Off to Foxwoods

Larry is off to Foxwoods again. He won another $10,000 seat and plans on using that to buy into smaller seats and then end up at the big table. He will be there, but you know he never stops working, so keep those East Coast hours in mind from October 30th through November 15th. Marta is traveling with him and she is always available to help. You can email her at marta@LJHoff.com.

Burien Investment Opportunity

Single Tenant NNN Property in South Seattle/North Burien. SOLID tenant with three locations. 6 cap rate with rent increase to fair market value in June, 2009. 13,167sf building on half-acre lot. Please visit LJHoff.com for our listings link. $1,400,000

Baja Cantina - A Great Sequim Opportunity

The Baja Cantina Restaurant and Bar offers so much for the investor. It has built-in clientele as well as a great facility for catering and events. The locale is set on the busy Washington Street thorough-fare in the heart of Sequim, offering high traffic and great visibility.

For more details visit LJHoff.com and select "Our Office Listings" link.

Our Mascot is NOW Officially our Mascot

There was much debate between the walls of Larry J. Hoff Realty as to Waldo playing a larger role in our marketing efforts. There was the argument that animals should not be part of selling real estate. But the other side beckoned that since Waldo joins Larry on most of his appointments, it was only appropriate to include him in the team marketing efforts. So alas, the rebutters accepted their lot. Of course, let it be known that the anti-Waldo efforts were never directly against the cute puppy himself. After all, those big brown eyes of his are irrefutably adorable. - So, as you can see, Waldo now christens Larry's marketing photo.

Best in Client Satisfaction

An independent survey was taken in King, Pierce, Kitsap and Snohomish Counties. Out of 14,000 Agents, we were voted to be in the TOP 900 for BEST in Client Satisfaction.— It has been an honor to work with all our clients and we plan on keeping our standards high. Look for our listing in Seattle Magazine’s December issue!

Larry Wins Another Round

Larry won another Poker tournament, which got him a seat in another big game. He loves how playing poker and selling real estate intertwine...you have to know your competition, be patient, and even if others are unethical you can be honorable and still win.

Co-Op Housing for Middle Class

Housing Co-ops
Cooperative housing can provide an affordable alternative, plus the chance to build up equity.
Formal housing cooperatives, or co-ops, have become a vital component of urban housing in the U.S., particularly since the 1960s. Today, more than 1.5 million American families live in co-ops ranging from low-income apartment buildings to luxury town homes to entire housing communities. When you buy into a housing co-op, you buy much more than four walls and a roof -- you buy into a way of living and a ready-made neighborhood. In fact, you don’t actually buy the four walls and roof of a co-op home. What distinguishes buying a co-op from purchasing other forms of real estate is that you are buying shares or membership in a cooperative housing corporation. It is the corporation that owns or rents the real estate. Unlike standard rental housing, however, your monthly share loan payments help you accumulate equity in your co-op share. And, generally speaking, buying a co-op share is more affordable than buying real estate, which makes it an attractive choice for those with limited resources. Getting a share loan Share loans are available through banks and credit unions in much the same manner as standard mortgages. They are also known as co-op mortgages, co-op apartment loans, or end-unit financing, depending on where you live. In order to qualify for a share loan, lenders typically expect you to make a down payment of five to 10 percent of the purchase price. Like a mortgage, the loan is then amortized over a period of years, and each month you pay back the loan with interest.
Are there other fees? Closing fees are lower for share loans than they are for mortgages. The sale is treated as the transfer of personal property (the stock certificate or cooperative ownership contract) rather than the transfer of land, so land transfer taxes do not apply. You should expect to pay additional monthly fees, however, for maintenance, similar to the way condominiums charge monthly fees. The fees vary according to the co-op, and may also include insurance premiums, utilities and real estate taxes. The good news is that even though you aren’t paying the real estate taxes directly, you can usually still deduct your share of the tax payments and mortgage interest on your personal income tax return. (Consult a tax advisor about your situation.) There are three types of housing co-ops, each with slightly different characteristics:
Market-rate housing cooperatives: Buying into this type of housing co-op is the most similar to buying a condominium or single-family home. The share price is determined by fair market value. Accordingly, this type of co-op has the potential to allow you to build up the most equity.
Limited-equity housing cooperatives: In a limited-equity housing co-op, there are restrictions on the amount sellers can get for their shares when they leave the co-op. The co-op housing corporation places these limits in order to ensure the housing remains more affordable. Members benefit by receiving below-market interest rates on loans, breaks on real estate taxes and other cost-saving measures. The co-op bylaws may also set a maximum income limit for new members as a method of ensuring the housing is accessible to families in need.
Leasing (or zero-equity) cooperatives: In the case of a leasing co-op, the co-op housing corporation doesn’t actually own any real estate, but rather, leases it from an outside investor. As a result, it doesn’t build up any equity. In some case, if the property eventually comes up for sale, however, the corporation may buy the property from the investor and convert the co-op into one of the other two types of cooperatives.

