Luxury Home Magazine of Seattle showcased a Brazen Sotheby’s International Realty estate yesterday. This unbelievable one-of-a-kind design features details such as hand carved Romanian crafted cabinets and 500 year-old temple doors.  One of the most spectacular homes currently on the market, this estate was finished in 2008 with nearly 11,000 square feet and 84+ of pristine waterfront with jaw dropping views.

Take a virtual tour of this property and others at www.brazenproperties.com

See the original article posted on Luxury Home Magazine’s online blog.

According to members of the Northwest Multiple Listing Service there were some nice surprises in November’s housing market including an upswing in relocation sales, and a year-t0-date volume of closed sales that’s outpacing 2009.

It was noted there was an increase in move-up buyers for mid-range home prices in both the Eastside and Seattle real estate markets.  In King County prices rose from $337k to $340k, and other counties including San Juan, Skagit and Whatcom also reported year-over-year price gains.

NWMLS Director OB Jacobi remarked that the gain in transactions written up for November were surprising since it’s usually a slower sales month during the year. Other factors Jacobi noted were increased activity at open houses and new buyers motivated to be in their houses before the holidays.  Also very encouraging was an upswing in relocation sales, indicating a positive shift in the employment sector as employers want new hires in place for the first of the year.

With inventory priced from $15k for a manufactured home in Shelton to a $28.8 million dollar luxury home on Mercer Island, there are plenty of properties to choose from, and with the interest rates still low buyers continue to move forward with real estate purchases.

Sotheby’s International Realty Affiliates LLC today announced the launch of SIR Mobile, a free Sotheby’s International Realty® mobile application that works on standard cell phones and smart phones across all mobile carriers, allowing consumers to view luxury homes for sale in a given market. The app is available via all carriers on standard cell phones and smart phones including BlackBerry, iPhone, Android and the Palm webOS.

The app uses GPS, when available, to locate the user and display luxury home listings in the immediate geographic area. Users also can search by a U.S. address, city or zip code to see property details including price, square footage, estimated mortgage, taxes, features, maps and pictures for all homes for sale in a specified area. Within the next few weeks, SIR Mobile users will be able to search for all homes represented by the brand’s network outside the United States as well.

“With the launch of this app, consumers will have instant access right at their fingertips to detailed information on the fine properties represented by our global network and within the local market, providing our affiliates a powerful tool in each of their areas,” said Wendy Purvey, chief marketing officer, Sotheby’s International Realty Affiliates LLC. Interesting features include a Refine Search capability that allows users to narrow their search by selecting a price range, property type and number of bedrooms and bathrooms. If a user has questions or wants a tour of the property, the Call feature connects them to a Sotheby’s International Realty representative.

To download the app, consumers can text SIR to 87778, or click on the SIR Mobile app link found at SIR Mobile app download page to send a text message to their phone with a link to download the app. Those using their smart phone can download the free app directly from the Apple, Blackberry, Android and Palm stores.

The app was created by Smarter Agent, the leading mobile real estate provider in the United States, to create innovative ways for buyers to search for homes and interact with their agents. The Sotheby’s International Realty® network currently has more than 11,000 sales associates located in approximately 500 offices in 42 countries and territories worldwide.

We are pleased to announce that Bay Harbor Properties in Bay Harbor, Mich., is the newest member of our network.

The firm is owned by David V. Johnson and now will do business as Harbor Sotheby’s International Realty. Please join us in welcoming Harbor Sotheby’s International Realty to our network!

Download the Press Release for more information.

We are pleased to announce that Briggs Freeman Real Estate in Dallas and Turkey Sotheby’s International Realty in Istanbul are our newest members.

Briggs Freeman Sotheby’s International Realty is owned by Robbie Briggs, and Turkey Sotheby’s International Realty is owned by Emin Hitay.

Please join us in celebrating these new members in our network. Our expanding reach depends on these new members, and ultimately helps us connect buyers and sellers for our luxury real estate.

Did you Know?

Wikipedia says…

• Bellevue is a rapidly growing city in the Eastside region of King County, Washington, United States, across Lake Washington from Seattle
• Long known as a suburb or satellite city of Seattle, it is now categorized as an edge city or a boomburb
• The population was 109,569 at the 2000 census, but by 2009 had grown to an estimated 126,626
• Bellevue is currently the second largest city center in Washington state with over 35,000 employees and 5,000 residents
• Based on per capita income, Bellevue is the 6th wealthiest of 522 communities in the state of Washington
• In 2008, Bellevue was named number 1 in CNNMoney’s list of the best places to live and launch a business. More recently, Bellevue was ranked as the 4th best place to live in America

Growth possibility coupled with incredible scenery and diversity makes Bellevue extremely attractive place to live.

