Economy Exerts “Downward Pressure” on King County Real Estate Prices

"FREE HOMES" (Photo: Photocoyote in our Flickr pool)

The health of the home real estate market correlates strongly with people’s ability to pay their mortgages, so it’s not surprising that three years of chronic unemployment have done little to improve local listings: “King County median home price falls by double digits again,” Eric Pryne tells you in the Seattle Times. As a case in free fall, here’s a top-floor unit in a 1924 brick co-op condo at 13th and Cherry going for $79,900…somewhat less than its original listing of $184,900. (HOA $446, property tax $1,171.)

There are two tiers of homeowners to be concerned with here, the most obvious being those whose foreclosures provide a stream of distressed properties for the market. But Seattle Bubble’s Tim Ellis notes that there’s a larger group now caught in a kind of paralysis:

Most would-be sellers are not “wary of the market.” They’re stuck in their homes. They’ve been “priced in” and simply couldn’t sell even if they wanted to, because they’ve got no equity, can’t afford to take the loss, and aren’t likely to get their lender to approve a short sale.

This situation exerts a negative effect twice, in that the longer they’re locked out of selling, the longer these owners will go before buying their next home.

That doesn’t mean nothing at all is selling, however. Some deals are too good to pass up, Redfin selected the luxury home market as a little ray of sunshine in 2011: “Luxury Real Estate in King County Kept Buyers Smiling in 2011.” Properties going for over $3 million sold at a rate of almost five per month in King County in 2011. (As it happens, The SunBreak’s zip code, 98112, saw the “most $3 million+ sales in 2011.” Thank you.)

That doesn’t suggest that high-end sellers were getting the original prices they were asking, either–just that people who have money are in a better position to take advantage of a good price. Pryne quotes Tony Hettler, owner of John L. Scott Real Estate offices south of Seattle, saying that there’s been a “huge drag on what I refer to as real-people sales.”

Distressed prices have brought out bargain-hunting investors, but that pool of buyers is necessarily smaller than that of people who are shopping for their own home. (It’s more difficult to buy distressed properties, and because these are often not in “move-in” condition, they can require an additional investment of time and money to make them habitable.)

King County is seeing increased sales percentages, comparatively, because the inventory of homes is less than it would be, if everyone who wanted to sell were free to. Banks are no more interested than underwater homeowners in dumping properties onto this market, even though you could argue that pre-bubble sanity has returned to home prices, and it’s time to sell to eager buyers.

Let’s check back in spring, then.

What We’re Hearing This Month: Classical Music Picks for January 2012

2012 is only a week old, but Seattle’s classical music scene is off to a fantastic start for the year with dozens of events around the city. Classical music critics Phillippa Kiraly and Dana Wen weigh in with their picks for this month.

Jan. 13 & 14 – Pacific Musicworks presents a semi-staged performance of Carissimi’s opera The Prophets at St. James Cathedral. This is a rare chance to hear a rare work with a stellar cast.

Jan. 14 – 28 — Seattle Opera performs Verdi’s Attila at McCaw Hall, with the great bass John Relyea in the title role. Experience a modern staging of one of Verdi’s early operas.

Ingrid Matthews and Byron Schenkman

Jan. 20 – Who doesn’t love Latin music? Viva la Música at Benaroya Hall features pianist Arnaldo Cohen and the Seattle Symphony performing works by Latin American composers.

Jan. 26 & 28 — Pianist Marc-André Hamelin joins the Seattle Symphony for Chopin’s Second Piano Concerto. Also on the  program is Schubert’s “Unfinished” Symphony and a world premiere of a work by Nico Muhly.

Jan. 27 — Marc-André Hamelin and members the Seattle Symphony present a program of Russian quintets at Nordstrom Recital Hall. This is a chance to hear pianist Hamelin performing chamber music.

Jan. 27 — Now in its second season, Seattle Modern Orchestra explores the theme “Layers of Time” at Cornish College of the Arts’ PONCHO Concert Hall.

Jan. 28 — Seattle Baroque Orchestra presents Common Ground at Town Hall, featuring Ingrid Matthews and Byron Schenkman, two  of Seattle’s best early music performers. The duo will play a program of inventive 17th century music with repeating bass lines.

Jan. 29 — Innovative string quartet Brooklyn Rider returns to Town Hall with works by Beethoven, Philip Glass, and John Zorn.

Classical Music on the Cheap: Opera at the Library

Classical music often gets a bad rap as being a status symbol for the wealthy.  There’s a popular misconception that classical concerts are prohibitively expensive affairs attended by snobbish rich folks. Author and classical music critic Alex Ross sums it up well in his recent post in The New Yorker‘s arts & entertainment blog:

If popular stereotypes about classical music held true, the genre should have had no social or political relevance in 2011, one of the darkest and angriest years in recent American history. Classical music is, we are given to understand, the playground of the one per cent, the province of the super-rich. When concerts are depicted in the movies, you see élites in evening wear gazing snootily through archaic eyewear at misbehaving interlopers.

In reality, the price of a Seattle Symphony or Seattle Opera ticket is comparable to a seat at a rock concert or sports event. There are also plenty of free and nearly-free classical concerts that are every bit as exciting as the high-profile celebrity recitals and opera productions. Discounts and deals on tickets abound. Classical music is actually quite accessible to everyone–you just have to know where to look.

In this new monthly series, “Classical Music on the Cheap”, I’ll explore different ways of enjoying classical music in Seattle without breaking the bank.  So whether you’ve resolved to spend less, get out more, or expand your musical horizons, be sure to check out Seattle’s vibrant classical music scene this year.

This month, I head to your local branch of the Seattle Public Library for a free preview of Seattle Opera’s production of Attila, the 1846 opera by Giuseppe Verdi. The previews began this week and continue through next week in preparation for the opening night of Attila on January 14. Several branches around the city will be offering previews, which feature a lecture, musical excerpts, and video clips. Learn about the history and story of the opera and get a behind-the-scenes peek at the Seattle Opera production.

If live music is what you’re after, SPL’s Central Library hosts a free monthly concert series presented by the Ladies Musical Club of Seattle. This month’s recital is on January 11 at noon and features works by Rachmaninoff, Mendelssohn, Czerny, and Arutiunian. Violinist Candice Chin, clarinetist David Frank, and pianists Jim Whitehead, Risa Jun, and Yelena Balabanova will perform. If you work downtown or on First Hill, this concert series offers a great excuse to get out of the office at lunchtime. The Ladies Musical Club also offers free concerts at other Seattle venues, including the Seattle Art Museum, the Frye Art Museum, and local retirement communities.

The Central Library also hosts other free concerts and musical events from time to time.  Check the Central events page for a schedule and more information.

Pizza Parlor Friday Holler: Queen Margherita

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Insalata mixta: mixed greens, cherry tomatoes, toasted pecans, and crumbled gorgonzola drizzled with a delicate balsamic reduction vinaigrette

Olive Miste: an assortment of olives (with a little chili in the oil) served with homemade bread

Queen Margherita pizza: with Buffalo mozzarella, San Marzano tomato sauce, fresh basil, and extra-virgin olive oil (here with a little prosciutto on part of the pie!)

Dattero pizza: with dates, gorgonzola, prosciutto crudo, fresh mozzarella, and a drizzle of balsamic reduction

Another view of the Dattero pizza

Puttanesca pizza: with San Marzano tomato sauce, anchovies, Gaeta olives, capers, garlic, chili flakes,and shaved grana padano cheese

A look at a Puttanesca pizza slice

Chef Devin Dukes is rolling in the dough

Pizza-spinning (just for show, as it's not the recommended way to handle the dough)

Tending to the pizza oven

Pizza di Nutella: pizza crust slathered with a chocolate-hazelnut spread (Queen Margherita also serves D'Ambrosio gelato, including the delicious pistachio flavor!)

National Pizza Month may officially be in October, but with professional football playoffs about to begin, I’m moving it to January. [ETA: Actually, I just learned that the second full week of January is National Pizza Week. How convenient!]

I’ve tackled Queen Anne area burgers before, and now it’s time to search for some pizza within easy reach of the hill. I’ll feature one place each Friday of the month, looking for a little variety.

Eating excursions rarely take me west of Queen Anne, but when I heard good things about Queen Margherita in Magnolia, I had to give it a try. Margherita of Savoy served as Italy’s queen from 1878 to 1900, and legend has it that the Margherita pizza–made with red tomatoes, green basil, and white cheese (in honor of the Italian flag)–was named after her in 1889. Since fall 2010, she’s had this hidden gem named after her as well.

Queen Margherita is the type of neighborhood restaurant where it seems everybody knows your name. Visit more than once, and I’m sure owner Corino Bonjrada will take notice of you. When he’s not working the dining area and helping with service, he’s watching with pride as Devin Dukes prepares pizzas. These Neapolitan-style pies are made with Caputo Tipo 00 flour (silky smooth) from Italy, with the dough aged several days to ferment and develop the gluten. The pies go into a wood-fired oven (made in Naples) that reaches temperatures up to 1200 degrees, spending just 45 to 80 seconds to cook.

The pizzas are delicious. Neapolitan style means they are a slightly soft in the middle, with crisp crusts that have nice air bubbles. There are many pizza options on the menu, from the namesake Queen Margherita (great with Buffalo mozzarella) to the Puttanesca (briny and spicy) to the intriguing Dattero (with dates, gorgonzola, prosciutto crudo, fresh mozzarella, and a drizzle of balsamic reduction). As Bonjrada told me, pizza is “the most amazing and yet simple thing.”

See the photo gallery for shots of the pizza–including a special dessert pizza–along with some side dishes and a glimpse of the pizza-making.

Shut up. Tolls are AWESOME.

After a week of tolling 520, the bellyaching just won’t stop from people whining about having to pay to cross.

I, on the other hand, LOVE it. (And not just because I come from a state where there are TEN turnpikes.) Let me count the ways:

  1. The days of 90 minute HELL COMMUTES are essentially over. If there’s zero traffic whatsoever, it should take me under 20 minutes to go door-to-door home-work. On a good day, it took 40. On a bad day… I was wasting an hour of my life staring at the SUV in front of me with the “Send Obama Back To Kenya” bumper sticker plastered indelicately next to their “GOOGLE RON PAUL ’08” slogan. My travels this week, though, have been, well, magical. Would I pay $7 to drive the speed limit for 2/3rd of my commute? You bet I would.
  2. It’s forcing people to actually question whether they need to drive to work. All week there’s been whining about how full the Seattle-Bellevue buses have been. But that’s a good thing. More bus usage means more fares, and more fares means demand for more Sound Transit and Metro service across the lake. And imagine how much easier it’d be if we just had light rail to Bellevue and Redmond.
  3. In a state with a libertarian streak, tolls force the libertarians to confront an actual libertarian policy. Now, mind you, we’re not ceding the bridge to a private company to run and maintain like a good GOOGLE RON PAUL supporter would demand, but tolls are the sort of things libertarians love–use fees. We’re charging people to use the bridge instead of just apportioning the money for the replacement bridge of our dwindling state coffers. Of course, were you to believe the mouthbreathers commenting on the Seattle Times, this is a Grave Injustice that Must Be Stopped. And yet these are the same people who refuse to raise taxes to pay for it, demanding that people who use the bridge pay for it themselves. And then when it turns out that they’re the ones who have to pay for it, well, heads a-splode.
  4. It seems to be clearing up I-5 traffic, too. No, seriously.

Now, none of this will last. Eventually the shunpikers will break down and start taking 520, people will grow weary of the bus, and the traffic will rise again on 520. But at least for this winter and spring, there’s never been a better time to commute from Seattle to the Eastside if you have the coin (or a company-subsidized bus pass). It’s turned one of the biggest reasons NOT to work across the lake into, well, a lot less suckier a commute.

State Supreme Court Demands “Ample” Education Funding, But Careful What You Wish For

Interim Seattle superintendent Susan Enfield says won't stay, thereby making herself a pearl of great price.

Here is the nut graf from the Washington State Supreme Court’s 79-page decision that the state’s funding of public education has fallen to unconstitutional levels. (In point of fact, the state constitution does say: “It is the paramount duty of the state to make ample provision for the education of all children residing within its borders, without distinction or preference on account of race, color, caste, or sex.”) Finds the court:

The word “ample” in article IX, section 1 provides a broad constitutional guideline meaning fully, sufficient, and considerably more than just adequate. Ample funding for basic education must be accomplished by means of dependable and regular tax sources. The State has not complied with its article IX, section 1 duty to make ample provision for the education of all children in Washington.

Pointedly, the justices remark: “This court cannot idly stand by as the legislature makes unfulfilled promises for reform.” Senate Majority Leader Lisa Brown shot back that “the Supreme Court could help out the Legislature by taking a closer look at the constitutionality of a citizen initiative that forces lawmakers to get a two-thirds vote on any tax or fee change,” reports Tacoma’s News Tribune.

Of course, the state constitution refers only to primary and secondary education. The state has been making great strides in getting out of postsecondary education completely. “In 1993-94, resident tuition at the University of Washington was $2,532. By 2003-04 it was $4,863. This year, it is $10,574,” writes Jamie P. Merisotis in a Seattle Times editorial (“Solving Washington state’s education and economy paradox“). “By some measures, state funding for UW has decreased by 50 percent just since 2009.”

Here in Seattle, you could argue, education funding has indeed been ample–the Seattle School District spent about $420 million in 2005-06, an amount that had risen to almost $531 million by 2009-10. (Last year’s budget called for more than $566 million.) The question remains, How well is the school district spending its money? The Seattle Times just reported on an Elway poll that asked 400 respondents how the district was doing: “Seattle residents are pretty happy with the school in their neighborhood and very happy with its teachers, but they’re less sure about the leaders of the city’s public-school system.”

However: “By a margin of 52% to 40% public respondents said they were at least somewhat satisfied with ‘how Seattle Public Schools spends the tax dollars it receives.’ The findings may carry more or less weight with you when you read that only 45 percent of those polled from the “community” had a child in a Seattle public school, or had had one graduate from one, but one thing was clear: An overwhelming majority wanted the district’s focus to be on better classroom instruction. So adding over $100 million to school coffers over that 5-year period either wasn’t enough–or wasn’t wisely used.