Seattle's Top 10 Luxury Foreclosures--Sold

Since we just went over the most-exclusive waterfront and luxury bank-owned homes for sale in the Greater Seattle area, it seems appropriate to review the highest-priced sales in the past couple of years. 

The infamous Kirkland Mansion Squatters' temporary residence had its second day in the sun, with our top sale of the year ($2.6 million).

The following homes are the Top 10 bank-owned home sales listed on the NWMLS in 2009 and 2010:

727 14th Ave W, Kirkland, WA  $1,400,000 4 beds, 3.25 baths, 5,640 Sq Ft
 
This West of Market luxury home in Kirkland was on the market for 1.5 years before selling at $1.4 million.  Within walking distance of Kirkland's waterfront parks, the home has Lake Washington and city views.

9430 Lake Washington Blvd NE Bellevue $1,430,000  4 beds, 4.50 baths,  5,950  Sq Ft

This Meydenbauer home in West Bellevue was on the market 355 days before selling just above its final list price.  Next to Clyde Beach Park and just blocks from downtown Bellevue, the home is situated in a landmark location.

3940 West Lake Sammimish Pkwy SE Bellevue $1,455,000  5 beds, 5.50 baths,  4,330  Sq Ft

At 92 feet of waterfront, this Lake Sammamish property in Bellevue sold at 97% of its list price in just 11 days.  With 90 feet of level waterfront and a full mother-in-law unit, it was a relative lakefront steal.

13249 Holmes Point Dr NE Kirkland $1,500,000  4 beds, 4.50 baths,  5,850  Sq Ft

After nearly two and a half years on the market, this luxury home in North Kirkland's Holmes Point neighborhood sold for 79% of its original list price.  The 2007-built home features walls of windows and inlaid floors, as well as shared waterfront with a boat slip.

1120 Lakeside Ave S Seattle $1,510,000  4 beds, 3.25 baths,  4,270  Sq Ft

In Leschi, this bank-owned home with 51 feet of waterfront sold after 10 days in its final stint on the market.  It had been previously listed on and off since 2008, with an '08 list price of $2.7 million.

29421 SE 15 Place Fall City $1,550,000  4 beds, 5.75 baths,  5,530  Sq Ft

This five acre luxury estate in Fall City sold in just two weeks on the market.  Its selling price was above the list price of the home.  The premium price goes along with the premium property taxes-approximately $30,000/year.

2423 98th Ave NE Clyde Hill $1,700,000  5 beds, 4.50 baths,  5,390  Sq Ft

In Clyde Hill, a rare bank-owned home sold after 3 weeks on the market at nearly the full list price.  This 2002-built Mediterranean estate features marble floors, 20 foot ceilings, and a Basalt water feature.

13245 Holmes Point Dr NE Kirkland $2,600,000  5 beds, 7.00 baths,  9,930  Sq Ft

Back in Holmes Point, this waterfront home on 2/3 of an acre sold after 9 months on the market at 90% of its list price.  The home has an elevator, billiard room, and sauna, plus a separate boathouse with a studio/guest quarters.

1114 Sunset Ave SW Seattle $2,800,000  3 beds, 4.00 baths,  5,100  Sq Ft

Walls of glass, four fireplaces, and multiple view decks appoint this modern Admiral home in West Seattle.  The home was listed for 15 months before garnering 82% of its original list price.

435 8th Ave W Kirkland $2,825,000  6 beds, 7.00 baths,  7,680  Sq Ft

Remember the Kirkland Mansion Squatters?  This was the home that they "allegedly" crashed in for a short while without paying a dime.  Luckily, the police straightened out the situation and after 6 months on the market it sold for 97% of its list price.  At 6 suites and 9 total baths, the home is expansive but has an old-world interior design.

Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Washington State Realty, LLC
ph: 206-658-3225 | email: sam(at)SeattleHome.com
Member NWMLS, N.A.R., WA Realtors, Seattle-King County Realtors

Source: Individually compiled NWMLS data. The NWMLS did not compile or publish this information.

