Thornton Place is Developing

Thornton Place is a 6 acre mixed use development in Northgate just south of Northgate Mall. The project, called an urban village by the Developer, includes retail space, a multi-screen movie theater, apartments, senior living apartments, and condominiums.

As for the condos, there will be 109 of them with studio, 1 bedroom, and 2 bedroom floor plans. Most of the condos will face the new water channel and be close to the green space planned for the site.

An important feature of this redevelopment is the water channel. The city of Seattle is heading this portion of the project and according to the Seattle.gov website the city intends to use "natural drainage system technology to to clean the water, slow it down and let water flow through the channel year-round. The design will also include native landscaping and pedestrian pathways that provide access throughout the site with connections to the mixed-use development. The channel design will divert stormwater from the drainage pipe under the site to a series of surface swales (or small ponds) landscaped with special soils and native plants. These swales slow down the water, allow it to seep into the soil, and remove pollution before the water reaches the creek."

For more information click here.

PLEASE HELP US SAVE DOWN PAYMENT ASSISTANCE PROGRAMS!

The Nehemiah down payment assistance program is in danger and we are asking you to help save it.

Nehemiah is a nonprofit organization that gifts buyer's up to 6% for their down payment. The Seller then makes a contribution to Nehemiah in an amount equal to the gift Nehemiah provided to the buyer plus a small processing fee. This makes it possible for more eligible buyers get into homes and therefore for more sellers to sell their homes.

Housing and Urban Development (HUD) and the Senate are working together to create a housing bill that will eliminate down payment assistance. If they succeed and the President signs the bill, down payment assistance (DPA) will be shut down in the United States.

By FHA's own estimates, DPA comprises nearly 40% of FHA's volume. This means more than 300,000 working class families will be locked out of homeownership in the next year alone. Communities across America will take the brunt of the $50 billion in lost real estate sales, not to mention the indirect impact on the other markets that will be forced to shed tens of thousands of jobs due to this legislation.

Please help to save Nehemiah. Here is how you can help:
Call your Congressional Representative, Senators, trade associations and community groups IMMEDIATELY to voice your support for down payment assistance and your opposition to this bill. Urge your legislators to oppose these provisions that would ravage your local economy by bringing the housing sector to a screeching halt.

Click here and enter your zip code to find your local Congressman.

Click here to send your Congressman an email.

Ballard Seafood Fest

July 26th & 27th in Ballard

Ballard's Seafood Fest is now celebrating it's 34th year. This fest is definitely worth checking out! Once there you will find entertainment for all ages, musical performances, beer and wine gardens, a plethora of delicious seafood choices, arts and crafts and unique contests.

The website describes it as "a great, old fashioned summer party". Who could pass that up?

Hours:
Saturday 11 to 8
Sunday 11 to 7

We hope to see you there!

For more information click here.

FHA Modernization Bill

The FHA Modernization Bill has passed the Senate and is on its way to the President's desk.

This bill would set loan limits up to $625,500 for Fannie Mae, Freddie Mac, and FHA. This would equate to lower rates on larger loans.

Also included in the bill is a temporary home ownership tax credit for first time home buyers that can be up to $8,000.

Another feature of this bill is a broad reform of Fannie Mae, Freddie Mac and FHA and creates a new FHA program to help homeowners at risk of foreclosure.

Please stay tuned to find out if this bill is signed into law by the President.

Exsisting Home Sales Increase

According to the National Association of Realtors, the sales of existing homes and condos nationwide increased 2% in May from April. Even better, King and Snohomish counties saw a rise of 3% and 5.9% respectively.

This is great news for real estate. Home prices cannot stabilize or grow unless more buyers enter the market. So to see more buyers buying and sales going up is a great thing to see in the market.

Although the news is good, it comes amidst news that prices are still dropping nationally. However, having said that, in King County they are on the rise. Home sale prices increased by 1% in May from April. Condos and Townhome prices have increased 3%. It is not the double digit appreciation we have seen in the past but at least it is up.

Featured Kronen Group Listing

Lake West - 2115 Westlake Ave N #101
Offered at $526,500

Located on Westlake Ave

In the midst of sail boats, floating homes, and eclectic Fremont street fairs, lies the quiet condominium project of Lake West; this community on Westlake Avenue offers scenic views and easy access to all areas a Seattle dweller would frequent.

