Cascade Mountains at Wenatchee Washington
Click image to enlargeNot sure how I missed it, but last night I discovered the March 12, 2008 edition of the NuWire Investor publication named Wenatchee in the "Top 10 Places To Buy Vacation Rental Homes in the U.S".  


Wenatchee came in number three, but looking at the criteria for which they were chosen, it appears Wenatchee could have very easily topped the list.   Factors taken into consideration were home prices and appreciation rates but, I think, more importantly (for a vacation home or vacation rental home) such things as weather and the availability of activities and attractions are critical. 



In the weather category, it was interesting to note they used an "average number of rainy days" factor (not a number of sunny days factor).  Either way, Wenatchee would have won hands down over all the markets listed.   Wenatchee was noted as having an average of 26 rainy days per year and the nearest competitor was the Virgin Islands at 73 rainy days!   


In the median home price category, I found the NuWire information inaccurate.  Wenatchee's median home price was listed at $319,900 but it is actually $248,500 according to the March 2008 Pacific Appraisal SNAPSHOT statistical market summary.  NuWire lists their source as Zillow which is basically a computerized statistical analysis and not based soley on actual sales records.  This is a significant discrepancy. 



Here are the top ten markets for buying a vacation rental, according to NuWire Investor:

1) Ashland, Oregon

2) Grand Junction, Colorado

3) Wenatchee, Washington

4) Guam (U.S. Territory)

5) Asheville, North Carolina

6) Miami, Florida

7) U.S. Virgin Islands (U.S. Territory)

8) Salem, Oregon

9) Salt Lake City, Utah

10) Coeur d'Alene, Idaho



If you get a minute, you can read the entire NuWire article.  Interesting to note that 4 of the top 10 are in the Northwest region of the United States.



All things considered, I anticipate Wenatchee WILL be a hot spot for future vacation rentals as a wonderful alternative to the typical motel room.  I've been touting this option on my Wenatchee Condo blog for quite a while now.


Because of our great weather (and central location in the state) there is almost always some convention or combination of meetings going on in Wenatchee.   With all the demand for motel/hotel rooms due to these meetings (and the plethora of recreational activities in the area), I see a huge demand for vacation rentals in the Wenatchee real estate market. 


At this time, there are many vacation rentals in the outlying areas like Leavenworth, Lake Chelan and Crescent Bar, but almost NONE in Wenatchee.   I do represent the one project in Wenatchee currently being promoted for that purpose.  So, if you want to get in early, now may be the time.  


We often get inquiries from potential renters looking for a more versatile option to the typical motel accommodations.  These tenants are looking for accommodations from a few nights to several weeks at a time.  And, they are willing to pay significantly more than a standard monthly rental apartment because short term rentals (less than 6 months) are extremely hard to find.



If you missed the last big increase in home values, vacation rentals may be the next niche to consider.



Have a great week-end!













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Contact the Top Team Today:

Carol Williams,  TopTeamCarol@gmail.com

Shelley Granger,  TopTeamShelley@gmail.com



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Last week I wrote about an experience we had with a recent home inspection.  So, maybe you're wondering what happened next. 


We originally intended to hire a structural engineer to give us a recommendation on how to repair it, then get a contractor to give us a bid on the actual repair work.   The problem with that plan was the seller said to put the paneling back up for the next showings.  This made the foundation inaccessible for the engineer to do the structural inspection.  It was obvious the sellers didn't want to work out a compromise with us.  They're, apparently, hoping to sell to someone less critical about the structural integrity of the house.  


The bottom line was, we didn't want to get several hundred more dollars into inspections if there was a slim chance the buyers would actually be able to negotiate a settlement with the sellers.


Turns out the seller wasn't willing to give an adequate concession for repairs and we decided to walk away from the transaction before we got any more time or money invested.  This just didn't have a good feel any more. 


So, we moved on and are now looking at other homes to meet their needs. 


Note:  In spite of the fact that we were told to put the paneling back up before the next potential buyers came along, I am hoping the seller's agents explained to the sellers the extreme position of liability this put them in.  If they truly did not know about the foundation problem before they put it on the market, that is one thing.  BUT, now that they do know there is a problem, they are required to disclose the problem or face the financial consequences.  Probably never will know how that will play out.



Remember: 
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For customized service contact the TOP Team today:

Carol Williams  TopTeamCarol@gmail.com 

Shelley Granger  TopTeamShelley@gmail.com 



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This is NOT the actual subject propertyOne of the things Shelley and I are very proud of in our business is the "team" of experts we have assembled to assist our clients.  It is very important to us to provide the best possible level of service EVERY step of the way through a transaction for both home buyers and sellers. 


