Want to compare estimated home values in Tacoma, Lacey or Gig Harbor to the rest of the nation, at least according to Zillow?

The online Seattle company has created a chart looking at the median Zestimate (Zillow's home value estimate) in 66 U.S. markets for the second quarter. The helpfully color-coded bars indicate markets doing well and not so well. From brilliant blue (not good) to bright red (very good), you can see at a quick glance where the best and worst markets are. Pierce County is included in the Seattle category so just scroll along the individual bars within the category to find your area.

The numbers you’ll see pop up are the median estimates as computed by Zillow for the second quarter, plus percentages representing year-over-year change, according to Zillow spokeswoman Amanda Hoffman.

Keep in mind, though, that Zillow sometimes doesn’t have the most accurate or up-to-date info on which to base its estimated value of a home. The company attributes the lack of info to county records that aren't updated or otherwise accurate.

A big thanks to TNT graphic artist Amanda Raymond for sending the chart my way.

Have a great Labor Day weekend.

More national housing stats were released today and Tacoma landed No. 19 on a list of best-appreciating real estate markets. Even more impressive: The government-issued stats say that Tacoma’s home sale prices increased 75.6 percent in the last five years – more than any other city in the nation except Wenatchee.

Check out a handy graphic showing the winners and losers here. (Thanks to real estate agent Ed Yurchick for passing it along.)

Otherwise, the news was pretty gloomy. Bloomberg reported that national home prices rose in the second quarter at the slowest pace in a decade.

Here’s an excerpt from the story:

Prices for previously owned single-family homes rose an average of 3.2 percent from a year earlier, the smallest gain since 1997, the Office of Federal Housing Enterprise, known as Ofheo, said today in Washington. Prices gained 0.08 percent from the first quarter, the slowest since a decline at the end of 1994.

The worst U.S. housing slump in 16 years is deepening as buyers find it more difficult to get mortgages after loans entering foreclosure rose to a record, said Diane Swonk, chief economist at Mesirow Financial Inc. in Chicago. The report on the current quarter, due to be issued Nov. 29, may show price declines, she said.

“It’s far too early to see the full impact of credit tightening,” Swonk said.

Nearly two years after the 18 units at The Vintage Y in downtown Tacoma went on sale, two remain.

J.J. McCament, who markets the project, told me this week she had expected all of the units to be sold by now. She attributed the delay to the location of the units – next to the under-construction Roberson (another condo project McCament markets) – and their price tag.

“All units over $500,000 sold slower. We had three units over $500,000 and we have two left. That was the first indication to us there was a great price sensitivity starting to show up,” she said. The ones remaining are priced at $545,000 and $565,000.

I asked her what condo developers should be doing when they find themselves in a tight market like today’s. Watch the competition and do quality work, from flooring to fixtures to window blinds, she said.

“The rooms have to be large enough for entertaining … make the most of your views,” she said. “It’s a bit of a tightrope, because it costs more to build, for the fixtures, but you have to do it or you won’t be competitive.”

The first of the 47 units at The Roberson are expected to be done in October. So far, purchase-and-sale agreements are being processed on 15 units, the first of them expected to close Oct. 15. The condos range in price from $241,000 to $899,000, she said.

Interested in getting inside some of the Craftsman homes that dot many of Tacoma’s neighborhoods? You can tour seven of them Sept. 15 as part of the Historic Tacoma 2007 Old House Tour.

The tour is being put on by Historic Tacoma, which will provide displays explaining the elements of Craftsman-styled kitchens and bathrooms. Also, expect to find Craftsman design features, such as stained and leaded glass, stone fireplaces and wood paneling.

Tickets cost $15 and can be bought at Dave’s Meat & Produce, 1312 N. I St., and King’s Books, 218 St. Helens Ave.

National housing prices continued to slide in the second quarter, according to an index that tracks sale prices on houses, as reported this morning by The Associated Press.

Here's an excerpt from the story:

U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor’s began its nationwide housing index in 1987, the research group said Tuesday.

The decline in home prices around the nation shows no evidence of a market recovery anytime soon, one of the architects of the index said.

MacroMarkets LLC Chief Economist Robert Shiller said the declining residential real estate market “shows no signs of slowing down.”

The report came a day after the National Association of Realtors said sales of existing homes dropped for a fifth straight month in July while the number of unsold homes shot up to a record level.

