"All Things Edmonds" Blog

EDMONDS, WA -- Here's an interesting website. If you've ever wanted a web-based view of where crimes happen and what type of crimes, this website might be for you. Unfortunately, it doesn't currently include the cities of Edmonds or Shoreline but perhaps you know someone who might find this interesting.Oddly enough, it does include those high crime areas like Medina and Yarrow Point. Go figure.

You can also check crime data for other states and cities here as well.

Don't freak though. Crime happens everywhere.

EDMONDS, WA -- As of today, November 4, it looks like we are seeing some real momentum with an extension and expansion of the home buyer tax credit. First, and simply, it looks like the $8,000 first-time home buyer tax credit will get extended until some time in the spring of 2010.   What's unclear right now is how much, if any, type of tax credit will be provided for current homeowners who might want to "buy up."  Several bills have been introduced in both the House and Senate and it's still unclear as to which, if any, will win out.

One thing I have seen that I do not like: there are some versions of expansion bills that require homeowners to have lived in their homes for a minimum of 5 years to qualify for the expanded (non-first time home buyer) credit. Why cut out the others? It seems wholly unfair to me to leave out those who would like to move up but aren't afforded the opportunity to get a tax break (in this economy no less!) because they have lived in their homes for "only" 4 or 3 or 2 years. Even the homestead law allows them to take tax free capital gains on their homes if they've lived in them for just 3 of the past 5 years.

Rather than add to the confusion, you can read for yourself the myriad of news reports on the various bills and where they stand. Keep in mind what they say about laws and sausages: two things you never really want to see made.

News link updates on the home buyer tax credit:

• UPI story reporting expansion to home buyers through June 2010
• Washington Post article on $6,500 credit for existing homeowners (5+ years only)
• CNBC article questioning the tax extension
• Politico.com story on Senate Banking Chair Dodd in support of extension/expansion
• Seattle P-I report on the extension/expansion
• WSJ Q&A on the extension and expansion of the tax credit
• Bloomberg article that quotes many lawmakers

Happy reading!

Casey

Edmonds, WA -- I've heard about her story and now it looks like she's gone viral and her story has been picked up by the Seattle times. Local fundraiser Carol Schillios has been on her business' rooftop since late July trying to raise money for a number of causes, including a health clinic in Nepal.  

If you want to see for yourself, give a donation or just to ask her a few questions of your own, you can visit her at downtown Edmonds.

Shoreline, WA -- Break out the rain coats and umbrella.... Fall is officially here!  In the real estate world, that has translated into lower condo sales in Shoreline, WA. After holding steady the past 2 months, the number of closed sales of condos in Shoreline dipped to just 3 closings in October 2009.  A year ago, there were 5 condo closings. And these numbers are anemic. Back in the hay-day, numbers were much more brisk. In October 2006, for instance, we had 19 condo closings in Shoreline.

I don't expect the volume to change much for the 4th quarter of 2009. But what you might want to consider is the Days on Market (DOM) for listings the next three months. They have fluctuated quite wildly for condos this year. If you have a nice condo, it might actually make sense to list your condo now as marketing time can be as low as two months.

SHORELINE, WA -- Sale of single family homes in Shoreline,WA were down for the third consecutive month. But this isn't all bad news as we usually see a dip in production as we get into the colder, wetter fall and winter months of the year.  In fact,

32 homes sold in October of this year was better than the 27 sold a year ago.  I'm also seeing healthy numbers of homes that are going Pending and off the market, which helps determine inventory levels.

What can we look forward to over the fall and winter months?  Look for real estate sales in Shoreline to be slow but steady.  We're slowly making the turn but these months do tend to be quiet. I'll be looking for steady  - if albeit slow - activity over the next several months. It might take longer to sell in these months but I don't expect sales to dry up completely. Patience is still key.

October 2009 condo real estate sales statistics for Edmonds, WA

For October, the condo real estate market in Edmonds, WA was up. That's obviously a relative assessment but this month we saw a second month in a row of 30+ new listings on the market compared to previous months where only half as many new listings were put on market. This could show of confidence from condo owners that they are will be able to sell their homes in the condo real estate market in Edmonds, WA.

And their belief seems to be supported by the numbers too (see my chart). Pending sales for Edmonds condos nearly tripled from last month and are up by 15-fold from the last 12 months.  There were 17 completed sales this month and that number has been see-sawing back and forth but still holding steadily above 10 per month since May of this year.

To summarize:

• Condo sales in Edmonds are tracking steadily at around 15 per month;
  
• Most inventory is from the last 2 months which means that most other listings put on market prior to September that have not yet sold are Pending.
  
• New condo listings in Edmonds are also up signficantly.

Prognosis: It seems that the Edmonds condo market is picking up a bit. I'm seeing slightly stronger demand from buyers recently too. It is hard to say for sure how much is due to the first time home-buyer tax credit - which looks like it is close to being both extended and expanded - and how much is due just to buyer sentiment about a better real estate market and economy in general.  But we'll take the good news for what it is: good news.

As for average condo prices in Edmonds, both average sales price and asking price are still below year-ago levels but are up from earlier this year. They rallied the first part of the year and then fell again the past several months but are still tracking around $300,000.

Because Edmonds has such a wide variety of condos - from your modest complex in Meadowdale to the high end project at Point Edwards - I might try and run some anaysis that breaks down these differences.  Let me know if that would interest you as readers.

