Lake Chelan Real Estate
Update on the “In-Lieu Fee Mitigation Program” for shoreline projects at Lake Chelan
I received an e-mail from Mike Kaputa, the Director of the Chelan County Natural Resources Department, yesterday about happenings on shoreline...
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Are Private Transfer Fees the Developer’s tool for more affordable housing?
Private Transfer Fees are fees that are required to be paid each time a property is sold at closing. The transfer fee is attached to the property as...
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New Federal Program could put downward pressure on home prices
A new Federal Program aimed at mitigating the “foreclosure crisis” is scheduled to start April 5th. The program pays those behind in...
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NWMLS sees Northwest Real Estate Market Recovery
The Northwest Multiple Listing Service, which covers 21 counties in Washington and has over 24,000 agent members, believes the market performance...
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Washington State Leading among states with high bank failures!
Washington State has had more bank failures than any other state so far in 2009 with Rainier Pacific in Tacoma being the fourth bank in Washington...
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A visual look at where the TARP money went!
Curious where all that $787 billion in TARP funds went? So were the people at www.visualeconomics.com.
The put together this detailed look at TARP. ...
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Boeing: “Any workplace is not an entitlement”
The Seattle Times has an article where they interviewed Jim Albaugh, chief executive of Boeing Commercial Airplanes on Monday. He said that the...
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Lake Chelan Real Estate Sales up through February!
The Lake Chelan Residential Real Estate Report is out for February! The news is not nearly as dismal as the national news has been so far. Year to...
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On the bright side, Warren Buffet predicts housing problems history in a year
Warren Buffet of Berkshire Hathaway fame predicted on Saturday that the problems in the housing market will all be behind us in a year.
[Within] a...
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Nationally, existing home sales fall, construction spending drops and the home buyer tax credit struggles
The NAR reports existing home sales fell 7.2 % in January to levels not seen since June. The results were well below what analysts expected for...
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Another informed View on what may be coming down the pike, in real estate and beyond!
Brian Brady, America’s Number 1 Mortgage Professional and bright guy, posted his thoughts on where we may be headed on Bloodhound Blog today. ...
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Time to think of the future of your Adjustable Rate Mortgage
The Federal Government is planning to start phasing out their supports for mortgage backed securities this spring. That means only one direction...
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Case Shiller indicates slowing momentum in the housing market
The latest Case Shiller report showed slowing momentum for the housing market at the end of 2009. That report is causing confusion among analysts...
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Will the Home Buyer Tax Credit be renewed for a third time?
It’s that time of year. With 10 weeks yet to run on the current home buyer tax credit, lobbyists are descending on Washington to see if they...
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Crystal View Estates Applies to Expand Marina
Crystal View Estates had applied for a marina expansion with the City of Chelan. The plan shows expansion from a 20 slip marina to a 118 slip...
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King County Property Taxes going down!
Death, taxes and taxes always going up all seem as sure as the sun rising. Of course, home prices always went up as well!
With the change of that...
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The ease of cheating the First Time Home Buyer Tax Credit, and other stimulus tax credits
I posted on Bloodhoundblog.com about the ease of cheating on the stimulus tax credits. Here’s an excerpt:
Incredibly, the IRS cannot do a lot...
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San Juan Islands a gauge for trouble in the Pacific Northwest Vacation Home Market
Lake Chelan isn’t the only market for vacation home buyers from the Puget Sound area. The San Juan islands have also been a great market for...
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Another Reason Now is a good time to get your Real Estate Business Done
According to the Wall Street Journal, there are indications that home price reductions are stabilizing a bit right now. That’s good news for...
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Wenatchee Real Estate and Homes Sales Report for January 2010
The January Snapshot report from Pacific appraisals is now available.
Sales volume by units is on pace with last year, both years saw 24 homes sold....
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Tuscan Village on the South Shore, stay informed here and on Facebook and Twitter!
You can find information on the Tuscan Village project, by Tsillan Cellars on the south shore of Lake Chelan, on the Tuscan Village web site, on...
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The Aquatics Center and Don Morse Park are on the Chelan City Council Agenda tonight!
The Aquatics Center and Don Morse Park are on the Chelan City Council Agenda tonight!
The Aquatics Center folks are going to talk about their final...
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Announcement of 4 day work week from Chelan County Community Development
I received this announcement from Chelan Community Development yesterday afternoon:
—IMPORTANT NOTICE—
EFFECTIVE
MARCH 1, 2010
The...
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Federal Mortgage Market Lifelines Drying Up
If you didn’t know, for over a year the federal government has been pulling out all the stops to keep mortgage rates low. Most of that is...
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The debate on Shoreline Mitigation with Large Woody Debris heats up!
The debate over dock mitigation using Large Woody Debris (LWD) in Lake Chelan is heating up. Large Woody Debris are usually bundles of old apple...
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Scenius by BloodhoundBlog. Echo this scene.
I had heard rumor of this development. It will be interesting to see how it plays out. I expect that if vacation rentals are banned you will see prices in that neighborhood stagnate, much like they do inside the city of Leavenworth. Prices too high for locals, but property not worth buying for vacation owners who also want to rent. I think that demand would then go to Ponderosa which is already on the uptick.
I can see two sides to potential impacts on pricing. Yes, folks who can’t afford property there without renting won’t be able to buy. However, folks who can afford to buy in the area won’t have the high level of nuisance that seems to be part and parcel of having the vacation rentals.