The S&P/Case-Schiller quarterly index tracks price trends among existing single-family homes across the nation compared with a year earlier.

Keep in mind this is a look at the national market. In Pierce County, prices for houses and condos continue to appreciate, though at slower rates than in recent years. The county's median home price in July grew 3.3 percent over the previous year to $281,400, according to the Northwest Multiple Listing Service. And if you're looking regionally, nearby counties are doing even better. King County prices grew 9 percent last month, Kitsap County was up 8.2 percent and Thurston County saw a 7 percent jump.

The owner and buyer of North Shore Golf Course say the City of Tacoma erred in its appeal of an order to give the go-ahead to an application to build 860 homes on the course, according to court records.

It comes down to a legal technicality: Court records say that city officials did not “timely and properly serve” Northshore Investors, which filed the development application, course owner North Shore Golf Associates or Save NE Tacoma. Attorney Aaron Laing has asked that the appeal be dismissed, along with a stay that put the plan’s processing on hold. (This particular case differs from the one involving some of the same parties I covered last week, when Northshore Investors and North Shore Golf Course sued the city for more than $22 million in damages.)

What Laing filed last Friday in court points out the city should be familiar with the strict requirements for serving an appeal “having recently succeeded in dismissing a land use appeal for failure to timely file a petition.”

Elizabeth Pauli, city attorney, said: "We’re preparing our response to the motion, but it wouldn’t be appropriate to comment on it at this time."

The appeal and stay are scheduled to be heard Sept. 7.

The North Shore plans were controversial from early on. Residents who live near the 115-acre course say the project would ruin their quality of life. Others have cited environmental concerns. The day after plans were submitted, the City Council passed an emergency moratorium on such projects, called planned residential developments. City staff later deemed the plans incomplete, subjecting them to the moratorium.

For those wondering what will become of all those employed in the home-loan industry given today’s shaky real estate market, Bloomberg reported this week that financial institutions announced nearly 21,000 job cuts since Aug. 1, according to job recruiting firm Challenger, Gray & Christmas.

Also, Bloomberg said that mortgage applications fell 5.5 percent last week, the biggest decline in almost three months, according to the Mortgage Bankers Association.

I was talking to Walter Molony, spokesman at the National Association of Realtors, yesterday about a weekend story I’m doing on zero-down loans. He said while the newfound difficulty of attaining such loans might impact home sales, he’s more concerned about the rising rates on jumbo loans – mortgages above the standard conventional limit of $417,000.

This is particularly of concern where the median home price tends to be on the higher side, with some South Sound areas falling into that camp. (July's median home price in Pierce County was $281,400, according to the Northwest Multiple Listing Service but $414,000 in the Gig Harbor area and $335,000 in University Place.) Mortgage brokers I talked to this week said rates on jumbo loans are now a full percentage point higher – often falling in the 8 percent range for a 30-year fixed.

“People who have the money to afford a mortgage can’t afford (jumbo) loans,” said Molony, who labeled it a “difficult disruption in the market,” though a temporary one.

Anybody out there as distressed as Molony? Or trying to get a jumbo loan and experiencing some sticker shock?

In the further escalation of the dispute over what will become of the North Shore Golf Course, the owner and prospective buyer have sued the City of Tacoma for close to $22 million.

Northshore Investors, which submitted an application in late January to build 860 homes on the course, claims that city officials illegally singled out the project and dragged their feet on processing the paperwork. The day after the application was turned in, the City Council enacted an emergency moratorium prohibiting such projects, known as planned residential developments. Northshore Investors is buying the 115-acre course from North Shore Golf Associates.

In the complaint, filed in Pierce County Superior Court this month, Northshore Investors says the city lied about its motives for employing the moratorium on planned residential developments (officials at the time said
the city needed to examine inconsistencies between rules governing planned residential developments and the city’s comprehensive plan) and strategized to delay the application.

I’m waiting for word back from the city. Northshore Investors and the city are scheduled to be back in court in September to resolve a stay acquired by the city in August to not process the application. Also, a hearing is to be held on the city’s appeal of a July decision by the hearing examiner that ordered city officials to reverse their determination that the developer submitted an incomplete application.