The diversity and beauty in Bellevue is reflected in it’s properties: single-family homes, condos, and townhouses abound as well as waterfront and luxury real estate.  Unique, one of a kind, and beautiful — nestled into the unbelievable landscape and looking out at some of the most coveted scenery in the world — if that sounds like your dream then take a look at Brazen Sotheby’s International Realty exclusive offerings.  How can you go wrong with a city whose name means “beautiful view” in French?

We’re happy to welcome Lenihan Sotheby’s International Realty in Louisville, Ky., as the newest member of our network.

The firm, owned by John S. Lenihan, will serve the Louisville real estate market.  Attached is a press release for more information…  please join us in welcoming Lenihan Sotheby’s International Realty to our network!

We are pleased to announce that Pacific Sotheby’s International Realty in San Diego is the newest member of our network.

The firm, owned by Brian Arrington, serves San Diego County.

Full press release is attached with more information, join us in welcoming Pacific Sotheby’s International Realty to our network!

Last week Lawrence Yung, the chief economist for the National Association of Realtors®, stated there is a rising trend in the housing market. He attributes this to the historically low mortgage rates and incredible affordability.

OB Jacobi, NWMLS director says move-up buyers have had a noticeable impact on the market. From mid-year on his analysis has shown that over a third of all sales have been homes in the $500,000 plus price range.

Although median prices for single family homes and condos have remained flat overall, areas such as Kittitas, Lewis and Mason counties have all reported gains.

According to NWMLS director Frank Wilson, the housing market should continue to improve. Other broker-members of NWMLS are already seeing this occur in a variety of housing markets, and include Bellevue, Kirkland, Redmond, Mercer Island and Seattle real estate as well as other King County areas.

Advice to buyers and sellers has not changed says Wilson, sellers should price accordingly and buyers should take advantage. With record low interest rates and abundant inventory, buyers should not hesitate to make offers on appealing properties.

We are pleased to announce that Premier Properties of Southwest Florida, Inc., in Naples, Fla., has joined our network and now will do business as Premier Sotheby’s International Realty.

In a related transaction, Premier Properties of Southwest Florida also has entered into an agreement to acquire a majority interest in Signature Sotheby’s International Realty, effective Nov. 15. The firm will continue to operate as Signature Sotheby’s International Realty in Sarasota and Manatee Counties under the leadership of Judy Green, its current president and chief executive officer, who will now serve in a dual role as president and chief executive officer for Premier Sotheby’s International Realty.

We welcome Premier Sotheby’s International Realty to our network!

The National Association of Realtors reports that purchases of existing homes have increased 10% from August to September. Although joblessness and foreclosures are still a problem, the record low interest rates and availability of properties have boosted sales helping to stabilize the markets.

Purchases of new homes also rose in September increasing 6.6%, surpassing the expectations of economists that were surveyed by Bloomberg News.

Regional updates from California to New York have reported rebounding home sales with prices expected to appreciate over the next few years. As demand rises, and fears over the economy dissipate, we expect the real estate market in Bellevue to follow suit.

An encouraging trend in housing sales suggests prices are stabilizing as sales of existing homes continue to rise.

While home sales are up 10% nationally, the overall housing market is down 30%.  Karl Case of the Case-Shiller Home Price Index believes that if people can afford to they should be taking advantage of these investment opportunities in today’s housing market.

With borrowing costs dropping the average rate on a 30-year fixed mortgage to 4.25%, only the second time it’s been so low. And with interest rates of 4.25%, the monthly payments for each $100,000 of a 30-year fixed loan would be about $492 or $2,460 on a $500,000 home.

Our specialists are advising that now is the time to take advantage of these record low interest rates. Investors in the Seattle and Bellevue areas should take a look at purchasing existing bargains now while the market is still affordable. One of our designated Certified Agent Investor Specialist is here to help, give us a call today at 425.454.4141.

We now hold the Certified Investor Agent Specialist designation, furthering our commitment to provide the highest quality service possible. We are constantly striving to learn as much as possible about real estate and investing, and are committed to applying specialized knowledge to any situation possible to give our clients the highest quality service and best results possible.

