Know thy Neighborhood

By
Title Insurance with First American Title

How well do you know the existing inventory in your local market area? If you had a potential client that wanted to find a home in this neighborhood what you have to tell them?

 

Eastlake... Seattle, WA 98102


View Eastlake in a larger map

 

Eastlake Neighborhood Residential Sales (click for 2010 sales)

Sales are all arm length conveyed by warranty deed, no REO, Short Sales, or Forclosures.

The Eastlake Neighborhood is one of Seattle’s oldest neighborhoods. It’s also one of the more clearly defined neighborhoods because of its distinct boundaries; Lake Union on the West, Interstate 5 on the East, Portage Bay on the North... and E. Garfield St on the South.

Right now homes in several Seattle in-city neighborhoods are beginning to appreciate. I’d venture to guess it’s fueled by those who work long hours downtown and have decided to move into the city to eliminate the long commutes. Prices are good and loan interest rates couldn’t be better.

A little research of in city purchases over the past year revealed that several were by people that sold their homes in the areas suburbs and did a lateral move into town. Commutes from Auburn, Tacoma, Carnation, Lake Stevens, and Woodinville can often be an hour one way, depending on the traffic. Many live even further out. With the price of gas now around $3.00 (+ - $.10) a gallon you could easily save $250 to $300 a month living in town. They’re also gaining back a couple of hours a day. Although life is more expensive in the city, freeing up $300 a month would certainly help offset some costs, let alone those who have to pay for parking downtown. 

Eastlake is just a few minutes from downtown, even by bus.

So what’s here to live in?

148 single family dwellings of which 88% were built before 1930. They’re about 2300 square feet with 3 bedrooms and 1 bath on average.

56 townhouse units, most of them built in the past 10 years.

315 condos + 150 mixed use units (residential with commercial on the street level).

71 duplex, triplex, fourplex buildings, 47 houseboats and 147 apartment buildings, most of them small ranging from 5 to 12 units, to largest at 94 units.

My office is in the heart of the Eastlake Neighborhood and if you lived here you'd have a walkscore of: 71

For any serious grocery shopping you'd have to leave the neighborhood and go to close by Wallingford, University Village, up to Capitol Hill, or maybe swing around the south end of the lake to lower Queen Anne Hill. The cool thing is, you're already in town, so the choices are abundant. You're not far from the Pike Place Market, Uwajimaya, Trader Joe's, PCC Natural Markets, and many more.

When you do 'Know thy Neighborhood' and converse about it online, you offer great value. Anyone looking to move into a 'new to them' neighborhood is going to have a lot of concerns. Real Estate has used the term "Location, Location, Location" for many decades and the term never rang more true. The better you know the neighborhoods you service and share what you know, the more opportunity you create not only for yourself, but for the buyer who wants to live there.

Posted by

René Fabre

"Where there's conversation, there's opportunity."

Please Note - The views expressed herein reflect only the individual’s personal views and are not the views of the author’s employer.

The Blackberry Chronicles, a blog by Rene Fabre and his travels around the Greater Pacific Northwest and beyond. Connect w/ Rene Fabre on Google+. Rene Fabre on Twitter. Rene Fabre writes reviews on Yelp. Rene Fabre on Linkedin.com The Audiorium YouTube Channel by Rene Fabre. Facebook.com/renefabre Rene Fabre loves digital photography and here are his shares on Flickr. Rene Fabre is a musician and composer and shares some of his orginal music and recordings on Soundcloud. Rene Fabre shares his interests on Pinterest.
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Topic:
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Washington King County Seattle Eastlake
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Rainmaker
1,023,815
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Very nice localism blog and it shows us all how well it can be done.

Jun 13, 2010 06:52 PM #1
Rainer
127,775
Lisa Ludlow Archer
Live Love Homes-Keller Williams, Charlotte, NC Ballantyne Area - Waxhaw, NC

Great post. I love the maps and all of the powerful information. It is so important to know these things because lets face it, most questions from people in my market come in the grocery store, WalMart or at the kids school where you dont have your computer. You should always be able to at least say, hey, I just wrote a post about that on our blog. LOL

Blessings for a great week, Lisa aka Allstarmom3 (twitter)

Jun 13, 2010 06:54 PM #2
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Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

I love it when a buyer calls me about a certain home and I can tell them that I've already seen it and I can usually give them details about the home that aren't on the MLS. That really impresses a buyer when you can give them more.

Jun 13, 2010 07:11 PM #3
Rainer
407,272
Randy Ostrander
Lake and Lodge Realty LLC - Big Rapids, MI
Real Estate Broker, Serving Big Rapids and West Central MI

Agreed. Anytime a person in sales knows his or her product well they will have a higher sales seccess rate. Attending Realtor open houses and keeping up on listings will help you be the neighborhood expert. Good post René

Jun 13, 2010 11:11 PM #4
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678,658
Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Rene: Nice job on breaking it down. You are the neighborhood master! Take care.

Jun 14, 2010 03:08 AM #5
Ambassador
3,156,801
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington - Tacoma, WA
South Puget Sound Washington Agent/Broker!

When I started, we were required to go on tour every week, with the Broker. We still need to know whats going on but...
May the rest of your week be great!
Paul

Jun 14, 2010 03:41 AM #6
Rainmaker
137,633
Scott Cowan
RE/MAX Professionals - Olympia, WA

René-

 

I love the neighborhood reports. We need to chat about my neighborhood and touch base.

Jun 14, 2010 10:48 AM #7
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Rene Fabre
First American Title - Seattle, WA
Marketing in the Digital Age

Tim: Thanks for stopping by and many thanks for the compliment. I try... my style is evolving ;o)

Lisa: I agree that conversation happens on the street. That's why I think it's so important to have a conversation via social media online that gets all the way there. It's always interesting to me talking to people in the community about real estate, who are not in real estate. They usually have a lot of questions that aren't that hard to answer with a little homework.

Todd (my friend) you are the master community conversation.

Randy: Indeed... A few of the old school agents I know who are doing well have a few things in common. They know everybody and almost everything about the community (it seems like)... Ask about schools, a great restaurant, car mechanic, dentist, you name it and they can refer you 3 names. 

Hi Paul M. thanks. I'm fascinated by picking a spot on the map and finding out what's there.

Paul H. I loved going on those tours and hearing the conversation. Great lessons. Enjoy the week also, thanks.

Hey Scott, how'd the open house go on Sunday? Yes, let's catch up...

 

 

Jun 14, 2010 12:41 PM #8
Rainer
334,224
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

yes they look so nice but Foreclosures are such tough on to stomach.

Sep 23, 2011 03:01 AM #9
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Rene Fabre
First American Title - Seattle, WA
Marketing in the Digital Age

Hi Paul.... Thanks for stopping by! Yes, I agree, the amount of foreclosures, bank owned, and short sales are all transactions I can't wait to see the end of... Patience is in order. We will see a better day.

Sep 23, 2011 02:34 PM #10
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