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This coming Friday could be Doomsday for the long awaited and much-anticipated Olympic View Marina Project out in Seabeck. How this has remained under my radar, I have no idea. Tonight, while taking a walk with my wife, I ran across fellow RE agent, Nick Blickhan (Nick and I had worked together at the Windermere office here in Silverdale). As a waterfront resident of Seabeck WA, Nick has been keeping close tabs on the progress, or lack thereof, of the Olympic View LLC Marina Project. Four partners purchased the fledging property a few years ago, and put together a very detailed development plan. At considerable expense, they effectively jumped through each and every hoop that the County and State required, and in most instances, went way beyond what was necessary. From every indication, it appeared that things were moving forward, and the much needed marina would become a reality. Unfortunately, due in large part to one lone, dissenting squeaky wheel, the ear of the WA Department of Ecology has been effectively bent, and it appears that the project is headed to a devastating demise. Evidently, the neighborhood squeaky wheel is one of these types who defines/measures ‘Smart’ growth by how far you can bury your head in the sand. Nevermind that the dire needs of the many clearly outweighs the preferences of the few, or, in this case, the one. Nevermind that the partners paid exceptionally close attention to detail in their plans towards maintaining and even enhancing the existing environmental integrity of the areas impacted by the proposed marina development. Nevermind that the marina would have a very positive impact on the financial stability of existing Seabeck merchants/businesses, and long-term residential property values. Nevermind that area boat owners would finally have badly needed basic marina services and mooring space available. The closest marina is Pleasant Harbor, over on the western side of Hood Canal, just south of Brinnon. You can moor your boat there, but it takes nearly an hour by car to get there. The Olympic View Marina Project should make complete sense - ecologically, or otherwise. While it could be argued that some commercial developments are not necessarily environmental-friendly, this project clearly fulfills the demand for highest and best use. Although Kitsap County Commissioner, Josh Brown, has voiced his full support for this project, but his influence may not be enough to affect the outcome. The WA State Department of Ecology is issuing their final verdict on the project this Friday. In my humble opinion, the Dept needs to step up and display some backbone. Rather than buckling under the incessant whining of one solitary voice, the project should be measured and approved on the merits of the significant positive impact it will have on the environment/habitat, and the true value that quality marina services will offer to our community.

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Posted in Bite Me Blogs, Bites of Washington, Kitsap County Bites, Seabeck WA Real Estate | 4 Comments »

Tags: Josh Brown, Kitsap County WA, olympic view marina LLC, seabeck marina, WA Dept of Ecology

As an avid blogger, it’s been an interesting ride thus far. Technology has been advancing rather rapidly in the real estate industry, and the early adapters are usually the ones who benefit the most. I’ve always prided myself on embracing the latest and greatest. So when the marketing paradigm shifted to Web 2.0, I jumped in with both feet! Static went dynamic. The need/demand for interactivity made conversational blogging a perfect venue for meaningful exchange with today’s computer-savvy consumer.

But blogging has an established tradition of stimulating somewhat ‘lively’ debate. Access any number of popular political blogs, and you’ll quickly discover what I mean. While viewpoints and opinions are freely shared, so are vicious barbs and slanderous jabs. Personal attack and public humiliation seem commonplace. And unfortunately, many times, it appears that the ones who are the most ’successful,’ or at least generate the greatest amount of traffic/comments, tend to be the ones who are the most caustic, abrasive, and condescending of the bunch.

Things are a bit more sedate in the Realty Blogdom. However, I have noticed here lately, a few similar trends. Some of the blogs that appear to create/attract the most interest, tend to be overly critical and negative. Sensationalist and provocative titles are employed. Targets are chosen and eviscerated before the viewing public, and all for the sake of ranking. Forget about helping to empower and educate the consumer. We’re having way too much fun dragging someone’s character in the mud!

It reminds me of a guy I used to work with in a previous life. I’ll call him ‘Elvis’ because he loved ‘The King,’ even to the point of sporting huge pork chop sideburns. “Elvis’ was God’s gift to the business world. I had the privilege of accompanying him on a week long sales road trip from Hell. As we traveled along, he confided in me that God had blessed him with superior intelligence. But that his penance in life was to put up with everyone else’s ignorance (his exact words!).

There are some blogs/blog authors who are like that. They’re obviously graced with tremendous smarts and a wonderfully endowed vocabulary. But they seem to be lacking somewhat in the humility department.

So I guess my question is this: Can Nice Blogs finish first? Or do I have to be abrasive and demeaning to succeed? Do we pander to the publics obsession with sensational, provocative, and controversial? Do we sacrifice substance for traffic/ranking? Is content still the King, or is it my buddy, Elvis?