As a Certified Investor Agent Specialist we know…

• The five different types of real estate investors and how to deliver them personalized service
• How real estate investing can build their clients a fortune in appreciation and cash flow
• Where to find deals and how to present them so investors can make the right decision
• Tactics and techniques to make real estate investing both profitable and manageable

Contact us today to learn more about how we can help you take your real estate investing strategies to the next level.

The Fall edition of Sotheby’s distinctive magazine features another of our properties. Visit the latest online edition of Reside, and navigate to page 34 of the flipbook to see a fabulous full spread photo of Greentree Estate in Broadmoor, a Seattle beauty. Click here to learn more about this property.

Best Time in 50 Years to Buy Real Estate in Bellevue, the Greater Seattle Area and the U.S. at Large

John Paulson, multibillionaire and investment genius, advised to a standing room only crowd at New York’s University Club… issue 30 year mortgages to buy a home “as your debt and interest payments get locked in at record lows, while the price of your home will rise”.

Paulson recommended “If you don’t own a home, buy one, if you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.”

Summarized from forbes.com blog, original article at http://blogs.forbes.com/robertlenzner/2010/09/27/john-paulson-sell-bonds-buy-stocks-double-digit-inflation-coming/

Already Record Low Mortgage Rates Continue to Fall

After sitting at a record low for two weeks mortgage rates recently headed down again, falling 5 basis points earlier this month. According to Bankrate’s weekly survey, the 30 year fixed has never been lower. The National Bureau of Economic Research shows April 1953 as the last time mortgage rates were this low.

Summarized from bankrate.com, original article at http://www.bankrate.com/finance/mortgages/record-low-rates-slide-further.aspx

Second Consecutive Month Pending Home Sales Increase

Another sign the housing market is stabilizing, the number of contracts to purchase previously owned homes increased again. Eric Green, chief market economist at TD Securities Inc. in New York, says housing is “bouncing along the bottom, unable to gain any traction, but with little reason to believe it’s going to go any lower. All of the froth has been eliminated from the bubble and all we need now is for confidence to turn higher and job growth to accelerate.”

Summarized from bloomberg.com, original article at http://www.bloomberg.com/news/2010-10-04/pending-u-s-sales-of-existing-homes-increased-4-3-in-august.html

Why it’s a Good Time to Buy a Home

Brett Arends discussed why it’s a good time to buy a home recently in a Wall Street Journal column. Here are some of the points he made…

You can get a good deal
Mortgages are cheap
You’ll save on taxes
There’s some inflation protection
The market is bound to clear

More info and full article at http://online.wsj.com/article/SB10001424052748703376504575492023471133674.html

The Viceroy, a swanky condominium complex in Miami has sold 2/3 of it’s units since January to foreign buyers, who all paid cash. All across Miami investors from Argentina, Canada, Colombia, France, Israel, Italy, Norway and Venezuela are clamoring to get in on what they see as the greatest real estate values in history.

Previously these investors would have put this money in the stock market, but instead are taking advantage of the opportunity to buy low, the plan being to rent out the properties until the economy turns around, then sell.

At the Viceroy the prices are over 50% off the 2007 peak when units sold for as much as $670 a square foot. Now the average price is $319.

Luxury condominium at The Citadel, click here for online tour of this property.

Real estate professionals like Joseph Brazen of Brazen Sotheby’s International Realty and Peter Zalewski of Condo Vultures both concur there’s a foreign-based buying boom that is unprecedented. Brokers all over say they’ve seen the surge in Washington, New York, Las Vegas, Los Angeles and San Francisco as well as Seattle.

Jim Chuong, a Novartis sales manager from Toronto, is one person taking advantage of this market. With his house in Canada already paid off, instead of investing in U.S. stocks he’s buying Phoenix condos where he’s paying $50 a square foot for units that would cost $500 a square foot in Toronto. A two bedroom condo can be purchased for less than $40k in low-crime areas, Chuong buys those that have renters already and after paying all fees and taxes earns $300/month pre-tax on each. Property management companies have made these deals easy to maintain.

International investors are taking advantage of the large real estate inventory, high unemployment and weak currency in the U.S. Foreigners still make up a small percentage of the overall housing market, around 7 percent, but certainly are seeing the opportunities and capitalizing on them.

We are pleased to announce that Robinson Realtors in Cincinnati, Ohio is the newest member of our network.

The firm will now do business as Robinson Sotheby’s International Realty and is owned by Lee G. Robinson. It will serve the greater Cincinnati and northern Kentucky markets.

Welcome!

