Tony Meier - EastsideHomesBlog.com

Another Great Testimonial Came In Today...

"Tony, you really earned our respect.  You even found someone to show us around when we could only come up on a weekend you were out of town.  You always returned by emails and calls promptly.  I really liked the fact that you read into what we were looking for in a home.  You knew the areas well and even gave pointers about the commute times I could face for work.  I appreciate all that you did and would refer you to a friend or family member in the future.  Thank you for everything!!!"

Jennifer & Jeff Killingsworth

 

It was a pleasure helping Jeff and Jennifer! They relocated to the Seattle area from Southern California for her business. I helped them buy a great Issaquah home, which I know they will enjoy for many years to come! Here is a photo:

 

 

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com
  

Eastside Residential Pending Sales Continue to Rise!

This week's numbers show a continued rise in pending sales on the Eastside of Seattle. These represent the highest numbers in 2 years or more! Interestingly, short sales, pre-forclosures and bank owned homes made up over 25% of the pending sales last week. See the snap shot below.

 

Here is a look at the last 2 years:

 

If you have any questions about this information or want to know the pace of the market in your neighborhood, give me a call at 425-466-1000.

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Inventory shrinking, sales rising, prices stabilizing in some Northwest MLS areas

KIRKLAND, WA, June 4, 2009 – Waiting longer to buy a home is not likely to pay off, according to Northwest Multiple Listing Service director Kathy Estey after reviewing reports summarizing May activity. Estey pointed to shrinking inventory (about 20 percent fewer listings than a year ago), double-digit increases in the number of pending sales (up 17.7 percent from a year ago), solid open house activity, and signs of stabilizing prices (eight of the 19 counties in the report show price gains since January) as indicators of an improving market.

Northwest MLS brokers notched 7,160 pending sales during May. That total out-gained the year-ago tally by 1,075 transactions (up 17.7 percent) and improved on April’s total by 242 sales for a 3.5 percent increase. For the four-county Puget Sound area, pending sales jumped 21.5 percent from a year ago, rising from 4,526 to 5,498 transactions.

Buyers had fewer choices during May than at this time a year ago. At month-end, member-brokers reported 41,318 active listings throughout the NWMLS service area. A year ago, there were 51,817 active listings. Current inventory includes 11,278 single family homes and condos that brokers added during May. For the same month a year ago, brokers added 14,176 new listings to inventory.

Estey, the managing broker at the Bellevue Downtown office of John L. Scott Real Estate, said affordable homes inventory is down to the levels of a normal market and reaching for a sellers’ market. “Multiple offers are common in the under $400,000 range when the home is priced well, shows nicely and is marketed professionally,” she remarked. “Buyers who are waiting for prices to come down more have missed the bottom,” Estey believes.

Close in markets are the most active, with rural areas still lagging, but Estey says there is now some activity where little to none had existed in the first quarter. She believes prices have adjusted and completed new construction is still a very attractive purchase. “Builder inventory is being absorbed and there are fewer incentives. In January builders were giving away the farm, by March it was only half the farm and now they may just give away a chicken or two in order to make the deal.”

Prices are showing signs of stabilizing, according to NWMLS data. Prices area-wide are down around 10 percent from twelve months ago, but a comparison to January shows price gains in eight of the 19 counties in the NWMLS report. System-wide, prices for single family homes and condominiums that closed last month are up about 2.6 percent since January. (See chart, page5.)

In King County, prices dipped about 12 percent from twelve months ago and have declined about 3.5 percent since January, but a closer look shows considerable variation within sub-areas. Prices in southeast King County fell 20 percent from a year ago, but since January are down only about 2.8 percent in north King County.

Condominium activity remains slow. Pending sales are down about 15 percent from a year ago. The median sales price of $240,000 is about 7.7 percent lower than a year ago. Condos in King County sold for a median price of $270,450 last month, which compares to the year-ago price of $287,925, a drop of about 6 percent).

