Hiking Yellow Aster Butte

October 2023 is here. You made it! The best is yet to come. Let's move forward together.

Yellow Aster Butte I spent Day 1 hiking relentless switchbacks in cold misty rain. But the next day was worth it. It was like being on another planet, or another realm. Breathtaking everywhere I looked.

"What??? So WHO exactly owns this land?" Or... "Why it pays to have a smart real estate agent".

Purchasing Real Estate is a big deal. What happens when you encounter a wrinkle? Previous clients referred the quick-witted K to me because they trusted my intelligence and ability to communicate key issues. Here's a 30 second discussion of the tricky land lease in the West Queen Anne Condo building. Congratulations, K!

West Queen Anne 1401 5th Avenue West, Unit 203 1 BD 1 BA 1120 SF $617,500

K: Matthew, what's going on with this condo? What would I actually own if I bought it? Matthew: Let’s take a step back so we get the full picture. K: You always say stuff like that. Why do you always take a simple question and make it complicated? Matthew: My kids ask me the same thing. But in this case, it is complicated. Here’s the deal. In any condo, you own "from the drywall in” as an individual. Everything else, like hallways and elevators, is shared ownership because you are part of the Homeowner's Association. K: That’s not so hard. Do you think you’re the only smart person in the room? So the same principle must apply to the land, right? Let’s move on. I’m a busy person. Matthew: Well, here's the kicker. In most situations, that’s right. But in this situation, the land is owned by the Seattle School Board and leased to the Condo Association until 2082. K: That's a hell of a plot twist! What if they want it back? What are you trying to sell me here? Matthew: Well, I made some phone calls. It turns out the lease money funds programs at existing schools. It would be extremely expensive and inefficient for the District to buy back the land, convert all the condos into classrooms, and lose the easy funding they have through the lease. K: Hmm… that helps, but I’ve seen things more surprising than that in my time, I assure you. I want something in writing. Matthew: Yes, and I wouldn’t have it any other way. Let me show you it to you in writing, right here on the title recorded at the County: if they want it back, they have to buy the land at market price, plus improvements--meaning, your condo. You are protected. K: So… it’s okay for me to buy this place… I’m safe? Matthew: Yes, if you want it, buy it. You’re safe. I’m honored to give you and your friends the same level of diligent service as my dear friend K. K was referred to me my two previous clients. Thank you, L and S / S and N! Congratulations on your purchase, K!

(And here it is in writing.)

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Millennial Real Estate Humor

Click the image for 30 seconds of Instagram fun with my Millennial clients. By the way, I have found this generation to be savvy, collaborative, and focused. I love working with them. Thank you for referring them to me. For some of you, these are your kids. For others, these are your friends! Don't forget to follow me on Instagram for more informative and occasionally humorous content.

Headlines ... and my Response.

Institutional Investor "Invitation Homes" is selling homes which have appreciated more than 4% and getting 5% interest on cash. (Fortune) (Matthew: An unexpected case of rising interest rates actually adding inventory to the market. This could be significant if it becomes a trend.) As Fed raises rates, mortgage rates to go highest level in 23 years (CNBC) (Matthew: Buyers are putting on the brakes. This creates a huge buying opportunity for people who can re-allocate portfolios and buy in cash. For buyers getting a loan, you're doing the following: either negotiate price down with the seller, get seller to buy down rates, or try to time the market for the sweet spot when rates have dropped some, but the pool of buyers on the sideline has not yet re-entered the market. Contact me today

Is there anyone in your circle that I should be talking to? Refer them to me. I am always helpful, never aggressive.

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Matthew Koenig Lic. Realtor® M: 206.234.5574 matthew.koenig@compass.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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