A New Day Real Estate Luxury and Investment Properties in Bellevue Washington

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If you are looking to buy or sell luxury real estate in Bellevue Washington or on the Eastside of Lake Washington, you will want to call A New Day Real Estate.

A New Day Real Estate
14404 NE 31st St k105 Bellevue, WA 98007

Homes Sales Slower in February, Local Housing Inventory Still Low

The following was a media release on February 2014 Real Estate statistics from the NWMLS that was first published at BellevueBusinessJournal.com.

NWMLS logoNorthwest Multiple Listing Service brokers reported 507 fewer pending sales during February than the same month in 2013, but members believe the 6.5 percent decline isn’t due to a shortage of buyers. “If we just had enough homes to sell we would easily be outpacing last year’s pending numbers,” said Mike Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate. “Locally, we are literally starving for inventory,” he added.

MLS members reported 7,247 mutually accepted offers on single family homes and condominiums last month, which compares to 7,754 pending sales for the same month last year. Twelve of the 21 counties in the Northwest MLS service area reported drops, including King County where sales were off 10.4 percent. Within King County, the sharpest drops occurred in the southeast segment (down more than 23 percent) and on the Eastside (down more than 16 percent).

Another industry leader pointed not only to a “severe shortage of homes for sale” in the most sought-after price ranges, but also to the fan frenzy surrounding the Seahawks as a factor in the setback of sales.  Since the Super Bowl Championship game, he said listing activity has picked up, resulting in brisk sales activity for the new, but still limited inventory.

MLS brokers added 7,234 new listings to inventory last month, down from February 2013 when 7,497 properties were listed. The additions, which include single family homes and condos, brought February’s number of total active listings system-wide to 19,273 for a 6.4 percent improvement from a year ago.

Shortages of listings persist in several areas. In Kitsap County, for example, both selection and the number of pending sales fell by nearly 3 percent from a year ago. Northwest MLS director Frank Wilson said even though houses are not coming on the market quite as fast, he expects the pace to pick up. “As we swing into our spring market, more listings will be added,” he stated, but predicts the improvement in listings will be “tempered by an increase in buyers, too.”

Wilson, the branch managing broker at John L. Scott, Inc. in Poulsbo, reported buyers are still very active “because they are sure interest rates will be higher tomorrow than they are today.” He described today’s market as normal “where the relationship of inventory to buyers is balanced, appreciation is manageable, and there is sanity in the market place.”  This does not mean it cannot “get crazed at times,” he added.

The smaller selection is resulting in bidding wars for well-priced homes in some neighborhoods. Multiple offer situations are common in local markets with less than four months of inventory, according to Dick Beeson, principal managing broker at RE/MAX Professionals in Tacoma and a member of the Northwest MLS board of directors. He noted traffic has been “very good” at open houses. “These are harbingers of a medium- to fast-paced spring and summer selling seasons,” he suggested.

Beeson also believes inventory gains in the tri-county area are a healthy sign for a more balanced market.

Another MLS director, George Moorhead of Bentley Properties in Bothell, is not alarmed by the scaled back sales. “Lower pending sales are not uncommon” after the holidays, he explained. He believes interest rates will “truly be the deciding factor” on the market’s direction. “If rates go up significantly, buyers back off, and when buyers back off, home prices soften,” he explained.

Moorhead said the message to potential buyers is “get your financials updated with your lender and be ready to lock in terms.” For sellers on the fence, he recommends “stepping forward,” saying “interest rates will rise this year.”

Statistics from Northwest MLS show supplies, as measured by months of inventory, improved slightly from a year ago, rising from 4.3 months to almost 4.6 months. The tightest selection is in King County, with less than 2.6 months of supply, and Snohomish County, with 3.2 months.

MLS figures show the volume of closed sales was about the same as a year ago. Members reported 4,196 completed transactions during February, nearly matching the year-ago total of 4,205 closings.

Prices on last month’s closed sales rose about 6.3 percent from a year ago and 3.1 percent from January, but the gains were not system wide. Nine counties reported year-over-year increases. Area-wide the median price was $263,000; a year ago it was $247,500.

For single family homes (excluding condos), the median price was $270,000, for a gain of nearly 5.9 percent from the year-ago price of $255,000. Prices in King, Pierce and Snohomish counties shot up more than 11 percent from a year ago. Homes in King County had a median selling price of $405,400.

Condo prices surged more than 17 percent. The median selling price on 608 sales that closed during February was $215,500. Twelve months ago the median price was $184,000.

Commenting on “intense multiple offer market conditions” in several communities within Seattle, one broker advised buyers to not give up. “There are several communities nearby or just outside the immediate in-city markets that have good value listings that deserve closer attention,” stated Gary O’Leyar, designated broker/owner of Prudential Signature Properties. “My advice to frustrated buyers is to broaden their search parameters and look beyond Seattle’s ‘white hot’ zones and you’ll find some great properties at good prices,” he added.