Demand for high-priced homes is also tepid. According to Estey, there are “amazing opportunities for buyers with good credit scores and 25 percent down payment in the $900,000- plus marketplace.”

“What we’re currently seeing is real estate’s version of Back to the Future,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. He believes the combination of historically low interest rates, adjusted lower prices, and the $8,000 tax credit has created advantageous conditions for buyers that haven’t been seen in decades. He noted sales in the four-county area continue to see double digit increases. “The more affordable markets are seeing a major boost which is leading to higher sales in the mid-priced markets and causing some increases in activity in the upper end,” Scott remarked.

While cheered by the more vigorous activity, brokers note short sales and foreclosures continue to be a drag on the market. Such properties, often sold at deep discounts, may take extraordinary time to close once there has been mutual acceptance of an offer. (Note to editors: see explanatory note, p. .5)

NWMLS director Meribeth Hutchings, broker/owner of Windermere Real Estate/Lake Stevens Inc., said her office represents the buyer of a short sale that has been pending since October. The buyers who hope to purchase the home in Mukilteo have been very patient, but are becoming less so and are ready to move from the small apartment where they have been living with two large dogs. “Every time we think we are getting close, the lender changes what they want,” Hutchings stated.

Another NWMLS director, Pat Grimm, reported similar experiences with a short sale. “We just closed one in Montlake on May 28 -- after the parties to the transaction reached mutual acceptance on Feb. 10, said Grimm, the owner/broker at Windermere Real Estate/Capitol Hill. (NWMLS defines a short sale as a transaction that does not produce sufficient funds to cover the existing monetary encumbrances against the property, closing costs, real estate commissions, and other financial requirements of closing.)

Tacoma broker Dick Beeson of Windermere/Commencement Associates said he has several agents deeply involved in handling short sales since Pierce County is so hard hit. He estimates around 25 percent of all properties for sale are either bank owned or short sale, and one of every three pending sales is one or the other.

“Short sales play a big role in what many buyers are looking for,” according to Beeson, who also noted these buyers often fail to realize the extraordinary length of time it takes to close a sale – generally twice as long as a conventional sale. “Many get discouraged after 60 or 90 days and withdraw from a sale, never having received notice form the underlying lender what they are willing to take for the property. Many properties end up going to foreclosure because of the inefficiency of the banks in providing answers to offers,” Beeson commented.

The recent uptick in pending sales, both locally and nationally, is a hopeful sign that we’re putting the worst of the market behind us, suggests Ron Sparks, managing vice president at Coldwell Banker Bain.

“As you would expect in a recovering market, not all neighborhoods are uniformly performing, and for home sellers particularly, there are plenty of challenges that remain.” However, he observed, “In many neighborhoods where just a few years ago broad affordability had all but vanished, lower prices, flexible terms and very low interest rates are pushing inventory absorption for single family homes to levels not seen since 2007.”

Sparks said multiple offers for the best listed properties are occurring everywhere, including Pierce and Snohomish counties. “Improving sales in one neighborhood helps dwindle inventory, and can push motivated buyers to search for homes in other neighborhoods. This process typically occurs before prices start to stabilize,” he explained.

Has that stabilization begun? “As my old Magic 8-Ball used to tell me: signs point to yes,” according to Sparks, who noted eight counties served by the NWMLS have seen price increases since January. “The sales volume in my Bellevue office is now roughly 10 times what it was in February, with expanded sales in almost every price category. Overall inventory levels have dropped substantially as well. Does this mean the optimal time for home buyers to take full advantage of favorable market conditions has passed? I’d probably defer that to the Magic 8 ball also…“Ask again later.”

Recent fluctuations in mortgage rates have brokers and buyers alike wondering if rates will escalate as inflation worries return.