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Waterfront and Luxury Real Estate Foreclosures (Part II)

 

As a follow-up to Part I of the luxury foreclosure post, here is the current inventory of luxury foreclosures.

Current NWMLS Listings of "Bank-Owned" Homes over $1,000,000 in King County:

6457 Lake Washington Blvd SE Newcastle $1,004,850
10460 47th Ave SW Seattle $1,029,000
20 NW Cherry Lp Shoreline $1,034,550
2007 Market St Kirkland $1,050,000
4106 Lake Washington Blvd Kirkland $1,060,000
2119 Bonair Dr SW Seattle $1,089,000
27 NW Cherry Lp Shoreline $1,199,900
13806 SE 7th St Bellevue $1,203,800
13606 SE 7th St Bellevue $1,219,000
14979 Reserve Dr SE North Bend $1,249,000
14368 Edgewater Lane NE Seattle $1,265,000
515 35th Ave S Seattle $1,295,000
32715 SE 46th Lane SE Fall City $1,299,900
14058 Edgewater Lane NE Seattle $1,340,000
816 82nd Ave NE Medina $1,383,900
6033 174th Ave SE Bellevue $1,400,000
15027 SE 80th St Newcastle $1,400,000
13640 Main St Bellevue $1,500,000
3036 23rd Ave W Seattle $1,650,000
8928 NE 33rd St Yarrow Point $2,399,000
4408 94th Ave NE Yarrow Point $3,390,000

Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Washington State Realty, LLC
ph: 206-658-3225 | email: sam(at)SeattleHome.com
Member NWMLS, N.A.R., WA Realtors, Seattle-King County Realtors

Source: Individually compiled NWMLS data. The NWMLS did not compile or publish this information.

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Waterfront and Luxury Real Estate Foreclosures - Greater Seattle

If you've never visited a foreclosed home in person, you probably picture them with broken windows, tattered carpets, and random critters living in the attic.  While those kinds of foreclosed homes certainly do exist (I've had to visit homes where the dogs stayed for a few days after the owners), there's also another side to the REO market. 

Many of the highest-priced homes of the real estate boom have now become victims of their once-sky-high values.  There are an increasing number of luxury and waterfront homes that have reverted to the bank.  While some of these homes have a fair amount of deferred maintenance (Realtor-speak for damage and decay), there are some perfectly-maintained luxury homes whose owners simply walked away.  Other luxury new construction developments have ceased to be profitable during the real estate downturn, and the bank that financed the project is now tasked with finishing the homes and selling them at whatever price they can get.

There are currently over 20 bank-owned homes on the NWMLS with list prices of over $1 million in King County.  A handful of these homes are in Seattle, but a large number are scattered around greater Bellevue and the Eastside.  While foreclosures aren't always priced at discounts, you'll find that many are priced more aggressively than a traditional homeowner's resale.  Banks have an obligation to get these homes off their books at whatever price the market will bear.  Many homeowners would rather wait it out.

Waterfront and Luxury Foreclosures in Greater Seattle

Currently, two Lake Washington waterfront homes in NE Seattle's Cedar Park neighborhood for sale at around $1.3 million.  A luxury view home in Magnolia is listed just a bit higher.  Large homes in Alki and West Seattle with panoramic Puget Sound views are coming just over $1 million. 

Looking for a landmark address on the Eastside?  A home in the city of Medina is listed just under $1.4 million.  There are a gaggle of Bellevue and Newcastle homes from Cougar Mountain to Clyde Hill coming in under their assessed values in many cases.  Yarrow Point tops out the current luxury foreclosure listings, with a pair of homes at $2.4 and $3.4 million.

With the current economy, the pool of buyers for luxury and waterfront real estate has certainly diminished somewhat.  For those with the wherewithal and chutzpah to dive into the luxury market today, there are some real opportunities for big discounts on some very valuable real estate.

Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Washington State Realty, LLC
ph: 206-658-3225 | email: sam(at)SeattleHome.com
Member NWMLS, N.A.R., WA Realtors, Seattle-King County Realtors

Source: Individually compiled NWMLS data. The NWMLS did not compile or publish this information.