Immediately as the elevator doors expand, you are welcomed home to your private solarium entryway finished with travertine tile and a wall of windows for evening sunsets. Catch a glimpse of the smart open layout this home has to offer and fall in love with the cherry walnut hardwood floors with cherry cabinets to match, and granite slab countertops in the remodeled kitchen and bathrooms. Custom design in this unique space will give you the essence of a private spa visit with the rustic attitude that Seattle dwellers know and adore.

Charming double French doors will invite your guests out to the deck for a small elegant dinner or a smashing 4th of July BBQ for many. The spacious deck is equipped with more than enough room for all of your backyard toys and furniture.

- 2 bed 1.75 baths in 1188 sq ft
- Year Built 1984
- Annual Taxes $2832
- HOA Dues $352: garbage/water/sewer
- Assigned Parking #21
- Storage Unit #14 located on same floor as home
- No sharing walls – corner unit
- Secure elevator entry – unit key required
- Full custom remodel w/designer paint throughout
- Cherry Walnut floors, Travertine & Slate tile accents
- Double French Doors Open to 200+ sq ft Deck
- Granite Slab & Stainless steel appliances
- Double vanity sinks in master bath
- Fully Paid Assessment: new exterior siding, decks, & windows

Click here for more information

The Walk-ability of Your Neighborhood

With gas prices up, it is important to consider the walk-ability of a neighborhood when purchasing a home.

What kind of difference will it make if you can walk to work? To the grocery store? To shops and restaurants? How important is all of this to you?

Living urban and moving toward the city center is a way to accomplish all of these things but you don't necessarily have to live Downtown to do it. There are plenty of other walkable neighborhoods in Seattle.

How do you find out how walkable your neighborhood is without walking around each place you are considering? You can go to www.walkscore.com and they will figure it out for you!

You just plug in the address and they will let you know your score, high score being 100. It also provides a map and lists what places are around and how far they are. It includes factors like restaurants, bars, schools, parks, and much more.

It is a great website so check it out! It was brought to our attention by the Seattle PI and the Trace Lofts, a new condo building in Capitol Hill, which happens to score a perfect 100!

Seattle International Beer Fest

This year's beer fest takes place from July 4th to the 6th at the Seattle Center.

It will be celebrating the world's most legendary brewing styles and the nations that made them famous. Go and taste over 130 world-class beers from more than 15 countries.

Hours:
Friday 12 PM - 10 PM
Saturday 12 PM - 10 PM
Sunday 12 PM - 7 PM

Admission is $20, which includes a glass and 10 beer tickets. Most beers cost between 1 and 4 beer tickets. Each additional ticket is $1.

For more information click here.

Loan Programs

With the changes in the lending industry it is important to know what programs are out there and available to you as buyers to take advantage of.

Some programs that have been around for a while but rarely used have been updated and are now great options. FHA loans are now a good choice for a lot of people who had not considered using them previously. As we know, the loan limits for FHA were recently raised. In King County the loan limits were raised to $567,500. Also, FHA loans allow a borrower to have as little as 3% down. They also offer the Nehemiah Seller paid down payment program which is great for people who don't have 3% to put down. Appraisals on these loans have also changed in that they are not requiring work orders on homes and are being treated like conventional loan appraisals.

If you are a US veteran you should know about the VA loan programs. These are the best programs out there!

Other programs that are available through certain banks can be helpful to you depending on your circumstances. Chase Bank has a Union Plus program which reduces the loan costs and has built in protections for Union members. Response Mortgage now has a 0 down loan program which offers up to 103% financing because it allows you to wrap in your closing costs.

These are all great programs that might benefit you! So keep them in mind when you are thinking about buying.

Featured Kronen Group Listing

Avenue One - #701
Offered at $289,995

Located on 1st Ave and Clay

Finally an urban location that you can call home at a price that is affordable. Nestled in the nexus of lower Queen Anne and Belltown, where coffee shops and restaurants surround you and the salty waters of the Puget Sound are at a glance. This unit not only features views of the Puget Sound and Olympic mountains, it also features views to the north over the new SAM Sculpture Park. Come home to this studio with finishes like Absolute black granite countertops, gas range and full size washer & dryer. It’s not only the location and price that you’ll find outstanding; the building amenities will also sweep you off your feet.

