Just past the gated, tree-lined driveway – discover a remarkable property that offers privacy, solitude and an abundance of project & work space set on 10.56 park-like acres. At 2990sf, with 3 bedrooms and 2.5 baths, sporting a 2 car attached garage, 8 car 40′ x 60′ detached shop, and a basement woodworking shop, this home has everything for the do-it-yourself project junkie who wants to live ‘off the grid’. Room to breathe, at a price that won’t take your breath away!

List Price: $600,000
MLS#: 22939
Address:2324 Newberg Rd. Snohomish, WA 98290
Bedrooms: 3
Bathrooms: 2.5
Square Feet: 2,990
$/Square Ft: $200.66
Lot size: 10.56 Acres
Detached shop: 40′ x 60′
Year Built: 1988
Taxes: $7,557
School District: Snohomish
Property Flyer: Workshop Retreat

For more information, call Dennis Pearce at 206.931.9945, or email: dennis@pickettstreet.com.

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Tags: acreage, Newberg, shop, Snohomish

Frank Lloyd Wright aficionados! Nestled in a quiet cedar grove, commanding a bough-filtered golf-course view, you’ll find this classic 3 bed, 2.75 bath Mid-Century Modern home tucked into Bothell’s hillside Valhalla neighborhood. Offering 2660sf of striking modern architecture; the trademark straight roofline, raised clerestory windows, brick facade, wide-plank cedar siding, and elegantly simple design blending harmoniously with the natural surroundings. Many recent upgrades and community pool.

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Tags: Bothell, mid-century, modern

By now you’ve probably heard: The $8,000 Tax Credit has been extended!

And you’re thinking, “I’ve been wanting to buy a home… maybe there’s something to this procrastination thing, after all.” In this case, you’d be right; The last go-round provided up to $8,000 to homebuyers who had not owned a home in the past 3 years, and whose income was $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

In recognition of your patience and wisdom, you are now eligible for the Sweetened Deal: For home purchases occurring after November 6, 2009, the new income limits are $125,000 for single taxpayers and $225,000 for married couples filing jointly.

Be prepared to prove it!

Due to the very real potential for fraud, you will be required to prove that you have not owned a home in the last 3 years, however, the credit can be allocated to the person who has not owned previously, in cases where parents are assisting with a purchase, or where one member of an unmarried couple has previously owned.

Saving for a downpayment?

Another element of the new version is that it allows prospective home buyers who believe they qualify for the tax credit to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

Keep the Cabin!

Also of note is that ownership of a vacation home, or rental property that was not used as a primary residence, does not disqualify a buyer as a first-time home buyer.

Upgrade your digs.

The most significant change to the ‘bonus round’ homebuyer tax credit is the addition of a ‘move-up buyer’ credit. This provision allows for a tax credit of up to $6,500 to homebuyers who have lived in the same residence for 5 of the last 8 years, on purchases up to $800,000.

You’re Not from Around Here?

Anyone who is not a nonresident alien (as defined by the IRS) and who has owned and resided in a principal residence in the United States for at least five consecutive years of the eight years prior to the purchase date can claim the tax credit if they meet the income limits.

Get Educated.

The income limits for move-up buyers are the same as for first-timers, and the allowable credit amount is graduated at the same rate, so please speak with your accountant for details on how your specific situation may be affected.

Some Restrictions Apply.

In order to qualify, all purchases- both first-time and move-up, must be completed on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

The Fine Print.

If you’re considering purchasing a home, and want to take a look at the tax credit qualification and application process, here’s a link to download the IRS Form 5405

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Tags: buyer, seller, tax credit, thoughts

Among the many contentious issues of our day, the concept of being ‘environmentally conscious’, certainly strikes a few hot buttons for some. This post isn’t going to explore the politics of Al Gore, or Rush Limbaugh, because, controversial as that subject may be, there’s just not enough space to do the topic justice, and frankly, I don’t find it that interesting.

