Magnolia Real Estate Market Report – May 2017

 

Not sure what is heating up faster, the weather or the Magnolia real estate market. All across Seattle we are seeing rising prices and more home sales. Last month there were 44 single-family homes sold in the area, 8 more than April (2017) and 10 more than May 2016. The average list price has gone up from $956,631 (May 2016) to $1,055,468 (May 2017). The highest sold price was $3,350,000, which is $1,450,000 more than May of 2016.

Condominium sales are also showing growth in the Magnolia neighborhood. There were 6 more condo sales this past May than May of 2016. The median price for a home has gone up over $100,000 more than last year, but the lowest sold price dropped from $239,000 (May 2016) to $220,000 (May 2017).

As you can see by the statistics provided above, the real estate Market in Magnolia continues to be extremely dynamic, and that’s not anticipated to change as summer continues to roll on in the Pacific Northwest. For more information on  Magnolia (and Seattle) real estate, or if you are curious about what your house might be worth in this strong market, please contact your local real estate broker for a free market analysis and conversation about your home.

Mixed Reviews on New Inspection Regulations

The city of Seattle has recently approved a program that would require an inspection on all rental property.  Landlords would be required to register their properties with the city, which allows them to keep track of all rental properties in the county.  The program would begin in 2014 and has received mixed reviews from the community.

One aspect that has received some buzz is that of the landlords having to pay for this mandatory inspection.  There is a large discrepancy between landlords who are more hands-on and take better care of their properties compared to those who don’t.  Those that take pride in their properties feel they are getting punished even though they are doing everything possible to make their rental livable and safe.

Another issue at hand is that of the inspection fees.  Tenants are worried that the landlord is going to pass off the inspections costs onto them.  This has come as some concern as Seattle’s rental prices are already high.  With so many losing their homes to foreclosures and short sales, this inspection fee may be yet another cost for those looking to rent in the Seattle area.

Regardless of the complaints, the inspection program has been passed by the city and will take effect in 2014.  Landlords need to take the necessary precautions to make sure their property is up to code.  Whether that is being more involved or spending on improvements, landlords should be aware of hefty fines if they do not pass the inspection.    With the rental market at an all-time high here in Seattle, there may be more regulations coming soon.

Magnolia Townhome For Sale: $399,000

This new large three unit townhouse is now available in the Magnolia neighborhood! All three bedrooms in this unit have their own attached bathroom, and their is a powder room to boot on the lower level. The unit has a wonderful little garden out back, but the real beauty of this listing is where the cook slaves away; the kitchen boasts beautiful cherry wood flooring (as does the living room) and cabinets, and sleek granite counter tops with ample storage. This unit is in a great neighborhood in close proximity to Magnolia Manor Park and the Interbay Golf Center. For more information on this unit, visit Ewing & Clark Inc.

Status: For Sale
Bed/Bath: 3/3.25
Price: $399,000

Garbage Piling Up? Waste Management Strike Affects King County

Did you notice your garbage was still in the driveway when you came home from work yesterday afternoon? You weren’t the only one! The Waste Management Team in King and Snohomish counties went on strike yesterday afternoon against the largest refuse service over wage and benefits issues in the Northwest. According to the Seattle Times, the Local 117, which includes 153 recycling-route drivers walked out yesterday, and were joined by the garbage truck drivers of Local 174 shortly after.

Drivers began to pull service trucks into the South Seattle Waste Management yard, stepped out of their vehicles and picked up a picket sign. Their strike affects over 220,000 in King and Snohomish counties, and Waste Management could be issued steep fines should the strike drag out; up to $4,500 dollars a day for failing to make scheduled collections, and $250,000 if the strike drags out longer than a week. Drivers have been without a contract since May 31st, and are disputing the wage gap between recycle drivers who start at $17 an hour vs garbage drivers who’re starting at around $26 an hour. At this time there are no plans for negotiation in place, Waste Management hopes drivers will come back to work. For more information on the strike, visit the Seattle Times.

2012 Farmer’s Markets Summer Season Updates

If you weren’t out enjoying this lovely turn of the weather this weekend you were one of few; as the sun starts to come out, so do the summer crops and the local farmers markets will open in a few weeks with a ton of fresh new produce. The 2012 farmer’s market season took off running this year, with some markets already up and others soon to follow in the next few weeks. The surrounding Seattle areas will have a few new faces like the Shoreline Farmer’s Market that will open June 16th and will close down others like the

Photo Courtesy of Zachary D. Lyons, copyright from the 2011 Wallingford Farmer's Market

Georgetown market, who didn’t see enough foot traffic the last few years, but hopes to return in the fall with more people coming in and out of the neighborhood. Keep in mind the U District and West Seattle Markets run year round; here is a list of openings to look out for when you’re in the neighborhood:

Burien: 11am-6pm Thursdays

Columbia City: 3-7pm Wednesdays ( and will open early to chefs only to check out the loot before the crowds, from 2-3pm)

Lake City: 3-7pm Thursdays, beginning June 14.

Phinney: 3-7pm Fridays, starting June 3rd.

Madrona: 3-7pm Fridays beginning May 18th.

Magnolia: 10am-2pm, Saturdays starting June 9th.

Queen Anne: 3-7:30pm Thursdays, beginning June 7th.

Wallingford: 3:30-7pm Wednesdays beginning May 30th, (opening early for chefs only from 3-3:30)

 

Magnolia Residents Take Action Against Commuter Daily Parking

A group of Magnolia residents are taking action against people parking on their street who don’t live there and use their street as a park-and-ride when taking the bus or using other transportation from Magnolia Village. These folks are taking action by putting notes on cars who park on the street daily, asking them not to park on their street for the following reasons, according to the Magnolia Voice: 

“It is public in the sense that residents use it to enter and exit their homes at all times and in the sense that it accommodates parking for residents’ guests, deliveries and trash pickup along with thru traffic. It is a narrow street and a busy one. Using it as a place to park while commuting to another location impedes all of the essential public uses named above and is causing problems for those who need to enter and exit their driveways, park on or pass along this block.”

The group listed off other parking areas that would be less disruptive for the neighborhood and one of the parking violators actually turned out to be a neighbor 6 blocks away! Whether you agree with either party, the street is currently Seattle Public property, so residents and commuters might have to take their disputes to a higher party if the problem escalates. For more information, visit the Magnolia Voice.