Street of Dreams 2006

For some perhaps it's a realistic dream, for others more of a fantasy. If your real estate dreams include peeping at some new homes with an average price tag of around a million dollars, then you're in luck.

This year's event -- officially called the Countrywide Home Loans Street of Dreams -- showcases five high-end homes in The Reserve at Cooper Point in West Olympia. How high-end? Well... they've got names. There's "The Lakebay," "The Rainier," "The Crescent Bay," "The Arcadia," and "The Deschutes" (pictured). Hmmm. Maybe I my home would sound better if I named it... But then, I don't live in The Reserve.

The 150-acre subdivision, which was developed by Tri Vo and later sold to seven South Sound builders, is known as The Reserve at Cooper Point. Ultimately, 44 homes, ranging from 3,500 to 4,700 square feet, will be built on the site, according to Scott McLean, marketing director for the event. The property is one of the last large-lot subdivisions in the county, with each lot slightly larger than one acre, he said. (The Olympian, 14 September 2006)

You can visit the development's website for free, and get more info and view virtual tours. Or you can dish out the $10 entrance fee to visit in person. The details:

• What: 2006 Countrywide Home Loans Street of Dreams
• When: Show dates will run from Saturday, September 16 thru Sunday, October 1. (The show is closed on Mondays.) Hours are 11:00 AM to 7:00 PM, with ticket sales closing at 6:00 PM.
• Admission: Cost is $10 for adults, $7 for children aged 3 - 15, and free for kids under three. $2 discount coupons available here. (Discount offer valid Tuesday thru Friday only.)
• Parking: Visitors to the show are required to park at the Target Place Plaza. Parking is free, and courtesy shuttles to the event will run every 10 minutes.
• Driving Directions: From I-5, take Exit 104 to Highway 101. Take the first exit to Cooper Point Road. Follow signs for 3.5 miles to the free parking at Target Place Plaza.
• More Information about the Homes and the Development: www.thereserveatcooperpoint.com
• For Further Event Information: Contact Olympia 360-789-3698 or visit www.omb.org.

Mixed Messages on Real Estate

What's the state of the housing market? Like the proverbian story of the blind men describing an elephant, it depends on who you ask, and specifically what they're looking at.

Nationally, a widely reported AP story ("Fresh Data Shows Cooling Housing Market") concludes that the housing market has "lost steam." Or, as the National Association of Realtors' David Lereah puts it, "The housing sector is fragile."

The median price of a home sold last month was $230,000. That was up just 0.9
percent from the same month last year and marked the smallest year-over-year
increase since May 1995.

Regionally, Tuesday's Seattle Times ran a story titled "A couple's house-hunting nightmare." The tale told is one of a Starbucks manager and his partner relocating from quiet Vancouver, Washington to the bustle of Seattle. Among the shocks were the housing prices, the tradeoffs between commute time and home prices, and the speed needed to get an offer in ahead of other buyers. Those familiar with hot Puget Sound markets will yawn and consider the title overblown. Difficult, yes. But "nightmare"? Naw....

Locally, the hot market has cooled, but has avoided any "nightmarish" extremes. The Olympian sees the glass as half full, reporting in yesterday's edition ("Buyers' housing hopes improve") that an abundance of homes for sale is making things easier on home buyers. Sellers are finding their homes lingering longer on the market, with the average selling time at 63 days, up from 45 days last year. And the median sale price is down slightly, from $262,113 in July to $259,500 in August.

As an example of how much the market has shifted, 75 percent to 85 percent of sellers last year received multiple offers, one local real estate professional says. This year it has been 5 percent to 10 percent of his business.

Sellers may lament the cooling of the real estate market, but we're still a long way from anyone in this area seeing their home value drop. And the slight slowdown in the market gives buyers some emotional relief and better buying opportunities.