While the sales of homes in Washington remain relatively low during September, there are some positive indications.  In fact, quite a few interesting things happened last month.  First, there was a healthy amount of pending sales, a good sign that life is being rejuvenated back into the economy. Second, the months of inventory in the Bellevue, Eastside, and Kirkland area is at six months.  Because of this it’s likely that we will begin to see a much more balanced market and home prices will stabilize further.  The market is adjusting to having no more tax credits as well as more specialty homes being sold last month then previous ones.

However, the numbers aren’t showing that we’re out of the clear just yet. Only 5,700 pending sales were reported last month, down from August as well as September of last year.  There was, however, an improvement over offers that were accepted for homes in September when compared to May, June, and July.

Some of the new activity can be credited to home sellers pricing their properties at a competitive level, boosting the prices among homes in similar markets as they scramble to compete with one another.  September saw roughly 9,000 new home listings in Washington, bringing total listings up to around 42,000 homes.  It’s worthy to note that well located homes, like those in the Bellevue, Eastside, or Medina area that are in good condition and priced well are being purchased quickly.  Buyers are taking advantage of these amazing offers.

The types of homes that are selling particularly well are one-of-a-kind and luxury properties.  These can be anywhere from a craftsman cottage to a waterfront home.  They are purchased more from their unique qualities rather than their price.  A unique or luxury home has qualities that make it unlike any other, which is a great attraction for home buyers in the current economy.

We are pleased to announce the opening of Hong Kong Sotheby’s International Realty. Samson Law serves as managing director of the office, which is located at 3 Pacific Place in Hong Kong, and focuses exclusively on serving luxury residential clientele.

As our network expands so does worldwide exposure for our luxury properties in Bellevue, Seattle and Washington State.

For more information read the press release. Join us in welcoming Hong Kong Sotheby’s International Realty to our network.

In an online article the Wall Street Journal used a beautiful photo of one of our exclusive luxury properties in Seattle to represent the concept of a gorgeous kitchen lounge. Credit was given to Brazen Sotheby’s International Realty at the end of the article… one of the many ways we continue to push our properties out to prospective buyers on the internet.

For full information about this luxurious Seattle property listed with our own Jade Attar, visit http://thecitadelseattle.com.

Click here to view the article on The Wall Street Journal Living section.

On September 30 Sotheby’s International Realty in San Carlos, Calif., joined our prestigious real estate network.

The firm is owned by Jeanne G. Garde and James L. Meader and serves the San Francisco Peninsula market.  Welcome!

Have you been thinking about buying a home?

Whether you are a first time home buyer or are considering moving to a larger or smaller home, now is a great time to invest in real estate.  Here are five good reasons.

1. There are some great deals right now. Prices have come down a long way–about 30% from their peak, according to Standard & Poor’s Case-Shiller Index, making it a buyers market. Buying a home is one of the best investments you can make right now.
2. Mortgage rates are at record lows. 30 year mortgage interest rates are averaging 4.40 percent, just above the record low of 4.36 percent set on Sept. 6, 2010. 15 year mortgage rates are averaging 3.86 percent.
3. There are a lot of choices. The National Association of Realtors puts the current inventory at around 4 million homes around the country. In the Seattle area alone, including Bellevue and Kirkland, there are more than 8,000 homes for sale at the lowest prices in years.
4. You’ll pay less tax. Most homeowners should be able to deduct interest paid on their mortgage from their taxable income. The amount of this tax deduction depends on factors like personal tax bracket, amount of mortgage, rate of interest and how long the mortgage is held.
5. Pride of ownership. Buying a home is a rewarding experience. You derive a great deal of personal satisfaction from owning a home and can build your wealth through the forced savings of paying down a mortgage, and through appreciation. You can paint the walls any color you want, turn up the volume on your TV and stereo, have as many guests over as you desire.

Home ownership gives you and your family a sense of security and stability. It’s a smart investment for your future.

According to the latest report from the Northwest MLS, over six thousand homes sold last month in Western and Central Washington, the most by a fair margin since April when people were buying to overcome a tax deadline. August’s surge of home purchases is up almost nine percent from July’s 5,500 transactions.

The reasons behind this recent influx of home buyers?

It can probably be credited to the fact that most homes in the Kirkland, Bellevue and Eastside areas are going for a rapidly decreasing price. Homebuyers who have outstanding credit and a stable income are jumping at the chance to get the best value for their money.