Unit Features:
- Purchase Price $289,995
- Year Built 2004
- 464 square feet
- 1 parking spot #24 located P2
- Storage unit #31 located P5
- Views of Puget Sound & Olympic Mountains
- Washer & Dryer in unit
- Annual Taxes $2002
- Dues include: garbage, water, sewer & natural gas
- Absolute black granite countertops
- LaTorre Italian faucets in bathrooms and kitchen
- European tilt-and-turn windows

Building Amenities:
- Full-service Concierge
- Workout facility
- Rooftop deck with BBQ gas grill
- Community room and patio with BBQ gas grill
- Guest suite


Click here for more information

Featured Kronen Group Listing

Broadview - 1231 NW 117th St
Offered at $733,800

Located on NW 117th St by Carkeek Park

Create new memories in a home where function meets old charm in the prestigious neighborhood of Broadview. This NW Contemporary home is surrounded by tall Evergreen trees for ultimate privacy and Carkeek Park’s trail head outside your front door with the sandy beaches of the Puget Sound just a short trail away.

This 3320 square foot 4 bedroom home has more to offer with a private den on the main level, a family room with marble fireplace and a large fully finished basement for all the space you’ve ever wanted. Also located on the lower level is a very large laundry room and 2-car garage with a shop area for tools gadgets. You will also find added convenience of having bathrooms located on each level of the home for a total of 3.25 bathrooms throughout.

The natural features in this home are timeless and well maintained. This home also hosts your very own solarium off the master suite for early morning meditations or yoga stretches in the southern sun. Once you see all of the possibilities that the smart 3 story layout provides, you will truly see the value in this well cared for home.

After you tour the inside of the home, take a walk around the property and feel at one with the nature of the Pacific Northwest and the well preserved parks & trails of Carkeek Park. Why not lesson your commute to the City and live in a home where you will surely feel at peace with your surroundings and experience the enjoyment of living in this secluded neighborhood community.

- 4 bd 3.25 ba
- 3320 sq ft
- Year Built: 1972
- Kitchen with eating space
- Formal dining room
- SPACIOUS den
- New light fixtures throughout
- Bose DVD GS Series home entertainment system negotiable
- Dania Cherry Wood Entertainment Center negotiable
- Freezer in laundry included
- Marble fireplace surround w/Rich Oak Mantel
- Solarium with cedar paneling
- Tall Evergreens surround property for privacy
- Garden features: 4 varieties of Japanese Maples, rhododendrons for color
- Fully Fenced backyard
- Steps from Carkeek Park trails
- Close-in exclusive neighborhood community


Click here for more information

Featured Kronen Group Listing

1455 S Main St - Green Built Townhome
Offered at $398,500

Located on S Main St and 16th Ave S

Live Green in a Howland Home

Seller is relocating, so fast acting buyers will get the rare opportunity of owning a nearly brand new townhome at an amazing price below market value!

This corner townhome with 3 bedrooms, 2.25 bathrooms & private garage looks out over a private landscaped park with amazing city, mountain & Puget Sound views. Live Green at a central location in a well crafted home that is proven to be 15% more efficient at saving you money then a typical home. Not only will the quality finishes, like stainless steel appliances, hardwood flooring, and gas fireplace, and the expert design of this Howland Home delight the senses, the craftsmanship of high efficiency will leave you speechless. Features like: 10 yr warranty hardi-plank exterior, extra insulation, more efficient water heater & pump, performance-tested duct systems, Energy Star qualified windows, lighting and appliances all backed by 1 yr warranty. Conveniently located in an urban core area, just blocks from Downtown Seattle, Pioneer Square, Capital Hill and close proximity to 1-5 and 1-90.

- 3 bed 2.25 bath
- 1420 square feet
- Year built: 2007
- Annual taxes $3511
- Stainless steel appliances
- Gas fireplace & range
- Certified Built Green
- 2-10 transferable warranty on appliances and systems
- Low-VOC, low-toxin paints and adhesives helps reduce odors and improve indoor air quality.
- Extra insulation in all walls
- High efficiency equipment including: furnace, heat pump and water heater
- Tightly-sealed and performance-tested duct systems
- ENERGY STAR qualified windows, lighting, and appliances
- Energy efficient hydronic heating system

Click here for more information

House Stimulus Package

The House and President Bush have agreed on a plan that will hopefully keep the country out of a recession. What does it entail? Tax rebates for home owners, tax reductions for businesses and easier access to home loans.