One of the extremely important steps in a home buying transaction is having a complete, comprehensive, home inspection done.  Even though there are many, we have two inspectors we recommend for our transactions.  The buyer, of course, is free to chose any inspector they want because they are paying for the inspection but if they ask our opinion, we do have certain inspectors we have had good experience with... and others we find less than satisfactory in their reports.


Anyway, we are currently working with a buyer who had found a home they wanted to make an offer on.  The home had a "contingent offer" on it, so we were trying to bump the contingent offer and put ourselves in first position to purchase the home.  However, in doing so, Shelley and I would NEVER, NEVER, NEVER, do anything we would consider to be to the detriment of our client.

Turns out the "contingent" offer buyers had waived ALL repair requests (except those associated with a clear pest inspection).


That put us in a precarious position.  Do we write up the contract offer to waive the typical inspection contingencies and be prepared to purchase the home "as is" or do we go forward with our inspection requests and risk losing the house? 

Well, we NEVER, NEVER, NEVER recommend buying a home without a full home inspection (including new construction).   Firstly, we strongly believe this is a critical step in having the buyer attend the home inspection to become familiar with the home they are buying.  This is an important step in getting to know their new home.  In our view, a home inspection is not so much about being sure there is NOTHING wrong with the home as being sure there are no health or safety issues wrong with the home.  It's an important aspect of the transaction.  But, I digress from the story at hand.


At my suggestion, the buyer agreed we should compose the contract to include all typical inspections (home inspection, pest inspection, etc).  Again, keep in mind, the home already had a contingent offer with no repair requests.  We requested a home inspection (at the buyers expense) and a clear pest inspection (at the seller's expense).  After some negotiating with the purchase price, the offer was accepted.  But, the contingent buyers would not be put on notice until we waived the inspection contingencies. 



So, we proceeded with our home inspection.  It revealed a number of "issues", the most serious of which involved a bulging wall in the basement.  The wall was covered with paneling so it required us to remove the paneling and see what was behind it.  And what did we find?  A collapsing foundation!!!  Yes, a collapsing foundation.  The concrete blocks were separating due to excess moisture ilfiltraing the ground on the exterior, creating extreme pressure pushing the foundation wall inward.  We had a problem. 



There were actually two problems.  1) We needed a structural engineer to come look at the wall and make a recommendation so we could get a bid for appropriate repairs and,  2)  The sellers were asking us to replace the paneling (before we could get the engineer in to look at the foundation) because they had more showings later that week.  Red lights started flashing at this point.     Hmmm... what should we do next? 


To be continued...



Have a great week-end,











For personalized real estate consultation contact the TOP Team:

Carol Williams  TopTeamCarol@gmail.com

Shelley Granger  TopTeamShelley@gmail.com 



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River Street Condo In CashmereI'm getting tired of hearing that there isn't any affordable housing left in Wenatchee.  Prices for single family homes have risen dramatically the last few years leaving he dream of homeownership just a dream in some people minds.  NOT! 


On my condo blog, I talk about condos as an excellent, quality living, option to homeownership.  sure, it's not the dream house with a yard, but it can be a first step.   As I stated in the comments of one of my AR blog articles:
"I think our main challenge at this time is to get first time home buyers to seriously consider condos as their first step to home ownership.  The dream of a single family home on a lot, with a fence for the dog and kids, is a worthy goal but not necessarily realistic for the first step.  Few of us could afford our dream car for our first car.  I bought a used Ford Falcon for heavens sake.  Who would want to be seen in one of those?  But, it was transportation, and got me to work so I could earn money to buy my dream car... the 1973 Ford Mustang Mach I.  Now that was a car!

Why should a home be any different?  We have to start somewhere.  A condo is a good, affordable, quality living, option to start".   



There are nice one bedroom condos available for under $100K.  Nice two bedrooms condos can be found at around $139,900.  It's an option to seriously consider... or you could just pay your landlord's mortgage for the rest of your life. 


  Read the complete affordable housing article.  


For a FREE consultation contact the TOP Team:
Carol Williams  TopTeamCarol@gmail.com
Shelley Granger  TopTeamShelley@gmail.com 



Information is FREE.  Knowledge, Experience, & Integrity Are Priceless

Wenatchee's Parkside CondosLast week, the owner/agent of the Parkside condos in Wenatchee moved back to the west side of the State and turned the project sales over to me and my business partner.   I consider it a huge compliment (and big responsibility) to have been selected by another agent who has had the opportunity to meet the plethora of agents serving the Wenatchee real estate market. 

