Kitchen Window.  The Kitchen is an impressive gathering place toped with Honed Sea Foam Grabite when entertaining or just sipping a cup of tea and watching the humming birds that live year around in the beautifully landscaped and light back yard.

Originally built in 1949 the brick rambler was completely torn down in June of 2005 except for the two brick walls  that now
accent the back patio off the Living Room.  The new home was expanded from 2800 Sq Ft to 4100 Sq Ft per the Architects Plans.  The Existing foundations were reinforced and new foundations were poured utilizing pipe piles every where the home was extended.  The home is virtually brand new with new everything.  The engineering of the home is impressive and the earthquake measures are extensive.  The finest materials were used from the framing to the stunning finish work and the builder, Dovetail Construction, painstakingly made sure everything was the wayit was supposed to be on absoutly everything.  Not details were too small.  No corners were cut anywhere with anything.  Dovetail holds a reputation as one of the finest quality builders in the area and they deserve that reputation.

Details, Details and Details everywhere. Pella Architectural Windows were used throughout.  They are metal clad outside and all wood inside.  Hand picked Cherry was used for the Custom Kitchen Cabinets and Den/
Office wainscoting.  The finish carpetner thgat did all that work was outstanding, a true craftsman.  A small but telling detail that is indicative of the quality is that the top drawers in the kitchen cabinets are cut from a single plank of cherry so the grains matches from drawer to drawer. Clear Cedar was used for the exterior with each end of the siding sealed and the top of every exterior surface has metal
flashing on top of it.  Brazilian Cumaru Hardwoods were used throughout the main and second floors.  This is extremely rich and dense hardwood that adds incredible warmth and personality to the home and really sets off Persian rugs beautifully.  Baldwin Hardware was used throughout the home.  The Powder Room is stunning with a Wall of Zen Glass, Light Fixtures from Italy, hand made Marble Sink from Israel that sits on a slab of Basalt that sits on a custom cabinet made from Wenge.  1 inch thick honed Granite was used in the Kitchen and the Living Room Gas Fireplace with remote starter.  The tile work in the Upstairs Bathrooms is as stunning as you will find and interior rooms are expertly painted utilizing a palate
of soothing colors that flow peacefully and beautifully from room to room.

New Construction Completed in May 2006
Builder: Dovetail Construction
Home: 4100 sq. ft. per Architect Plans
Lot: 6630 sq. ft. per KCR
3 bedroom on Upper Floor
Sweeping Views From West Seattle to Mt Baker, Downtown Seattle, Elliott Bay & Mt Rainier
2 Full Baths Up, 1/2 Bath on Main
3/4 Bath in Lower Level
Two Gas Furnaces one with AC
Large 2 Car Garage plus Storage
Private & Peaceful Japanese Garden
19 Amazing Colors in the Home
Custom Design Lighting
Brazilian Cumaru Floors Throughout
7 Patterns of Carrara Marble in Master
Zen Glass & Hand Made Marble Sink

          Offered at $1,950,000

David & Karen Bell
RE/MAX Metro
206.283.9100
dkbell@dkbell.com