“While rates now are wonderfully low, waiting has cost buyers. Loans recently available for 4.75% are now 5.25%,” according to broker Kathy Estey. On a $400,000 loan, that means the monthly payment rises from around $2,128 to about $2,253 – and increase of nearly $125. She believes it would be wise to act now for the best selection in the affordable homes. “Who knows if we will see rates of 5% or below again anytime soon,” she wonders.

Commenting on a recent report from the National Association of Realtors showing a third consecutive month of improving pending sales, Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 28,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties in western and central Washington.

Statistical Summary by Counties: Market Activity Summary - May 2009

May 2009 Single Family Homes + Condos	LISTINGS		PENDING SALES	CLOSED SALES
	New Listings	Total Active	# Pending Sales	# Closings	Average Price	Median Price
King	4310	5473	2801	1618	$423,875	$351,500
Snohomish	1759	2254	1160	666	$325,502	$299,950
Pierce	1632	2092	1196	643	$252,431	$225,000
Kitsap	531	639	341	219	$292,797	$240,000
Mason	182	209	73	56	$189,062	$161,405
Skagit	258	255	140	78	$251,548	$207,250
Grays Harbor	180	260	75	63	$139,161	$114,000
Lewis	152	196	78	40	$159,230	$138,150
Cowlitz	113	169	82	55	$194,685	$177,900
Grant	145	179	73	36	$166,956	$148,450
Thurston	521	629	406	214	$273,164	$247,000
San Juan	64	79	14	4	$464,750	$410,000
Island	253	232	107	86	$299,378	$248,500
Kittitas	152	159	48	38	$250,716	$170,000
Jefferson	84	91	34	12	$298,000	$294,500
Okanogan	86	68	27	17	$159,435	$140,000
Whatcom	496	622	311	179	$269,633	$250,000
Clark	106	167	64	57	$229,296	$206,900
Pacific	60	82	39	13	$157,333	$175,000
Others	194	321	91	60	$218,748	$214,000
MLS TOTAL	11,278	14,176	7,160>	4,154	$329,680	$280,000

4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2000	3706	4778	5903	5116	5490	5079	4928	5432	4569	4675	4126	3166
2001	4334	5056	5722	5399	5631	5568	5434	5544	4040	4387	4155	3430
2002	4293	4735	5569	5436	6131	5212	5525	6215	5394	5777	4966	4153
2003	4746	5290	6889	6837	7148	7202	7673	7135	6698	6552	4904	4454
2004	4521	6284	8073	7910	7888	8186	7583	7464	6984	6761	6228	5195
2005	5426	6833	8801	8420	8610	8896	8207	8784	7561	7157	6188	4837
2006	5275	6032	8174	7651	8411	8094	7121	7692	6216	6403	5292	4346
2007	4869	6239	7192	6974	7311	6876	6371	5580	4153	4447	3896	2975
2008	3291	4167	4520	4624	4526	4765	4580	4584	4445	3346	2841	2432
2009	3250	3407	4262	5372	5498

©Copyright Northwest Multiple Listing Service, ALL RIGHTS RESERVED. This material may not be published, broadcast, rewritten or redistributed without prior permission.

Cost vs. Value 2008 - The Replacement Projects

In the final installment of cost vs. value segment we'll be looking at two replacement projects that most owners of 20+ year old homes will be looking at. Here are the latest numbers for the Seattle area.

Window Replacement   Project Description:  Replace 10 existing 3-by-5-foot double-hung windows with insulated vinyl replacement windows. Wrap existing exterior trim as required to match. Do not disturb existing interior trim.

Project cost:  $11,820                     
Resale value:  $11,074                  
Cost recouped:  93.7%

Roof Replacement   Project Description:  Remove existing roofing to bare wood sheathing and dispose of properly. Install 30 squares of 235-pound fiberglass asphalt shingles (min. 25-year warranty) with new felt underlayment, galvanized drip edge, and mill-finish aluminum flashing. Assume a 5-square hip roof; custom flashing at two average- sized skylights; and custom cap treatment at vented ridge.

