Seattle Waterfront Home Sales in May 2009

Three Seattle waterfront homes have sold so far in May, with the home prices being on the lower end of the waterfront market. The homes sold at a wide range of discounts from listing price, and varied from one week on the market to 6 months on the market.

The first home was a 3 bed, 1.75 bath house on Lake Washington's waterfront in Cedar Park (near Lake City in NE Seattle). With a good-sized dock on the lake and ample space, it sold for $765,000, just 4% off the list price of $799k. This was really the low end of market prices on Lake Washington.

Another Cedar Park waterfront home sold for $1.14 million. A large home, at over 3500 sq ft and 4 beds/3 baths, this property had 50 feet of lakefront, parallel docks and two boat lifts. It sold at about 86% of its original list price, in just under 6 months.

The third home sold in May was in NW Seattle in the North Beach Neighborhood. This Puget Sound waterfront home was a 3 bed, 2.75 bath, 1960s era home. It sold at just 7 days on the market - a surprisingly quick sale considering its $1,000,000 selling price at 15% less than the list price. Considering that the Seattle Real Estate market is very slow over $1mm, it seems like a concession that makes sense.

Sam DeBord and Brian WiegandSeattleHome.com (206) 431-5900
Seattle Waterfront Real Estate Brokers - RE/MAX Connected
Seattle Waterfront Homes - Seattle Water View Homes - Seattle Floating Homes - Seattle Houseboats - Seattle Condos - Seattle Luxury Homes - Seattle Homes For Sale

Seattle Waterfront Homes sold in April 2009

There were 3 notable Seattle waterfront homes sold in April. The first was a cozy beach cabin on Beach Dr in West Seattle. At 2 beds, 1 bath, and 1500 sq ft, it's a classic waterfront beach house that could be a small primary residence or a perfect weekend getaway. The home sold for $640,000, a relative steal for Seattle waterfront on the Puget Sound.
The second waterfront home was a 3 bed, 2 bath, 1930s era home on the Southwest Magnolia waterfront. With 75 feet of waterfront and 1500 sq feet, the home sold for $880,000. The home has a low-bank waterfront on the Puget Sounds, and panoramic views. This again seems to be a bargain compared to waterfront sales in Magnolia over the last few years. It may be that some waterfront sellers are finally easing up on their pricing stances and making concessions.


The third waterfront Seattle home sale of note was on the waterfront in Leschi, a grand lakeside estate with a pool, dock, and 72 feet of Lake Washington waterfront. The property contained two lots with views of the lake, downtown Bellevue, and a covered boat lift. Originally listed at $2.995 million and eventually selling at $2.65 million, the home sold in just one month at about a 12% reduction in price. Considering how slowly homes in the $2 million+ range are selling currently, this is a significant transaction for its quick closure.

Edmonds Homes on the Puget Sound Waterfront

Edmonds offers a wide range of waterfront homes. There are affordable houses on Lake Ballinger and Lake Serene, and everything from small cabins to luxury villas on the Puget Sound.

Prices start around $500k on the Puget Sound, so there is ample opportunity for waterfront home buyers. The views from Edmonds on the waterfront are sweeping. The Olympic mountains, islands in the Sound, ferries, and occasional orca whales make water views in Edmonds hard to beat.

Edmonds Waterfront Real Estate
Edmonds Water View Real Estate

Sam DeBord and Brian WiegandSeattleHome.com (206) 431-5900
Seattle Waterfront Real Estate Brokers - RE/MAX Connected
Seattle Waterfront Homes - Seattle Water View Homes - Seattle Floating Homes - Seattle Houseboats - Seattle Condos - Seattle Luxury Homes - Seattle Homes For Sale

Edmonds Waterfront Festival - this Weekend

The city of Edmonds will have its annual waterfront festival this weekend, May 29-31. Edmonds, about 20 minutes North of downtown Seattle, has a quaint, small-town feel in its downtown on the Puget Sound. The family festival has a nautical theme, with art exhibits and plenty of entertainment.

For children, there are arts and crafts, free trout fishing, rides, and food vendors. For adults there is a beer garden, live music, dancing, and a 5k run. The events run from 3pm-10pm on Friday, and 11-10 on Saturday and Sunday.

