Category Archives: Jennifer’s Community

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31003 14th Ave S #E-20, Federal Way, WA 98003

$130,000

1 bedroom + den/office; 1.75 bathrooms; 831 square feet

Don’t miss this opportunity! Enjoy unlimited potential to create the ground floor end unit of your dreams! You’ll appreciate plenty of parking & a laundry rm behind E bldg. This beautiful & well maintained lakeside community has a clubhouse, gazebo, pool, hot tub, sauna & exercise rm. Enjoy sunsets & geese on peaceful Easter Lake from the gazebo or clubhouse. Very near stores, restaurants & main bus line. Ideal for investors with no rental cap. This unfinished condo requires cash or rehab loan.

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Sold 9/12/19

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Higher-end Homes Hit by Excise Tax Rate Increase

Sellers of higher-end homes will pay more in real estate excise tax (REET) next year due to changes adopted by the Washington state Legislature. A new graduated tax, or tiered REET, will go into effect for homes sold on or after January 1, 2020.

Washington state has one of the highest real estate “transfer tax” rates in the country, according to a study by the National Association of REALTORS®. That rate will now be higher for sellers of homes valued at slightly over $1.5 million or more. The current single rate REET is assessed at 1.28% on the sale price of the home. In addition, most local governments in the state assess an additional one-half percent on the sales price, making the current effective rate 1.78%.

Under the new system, effective in 2020, the first $500,000 of value will be taxed at a new reduced state rate of 1.1%, saving the seller of a $500,000 home $900. For the value of the sale between $500,000 and $1,500,000, the tax rate remains 1.28%. For the value of the sale between $1.5M and $3M the rate is 2.75 % and for sales above $3M the rate is 3%. Because the tax is assessed at a marginal rate (the different rates apply on each portion of the sale), the actual break even point between the old and the new rates is $1,561,224 of value. Sales greater than that amount will pay more REET under the new system and sales under that amount will pay less.

The local government REET rates do not change and remain in effect. The combined state and local taxable rate is shown in the table above.

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14108 SE 45th St, Bellevue, WA 98006

$1,549,900

3 bedrooms + den; 2.5 bathrooms; 3220 square foot basement rambler

You won’t forget the Panoramic Views showcasing Seattle, the Olympic Mountains, Puget Sound and Lake Washington! You’ll love the private park-like backyard with mature trees and plants, lighted water feature, landscape lighting and automatic sprinklers. The open kitchen, dining and living rooms feature views, custom fir cabinets and pantry with soft close drawers and doors, pull outs, glass mosaic back splash and in/under cabinet lights, skylights, gas fireplace and tigerwood floors. The partially covered deck, flagstone patio and multiple rooms downstairs offer entertaining options. You’ll enjoy the heated tile and slate floors, heated towel rack, heated medicine cabinets with outlets, and steam room with two rain showers. Though this home is completely updated, you’ll appreciate the recently remodeled master suite, new roof and gutters, and newer carpet and paint. With so much space downstairs, it may become an additional dwelling unit. The panoramic views include Bellevue and Mt Baker on a clear day. Don’t miss this!

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Sold 8/12/19

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Washington REALTORS® Win in the 2019 Legislative Session

The 2019 Legislative Session ended April 28 and Washington REALTORS® had some big wins. We got REALTORS® exempted from a 20% B&O tax increase, killed an effort to undermine “in-house” transactions and passed much of our “Unlock the Door” campaign’s affordable housing agenda, including condo liability reform.

Protecting Our Members

Our trade association’s primary purpose is to protect our members. With that in mind, we were successful in fighting off a direct tax increase on your bottom line. Although the Legislature passed a 20% B&O tax increase that hit most service businesses, REALTORS® were not included. We reminded the Legislature that the B&O Small Business Tax Credit does not apply to REALTORS® because commissions are pooled, and they agreed that exempting REALTORS® was both fair and a reasonable policy decision.

Additionally, we protected the foundation of the industry’s business model. When a bill was introduced that would have changed many independent contractors to employees, we made sure REALTORS® were exempted.

Protecting Your Clients

From the first days of the Legislative Session, we knew that the Legislature was committed to a Tiered Real Estate Excise Tax, based on the idea that higher priced properties would pay more in REET. Although we did not support this proposal, the Legislature listened to us when we spoke and made significant changes, with the result that approximately 90% of transactions will pay the same or less Real Estate Excise Tax. All Transactions up to $500,000 will get approximately a 15% cut in REET. In fact, due to the marginal nature of the new tiered tax (a REALTOR® suggestion), all transactions up to about $1.75M should not be impacted. While this tax impacts commercial real estate and multifamily, it is hoped that the marginal nature of the tax structure will limit that impact. These new rates will not take effect until January 1, 2020.

Protecting the Transaction

Very early in the session, a bill was introduced in both the House and Senate to require all parties in an “in-house” transaction to have an attorney sign off at every step in the transaction. Obviously, this bill would make real estate more expensive for consumers and greatly impede transactions. Washington REALTORS® jumped in and made sure this proposal did not even make it out of Committee in either the House or the Senate.

Increasing Transactions

Thanks to great work from our Washington REALTORS® Condominium Work Group and some passionate members across the state, Washington REALTORS® was able to help pass condominium liability reform that continues to protect the consumer but adds a fairer standard that should encourage developers to start building condominiums again. After looking at the more balanced bill, one developer told us that once developers got comfortable with the new regulations, we should expect a “mini condo boom” in Washington. Additionally, while working with a number of stakeholders, we passed a bill that encourages cities to adopt growth policies that allow for additional density in a responsible way, including Accessory Dwelling Units, allowing duplexes and triplexes in single family zoning and cluster zoning or lot size averaging allowances.