High sales may also be due to sellers putting their homes on the market effectively. What this means is that they are listing their home at an effective price from the very beginning. It is simply crucial to be smart with your listing price, if you start too high you can end up getting passed over, even if you intend to eventually lower the price. The buyer is always going to be drawn to a good deal, in any situation, especially when making an investment as large as a home.

In this complex market it is wise to depend on the expertise of a successful real estate professional, we are here to help.

Our network’s parent company, Realogy, has delivered letters to leaders in the Senate and House of Representatives urging them to take immediate action on a number of pressing issues with serious ramifications for the housing market. These issues affect the housing market in general but more specifically the millions of Americans who are homeowners, potential homebuyers and/or home sellers.

As a member of the Sotheby’s International Realty Network, and as a brokerage concerned about the welfare of current and future housing stability, we are reaching out to you to share this information and to ask you to make calls to your elected officials to make your voices heard on Capitol Hill regarding these issues.

Specifically, Realogy called upon Congressional leaders to:

1. Delay the income tax increases scheduled to take effect on Jan. 1, 2011;
2. Make permanent the current FHA and GSE mortgage loan limits, which are set to decrease on Dec. 31, 2010;
3. Pass FHA reform; and,
4. Reauthorize the National Flood Insurance Program, which will otherwise expire Sept. 30, 2010.

The last three points are described in further detail in the positions taken by the National Association of Realtors, which Realogy supports in its letters to Congress. For full information please read the Realogy press release.

We are confident that many of the following points about the income tax increases made in this Realogy announcement will resonate with real estate professionals not only in the Bellevue, Seattle, Eastside and Medina area, but is of grave concern nationwide.

Unless the income tax increases are substantially postponed, the pending income tax increases in January will likely delay any recovery in housing.

• Generally, it is counterintuitive to think that higher taxes in an already fragile economic environment will lead to a more robust economy.
• It also stands to reason that if you reduce the spendable income of individuals and small businesses, then there will be less money flowing into the overall economy and the housing market, which would not help homebuyers or sellers.

Higher tax rates on individuals earning $200,000 or more and families earning $250,000 or more stand to have a decidedly negative impact on the move-up homebuyer segment.

• Mortgage loan underwriting standards are already very stringent, and increasing the highest tax bracket rate by 13% will make it even more challenging for move-up buyers to qualify for loans.
• Without an active move-up market, housing will not fully recover and neither will the economy.

Please take the time today to contact your elected officials in Washington, D.C. You can use these links to look up and contact the appropriate individuals:
Senate: http://www.senate.gov/general/contact_information/senators_cfm.cfm
House: https://writerep.house.gov/writerep/welcome.shtml

Thank you in advance for your strong support in making our collective voices heard. Thanks to Philip White for the heads up that gives us the chance to do our part and extend the call for action.

As a member of the Sotheby’s International Realty® network, we provide unique and broad-reaching connections for both sellers and buyers.

Sellers benefit from our affiliation with Sotheby’s International Realty® network given that the market for properties is not only both local and national, but increasingly global. Just recently our network grew when leading Swedish real estate firm Skeppsholmen Fastighetsmäkleri in Stockholm joined us. Lars Andersson, the owner, signed an exclusive 25-year master franchise agreement to develop the Sotheby’s International Realty® brand throughout Sweden. Through our broad-based marketing opportunities and international presence, we provide maximum exposure for our Seattle, Bellevue, Medina, Eastside and Washington state listings, reaching qualified buyers regardless of where they are based. This positions our listings in a heightened competitive environment, allowing our sellers to achieve the most favorable price.

Buyers engaging Brazen Sotheby’s International Realty are connected to our team of local experts, known in Bellevue, Medina, Eastside and Seattle for our integrity and the exceptional level of service we provide. Buyers gain access to comprehensive and up-to-the-minute knowledge of the local property market, allowing them to fully understand the options and opportunities currently offered.

As well as local expertise and international exposure we constantly keep our office and listings in front of as many qualified buyers as possible. Recently we distributed this piece promoting the use of our website that connects buyers and sellers in a classy, easy to navigate environment.

Click here for the full size pdf.

Additionally the four-page spread in Luxury Home Magazine shown below highlights some of our beautiful properties in Puget Sound, Seattle, Wenatchee and Medina. Luxury Home Magazine is widely distributed in the Greater King County.

We will continue to commit ourselves to connecting beautiful properties to qualified buyers in the Northwest.  Please contact us so we may help you find your dream property in Bellevue, Medina, Eastside, or Seattle today.