Category: Real Estate

Through The Day Then Into The Night

Carl Setzer

A pretty standard day any more. Worked all day, mostly drafting a site plan, but some other work, too. The most amusing was driving to one of our new listings. The property has been framed, but is still under construction. As it’s listed, we wanted to hang a keybox on the property, so other agents can show. We’ll, got the keybox, inserted keys, drove it out to Snohomish from Marysville, and then noticed there are no doors on the property yet. Nothing to hang the keybox to. Sigh… Anyway, I also followed up with a few folks, sent a gob of emails. After dropping off some drawings, etc, at a client’s house, I zipped home.

Now, in a couple of minutes, I’m heading off to a board meeting for the Snohomish County Youth Chorus. As my son sings in it, and the director is a long-time friend of mine, I’m quite committed to the org. It’s a fun group, the parents enjoy each other’s company, and the kids have fun. Oh, they sing and stuff!

Anyway, off on to the next appointment!

Housing market concerns for greater Seattle 

Carl Setzer

I’ve read several articles the past few days that give me pause. The rise of housing prices is the center. And the fact they’re outpacing wage growth deeply concerns me. 

There’s a significant population who’s losing their ability to afford basic subsistence in this region I love. Many friends of mine, who’ve lived here their whole lives, and some for generations, who are getting priced out. 

I know the many see very few basic entitlements: life, liberty, and perpetual servitude. 

In seriousness, I wonder what we can do. Market forces are hard to resist. We’ve tried things like rent control and minimum wage increases, to varying degrees of success. Our ability to game the system are limited. We tend to end up with unintended consequences countering our efforts. 

I firmly believe there are solutions out there which will provide stability for the less highly compensated, without spiking home price inflation somewhere else. 

I work to not be a cynical free market catalyst. Tis often a challenge. I shall grab a hold of hope and embrace optimism. 

Some Recommended Regional Real Estate Reading

Carl Setzer

Here are few articles that feature important information about the greater Seattle area:

Addicted To Debt?

Carl Setzer

Came across this article recently:

Americans Feast on Debt

Of particular concern:

  • Debt is reaching new highs: “total household debt achieved a new peak in the first quarter of 2017, rising by $149 billion to $12.73 trillion-$50 billion above the previous peak reached in the third quarter of 2008”

Now, I’ve also read some pieces about the effectiveness of various policies in convincing people to incur more debt. I am left to wonder, as I was back about a decade ago, at what point does all this collapse? There comes a point where servicing debt load consumes all available income. Or, in the case of a sudden economic shift, drops below and things fail.

America currently only is able to see as far as the next quarterly earnings report, if that far. Our lack of vision and inability to see citizens as people instead of just consumers to exploit, helps drive this phenomena further.

At some point, we need to step away from a consumer-driven economy. It is not sustainable, and is only going to cause long-term pain and, for many, calamity. We’ll need to learn, as people, as individuals, to value things other than purchases. Don’t use shopping to alleviate boredom, or loneliness, or…. We need to balance spending with saving, find value in something other than things, than accumulated stuff.

Let’s not wait for policies to incentivize savings. Nor for marketing campaigns. Here’s the time to innovate, for ourselves and for our families. Perhaps, by making long-term thinking cool, we can truly change the world.

Human remains found at Picnic Point

Carl Setzer

This is an alarming thing to read:Sheriff’s office investigating human remains found at Picnic Point. At this point, there’s so very little to go with. All we really know is that it looks like the body had been there some time. Was it something nefarious, or a sad accident? No way to even guess. 

Do we need to worry about a psychopath wandering about? Any of that kind of thing? Though our fears drive us towards reaction. Yet we need to wait. One of the great challenges of 21st century life: patience. We’ve become terribly used to instant responses.  A whole day?: Painful!

I’m sure the examiner will get us information quickly. Then we’ll have know how to react and move forward.

So, deeply sad stuff. I want to know more. Actually, as far a this sort of thing, I’ll say need.. 

I’ii update as this story as things progress. Until then, be safe Lynnwood, Edmonds Mountlake Terrace friends. 

Be safe. .

My curiosities, buildings, real estate and Everett

Carl Setzer

I noticed a classic older building in downtown Everett the other day. The building doesn’t look bad at all, but it’s completely vacant; not even the storefront spaces are occupied.

These are things that capture my attention.

I’m pulling a blog post together about this particular property, as it’s pretty interesting. Well, to me, at least.

Buildings and the politics around them fascinate me.

With this, Everett has begun to  intrigue me. There are some very lovely structures and neighborhoods, with some significant regional history. With these sorts of buildings, a thriving arts scene and solid proximity to Seattle, we have some amazing potential up here.