My personal angle on the Green Movement tends to slant more toward the practicalities of implementation, and looking at the cost/benefit balance for long term value. Given the condition of our current economy, and the impact of rising energy prices, and prices overall, I don’t think it’s an overstatement to say everybody’s looking for ways to save money.

From that perspective, the question becomes one of whether it’s more practical to save money now (which frequently means either making do with less, or doing nothing), or to take the preventive and holistic steps that provide for long term cost and resource savings through conservation, thoughtful design, and practical implementation of new home-building technologies.

The Green Movement is really just a convenient handle for the overarching conversation that revolves around the management and distribution of resources within a given community, and attempts to provide quantifiable benefits for the conscious, thoughtful, holistic use of those resources.

The holistic view can be overwhelming but done well, it brings together the critical elements of a home: location (both within the community, and the specific site), materials usage, durability, water management/usage, power usage, lighting, walkability/transportation, and landscaping to name a few.

As resources in our finite world become increasingly difficult to procure, and consequently more expensive, finding cost-effective ways to recycle old materials into new products, and avoiding the dead end of landfills, will become yet another major industry- as we’re already seeing in many third-world countries. It’s not a matter of ‘if’, this is truly a direction all developed nations are already heading towards- from mining turkey carcasses for oil, to reinventing formica countertops- the race is already on for renewable solutions to our most challenging environmental questions.

There are an endless array of opportunities within this shift, some of which have been proposed as elements of a recession-ending strategy, and others that feel truly sci-fi.

Having recently earned my Realtor, Green Designation, I find this topic to be an endless source of ideas and look forward to implementing as much as I can in my own home. If you have questions or ideas about green construction, I’d love to chat.

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Tags: Dennis, designation, environmental, green

“Where have all the good men gone and where are all the gods? Where’s the streetwise Hercules to fight the rising odds?” Bonnie Tyler, 1985, (“Holding out for a Hero“, from the Footloose soundtrack)

A common theme in the modern world is the wildly optimistic, hopelessly hopeful, against-all-odds rescue story. Maidens in distress, burning buildings, meteors plummeting to earth: all require a superhuman, faster than a speeding bullet, able to leap-tall-buildings-in-a-single-bound kind of rugged individual who sizes up desperate situations and makes the right snap decisions at a moments notice.

If you’ve been awake the last 2 years, you’ve probably caught wind of the fact that the world economy could use a little intervention f rom the man of steel, or just about anyone who’s willing to assume the mantle. Just to be clear, I’m not volunteering; I look terrible in tights, and tend to go pale at the sight of blood.

However, an article I came across in BusinessWeek got me thinking about what this economy presents in terms of opportunity. As many of the business leaders interviewed mention, the shift of focus toward growth and optimism is happening, and it will be those who have the courage to take the leap of faith toward opportunity who stand to reap the greatest reward.

2008 was a brutal year for real estate. From the sub-prime meltdown in August of 2007, through the Bear-Stearns, Lehman Brothers debacles, and the subsequent banking crisis, the financial world has been in a constant state of upheaval. The home financing standards pendulum, which was tilted toward ludicrously loose (think “Liar’s Loans”), swung a full 180 to be so restrictive as to dramatically impact the ability of financially healthy businesses from securing  operating capital. And, of course, there’s the wildly volatile stock market- what to make of that?

Signs that the worst may be over have arrived in the form of restrictive new legislation, such as the HVCC and HERA laws governing appraisal procedures and lending disclosure timelines. Both of these are, in my view, knee jerk legislation aimed at appeasing a few big lobbies who’ve wanted to get their fingers into some pies that aren’t theirs. I fully anticipate that we’ll see modifications to these rules and relaxation of some of the more heinously restrictive requirements. It will take time, but I believe those changes will come.

Back to our hero! If jobs are the crux of the problem, and consumer indexes won’t reflect real growth without them, it seems the place to start is with those businesses that have the ability to hire. However, as I mentioned earlier, the funds for businesses have been scarce in this downturn. Even firms with the financials to justify growth investment have been hesitant, or unable to, due to the paucity of affordable financing.