Edmonds Homes For Sale
Edmonds Waterfront Homes
Edmonds Water View Homes

Sam DeBord and Brian WiegandSeattleHome.com (206) 431-5900
Seattle Waterfront Real Estate Brokers - RE/MAX Connected
Seattle Waterfront Homes - Seattle Water View Homes - Seattle Floating Homes - Seattle Houseboats - Seattle Condos - Seattle Luxury Homes - Seattle Homes For Sale

Seward Park Homes on Lake Washington Waterfront

There are eight waterfront homes for sale in Seattle's Seward Park currently. Starting at $1.6 million, these homes range from 60 to 110 feet of low bank Lake Washington waterfront. This group of listings is larger than the usual number of available homes. About half of these homes came on the market in the past month.

Seward Park is a unique waterfront neighborhood in that it's so close to downtown Seattle. New homes can't be built, waterfront properties are relatively scarce, and the Lake Washington shoreline in this area is some of the most highly sought in Seattle.

Waterfront home sellers in Seattle have been holding back from selling in a lot of areas. The inventory through 2008 has been fairly steady, as have sales prices. Sellers may be seeing a bump in the number of market sales and beginning to list homes that were "waiting in the wings" until this point. This is a factor known as "shadow inventory", or homes that are ready to be listed for sale as soon as the real estate market picks up.

Seward Park Waterfront Homes

Sam DeBord and Brian WiegandSeattleHome.com (206) 431-5900
Seattle Waterfront Real Estate Brokers - RE/MAX Connected
Seattle Waterfront Homes - Seattle Water View Homes - Seattle Floating Homes - Seattle Houseboats - Seattle Condos - Seattle Luxury Homes - Seattle Homes For Sale

Seattle financing at no money down, no PMI for Homestreet houses

Some homes in the Seattle area are now being financed by Homestreet Bank at no money down, no PMI, and 3.99% financing. These are homes which Homestreet financed the construction loan, and the bank wants the properties sold now.
This kind of financing is a once-in-a-lifetime chance for a handful of buyers who purchase these homes.

With 100% financing being practically gone from the market, most buyers would expect to pay higher rates and a few hundred dollars/month in mortgage insurance. At 3.99%, with no PMI, these homes are as affordable as they can get right now.
Homestreet has a list of which current properties are approved for this financing on their web site.

Sam DeBord and Brian WiegandSeattleHome.com (206) 431-5900
Seattle Waterfront Real Estate Brokers - RE/MAX Connected
Seattle Waterfront Homes - Seattle Water View Homes - Seattle Floating Homes - Seattle Houseboats - Seattle Condos - Seattle Luxury Homes - Seattle Homes For Sale

Normandy Park's Puget Sound Waterfront Homes

Normandy Park is just South of West Seattle, between Burien/Seahurst and Des Moines. Situated on the Puget Sound waterfront, this neighborhood has a quiet, secluded feel. It's just a short hop to the Airport, I-5, and Highway 509.

The Puget Sound waterfront homes here come in a variety of prices, from economical rambler hideaways to green-built, modern cliff-hanging mansions. There are currently just a few Normandy Park waterfront homes on the market, ranging from $700k to $3.75 million.

Normandy Park Waterfront Real Estate

Sinkholes on the Seattle Waterfront

Seattle's waterfront is getting ready for a renovation with a new transit tunnel and surface beautification. Just in time.

Seattle's seawall on the waterfront was built on mudflats. The fill material supporting the viaduct and adjacent structures has been know to be unstable and likely to shift over time. Small marine creature have been boring through the seawall for years, reducing its strength and affecting the subjacent support of the street and sidewalks along the waterfront piers.

This week, a visitor to the waterfront fell into a sinkhole that opened up in the sidewalk. As the man was walking neaar the pier in the early morning, the 4-inch sidewalk concrete gave way to an empty pocket formed by the shifting of soil fill. Although the man was rescued right away, the incident could have been far worse.

There will doubtless be engineering studies done ad nauseum before the new tunnel is built. Seattle is known as a city that values process over results. We vote 5 times before we do anything. Let's hope that we get the best analysis possible, and we put that analysis to work quickly. Our waterfront needs some work, and fast.

Seattle Real Estate on the Waterfront

Belltown condo prices increase in 2009

In a small ray of light among many darker clouds, the Belltown neighborhood of Seattle had a median price increase of 2.8% comparing Year-To-Date 2009 vs. YTD 2008. The median home price sold in Belltown was $427,000 in at this point in 2008 vs. $439,000 today.

A lot of factors could be contributing to this increase, including high-priced new construction condos coming on the market and a much lower number of total transactions, skewing the median upward. The total number of homes sold in Belltown during this same timeframe was off by more than half, which quickly rains on the very short parade of price appreciation.