Parkside Condo interior


For more information on the Parkside condo project and other condos available in the valley, visit our Wenatchee condo blog, which is devoted exclusively to local condo information.





Happy Holidays!










For personalized service contact the TOP Team:

Carol Williams TopTeamCarol@gmail.com
Shelley Granger  TopTeamShelley@gmail.com


Remember: 
Information is FREE.  Knowledge, Experience & Integrity Are Priceless

 

Update:  SOLD and closed in 3 weeks!

Finding a really beautiful piece of no bank waterfront on the Columbia River near Wenatchee is not easy.  Finding one that hasn't been priced by an extortionist is nye on impossible.  BUT, I have a line on just such a property.  Beautiful and value priced!


If you know anyone who is serious about wanting a beautiful piece of Columbia River waterfront near Wenatchee, I can be their hero.   It is NOT officially listed but I can arrange a private showing.   



This waterfront property is truly in a beautiful, private, setting just north of Orondo, Washington.  I see untold possibilities:
* Private setting

* Approx 400 feet of no bank waterfront

* Boat dock and older boat launch that could be renovated.
* Remodeled rambler style home with river views the second you walk in the door!
* Perfect full time residence or week-end or vacation get-a-way

* Automatic sprinkler system for no hassle irrigating
* Would make a great vacation rental
* Seller willing to leave most of the furniture
* So many possibilities for the future


Value priced at:  $849,950 



For additional information and to arrange a private showing of the home and property contact the TOP Team:

Carol Williams  TopTeamCarol@gmail.com

Shelley Granger  TopTeamShelley@gmail.com 

FREE search of all Wenatchee real estate  

Current Wenatchee condo news, info and trends

 
























This "Dummies" book can NOT be purchased over the counter, but if you want to buy or sell a home in the Wenatchee area you CAN get customized service by contacting the TOP Team:
Carol Williams  TopTeamCarol@gmail.com
Shelley Granger  TopTeamShelley@gmail.com


FREE search of all homes and land in the Wenatchee MLS
Current Wenatchee condo news, info and trends 


Happy Holidays,

If you're curious about overall market activity in the Wenatchee and East Wenatchee market areas, here is some information for you.  This information is for Wenatchee and East Wenatchee only.  It does include Malaga in Chelan County and Rock Island in Douglas County, but not Cashmere, Leavenworth or Waterville.


Single family homes:
  Currently for sale  420
  Sold last 30 days    62
  Percent of inventory sold last 30 days  15%


Manufactured and Mobile Homes
  Currently for sale  41
  Sold last 30 days  12
  Percent of inventory sold last 30 days  30%


Condos
  Currentlyfor sale  62
  Sold last 30 days   3
  Percent of inventory old last 30 days  4%


What do these numbers tell us?  Statistics can be deceiving and you kind of need to be "in" the market on a daily basis to fully understand what is happening. 


Overall, closed sales for the last 30 days were about 14% of the total inventory.  


Manufactured and mobile homes led the way at 30% and, I suspect, this is because they fall in the "affordable" category. 


Condos (at 4%) are not selling as briskly as they should for the inventory available. Many home shoppers still want the American dream of a home and land... but reality may set in and the acceptance of condos as a first home may increase.  There are several under construction condos Pending, and most of these are to the retired and baby boom sector (not first time home buyers).  These do not fall into the "affordable" housing category that I think of for first time home buyers. 


Single family homes (at 15%) are right at the market average rate of sales.  What these statistics don't show you is the acitivity level per price range.  That can be fodder for another post but I can tell you homes priced at over $300,000 are selling at a much slower pace than those in the lower price ranges.  Overall, mobiles and manufactured housing is bringing the average up and the condos bringing it back down. 


For the purpose of explanation, I define the difference between "mobiles" and "manufactured" housing as follows:  "Mobiles" are manufactured homes on leased land.  "Manufactured" homes are manufactured homes that include land with the sale.   Not all agents categorize these as I do so it is difficult to get accurate individual statistics for mobiles and manufactureds without reviewing every single listing. 


All that being said, and considering the gloom and doom reported in the national media, our market seems fairly healthy... in spite of the seasonal slowdown, tigtening of financing and other factors.


With the strength and diversity of our local economy, I anticipate somewhat slow activity during the winter and another surge in the Spring.  Because of this, between now and late winter will be a great time to buy as motivated sellers reduce prices to compete with other inventory and to sell as quickly as possible. 