Here are some details on damages claimed by Northshore Investors and North Shore Golf Associates, according to city records.
• Northshore Investors: City application fees ($94,919), inflation and lost revenue ($2.2 million), engineering ($253,423) and other costs to-date, totaling $5.3 million.
• North Shore Golf Associates: At least $17 million – the difference between the property’s value if developed and the value if the property is subject to city restrictions.

The first two houses are in escrow at Harbor Crossing, a subdivision in Gig Harbor to ultimately contain about 180 units. The project is notable for its location (next to the new Costco and YMCA and planned hospital) and for the urban-inspired style of homes: close together, some with shared driveways and others (deemed cottages) that don’t get any bigger than 1,300 square feet.

The Dwelling Co. plans to build 111 homes – a combination of houses, town homes and duplexes, according to Noree Milligan, Dwelling’s marketing manager. The first six being sold by the company (the ones already in escrow are Dwelling’s) range in size from 1,268 to 2,349 square feet and are priced at $344,990 to $539,990. Models will be available in November, Milligan said.

Bennett Homes, which is building the remainder, plans to begin selling Sept. 1, when a sales trailer will open, said agent Linda Kepler. (Models should be ready later in September.) Square footages range from about 1,800 to 2,600 square feet and prices are expected to start in the $400s. Notable attributes include minimal yards and master bedrooms on the first floor, which Kepler said appeal to retired buyers. Several are under construction with the first to be ready no later than January, she said.

I asked Kepler this week if she’s concerned about getting the units sold in today’s slow real estate market.

“Not really,” she said. “Bennett Homes is still selling homes.”

“Our research shows there’s a real need and market for this kind of housing. There’s nothing like it in the Gig Harbor area. We’re cautiously optimistic we’ll do really well.”

One added note: The Gig Harbor area had Pierce County’s highest supply of homes in July, at 9.7 months, which could present a location-specific challenge to anyone selling a home in the harbor area. You can read the story I wrote on the supply issue here.

Washington state ranked no. 20 for foreclosure filings in July, according to new numbers released today by RealtyTrac, a California real estate research firm.

There were 1,771 filings statewide in the month – a 49 percent increase from July 2006, according to RealtyTrac. Several states were hit far worse: California, Florida, Michigan, Ohio and Georgia accounted for more than half the nation’s total foreclosure filings, according to RealtyTrac.

Guardian Management LLC, a Portland company, has launched a new non-smoking policy for 8,000 of its apartments – more than half of the company’s holdings. The policy prohibits smoking inside the units and common areas and within 25 feet of any building on the property, according to a news release.

Guardian owns a building in Olympia and another in Federal Way so I’m checking to find out if the policy will be in effect there.

I know such policies are becoming more and more common -- anybody remember the state’s voter-approved ban on smoking in bars and restaurants getting under way in 2005? Hotels I recently stayed in have phased out smoking rooms. But in your own apartment or on its balcony? Any thoughts?

Find out how walking friendly your neighborhood is here, at least according to Walk Score, another Web site that applies your address to its mapping technology and the amenities nearest your home.

The site admits to some issues with the scoring system, such as an inability to measure street design, safety or how well local transit works. Walk Score basically charts out the nearest coffee houses, restaurants, libraries, etc. you might want to walk to.

Maybe I'm not the best judge of my own neighborhood (Stadium District), but it’s got a lot to offer residents who like to walk. Within blocks, there is a great view of the Sound, a grocery store, a wine bar, a big city park, a coffee shop and a popular neighborhood bar. Not to mention tree-lined streets inhabited with beautiful homes to look at while you walk.

My walkability score, however, was 66 out of 100. Columnist Pete Callaghan, who lives in North Tacoma, scored a 52 – and he’s within blocks of every amenity you could possibly want in Proctor. (Another reporter who lives in Eatonville got a 6.)

Then I ran my mom’s house in Silverdale and she scored an 80, which according to Walk Score, means “it’s possible to get by without owning a car.” Except that there are no sidewalks and she lives on one of the steepest hills around.

How does your neighborhood rate?

Mortgage interest rates are still in friendly territory (Bankrate was quoting 6.25 percent for a 30-year fixed today) as the housing market remains sluggish. But where might they be headed? I got two different opinions on the topic from two sources in the last 24 hours.

Glenn Crellin, director of the Washington Center for Real Estate Research at WSU, predicts mortgage rates could be on their way up: “There seems to be some pressure on lenders that need to increase profitabilty.”