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Posted in Bite Me Blogs | 7 Comments »

As many of you may know, I am a Community Builder with ActiveRain, a very large real estate network and blogging platform. It’s a start-up based out of Bellevue WA, and has over 80,000 members throughout the US and Canada.

Part of my role is to simply monitor the network, make sure the members are behaving, and to field questions.

Earlier today, I received an e-mail from a fairly new member out on the East coast. She’s in her in late 20’s, is relatively new to the real estate profession (she didn’t pick the best time to enter the fray!), and is working through the challenges of establishing her business in a slow market.

She recently wrote an article about real estate commissions and the portion that actually ends up in the agent’s bank account. It was a well-written article. However, no sooner had she published it, than a swarm of bubble bloggers descended upon her post and unleashed their commenting fury.

The first volley of comments were fairly typical of most bubble bloggers, but as the discussion slowly devolved, they became increasingly base and personally degrading towards the young author.

(For my regular readers, please forgive the following uncensored re-publishing of a few of these comments. I don’t usually allow this kind of language within the confines of SoundBiteBlog, but I felt it necessary to include them here)

One of the Bubble Bloggers made this degrading comment:

After reading the various posts on this subject, I think that everyone involved is failing to see the big picture here which is that —– is one hot mamma jamma MILF and I can tell that she is a jackal in the sack.

In fact, I would like to bone her very much if she is ever open and willing to fulfill my naughty realtor mom who will do anything to close the deal fantasy.

Most of you are so caught up in your evil realtor nonsense that you can not appreciate a fine cougar when you see one.

 —–,  love you long time.  You are the bomb in my book.  You can flip my house any day.

 Call me.

-Dave

 P.S: Post more pictures.

And another example of this senseless filthy attack:

I’ll pay you 6%. You have proven your worth. I just have one question:

Does that 6% get me some “alone time” in the VIP room and a guaranteed happy ending?

Because I think it’s only fair that I can do to you what your commission would be doing to me.

-L. Flynt

We’ve had a few Seattle area Bubble Bloggers frequent SoundBiteBlog. Most of these individuals are extremely sharp. They’re very articulate and can discuss intricate economic indicators on a equal or better footing than most investment professionals. One in particular has become somewhat of a regular around here. Last time he stopped by, he actually gave me a compliment!

Many Bubble Bloggers tend to be rather argumentative and abrasive by nature, but rarely do they descend to this level of vicious attack. I was able to trace one of the perputraitors back to their blogspot site, and left a few choice comments of my own, along with the charge that he and his blog thugs didn’t reflect or represent the majority of Bubble Bloggers I had encountered.

No doubt they’ll hunt me down now and make me their next target….oh goody!

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Posted in Bite Me Blogs, Poulsbo Real Estate, Real Estate Bites | 11 Comments »

I figured since we can never seem to get a fair shake or a reasonable review of our shows, that I would offer up my own critique.

Last weekend saw the opening ‘homerun’ performances of C-STOCK’s “Damn Yankees!” a spirited team effort by local kids and adults alike, under the skilled direction of Chris Borer. This was Chris’s 2nd time at the theatre’s helm, having had his directorial debut with “1940’s Radio Hour” in 2005.

As usual, Chris has a really great eye for talent and did a great job of casting people in just the right parts. He is also a great visionary, and sees the BIG picture of a production. But more than anything else, Chris creates a wonderfully fun, creative, and encouraging environment for everyone involved. “1940’s” was my first show with C-STOCK, and so I was thrilled to be re-united with Chris.

If you’re not familiar with the musical comedy “Damn Yankees!” it made its Broadway run back in 1955 with over 1,000 performances. It’s based on a novel by Douglass Wallop entitled, “The Year the Yankees Lost the Pennant.” Music & Lyrics were provided by Richard Adler and Jerry Ross, the same team that brought us “The Pajama Game.” It’s an updated version of the classic Faust story, set in Washington, D.C., during a time when the New York Yankees dominated Major League Baseball.

A middle-aged real estate agent, Joe Boyd (gee, that sounds familiar!) is an avid Washington Senators fan and wants nothing more than to see his beloved team win the pennant. Unfortunately, the team is full of mis-mananaged misfits, and sits at the bottom the division. Joe privately confesses that he would sell his soul if the team could only capture the title, and naturally, the Devil shows up on cue to fulfill his wish. The rest of the show follows Joe as he propels his team to victory and enjoys all the spoils of celebrity status. Will he truly sell his soul for fame & fortune, or will he realize that his old life wasn’t so bad after all? You’ll have to come and see the show to find out!

