On 21st Ave NE two homes came on recently priced in the $600,000s. One sold quickly and the other was reduced to $599,950.  The home at 6330 17th Ave NE, originally priced at $725,000 finally sold after 186 days on the market for $576,000. But the home on Naomi sold with only 23 days market time for $700,000.

The issue here is pricing. Many people like to test the market and be just a little high, saying, "We can always come down." But if the market is trending down, you may never catch the right figure without drastic price cutting.

So as of March 1, 2010 we have, in our neighborhood, twelve properties on the market, but only one pending and two that have closed in the last 60 days.

If you are on a busy street or have some other compromising factor, you must price agressively in this market, or you will be ignored.

How will Boeing's decision to build the 787 somewhere else affect our housing market? Will it decrease sales volumes substantially or just delay the recovery trend? I don't know.

Sales in Ravenna Park were slow last month. One pending sale closed and two active listings went pending.

With the tax credit being extended and expanded look for more sales in the $400,000 to $800,000 range as the credit is now available to folks who have owned their home for 5 years or more and are planning to move. Buyers will be looking to move into homes here in the Park. Are you ready to sell? 

This just sent to me by:

Rick Hubbert
Senior Mortgage Consultant
On Q Financial
WA Lic. 510-LO-37044
425-643-7000 PhoneUS Senators Near Deal On Extending Home Buyer Tax Credit

By Jessica Holzer, Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- U.S.Senators are nearing a deal on a measure to extend the first-time home buyer tax credit through next April and expand it to some buyers who already own a home.

Under the deal, certain "step up" buyers who have lived in their current home for at least five years would also qualify for the tax credit, according to lobbyists close to the negotiations.

The deal comes amid heavy housing industry pressure to extend the tax credit, which is set to expire Dec. 1 unless Congress acts. The measure, which proponents hope to offer as an amendment to legislation extending jobless benefits, could receive a Senate vote this week.

Under the measure, the credit would run through April 30 of next year, though sales contracts in force by that date would be eligible as long as the deal closes within 60 days. The credit would amount to 10% of the sales price, with a maximum of $7,290. The current credit has a cap of $8,000.

To qualify, first-time home buyers must make no more than $75,000 a year or $ 150,000 for couples. For step up borrowers, the income caps are $125,000 for individuals and $250,000 for couples.

_______________________________________________________________

So, it looks to me like it might be a good time to start thinking about a move up if you've been in your home for 5 or more years, or selling that home in the $400,000-$700,000 range to a move up buyer.

There is neighborhood work going on in the circle at the intersection of Naomi, 17th and 63rd. Just about anytime Saturday and Sunday. Roll up the ivy and get ready to plant native species.

There will be a meeting on Saturday October 17, from 10-1 p.m. to begin planning for a Community Garden at Ravenna Eckstein, on the north end of the upper field. This is the first opportunity for all of us community members to have input into what this garden can become.

Tea and Coffee provided, bring a snack to share if you wish.

Or just stay home and start gathering up leaves, composting your garden beds, and otherwise getting ready for the rainy season. It's been a wonderful, long summer. I for one, am sorry to see it go.

At present we have seven active listings in the neighborhood and most of them have seen at least one price reduction over the past few months. One property on 20th Ave NE was sold subject to inspection but is now back on the market. A home on Twin Maple Lane is now off market unsold.

Two sales did close. The duplex at 6212 12th Ave NE closed at $460,000 after nearly one year on the market. The delightful Tudor below at 5764 24th Ave NE closed for the $649,000 asking price after only 26 days on the market.

With luck, we'll see some move-up buyers take advantage of the reduced prices in Ravenna Park as we enter the rainy season.  

Garden Meeting 8.18.09[1].pdf 

RDG Rezone

The Scoping Report for the Environmental Impact Study is not yet completed.  Work is progressing very slowly, may be done in a month, but could be later. (Remember, the Scoping Report will only say what will be studied, it will not give any information on the impacts that may occur from development.  It would say for instance," traffic may be impacted and should be studied"  and would probably indicate what type of traffic would be studied - motor vehicles, bicycles,etc.  it would  not say "the project will add 5600 vehicles per day to the traffic.......".  That type of information will come in the Draft EIS.)

Shelley indicated that once the Scoping Report is completed it will be turned into DPD and the public will be notified. We will make sure everyone knows when that occurs.  There is no public comment period at that point.

Shelley then expects that DPD will advise RDG to put together their contract rezone application before proceeding.  She indicated that would be to minimize the work that would be required for the EIS and the Contract Rezone Application processes.  At that point, RDG would have to specify the zoning changes they are requesting for each parcel (rather than stating a range of zones for each parcel.)  They would also have to provide drawings for the buildings they intend to put in.  Once the application is submitted by RDG to DPD the public will be notified. There will be large white signs posted at the sites, as well as a mailed notice (everyone who has submitted a postal mailing address via written/emailed comment or signed in at the Scoping meeting).

The Design Review Process would then (theoretically) proceed at the same time as the EIS Draft is being prepared.  The design review process requires design drawings and specific information about buildings and placement.  At that point RDG would be required to get specific about their plans. 

