Puget Sound Real Estate and Community Blog

After meeting with REALTORS last week, key Senator introduces legislation to extend tax credit until June 2010 AND make it available to ALL buyers.

Senator Patty Murray has authored language to extend the $8000 First-Time Buyer Federal Tax Credit until June of 2010 and to make the extended tax credit available to all homebuyers until that date. This language also removes the income “cap” for receiving the credit. The current credit is only available to those who have not owned a home within the past three years and is available to purchases that close no later than November 30.

In a meeting with Seattle King County REALTORS® on May 13, 2009, Senator Murray said she favored an extended tax credit for homebuyers. Her attempt to attach this amendment to a supplemental appropriations bill last week failed on a procedural motion. However, sources say her language could remain eligible for consideration by the Senate later this year.

Source: Seattle King County Association of REALTORS Broker Update, June 2009

David J Edwards

Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT

The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.

KIRKLAND, Wash. (Dec. 4, 2008) – “Real estate microclimates can behave very differently,” according to one industry leader in commenting on the latest report from Northwest Multiple Listing Service. On first glimpse, the statistics for much of Western Washington indicate a market slowdown persists, but a closer look illustrates the “microclimate” theory:

• Inventory overall dropped slightly in November (down 1.8 percent) compared with a year ago, with 9 of the 19 counties in the NWMLS area reporting a smaller selection of listings.
• Pending sales of single family homes and condominiums declined in all but one county. Jefferson County bucked the trend with a 53 percent jump in the number of offers made and accepted but not yet closed. Within King County, where the multiple listing service tracks 29 map areas, four of those areas reported double-digit gains in pending sales of single family homes. (The “hot spots” were Jovita/West Hill/Auburn; Skyway; Central Seattle/Beacon Hill and Bellevue-West of I-405.)
• Prices overall for last month’s closed sales lagged figures from a year ago (down about 9.5 percent), but six counties reported gains. For the West region of the U.S., prices of single family homes plunged 26.7 percent and condo prices dropped 24.5 percent from a year ago, according to the National Association of REALTORS.®

Counties where prices rose from a year ago included Cowlitz, Island, Okanogan, Pacific, San Juan and Skagit; prices were unchanged from a year ago in Lewis County.

System-wide, the median price for last month’s closed sales of single family homes and condos was $285,000, down 9.5 percent from the year-ago figure of $315,000. In King County, prices fell about 5.4 percent, from $385,990 to $365,000.

Although not isolated in the NWMLS monthly reports, brokers say the rising number of foreclosures is having some impact on statistics.

“Until all the foreclosures and short sales are gobbled up, they represent a chunk of the inventory, and prices will fall,” said Dick Beeson, broker/owner of Windermere/Commencement Associates in Tacoma. Asked to comment on reports of recent auctions of unsold inventory, he said this approach has limited usefulness, usually under special circumstances. “They may work for some new housing tracts, but probably not for individual single detached homes,” he remarked.

The existence of real estate microclimates means consumers and agents alike should understand that expertise within a specific market segment is now more important than ever, says Pat Grimm, owner of Windermere Capitol Hill, Inc. “I remind our agents that regional trends don’t always speak for all product types, property locations or price points — the pressures on supply and demand are never evenly distributed.”

Grimm noted new construction activity tends to be understated in Northwest MLS reports, in part because of how pre-sales are handled. For example, he notes multiple high rise condominiums are in various stages of construction in downtown Seattle. Some builders-developers are pre-selling or only listing a sampling of their offerings with NWMLS brokers, he explained.

Grimm estimates around 500 additional sales around downtown Seattle are scheduled to close in the near future, but they are not listed in the MLS database. “When considering all this activity, the reality is actually better than the perception in this situation,” he remarked.

Looking at the “macro” market, condo inventory across the Northwest MLS service area is comparable to a year ago. At month end, there were 6,948 active listings of condos in the system, up slightly (1.4 percent) from the year-ago total of 6,855. Prices for condos that sold last month were down about 5.2 percent from condos that sold twelve months ago. In King County, which accounts for nearly two-thirds of all condo sales, prices fell 3.6 percent.

While condo inventory rose slightly, the choices for single family homes shrunk from a year ago. At the end of November, there were 36,636 active listings of single family homes, a drop of 908 listings (down 2.4 percent) from twelve months ago.