The tax rebates would range from $300 to $1200 depending on how much money a household makes a year. There are also additions of up to $300 per child. These rebates would simply come to you in the mail sometime in May. No need to apply for them, they would be automatic.

Tax reductions for businesses would include a 50% bonus depreciation on new equipment and increases the amount of money the businesses can write-off.

Easier access to home loans will be accomplished by temporarily increasing the loan limits for Fannie Mae and Freddie Mac programs up to $730,000 in expensive areas in the country such as Seattle. This will also allow more people with subprime mortgages the ability to refinance using the federal loan programs. The bill will also permanently increase the loan limits for FHA backed loans to $730,000.

However, the Senate still needs to draft its own version of the plan, but if they can provide a final package to the President by mid February the plan will go into effect by mid-May.

Stay tuned.

Featured Kronen Group Listing

Site 17 #515
Offered at $259,950

Located at Western between Battery and Wall

An urban condo for those aspiring to live an urban lifestyle. Step outside into the excitement of Seattle while admiring the skyline of downtown, Mt. Rainer and the Puget Sound. This open one bedroom has the fine finishes of natural stone, stainless appliances and ample storage space for all your belongings. Building amenities include a fitness center, rooftop decks and a club room.

And for those who might like the condo and everything in it? All furniture and new 32” flat screen TV can be negotiated into the sale. Take advantage, as this seller is offering a $2,000 credit toward 1 year of parking or closing costs.

There’s never been a better time to start your path to Green living since there is no need for a car when living at this fabulous location in the epicenter of the city. Only a few blocks from Pike Place Market, SAM Sculpture Park, and the exciting night life of Seattle’s posh downtown restaurants and pubs.

• Open 1 bedroom 1 bath
• 513 square feet
• HOD $214
• Year built: 1998
• Building Amenities: fitness center, club room, rooftop deck
• Conveniently located in Belltown

Click here for more information

More Land Use Bullitans

Every several days we troll the Department of Planning and Development website and check out all of the applications and decisions for Land Use Permits in the city.

It is not always possible to know whether the building being proposed will be apartments or condos, or even built for that matter, but regardless it is interesting to know where large high rise buildings and other developments might be sprouting up in our city.

Here are a couple that we thought were of interest:

1913 5th Ave (5th and Virginia) - 45 story mixed use project with a hotel, residential units and commercial space; this building will be blocking the views and outlooks of Escala units on the east side of the building.


2105 6th Ave (6th and Blanchard) - 24 story building with retial and 644 residential units

2134 Western Ave (Western and Blanchard) - 6 story 113 residential unit building

2630 1st Ave (1st and Cedar) - 7 story 84 residential unit building

Expo62 is Now Apartments

Intracorp announced that its condominium project in Lower Queen Anne, Expo62, has been sold to an apartment developer.

All of those that purchased in Expo62 will be given a voucher for money off if they purchase another Intracorp project in Seattle.

A Woonerf in Seattle

Seattle is getting a woonerf. According to the Seattle Times, The Blume Co, a Seattle Developer is bringing a woonerf to South Lake Union. What is a woonerf you ask? It is a "street for living". In the Netherlands, where this concept materialized, it is a street where people can walk, ride bikes, drive, and hang out. It is intended to be a place where pedestirans have the right of way, where they rule the road. Cars are allowed but they are at the will of the people that walk the woonerf.

Seattle's woonerf is planned for Yale Ave, a dead end street in South Lake Union. If the City approves the Blume Co's plans, Seattle will get its first woonerf as part of the development of 4 new office buildings with retail space.

BofA Buys Countrywide

Bank of America acquired Countrywide Financial this week making BofA the largest mortgage lender in the nation. BofA has announced that it will continue to use Countrywide's operating platform, technology and management expertise. Countrywide benefits from a stable and sustainable flow of capital and liquidity. BofA will operate Countrywide separately under the Countrywide brand, with a full integration planned for sometime after 2009.

A New Civic Square?

The City of Seattle is considering selling a parcel of land encompassing a half a block for the development and construction of a new high rise tower that would become part of a new civic square. With a plaza area and a high rise, the city hopes that this development will be able to breath some life into the south end of Downtown. The building that would sit on the site would be 40 stories tall with office space compromising 22 stories, condos taking up 17 stories, and ground level retail. The proposed building would be nestled in between 3rd and 4th and Cherry and James. LEED Gold certification will be something the building strives to qualify for. If this passes the councils vote it is slated for completion in 2011.