SEATTLEHOMEoCOM: Seattle Area Waterfront Home Sales, January 2010: Waterfront home sales in Seattle are typically... http://bit.ly/crXolV Seattle Homes Blog

SEATTLEHOMEoCOM: Seattle Area Waterfront Home Sales, January 2010: Waterfront home sales in Seattle are typically... http://bit.ly/crXolV Seattle Homes Blog http://bit.ly/cYPFuy

Seattle Area Waterfront Home Sales, January 2010

Waterfront home sales in Seattle are typically slow in the winter, and January 2010 was no exception. Only a handful of homes sold last month on the water, but there were some significant properties that moved.

Many Seattle residents may not know Three Tree Point, but it's a small peninsula just South of Seattle in Burien. Windy roads switch back through a tall, wooded path as you head West to the point. Many homes have sweeping views of the Puget Sound, while the waterfront properties vary from soft-sloping driftwoood shores to steep banks and cliffs.

A small 3 bed/1 bath home on Maplewild Ave sold for just over $350k in January, a surprisingly low price compared to most of the multi-million dollar homes on the waterfront in Three Tree Point. Of course, this home is a walk-down access, meaning no driveway or garage. It's not your typical home, but if you didn't mind hoofing it down the trail to the home, you'd be buying some of the least-expensive waterfront on the Sound. This home was on the market for a few years--it really needed a unique buyer.

 

On Lake Washington, a new construction home in Renton's Kennydale neighborhood sold for just over $2 million. This home, part of the Barbee Mill development, was a 3 bed/3.5 bath, 3500 sq ft home. The home was listed for around 7 months, which is still a fairly short marketing time for a waterfront home in this price range. Many times multi-million dollar waterfront homes take a year or longer to sell, as the market of potential buyers is limited.

 

The largest sale on the waterfront in January was in Bellevue on Lake Sammamish. The 5 bed, 7.5 bath home has almost 12,000 sq ft of living space and may be the largest home on the lake. I had a chance to visit it this fall, and it's a truly stunning home, with entire walls that open up to the lake. The sale closed at a bit over $5.5 million, after having been on the market around 14 months.

 

Source: Individually compiled NWMLS statistics. The NWMLS database and statistics do not include many new construction pre-sale units, private sales or auction sales. These statistics were not compiled or published by the Northwest Multiple Listing Service.

 

 

Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros

 

 
 
 

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SEATTLEHOMEoCOM: @mrlerner ...and now I read the 2nd link and see the population maps. Magnolia's even in the photo! Weird coincidence. Makes sense now.

SEATTLEHOMEoCOM: @mrlerner ...and now I read the 2nd link and see the population maps. Magnolia's even in the photo! Weird coincidence. Makes sense now. http://bit.ly/durT5p

SEATTLEHOMEoCOM: @mrlerner Thanks. Re:link: http://bit.ly/cOVbDN Magnolia is 61, but type in Magnolia, Seattle, WA, and it's 86. Nbhd center vs. nbhd whole?

SEATTLEHOMEoCOM: @mrlerner Thanks. Re:link: http://bit.ly/cOVbDN Magnolia is 61, but type in Magnolia, Seattle, WA, and it's 86. Nbhd center vs. nbhd whole? http://bit.ly/a3QYlD

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SEATTLEHOMEoCOM: Had a houseboat listing appointment yesterday--what a beautiful day to be on Lake Union. Great time to get a houseboat on the market, too.

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Walkability/Walk Score on Seattle's Waterfront

I had a chance to sit down with the folks at Walk Score last week, and if you haven't heard of Walk Score yet, you probably will soon. The Seattle-based company has developed a system for scoring the walkability of cities and neighborhoods around the country. The basic concept is that if you have good transit, accessible streets for walking, and close-in amenities such as shops and restaurants, your neighborhood is "walkable" and receives a high score (on a scale of 1-100).

I've compared 20 of Seattle's waterfront neighborhoods, and gotten a wide range of walkability results. For example, South Lake Union received a stellar 91, while Windermere received one of the lowest scores at 37. That being said, walkability is clearly not everyone's goal in buying a home in a waterfront community. It could be said that residents of exclusive neighborhoods like Windermere would rather have less foot traffic, less commercial space, and a more private community in general. Those in SLU are clearly more inclined to take transit and walk to their local grocery store.

Seattle's Waterfront Neighborhood Walk Scores

As you look over the numbers, you're probably also surprised by a few: Magnolia is more walkable than Alki? The system isn't perfect, but one thing to keep in mind, is that a community like Magnolia, though somewhat isolated, is a good "walking community" if you're near the small business core. You could eat, shop, and work within a few blocks of home.

If you happen to live on the West end of Magnolia, however, it's a different story. It's a totally residential area with very few businesses within walking distance, and should clearly have a different score. This is the limitation of searching by the neighborhood center (you can easily punch in an exact address for more refined results).