With increasing equity, many current homeowners are expected to come into the market. “This is the year of the move-up seller,” declared MLS director John Deely. He believes many people who currently own a home will move into a “nicer home, a bigger home, or a home in a different part of town.”

People who didn’t have enough equity in their house, or didn’t have enough confidence in the economy didn’t move the past few years,” said Deely, the principal managing broker at Coldwell Banker Bain in Seattle. “We’re going to see these people start to come to the market this spring. This is going to be a phenomenal year – not just an average year – a phenomenal year,” he remarked.

Mike Gain, a past chairman of the MLS board, agreed now is “a perfect time for move up sellers and buyers.” He said normalcy is finally returning to residential real estate, and the Seattle area continues to be an attractive destination for relocating families and investors. “Homeownership is still very important to most people,” he noted, citing various research. “With rents continuing to rise, it makes buying a home today a very smart decision.”

“We are on a clear and healthy path of recovery and home values are expected to continue to rise,” Gain commented. With inventory at “dangerously low levels” and a high percentage of sales experiencing multiple offers, “we clearly have way more ready, willing and able buyers and not enough sellers,” he continued, adding, “Anyone who is even considering selling a home should do it now. We have plenty of buyers who are just waiting to find the right home to purchase.”

Buyers and sellers alike would benefit by asking their real estate broker what they need to do to be successful in today’s market, according to Frank Wilson, who is also the Kitsap district manager at John L. Scott. “Buyers should expect and be prepared to compete with other buyers, and sellers should expect to list their homes at or close to market value,” he explained.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 21,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 21 counties in Washington state.

Bellevue Ear, Nose and Throat Clinic Leases 6,366 Square Feet in Bellevue’s Overlake Medical Pavilion

Overlake Medical PavilionHealthcare Realty announced today that Bellevue Ear, Nose and Throat Clinic has signed a lease for 6,366 square feet on the top floor of Overlake Medical Pavilion, a specialty medical office building located on the Overlake Hospital Medical Center campus along 116th Street N.E. in Bellevue.

“We are thrilled to welcome Bellevue Ear, Nose and Throat Clinic to the team of premier medical providers here at Overlake Medical Pavilion,” stated Amy Poley, vice president of real estate investments for Healthcare Realty. “There has been a great deal of interest in the building and space has been filling up fast.”

Bellevue Ear, Nose and Throat Clinic is a group of physicians with locations in Bellevue and Issaquah that has been providing specialty ENT care for over 50 years and is part of Proliance Surgeons.

“Our goal is to provide the best quality care and experience for our patients,” said Christel Osterstrom of Bellevue Ear, Nose and Throat Clinic. “Overlake Medical Pavilion will optimize our patient’s experience and efficiencies in our clinic. Being able to customize our space will assist us in meeting our patients’ needs and offer a wider spectrum of services.”

Bellevue Ear, Nose and Throat Clinic is the eighth tenant at Overlake Medical Pavilion, joining: Proliance Orthopedics & Sports Medicine, Center for Prosthetics Orthotics, Eating Recovery Center and Overlake Hospital Medical Center staff. Bellevue Ear, Nose and Throat Clinic’s 40 employees will move from the on-campus Overlake Medical Tower into Overlake Medical Pavilion and begin seeing patients in early November.

Overlake Medical Pavilion is a Class A, nine-story, medical office building. The LEED Silver building has a 6,500 square foot green roof and outdoor deck for tenants and their patients, 740 underground parking stalls, a ground floor Starbucks and ample access to public transportation, major freeways and downtown Bellevue.

A New Day Real Estate in Bellevue Now Offering Aerial Photography for Clients

Downtown-Bellevue-Park-Meydenbauer-BayI’ve recently acquired a new tool to help me market my real estate clients’ properties: a drone to take aerial video and photos.  It’s super cool, fairly easy to fly and takes great pictures and videos.  What do YOU think?

 

This is a video of one of my first flights – at Downtown Park in Bellevue.  There is some pretty good footage of the park, downtown and Meydenbauer Bay out to Pickle Point in Medina.

My name is Joe Kennedy and I am Chief Dream Maker and YOUR Personal Real Estate Broker at A New Day Real Estate.  I can help you buy or sell commercial, residential or investment properties in Bellevue and the Eastside of Lake Washington including Bellevue, Bridle Trails, Issaquah, Kirkland, Mercer Island, Newcastle, Redmond, Sammamish and Woodinville.

A New Day Real Estate is Born!

Last week I officially started my new real estate brokerage:  A New Day Real Estate.  We’re currently working on a logo, business cards and signage.

You can see my first video tour here – admittedly not very good – but I’ve got to start somewhere …

A New Day Real Estate video tour of 7512 116th Ave NE, Kirkland, WA  98033

Strongly Considering Starting a New Full Service Real Estate Company in Bellevue

I’ve been strongly considering starting a new full service real estate company in Bellevue, Washington.  It was supposed to be a partnership with my ‘fiance’ Stacia Loo – but it turns out the idea was more my idea of what we should do, rather than her idea of what she wants to do.  So, it has been put on hold

AAA Properties was my old real estate company and I worked (?) it by myself.  Before shutting it down a couple of years ago, I searched for a partner – someone to work and share responsibilities and profits with.  Just could not seem to find the right fit.  Perhaps I’m just too hard to work with?