We’ve seen attempts from various government agencies to fill the role of hero, and have a legacy of debt, entitlements, and bureaucracy to show for it. Well, here’s a new idea- how about private investment funds to the rescue?! I tripped across this last night, and found it pretty intriguing. I’m not crazy about the outfit  this gal’s wearing (um, hon- mini skirts and barstools are a combo best left to co-eds, not business professionals on-camera- and yes, I know this is ‘happy hour’!), but the message is certainly worthy of consideration. What do you think?

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Tags: buyer, thoughts

The only thing that saves us from the bureaucracy is inefficiency. An efficient bureaucracy is the greatest threat to liberty.” Eugene McCarthy

In the spirit of an inefficient bureaucracy, and under the guise of “economic recovery”, we’ve seen several new edicts handed down from the mountain lately. The 2 most onerous directives go by the handy handles of ‘HVCC’ & ‘HERA’. Both attempt to right the wrongs perpetrated in this last housing runup, but from my perspective, they are relatively undisguised attempts by big banks to utilize the fear in the marketplace to have their way, creating legislation that does little to remedy the actual problems, while pushing the BIG BANKING agenda well down the road.

The Home Value Code of Conduct (HVCC), enacted in April, puts severe restrictions on the lines of communication between lenders and appraisers, requiring the use of an automated online system to place appraisal orders, while keeping lenders and brokers from speaking directly, and purportedly preventing the collusion that took place in the dark ages between ‘04-’07.

The fly in this ointment is the reality that quality work requires quality people. The new system requires lenders to draw anonymously from a predetermined pool of appraisers, who indicate their acceptance of the offered appraisal, with it’s attached valuation for the work. That sounds fine, but this is where things start getting sticky. In the past, the lender/broker would call their appraiser, tell them the general spec’s of the property (dimensions, location, etc.) and the appraiser would give them a quote for the appraisal at that time, based on the anticipated time required.

The new system doesn’t allow any conversation. The lender submits the appraisal into the system, along with an amount they are willing to pay for the work. The appraiser reviews the job and either accepts or rejects it. Sounds reasonable, right? The problem is that the prices being submitted are preset by the banks. And as a rule, they’re generally set low. Which means that the appraiser who accepts a low price is typically doing so because they are either inexperienced, or desperate, or both. So the appraisal on the home you’re about to buy is now being done by someone who hasn’t spoken with your lender, their abilities are questionable, and you have no way of assessing their accuracy. Does that sound like the recipe for hope we’ve been looking for?

The HERA or Housing and Economic Recovery Act is another recent piece of legislation governing your GFE, or Good Faith Estimate, and the timelines surrounding your transaction. Initially put into place last year, it became effective August 1, 2009, and is designed to provide what is essentially an extended time Lemon Law for home financing. In essence, it sets specific timelines for the allowable window of days that must pass between your receipt of information, and the next step in the process. The HERA law, as with many things attached to legislation and bureaucracy, has good intentions. The actual effect, however, will be to extend the standard closing period from the customary 30-45 day window to 60 or more, as lenders jump through the new batch of hoops. A sample of the Act is as follows: If the APR increases more than .125% from the initial disclosure, it must be revised and reissued at least 3 business days before closing. If mailed via US Postal Service, it is considered ‘received’ 3 business days after mailing. Additionally, Closing cannot be less than 7 days after the homebuyer is issued their initial mortgage disclosures (GFE) from the lender.

The problem with both of these ’sausages’ is that the people who have to implement them were apparently not involved in their creation. You can say that was part of the idea, as it would be counterintuitive to put the fox in charge of the henhouse- but assuming that every participant in any given situation is a fox, leaves little recourse for input when the time comes for change.

Many lenders have reviewed and implemented these changes over the past several months. However, there are some who have adopted a wait-and-see stance, who will likely be bitten.

Be sure to ask your preferred lender what their understanding and compliance of the HERA law is, and consider carefully if you want to risk your home purchase with someone who is not prepared.

Download a summary of the HERA law, HERE.

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Tags: buyer, HERA, HVCC, mortgage, thoughts