What’s all the Fuss about ADUs?

Seattle is just one of the many ADU-friendly areas* in the U.S. and was a factor in one of my recent listings on historic Capitol Hill.

You’re probably wondering – what’s an ADU? An ADU is an accessory dwelling unit, a legally permitted, rentable, self-contained unit that may or may not be attached to the main home on the property. It provides, at a minimum, all the basic requirements for living – a living area, bedroom area, kitchen and bathroom often incorporating universal design.

Even though government zoning authorities use the official term ADU, individuals commonly give these residences other names like private apartments, guest cottages, in-law suites or income units. As a rule, they generally fall into 3 broad categories:

Interior ADUs – Created by converting existing space inside a primary dwelling usually in a finished basement or attic space.

Detached ADUs – A separate structure built on the same lot as the primary dwelling like a cottage or converted garage.

Attached ADUs – Independent living space built, either out or up, as an extension of the primary home.

Seattle is just one of the many ADU-friendly areas* in the U.S. and was a factor in one of my recent listings on historic Capitol Hill. For younger buyers, the fact that this home, a recent listing of mine, located at 732 17th Avenue E., already had a permitted, finished and well-appointed income unit with a rental history of $2,000/month brought in over 300 people to view the property over 4 days. An offer was accepted after just 7 days on the market. It came from a young couple who considered how this extra income could significantly assist with the payments on their jumbo mortgage loan.

Exterior Rear, Deck, GarageI knew that this Accessory Dwelling Unit could readily provide an avenue for additional income by leasing the apartment to a tenant or play an essential role in solving older individuals’ housing challenges, potentially providing options for aging in place and/or multi-generational living while retaining privacy and independence.

For these reasons – and others – it’s important for a Seniors Real Estate Specialist® to be aware of recent developments concerning ADUs. I make it my mission to understand the needs of older homeowners so that we can create the best plan together.

We never know who will be moved to place an offer on a home, but the added benefits of an official ADU make properties much more attractive and more valuable for new homeowners.

*Other ADU-friendly areas include Portland, Oregon – Asheville, North Carolina – Austin, Texas – Santa Cruz, California – Vancouver, British Columbia and the entire state of New Hampshire.

Contributed by:
MARK JACOBS, REALTOR®, SENIORS REAL ESTATE SPECIALIST®
(206) 683-9088 | markjacobs@cbbain.com | markjacobs.coldwellbankerbain.com

Related:
Credentials May Matter in a Changing Real Estate Market

Listening is often the Missing Ingredient

My job with any client, or potential client, is to guide, be honest, be respectful, hold hands when necessary and nudge a little when things seem insurmountable.

Canal Cottage

As we completed part 1 of a 2-part process for the privilege of listing a really adorable home in Northern Washington, I was reminded once again just how much is immediately required from the homeowner to get ready for that first day on what continues to be a brisk seller’s market.

My job with any client, or potential client, is to guide, be honest, be respectful, hold hands when necessary and nudge a little when things seem insurmountable.  Most of all, though, besides the obvious legal responsibilities I carry as a licensed broker, a larger part of my experience is to listen to any client.  True listening is a developed skill but an invaluable one…and I would argue, the most essential asset I bring to kick off any relationship.

Our meeting last evening went through all the necessary steps – touring the home, taking diligent notes and discussing the course ahead.  The conversation really wasn’t about the preparations beckoning so much as it was about preparing to let go, sharing excitement about a new chapter in a new home and experiencing the sudden feelings of stress that come with such a big decision, one that requires action, tough bargaining with oneself and others and compromise against what was once entirely personal space.  No longer.  Life has now entered a new reality.

We also spent a lot of time talking about how the rapidly changing real estate market in Greater Seattle affects price, days on market and lingering expectations for multiple offers. Those times appear to be over for the most part. Multiples still happen depending on property, condition of home, location and price point, but it’s the exception rather than the rule. How quickly times change!

I look forward to seeing these lovely friends again on Sunday as we lay out our “listing presentation,” the ways in which we’ll show off their home in person, online, in print.  We’ll also decide together a price and the timeline for how we want it all to go.  And, I’ll continue to listen; hopefully, have a few more laughs.  The sound of laughter truly eases the stress.

Contributed by:
MARK JACOBS, REALTOR®, SENIORS REAL ESTATE SPECIALIST®
(206) 683-9088 | markjacobs@cbbain.com

Related:
The Shift Toward Balance: 6 Factors Reshaping the Local Real Estate Market