Echoing Grimm’s “reality versus perception” observation, J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, said that also comes into play for home loans in today’s market.

Recent actions by the Federal Reserve have resulted in mortgage rates dropping to their lowest levels since 2003, Scott stated, adding, “What consumers may not understand is that every half-point change in interest rates is equal to a 5 percent drop in the sales price of a home. That means the recent dramatic drop in interest rates is equal to at least a 10 percent reduction in home sales prices.”

Lower rates are providing opportunities for homeowners to significantly reduce their monthly payment by refinancing, Scott emphasized. Contrary to what prospective homeowners may have heard, perfect credit isn’t needed to qualify for a low interest loan, nor is a large down payment or a large amount of equity in an existing home. “Loans still exist for the majority of people looking to purchase or refinance.”

Windermere’s Beeson, a member of the Northwest MLS board of directors, reports “keen interest from sidelined buyers” because of dramatic dips in interest rates. “In fact,” he remarked, once unqualified buyers are now qualified because of the full 1 percent drop in rates – “and they’re buying.”

“If inventory continues to shrink, if lower interest rates are maintained, if homebuyers are stimulated through proposals like the $7500 tax credit plan the National Association of Realtors® proposes for every buyer (not just first time buyers), if GSEs (government sponsored enterprise) set their loan limits at the highest levels, and if the banks are required to work with existing troubled homeowners by reducing their payments or arranging repayments at lower interest rates (but not focusing on debt forgiveness), we could all breathe a bit easier for 2009,” Beeson suggests.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 28,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.

David J Edwards
REALTOR
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF

David J Edwards is a full time real estate agent and REALTOR with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers.

Bonds and home loan rates spent last week testing their previous best levels of 2008, and finally rallied on Friday to reach their best levels not just of 2008 but of the last five years. Stocks, meanwhile, were under pressure throughout the week waiting to see whether Congress would approve emergency loans for GM and Chrysler. While the House of Representatives approved the measure Wednesday evening, the Senate rejected the $14 billion bailout for the US automakers on Thursday evening, citing a lack of wage concessions by the United Auto Workers (UAW). Friday, the White House announced that the government may be willing to use Troubled Assets Relief Program (TARP) funds to prevent an immediate collapse of the auto industry. One thing we can be sure of in this matter is that the volatility for both Stocks and Bonds will continue while this issue remains unresolved.

There were other important happenings in Washington to note last week. Five members of the House Financial Services Committee are sponsoring a bill that would force the SEC to reinstate the uptick rule. The uptick rule is a former rule established by the SEC that requires every short sale transaction to be entered at a price that is higher than the price of the previous trade. So what would the reinstatement of the uptick rule mean for Bonds and home loan rates? The reinstatement of the uptick rule would do a lot to quiet the excessive volatility in both Stocks and Bonds.

In other important news to note last week, the Retail Sales report for November showed that retail sales fell for a fifth straight month. Meanwhile, Initial Jobless Claims reached their highest level in 26 years. Both of these reports are indicative of the current economic climate, and given the events of the week in Washington, they had minimal impact on Bonds and home loan rates.

As mentioned above, Bonds and home loan rates rallied Friday afternoon to reach their best levels of the year. As a result, they ended the week .25 percent better than where they began. There may be an opportunity for you to reduce your home loan payments, feel free to contact me so I can refer you to a qualified lender.

Tuesday will be a big day this week as more news from Washington may rock the markets. First, the Fed will be holding another regularly scheduled meeting of the Federal Open Market Committee (FOMC). Look for the Fed to cut the Fed Funds rate (the rate for overnight loans between banks) by a half point, to 0.50 percent. While a cut by the Fed often causes home loan rates to rise (because a Fed cut can lead to inflation, which is the arch enemy of Bonds and home loan rates), the deflationary environment we are currently in may prevent home loan rates from worsening.
 
Another event to note on Tuesday is the release of November’s Consumer Price Index (CPI) Report. This widely watched inflation indicator tells us how much more expensive goods and services are this month over last month, and with recent concerns on deflation - this will be an important report to watch.

Bonds and home loan rates ended the week at their best levels of this year and in over five years. Let me know if you want some more information about how you can take advantage of the current situation.

