2010 in Review: Seattle Waterfront Homes

The Seattle waterfront real estate market is closing out a fairly strong year, considering the overall malaise of the national real estate market in 2010. Sales were fairly strong overall, with a general rise in sales continuing since 2008.

These are only partial numbers from the MLS, certainly not the entire picture of the waterfront real estate market in Seattle for the year, but a good general measure of the trend.

There were 89 waterfront houses and 74 waterfront condos 2010 sold in Seattle up to this point. The total of 163 homes was a significant increase over the 132 sales in 2009 and 122 sales in 2008. The sales of waterfront houses, a stronger indicator of the waterfront market than condos, went from 56 in 2008 to 84 in 2009 and 89 this year. I'd expect the number to be in the low 90s by the time all of the current pending/closing sales have been recorded.

While prices have fallen significantly in those two years, there are still a healthy number of buyers looking for a waterfront home. Price it correctly, and you can still sell waterfront real estate in Seattle.

NAR: Home Sales Rise 5.6% in November

The National Association of Realtors reported existing home sales rising 5.6% in November, resuming the growth trend that we saw for most of the first half of 2010.

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Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit.

Lawrence Yun, NAR chief economist, is hopeful for 2011. "Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable," he said.

Yun added that home buyers are responding to improved affordability conditions. "The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970," he said. "Therefore, the market is recovering, and we should trend up to a healthy, sustainable level in 2011."

Inventory Drops
Total housing inventory at the end of November fell 4.0 percent to 3.71 million existing homes available for sale, which represents a 9.5-month supply at the current sales pace, down from a 10.5-month supply in October.

NAR President Ron Phipps said good buying opportunities will continue. "Traditionally there are far fewer buyers competing for properties at this time of the year, so serious buyers have a lot of opportunities during the winter months," he said. "Buyers will enjoy favorable affordability conditions into the new year, although mortgage rates are expected to gradually rise as 2011 progresses."

http://www.realtor.org/RMODaily.nsf/pages/News2010122201?OpenDocument

Current Listings:
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Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Coldwell Banker Danforth
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 Washington 130 Homes - Book by David Dykstra

When I'm not spending my time working with clients, I still love to take my family down to the waterfront whenever possible. Viewing Lake Washington waterfront homes, whether by boat or visiting open houses has always been one of my favorite pastimes (I know, I should probably have a little more division between business and leisure).

One of the best publications I've read in years is David Dykstra's Lake Washington 130 Homes. It's a virtual guide to the stars in the Greater Seattle region, with waterfront photos, history, personal stories and background on his "Top 130″ homes on Lake Washington. While you can see satellite photos and "for sale" listings online, you rarely get this kind of an up-close look at these kinds of properties.

From the historic homes of Seattle's wealthiest pioneers to modern mansions of the software, coffee, aerospace and biotech executives of the new era, David chronicles the ever-diversifying architectural styles of Lake Washington's most picturesque residences.

The tour covers the most-expensive and most-unique homes on the waterfront, from the Seattle neighborhoods of Madison Park and Denny-Blaine to Mercer Island, Bellevue's Meydenbauer, Medina and "The Points" (Evergreen Point, Hunts Point, and Yarrow Point. Having visited many of these homes in person, it's a very different perspective to read the historical research that David has done on some properties that might otherwise be forgotten.

I've purchased a copy of this book for any of my clients who've bought or are in the market for Lake Washington waterfront real estate. It's not only entertaining, but it's a great primer for someone who wants to understand Lake Washington's past and present.

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Condos For Sale

Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Coldwell Banker Danforth
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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Mercer Island Waterfront Real Estate Sales Triple

Mercer Island waterfront real estate sales are on pace this year to triple 2009's sales numbers. With three Mercer Island waterfront homes sold in November, the total for the year comes to 29.

In 2009 there were just 9 waterfront homes sold on Mercer Island at this point in the year. While that was a particularly bad year for luxury real estate sales, 2010's improvements haven't been seen this strong nearly anywhere else. In fact, 6 homes were sold on Mercer Island's waterfront in October alone.

The three sales this month may be a dropoff relative to October, but they're actually a very strong month for total sales numbers. Mercer Island waterfront buyers have clearly decided that we've hit the bottom in their market.

The most affordable waterfront sales was a home in The Lakes neighborhood, in the middle of Mercer Island. The homes in this neighborhood are on small, man-made lakes and create a lower-priced opportunity to be on the water. This $900,000 home is a 1980s-built house that sold after just three weeks on the market.

On Lake Washington waterfront, the next sale was a "shared waterfront" home with moorage. At just under $1.5 million, it sold after 3 months on the market. I toured this home with clients, it's a beautiful architectural design, allowing a home owner to have a secluded, forest-type setting while still having Lake Washington moorage just at the end of the street.

The last sale was a $4.1 million home that was marketed for almost five months. The half-acre estate has 160 feet of waterfront footage, and a grand home of almost 8000 sq ft. Large yacht moorage, a sport court, and West-facing views make it a prime piece of Mercer Island waterfront.

Mercer Island Waterfront Real Estate - Waterfront Homes Sold, November 2010

Address Price Days on Market Beds Baths Sq Ft Date Sold
7530 80th Place SE Mercer Island $900,000 22 4 2.5 2,740 11/12/2010
8384 SE 50th Place Mercer Island $1,470,400 93 4 3.25 4,480 11/26/2010
8463 W Mercer Wy Mercer Island $4,100,000 141 5 5 7,860 11/10/2010

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Condos For Sale

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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