Scott's Thoughts

Sometimes being right gives no satisfaction...

scott@alkihomes.com — Fri, 31 Mar 2006 05:00:00 GMT

In January I wrote a bit about a terrific home that went on the market... but in a way which was sure to end in seller heartbreak ( http://alkihomes.com/Default.aspx?tabid=91&EntryID=9 ).

Sadly, the update on this property is that the analysis has proven accurate. After languishing on this vibrant market for nearly 3 months, it has recently been retracted and is marked as "conditional release". In English that means that not only was this seller lured into a fairy tale prior to listing, but they've also been saddled with a guarantee that nobody can help them recover for some indeterminate period of time!

A "conditional release" typically means that if this seller does manage to get their home sold during some set period... they still owe the listing agent a commission. There can be very valid reasons for such an arrangement, usually when a sellers situation changes and they have to take a home off the market prematurely.

In most every case these are situations where everyone is happy... the home just is no longer for sale for some valid reason. But in the case of an overpriced listing gone stale? With no marketing, no staging, no presentation... and clearly no good counsel for the seller? Where was this agent who expects a future commission when these sellers needed them most? These situations tear at the heart of any good Realtor®. They tarnish the earned reputation of those that work hard on behalf of their clients providing good counsel, honest answers, quality references, valuable services and above all... integrity in their business.

These sellers are probably stuck. Moving? Its not likely this year... a typical "conditional release" term can extend for 6 months, right through the middle of the prime selling season.

I feel terrible for these folks. Allison & I both do. Our clients best interests are always our absolute first priority and when we see others receiving less treatment it makes me angry, frankly. Our heart goes out to these home owners... whose lives are surely adversely affected... by the poor performance of an agent who conjured a story... based on magic, fairies and pixie dust.

Be sure you choose your representation for the right reasons, whomever they might be.

Welcoming Fauntleroy Place!

scott@alkihomes.com — Tue, 14 Feb 2006 05:00:00 GMT

West Seattle is getting a Whole Foods Market to be located in enclave at the corner of Fauntleroy Place and between the 39^th and 40^th Avenues. You can see a satellite map of the location by clicking here.

There are ( always are *grin* ) lots of rumors about various exciting projects in West Seattle, but this one finally has pen to paper. Not only has Whole Foods has signed a 25 year lease, but they came to us! As a former resident of Houston, TX ( I was once a displaced Pacific Northwesterner ), I can say without hesitation that the values of this Austin, TX based food retailer are a perfect match for West Seattle!

The project, architected by our own local Stricker Cato Murphy Architects, P.S. is being developed by Northwest Resource Management Group including their subsidiary BlueStar Development. I was fortunate enough to be able to visit recently with Eric Radovich ( Managing Director of Public Relations and Marketing ) and Easton Craft ( Project Manager for BlueStar Development ) who provided some additional information on the project.

Originally estimated for a 2007 opening, current estimates point toward a project launch in late 2006 and an opening in mid 2008. Although an early opening of the retail space might be possible, logistics of the current plan dictate opening of both the residential and retail space in approximately the same timeframe.

The estimated rental rate of $1.90 square foot is very much inline with current “higher end” apartment options in West Seattle, considering these rates are projected out for two years yet. Rates currently run as low as $1.25 up to about $1.70 per square foot in this area. Although the precise distribution has not yet been confirmed, studio, studio/den and two bedroom units are in the mix.

Of the 566 planned parking spaces, 270 are reserved for the residential portion of the project. This represents about 1.3 parking spaces per unit, which is above the minimum requirements here in Seattle. Parking will be physically divided by floors, so that residents are not subjected to the commercial traffic & vice versa… altogether a nice planning touch from the folks at NWRMG.

Exciting times in West Seattle! And more exciting projects on the way.