Preliminary SR 520 costs released

Decision makers and the public now have realistic projections of the probable costs for the SR 520 Corridor Program. WSDOT released updated cost information for the corridor program, including three west side options developed through a mediation process, as well as costs for the Eastside Transit and HOV Project , the floating bridge and the pontoon construction site.

The latest cost estimate for the corridor program ranges between $4.526 and $6.672 billion, depending on which west side design option is chosen. These estimates were developed with WSDOT and a team of independent experts using the Cost Estimate Validation Process approach. The estimates consider cost, schedule, risks, opportunities and uncertainties.

For more information about the cost estimates please visit the project Web site .

Take the survey about potential tolling options across Lake Washington

The 520 Tolling Implementation Committee is seeking additional public input about how tolls can help pay for a new 520 bridge between Seattle and Bellevue. The committee hosted three open houses this month in Seattle, Mercer Island and Bellevue to talk with local communities about possible tolling options across Lake Washington (including both SR 520 and I-90).

If you couldn’t make it to one of the open houses you can take the committee’s online survey . Individual survey responses will be completely confidential.

The survey results will be shared with the committee in mid-December. Public comments and survey results will also be included in a report to the Legislature in January 2009, setting the stage for legislative decisions during the 2009 session.

To make sure your involvement counts, we ask that you complete the survey by Nov. 30.

Building a new bridge in Bellevue

The NE 10th Street bridge is taking shape as crews continue to set large girders across I-405 in downtown Bellevue. Crews have set more than half of the 24 girders needed to build the backbone of the bridge. The new bridge will connect downtown Bellevue and the city’s growing hospital district and relieve congestion on NE Eighth Street.

Careful planning by WSDOT project engineers has allowed crews to keep I-405 open during construction of the bridge. However, on weeknights from 11 p.m. to 5 a.m. and Saturday night from 11 p.m. to 7 a.m., traffic may be reduced to one lane in each direction. The reduction is needed so crews can truck in the large girders, hoist them onto the columns that support the bridge, and secure them into place. The Washington State Patrol will slow traffic for up to five minutes two times a night while crews lift the girders onto the columns. Drivers should also note that area ramps may close as early as 9 p.m. during construction.

For more information about the project, details of area ramp closures, and to view pictures and a video of a girder being set, please visit the project Web site .

Heads up: Changes for SR 522 drivers in Bothell

You may have noticed the new traffic signal at the intersection of SR 522 and Woodinville Drive. Crews recently installed the light but haven’t turned it on yet. Crews must first test the signal to ensure it is working properly and install signs to notify drivers about the change

Once it’s running, the light will direct drivers on both directions of SR 522, as well as drivers headed to and from Woodinville Drive. By next fall, it will also direct traffic at the new south entrance of the UW Bothell Cascadia Community College campus.

For more information visit the project Web site .

Sound Transit seeks public input on service changes

Sound Transit is seeking public comment on several service changes that are proposed for 2009, including changes to bus routes serving Issaquah, and plans for the opening of Link light rail line from Tukwila to downtown Seattle in July.

Public input will inform the Sound Transit Board’s review of proposed changes related to existing projects and services. Sound Transit will be seeking further input in early 2009 on the system expansions approved by voters on Nov. 4.

Proposed changes in 2009 related to existing projects and services include several changes to three routes connecting Issaquah to Bellevue, downtown Seattle, and North Seattle (ST Express Routes 554, 555 and 556). The biggest service change coming in 2009 will be the opening of Link light rail service between Tukwila and downtown Seattle in July and to Sea-Tac Airport in December. A temporary bus shuttle will connect Tukwila Station to the airport until the airport segment opens for service.

For more information about the proposed service changes or to comment on the proposals visit Sound Transit’s Web site .

KIRKLAND, Wash. (Nov. 6, 2008) – Housing activity for Northwest Multiple Listing Service members was disappointing last month, but not surprising, according to one industry executive. He and other representatives of the Northwest’s largest MLS believe the situation is improving.

“The results we’re seeing from October’s homes sales were not unexpected,” said Ron Sparks, managing vice president of Coldwell Banker Bain in Bellevue. He said a unique and historic combination of events has frozen many buyers. “The daily roller-coaster of events in the financial sector this past month has understandably caused a high degree of uncertainty with buyers and sellers alike, and uncertainty is not a good thing when making one of life’s most important decisions,” he noted.

