Ok, so we're a little late! The concrete/structural/framing phase of this project is being contracted to Bill Abrams Construction. He is a highly placed referral from a luxury home builder I have worked with in Seattle, Jim Cavanaugh. However, we have been delayed with the funding of this leg of the renovation, it is now $39,000 to retro-fit the foundation and first floor. We are creating a seamless, single floor of concrete with reinforcement and shoring up of the entire structure. Expensive? What isn't, these days.

All that has really happened since my last newsletter is a little work on the garage/workshop. We are painting the interior and making changes with color on exterior. We hope to frame all the windows there too. Funny how I was originally going to have it torn down! But the super-steel structure is very, very well made. So we will work with it instead.

For the rest of this month's update I would like to share something about the Seattle market. We are extremely fortunate to live in such a desirable region right now. Yes, appreciation for the fiscal year stands at 9.2%. Yes, for all of 2007 it's looking like 5% net increase. Yes, the market is strong. But no, I do not think some of the pricing I am seeing currently is realistic. Sellers are not informed, digging in their heels in an attempt to draw blood from that turnip! For example, most metro Seattle area listings I have found, especially from the Seattle FSBO market, are $30,000 - $50,000 above comparables. This is not going to last, in my opinion. A strong local economy and job market will not be enough to outlast the media onslaught of sub-prime mortgage news and lack of availability of credit for qualified buyers, or the potential wave of new listings that may be put on market next quarter, or two. Therefore, I suggest that sellers be realistic, take a smaller cut of the tremendous profit two year-plus owners have enjoyed, and quit while we are way ahead of the rest, because the Northwest market is changing, fast.

How fast is it changing? Put it this way. I sold houses in July/August in Pierce and King counties that would take three times as long from this month, September. Yes, conditions are turning this fast. So before I hear anything more from sellers about what they are not going to take, let's talk about what you will give, because the hour of the buyer is fast approaching.

I believe in only one market, not a buyer or seller driven arena. I believe in win-win for both sides only. Right now, sellers need to come to a real understanding about what's happening and begin working on Pricing That Matters. Before it's too late!

Of course, crystal balls have been known to fall off the table and break!

Happy Fall Season.

www.BuildDextersHouse.com
www.GeneDexterHomes.com

P.S. Will we see you @ the Shelton Oyster Festival? October 6th-7th!