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Lake Sammamish Waterfront Homes Sold, Sept 2010

Two Lake Sammamish waterfront homes in the city of Sammamish were sold in September.

The first home is on a 1/3 acre lot, with 62 feet of waterfront. The unique characteristic of the property is its boathouse with attached studio unit. As most waterfront home owners know, it's extremely difficult to build any structures near the shoreline in the Seattle area, and especially hard to build a boathouse, because of local regulations. A structure like this is grandfathered in, and the owners have the unique ability to maintain a lakeside residence that most couldn't build.

The property also has a mid-1970s 2 bedroom home as the main residence, and it sold for around $850,000. It was on the market less than three months, and sold for 90% of its list price.

The second sale of the month was a luxurious estate of over 1.1 acres including 3 separate parcels. The 100+ feet of West-facing waterfront have plenty of privacy for the late 1970s home. At over 3000 square feet, the home sits much closer to the shoreline than most newer-construction homes. The final sale price was the full listing price of $2.2 million. The home was on the market for just three weeks.

Sammamish Waterfront Real Estate - Homes Sold Sept 2010
1601 E Lake Sammamish Place - 2 beds, 2 baths, 2590 sq ft - $853,600
815 E Lake Sammamish Shore - 2 beds, 1.75 baths, 3029 sq ft - $2,200,000 

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Houseboats and Floating Homes

Have a question about a specific home, or real estate in general? Give me a call or send me an email any time:

Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Washington State Realty, LLC
ph: 206-658-3225 | email: sam(at)SeattleHome.com
Member NWMLS, N.A.R., WA Realtors, Seattle-King County Realtors

Source: Individually compiled NWMLS data. The NWMLS did not compile or publish this information.

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Bellevue Waterfront Real Estate Sales, September

Four homes sold in September on the waterfront in Bellevue, part of a large month of Eastside waterfront sales. With 10 waterfront homes having million-dollar-plus price tags sold for the month, the fall selling season hasn't slowed down much.

Two smaller pieces of Lake Sammamish waterfront sold for $1.1 and $1.5 million, near the midpoint of W. Lake Sammamish and the Southwest corner, respectively. A large home on over an acre of land, with a hefty 125 feet of W Lk Samm waterfront sold for just under $2.5 million, the highest price on the lake this month.

On Lake Washington, the top sale of the month for Bellevue waterfront was in Newport Shores. A Cascade Key home sold for $3.98 million. While much of the waterfront in Newport Shores is canals, this is one of the "coastal" properties that faces out to a wide Lk Washington view, and accordingly, commands a premium price.

Bellevue Waterfront Real Estate Sales, September 2010

414 W Lake Sammamish Pkwy SE Bellevue $1,095,000 3 2.5 2,600
3940 West Lake Sammimish Pkwy SE Bellevue $1,455,000 5 5.5 4,330
380 W Lake Sammamish Pkwy NE Bellevue $2,450,000 4 3.5 3,310
98 Cascade Key Bellevue $3,980,000 6 6 6,716

Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Washington State Realty, LLC
206-658-3225 cell | 800-883-0712 fax
Member NWMLS, N.A.R., WA Realtors, Seattle-King County Realtors

http://SeattleHome.com | http://SeattleCondo.com

Source: Individually compiled NWMLS data. The NWMLS did not compile or publish this information.

Seattle Waterfront Home Sales in September

 

Real estate sales on Seattle's waterfront were centered on Lake Union and the South end of Seattle in September. Three of our six sales for the month were houseboats and floating homes, while the three traditional single family homes were in West Seattle and Leschi.

Two inexpensive houseboats on the West end of Lake Union sold at $124,500 and $169,000 last month. This is near the low end for house boat/barge prices, as we've seen some very significant reductions in prices for this market recently. Buyers have been scarce for houseboats throughout the summer, and the bargain deals have really started to appear recently. There are still some quality barges listed under $150,000.

A higher-end floating home on Portage Bay sold for $645,000, which is near the lower-end for a quality, newer-construction floating home. There are sometimes a handful of floating homes under $500k, but most start at $700k and move up to the $2 million range.

