Tuesday, May 31, 2011

Seattle Home Prices Tick Up, Inventory Down, Multiple-Offer Sales Increase

I was speaking with a reporter at Fox News Radio today about the current real estate market and the new Case-Shiller statistics on home prices.  While the general drift of the story is that home prices are at their lowest point since 2006, there were a couple of bright spots that they wanted to highlight, one of those being the Seattle market. 
While 18 of the 20 cities that were compared showed flat prices or price drops last month, Seattle was one the of the two cities that actually showed a home price increase, albeit a very small one.  Home prices in the Seattle market rose 0.1% from February to March of 2011.  The real story is probably not that prices are rising, but that competition for scarce homes by buyers has risen significantly as of late.
Inventory of homes for sale in our market are down 14% from one year ago, a significant decrease in available homes.  With virtually no new construction available and less resale homes than last year, buyers are finding that the well-priced homes are garnering a lot of attention and a lot of offers.  We still can't compare total sales to the rush of "home buyer tax credit" sales of last year, but the competition is definitely increasing.  Anecdotally, I've seen buyers make multiple, escalating offers on a handful of condos in the same building in Seattle and be outbid by numerous others.  One home in Belltown recently sold for at least 15% more than its list price, on the first day it came on the market. 
There are a lot of reasons for the lowered inventories, especially of homes in the first-time homebuyer range, but the overall effect is that we have a fairly disjointed market.  Lower-priced homes are selling quickly when they are priced correctly.  Luxury sales are still strong as compared to the past few years.  The gap in the current market seems to be the middle-tier of move-up buyers, who are satisified to stay in their current homes at the moment.
Nevertheless, our market seems to be stabilized in terms of pricing for the moment.  Banks releasing a large inventory of foreclosed homes on the market would normally be seen as a negative for most metropolitan areas' prices, but Seattle could actually use a few more well-priced homes at the moment.  Sales volumes would probably increase significantly, and until the current buyer pool is satisfied, prices would most likely remain stable, even with the higher level of distressed sales.
Current Listings:
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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Thursday, May 26, 2011

Kirkland Waterfront Homes - 3 Kirkland Waterfront Real Estate Sales

Three Kirkland waterfront homes sold recently on the north end of the city.  These Lake Washington waterfront homes ranged from Juanita Bay to Holmes Point.

13117 Holmes Point Dr NE, Kirkland WA sold for $1.525 million in mid-April.  This is a shockingly large estate for the waterfront, with over 4 acres and 5 platted home sites.  The 108 feet of Lake Washington waterfront is worth the price alone.   It has an older brick Tudor home on the lot, which had been on the market for more than a year.
8801 NE Juanita Dr, Kirkland WA sold for $1.72 million with a similarly-wide 107 feet of beach waterfront in Juanita Bay.  This home has a more modern structure, at 3 beds, 2.5 baths and over 2700 square feet.
The third sale was at 7811 NE 112th St, Kirkland WA.  The $2.65 million sale includes a large newly-remodeled house and a guest cabana.  With a total of 5 beds and 5.25 baths, the home covers over 5000 sq ft, and the lot's nearly-29,000 square feet include 75 feet of waterfront.
Current Listings:
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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Tuesday, May 24, 2011

Bellevue Waterfront Real Estate: 7 Recent Sales of Bellevue Waterfront Homes

Seven waterfront Bellevue homes have been sold in the past couple of months.  With prices ranging from $1 million to over $ 7 million, these homes span a wide variety of waterfront locales.
Some of the better values in Bellevue waterfront real estate come in the Newport Shores neighborhood.  This area provides calm waters and moorage in the man-made canals that dissect the quiet neighborhood.  On the West shore of Lake Sammamish, there are also waterfront Bellevue homes that sometimes sell near the $1 million mark.  At the top end of the sales are the Lake Washington waterfront homes near downtown Bellevue and Meydenbauer Bay.
Recent Bellevue waterfront real estate sales:
Address City Price Beds Baths Sq Ft
3237 106th Ave SE Bellevue $1,025,000 5 3.5 4,280
856 W Lake Sammamish Pkwy NE Bellevue $1,072,000 3 1.75 2,440
8 Skagit Key Bellevue $1,135,000 5 2.75 3,820
3930 W Lake Sammamish Pkwy SE Bellevue $1,227,500 3 2.75 3,420
1242 W Lake Sammamish Pkwy NE Bellevue $2,398,000 4 3.75 4,560
4238 95th Ave NE Bellevue $2,625,985 4 3.25 5,240
9627 Lake Washington Blvd NE Bellevue $7,030,000 5 6.5  
 
Current Listings:
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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Monday, May 23, 2011