EDMONDS, WA -- This week, new data came out reporting that home prices were up nationally, but down locally here in the greater Seattle region. That's not so much of a surprise since we know that the Puget Sound generally lags behind the nation as a whole.  Rather, it's good news. Because we get to see the light at the end of the tunnel far sooner than those who were at the front of the line.  So take heart, Puget Sounders!  We have likely seen the worst of the economy and its effects on our work and personal lives.

Follow this link for more details on the national housing report.

The Case-Schiller home price index shows that home prices in August were down 14.7% from a year ago. My analysis of the Edmonds real estate market indicates that locally, we have seen that prices are down 9.3% for single family houses and down 11.1% for condos.  

Check out my previous blogs to compare my own analysis of home pricing trends in Edmonds & Shoreline to that of the greater Seattle region or nationally.

Well it looks like the first-time home buyer tax credit is gaining some traction for an extension and an expansion.  There are several bills on the hill - in both the House and the Senate - that are aimed at extending and expanding the $8,000 tax credit. 

Here are two that are of note that are currently in the works.

• Representative Joe Courtney (D-CT-2) introduced the First-Time Home buyer Tax Extension Act (H.R. 1993) which, if enacted, would extend the First-Time Home buyer Tax Credit through 2010. H.R.1993 has been referred to the House Committee on Ways and Means for further review.
  
  
• The Home Buyer Tax Credit Act (S.1230) was introduced by Senator Johnny Isakson (R-GA) on June 10, 2009. If enacted, S. 1230 would replace the $8,000 tax credit established by the American Recovery and Reinvestment Act with a $15,000 maximum tax credit for first-time home buyers. Under this Act, repayment of the credit is waived unless the home is sold or unoccupied within a two-year window. S. 1230 has been referred to the Senate Finance Committee.
  
  
• The Senate has already agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years.

It should be noted that nothing is a done deal yet as both the House and Senate must agree to any differences before sending a bill off to the President for final ratification.  Congress is also looking into the finances and fraud related to the tax credit and I'm sure that will have to be resolved before anything happens for sure.

Edmonds, WA -- As a city of barely 40,000 residents, it's a wonder that so many people spend so much money to run for office in Edmonds to win a seat on the city council here. The candidates raise more per citizen than all but three other cities in the state: Seattle, Olympia and Shoreline. They outspend the next highest city in Snohomish County by double (Everett).

I don't have a complete grasp as to why this is, but clearly people in this city go nuts over the political machine down there on 5th Ave N.

A more complete article on running for office in Edmonds, WA can be found at the Everett HeraldNet.

Here's a summary of the top spenders, per capita:

1. Seattle: $1.84 raised per resident
   
2. Olympia: $1.74
   
3. Shoreline: $1.70
   
4. Edmonds: $1.58
   
5. Bellevue: $1.24

EDMONDS, WA -- Let’s talk about rules of etiquette for riding a ferry. Here in Edmonds, we have many unique features that make us “special.” One of these features is that we are one of 19 ferry terminals used by the Washington State Ferry System. Each year, the Washington State Ferries haul 24 million passengers – about a quarter of all U.S. ferry traffic. Its 24 vessels range from a tiny boat that links Tacoma to Vashon Island, to a tourist-friendly international run that winds through the scenic San Juan Islands to Vancouver Island in British Columbia.

On any given day, you can see a long line of cars parked along Edmonds Way waiting to get onto either of our two jumbo ferries for Kingston. Average wait times can be as little as 10 minutes to several hours. The question donned on me recently: what do you do if you’re stuck in one of these long lines in your car and have to go to the bathroom?

The question begs a greater about rules of etiquette while waiting for a ferry? While I don’t know of any published or official rules, I think there are some that are generally agreed upon by those or regularly take the ferries across the Puget Sound.

Rule #1. Don’t block driveways or intersections. When you have ferry lines backing up for a couple miles, it can be frustrating to navigate local streets. It’s important that as ferry passengers, you are alert enough to know that you should not block driveways and intersections (most of which are clearly marked as such) so that non-ferry traffic and move through these areas without hindrance. You might be weary of leaving such a big gap in between you and the car ahead of you for fear of someone cutting in front of you. But fear not, Rule #2 at your rescue!

Rule #2. No cuts allowed! As tempting as it may be to drive up an extra block or mile before getting in the ferry line, know that it is not only highly disrespectful but also illegal to do so. While you probably won’t face jail time, you’ll have no less than several people report you to the terminal crew or State Trooper on duty. Just ask Ed Sutton, chair of the San Juan Ferry Advisory Committee, who was caught cutting in line.

Rule #3. Don’t argue with the crew or ticket agents. They are doing their jobs. If you don’t get on, it’s not their fault (usually).

Rule #4. Be a gentleman. And if you can’t, show some grace anyway. Sometimes, you just *have* to get out of line temporarily. This actually happened to me when I really had to go to the bathroom. I got out of my car and asked the drivers of the three cars immediately behind me whether they had a problem with me driving to a bathroom and returning to my spot. They did not, so I left. Of course, it’s always the fourth person back who has a problem. He reported me to the State Patrol at the terminal who was more than understanding and let me on. The point is, everyone takes cheating the system seriously, but in the end, it’s probably not going to affect your ability to get on the next ferry, so stay calm and enjoy the ride. 

Click here for more information about the Washington State Ferry system.

Visit my website for more information about the city of Edmonds, WA, or further musings at my “All Things Edmonds” blog.