For a personalized consultation, specifically relating to your real estate needs contact the TOP Team:

Carol Williams  TopTeamCarol@gmail.com 

Shelley Granger  TopTeamShelley@gmail.com



FREE Search of all homes and land in the Wenatchee MLS 

Current Wenatchee condo news, info and trends


Remember:

Information Is FREE.  Knowledge, Experience & Integrity Are Priceless





 

Just a quick reminder for you to watch the series I'm doing on the various condo developments in the Wenatchee area.  On my Wenatchee condo blog, tonight I posted a link to the two newest listings which are in the Quail Run condo development off Washington Street. 


 TopTeamCarol@gmail.com

On my Active Rain blog, I had a commenter (agent from Western Washington) asked me the following question:


Question: 
Is your appreciation in Wenatchee going to hit 30% this year?  What about this bad market????


Answer:
The "bad" market?  I had three closings last month and will have two closings this coming week, have one more pending.... and am working with several buyers.  Good thing the market is bad because  I'd go crazy if  it were any better.  LOL. 


Actually the market has slowed for a variety of reasons that you already know.  1) Wintertime slowdown 2) Media scare tactics,  3) Financing crisis,  4) and one other which is somewhat unique to our area and that is...


We have many buyers who want to (and will) buy here but they have property to sell elsewhere (California, Arizona maybe even Western Washington) but they can't buy until they sell.  Many of the markets across the country are experiencing true slow downs so properties are not selling.  Therefore, in my opinion, what we are seeing is a temporary slowdown with pent-up demand building locally.   Come Spring, we could see another surge with appreciation starting again.


However, I don't think we are going to see appreciation rates at the same levels of the last couple years (25% per year).  I think (and hope) it will be more like 10% - 15% .  Just a guess, of course.  If I actually could predict stuff like that I wouldn't be a real estate agent in Wenatchee.   I'd run for President and fix a lot of problems.  LOL.


At this moment in time, we are seeing a stabilization in prices which is a much needed and welcome breather from the frenzy.  





TopTeamCarol@gmail.com

Parkside Condos now available for as low at $199,950Over on my Wenatchee Condo blog, I have posted the current listings available in Wenatchee's Parkside condo complex.  


I have been doing a condo series, and you can get info on a number of various condo projects in the area.  There will also be more featured properties to come. 


For detailed information on these or other condos or single family homes in the Wenatchee valley, contact the Top Team:
Carol Williams  TopTeamCarol@gmail.com
Shelley Granger  TopTeamShelley@gmail.com


FREE Wenatchee MLS search

Wenatchee Condo News BlogOver on my Wenatchee condos blog, I am doing a series on the various condo options currently available on the local market.  There is a very broad range of choices by size, level of luxury and price.   Check it out when you have the time. 


Have a great week-end,

 

 

TopTeamCarol@gmail.com

Question:  What is the Wenatchee population growth trends forecast (in %) ?


Answer:   We ARE growing rapidly, with a 50% increase forecast for the next 20 years. I suppose that average growth rate % will be higher for the next few years then taper off.


 TopTeamCarol@gmail.com

Our investor properties are new, newer, or fully remodeledQuestion:  What are average rents for the bread-and-butter 3/2 new or newer SFH?


Answer: "Bread and butter" SFH's (single family homes) are mostly renting for $1150 - $1300. For our investor clients, we prefer not to sell and manage "bread and butter" SFH  ramblers, but those that offer special amenities to attract renters... and offer excellent appreciation,  and resale potential.  I currently have a 3 bed, 2 bath home rented for $1450, which is considerably more than the "bread and butter" variety.
 

We also like to find 4 bedroom homes, homes with a shop, large yard, desireable school district, popular location, etc. There are lots of B&B SFHs and we try to avoid those. Our investor houses (same price range) mostly rent for $1400 - $1450.  We get a little more for pets, or offer a discount for renters without pets.   


In summary, we search for and recommend properties that are in high demand by renters, do not have maintenance issues and will appreciate equal to or greater than the market average.



Carol Williams

TopTeamCarol@gmail.com

Stoney Court Condo Kitchen.  Click on image to enlargeI posted links to the current condo inventory on my Wenatchee condo news blog last night.  This also includes the affordably luxurious condo units available in Cashmere.


If you would like to have a customized search done especially for you based on price, size, location, or amenities please let me know:
  TopTeamCarol@gmail.com

We sell nice, clean, in demand rental propertiesQuestion:  What is the current SFH inventory supply level (# of months) and what is the average DOM for SFHs?


Answer:  I staunchly avoid getting into DOM discussions because there are so many factors to distort them... most specifically sellers with unrealistic expectations and overpricing their homes!  Overall market DOM statistics are distorted by the high number of upper end homes and over-priced homes. Main stream homes (under $300K) that are well priced are still selling within 30 - 60 days days (some less).  


