Real Estate Blog

Pam & Perry  (click to enlarge)About 3 years ago Pam & Perry Kimple, from Las Vegas,  found me through my website.  After about a year of communicating via e-mail, and a couple of visits to Wenatchee, they bought a 1/2 acre building lot at Fancher Heights.  They bought this lot specificially for the fabulous view (of the Wenatchee Valley and the Mission Ridge ski area).

After much anticipation, they finally moved here in April of this year to begin construction of their retirement home.  In the interest of being involved (and saving money), they’re doing some of the work themselves. Today, I caught them both at the building site in their best painting attire.  After a small protest, I talked them into letting me take a picture of them.

It’s satisfying for me to reflect on how an innocent e-mail communication from 3 years ago has turned into a good friendship… and we get together every once in a while to catch up on the project and for us to introduce them to various restaurants in the Valley.    Hopefully, one day soon we’ll be sitting on their deck, sipping a cold drink and enjoying the breathtaking view.

Note of interest: To follow a new construction project from inception to finish, visit my new construction blog ,set up specifically for Wayne & Susan Gerald from Sammamish, Washington.    Over the last several months, I’ve reported about the process of selecting the lot, choosing a plan, and negotiating with builders.  We are currently at the point of being ready for the foundation to be poured.  Come follow along with us. 

For answers to specific real estate questions contact:

Carol@TopPropertiesWenatchee.com

source: Perry & Pam… On The Job

A few weeks ago, I started another blog called "Wenatchee: Birth-Of-A-House" which is solely for the purpose of following the process of having a custom home built with my clients, Wayne and Susan Gerald.  This will chronicle EVERY step of the process, including choosing a lot, selecting a builer, identifying and customizing a floor-plan,  and on through the completion of the home.    Over the next several months, I will post photos and commentary covering the process step-by-step.

Carol@TopPropertiesWenatchee.com
Search the local, state, or national MLS database
Follow the construction of a custom home being built
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source: The Birth-Of-A-House Blog

I’m looking for individual building lots, and particularly lots zoned for multi-family structures… duplex, 4-plex, apartment complexes.    Lots in the Wenatchee, East Wenatchee, Malaga, and Rock Island areas will be considered.

Carol@TopPropertiesWenatchee.com
http://TopPropertiesWenatchee.com
http://RealEstateSuccess.blogspot.com

source: Wenatchee Area Building Lots Needed

Recent employment reports should bode well for the continued strength in the real estate market here in Wenatchee, Washington.    Homes and land are selling well, and there is a lot of commercial activity going on.

According to a recent article in the Wenatchee World newspaper, Chelan & Douglas counties gained 2,300 more jobs in the non-agricultural sectors, during Feburary than in the same period last year.  This computes to a 6.5% increase and nearly twice the Washington state average of  a 3.5% increase  

Of the 2,300 new jobs, it is reported that 700 were in construction, 400 in retail, 300 in education & health services, 200 in hotels & restaurants and 200 in government (which includes school jobs).   The rest were classifid in "miscellaneous" categories.  Overall, the state employment figures seem to be the strongest in about 10 years.

This employment news, along with our diverse local economy, creates a sense of confidence in a strong atmosphere for real estate sales in the Wenatchee (and surrounding) area.   Our diverse economy is currently supported by major employers in the following areas (not in any particular order): hydroelectric power production, aluminum production, agriculture, medical services, government, education and administrative services… AND, of course, tourism.   

Life is good in Wenatchee!

e-mail: Carol@TopPropertiesWenatchee.com
Search properties: http://TopPropertiesWenatchee.com

source: Wenatchee Employment Outlook

Are building prices going sky high?  I’ve made a couple of previous posts about my concerns for what will happen with new home construction costs in the Wenatchee real estate market… and across the nation.  Here is a link to an article in Inman News that explains a little more about the overall situation.  Keep in mind, this was an article written after Hurrican Katrina but before Hurricane Rita (or whatever other Hurricane’s still come along this season), so the situation will only get worse.    The Inman article estimate on the projected percentage of cost increase in new construction is far lower than what I’ve been hearing.   On yesterday’s news, interviewed building suppliers were saying costs have increased as much as 30%!  We’re not just talking lumber, which is in such high demand, but many of the materials used in new construction (such as roofing) are oil based. 

This all could affect the rental market, as well, while people opt to continue to rent while waiting for construction prices to level out.   Will this affect people’s decision to sell their homes (to build a new home) because of the looming cost of new construction?   Will they sell their home (taking their huge equity) and become renters while the prices stabilize?  Will the renters decide to give up on their dream to own a home because it is too expensive?  Will there be even greater interest in existing home sales, where prices per square foot are far more attractive than new construction?     Remember Newton’s Third Law… "for every action there is an opposite and equal reaction".  

Our elected politicians will have a significant effect on the future of the housing market (and entire economy) across the country.  While they want to do the humane thing of promising to help rebuild, it creates a burden on other areas of the country, where the labor and supplies are being drawn from.    This causes a trickle out (dollars leaving) on the local economies, literally affecting everyone in every large city and small town across the United States. .. yes Wenatchee, too! 

We’re such an intertwined economy, there will be many actions and reactions, which will cause another reaction, causing another reaction and on and on and on.   Reminds me of  the old saying: "Oh what a tangled web we weave". 

source: Up, Up… and Away

Here is a sign of the developing tangled economic web that Hurricane Katrina is weaving.  Last week I posted an article about my concern over the potential for dramatic increases in the cost of new construction, here and across the nation.  Yesterday I heard that some of the local (Wenatchee) box stores are restricting the amount of lumber an individual can buy.  I haven’t been to any of the stores to confirm this story, but certainly would not be surprised by this development.   I wonder if this is just for the at-home-handyman or if restricted sales include builders.  

In many ways our Wenatchee real estate market is unique and unaffected by other parts of the country… yet, in a situation like this, we are at the mercy of the law of supply and demand just like any other market area. 

source: Lumber Sales Being Restricted?

Without the benefit of a crystal ball, I’m going to make a prediction and recommendation.  Due to the sudden and ever increasing demand on building materials and petroleum based products (as a result of Hurriane Katrina), I recommend locking in a price on a new construction home as soon as possible.  This doesn’t mean I am necessarily recommending building a new home, but if you are seriously considering a new construction home, you should definitely consider making a committment (at a guaranteed price) as soon as possible.   

We are already hearing about rising costs in the Wenatchee real estate market area and, as recovery efforts get into full swing through the hurricane ravaged area, the cost of new construction everywhere is sure to go up, up, up.    As prices for new construction rise, resale homes (prevously lived in) could become a more attractive value.  As prices increase on new construction, existing homes will likely increase as well although, most likely, at a somewhat slower pace. 

Whether you’re interested in researching available inventory on existing homes, or the possibility of having a new home built, call me for up-to-date information.    In the meantime, if you’d like to do some of your own research, please visit my primary real estate website. 

source: New Construction Recommendation