Project cost:  $20,864                     
Resale value: $17,541                   
Cost recouped:  84.1%

All of the statistical information was provided by c 2008 Hanley Wood, LLC.  Reproduced by permission.  Complete city data from the Remodeling 2008 Cost vs. Value Report can be downloaded for free at www.costvsvalue.com

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

 

This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:

1.    These are an average of the all price ranges in the area. Some price ranges are definitely moving faster than others! If you would like to know how things break down in a specific price range for an area, send me an email at tony@eastsidehomes.com

2.    These numbers are a result of the sales activity over the last 7 weeks when comparing the number of active listing vs. the number of pending sales to determine what the market absorption rate is for a particular area.

3.    When measuring the heat of the market, the following rules apply:

a.    12 weeks or less = Seller’s Market

b.    12-24 weeks = Balanced Market

c.    24 or more weeks = Buyer’s Market

All areas showed some improvement as compared to 4 weeks ago, except area 560 which slipped a little further into a buyer’s market. Area 560 showed an increase in listings and a decrease in average sales per week.

Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 42.3 weeks of inventory (was 42.6 four weeks ago)

Residential Only, NWMLS Area 510 (Mercer Island) = 76.9 weeks of inventory (was 97.5 four weeks ago)

Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 49.8 weeks of inventory (was 68.8 four weeks ago)

Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 32.1 weeks of inventory (was 32.9 four weeks ago)

Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 39.9 weeks of inventory (was 42.3 four weeks ago)

Residential Only, NWMLS Area 550 (Redmond/Carnation) = 36.4 weeks of inventory (was 45.5 four weeks ago)

Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 48.9 weeks of inventory (was 39.1 four weeks ago)

Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 40.1 weeks of inventory (was 45.1 four weeks ago)

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Cost vs. Value 2008 - Additions

Thinking of adding on to your abode?  In this week’s cost vs. value segment we'll be looking at three popular additions that can make your home much more enjoyable! Here are the latest numbers for the Seattle area.

Family Room Addition   Project Description:  In a style appropriate to the existing house, add a 16-by-25-foot room on a crawl space foundation with vinyl siding and fiberglass shingle roof. Include drywall interior with fiberglass insulation, pre-finished hardwood floor, and 180 square feet of glazing including windows, atrium-style exterior doors, and two operable skylights. Tie into existing HVAC. Add electrical system to code, including 12 recessed ceiling lights.

Project cost:  $91,065                     
Resale value:  $70,426                  
Cost recouped:  77.3%

Deck Addition  Project Description:  Add a 16-by-20-foot deck using pressure-treated joists supported by 4x4 posts anchored to concrete piers. Install composite deck material in a simple linear pattern. Include a built-in bench and planter of the same decking material. Include stairs, assuming three steps to grade. Provide a complete railing using a matching system made of the same composite as the decking material.

Project cost:  $16,252                     
Resale Value:  $14,673                 
Cost recouped:  90.3%

Master Suite Addition  Project Description:  Add a 24-by-16-foot master bedroom suite over a crawl space. Include walk-in closet/dressing area, whirlpool tub in ceramic tile platform, separate 3-by-4-foot ceramic tile shower, and double-bowl vanity with solid surface countertop. Bedroom floor is carpet; bath floor is ceramic tile. Painted walls, ceiling, and trim. General and spot lighting, exhaust fan; electrical wiring to code.

Project cost:  $114,787                   
Resale Value:  $90,399                 
Cost recouped:  78.8%

All of the statistical information was provided by
c 2008 Hanley Wood, LLC.  Reproduced by permission.  Complete city data from the Remodeling 2008 Cost vs. Value Report can be downloaded for free at www.costvsvalue.com

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Seattle Area Condo

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

 

This week we will be looking at the Condo market absorption rates for the Seattle Area over the last 7 weeks. When looking at these numbers, keep this in mind:

1.    These are an average of the all price ranges in the area. Some price ranges are definitely moving faster than others! If you would like to know how things break down in a specific price range for an area, send me an email at tony@eastsidehomes.com

2.    These numbers are a result of the sales activity over the last 7 weeks when comparing the number of active listing vs. the number of pending sales to determine what the market absorption rate is for a particular area.