Around 35 miles north of Seattle, with access to the Sounder Trains and buses, along with Snohomish County’s CT bus fleet, centering from the Everett Station, accessing Seattle is pretty easy and convenient. The Eastside is a little less easy, but not too much so. Microsoft’s Connector buses make their way up here (Snohomish and Mill Creek…maybe with enough lobbying, the Everett station can get a stop, too), and there’s Sounder and CT buses that head to Microsoft’s Commons and the Overlake Station, and downtown Bellevue. Within a few years, and the lightrail system gets fully launched, Everett’s interconnection with the greater Seattle economy will be solidified.

Everett does have a lot to offer, and the way the region’s developing, it will be far more interconnected and accessible to the rest of the region soon.

There’s a lot of opportunity for the forward thinking folks.

Those home shows on TV, and real estate reality

Carl Setzer

Finally made it to taekwondo yesterday and the gym today. This after a several week sabbatical of sorts. Was fighting a nasty cold for a few weeks, then sprained my ankle at taekwondo. Now, that sounds better than the full description. I sprained my ankle, at taekwondo, after my third JUMPING JACK! Jeez…I’m a black belt who can land jumping back kicks, and I lose my ability to walk normally from jumping jacks. Ugh!

Anyway, I’m slowly coming back up to speed, and didn’t push myself that hard tonight. Spent about 1/2 hour on the treadmill watching one of the real estate shows. This one is about buying fixers and flipping them.

I’ve seen the show before, and recognize the hosts. I admire their work, find the subject interesting. But…BUT…elements of the show boggle me. Today there was one moment where the project was nearly derailed because, in Torrence, CA, there’s a code preventing powerlines from crossing above pools. I get that, and it makes sense. What doesn’t, though, is how no one discovers this until the concrete patio has been poured. How did they get permits without having this addressed? Maybe California is different, and the grant permits after you build. But that seems quite daft.

The other thing this evening, which almost caused me to truly laugh out loud, was this shot where a host discovers a rat in this nasty, messy bank repo property. Now, don’t get me wrong, many of these houses have rats. When I was working for a real estate company selling bank owned properties, we had many. However, the rats were never, EVER a pristine white. Nor were they demure, like the one in the ad. The ones I’ve seen would hiss and snarl at you, and quite possibly chase you.

Anyway, that’s just my experience ruining the suspension of disbelieve. Don’t let that stop you from enjoying the shows. Just now that those shows aren’t, well, “exactly” realistic. So, having a team of folks who knows what they’re doing might be a worthwhile investment.

High density, population growth, economics and Seattle area development

Carl Setzer

Working in construction, I think about development a lot. Things like density, traffic, quality of life, and affordability. And my personal interests add concerns about bicycle friendliness, walk-ability, accessibility, with sustainability. 

The issue of density has come up a bit lately. 

We like our single family homes. Yet it’s not the most stable model. First, supply and demand. By building mostly SFRs, we hold down supply. Demand, in our region, isn’t stable or static, it’s growing. This dynamic will continue to drive prices up. Sure, expect other market forces to put downward pressure on prices, from time to time. But the upward pressure of demand will be there for the foreseeable future. People want/need to live here 

The best thing we can do for affordability is develop more multi-family homes. Condos and such. I’m not sure envisioning the Puget Sound basin like Tokyo is the design ascetic I’d shoot for, (nothing against Tokyo) but I’m not considering that. I’m just meditating on market forces. 

Consider things like air condos, a way to get the SFR experience with a bit more modest price tag. We compromise on yard, another suburban charm. We value yards, but we can’t have both yards and affordability. 

Market forces will drive us to the higher density models. Understanding market dynamics, it’s hard not to envision a line of high rises from Olympia to Everett… eventually. So, I would like us to be thoughtful about how we get there, since reactively following market dynamics does always go elegantly. 

Hey Edmonds folks, an update on the old Post Office site 

Carl Setzer

​Over at My Edmonds News, they have  an update about the former Post Office site:

New residences and retail space coming to old Edmonds Post Office site

I walked by on Saturday; the building is nearly gone. They’re making short work. I expect the lot cleared this week. 

Looks like a nice addition to Edmonds, helping support the charm of down town. These apartments will be extremely convenient to all Edmonds offers. And it looks like they’ll add enough parking to compensate for the additional humanity. 

Developer by developer, lot by lot, Edmonds is evolving. As are Lynnwood and Mountlake Terrace. Each community is quite unique. I appreciate developers who attempt to capture the essence of the community in which they’re building. 

What do you think? Let me know in the comments .