My idea for a new real estate company is kind of an experiential agency - an agency based on experiences and relationships.  We would value social responsibility and giving back to the community as a priority, but the main focus would be on providing value for our clients.  We would do more than we say.  We would let our service speak for itself, while leaning on our greatly varied experience in real estate and social media to do things the right way.Continue Reading

Considering a Move to London or the UK? Make Sure to Work with a Good Property Company

A number of years ago, shortly after my daughter was born, it looked like we were going to be moving to the UK for my job. I was so very excited and for some strange reason, thought that it would be so cool if Jacqueline Nataliya Kennedy would grow up with an English accent.

I traveled to London with my boss at the time (flying business class is THE best way to go) and we started looking for rental flats (apartments) for my family and other staff, as well as more palatial homes that were listing for sale for his.  Despite the fact that I have many years experience in the real estate industry, we quickly learned that there was way too much to know to not get some local, professional help.Continue Reading

Self Storage Businesses Can Be Very Profitable Real Estate Investment

I’ve met a couple people throughout the years that were BIG proponents of self storage businesses.  One of these guys liked to build a new self storage site into every mixed use development he built – he just knew that any self store business that is located close to people will eventually fill up and become a gold mine.

The other self storage advocate I knew was always on the look out for another storage business for sale.  (I am too – so if you know of any self storage businesses for sale on the West Coast call me!)  He had the experience of purchasing them new – directly after construction and of buying older properties that were performing poorly.  He knew some great tricks to turn these properties around – and I was fortunate enough to have learned some of these from him

Perhaps the single largest key to having a successful self store business is having an accessible location close to as many people as possible.  Tied for 2nd and 3rd most important to a successful self storage location is exposure to the public (marketing, advertising and social media) and a good, reliable and trustworthy manager to run the business.  Very simply put, you cannot rent storage spaces to people if they do not know you exist AND it doesn’t matter how many people know about your business if you cannot trust your manager to properly manage the property.

In conclusion, self storage businesses can be very solid real estate investments, so please consider adding these to your property portfolio – but only after you send all the best deals MY way!  ;-)

 

A Lot to Digest at End of First Six Months of Eating Clean

At the end of this month, I will have been Eating Clean the Joe Abs Way for a little over six months.  (I started in late August 2011 before I’d ever even heard of clean eating).  It’s been an interesting run – not without trials and tribulations, but very beneficial in a lot of ways – mostly in the way I look and feel.  More energetic for sure, never starving – and always eating … the right foods.

Last week I had my body composition tested in a BodPod at BodPod Bellevue or Vitela Health, owned by Brent and Jan Mathew Stahl.  It was a pretty cool experience and I was fairly happy with my results.  I’ll blog about the entire experience a little later over at Joe Abs, but I will say that I was able to get my body fat percentage even lower than the 8% I was hoping for ….

Also last week I finished up negotiations to head up a tech start-up called Text Retriever.  Text Retriever is a really cool text marketing solution to enable real estate professionals to win more listings, meet more buyers and make more sales.  My marketing strategy is to first approach a top tier of a handful of potential huge partners that could easily help us start off with good market share.  If I’m not able to create a mutually beneficial partnership with any of the top tier potential partners, I move down the list to national real estate brands, then to those who already market a complementary product to real estate professionals and then the regional MLS, Boards of Realtors and real estate brokerages.

I’m thinking that Text Retriever could make a huge splash with the right partner and it could happen very quick.  Stay tuned and see what I am able to put together.  I’m hoping to be able to announce at least one major partner at Inman Real Estate Connect in San Francisco August 1-3.

I also asked Jeffrey Gitomer and his crew to help me come up with a Gitomer-ish job title.  They came back to me with “Big Dog”, which had previously been suggested, but I had decided to go with “CEO / Alpha Marketing Dog”.  It’s all about sales – and in this case, that means it’s all about finding the right partner who markets to real estate professionals and can help us reach a huge number quickly.  I’m not greedy.  I’m not asking for anything out of reason, I simply want 1% of market share in our first year.  With approximately 2.3 million listings across the country, that is about 23,000 listings that we are going to be helping get sold.  (BTW Jeffrey Gitomer is coming to Bellevue for a couple of special events on March 22nd and 23rd)

Investor Alert: 10 Issaquah Units 6.9% Cap Rate with Rental Upside

If you are a multifamily / apartment investor/owner (or would like to be), this looks to be like it could be a very good investment.

10 units – all two bedroom, 1 bath with laundry.  Rental income currently $9425 a month, but can be improved – 8 units currently rented below market.

If you are interested, please give me a call and we can discuss.  425-213-4176

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