SHORTAGE of LOTS, coming our way next!!!

Get ready Builders and Developers...a shortage of lots to build new homes on is coming our way.  I posted some stats below to prove my point.  Really, this is nothing new.  A shortage of lots is the normal trend after a housing slowdown.

-The economic challenges of the past five years have masked a strong
  underlying growth trend in Washington State and nearly all of its areas

-Pierce County still has a large inventory of available land for single family homebuilding and will remain
  a magnet for households seeking affordable homes.

-In the peak year of 2005, over 5,500 single family permits were issued in Pierce County, and this fell to just  1,200 by 2009.  Construction has begun to rebound, with over 1,550 single family permits issued in 2011,
  and a projected 2,000 single family permits in 2012

-King county has 2-3 months inventory of New homes to sell.  Pierce and Thurston counties have
  about 4 to 5 months inventory of New homes to sell.  Meaning that if we stopped building new homes
  today, we wouldn't have a new home to sell a Buyer in 4 to 5 months.  All the New homes would be
  bought up that quickly!

-The federal housing data in Figure 6, supported by sales data, indicate that prices have stabilized at
  2004 levels in Pierce County and at 2005 levels in King and Thurston Counties.

To read the full report Prepared by Michael Luis & Associates for Washington Realtors, go to this linl.....
http://www.warealtor.org/government/leg-session-2013/legday2013/Growth%20and%20Real%20Estate%20in%20Pierce%20County.pdf

Thanks for reading,  Larry

Designed by Bart Prince.
One of my favorite Architects

We are WINNERS

What a GREAT RUSH !!!
Keep our boys pumped up Coach Carroll.
Never, Ever quit Russell.
Work as hard and smart as you can team.
We LUV U !!!

http://www.nfl.com/news/story/0ap2000000284076/article/pete-carrolls-seattle-seahawks-in-nfc-drivers-seat-entering-bye

Our best wishes to the SEAHAWKS

ISSAQUAH HIGHLANDS - Polygon Northwest

ISSAQUAH, Washington — Microsoft has sold 62 acres of land near Issaquah it had purchased a decade ago for a new office campus on Seattle's east side.

The Seattle Daily Journal of Commerce reports (http://bit.ly/15XyrLB) the land in the Issaquah Highlands was sold for $54 million to an investment fund linked to the homebuilder Polygon Northwest.

The land is near a new Swedish Medical Center and the Grand Ridge Plaza, the shopping and entertainment center for the Issaquah Highlands planned community.

---

Information from: Seattle Daily Journal of Commerce,http://www.djc.com/

Also, a special Congratulations to Derek Straight for his involvement with this project.

Pierce County home prices rise again

By Kathleen Cooper — Tacoma News Tribune

Pierce County home prices ticked up again in September, data released Friday showed, continuing the trend it has followed all year.

The median sale price for homes and condos in Pierce County last month was $220,000, up almost 10 percent from the same time a year ago, according to data from the Northwest Multiple Listings Service. At the median sale price, half the homes sold for more than that amount, and half sold for less.

Thurston County prices also increased by 8 percent to $228,497. 

King County’s median price hit $384,925, a 15 percent year-over-year jump.

The Northwest Multiple Listing Service represents 21 counties in Western and Central Washington.

In a news release, the service said September “tested the housing market’s resilience” with changing mortgage rates, record-setting rain and inventory shortages in some areas – mostly King and Snohomish counties.

In the South Sound region, both Pierce and Thurston counties have a 3-4 month supply of available homes – close to the 4-6 months brokers consider to be a sign of a balanced market. By comparison, King and Snohomish counties have about two month’s worth of homes listed for sale.

Dick Beeson, a Tacoma broker, said in the release that the South Sound market is “still speeding along, just not as high and mighty as it was.” He cited lots of uncertainty around monetary policy, job growth, the number of first-time homebuyers and the government shutdown.

Read more at..http://www.thenewstribune.com/2013/10/04/2821110/pierce-county-home-prices-rise.html

Read more here: http://www.thenewstribune.com/2013/10/04/2821110/pierce-county-home-prices-rise.html#storylink=cpy

Timber Frame Barn Home

Here is the latest addition my friend Ted has made to his awesome home......

       Gazebo  Heaven....Party  Central

Just for fun, every now & then I'll show off
a couple new pictures of Ted's famous
BARN  HOME.

Ted is a one-of-a-kind super craftsman
and His unique & creative remodel work
always looks far above expectations. 

DON'T FLIP OUT !!

Don't Flip Out:
Beware the Risk of Artificial Appreciation

Flipping is back!

Home price appreciation has been so rampant, particularly in California and Florida,
that flippers and get-rich-quick scam artists are flourishing again. Just as in
the mania of 2004-06, flippers make money when the party is raging, but inevitably,
someone loses when the party is busted. We are advising our clients in areas with
a high percentage of flippers to take into account the risk of artificial price
appreciation.

Using a wide range of articles on flipping from across the nation, I looked at the
initial prices paid, amounts invested in repairs and improvements, and selling prices
for this anecdotal set of flipped houses. The average net profit after allowing
for expenses - sometimes the property was a major fixer, sometimes the repairs were
cosmetic - was 32%. 


But not everyone is that sharp or fortunate. Smart investors will realize there is more
risk in investing now, given the degree prices have risen due to flippers.

Today, the fundamentals for continued price appreciation are very good in the majority
of markets. However, do not assume that recent successes will continue forever,
and be cognizant of the fact that artificial demand - flippers flipping to other
 flippers is the ultimate artificial demand - can distort your market.

This is another insightful article from John Burns Real Estate Consulting

We are NOT at this point yet in the Puget Sound market.  But,  we should 
be carefully watching during the next  1  to  2  years for the  "Redline"  or 
saturation point.  
Keep your risk low!!!

  
Picture from Kent Clothier.com

Thank for reading our Blog,  Larry Tutino

HOT INVESTMENT OPPORTUNITY #1

Our Latest INVESTMENT OPPORTUNITY

-HOT Canyon Road single family market area !!

-4.92 acres Vacant land

-Location is 14609 58^th Ave E. Puyallup, WA

-Sewer being installed on 144^th St E now for ,Water available

-Possible 13 to 19 single family large residential Lots

-$290,000 purchase price

     -OR-

-Developer Terms !! or Cash for better pricing.      
    $ 45K  down
    $ 30K  progress payment in 1 year
       Close over a year later.

My Mentors have developed 1000's of lots from standard single family up to huge custom homes on large parcels of land. I have been taught by the best in this business and have alliances and

partnerships with many leaders in our industry.

We look forward to adding your company to our much appreciated Client list.

Our best wishes to you and your family,

Larry Tutino

email me .....sellorbuyland@gmail.com