Belltown condos for sale

Custom Seattle Houseboat

I find that many people in Seattle are drawn to the allure of houseboat living by what they've seen in magazines, movies, or just a day spent boating on Lake Union. Many of my first-time home buyer clients will want to tour some floating homes, thinking that the relatively low prices - compared to single family homes on the waterfront - make houseboats an easy choice.

The vast majority of these clients take one look at the tiny bathrooms, cozy living quarters, and long docks or ramps to get home, and they flee for the condo market. Probably a good decision.
Houseboating is a great lifestyle and, if you're cut out for it, you can't find a better way to live this waterfront lifestyle anywhere. If you're not, you may find yourself in a bind the way a recent houseboat dreamer did in Seattle.

The Seattle Times has a great houseboat story today on a man named Jack Daniels (seriously) who decided to build his own houseboat on a whim. The steel framed structure is beautiful - it's an exercise in custom design, removing many of the hindrances of cramped houseboat living. The structure is actually quite big for a Seattle houseboat - 45 feet by 15 feet, with two stories and walls of windows.

Still, Jack and his wife have decided it's too small. They have a toddler now, and it doesn't fit their lifestyle. This $200,000 experiment has become a spec houseboat construction project. This is not exactly a prime investment vehicle right now.

It's probably the right decision for them. If you can't be devoted to living on the water and dealing with its intricacies, you'll end up regretting the decision. Living in a floating home isn't just a change of scenery. It's a change of lifestyle.

Seattle Floating Homes, Houseboats

Renton's waterfront home sales for 2009

Renton has seen a handful of waterfront home sales so far in 2009, with two on Lake Washington waterfront. Renton's Kennydale neighborhood is on the Southeast corner of Lake Washington, and it houses some single family homes and condo buildings on the lake.

The two Renton sales on Lake Washington so far have been a $1.1 million dollar, large 1960s era home and a $2.9 million dollar new construction home at the new Barbee Mill development of multi-unit properties.

Renton Waterfront Homes

Kirkland waterfront real estate sales, 2009

There have been two single family homes on Kirkland's Lake Washington waterfront sold so far in 2009. Both sales came in over $3 million, with one home on Juanita Point and the other West of Market near downtown Kirkland.

There were also two waterfront Lake Washington condos sold in Kirkland. A one bedroom condo sold for under $300,000, an amazing deal for a downtown Kirkland waterfront condo with boat moorage, despite its lack of a lake view from the interior (East end unit). At the other end of the spectrum, a 2300 sq ft condo sold above its list price, at over $1 million. It seems that in the current market, there are some deals to be had on waterfront properties, as well as some very unique homes that will sell for a premium despite the slow market.

Kirkland waterfront homes

Bellevue waterfront homes - 2009 sales

Bellevue's waterfront homes have seen some significant sales so far this year. According to the NWMLS, there have been 9 waterfront single family homes sold so far in 2009, ranging from $1.05 million to $3.68 million. Who says there are no buyers for high end real estate?

These waterfront homes all seem to be selling within 5%-10% of their list price, which is fairly good considering the current declining values in the upper end of the market. It seems that these sellers of waterfront real estate are willing to negotiate on their prices, but aren't necessarily taking big price cuts to make a transaction happen.

Bellevue waterfront homes

Llandover by the Sound in Seattle

Llandover by the Sound is the kind of neighborhood you could drive by your whole life and never know it. This pocket of homes on the Northwest tip of Seattle is difficult to find, even for a local Seattle resident.

Just at Seattle's city limit, next to the Seattle Golf Club, a city park called Llandover Woods marks the Eastern end of this neighborhood - but you can only get in on foot from here. Take a drive South a few blocks and then West a few more (I could give you better directions, but that would take away the fun of the search). You'll reach a narrow, wooded road heading North. It doesn't look like the right road, but it is.

As you wind down into Llandover, you'll catch glimpses of homes on expansive lots - all over one acre. There are wooden street signs with routered-out names of the neighborhood and even the residents. It's easy to get lost. The homes vary from sunny hillside homes, to secluded, shady houses hidden in the trees, to Puget Sound view homes with panoramic views of the water. The privacy and tranquility are unmatched in Seattle.

You get the feeling that you're hundreds of miles away, in a very quiet and stress-free retreat. In reality, you're still within the city of Seattle and just a few minutes from downtown.

South Lake Union - Vulcan slates Rollin Street Flats for apartments

South Lake Union's Rollin Street Flats condos have been slated for conversion to apartments, according to Vulcan Real Estate, the Seattle-based developer. While pre-sales had covered a reported 25% of the units, sales were slow enough that Vulcan decided it would not sell quickly enough to meet Fannie Mae guidelines for financing in the near future.

