Backyard cottages are just that; Cottages. They are a spacious “MIL” mother-in-law. However they cannot be more than 800 sq. ft. They are allowed in single-family zoned properties throughout Seattle under an ordinance approved unanimously by the Seattle City Council. Owners of the property must live on the premise and Seattle would allow about 50 new cottages a year. The lot size along with height and depth requirements are covered under city ordinances as well.
Cottages or DADU’S (Detched Accessory Dwelling Units) are an additonal way to support needed housing in Seattle. They can be a nice niche for students, relatives, elderly or low-income rental property. They are small dwelling units that are on the same lot but separate from a single-family home.
Permit fees for backyard cottages will vary according to whether they are “new construction” or existing structures. It can take time to go thru the permit process. For more information about legalizing a currently occupied backyard cottage, please contact Dianec.davis@seattle.gov. For information needed on permit requirements go to www.seattle.gov/dpd/BackyardCottages or call Applicant Service Center (ASC) at 206-684-8850.
Welcome to the National Realtor Open House Weekend on April 10th and 11th 2010. This event is backed by the Washington Association of REALTORS. You’ve probably already heard it on the Radio, TV and read it in the Newspapers. This is a state wide event. . . .along with other parts in the nation.
The market and pending sales were sparked with increased confidence due to the positive response of last years event. This year REALTORS hope to have even a bigger and better event by inviting buyer’s to view homes and possibly take advantage of the last minute buyer’s tax credit, coupled with a great time to buy with record-low interest rates and a great selection of homes across the price spectrum.
The National Open House weekend will showcase the wide selection of homes offered for sale for both move-up buyers and first time buyers. Informing buyers of the extended/expanded homebuyer tax credit which expires on 4/30/2010.
On the way to save your planet and your home. . . . “green” investments can start with the obvious; a programmable thermostat, heating/HVAC system tune-up, energy efficient light bulbs and pressure regulated shower heads. All of these are the beginning “investments” in your home that can be tax incentives. See http://www.greenandsave.com/homecheckup/
A programmable thermostat can save between $200 to $500 annually for heating and or cooling costs. The benefits of a programmable thermostat are that it’s cost effective, time saving , and provides convenience and comfort at the times you need them.
Heating/cooling system tune-ups can save money and up to 90% return on investment in the first year. If your system is older than 15 to 20 years then consider replacing it with a high efficiency system or heat pump.
Pressure regulated shower heads and tank inserts can help to reduce water flow by 2.5 gallons per minute (GPM) to about 1.6 GPM. That is up to a 40% savings of water required. The new pressure regulated shower heads are state-of-the-art and have the similar feeling of a traditional shower head yet helps to reduce wasted water.
GreenandSave.com offers links to reports, research, carbon counter, green job training and a forum for community involvement. Their data is used for education and curriculums by industries like the AIA (American Institute of Architects)and the National Association of REALTORS®(NAR).
Bank of America, one of the hardest hit lending institutions in the country, plans to offer nearly $3 billion in loan forgiveness beginning in May. The bank said Wednesday that it will forgive up to 30 percent of some customers’ total mortgage balance.
It was determined that to help the company stem greater losses, keeping people in their homes was their solution. By keeping homes out of foreclosure, Bank of America, while taking a loss initially on total principle, would be able to keep people in their homes, and paying a reduced mortgage.
Bank of America is taking an innovative “earned principal” forgiveness approach to HAMP modifications where mortgages are at least 60 days delinquent and the current loan-to-value ratio is 120 percent or higher.
An interest-free forbearance of principal that the homeowner can turn into forgiven principal over five years which would result in a maximum 30 percent decrease in the loan principle balance, aiming to achieve 100 percent loan-to-value ratios.
In each of the first five years, up to 20 percent of the forborne amount will be forgiven annually for borrowers that remain in good standing on their mortgage payments.
Forgiveness installments for the first three years are set at the 20 percent level.
In the fourth and fifth years, the amount of forgiveness will be updated based on the home’s value at that time. This is toensure that the loan-to-value ratio won’t be reduced below 100 percent through principal forgiveness.
Hopefully other institutions will follow suit and will help distressed homeowners recover from the housing market collapse in 2007. This is a bold, progressive move on behalf of Bank of America to encourage a recovery of homeowners in distress.
The Moisture Festival is back in Seattle! Since 2004, The Moisture Festival has presented it’s Comedy/Varietè to the people of Seattle every Spring. For those like myself who weren’t familiar with what Comedy/Varietè is, here’s a short explanation.