October’s pending sales fell more than 27 percent from the same month a year ago, and dropped nearly 26 percent from September. Northwest MLS members reported 4,445 pending sales of single family homes and condominiums across its 19-county market area last month. All counties reported double-digit drops.

Sparks said the added anticipation of electing a new president who will have his own ideas about how to support the housing recovery created a recipe for the market ‘suspension’ this area and other markets experienced during the past month.

Others pointed to the stock market turmoil and misperceptions about the availability of mortgage loans as restraints on activity.

Listing activity also slowed during October, with members adding 9,647 new properties to inventory. The total, which included 8,129 single family homes and 1,518 condominiums, was the smallest number added to inventory since December 2007. Inventory is at its lowest level since February. At month end there were 46,189 active residential listings in the MLS system. That’s down 2.5 percent from a year ago when members reported 47,381 active listings. The highest volume so far in 2008 was of 51,817, the total inventory at the end of May.

Prices followed the downturn. For October’s 4,512 closed sales of single family homes and condominiums combined, the median price system-wide was $291,000, down 7.4 percent from a year ago. A comparison with September shows a 1.3 percent decline from the median selling price overall of $295,000.

Prices for completed sales of single family homes (excluding condos) fell about 9 percent last month compared with a year ago. Condominium prices dipped only 3.8 percent overall from a year ago.

Despite market volatility and shaky consumer confidence, one industry leader emphasized it’s important to understand that advantageous market conditions currently exist for those who are motivated to buy. “The truth of the matter is the market conditions are ideal for first time buyers, move up buyers, and investors,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.

Scott noted interest rates are at historic lows for conforming and FHA loans and a variety of great mortgage options are available, despite perceptions to the contrary.

The perception that “no one is lending money” is inaccurate, said NWMLS director Matt Deasy of Windermere Real Estate/East Inc. Most loans have been federalized via Fannie Mae and Freddie Mac, but money is available, he emphasized. Deasy suggests potential buyers talk with real estate agents for referrals to good sources for mortgage loans.

“The public is waiting for a sign that all is going to be okay,” remarked NWMLS director Ken Bacon of Windermere Real Estate in Redmond. Incentives are also needed, he believes. For example, Bacon said the suggested reduction in interest rates would be buyers’ best stimulus, while admitting some misgivings about federal bailout programs. “The bailouts have to some extent created a different mentality for our buyers who wonder what these bailouts will do for them.

“A 1 percent or so reduction in interest rates would be viewed as a sign that they too may benefit from the bailout mentality,” Bacon commented, adding, “It would open the minds of ‘waiting to see buyers’ and create the first step for more buyers to pursue their dream of home ownership.” He believes a reduction, or buy down, in interest rates could accelerate the stabilization and turnaround of the housing market, and is confident Seattle’s market will recover, noting “only the timing is uncertain.”

Sparks also commented on the mortgage market. “Our real estate market continues to be affected by lending institutions. Many banks appear to have the ability to lend, but at a time when cash reserves are so precious, lack the desire to lend. This lack of desire is very apparent when you see how mortgage interest rates have increased steadily over the last 30 days,” he stated.

(According HSH® Associates, the nation’s largest publisher of mortgage and consumer loan information, the rate on a 30-year fixed rate mortgage for the week ending 10/31/08 was 7.05 percent; a year ago it was 6.73 percent.)

NWMLS leaders agreed consumer confidence will take time to rebuild, but are optimistic.

“Thankfully, we now see tangible housing and lending programs being initiated, with many more on the horizon,” said Sparks. “Interest rates are softening. We appear to be moving in a positive direction again!”

Lennox Scott reported having the opportunity to listen to several economists recently, including Lawrence Yun from the National Association of Realtors®. “I feel good about what I’m hearing. The bottom line is that the situation is manageable and things will improve,” he remarked, adding, “Despite the uncertainty of the financial markets, homeownership continues to be one of the most solid investments an individual or family can make.”

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 28,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.

Statistical Summary by Counties: Market Activity Summary - October 2008

4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)

With all the recent turmoil in the stock and credit markets over the past few months, I have noticed that there is a significant amount of mis-information being shared.

Here are some interesting facts and information which may assist you as you are responding to questions from your clients.

The $700 Billion Bailout guarantees ALL debt for Fannie Mae and Freddie Mac.  This step gives investors more confidence to invest in Mortgage Backed Securities.  This in turn will provide more liquidity to the banks.  This became evident when PIMCO moved almost 70% of their investment holdings into mortgage backed securities about 11 days ago.  Their move helped liquidity and casued interest rates to drop during that week.

The framework for lending guidelines has gone back to analyzing the buyers real assets, requiring decent credit and determining the borrower’s ability to repay the loan. When you get a loan today, it will be a safe loan.

I expect Interest rates will remain low over the coming months, however, all lending institutions including FHA, VA, Fannie Mae and Freddie Mac are going to charge extra fees based on the risk of the loan.  If a buyer has lower credit scores, they can still buy a home but they’ll pay a higher fee for the same rate.

The Bond market has been as volatile as the stock market over the past 60 days. It is not uncommon to see rates move .50 percent in rate in a single day.  In addition, they are not moving in the standard direction as they do in a normal market.  If you like the rate, lock it in as it may change within the day.

For the first time in a long while, new construction housing starts are lower than Housing Formation (more people purchasing).  This is good news because there will be fewer homes for people to purchase.  The increased demand will in turn will help the home prices to stabilize.

Existing home sales for September were up from August.  Again, this evidence supports that buyers in today’s market feel that the adjusted home prices are now at a good value. This is also good news as it is additional evidence that we may be seeing the bottom of the real estate market.

The government this week is now talking about guaranteeing the debt for banks with troubled home loans if the banks allow the homeowners to restructure their loans.  In addition to this, they are also talking about putting a 90 day freeze on Foreclosures.  The effect of this could take thousands of homes off the market.  This will improve the supply and demand and help turn the market around.

This is the first time in several years that first-time homebuyers are seeing house prices at a level which they can afford. While the national newscasts continue to say there are no zero down home loans available today…..that is simply not true.  I work with a multitude of lenders offering a variety of zero down loan programs for first-time home buyers.  All of these loans are 30 year fixed, principal and interest loans.

With the power of these safe zero down programs combined with reduced home prices, it is a great time to be a buyer.

Expect a sea of orange Saturday night in south Bellevue
Late night drivers will see lots of orange on I-405 this Saturday night when crews will reduce the three southbound lanes down to one. Construction crews will close two lanes from Coal Creek Parkway to 112th Ave. SE. overnight starting at 10:30 p.m. Saturday, Sept. 27. During the closure crews will install a new, larger catch basin under the highway to connect to I-405’s drainage system. This work will take all night. Crews will reopen all the lanes at 8:30 a.m., Sunday, Sept. 28.

WSDOT anticipates slow downs so avoid the area during this work if possible and know before you go by calling 511 or checking traffic conditions online .

Upcoming weekend closure on eastbound SR 522 in Bothell
If you haven’t driven by the SR 522 UW Bothell project site near I-405, you’ve been missing something. Crews have been busy reshaping this 1/3 mile long construction zone and the site looks entirely different than it did two months ago or even two weeks ago.

This weekend crews will close eastbound SR 522 between SR 527 and I-405 to connect the eastbound lanes to a new roadway.  The closure begins at 11:30 p.m. Friday, Sept. 26.  When the road reopens at 5 a.m. on Monday, Sept. 29 drivers will be travelling on the new, straighter lanes.  The work is weather dependent, which means crews may have to reschedule the closure if the weather doesn’t cooperate.

WSDOT recommends that you avoid the area during the closure and take alternate routes.  However, if you have to travel on eastbound SR 522 in Bothell this weekend, give yourself extra travel time and look for signed detours that will take you to eastbound SR 522 via northbound SR 527 and southbound I-405.

Fish window of opportunity opens on SR 900
The SR 900 widening project from Newport Way to just south of Talus Drive is in full swing. This month WSDOT fish biologist Andrew Gross worked with the Washington State Department of Fish and Wildlife (WDFW) to divert Tibbetts Creek through a 10-inch hose while crews widened a section of roadway that bridges it.

When road construction requires WSDOT to work in or near a stream, WDFW provides WSDOT with a fish window permit. The fish window permit allows WSDOT to divert the stream during a very specific window of time when they know there are no migrating salmon swimming in it.

According to WDFW biologists, the Tibbetts Creek adult salmon run begins in late fall. WSDOT plans to remove the diversion hose next week, opening up a long fish window of opportunity for salmon to migrate.

