The Associated Press
Olympia resident Ross Gonedridge waterproofs a hole in his roof where his chimney once stood. Gonedridge lost his chimney during a magnitude 6.8 earthquake that shook the area Wednesday.

South Sound market on solid ground

SCOTT WYLAND, THE OLYMPIAN

"I don't see any change in the market at all. People are aware that natural disasters are going to happen." -- Dean Stohl, real estate broker

THURSTON COUNTY -- The full extent of damage left by Wednesday's earthquake is still not known, but some local real estate agents are certain that South Sound's home-buying market will come away unbruised.

Virtually all area homes were left standing. Most came away unscathed, and those that were damaged appear to be fixable, agents say.

Thus, the earthquake isn't likely to lower property values or quell the enthusiasm of out-of-area buyers, said Dean Stohl, broker for RE/MAX Four Seasons Real Estate in Olympia.

"It's a one-time event every 30 years," Stohl said. "I don't see any change in the market at all. People are aware that natural disasters are going to happen."

Home owners will probably be more apt to buy earthquake insurance, Stohl said. And those buying homes will be more likely to request that sellers re-inspect houses, he said.

Area homes were spared partly because the earthquake originated 30 miles underground, Stohl noted. "It wasn't a jolting, horizontal quake," he said. "It was more of a shaking."

The fact that so many homes endured the earthquake with little or no damage is actually a selling point, said Robert Meenk Jr., a broker with Pacific Slope Properties in Olympia.

Meenk has asked all his clients to do a home inspection before selling a house to ensure there are no cracks in the structure. That will allow them to assure buyers that everything is OK and will prevent future liability, he said.

Buyers also can be confident that their new homes can withstand a jolt.

So far, no buyers have demanded that a home be re-assessed to determine whether the earthquake reduced the value, Meenk said.

The bulk of damage was done to masonry -- sidewalks, driveways, chimneys, brick siding -- that was too rigid to roll with the heaving ground, Stohl said.

That type of damage is apparent in the historic South Capitol neighborhood, one of Olympia's hardest-hit residential areas, Meenk said.

Older homes are especially susceptible because they were built before newer, more stringent codes were established, Stohl said. Still, most of these houses withstood the quake very well.

"Stick-frame" houses -- those built with lumber structures -- seemed to fare the best because the wood framing was pliable enough to roll with the earthquake, Stohl said.

"It's naturally more flexible than a concrete stone or a brick stone or masonry," he said.

Meenk said he has heard no buyers express qualms about coming to South Sound in the aftermath of the earthquake.

"They don't really factor it into their buying decision," he said.

In fact, for years Meenk mentioned to buyers that certain houses in Olympia went through two major earthquakes, one in 1949 and one in the 1960s. Now he can add a third to the list, he said.

People seem more concerned with heavy rains causing floods or mudslides, a more common occurrence in the Pacific Northwest, Meenk said.

Scott Wyland is a business reporter for The Olympian. He can be reached at 357-0748 or scottolympian@yahoo.com.

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