Comedy/Variete is an intriguing assortment of entertainment. It is often highly skilled performance that’s mixed with many bizarre talents, often humorous and only limited by the imagination. Presented as a variety show, act or artist performs his or her routine for their 3 – 15 minute time slot accompanied by a live show band. Some acts include aerialists, jugglers, comedians, dancers, rope acts, bubble acts, clowns, acrobats, can can girls, strong women, strong men, tap dancers, drill teams, musical numbers, the weird and the wonderful, all keeping in tradition of Comedy/Varietè/Vaudeville alive.
While trying to find out more about the Moisture Festival, here are some fun youtube videos that I ran across. The first being an act from Godrey Daniels the 7 foot tall giant clown with a balloon.
Next was a group called Nanda which seemed very entertaining.
Overall, this festival looks like a lot of fun.
The festival started on March 11 and will run until April 4, 2010, so there’s still time to go see it.
Tickets are on sale at the five venues for Moisture Festival, such as the ACT Theatre, Hale’s Palladium, Open Space for Arts & Community on Vashon Island, Georgetown Ballroom, and the Siff Cinema.
The Bullitt Foundation is devoted to helping the Northwest achieve environmental sustainability. The foundation offers grants to organizations, offices, and businesses, who want to direct their company in the direction of sustainability and “to go green”. Despite the foundations very determined stance to help the region attain a more sustainable human presence and interaction with the environment, the foundations main building and headquarters doesn’t reflect that sentiment. Currently, the Bullitt Foundation Headquarters is operating out of a historic First Hill house at the Stimson-Green mansion. The mansion, isn’t insulated, and doesn’t perform to the high standards the foundation sets for itself and for the grantees it helps. This is why, the foundation has set in motion the plans for a 6-story office building, that will be the city’s, and regions “greenest building ever”.
The Bullitt Foundation is calling its new building the Cascadia Center for Sustainable Design and Construction. It would house the foundation’s headquarters and serve as a showplace for cutting-edge green engineering, eco-friendly energy consumption, and architecture.
The building is planned to use only one third of the electricity that conventional office building use. All of which the building will generate itself.
All of the water the building uses will come from treated rain water from it’s roof, and treated water from it’s drains and toilets.
All six of its parking spaces would be devoted to hybrid vehicles.
The building is being designed to last 250 years.
The Cascadia Center aspires to meet the most difficult green-building standards on the planet: the Living Building Challenge. The Living Building Challenge was developed by Seattle-based Green Building Council in 2006. The group administers the LEED (Leadership in Energy and Environmental Design) rating system. The idea behind the living building challenge is analogous to how a tree interacts with its environment and surrounding. The tree produces it’s own energy and water and it doesn’t pollute. Living buildings aim to have that kind of minimal footprint. The building would be virtually self-sustaining.
The hope is that eventually, more companies will follow in the footsteps of the Bullitt Foundation and help make the Northwest and Seattle area a more sustainable, and eco-friendly region.
Despite the excessive inventory of homes on the market, buyers still looking for the best bargains may be close to missing out on the federal tax credit. The tax credit deadline is April 30th, which for some bargain hunters or people looking to take advantage of it, might be cutting it too close. Foreclosed, distressed, or short sale homes take longer to close than a normal transaction. If your buying a home was contingent on the federal tax credit, time is running out. The transaction will need to close on or before June 30th, 2010 to qualify for the tax credit.
People are also becoming tired of the hassle associated with short sales or other distressed-home situations. The process of working with a bank owned or short sale home is usually lengthy. Home prices are the lowest they’ve been since 2006 not to mention mortgage rates still hovering at just under 5%. Isolating your search to just “bargain” short sales, may limit other possibilities. If you’re serious about buying a home, there’s lots of opportunities out there, not only short sale, but homes that are not in distress.
If the sole reason for your home buying decision is based on taking advantage of the tax credit, consider the amount of time left that you have to be eligible for it, as well as the potential time it might take for your offer to be accepted and the home to close. However, for most, it seems that the tax credit isn’t making or breaking most deals. If you find a house that you love, that you want to live in, then go for it.
There’s been a lot of talk about what might be better when choosing either to custom build your home vs. fix an existing home. Between the two, here’s some pros and cons, so, lets explore them!