Volunteers needed to count Washington’s bicyclists and pedestrians
If you enjoy the outdoors, WSDOT has the perfect opportunity for you. The state is looking for a few good volunteers to tally the number of people who chose to walk or bike to their destinations. The information will be used to establish benchmarks and track progress toward the state’s goal of encouraging people to get out of their cars. Volunteers are needed on Sept. 30, Oct. 1 and Oct. 2. Those who are interested in helping can learn more by visiting WSDOT’s Web site. You can also contact the Cascade Bicycle Club at organizer@cascadebicycleclub.org to sign up.
Take advantage of ChooseYourWayBellevue.org, Bellevue’s one-stop online resource for travel options and local travel conditions.

According to Kirotv.com, “Gov. Chris Gregoire says the state is pulling the license of Countrywide Home Loans to write loans in Washington and that investigators found evidence of ‘predatory practices’ aimed at minorities.”

Some mortgage companies have warehouse lines that are with Countrywide. These are the lines of credit used to fund loans and if they are not allowed to operate in WA State, they will not be able to fund any loan regardless of whether or not the loan was intended to transfer to Countrywide. We don’t know all details of how this will affect Broker or Correspondent relationships but we’ll keep you informed as we get more details.

If you have a signed around purchase and sale agreement, ask your real estate agent if Countrywide is a player in your transaction.

Late night I-90 closures and rolling slowdowns on Mercer Island

Late-night drivers should prepare for delays on I-90 in Mercer Island. Starting Monday, June 23 crews plan several lane and ramp closures as they build new I-90 HOV on and off-ramps on Mercer Island and improve I-90 HOV access at Bellevue Way as part of Sound Transit’s I-90 HOV access project. Work will continue through Friday, June 27. On, Saturday and Sunday crews will conduct rolling slowdowns overnight on eastbound I-90 while they install a sign bridge

Learn what’s happening with SR 520 at open houses this week

WSDOT is hosting two open houses this week in Seattle and Bellevue to share information about the latest plans for the SR 520 bridge replacement . The new plans that we will present are a result of a mediation process on the west side of Lake Washington and collaboration with Eastside communities.

In addition to the update about the bridge replacement, representatives from the Lake Washington Urban Partnership will also launch an environmental process for a proposal to toll the existing SR 520 floating bridge, and they want to hear what you think should be studied in the environmental analysis.

You will also be able to speak with project partners working on other key corridor elements, including Sound Transit, King County Metro, and staff from the newly-formed SR 520 Tolling Implementation Committee .

The first open house will start at 4 p.m. on Tuesday, June 24, at the Naval Reserve Building in Seattle, 860 Terry Ave N (at Valley Street). The second open house will take place from 4 to 7 p.m., Wednesday, June 25, at Bellevue City Hall, 450 110th Ave NE.

How will you get around during the Wilburton Tunnel closures in August?

It’s never too early to plan your routes around I-405 in Bellevue this August. During the weekends of August 8-11, 15-18 and 22-25 crews will close southbound I-405 between SE 8th Street and I-90 to remove the Wilburton Tunnel (PDF 1 MB) to make room for more southbound I-405 lanes.

How can you help minimize traffic backups? Delay or reschedule nonessential trips, use an alternate route, carpool, take the bus or work from home.

You can also call 511 for travel information and check the I-405 construction updates closure information on I-405.

Tolling committee launches conversation about SR 520 tolling
To launch public discussions about tolling in the SR 520 corridor, the 2008 legislature appointed a tolling implementation committee that has three members: WSDOT Secretary Paula Hammond; Puget Sound Regional Council Executive Director Bob Drewel; and Commissioner Dick Ford from the Washington State Transportation Commission. The committee recently held its first public meeting on June 17, and has launched its new Web site at http://www.build520.org/.

Southbound I-405 in Bellevue to close in August for tunnel removal
Crews in south Bellevue continue to make progress removing dirt and vegetation from the top of the Wilburton tunnel in preparation for its demolition this August.  Crews will use equipment that will crunch and break concrete as well as a crane with a wrecking ball to demolish the Wilburton tunnel.  Southbound I-405 will close completely from SE 8th Street to I-90 during three weekends:

11 p.m., Friday, August 8 to 5 a.m., Monday August 11
11 p.m., Friday, August 15 to 5 a.m., Monday, August 18
11 p.m., Friday August 22 to 5 a.m., Monday August 25