My two younger sons, Luke and Elliot, and I auditioned back in July, and have been rehearsing diligently with the rest of the cast & crew since then. The final month was especially difficult. School started for my boys, and Luke made the starting quarterback position at CK Junior High. So, in addition to their daily homework, and football practice for Luke, both boys went to play practices every night from 6:30pm until 10-10:30pm. By time opening weekend arrived, their feet were dragging!

Both of them are involved in nearly all of the musical and dance numbers. I have several smaller walk-on roles and also play the Baseball Commissioner. Being involved in this production has been a great way for the 3 of us to connect and bond together. There are quite a few other families that are involved in the production as well. C-STOCK has a rich history and tradition of presenting quality family entertainment, and creating valued opportunities for kids and adults to develop their talents.

The show was reviewed this week by Michael Moore from the Kitsap Sun. Mr. Moore rarely has anything pleasant or encouraging to say about C-STOCK productions. And if he does, it’s usually just some obligatory remark to help make the more painful comments go down easier. Too many times, his barbs are aimed at things outside the control of the performers. We have a small, cramped theatre and not the best acoustics. The orchestra usually overpowers the vocals. We do the best we can with what we have. With such tight quarters, set changes are always challenging. It’s hard not to make noise during scenes. We simply do our best. And sorry, Mr. Moore, but we didn’t write the musical, so we can’t control the dialogue or the order of songs.

“Damn Yankees!” truly is great family entertainment, performed by families. It’s hard to find fun, enjoyable venues these days where you can take the entire family, without fear of questionable content.

From the opening number, ”Six Months,” and other notable favorites like ”Shoeless Joe,” “The Game,” and “Heart,” this show offers some really solid and endearing performances.

So grab the wife and kids, or make it a date night with your significant other, and run down to the Silverdale Community Center the next three weekends and root for the Senators!

Who: Central Stage Theatre of County Kitsap (CSTOCK)

What: “Damn Yankees!” a musical comedy by Jerry Ross, Richard Adler, George Abbot and Douglass Wallop

Where: CSTOCK playhouse, Silverdale Community Center, 9729 Silverdale Way NW, Silverdale, WA

When: Through Oct. 7; 7:30 p.m. Fridays and Saturdays, 6 p.m. Sundays

Tickets: $12 to $10 and available at the door or in advance at the Information Kiosk at Kitsap Mall.

For more information: (360) 692-9940, www.cstock.org

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Posted in Bite Me Blogs, Bites of Washington, Kitsap County Bites | 1 Comment »

This is America where the Need for Speed is ingrained from childhood. As children, we want faster bikes and faster Playstations. In our teen years, it’s faster cars and faster computers. And, as adults we want faster promotions, quicker increases in our credit limits and quicker pay raises. Eventually, we all have a day when we decide what we want more than anything else is Faster Equity Accumulation in our home!

The Good

Enter Equity Acceleration Programs. These programs are a masterpiece of marketing. They target the American need for speed promising to shave years off your mortgage and saving you tens of thousands of dollars in the meantime. Both of these goals are worthwhile. And there is nothing wrong with effective advertising. This article is not meant to imply that Equity Acceleration Programs are all bad. They are not all bad. They are poorly explained and even more poorly understood. As with many of the articles on SoundBiteBlog, this article’s intent is to explain the risks (yes, there are significant risks) and expose that the average consumer can accomplish the same goals in the same amount of time, for less money by avoiding the most heavily promoted Acceleration Programs available today. In short, the goals are worthy, the sales pitch is suspect.

The Bad

Equity Acceleration Programs are often explained in a misleading fashion. Rarely is a consumer told boldly that they are trading their nice, safe fixed rate first mortgage for an Adjustable Rate Line of Credit! The reason for this deception is obvious. It’s old news that interest rates are rising. It’s old news that they are expected to continue to rise in the near future. This old news causes anxiety in many borrowers and because of that anxiety, many loan originators are glossing over the part about an Adjustable Rate, preferring to concentrate most of their explanation on the exciting prospect of paying off a loan in a shorter period of time regardless of how it is done.

Fuzzy math seems to play a big part in an Equity Acceleration presentation. I have listened to two of these presentations in the last couple of months. The more aggressive presentation spent considerable time attempting to convince me that my (imaginary) 6.125% Fixed Rate Mortgage, was actually costing me 65%! My questions about interest rates vs. A.P.R. and how RESPA regulations affect us all, were quickly bypassed and never answered. Shock tactics are normal from what I can see.

