Discover North Seattle: March 2008

The Greenwood Neighborhood in North Seattle has been an eclectic mix of small businesses and single-family homes since just after World War II.  But while this neighborhood is known for its character and burgeoning micro-economy, there's also another part of Greenwood's history that some newer residents aren't aware of.

The neighborhood is built on a peat bog.

This peat is soft and needs to stay wet or it ends up compressing, a process that can't be reversed.  With all the recent construction in the area, a lot of the stormwater that would normally penetrate the soil ends up running off before it has a chance to.  This is why parts of Greenwood (north of the Town Center building site) have sunk below the level of the sidewalks.

This is a big deal, and while the developers of the new Town Center are taking measures to stabilize the area, I'm still wondering why the City is allowing more development when past development has played a major role in parts of Greenwood sinking several feet.

So, when I have clients interested in the Greenwood area, I make sure they know about the geological issues and how they may have an affect on property values in the future. 

I'm posting this in case other agents (or potential buyers) in the area are unaware of the peat bog and corresponding water table that lie beneath the Greenwood neighborhood.  Be careful and know the history if you are interested in the area.  It's still a great area to by a home in and has great upside potential if you do your homework.

There is a great program here in Seattle that helps first time homebuyers get into their first home with little or no money down.

It's a state bond program through the Washington State Housing Finance Commission (www.wshfc.org).

One real-life example of this program:

Single person, makes less than $46,000 per year, was able to qualify for a $254,000 purchase at about $1,250 per month using some of the many programs available through WSHFC.  The second mortgage had a deferred interest - deferred for 30 years. 

What's the catch?  There are some income limits and work experience criteria, but they are pretty lenient.  You are also required to take a free First Time Homebuyer class through the Commission.

Basically, the local government wants to help people get into their first home.

Contact me if you want more info about this program.

- Jay