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6118 85th St SW, Lakewood, WA 98499

$409,900

4 bedrooms; 2.25 bathrooms; 1878 square feet

An impeccably maintained Gardener & Mechanic’s Paradise! Enjoy lots of natural light w/vaulted ceilings & skylights. The extra wide & deep detached garage/shop is heated & has its own driveway w/parking. Fully-fenced w/multiple gates, large covered patio, greenhouse w/tempered glass & power, & shed. Newer roof, water heater & appliances. Large kitchen opens to family rm w/gas fireplace, slider & new carpet. Formal living & dining rms w/notable natural wood & crown molding. Abundant storage too!

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Sold 6/10/19 for $420,000

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33709 40th Ct SW, Federal Way, WA 98023

$304,900

3 bedrooms; 1.75 bathrooms; 1750 square feet

Ideal for an Investor! This home has tons of potential & simply awaits a buyer w/cash or rehab loan. The master bedrm & 2nd flr deck feature Olympic Mtn Range views. Fully fenced w/gates on both sides, double gate in back & backs to a greenbelt/city retention system. Updates include a 10 yr old roof w/transferable warranty & newer gas water heater. Keep comfortable year-round w/gas heat & A/C. Insulated garage includes multiple circuits, lots of shelves & benches, a portable fireplace & freezer.

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Sold 5/8/19 for $310,000

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4634 S D St, Tacoma, WA 98408

Received Multiple Offers
within 35 hours of Listing!

$224,900

2 bedrooms; 1 bathroom; 960 square feet

Don’t miss this turnkey charmer! You’ll love the spacious & bright living rm w/ pine walls, laminate floor & cozy gas insert. Features also include newer paint & windows, as well as new screens & blinds through-out. The bright kitchen has a new faucet & laminate floor, newer sink, range/oven & frig. The furnace, water heater, tub/shower & vapor barrier have all been replaced recently. You’ll enjoy the fully-fenced yard w/ side gate, garden space, storage shed & gated parking for 2 off the alley.

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Virtual Tour

Sold 3/13/19 for $230,000

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Washington REALTORS® 2019 Legislative Day Recap

Over the course of over 140 different scheduled meetings with Legislators on Thursday, January 24, REALTORS® received encouraging and positive response from our Legislators to the following Legislative Priorities:

  • Reforming Condominium Liability Laws
  • Increasing Urban & Suburban Housing Supply in Urban Growth Areas
  • Aligning the Short Subdivision Process with Ecology’s SEPA Regulations
  • Supporting the Housing Trust Fund for HomeownershipState Funding Support for Housing, Homelessness & Infrastructure
  • Expanding the Multi-family Tax Exemption Program
  • REET & Lodging tax—Local Funding Tools for Housing & Homelessness
  • Read more details about Washington REALTORS®’ Legislative Priorities.

All of our Legislative Priorities are part of the Unlock the Door for Affordable Homeownership initiative. Partnered with other non-profit and for-profit entities, Washington REALTORS® will continue to work with our Legislators and lead the way to help create affordable homeownership opportunities for all.

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REALTORS join forces to make housing a top legislative priority in WA

With the Washington state Legislature scheduled to start its 2019 session on January 14 and Realtor Hill Day slated for January 24, Realtors and other real estate-related organizations will be coalescing around the housing crisis and strategies for improving supply and affordability.

Among legislative priorities are:

  • Condominium liability reform, specifically, language that would 1) prohibit individual HOA officers/board members from being sued; 2) modify statutory “implied warranties” that condo buyers receive from builders; and 3) require purchasers who sue to establish a “performance” defect.
  • GMA reform, including a requirement for cities to enact minimum densities in urban areas, thereby making more efficient use of available urban lands designated for jobs and housing.
  • Housing Trust Fund legislation that may be proposed to allow use of a portion of the monies for building owner-occupied housing in addition to publicly-owned housing.
  • Other budget and financial issues affecting tax collections; education funding subsequent to the 2017 “McCleary Fix;” expenses resulting from compliance with the “Culverts case” that required the state to improve fish passage on almost all culverts under state roadways; B&O and REET related proposals to increase those taxes; and a new capital gains tax (depending on the final number of Democrats in the State Senate).

To help focus attention on the housing crisis and its “real world impacts,” a coalition of nonprofit organizations, builders, Realtors and others joined forces to launch a multi-media campaign.

Using the theme “Unlock the Door,” the campaign invites members of the public and Realtor members to share stories on how the housing affordability crisis has affected them, and their family, friends, and clients.

The effort, now underway, is in response to the struggle families across the state and in all income groups are facing in their search for homeownership opportunities. Organizers cite research from the Rundstad Department of Real Estate at the University of Washington which indicates  first-time buyers in King, Kittitas, Pierce and Snohomish counties face home prices that area nearly double what they can afford.

The campaign’s primary focus is on affordable home ownership opportunities, but it will also contain elements related to homelessness and low income housing.

Questions? Contact Jennifer Gilbert-Smith, volunteer member of Seattle King County REALTORS and Tacoma-Pierce County Association of REALTORS Government and Public Affairs Committees

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Jennifer Gilbert-Smith’s RE/MAX Hustle in 2018

I enjoyed hustling to help 9 sellers and 8 buyers in 2018, while also managing the RE/MAX office in Puyallup, WA. Assisting clients in King, Pierce and Thurston counties, I drove 18146 miles!