DPD also provided this information:

RNA  -  Warren Report Implementation

As we mentioned in a previous update, the mayor has started the process of implementing the Warren Report recommendations for rezoning of the Roosevelt Neighborhood in anticipation of the light rail's arrival.  The mayor has set aside funds needed to study the report and do the analysis required before changes can be made to the Future Land Use Map of Seattle.  The funds have not yet been released to the DPD, so they have not yet begun the process, but we are hoping this will start in the near future.  We will keep you informed.

Once the process starts, you can expect a public comment period.  Some  modification of the recommendations might occur in response to public comments and city analysis.  The" Warren Report " can be found on the RNA website or at this link: 
http://rooseveltseattle.org/Documents/Roosevelt_Zoning_Recomendations_July_2006.pdf

Thank you for your continued interest in the future of our neighborhood!!

On the flip side, there has been increased activity in the office, unusual for August, and I'm anticipating, if not in Ravenna Park, at least in Seattle, we'll see an above average number of sales when we take a look in early September.   

All of the buildings on the fruit stand block are worthy candidates for removal. There seems to be some kind of smoke screen going on. A developer, Roosevelt Development Group, has entered an option to lease these properties for 99 years. They claim that the land owner won't allow them to remove the buildings because, if the lease is terminated, they have to return the properties in the same condition. I can hardly believe that Mr. Sisley wouldn't allow for someone else to pay for the removal of this garbage. He has already removed three homes this year at his own expense.

If the buildings on the fruit stand block were removed now, we would all get a good look at  Roosevelt High School and probably find some way to encourage development along lines that will enhance the atmosphere for the students and the neighborhood alike. Nothing like a little public pressure applied over a long time to help shape the place we call home.

A couple of homes hoping to take advantage of those sales seem to be priced a little high as they border an arterial. Time will tell if they have to reduce their prices. Speaking of reduced prices, the duplex over on twelfth has just dropped to $479,000. It's been on the market about 9 months now, and vacant that whole time. Evidently the owner is not under any pressure to sell, but it's likely they would be willing to listen to an offer. An offer was made a few months ago but it failed to come together.

The only home that has closed in the past 30 days sold for $10K less than the asking after almost 1 year on the market. All four of the current sales under contract sold in under 30 days market time, two of them in under a week.

Working in a normal healthy market is a joy. Let's hope the rest of the economy recovers as well.

Correction: The house on Naomi has just returned to the Active category. No reason given for the offer failing.

So I congratulate the citizens of this area who have managed to derail the proposal by the Roosevelt Development Group (read outside interests) with Hugh Sisley, to amend the Seattle Comprehensive Plan for the immediate financial benefit of a few as opposed to the enhancement and improvement of the neighborhood for the many. Over 60 signatures were obtained and submitted opposing the changes and the amendment was withdrawn.

If RDG has so much money to throw into development, why don't they just go and buy one of the many stalled projects in the greater Seattle area? There are a lot to choose from. No need to ruin this part of town.

The neighborhood needs to be on continued alert. There's a pandemic going 'round and we call it the skinnys. Oaktree has 'em. Ballard is inflicted. Look around. They're everywhere.

There is a lot of discussion going on about what might happen in the area. Will the detailed Roosevelt Neighborhood Association plan be the model for how this area changes, or will outside developers in contract with slumlord Hugh Sisley be permitted to create their own vision of what should be done with the derelict properties of the landowner?

Landmark Roosevelt High School

Most of the land under consideration for zoning change is directly across the street from the Seattle Landmark Roosevelt High School and this is where the entourage stopped and were greeted by the Principal of the school, some students, and the president of the Roosevelt High School PTA.

After some discussion of the impact of development around the school, and talk even of hope for some green space that would make more space for Roosevelt students and pedestrians moving from single family areas into the Roosevelt business core three blocks to the west, the mayor and those on the walk moved toward that area.

Density is important for the success for the light rail system. I support the current Seattle Comprehensive Plan which strongly calls for the preservation of single family neighborhoods and I also support the spirit of the Roosevelt Neighborhood Associations plan for the upzoning of land along the major arterials in the business core of 12^th  Ave NE and Roosevelt Way NE.

My thanks to the mayor for taking time out to listen to the people.

After a short introduction by Shirley Bolser of the DPD and a brief statement by Ed Hewson of RDG an important question was asked, answered, but not discussed. A gentleman asked about the ownership of the land and the buildings. Mr. Hewson answered that RDG was leasing the land from Sisley, so Sisley owned the land. RDG would own the buildings. It had been mentioned that the buildings would all be rentals because the land is leased, but what has not been mentioned is that doesn't preclude the possibility that Sisley and/or his heirs might someday buy the buildings back. Wake up DPD. This is all just one bad plan dreamt up by some developers sucked in to the profits from a $300,000,000 project.

I encourage the neighborhood to continue requesting that the city insist that the landowner/ or RDG remove abandoned buildings, clean up buildings with graffiti (east side of 15^th Ave across from school) and bring all of the Sisley owned properties up to current codes. Where are the renter's rights groups when we need them? This situation is truly deplorable.

If you can't get out and take the walk from NE 65th Street to the foot bridge over the park, take a few minutes now to enjoy these lovely garden spots in this slideshow.

The City of Seattle has waived the fee they used to charge for gardening in parking strips in Seattle.