Home buyers who had put down deposits on Rollin Street are having their deposits returned. Additionally, they're being offered a credit on a purchase of Vulcan's other South Lake Union condos - Enso and Veer Lofts. They can also receive a credit to rent an apartment at Rollin Street.

The move is probably a positive for the South Lake Union and downtown Seattle condo market. By removing a couple of hundred condos from the current inventory, other new projects will see an uptick in buyer activity.

Lake Union homes - Seattle waterfront

Kenmore waterfront - Lake Washington homes under $1 million

For buyers looking for Lake Washington waterfront homes without the traffic of Seattle or Bellevue, Kenmore is a nice option. At the North end of Lake Washington, prices are a bit less, and Kenmore has a more suburban feel to it.

There are a handful of homes on Lake Washington in Kenmore currently for sale, and one such home is under $1 million. It's likely that we'll see a few more of these homes in the next year or two, and in the near future they'll be just a memory. Lake Washington waterfront homes are scarce enough and in high enough demand that the real estate prices will eventually leave $1 million in the dust.

Kenmore waterfront real estate - Lake Washington homes

Lake Washington homes - Matthews Beach under $1 million

Matthews Beach is a small neighborhood on Lake Washington at the Northeast end of Seattle. Some of the more "affordable" Lake Washington homes in the North end can be found here including one under $1 million right now. Just a quick jaunt from multi-million dollar Laurelhurst waterfront homes, Matthews Beach seems like a relative steal.

Lake Washington homes in Matthews Beach, waterfront Seattle

Mercer Island, Lake Washington - Under $1 million

Mercer Island homes with waterfront access don't usually dip below the $1 million mark, but currently there is one home with waterfront access listed under a million.

Lake Washington homes on Mercer Island Waterfront Real Estate

Affordable Lake Washington Homes in Seattle

Lake Washington waterfront homes are rarely "affordable". $700,000 may be a bit of a stretch for that term, but for waterfront property with a dock and single family home, this is as affordable as it gets.

Currently there are Seattle homes in Upper Rainier Beach and Skyway at $700k and $850k on Lake Washington. There are only a handful of homes on all of Lake Washington listed right now under $1 million.

Seattle's Lake Washington Waterfront Homes

Why do I need a Realtor? Can I save money without one?

I've heard many buyers say they can "save money" by not using a Realtor. Many of them are first time buyers who have never seen a purchase contract, let alone gone through escrow, reviewed title, procured financing, etc.

Read a quick Q&A on a recent transaction below, and see if you're comfortable dealing with these kinds of contingencies and timelines on your own. Are you ok with your thousands of dollars in earnest money being on the line by missing just one of the many timelines in the contract? When you go into a transaction on your own, you most likely won't understand any of these requirements for meeting the terms of your contract - but the Seller's Realtor will. Good luck.

(From Washington Realtor Hotline Attorney Annie Fitzsimmons):
Situation:
Buyer and seller used the statewide purchase agreement with financing and inspection contingency addenda. Buyer timely submitted a work order request under the inspection contingency on Saturday, April 4 and seller never responded. Seven days later, on Saturday, April 11, buyer terminated the purchase agreement. Seller claimed the termination was untimely. Because seller refused to make repairs, buyer's lender declined financing. Seller had never forced buyer to waive the financing contingency. Buyer terminated based on the financing contingency. Is buyer entitled to recover the earnest money? If so, why?

Analysis (if you have an experienced Realtor representing you):
When buyer gave seller a request for repairs under the inspection contingency, seller had three business days to respond. Since the request for repairs was issued on a Saturday, seller's three days to respond did not start to run until Monday the 6th and expired on Wednesday the 8th.

Because seller never responded to buyer's request for repairs, buyer had three business days to terminate the agreement or reach some other agreement with seller. If buyer did neither, buyer's inspection contingency would waive. Buyer's three business days included Thursday the 9th, Friday the 10th and Monday the 13th. Buyer terminated timely on Saturday the 11th.

In addition, because seller never forced buyer to waive the financing contingency, buyer's financing contingency was still in full force and effect. It did not matter how many days had passed since mutual agreement. If seller never forced buyer to waive the financing contingency, the financing contingency was never waived. As a result, when lender declined buyer's financing, buyer was entitled to recover the earnest money, presuming buyer could provide seller with a letter from lender showing timely application, sufficient funds to close the transaction and the reason for denial.