Green Housing Trends

Here’s a look at the green housing trends you ought to know.

Copper roofs.
Copper and copper alloys, such as brass and bronze, are showing up on roofs, entryways, facades, gutters, and downspouts. Despite being quite pricey to purchase and install, they’re seen as a good long-term investment because they tolerate inclement weather. “A copper roof that’s installed properly will last beyond 100 years versus a composition roof that may last only 30 years,” says Ken Geremia, manager of communications for the Copper Development Association in New York City. Copper elements also can be completely recycled, so you’ll never find them left on a site or plowed under a foundation, says Geremia.

Timber framing.
Timber framing requires significantly less lumber than the traditional “stick-built” housing and almost always incorporates superior insulating panels (SIPS), which keeps heat and air conditioning from escaping the house. There’s less waste when large timbers are used, compared with conventional construction that produces sawdust and waste every time a 2-by-4 stud is planed, says Frank Baker, president of Insulspan and Riverbend Framing, part of PFB Corp. in Calgary, Canada. In addition, less energy is needed to power machines and kiln dry wood because timber framing uses freshly cut wood, he says. Timbers are prefabricated and arrive at the building site ready to be assembled, paring construction waste. Costs vary according to finishes selected, just as they do with stick-built housing.

Windows that beat the heat.
Low-emittance (Low-E) windows, doors, and skylights offer natural light while blocking the sun’s UV rays that heat up the inside of a home, sometimes necessitating air conditioning. The special low-E glazing also stops the sun from fading fabrics, wall coverings, and artwork. When shopping for low-E windows, find out what percentage of rays are blocked by checking the UV label on the glass, advises Rod Clark, product marketing manager for Jeld-Wen Windows and Doors in Klamath Falls, Ore. Most low-E products block 70 percent to 90 percent. Next, examine the glass for clarity. “Most people want glass that’s clear rather than with a slight tint or color,” he says. Though some manufacturers may tout triple over double glazing, Clark says it’s usually more than you’ll need.

Rainwater holding tanks.
Capturing rainwater and storm runoff helps reduce the burden on local sewer systems and captures water that can be used in other ways, such as for watering the yard or flushing toilets. In the National Homebuilder Mainstream GreenHome, a 4,000-square-foot demonstration home being completed in Raleigh, N.C., a rainwater cistern and detention tank system will show that 95 percent of stormwater on a site can be recycled, reused, and absorbed. The rainwater cistern will collect water from the roof and gutters, filter it multiple times, and direct it to indoor plumbing, the laundry, and the sprinkler system. Overflow from the cistern will be funneled into inexpensive detention tanks to be absorbed gradually back into the ground.

Chemical-free lighting.
LED lighting (LED stands for light emitting diodes) is a semiconductor that emits light when an electric current is applied. One big advantage: It contains no hazardous chemicals like other lighting does. For instance, compact fluorescents contain mercury and incandescent bulbs have gasses that hurt the ozone layer. In addition, an LED fixture uses 80 percent less energy than a traditional incandescent light bulb and has the ability to last up to 20 years, says Ron Lusk, chairman, president, and CEO of the Dalllas-based Lighting Science Group Corp., the first company to market a high-output, dimmable, Edison-base white-LED light bulb. LED bulbs also provide quality crisp light that shows colors in a natural palette, Lusk says. The downside: the initial cost. A typical 40-watt LED light will run about $39 while an incandescent light will cost $4 to $5, Lusk says. He believes that prices will come down as more businesses and home owners switch, as power companies offer better consumer rebates, and if the government makes the purchase of these energy savers deductible.

Green toilets.
Water-conserving toilets can boost your budget while also helping the environment. “Make smart choices in choosing products throughout your house, and you can save 30 percent to 50 percent on your annual water bill,” says Ori Sivan, co-owner of Greenmaker Supply Co. in Chicago, which sells environmentally sensitive building products and materials. New green toilets conserve water in different ways: low-flow toilets use about 20-percent less water per flush, dual-flush toilets with two buttons give home owners the option of flushing with a half or full tank, and pressure-assist toilets reduce water usage by half and yield a powerful whooshing sound, says Sivan. Toto’s Aquia dual-flush toilet with a soft-closing seat (pictured at right) costs $300, comparable with other quality toilets, Sivan says.

Solar orientation.
Face a home or an addition in the right direction and build it with the right materials, and you’ll reduce the amount of heat and cold that enter from the outside. That’s what home owners Ross and Tami Bannister did with their new T-shaped farmhouse (pictured at right) in Grapevine, Texas. They wanted the look of a 19th-century structure, but the functions of a modern-day green structure. When completed this September, the 2,300-square-foot house will be a demonstration project for the U.S. Department of Energy’s Building America program. The Bannister’s farmhouse was built near the back of its lot in a north-south direction to take advantage of prevailing winds that come predominantly from the south. The home has deep porches on the east and west to shade the home from the harsh summer sun. Large pecan trees provide more sun protection. In addition, the roof is insulated with a new DuPont product called AtticWrap — a breathable membrane that creates an airtight seal to reduce air leakage. The house also has low-E windows.

Induction cooktops.
Unlike traditional cooktops that heat up the cooking surface, the coils of an induction cooktop release their energy directly to the pot or pan and its contents. That means less energy is diffused in the cooking processes. It also means that the cooktop surface remains cool to the touch, making it less likely that cooks or kids will burn themselves, says Amir Girgis, managing director of Diva de Provence, a company that first produced induction cooktops for restaurants and has manufactured them for home chefs since 2002. The company’s 30-inch and 36-inch cooktops will be joined by a 36-inch induction range this fall. The technology still is more expensive than comparable quality electric and gas appliances, though home owners should see energy bills eventually drop. Cooks also must use pots and pans with a ferrous metal base, says Girgis.

Geothermal heating and cooling.
Instead of using a traditional furnace that heats or cools air and emits carbon monoxide during the process, geothermal pumps are filled with water and glycol and rely on the earth as a heat exchanger. In winter, the system sends warm air into rooms; in summer, it brings cool air. Though the initial cost is twice as much as a traditional heating and cooling system, the payback comes five years down the road when you start reaping the benefits of much lower heating and cooling costs, says developer Ron Fleckman, president of Cyrus Homes in Evanston, Ill. His company is building 40 townhouses in Evanston’s Church Street Village development, which uses a geothermal system and other green elements. It is one of the first communities nationwide to test this type of construction. “Because the cost of natural gas is climbing, the payback will be quicker,” he says. Home owners can also retrofit an existing house with this system.
Attic heat blocker.

TechShield roofing panels,
Produced by LP Building Products in Nashville, stop the domino effect of inefficient roofing material. Poorly insulated roofing lets radiant heat into the attic, which then spreads throughout a home and requires the owners to turn on the air conditioner. By contrast, TechShield blocks up to 97 percent of the radiant heat, reduces the attic temperature 30 degrees, and cuts energy consumption and carbon gases as a result. “You can cut monthly energy bills by as much as 20 percent,” says Rusty Carroll of LP Building Products. The panels are made of a thin layer of aluminum foil laminated to OSB (oriented strand board) roof sheathing, which is made from fast-growing trees, and installed in the attic of new construction. The panels are used in conjunction with insulation rather than as a substitute, Carroll says. He recommends them both for houses in the South and Sunbelt where rays are strongest. A 3,000-square-foot house might cost $1,000 to $1,500 to outfit with the panels.

Reclaimed wood countertops.
Fast-growing plants like bamboo, and already-cut woods that aren’t being used, find new life as gorgeous countertops thanks to entrepreneurs like Ken Williamson, founder of Atlanta-based The Craft-Art Co. The wood he uses is readily available and comes in many variations of color and texture, from antique heart pine found in shuttered Southern mills and old dilapidated farmhouses, to red oak and Douglas fir just waiting to be recycled from the bottom of pickle vats. To keep the countertops looking their best, Williamson uses a clear, organic tongue-oil varnish.

Nontoxic paint.
To keep indoor air clean and cut down on landfill pollutants, many consumers are using paints that don’t contain toxic Volatile Organic Components, or VOCs. These paints come in a variety of colors and finishes, and are offered by mainstream paint companies, from Sherwin Williams to Benjamin Moore. But for a more unique look, check out Italian-made Oikos paints, which come in 26 unusual finishes such as Venetian Stucco, Velvet, and Pearl.

Formaldehyde-free insulation.
Building products such as insulation can emit traces of the chemicals they’re made with, which pollutes the air inside of homes. That’s why manufacturer Johns Manville in Denver made the decision in 2002 to remove formaldehyde from its building insulation and duct board. By removing the formaldehyde from its plant and manufacturing facility, the staff isn’t subject to it, and it also improves the environment around our plant so it helps neighbors, says Scott DeShetler, director of marketing and communications for the company.

Smart irrigation systems.
WeatherTRAK controllers automatically adjust watering schedules based on the needs of your landscape and local weather conditions. The system’s “brain” receives satellite data with information about local weather conditions. An additional moisture sensor shuts down the system if it starts to rain when the sprinkler is on. Manufactured by HydroPoint Data Systems Inc. in Petaluma, Calif., the basic model starts at $500 and prices climb to $5,000, based on the number of sprinkler heads. Besides better looking lawns, home owners reap lower water bills and contribute to a healthier environment.

Green furniture.
When old barns, factories, and farmhouses are torn down, their wood can be salvaged for artistic furniture. Eric Mann, owner of New England Country Custom Interiorsin Clinton, Mass., sells furniture made from materials that would most likely end up in a landfill. Mann also works “green,” using solar heat to power machinery to craft his early American furniture reproductions. He also finishes pieces with biodegradable milk paints rather than oil or latex choices. A farm table with a barn-board top measuring 5 feet by 8 feet runs between $500 and $1,500.

Possible Options for The Middle Class

Possible Options for The Middle Class
With the escalating home and gas costs, considering sharing a home with relatives may be a positive solution. Other cultures have seen the benefits of living multi-generationally, and many Americans used to embrace this idea as well. With the onset of the suburbs, individual housing became the norm and the makings of the nuclear family occurred.Now it seems we are in need of the "old ways", joining together as a family in order to succeed.If you can embrace this route, there are several housing options.
1. Split level homes, with kitchenettes on both floors.
2. Duplexes, both side by side or two levels.
3. Larger single family home on one or two levels.

The legal aspects you should consider.
1. Who will own the property? Will it be owned by all parties?
2. Medicaid forces assets to be liquidated. If any of the home's owners needs Medicaid their portion of the home's value will need to be liquidated. (This could be sticky if two owners need the home to live in and the third owner must go into 24/7 nursing care.)
3. We highly suggest you speak with an attorney before you buy.

Eco-friendly Real Estate

With all the news about Global Warming and concern for the environment, we at Larry J. Hoff Realty take a strong stand.