Seattle Neighborhood Walk Scores

"Walk Score calculates the walkability of an address based on the distance from your house to nearby amenities. Walk Score measures how easy it is to live a car-lite lifestyle--not how pretty the area is for walking. "
Alki has some of the best walking views in Seattle, and is one of the busiest walking avenues during the summer. It is a beautiful stroll, but grocery stores, hardware stores, places of employment (besides restaurants) are all a drive up the hill. It's more of a "drive-in" recreational area than a full-time walking neighborhood, and its score reflects this.

Walk Score gives an innovative new approach to viewing our priorities in choosing a neighborhood. Walkability isn't a top priority for all buyers, but saving on transportation costs and the possibility of improving one's lifestyle will definitely draw more consumers to this new metric. New transit data is coming on line soon, and I imagine the scope of Walk Score's influence will be expanding quite a bit in the near future.

 

 

Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros

 

 
 
 

Seattle Waterfront Home Sales - Seasonal/Cyclical Effect

It's July and the summer sun has finally come to Seattle. You're taking some time off from work, ready to shop for a new home, and what better place is there to buy than on the waterfront? Everyone's out boating, wakeboarding, fishing, or just diving off the end of the dock.

Seattle's Lake Washington waterfront in Denny Blaine

The rush of emotion may be enough to push you into buying a waterfront home in the summer, but does the timing make sense? You'll clearly get the most use out of the waterfront during the summer, but what if there was a lot of financial gain that could be made by purchasing that home in the "off-season"?

Real estate is known to be seasonally cyclical, with the majority of sales between late spring and early fall. There are many reasons for this--bad weather during winter, darker evenings, holidays, children in school, etc. Buyers just find more time to house hunt in the summer months. It turns out that while this effect is similar in the waterfront real estate market, it's actually even more strongly marked.

All King County Sales vs. Waterfront Sales by Monthly Percentage, 2006-2008

I've used the statistics from 2006-2008, as we had an artifically strong fall in 2009 based on the home buyer income tax credit, which skewed statistics away from the usual yearly trends. In the winter months of 2006-2008, waterfront homes dove below total sales in terms of the percentage of sales for the year. When sales spiked in the summer, waterfront homes lagged the general market just slightly, but held on to the strong sales months a bit longer than the rest of the market. August through October are still fairly strong sales months on the waterfront, while the rest of the market has already started its fast slide toward winter.

Waterfront sales are clearly associated with good weather. While it seems simplistic to associate buyers' purchases with a sunny day, there are very few industries where sales aren't partly based on emotion. When it gets sunny in Seattle, we get excited. We want to get out on the water, and spend every possible moment in the sunshine. Waterfront home owners in the Seattle area are the envy of their neighbors every year when Seafair and the Blue Angels come calling.

What does this mean for the waterfront home buyer? If you can hold back your emotion, you might be much better off buying during the winter or early spring months. There are far fewer buyers in the market, which puts you in the driver's seat. What's more, sellers who remain on the market during the winter months seem to be more willing to negotiate. Open houses are sparsely attended, buyer showings are slow, and interested buyers are treated with extra attention. Besides, don't you want a couple of months to clean up the dock and get the boat in the water?

King County, Seattle Waterfront Monthly Home Sales As A Percentage of Annual Sales

Interestingly, the end of 2009 gave a big bump to the waterfront market. While most expectations were that the first-time buyer credit would only push sales in lower-end homes and condos, the last few months of 2009 showed a strong growth trend in waterfront sales. Compared to the previous three years, there was only a bit of a leveling off this past winter. This could be attributed to a couple of factors:

A) Home sales in general were picking up and this was just a temporary market bump overall.

B) There is truly a recovery on the way for the waterfront market, as we've kicked the traditional winter slump and will roll right into a big summer sales season.

We'll find out more in a few months.

Source: Individually compiled NWMLS statistics. The NWMLS database and statistics do not include many new construction pre-sale units, private sales or auction sales. These statistics were not compiled or published by the Northwest Multiple Listing Service.

 

Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros

 

 
 
 

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Seattle Houseboats and Floating Homes on Lake Union Show Strong Sales For 2009

Sales of houseboats and floating homes in Seattle were surprisingly brisk in 2009, after a dismal year of sales in 2008. While the first half of the year was slow, bank-owned floating homes and bargain prices on houseboats  on Lake Union drove sales back up to 2006 levels by the end of the year, while median prices took a bit of a dip.

Houseboats and floating homes are a particularly difficult sale in tough years like 2008, as they are true luxury purchases. Not only are the homeowners buying waterfront real estate, they also have the added cost of maintenance that comes with being moored on the water. Financing can be tricky, up-front costs and down payments are sometimes prohibitive, and the lifestyle is quite different from what most people are used to. Buyers of houseboats and floating homes are buying a lifestyle along with the actual residence.

Statistically, it's hard to get a perfect picture of the houseboat market, as the total sample of sales is a relatively small percentage of the waterfront homes sold in Seattle. The sales total for 2009 was 21 homes, which was up from a paltry eight homes sold in 2008, and a very similar 22 homes in 2007 and 21 homes in 2006.