When you further consider that the covenants have never allowed the vacation rentals, and they are a small minority of the properties, there is cleary a market for recreation properties that don’t allow short term rentals.
I have been up there and experienced some of the issues with the short term renters, some of whom are beyond inconsiderate. I would personally pay more for a property that has restrictions against short term rentals. So, for me, the short term rentals detract from the value and utility of the property.
Whether it is a vacation property or a pernament residence, the tradeoff between the ability to use the property for short term income or have reduced nuisance from short term renters is something for any buyer to consider. Again, I see both types of buyers in the market.
I won’t speak to other vacation markets like Chelan or Whistler, but I can tell you how I see it works in Leavenworth. Not being able to right a property on a nightly/ weekly basis detracts from its appeal to more folks than would prefer a rental free zone. Not every vacation buyer wants to rent out a cabin or condo, but most (not some, but most) would like the option. Look at condos in Leavenworth. Those zoned multi-family instead of commercial languish on the market. Houses in Leavenworth’s urban growth boundary also are slower to sell because they can’t be rented. It;s not that buyers need to be able to rent, they can afford it either way. I agree that short term renters can be a nuisance, I just think it will have a long term effect on house values in the neighborhood that some folks might not enjoy.
Leavenworth is a bit different. In Chiwawa River Pines you can snowmobile on the streets to get to the trails and, as long as the residents do it responsibly, the county seems willing to let it continue.
Some of the vacation renters don’t seem to care whether they jeopardize that, or anything else, and in some cases treat the community streets as their own racetrack. It is a hazard and a nuisance, especially at 2:00 a.m.
When it is your neighborhood, and you plan to come back regularly, there is a tendency to be a bit more considerate.
That ability to snowmobile is one of the things that makes the neighborhood so desirable. Putting that at risk doesn’t increase values.
For vacation condos, I completely agree. They do seem to get a better price when you can rent them in a short term fashion. They also typically have on-site management that can prevent some of the problems and parties that absentee landlords in single family neighborhoods couldn’t control if they chose to. Also, as pointed out previously, there are already other neighborhoods that allow vacation rentals. Having one neighborhood that doesn’t is different that having a whole town that doesn’t allow them.
In the Chelan area, single family homes in waterfront neighborhoods that allow vacation rentals don’t sell for any more money than homes in the city where the short term rentals are not allowed. In fact, Chelan is usually considered more desirable. There is one neighborhood in Manson that is relatively very high priced, but there are basically no vacation rentals.
So, since this particular neighborhood has little value to me or my family when it is filled with drunks driving machines at high speeds around where children want to play, I’m just as happy for the people that want to rent their properties to buy elsewhere where rentals are, and have been, allowed.
But, maybe I’m just a little different! It only takes a majority vote of the property owners to change the covenants. If a majority of the owners think they want to allow rentals, they could certainly allow them. However, I doubt the majority of owners there feel that allowing rentals increases the value of their property based on a survey that the board took a few months ago.
As far as the neighborhood, it is unfortunate that a few folks decided they could just ignore the covenants and create a big issue. No matter what is decided, somebody is likely to disagree with the outcome. That makes it a challenging issue to resolve.
With luck, some other folks will weigh in with their thoughts of what might make a higher value neighborhood for them! I sure appreciate the discussion, Thanks!
This will be an interesting test of CC&R’s. I know in my neighborhood, we have a “no commercial business” restriction on the original plat layed out back in the 50’s. We’ve had only 2 nightly rentals in the past 15 years. The first lasted 24 months and the 2nd lasted 36 months, only to be raided and closed down by the police as a meth lab.
When people purchase in our neighborhood, we tell them up front our community does not want nightly rentals.
For those that try, neighborhood yard signs about “no nightly renters wanted” tend to really dampen the enthusiam.
For those of us who live here, one of our major reasons is peace and quiet. We don’t want to me in a commercial business district, which is where nightly rentals belong, and where Leavenworth Zones them.
It seems as though the Ponderosa nieghborhood might be trying to tackle this as well. (more details later.) It sounds like this might be a longer and more complicated discussion than some imagined. I have heard rumors of one owner who no longer has vacation rentals, but instead asks her “friends and relatives” to pay “cleaning fees” in the hundreds of dollars to use her cabin.
[...] thinking about renting out when your family isn’t using it? Al over at NCW Real Estate Blog reports that the community is debating how to enforce a ban on vacation rentals and all other commercial ventures that have been a part of [...]
I am sorry to be redundant but I am just getting involved with this issue and am a little confused. Can you point me to the article in the ccr’s that show Chawawa Pines as a home owners association and not a water board?
Can you also provide me with the details of the voting that took place in order to approve a compliance committee. Perhaps I’m mistaken, but by reading the above I am under the impression that all activity in regards to disciplinary action etc. requires a vote from the majority of the community. Furthermore, I’m interested in understanding what percentage of the community voted on “short term rentals” that compiled a 70% agreement to discontinue short term rentals. Was it over 70% of the total community? Or was it 70% of the people in the community that responded? Because that could be 10 % of the total community which may not reflect the majority of the people whom have or have not an opinion? I’m just trying to understand how this topic became such an issue after living here for 14 years?????
Thanks for your attention to this as I am concerned for the well being of our collective community and fear we are being devisive for the good of the few instead of the good of the many.
Viki McCarty
Vicki, go to http://chiwawariverpines.wordpress.com/ where you can find answers to most or all of your questions.