Seattle City Buzz

According to an article in the Seattle Times, part of the city’s proposal for paying for the cut and cover option is to tack on an average of $6 a month to homeowners utility bills - water/sewer, electricity, drainage. That’s, about $72 per year.

Now, that doesn’t sound like a lot of money. But, that’s on top of the taxes we’re already being assessed for the state’s portion. Since becoming a homeowner four years ago, my property taxes continues to go up in order to fund what seems to be everything under the sun. In fact, its gone up nearly $500 in four years.

I’m not sure how I’ll ultimately vote on the Viaduct issue but I’ve been leaning towards replacement. It has a more reasonable price tag and incorporates necessary safety measures and functionality. Besides, the vote is only symbolic in nature.

The 63rd Seattle Home Show is underway at Qwest Field Event Center. The Home Show is one of the largest expo featuring home and garden products, home improvement seminars, and vendor exhibits.

The show runs through February 25th.

Hours

Saturday: 10:00 am to 9:00 pm
Sunday: 10:00 am to 6:00 pm
Monday: 10:00 am to 8:30 pm
Tuesday - Thursday: 11:00 am to 8:30 pm
Friday: 11:00 am to 9:00 pm
Saturday: 10:00 am to 9:00 pm
Sunday: 10:00 am to 6:00 pm

Cost

Adult: $10.00
Seniors (60+): $6.00
Children (ages 7-15): $3.00
Under 7 free

Got the urge for a little DIY? Some people engage in home-improvement to enhance the functionality and comfort of their living space. Most often than not, improvements increase the home resale value bottom line. Some, however, may not:

Homeowners can find plenty of information on which improvements will help boost the value of their houses. But significantly less attention is paid to what to avoid when remodeling your home. Consider the following seven deadly home-improvement sins before committing to projects that may work against you to lessen your resale value.

Read on- the seven deadly sins of home remuddling

Seattle’s strong housing demand & lack of adequate supply for units under $400,000 has seen a rise in condo conversions. To meet the demand, developers have found it less expensive and more profitable to convert apartments into condos. Some of the conversions this year include:

• Asia
• Harwood
• Epic
• Mezzo
• Residence at 5th Avenue
• Urban Terrace
• Plaza del Sol
• The Morgan
• Onyx
• Cooper Square
• La Toscane
• Maison
• Biscayne
• francisFremont
• Taylor Anne
• Residence at 500 Elliott
• Site 17
• Pacific Rim and more.

The Seattle Times wrote about the other side, the tenants who are being displaced and the inconvienence and cost of moving. For every silver lining (another homeowner) there is a dark cloud (someone being forced to move out of their home). Owners only need provide 90 days notice, and for low-income tenants, $500 toward moving.

Higher prices and higher rates are putting the squeeze on first time homebuyers and Seattle’s housing market is no exception. CNNMoney.com recently profiled this issue and provided some advice as well.

What a difference a year makes when you’re in the market for a new home, especially if you’re a first-time buyer.

Thanks to a combined jump in mortgage interest rates and home prices, a starter home in many areas of the country could cost you several hundred dollars more per month today than if you bought it last year.

Nationwide, median home prices rose at annual rate of more than 10 percent in the first quarter of 2006, according to the National Association of Realtors.

Meanwhile, rates on adjustable rate mortgages, the most common for first-time buyers, are up more than a percentage point.

According the WSU’s Center for Real Estate Research the Housing Affordability Index for King County is 80%. That means the typical family only has 80% of the income to purchase a median-priced home. For 1st time buyers in King County, it’s even lower at 44.7%. Less than 1/2 of 1st time buyers can afford a home in King County. ¹

1 Washington State University - “Washington Home Sales Stabilize While Affordability Sags”.