Mukilteo City Council has asked the city to remove all references to a road through Japanese Gulch from the city’s Comprehensive Plan.

The council voted 6-1 to direct city staff to take necessary action to remove all references to an alternate ferry access road through the Japanese Gulch from its 20-year plan. Councilmember Kevin Stoltz made the motion.

As is policy, the request will go to the city’s Planning Commission to be studied further. If the commission recommends an amendment to remove the road from the city’s plans for future development, it will go back to the council for adoption.

The road through the gulch was in the Comprehensive Plan as an alternative for providing access to the ferry terminal if and when the terminal is moved. References to the Mukilteo Speedway, the city’s only road to the ferry, are to remain in the plan.

“Leaving references to roads through the gulch is contrary to other city policies and directions, which is to acquire land in Japanese Gulch to keep it as parks and open space to protect the environment,” City Council President Richard Emery said.

Emery said the city needs to focus on managing ferry traffic congestion through other alternatives, and that removing references to the road will help with that focus.

“I also believe that for purposes for focusing on transportation management concepts with Washington State Ferries and other transit providers, that if there’s a road in the back of our minds, we will find it harder to focus on providing transit options,” he said.

“We’ll be thinking somewhere we’ll just build a road and it will be better. We haven’t been able to pave our way out of congestion anywhere else; I don’t know why we think we could do it here.”

Stoltz’s motion also asks that the city expedite discussions with the city of Everett to de-annex more than 20 acres of the gulch into Mukilteo.

Everett agreed to de-annex the land to Mukilteo, which was recently purchased by the city, as long as it is kept as parks and open space – without a road.

A road through Japanese Gulch would pass through Everett’s city limits.

Councilmember Emily Vanderwielen was against requesting that city staff study the removal of the road from the plan until more of the gulch is acquired.

“We have some major priorities facing our city staff that take a large amount of time,” Vanderwielen said. “Let’s work through the major priorities now, and then we can take it one step at a time.”

Todd Hooper and Sabrina Bolieu of the Japanese Gulch Group, which aims to save the gulch for parks and open space, said the group supported the council’s motion.

“The gulch group is excited that [the council is asking that] the roads are removed from both Mukilteo and Everett,” Hooper said.

The Planning Commission annually reviews the Comprehensive Plan and makes recommendations to the mayor and council.

The commission also researches land use and other related issues upon request of the mayor and council.

The city, in partnership with Washington state, is seeking to acquire all 140 acres of undeveloped land in Japanese Gulch and preserve it as parks and open space.

Mukilteo purchased 8 acres of the gulch in 2009 from Precht Trust and another 17 acres from Washington Services in 2010 – lots that are on the Mukilteo-Everett border.

About 98 percent of that land is in Everett, Hooper said.

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Good news!

Mukilteo officials are sending a letter to Washington State Ferries that reiterates the city’s recommendation of moving the ferry terminal to the eastern side of the tank farm site.

WSF is considering four options to improve service and safety for all modes of transportation at the ferry terminal.

A draft Environmental Impact Statement (EIS) on the Mukilteo Multimodal Project was released on Jan. 27 that analyzes each of the options. The comment period on the draft EIS runs through March 12.

Mukilteo City Council approved a comment letter on the draft EIS by a 5-2 vote on Monday that recommends the ferry system go with the city’s “locally preferred option” – Elliot Point 1.

Councilmembers Kevin Stoltz and Steve Schmalz were against sending the letter because, they said, the city doesn’t have enough information yet to support an option.

The letter compares each of the four options and requests that the WSF also support Elliot Point 1 as the preferred option for the final EIS.

“I’ve now started saying, ‘Don’t ask me for my favorite alternative, because I will only tell you my least objectionable one,’” said Councilmember Randy Lord. “Everybody in this room knows that there is no good answer.”

“If the state wants to resolve their ferry terminal, I fully support it as long as this time they actually support the needs of the citizens of Mukilteo for a change. After decades of neglect, I am not willing to settle on a cheaper solution that is once again at the citizens’ expense.”

In the letter, the city argues that Elliot Point 1 is best option because it meets the most of the city’s objectives for waterfront redevelopment, compared to the other options.

The city lists 14 key objectives, such as the protection of cultural resources, reclaiming of public access to the waterfront, allowing for the construction of a new NOAA station and the reduction of traffic congestion on the Mukilteo Speedway.

Other objectives met through Elliot Point 1, according to officials, include the completion of a Sound Transit Commuter Rail platform and parking garage, the addition of a multimodal station and the possible relocation of the boat launch.

Officials also recommend some changes to the Elliot Point option, including relocating it on the tank farm so that it is not situated over the water.

“We would like to look for a better location so we don’t have it over the water,” said Heather McCartney, the city’s director of Planning and Community Development.

The city is also requesting that WSF let Mukilteo help during the design process of the project.

“We don’t have what we call a perfect solution,” McCartney said. “We want to continue working with them into making it a better alternative.”

The mayor said there will be a number of changes to the current designs because they aren’t – and can’t – be refined until a preferred option is selected.

At the public hearing, many Mukilteo residents requested that the council either reconsider its preferred option or at least analyze the option further before sending a comment letter.

“I think the city is moving much too rapidly to accept or choose an alternative that’s been given to them, and not enough time has been spent to stand up and say, ‘We don’t like the impacts here,’” said Charlie Pancerzewski.

“We need to address the needs of our city. We represent the needs of the residents of the city and not the Whidbey Island residents or ferry users.”