Buyer is entitled to recover the earnest money under either or both the inspection contingency and the financing contingency. If seller refuses to release the earnest money, buyer should be advised to seek legal counsel.

Seattle Realtor, Broker, Agent - Seattle Real Estate

Seattle area home sales up 25% in April - First Time Buyers Increase

Home sales in King County, WA surged in April, mostly fueled by a large number of first time home buyers. Total Seattle area home sales were up 25% from March to April 2009, and up 15% compared to the same month in 2008. Low prices, low interest rates, and buyer incentives like tax credits are creating a favorable atmosphere for buyers.

There was a clear majority of home sales in the lower end of the price spectrum, influenced by bank-owned homes, short sales, and first-time buyers. The overall numbers show a still-settling market, but a better-than-expected movement of inventory.

Seattle Home for Sale - Real Estate

Washington moves to make First Time Buyer Loans

First-time home buyers in Seattle and the state of Washington may be able to get that $8,000 tax credit earlier than expected. The WA Legislature has approved a plan to fund short-term loans to buyers and advance them the $8,000 at the time of their home purchase's closing. The loan would be repayable after receiving the tax credit at the end of the year.

From the Washington Realtors' press release:

The program authorizes the state treasurer to deposit $25 million in a financial institution, which would then open a line of credit for the Washington State Housing Finance Commission (HFC). The HFC would use that credit line to pay for down payment loans to first-time buyers. Buyers repay the advance loan after filing for and receiving the tax credit.

Lake Washington Waterfront - Homes and Real Estate

The Greater Seattle area's major waterfront real estate is on Lake Washington. Lake-front homes on Lake Washington stretch along many cities around the shoreline. Seattle is on the Western shore of the lake, Kenmore, and Lake Forest Park are on the North End. Mercer Island is in the center of the South end of the lake, with Renton on the shore. To the East are Bellevue and Kirkland.

Many of Seattle's largest and most expensive waterfront homes are on Lake Washington. Bill Gates, Paul Allen, Kurt Cobain, and many other famous Seattle names have owned homes on or near the shores of Lake Washington, and many still do. The lake has the best recreational boating areas, with fresh water, wide waterways, and none of the watercraft speed limitations of Lake Union and Portage Bay.

Lake Washington also has an avid fishing population, with anglers dropping in at the many public park launches or casting off from the hundreds of private docks along the water. From Seafair to 4th of July fireworks, Lake Washington is the spot for open boating and entertainment in Seattle.

Lake Washington Homes - Waterfront Real Estate

Foreclosures, Bank-Owned, Short Sales - Search now on the MLS

The Seattle MLS (NWMLS) has added two fields to our listing input that will be invaluable in the current real estate market. We're finally freed from the tedious process of explaining our short sales and bank-owned REOs in the agent comments section. Even better, we won't have to search other agents' comments for the perfect phrasing that signifies what kind of homes they are listing.

The two fields are Bank-Owned/REO (with option yes/no), and 3rd party approval required (with options Short Sale/Other See Remarks/No). These new fields will be required to be filled out on all new listings, and will bring greater transparency for real estate professionals and the public.

It's not clear yet if this will become part of the data download available to members of the MLS. What that means, is that even though agents will be able to search the MLS for these terms, we may not be able to offer the same service to our clients on our public web sites. There are a number of current fields that are not displayed on public sites, mostly due to client privacy.
First and foremost, I'd implore the NWMLS to allow us to bring this information to our clients. When buyers and sellers understand more about these kinds of transactions, it will be better for all of us. The more knowledge we allow there to be gained by our clients, the better prepared they will be to work with us.

If the public data download doesn't come through, however, we will still see a great benefit from the new data fields. We have clients every day ask us for a list of foreclosures/bank-owned homes/short sales in their area. We'll now be able to say with certainty that we know which homes those are, and we'll save a lot of time doing it.

Lake Forest Park, Seattle - Lake Washington

Lake Forest Park is a community on the Northeast end of Seattle. While it is a separate city from Seattle, it's close enough to downtown to feel like just another neighborhood. Just 3 square miles in area, much of Lake Forest Park is covered in towering fir trees. It's bordered on the North by Kenmore, on the West by Shoreline, and on the South by Seattle.

Lake Forest Park slopes down to the East as you head toward the waterfront. Real estate prices are fairly moderate in the area, although the homes on Lake Washington quickly rise in price. Homes on the waterfront are over $1 million, and quickly reach $2 million.

Lake Forest Park Waterfront Real Estate - Homes For Sale