3.    When measuring the heat of the market, the following rules apply:

a.    12 weeks or less = Seller’s Market

b.    12-24 weeks = Balanced Market

c.    24 or more weeks = Buyer’s Market

 

Condo Only, NWMLS Area 140 (West Seattle) = 45.3 weeks of inventory

Condo Only, NWMLS Area 380 (Central Seattle) = 66.5 weeks of inventory

Condo Only, NWMLS Area 385 (SODO/Beacon Hill) = 78 weeks of inventory

Condo Only, NWMLS Area 390 (Central Seattle) = 29.9 weeks of inventory

Condo Only, NWMLS Area 700 (Queen Anne/Magnolia) = 39.3 weeks of inventory

Condo Only, NWMLS Area 701 (Belltown, Downtown) = 51.5 weeks of inventory

Condo Only, NWMLS Area 705 (Ballard/Greenlake) = 36.1 weeks of inventory

Condo Only, NWMLS Area 710 (North Seattle) = 24.4 weeks of inventory

Condo Only, NWMLS Area 715 (Richmond Beach) = 28.2 weeks of inventory

Condo Only, NWMLS Area 720 (Lake Forest Park) = 30.5 weeks of inventory

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Cost vs. Value 2008 - Bathrooms

Thinking of remodeling your home?  In this week’s cost vs. value segment we'll be looking at the bathroom. This is another area that has a dramatic impact on a home’s desirability and salability! Here are the latest numbers for the Seattle area

Bathroom Addition   Project Description:  Add a full 6-by-8-foot bath over a crawl space with poured concrete walls. Include cultured-marble vanity top with molded sink; standard chrome faucets; 30-by-60-inch white fiberglass tub/shower with ceramic tile surround; single-lever temperature and pressure-balanced faucet; white low-profile toilet; general and spot lighting; electrical wiring to code; mirrored medicine cabinet; linen storage closet or cabinet; vinyl wallpaper; painted trim; and ceramic tile floor.

Project cost:  $43,639                     
Resale value:  $34,585                  
Cost recouped:  79.3%

Bathroom Remodel   Project Description:  Update an existing 5-by-7-foot bathroom. Replace all fixtures to include 30-by-60-inch porcelain-on-steel tub with 4x4-inch ceramic tile surround; new single-lever temperature and pressure-balanced shower control; standard white toilet; solid-surface vanity counter with integral sink; recessed medicine cabinet with light; ceramic tile floor; vinyl wallpaper.

Project cost:  $17,981                     
Resale value:  $16,660                  
Cost recouped:  92.7%

Bathroom Remodel - Upscale   Project Description:  Expand an existing 35-square-foot bathroom to 100 square feet within existing house footprint. Relocate all fixtures. Include 42-by-42-inch neo-angle shower with ceramic tile walls with accent strip, recessed shower caddy, body spray fixtures, and frameless glass enclosure. Include a customized whirlpool tub; stone countertop with two sinks; two mirrored medicine cabinets with lighting; a compartmentalized commode area with one-piece toilet; and a humidistat-controlled exhaust fan. Use all color fixtures. Use larger matching ceramic tiles on the floor, laid on the diagonal with ceramic tile base molding. Add general and spot lighting including waterproof shower fixture. Cabinetry shall include a custom drawer base and wall cabinets for a built-in look. Extend HVAC system, and include electric in-floor heating and heated towel bars.