Seattle Houseboat and Floating Home Sales, 2006-2009

As was seen in the overall waterfront market, lower-priced houseboats are leading the recovery, with over half of last year's sales being under $500,000. Compared to the previous few years, 2009 had a larger percentage of lower-priced homes, possibly influenced by first-time buyer tax credits from the government. The least expensive sale was a houseboat that sold under $50,000, while the highest-priced floating home sold for $2.1 Million. Floating homes with great moorage and city views on Lake Union can easily reach this price range, and many more of these higher-end homes sell in a hotter real estate market.

During 2009, a handful of floating homes went through foreclosure and sold at bargain prices, pushing the median sale price down. This small group of homes were designed by a very talented builder with high-end finishes, modern design, and top-notch appliances and materials. There were a few lucky buyers who moved into these homes last year that will be very happy with their investment 5 to 10 years down the road. The homes really stand out in the traditional floating home communities.

Median, Maximum, and Minimum Sale Prices for Seattle Houseboats and Floating Homes

As prices have shifted downward, it looks like we're seeing a comeback from the ground up. Affordable houseboats are the majority of sales for now, but they're creating a base for move-up buyers and investors to get back into the market. This trend matches the overall Seattle waterfront real estate market, and is a positive sign for sales moving forward.

Source: Individually compiled NWMLS statistics. The NWMLS database and statistics do not include many new construction pre-sale units, private sales or auction sales. These statistics were not compiled or published by the Northwest Multiple Listing Service.

 

 

 

 

 

 

 

 

 

 

 

 

Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros

 
 
 

SEATTLEHOMEoCOM: Just posted on ActiveRain: Seattle Waterfront Home Prices Drop in 2009, Recovery Possible in 2010 http://activerain.com/t/1490412

SEATTLEHOMEoCOM: Just posted on ActiveRain: Seattle Waterfront Home Prices Drop in 2009, Recovery Possible in 2010 http://ping.fm/tWjQ3 http://bit.ly/cOfqss

Seattle Waterfront Home Prices Dip in 2009, Recovery in 2010?

In my last post, I took a look at the overall decline in the median prices for waterfront home sales from 2007 through 2009. While the numbers look bleak, there are a few bright spots to consider.

Median home prices are a good indicator of the direction of a market in general, but they often overstate a trend. Waterfront homes haven't lost nearly the value that the current median sale price might lead you to believe. To put it simply: 

 

If the majority of car sales in 2008 were Mercedes and BMWs, the median price for car sales that year could be near $70,000. In a tough 2009 economy, most people decide to buy Toyotas and Fords instead, and the median sale price for 2009 becomes $30,000. Does this mean that the 2008 Mercedes are now worth 60% less this year? Of course not. There is a definite downward trend in the market, but when the bulk of the market switches between price segments, the median presents an overly dramatic view of the trend.

 

This is the same effect we saw in waterfront homes this year. The market shifted dramatically in 2009 to lower-priced waterfront homes in King County and Seattle. Some of this is accounted for by overall decreases in prices, but much of it is just a shift towards lower-priced waterfront properties--houseboats, smaller houses, less land.

While you can see the total numbers dipping, there's also a striking rise in the number of home sales under $500,000. 2009, in particular, had the lower-priced waterfront homes become the top sale category for the first time in years. The shift shows the overall lack of buyers for high-end property in recent years.

 

Even more convincing are the trends based on percentage of the market. Both King County and Seattle show a quickly increasing percentage of waterfront home sales under $500,000. These lower-priced homes made up almost half of the total waterfront sales for 2009.

 

So, what does this mean for a recovery? We always have to stregthen the base of a real estate market before the mid-level and high-end homes begin selling again. The 2009 numbers for lower-priced waterfront homes seem to be a leading indicator for a healthier waterfront market. While there's no assurance of continued strength, the signs point toward a slow recovery from the bottom up.

 

Source: Individually compiled NWMLS statistics. The NWMLS database and statistics do not include many new construction pre-sale units, private sales or auction sales. These statistics were not compiled or published by the Northwest Multiple Listing Service.

 

Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros

 

 
 

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SEATTLEHOMEoCOM: A rooftop view of Seattle-area real estate in 2009: http://bit.ly/cv2wis

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SEATTLEHOMEoCOM: Medina WA Homes Sold, 01/10 - Bank-Owned / Foreclosure Sale: Started a discussion about Medina WA Homes Sold, 01/1... http://bit.ly/9q5z3b

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Medina WA Homes Sold, January 2010 - One Foreclosure/Bank-Owned Home Sale

Just one home is showing as sold on the MLS for Medina, WA in January 2010.  A 4 bed, 3.5 bath, 2008-built home was sold on the 3400 block of Evergreen Point Rd. 

The title to the home was conveyed to the seller via Trustee's deed in November '09, meaning that it was probably some type of foreclosure that reverted back to the bank.  It looks like the home had around $2.3 million in publicly-recorded financing attached to it in early 2009.

This bank-owned home sold after just 11 days on the market, which is likely due to the bank pricing it slightly under market value to facilitate a quick sale.  Sales in Medina have been slow in general, so this is a standout marketing time. 

The home sold for $1.35 million after a quick price drop in the listing.  It's a good-sized home at 4000 sq ft, with a 6000 square foot lot, which is on the smaller side for Medina real estate.

This information not compiled or published or by the NWMLS.

 

Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros