Dec 31, 2009

Homebuyer tax credit workshop

The Home Realty Everett South Office is hosting a free informational workshop on Jan. 14, from 6:30 to 8:00 p.m. It will be at 12811 Eighth Ave. W., C201, Everett. Tom Lasswell, a certified lending advisor and regional instructor, will be there to review and explain the first-time homebuyers tax credits currently available and answer financing questions. The status of the local real estate market for buyers and sellers will also be discussed. Call Denise at (425) 931-8497 to reserve a seat.

Dec 24, 2009

Colliers International

Colliers International named Mark Zehner senior managing director of its U.S. property management division following the recent hiring of Mike Kent as president of U.S. operations. Zehner will report directly to Kent and will be based in Los Angeles. Zehner will primarily work with banks and other lenders who have amassed new properties and portfolios due to the economic downturn. Derek Doke joined the Bellevue office as a senior vice president to lead the Colliers Commercial Condominium Real Estate Group. He will help property owners subdivide spaces into individually saleable condominiums. This gives landlords more options in selling properties and gives tenants the chance to become owner-users.

Real Estate Mortgage Market Litigation

A seminar on “Real Estate Mortgage Market Litigation” will be offered Feb. 11 at the Renaissance Seattle Hotel. The Seminar Group said troubles in the mortgage market will mean a lot of litigation in the future, with investors suing lenders, and borrowers suing lenders, brokers and title companies. Call The Seminar Group at (800) 574-4852 for more information.

Bremerton Housing Authority

The Bremerton Housing Authority will move its offices from Westpark to the Wheaton Business Park in east Bremerton at 4040 Wheaton Way in April of 2010. This will consolidate functions now in different locations. BHA's offices have been in Westpark since 1941. The old central administrative building at 110 Russell Road is slated for demolition in 2010. BHA's computer lab will move to a permanent location in 2012 when the next phase of construction is completed at Bay Vista. The lab will be located in The Summit, an 83-unit apartment building that will break ground next spring.

McQuaid Commercial

Noah Klika of McQuaid Commercial announced the sale of a 14-unit apartment building on Capitol Hill for $1.6 million. The property was sold by local owners whose family had owned it for decades. The buyer is a local investor. Klika said the GRM was 10.5 and the CAP rate was 6.08. The units average about 450 square feet so the price per net rentable foot was about $250. The buyer secured new fixed-rate debt in the amount of $650,000 (paying $950,000 cash down) from US Bank. Klika said the buyer and seller completed the transaction as LLC entities and prefer to not disclose their names.