Custom Built Homes
Pros:
Your own unique “stamp” on where you live and how you live. The ability to step back and say, “this is how I wanted it.”
Endless potential to design from the ground up.
Everything in in the home is usually brand new.
Customize not only the interior, but the exterior as well as the landscaping.
Build directly for your budget and needs.
Cons:
Time. Building a custom home can take months of planning and 3 – 4 months of construction.
In some instances and locations, building a home can be more costly. Hiring an architect to draft plans can be spendy.
The cost of new appliances and other household needs can be spendy as well. Despite the fact that they’ll last awhile, the initial monetary setback can be difficult to accommodate.
Too many choices to make. If you’re the type of person who can make the hundreds of decisions on a “from the ground up” design then this might not be a con. For most of us though, the number of decisions to make can be overwhelming.
People can make mistakes. A mismeasured angle can cost you at the least time, and at the most, more money.
Fixer-Uppers
Pros:
Structure is already there. You have the tracings on the canvas done, now you just have to have the time and money to mold it how you picture it in your mind.
You can sometimes move in and make the changes/repairs gradually over time.
Sometimes less expensive. Fixer-uppers can be less expensive to get into as the sellers realize that the home or property needs some serious TLC. However, hidden problems that might be missed could cost you later.
A fixer-upper in a good location is a great pro. Whereas with a custom built new house, you need to find some vacant land to build on.
You can work at your own pace. The point of the fixer is that you can usually “do it yourself”. Having the freedom to put your efforts into something you care about means you can ensure you’re involved in every step of the modification.
Cons:
Unless you know ALL the facts and everything about the property, there’s always the chance that something can go wrong, fixers can be costly.
Fixer’s can be time consuming. Usually, when you invest in a fixer, you are often the one that will be doing the work to restore or modify it. For those who have little experience, remodeling/restoring/fixing up a home for the first time can be a tough learning experience. These projects aren’t for the faint of heart.
Fixer’s can be overwhelming. Unless you plan to hire someone to do the work, doing it yourself can be exhausting and overwhelming. This could generate some resentment towards your investment.
It can be hard work. Most likely you’ll have another job that requires 8 or more hours of your attention per day and it might be hard to motivate yourself to get home and start work again.
Possibility of injury. Working closely with any tools or anything of that nature, there’s always the chance of injury.
Summary
It all comes down to what you want to do, and what you think you can handle. Before you consider building new, or remodeling/buying a fixer-upper, weigh what makes more sense. Try to estimate the time-frame you’re looking at, gauge your funds, and understand what it is you really want to accomplish.
Here are some questions you can ask yourself to help you decide:
Can you handle the decisions associated with building new?
Can you handle working every day on your fixer-upper?
How much time do you have?
What location do I want to be in?
How can I accomplish the work?
Who will decide?
How will we decide what I/we want in my home?
What matters to me? Do I want brand new or do I want to do everything myself?
How much space do I need?
Again, it comes down to what you are looking for in a home. Remember the three tenants of real estate. Location, location, location. Happy house hunting! Feel free to contact us if you’d help or information on real estate in your area, and don’t hesitate to ask us questions.
Backyard cottages are just that; Cottages. They are a spacious “MIL” mother-in-law. However they cannot be more than 800 sq. ft. They are allowed in single-family zoned properties throughout Seattle under an ordinance approved unanimously by the Seattle City Council. Owners of the property must live on the premise and Seattle would allow about 50 new cottages a year. The lot size along with height and depth requirements are covered under city ordinances as well.
On the way to save your planet and your home. . . . “green” investments can start with the obvious; a programmable thermostat, heating/HVAC system tune-up, energy efficient light bulbs and pressure regulated shower heads. All of these are the beginning “investments” in your home that can be tax incentives. See 
The Bullitt Foundation is devoted to helping the Northwest achieve environmental sustainability. The foundation offers grants to organizations, offices, and businesses, who want to direct their company in the direction of sustainability and “to go green”. Despite the foundations very determined stance to help the region attain a more sustainable human presence and interaction with the environment, the foundations main building and headquarters doesn’t reflect that sentiment. Currently, the Bullitt Foundation Headquarters is operating out of a historic First Hill house at the Stimson-Green mansion. The mansion, isn’t insulated, and doesn’t perform to the high standards the foundation sets for itself and for the grantees it helps. This is why, the foundation has set in motion the plans for a 6-story office building, that will be the city’s, and regions “greenest building ever”.
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