Christine Schmalz said that she – like many other residents in Mukilteo – don’t like the designs for the Elliot Point 1 option. She said there are better ways to develop the tank farm.

“We have hardly enough waterfront in Mukilteo, and let’s just go ahead and pave the rest?” she said. “I just don’t see how this is going to help anything to put a four-lane highway on the waterfront with parking.”

“And I see a little tiny strip for people to walk on in front of the parking and the highway, and it just doesn’t make sense to me.”

The four options include one to improve the existing site, two that relocate the terminal to the Tank Farm and a “no build” or do-nothing option.

All of the options keep the ferry in Mukilteo and maintain a 15-minute crossing from Mukilteo to Whidbey Island.

Elliot Point 1, which is estimated to cost $150-$165 million, relocates all terminal structures to the eastern side of the tank farm. The ferry slip would be located about 250 feet offshore (because of the sloping shoreline) and would require a longer pier and trestle.

A new passenger and maintenance building would be located over the water and an overhead passenger loading ramp would allow for easier walk-ons. The current location of the holding lanes would be open for redevelopment.

New tollbooths, a supervisor building and holding lanes for about 216 vehicles would be added. The Tank Farm pier and the Art Building would be removed.

A transit center with six bus bays would be built west of the new terminal, shoreline promenades would be located on either side, and Japanese Gulch Creek would also be “daylighted,” meaning it would be restored to an open stream.

The draft EIS is available on the project website for review. Comments can be submitted via email or mail.

An EIS is required in accordance with state and national environmental policy acts.

A final EIS is scheduled to be published in 2012.

For more information, visit http://www.wsdot.wa.gov/projects/ferries/mukilteoterminal/multimodal.

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Read the city’s comment letter online at www.ci.mukilteo.wa.us.

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Looking better! I can’t believe how many cash deals there are these days.

Warren Buffett: It’s Time to Buy Real Estate by THE KCM CREW on FEBRUARY 29, 2012 · 4 COMMENTS Warren Buffett appeared live on CNBC’s Squawk Box this week. During the interview, he was asked about the current real estate market and whether he felt now was the time to buy. His response was rather emphatic and has been used as a headline in hundreds of articles since the interview: “If I had a way of buying a couple hundred thousand single-family homes I would load up on them.” However, throughout the interview, he addressed the market from a few angles. Here is what he said: Why invest in real estate now? “It’s a way, in effect, to short the dollar because you can take a 30-year mortgage and if it turns out your interest rate’s too high, next week you refinance lower. And if it turns out it’s too low, the other guy’s stuck with it for 30 years. So it’s a very attractive asset class now.” Is buying your own home better than investing in stocks right now? “If I knew where I was going to want to live the next five or 10 years I would buy a home and I’d finance it with a 30-year mortgage… It’s a terrific deal.” Should we buy multiple houses? “If I was an investor that was a handy type and I could buy a couple of them at distressed prices and find renters, I think it’s a leveraged way of owning a very cheap asset now and I think that’s probably as an attractive an investment as you can make now.” Over the last couple of months, there have been more and more financial analysts coming to the same conclusion: It’s time to buy real estate. http://www.kcmblog.com/2012/02/29/warren-buffett-its-time-to-buy-real-estate/

If you want a simple system to start investing in real estate let me know. I have a great DVD I can share with incredible information!

There have been conflicting opinions as to where housing prices are headed. We want to give our opinion on this subject for the short term. We believe sellers have a window of opportunity for the next 90-120 days in most parts of the country in which to sell their homes for maximum price. We believe there will be increased downward pressure on home prices throughout the rest of the year.

Why renewed downward pressure?

Any item’s price is determined by ‘supply and demand’. In many parts of the country, existing housing inventory has dropped to historic norms in the last few months. However, an inventory of distressed properties (foreclosures and short sales) will be coming to market this year. This inventory has been delayed for over a year as the Federal and state governments crafted an agreement with the five largest banks and mortgage servicers to establish a roadmap for how a foreclosure must be properly completed. That agreement, the National Mortgage Settlement, was reached two weeks ago.

What Impact Will the Agreement Have on Foreclosures?

Brandon Moore, chief executive of RealtyTrac, explains:

“The settlement sets forth clear guidelines for lenders and servicers to follow when foreclosing, which should allow them to push through some of the delayed foreclosures from last year.”

How Many Foreclosures Could We Be Talking About?

Mark Vitner, a senior economist at Wells Fargo Securities tells us:

“The settlement helps the housing market in the long run because it allows banks to proceed with millions of foreclosures that have been stalled.”

What will this mean to home prices?

As this inventory comes to market, it will impact prices in two ways:

1. It will bring to market discounted competition for buyers
2. It will impact the appraisal values of all homes in the area

Which States Will Be Impacted the Most?

The states that have the largest backlog of properties currently in the foreclosure process will be the states that will see the greatest price depreciation.

Bottom Line

There is a window of opportunity currently which sellers should take advantage of. Waiting until later this year will not guarantee a higher sales price. If anything, in many regions of the country, it probably guarantees the exact opposite.

Are you worried or excited about the new inventory that will come on?

  InfoGraphic Methodology as per CoreLogic: The foreclosure inventory represents the number and ratio of homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a

Nice to see that Washington State is on the lower end of the spectrum.

This is an interesting graphic on how the country is doing as a whole. It’s nice to see that Washington State is not in the red, but I wonder why Oregon and Idaho have fared so well compared to us?