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FOR ALL THINGS REAL ESTATE AND LIFESTYLE ON THE SAN JUAN ISLANDS

Nov 28, 2022

IRS SECTION 1031 – TAX DEFERRED EXCHANGE

IRS SECTION 1031 - TAX DEFERRED EXCHANGE Another popular avenue for funding a real estate investment is utilizing a 1031 tax deferred exchange. During the last recession when appreciation was non-existent there were no gains for buyers and sellers to defer but in the current market, the use of the 1031 has made a strong return. As a 1031 exchange is a handy tool for deferring income tax on the sale of real estate, I thought you might desire more details about the program. A

Sep 21, 2022

Real Estate Market and Your Tax Assessment

All of us Island property owners will be receiving our tax assessment notices from the County in the middle of October. As real estate agents we will be fielding many questions about the statements and new assessments. As you may recall, the State has mandated that our Assessor’s office convert to an annual assessment update cycle versus the cyclical system we were on for years. The current values are for a one-year period only and will be adjusted the next year. Areas of p

Aug 18, 2022

Waterfront Parcels in San Juan County

If you own a waterfront parcel in the County, or hope to purchase one, I have detailed below some items to take into consideration. Historically, waterfront parcels were the most coveted investment in the islands but, due to ever changing regulations, they are now the most confusing parcels to develop. For REALTORs they can be a challenge to sell due to our inability to give buyers concrete answers to their questions while on site. Important Considerations Timing Once you

Apr 2, 2022

Flood Insurance in the San Juans

Most of the waterfront homeowners in the County went through the process of determining if flood insurance is a necessity for their property when they purchased or refinanced. As you may be aware, most of our waterfront properties are designated as being in the flood plain as determined by the current Federal Emergency Management Agency (FEMA) maps. What you may not realize is that a high percentage of the homes and other structures, when further analysis is done, may not ac

Apr 2, 2022

UNDERSTANDING THE VALUATION PROCESS FOR YOUR REAL ESTATE

The definition of “market value” is rather boring sounding when you take into consideration that you are addressing one of the highest value assets that a property owner may have or the most expensive item that a buyer may purchase in their lifetime. Emotions run high when it comes to the selling and buying of real estate. If we all could just buy low and sell high, life would be so much more rewarding. Definition: Market Value is the price a property is most likely to comm

Feb 11, 2021

Self Directed Retirement Accounts For Real Estate

Do you realize that you may use all or a portion of your retirement funds to invest in real estate? Retirement accounts are basically Trust accounts for your benefit when you retire. In the 1970s, the IRS approved real estate as an investment option you can purchase with your IRA or a 401 (K). You may also obtain a non-recourse real estate loan that is granted to your self-directed IRA which will increase your purchasing power. Typically, the lender will loan up to 50% lo

Feb 9, 2021

Corner Stakes and Purchasing Property

Corner stakes are one of the most important components of purchasing real estate, I have learned this over 25 years of selling real estate on San Juan. For the properties that transacted years ago, corner stakes were not a big issue; of course, nor was a water source, or a septic permit or archaeological areas. Times have changed in our rural area and the buyer must know what they are purchasing before they close. To make an informed purchase decision on any type of real est

Feb 3, 2021

Remodeling Homes in the San Juan Islands

While showing property I am often asked, if the home could be renovated and/or increased in size as the lot is perfect but the home is too small or too dated for the prospective buyer. As I have said numerous times, it is still more cost effective to buy existing and remodel than it is to build new construction. With new homes, the cost is $400-$500 per square foot, and it is 20 months before you can walk over the threshold. If you are buying a home that you intend to remode

Jan 6, 2021

Update to Our Internet Connection

Rock Island has been busy for the last 5 years installing the base structure for our fiber and other internet connection options throughout the County. As a REALTOR, I can state that internet reliability is discussed as part of every real estate transaction. Now more than ever, Islanders, as well as newcomers need to be connected and they desire their families to visit and, of course, the children and grand-kids must have their devices. As I understand, there are several

Jan 6, 2021

Are You Considering Selling Your Property?

Thinking about selling your property? You may want to consider researching, collecting and completing the items detailed below. This is not a check list for planting flowers on your porch and painting your front door, you can go to the internet for that information. This list is to prepare sellers in San Juan County for marketing their property. The issues below are for regulatory compliance and contract performance. Attention to these issues will prove beneficial and wou

Jan 1, 2021

Home Inspections and Their Role in the Real Estate Transaction

If you are a buyer or seller, I bet you thought just getting under contract was stressful for all parties but in reality, the home inspection and/or feasibility response and associated negotiations are often the more stressful event. Allowing a buyer to have a home inspection and hopefully a concurrent feasibility study is a very necessary part of the transaction. Seller’s Disclosure form 17 As required by statue, the seller must provide a disclosure about the property. Thi

Dec 22, 2020

Buying Property in the San Juans - Procedures to Purchase

1. Select an Agent to Represent You As you may be aware, all of the brokerage firms on San Juan Island are members of the Northwest Multiple Listing Service; therefore, any of the agents can assist you with any of the properties listed with Coldwell Banker San Juan Islands or other brokerage firms. One of the first steps in purchasing real estate on San Juan is to select an agent to represent you. Ideally you should select ONE agent that you feel will provide you with the lev

Sep 14, 2020

San Juan "No Name" Fishing Derby Video

This video shares how the locals create a derby just to get out of doing chores at the home. It also shows off my fish cleaning skills!! #fridayharborrealestate #MerriAnnSimonson #FishingintheSanJuans #ColdwellBankerSanJuanIslandsInc #fishingderby #rocheharborrealestate #SanJuanIslandLifestyle #SanJuanRealestateforsale

Jul 6, 2020

San Juan County Q2-2020 Real Estate Market Report

The second quarter results, which complete the first half of the year, in San Juan County were extremely good when considering the virus impact. Per the NWMLS, the dollar volume in San Juan County was $118,381,567 with a total of 201 transactions. The numbers reflect a 6% decrease in dollar volume and a 4% increase in the number of transactions as compared to the same period in 2019. For San Juan Island the transaction volume was $56,453,142 with a total of 91 transactions

Apr 8, 2020

San Juan County Q1-2020 Real Estate Market Update

The first quarter results for San Juan County maintained the momentum that was present during the last quarter of 2019. As compared to the first quarter in 2019; the data for San Juan Island, Orcas and Lopez all reflected an increase in volume and transaction numbers for the period ending March 31, 2020. San Juan Island had the largest increases with a 48% increase in transaction volume and a 56% increase in number of transactions. Orcas and Lopez had 11% and 16.5% increas

Apr 3, 2020

Best Homeowners Insurance Companies of 2020

The average American homeowner spends more than $1,200 a year on homeowners insurance. That’s about $100 a month, year after year, for a product most of us will never use. It makes sense to find the lowest rates possible. But get this: The average homeowners insurance claim pays about $16,000 to fix damage caused by wind, fire, hail, lightning, and other perils. If you needed to use your policy, you’d want a company that would come through for you. The $50 or $100 you’d

Feb 22, 2020

Home Projects that Sell Homes Quickly

If you are considering selling your home, you may be wondering what, if any, repairs you should make to increase the chances of getting a good offer. While the answer to that question will depend on the particulars of your home, some renovations provide a more significant return on investment (ROI) than others. And some repairs don’t equate to a specific ROI but increase chances of getting an offer. Evaluating your home If you are listing your home with a broker, they can he

Jan 30, 2020

San Juan Video - Real Estate 2020 with Purple Power

#sanjuanrealestateupdate #MerriAnnSimonson #ColdwellBankerSanJuanIslandsInc #PropertyBuyersinSanJuanCounty #SanJuanIslandLifestyleVideos #SanJuanRealestateforsale

Jan 14, 2020

SAN JUAN ISLAND Q4-2019 REAL ESTATE MARKET SUMMARY

In reviewing the year-end results for 2019, the sales dollar volume for the real estate market in San Juan County per the Northwest Multiple Listing Service was $299,854,773 which reflects a small decrease in volume of 2.3% as compared to 2018 when the volume was $306,903,509. The County closed an average of 37 transactions per month which is 19% below last year. Total volume on San Juan Island in 2019 was $139,593,052 as compared to $132,285,740 in 2018. The increase was

Sep 16, 2019

Excise Tax Increase, Decrease and Shift

There will be a major change in real estate excise tax taking effect January 1, 2020 for the State of Washington. I have provided a link below to the Senate Bill which created this change to a graduated tax rate. The Excise Tax adjustment will affect what the seller pays. In January 2019 the tax went up for the buyers in our County with the addition of the Affordable Housing Tax (Buyer pays 99% of the .5% tax). This new tax revision will equate to a decrease in the Excis