In Leschi, our highest-priced home sale of the month was a beautiful Lake Washington estate that I toured recently. Selling at just under $2.4 million, it's a large home on a well-manicured waterfront plot and a quiet Leschi neighborhood street.

Two homes in West Seattle rounded out the month's sales, with a Beach Drive property going for just over $ 1 million. With 40 feet of saltwater frontage, it's a nice beach house at a fairly reasonable price for the locale. The furthest-South home was in Shorewood, at Seattle's Southwest border, selling for $1.525 million. The 2001-built home sits in a gated community with 55 feet of Puget Sound waterfront.

Seattle Waterfront Real Estate Sales, September 2010

2730 Westlake Ave N #84 700 Seattle $124,500 1 1
1080 W Ewing Place 700 Seattle $169,000 2 .75
1214 E Hamlin St #3 390 Seattle $645,000 1 1
5661 Beach Dr SW 140 Seattle $1,050,000 2.5 1
13025 Standring Lane SW 130 Seattle $1,525,000 4 3.25
1730 Lakeside Ave S 390 Seattle $2,385,000 4 2

Sam DeBord is a Realtor®, Managing Broker, and Green-Certified Pro with Washington State Realty, LLC.

Source: Individually compiled NWMLS data. The NWMLS did not compile or publish this information.

 

Sam DeBord

Realtor® | Managing Broker

SeattleHome.com | Washington State Realty, LLC

206-658-3225 cell | 800-883-0712 fax

 

Member NWMLS, N.A.R., WA Realtors, Seattle-King County Realtors

http://SeattleHome.com | http://SeattleCondo.com

The Problem With Pending (Real Estate Pending Home Sales)

 

Pending home sales, in the past, were an accurate indicator used in forecasting real estate sales in the U.S. We had a fairly standardized system of home sales, and while transaction closings could range between a couple of weeks and a couple of months, if a home was "Pending Sale", it was highly likely that it would close.

We've been predicting future home sales for years with great accuracy by planning for the vast majority of these pending sales to close in the next month--not anymore.

With the new crops of distressed properties, short sales, and ever-changing lending guidelines, there's no such thing as a sure sale these days. The percentage of pending sales that actually become closed sales has shrunk dramatically in recent years. Short sales, which can many times last up to 6 months, create a large lag between pending date and closing date. Even worse, my lastest research has shown that less than 20% of buyers who enter into a contract to buy a short sale are actually successful. This means that 80%+ of "pending sales" which are short sales will end up failing. Pending is actually nothing of the sort, in these cases.

Even the increasing percentages of short sale failed transactions can't be predicted with a leading indicator, factoring in their likelihood of failure. There are certain months when, based on a government decree or a financial quarter-end, banks will close a larger percentage of short sales. In other months, they'll ignore their distressed sales altogether as a change in legal requirements or problems with their process are revealed.

The unfortunate answer for the real estate profession is this:
"Pending"is no longer "pending a closing".

Pending now means, "pending a decision on whether or not to close". For now, we should really return to forecasting home sales with the old, less-exciting method. Last month's closed sales are the only statistic that has the accuracy and validity necessary to base our estimates upon. The national banks need to create a simplified, streamlined, and standardized system for closing distressed sales that all agents, sellers, and buyers can follow. At that point, we'll know how long a short sale will take, and how likely it is to actually close.

Until then, many pending home sales just simply aren't pending at all.

Read the full Seattle Waterfront Homes blog.

Sam DeBord is a Realtor®, Managing Broker, and Green-Certified Pro with Washington State Realty, LLC.

Source: Individually compiled NWMLS data. The NWMLS did not compile or publish this information.

 

Sam DeBord

Realtor® | Managing Broker

SeattleHome.com | Washington State Realty, LLC

206-658-3225 cell | 800-883-0712 fax

 

Member NWMLS, N.A.R., WA Realtors, Seattle-King County Realtors

http://SeattleHome.com | http://SeattleCondo.com