We are staunch investors and supportors of Inter-Steel Structural Systems, which is a structural design system that is used from recyclable materials that are themselves reusable. It is perfect for single family, multifamily, commercial and industrial building. Check out this amazing environmental asset at http://www.inter-steel.com/

We also have some creative bugs in our heads and Cathleen, on our staff, wrote a book called The Recyclables. It is a children's book about how to save the environment and renew the spirit. It is only printed on-demand, so as not to use up tons of trees in useless printing. Read about this exciting, multi-faceted book at http://therecyclablesadventures.com/default.aspx

We use recycled paper for all our postcard mailings, buy recycled paper towels and recycled paper for office use, and of course, recycle the paper we use, even the shredded paper.

This is not a trend with us. We have always felt the responsibility to be good stewards of the earth we were gifted.

Land For Sale

There is still plenty of land for mixed use and residential development in the Puget Sound. From acreage in Port Orchard, all the way north to Lake Stevens. Check out our BUILDERS website link for all the land listings.

The Recyclables - Written by Our Very Own

Our very own Cathleen C. Higgins, has authored a vibrant children's story about faith, friendship and the environment. Visit the weblink below to read about The Recyclables!
http://therecyclablesadventures.com/default.aspx

Realtors Efforts on Behalf of the Middle Class

Realtors Efforts on Behalf of the Middle Class
The Realtor Association has taken great efforts to work with local governments and legislatures to get more zoning for affordable homes closer to work environments. The approach of Realtors, like Larry Hoff, have been to change the housing and land-use elements of local comprehensive plans to clarify that counties and cities designate a sufficient quantity of land for housing needs in order to accomodate growth. The strong focus Realtors have is to get as much of this usage with proximity to a larger employer base than the present suburbs offer. Essentially, thier goal is to lessen the commute times for each homeowner by providing housing closer to jobs.The Realtor Association has created Ad Campaigns as well, to inform the general public that it is trying to create a market where the Middle Class can still purchase.Though the road to accomplishing this is going to be long, it is a worthwhile effort. The Middle Class has always been the backbone of real estate.Look for zoning changes in your area. You might see more homes being built in what used to be business or retail areas.

Senior Exemption Tax Program

Senior Exemption Tax Program
Effective for 2005 and beyond, RCW 84.36.381 grants property tax exemptions if your total annual income is $35,000 or less and if you are 61 years of age or older, or you are retired because of physical disability, or if you are a widow or widower at least 57 years of age whose spouse had an exemption at the time of his or her death. Once you have applied for an exemption and received approval, you need file only once every four years to maintain the exemption. The Assessor's Office will notify you when it is time to refile. The exemption ceases immediately upon the death of the qualified person, unless survived by an eligible spouse. Legislation passed in 1995 also provides that the claimant's assessed valuation is frozen as of January 1, 1995 or January 1 of the year in which the claim is filed, whichever is later.
If you would like to be added to a mailing list for new applications for Exemptions call 206-296-3920 then select option 1 and then selection option 4. You can leave your name, address and phone number.

The ARMS Scare

There has been a lot of speculation just how many homeowners have short-term, higher risk loans (Frequently called ARMS). The fact is that more than one-third of all homeowners in the Seattle area have their mortgages paid off or paid cash for their home. (Seattle Times) This means that homes in Puget Sound should hold their value.

Burien, Alternative to Seattle's High Rents

We have been getting a large volume of calls regarding Burien lease properties. Many clientele are looking for 1000 to 3000sf and are headed to Burien because of the reasonable prices. We just leased another property today on the very active 1st Ave. Even though 1st Ave. is under construction we are not seeing that sway people from heading this way. Being situated in Burien ourselves, we really know the territory.

Our Mascot - Waldo

Here is our mascot, Waldo, providing a tour of one of our listings.
Waldo was brought into the Hoff family this past year and has become quite the listing-guru and deal-closer. No one can say "No" to those big brown eyes.

Senior Advantage Program

We have a program tailored for Seniors. Each month our website has a new article that will help you make decisions about your next move.

Are You Considering Selling? Why?

Housing Alternatives For You.

What are Reverse Mortgages?

Property Tax Credits for Seniors.

These questions and more will be addressed as part of a continuing education program for seniors that we are working on.