Duff Dyer, who co-owns Oxbow Mortgage in University Place, told me this morning that he expects rates to drop, especially considering we’re heading into a presidential election. His prediction? In the mid-to-upper 5 percent range within the year.

Any thoughts?

National home sales activity continues to decline, though isn't down nearly as much as Pierce County's, according to figures released today by the National Association of Realtors.

Sales declined in all states by 10.8 percent in the second quarter of 2007, compared to the same period in 2006. Pierce County saw a 19 percent decrease in closed sales for the same period, according to the Northwest Multiple Listing Service. (July’s decline was 18.1 percent.)

The association points to a bright side in the numbers – a small improvement in price gains: 97 areas around the country saw median price increases in the second quarter, compared to 83 in the first quarter. Pierce County’s appreciation has been all over the place this year: 3.2 percent in April, 6.9 percent in May, 0.82 percent in June and 3.3 percent in July.

As promised, a year-to-date roundup on Pierce County’s single-family-home market, according to what was released last week by the Northwest Multiple Listing Service.

• Perhaps most notable: None of the areas tracked declined in price for the first seven months of the year compared to the first seven months of 2006, as opposed to month-over-month, which saw slight price drops in the Graham/Eatonville area, Puyallup and South Tacoma.

• The number of units sold, however, declined in every area except Anderson Island, which has so few listings compared to everywhere else it’s difficult to read too much into what goes on there. The biggest drops year-to-date in sales activity were in the Bonney Lake area (down 325 units, or 26.9 percent) and Puyallup (down 603 units, or 31.5 percent).

• Active listings countywide are up 6.4 percent year-over-year through July. A handful of areas, however, saw fewer listings, including North Tacoma, University Place, Fife, Puyallup and Browns Point.

I was out of the office for last week’s Northwest Multiple Listing Service sales numbers but thought you might enjoy a look at year-to-date numbers through July.

Here's the condo roundup. Tomorrow, we’ll look at houses.
• Listings were up in every area in Pierce County except for Browns Point and the DuPont and Bonney Lake areas. The top three areas, in order: Puyallup (269), North Tacoma (226), Central Tacoma (216).
• Prices increased at a decent 6.3 percent in the county with more dramatic appreciation in Central Tacoma (25.6 percent) and Puyallup (14.5 percent).
• The number of units sold were up in several areas, including Puyallup, Fife and the DuPont area. One of the biggest increases, however, was seen in Parkland – from 16 units sold in the first seven months last year to 53 for the same period this year.

Open House will be on hiatus for the next several days. Look for posts to return Aug. 14.

A colleague forwarded a Los Angeles Times story about teeny condos (we’re talking less than 300 square feet) coming to the West Coast’s largest city. So would this kind of thing work in Tacoma? I know several condominium projects downtown that have offered studios. But it seems that anything under 300 square feet would seriously constrain quality of life.

Here’s an excerpt of the story:

Is Los Angeles ready for the 250-square-foot apartment?

That’s what city planning officials have in mind with a series of new zoning proposals that would allow developers to build smaller condos and apartments than ever before.

The tiny units — studios that officials hope will be as small as 250 square feet — are part of a package of proposed zoning changes aimed at significantly increasing density downtown. The rules would apply to the roughly five miles around downtown but eventually could be extended.

The idea is to encourage developers to continue to build high-rises downtown even as the market appears poised to slow down — while also spurring them to build units that are more affordable.

Supporters — who include the city’s top planning officials, some developers and Councilwoman Jan Perry, whose district includes downtown — say these rules will encourage the construction of housing at a time when the city desperately needs it.

Some land-use experts question whether there is much of a market for tiny apartments downtown. Others fear overcrowding and slum conditions if the market goes sour and the units are too densely packed.

In New York, Boston, San Francisco and many European and Asian cities, residents have squeezed into tiny apartments for decades, usually because the lure of the downtown area is so great — and the prices for larger places so high.

Gretchen Broussard, who co-owns Tiny Living, a Manhattan store that sells furnishings for small spaces, lived in a 200-square-foot apartment in that borough until five years ago.

“I couldn’t even turn around in the space,” Broussard said. “I maxed out every inch of the wall space, mounted everything to get it off the floor. ... Every New Yorker is continually purging stuff because they don’t have room.”