The realities of these programs are these. You are going to trade your current mortgage (often an attractive fixed rate) for a new Line of Credit (also a mortgage) with an adjustable rate. You will then “deposit” your entire pay check into this “account” each pay period. Payment of all your normal bills is made from the “account” as you would normally pay them. Presto, abracadabra and your new mortgage will pay off years earlier than it would have! This mathematical magic was explained to me as follows. When you deposit your paycheck, you are temporarily reducing your mortgage balance. This temporary reduction reduces the amount of interest that is charged thereby making a drastic change in the overall amount of interest that accumulates on the loan.

The first flaw in the sales presentation for Equity Acceleration Programs is the fact they ignore how most of us pay our bills. Like my mother taught me to years ago, I pay my bills first on payday along with making my deposit to savings. The result of paying my bills immediately is that my new mortgage is only “temporarily reduced” for a very temporary time indeed. The amount of interest saved by reducing my mortgage balance by a few thousand dollars for 2 days is pretty insignificant. AND I had to trade my fixed rate mortgage for an adjustable rate to do it! The positive effect is more than offset by that fact as soon as interest rates rise and my new mortgage rises with them.

Another flaw is that because this is not an actual depository account, you will never be able to earn interest on your deposits. Remember, it’s a line of credit (a debt) not a savings account or a checking account that pays interest. Therefore, money that you could have accumulated by using the same theory with your existing accounts will be lost.

And the final flaw in these presentations becomes apparent when you consider how long it will take to recapture the cost of the new loan itself. You didn’t think these were loans without fees did you? No, like every other mortgage you have applied for, there are fees involved. Someone will need to appraise the home. Someone will need to do a Title Search and approve Title Insurance. And the list goes on. Each service includes a fee. All the normal mortgage fees will apply and they will add up to thousands of dollars. It will take a long time to save enough with the new mortgage to simply break even after these fees.

The Ugly

The biggest advantage to many Equity Acceleration Programs is to the Lender and the Loan Officer. Let’s be pragmatic for a moment. When was the last time you saw anyone advertising anything they were not going to profit from? These programs are no different. The Lender will be make a profit on each and every one and the Loan Originator will be paid for finding another client. There is nothing inherently wrong with that. Each time I have applied for a new mortgage, I knew that Loan Officer would get paid and the Lender would make a profit. Don’t forget, this is just another mortgage and it works like all the others. Loan Originators do not work for free. Lenders work for a profit. The market has gotten very difficult for Loan Originators and many are looking for new, creative ways to generate new loans. Lenders are rolling out “new” creative loan programs and dusting off old ones.

Caveat Emptor, “let the buyer beware”, is a phrase to keep in mind if you are tempted by a good sales pitch. Remember, you are buying a product. You may have just heard about the best product, or you may have just heard the best sales presentation.

The Do-It-Yourself Equity Accelaration Program

If you spend lots of time with a calculator in your hand like I do (occupational hazard), you get in the habit of running “What If” scenarios. It can be addicting to look at how much money we can save by tweaking the numbers in our personal finances. What if I move $2500 to this credit card account over here? What if I send an additional $125 each month in on my mortgage. What if I send that same $125 in on my car payment? You get the picture. This kind of thinking will drive some people to visions of Tequila and others chase the possibilities with all the fascination of a new video game.

What you will find running “What If” scenarios is that there are ways to shave years off your mortgage and save thousand of dollars without having to create a budjet that leaves you depressed for lack of fun money.

Here’s just one idea of many. Rather than opting for an Equity Acceleration Program that will cost you money, open a savings account or a checking account that pays interest. The last time I checked, Boeing Employees Credit Union was open to anyone living in Washington State and had a savings account that paid 5.5%. Now that makes all kinds of sense! Keep your nice, low interest rate, fixed rate mortgage alone. Open a high yield savings or checking account and follow the same principals as the Equity Programs. Deposit your paycheck into it and pay your bills out of it. Make some interest for yourself.

But don’t trade your fixed rate loan for an adjustable rate line of credit without understanding the risk you are taking. Very few Equity Acceleration Programs benefit the borrower as much as they benefit the Lender and the Loan Officer.

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Posted in Bainbridge Island Real Estate, Bite Me Blogs, Bremerton WA Real Estate, Gig Harbor Real Estate, Miscellaneous, Mortgage Bites, Port Orchard Real Estate, Poulsbo Real Estate, Silverdale WA Real Estate | 9 Comments »

Tags: bremerton-mortgage, equity acceleration programs, heloc, home equity line of credit, kingston wa mortgage, kitsap-mortgage, lender-washington, port-orchard-mortgage, poulsbo-mortgage, seabeck-mortgage, seattle real estate blog, soundbiteblog.com, washington-real-estate-blog