More meaningful to the supply and demand factor are the months supply of inventory by price range.  This shows you, based on the number of buyers in the market (relative to # of homes) how many months supply of homes are on the market.  Here is the statistical information on supply by price range as published by Pacific Appraisal Associates for October:


$135,000 and under:   2 months supply

$136,000 - $165,000:  4 months supply

$166,000 - $195,000:  2 months supply

$196,000 - $250,000:  3 months supply

$251,000 - $300,000:  4 months supply

$301,000 - $400,000:  13 months supply

$401,000 - $450,000:  6 months supply

$451,000 - $500,000:  17 months supply

$501,000 - $550,000:  11 months supply

$551,000 - $600,000:  10 months supply

$601,000 and up:  46 months supply 



What does all of that tell you?  It's not difficult to figure out where all the competition is and who should NOT be "testing the market" with unrealistic prices.



* * * * *

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Contact Carol direct:  TopTeamCarol@gmal.com  

One of our current Wenatchee rental housesI work with a lot of investors and constantly get inquiries about what is happening with real estate in North Central Washington.   One recent investor prospect had a very long list of questions, so thought I'd share some of these with you.  I'm going to break them down in parts for easier reading:

Question: What  is the SFH (single family housing) rental vacancy rate in Wenatchee?


Answer:  Last year at this time it was 5%.  This September's report from Pacific Appraisal Associates indicates current SFH vacancy rates  at 2%... computing to a 60% reduction in vacancy rates.  Vacancy rates on apartments are about 4%.  This aligns with my own experience in renting SFH.  Demand is extremely high! 



* * * * *
If you have a specific question you would like answered, e-mail me direct or leave a comment at the bottom of this blog post: 

Carol Williams
TopTeamCarol@gmail.com

Fall Foliage At The Wenatchee RiverI get this question asked all the time.  "How is the real estate market?"  "Are you still keeping busy"?   The national attention to the "real estate slowdown" and talk of a "bubble bust" has everyone wondering if Wenatchee, which has been enjoying national attention as the #1 appreciating market in the nation, is still going strong.


Wenatchee IS still going strong. We are still busy with buyers and sellers. However, the local market, in general, seems to be experiencing a temporary slowdown due to seasonal circumstances, some subprime meltdown financing woes, AND buyers waiting for properties to sell elsewhere.  We have many buyers with properties for sale in other parts of the country.  When those properties sell they will be re-buying here. 


Demand is still strong and  I predict pent-up demand will continue to grow and we will experience another surge in the Spring.    If you are a buyer, now is a great time to buy while inventory is up and sales are down.  If you are a seller, your property WILL sell if you price it right.  Now is not the time to test the market.  Price your home right for a quick sale and take advantage of the increased inventory of homes on the market to get a great buy.


As you can tell, I am still very bullish on Wenatchee.  Although I wrote it last December, here is a link to an article that is still timely.  It outlines the economic climate and why local real estate is still, and will continue to be, in high demand. 










Remember:

Information Is FREE.  Knowledge, Experience & Integrity Are Priceless



Contact the TOP Team today:

Carol Williams  TopTeamCarol@gmail.com

Shelley Granger  TopTeamShelley@gmail.com

Wenatchee, WA:  Still the #1 rated appreciating market in the U.S.I work with a lot of investors.  Used to be they could buy an investment property with 5% down.  That disappeared recently.  10% is the current minimum.  Rumor is that within 90 days (or less) the minimum down will be increased to 20%.  This is going to seriously affect your ROI. 

To most effectively leverage your money, I recommend you step up and identify a property now before the upfront investment requirements change. 


The OFHEO continues to rate Wenatchee as the #1 appreciating market in the nation.  Wenatchee real estate is still a great investment.  Contact me today for my current predictions and recommendations.  TopTeamCarol@gmail.com

Have a great week-end,








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Lease-To-Own Properties Available In WenatcheeDue to the current challenges with lending, I have been given permission to offer the condos on River St. in Cashmere on a Lease-To-Own option.


This is a 4-plex that has been converted to condos to offer some nice affordable housing in Cashmere.  


There are four 2 bedroom, 1 bath units that have been fully renovated with new paint and flooring throughout, new window blinds and all new appliances.  



307 River Street Cashmere, WA
 
Cashmere condos: 307 River St., starting at $139,900












Contact me or my business partner for details, an interior preview, and to discuss possible terms of a purchase:

Carol Williams    TopTeamCarol@gmail.com
Shelley Granger  TopTeamShelley@gmail.com