Project cost:  $57,433                     
Resale value:  $48,638                  
Cost recouped:  84.7%

All of the statistical information was provided by
c 2008 Hanley Wood, LLC.  Reproduced by permission.  Complete city data from the Remodeling 2008 Cost vs. Value Report can be downloaded for free at www.costvsvalue.com

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update - Eastside Condos

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

 

This week we will be looking at the Condo market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep this in mind:

1.    These are an average of the all price ranges in the area. Some price ranges are definitely moving faster than others! If you would like to know how things break down in a specific price range for an area, send me an email at tony@eastsidehomes.com

2.    These numbers are a result of the sales activity over the last 7 weeks when comparing the number of active listing vs. the number of pending sales to determine what the market absorption rate is for a particular area.

3.    When measuring the heat of the market, the following rules apply:

a.    12 weeks or less = Seller’s Market

b.    12-24 weeks = Balanced Market

c.    24 or more weeks = Buyer’s Market

Condo Only, NWMLS Area 500 (Bellevue, South of I-90) = 63.6 weeks of inventory

Condo Only, NWMLS Area 510 (Mercer Island) = 38 weeks of inventory

Condo Only, NWMLS Area 520 (Bellevue, West of 405) = 84.9 weeks of inventory

Condo Only, NWMLS Area 530 (Bellevue, East of 405) = 34.6 weeks of inventory

Condo Only, NWMLS Area 540 (East of Lake Sammamish) = 38.4 weeks of inventory

Condo Only, NWMLS Area 550 (Redmond/Carnation) = 18.2 weeks of inventory

Condo Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 54.7 weeks of inventory

Condo Only, NWMLS Area 600 (Juanita/Woodinville) = 47.4 weeks of inventory

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
425-466-1000
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Cost vs. Value 2008 - The Kitchen

Thinking of remodeling your home?  In this week’s cost vs. value segment we'll be looking at the kitchen. Remodeling the kitchen can be one of the most dramatic changes made to enhance a home’s value and general appeal. After all, isn't that where most good parties are! Here are the latest numbers for the Seattle area.

Minor Kitchen Remodel   Project Description: In a functional but dated 200-square-foot kitchen with 30 linear feet of cabinetry and countertops, leave cabinet boxes in place but replace fronts with new raised-panel wood doors and drawers, including new hardware. Replace wall oven and cooktop with new energy-efficient models. Replace laminate countertops; install mid-priced sink and faucet. Repaint trim, add wall covering, and remove and replace resilient flooring.

Project cost:  $22,476                     
Resale value:  $22,595                  
Cost Recouped:  100.5%

Major Kitchen Remodel - Midrange   Project Description: Update an outmoded 200-square-foot kitchen with a functional layout of 30 linear feet of semi-custom wood cabinets, including a 3-by-5-foot island; laminate countertops; and standard double-tub stainless-steel sink with standard single-lever faucet. Include energy-efficient wall oven, cooktop, ventilation system, built-in microwave, dishwasher, garbage disposal, and custom lighting. Add new resilient flooring. Finish with painted walls, trim, and ceiling.

Project cost:  $61,570                     
Resale value:  $57,600                  
Cost Recouped:  93.6%

Major Kitchen Remodel - Upscale  Project Description:  Update outmoded 200-square-foot kitchen with 30 linear feet of top-of-the-line custom cherry cabinets with built-in sliding shelves and other interior accessories. Include stone countertops with imported ceramic or glass tile backsplash; built-in refrigerator, cooktop, and     36-inch commercial grade range and vent hood; built-in warming drawer, trash compactor, and built-in combination microwave and convection oven. Install high-end undermount sink with designer faucets, and   built-in water filtration system. Add new general and task lighting including low-voltage under-cabinet lights. Install cork flooring, cherry trim.

Project cost:  $118,374                   
Resale value:  $101,470                
Cost recouped:  85.7%

 

All of the statistical information was provided by
c 2008 Hanley Wood, LLC.  Reproduced by permission.  Complete city data from the Remodeling 2008 Cost vs. Value Report can be downloaded for free at www.costvsvalue.com

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com