Seattle Waterfront Home Sales Increase, Median Prices Up

Sales of waterfront homes in King County are still on the increase.  Year-to-date, we've seen 152 waterfront homes sold in King County in 2011, up from 146 waterfront sales during the same period last year.  The moderate increase this year is welcome news for the luxury real estate market, as well a major boost over previous years.  In 2009, only 75 waterfront homes had sold at this point in the year.
Seattle Waterfront Homes
Median prices were also up, with the median waterfront home sold in King County on the NWMLS at $690,000 in 2010, increasing to $750,000 in 2011.  Median prices are a tricky metric in the waterfront market, considering the shifting market segments of houseboats, floating homes, river homes, lakefront homes, Puget Sound waterfront, etc.  There's certainly a need for restraint reporting this statistic as evidence that waterfront values are increasing significantly, but any upward momentum in the market is always a good sign.  The more of the buying market that shifts its attention to higher-priced homes, the more these luxury and waterfront homes will stabilize in their values.
Current Listings:
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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Monday, May 16, 2011

CNNMoney: Seattle Top City To Buy, Buying Beats Renting

Two researchers recently studies 23 major US Cities and the prospect of buying vs. renting in each city.  Their report, as published on CNNMoney, shows that not only does buying beat renting in Seattle, but Seattle was the top-ranked city for the financial benefit of buying.
The study was based on the effects of saving nominal money upfront renting, and then investing it in some other outlet.  With the positive gains projected for the Seattle real estate market and housing in general, the long-term financial picture is significantly better for home buyers in our market.
"Of the 23 cities Beracha and Johnson looked at, Seattle is the best place to buy right now. When renters invest in portfolios that include stocks, the appreciation rate required over the next eight years there is 4.84% and the area's historical average is 6.06%."
Current Listings:
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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Tuesday, May 10, 2011

Lake Union Waterfront Docks: Marinas and Moorage In Seattle

oorage on Seattle's Lake Union houses a large percentage of the area's boats.  Because of the freshwater moorage and easy access to Lake Washington and Puget Sound, there are around 30 marinas from the ship canal to Lake Union, and Portage Bay.  These range from commercial fishing marinas to houseboat and recreational vessel moorage.
Lake Union's shore is dominated by commercial spaces and marinas, so the number of waterfront homes with moorage is very limited.  One of the most-likely places to find a home with additional moorage is in the floating homes along Fairview Ave in Eastlake, and across the lake on Westlake Ave.  These floating homes live much like a regular single family home (permanent utilities and somewhat traditional house construction).  At the same time, most have a dock and slip right off the side or front of the home that allows for a runabout or ski boat to be moored.
As for traditional single-family homes, there are a handful with their own waterfront docks on Lake Union.  Their rarity makes them particularly valuable.  Just outside of Lake Union's freshwater, a handful of homes along Ballard and Magnolia have docks on the canal, where the brackish water coming from the locks and the Sound is subject to tidal flows.
In Portage Bay, there are just a handful of houses with docks.  Some of these homes are situated at the shoreline of a floating home marina, while others are standalone lots with traditional single-family shorelines.  The South end of Portage Bay is the closest to traditional freshwater waterfront homes that you'll find in the greater Lake Union waterway.

Marinas/Moorage on Lake Union:

Affinity Marina

1327 N Northlake WY, Seattle, Washington  98103
Ph: 206-304-1477

Ballard Mill Marina

4733 Shilshole AVE NW, Seattle, Washington  98107
Ph: 206-789-4777

Boat Street Marina

1101 NE Boat ST, Seattle, Washington  98105
Ph: 206-634-2050

Boatworld Marina

2144 Westlake AVE N, Seattle, Washington  98109
Ph: 206-284-4420

Canal Boatyard

4300 11th AVE NW, Seattle, Washington  98107
Ph: 206-784-8408

Chinook Lake Union Moorage

2525 Fairview AVE E, Seattle, Washington  98102
Ph: 253-813-0816

Diamond Marina

2730 Westlake AVE N, Seattle, Washington  98109
Ph: 206-284-4420

Dunato's Boatyard

2309 N Northlake WY, Seattle, Washington  98103
Ph: 206-547-7852

Ewing Street Moorings

624 W Ewing ST, Seattle, Washington  98119
Ph: 360-283-1075

Executive Moorage

1001 NE Boat ST, Seattle, Washington  98105
Ph: 206-545-4800

Fishermen's Terminal

3919 18th AVE W, Seattle, Washington  98119
TF: 800-426-7817   Ph: 206-728-3395

Gasworks Park Marina

2143 N Northlake WY, Seattle, Washington  98103
Ph: 206-634-0577

Julie's Landing

2100 Westlake AVE N, Seattle, Washington  89109
Ph: 206-284-4420

Lake Union Yacht Center

1341 N Northlake WY, Seattle, Washington  98103
Ph: 360-378-0796

Lee's Landing

2900 Westlake AVE N, Seattle, Washington  98109
Ph: 206-285-6040

Lockhaven Marina

3030 W Commodore WY, Seattle, Washington  98199
Ph: 206-283-6260

Marina Mart Moorings

1232-1530 Westlake AVE N, Seattle, Washington  98109
Ph: 206-447-5575

Nautical Landing

2500 Westlake AVE N, Seattle, Washington  98102
Ph: 206-284-2308

Northlake Marina

929 N Northlake WY, Seattle, Washington  98103
Ph: 206-633-2114

Salmon Bay Marina

2100 West Commodore WY, Seattle, Washington  98199
Ph: 206-282-5555

Seattle Marina

2401 N Northlake WY, Seattle, Washington  98103
Ph: 206-632-9427

Seattle Yacht Club

1807 East Hamlin ST, Seattle, Washington  98112
Ph: 206-325-1000

Swiftsure Marina

2450 Westlake AVE N, Seattle, Washington  98109
Ph: 206-284-4420

Tillicum Marina

1331 Northlake WY N, Seattle, Washington  98103
Ph: 206-633-5454

Wards Cove on Lake Union

88 E Hamlin ST, Seattle, Washington  98102
Ph: 206-734-3000

Western Yacht Harbor

2412 Westlake AVE N, Seattle, Washington  98109
Ph: 425-743-0255

Westlake Marina

1900 - 2000 Westlake AVE N, Seattle, Washington  98109
Ph: 206-284-4420

Youngquist Marina

2476 Westlake AVE N, Seattle, Washington  
Ph: 206-283-9555
 

Current Listings:

 
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.
Connect with me:
 
 
 
 

 
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Saturday, May 7, 2011

Kennydale Lake Washington Waterfront Home: 3115 Mountain View Ave N, Renton WA 98056

New Listing:  Kennydale Home on Lake Washington Waterfront - $1,700,000

Bedrooms: 4 | Bathrooms: 2.5 | Sq. Ft. 4000 | MLS #217461
 
Experience the joy of waterfront living.
 
Perched above Lake Washington's shoreline, this home's entire living space is centered around walls of West-facing windows, capturing picturesque sunsets over the Olympic Mountains.  Extremely rare covered deepwater moorage provides a unique opportunity for boat owners. 
 
Located on a quiet street in Kennydale, this waterfront estate exudes comfort and relaxation.  The open kitchen and dining spaces flow freely to the living room and view deck.  Lower level serves as a full separate living space or as the center for entertaining guests.  French doors lead to large patio overlooking the lakeside lawn and bulkhead with swim ladder. 
3115 MOUNTAIN VIEW AVE N, RENTON WA 98056
 
BEDS: 4     BATHS: 2.5    SQ FT: 4000       
 
LAKE WASHINGTON WATERFRONT:  APPROX 60 FT
3 CAR DETACHED GARAGE W/ COVERED BREEZEWAY
MORE PARKING ACROSS STREET FOR GUESTS, BOATS, TRAILERS
EXPANSIVE NEW 70′ TREX DOCK W/ 5000 LB LIFT
COVERED 50′X15′ SLIP W/ 16′-18′ PEAK DEPTH
MASTER SUITE ON MAIN FLOOR, LEVEL ACCESS
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 Waterfront Homes With Docks/Moorage

Homes with docks on Lake Washington's waterfront aren't hard to find, but the different sizes, styles, and depths at these docks can make for very significant differences in the value of the homes.  Waterfront real estate on Lake Washington, in most cases, has more value in the land than it does in the home.  While there are certainly exceptions, you'll find that many houses' values account for only 20%-40% of the total price, with the waterfront land being the more valuable portion.
With that in mind, the shoreline, views, and moorage situation become critical to that property's value.  Docks are particularly sensitive because of the large number of agencies regulating their use, construction, and any changes made to them.  There are local, state, and federal agencies involved in any waterfront development, and current restrictions for future building mean that some of the older, grandfathered-in docks on Lake Washington have unique values.
Currently, I see about 100 homes on Lake Washington with docks for sale.  Those can start out as small docks with shallow water depth good enough for a small ski boat, or even just shared moorage.  Of those homes, only about a dozen claim to have "deep water" moorage.  This is particularly significant for an owner of a large boat (or potential owner), because the draft of a 40′+ vessel will automatically disqualify a large number of these homes based on the water depth.  There are some waterfront homes with docks as long as 120′-160′, but in some areas that may only net 5′-8′ of depth.  In other locations, a 60 foot dock can drop to 15 or 20 feet. 
The other crown jewel for waterfront docks on Lake Washington is covered moorage.  New construction of boat houses and large covered slips have been "outlawed" for years now, but those owners who have them can continue to maintain them in their current size.  There are probably only a few dozen in the area with significant coverage for a large boat (you can still build a small cover for a runabout-sized boat in some locales), and there are just a small handful listed for sale.
(Current listing - Lake Washington waterfront - Kennydale waterfront home with covered deepwater moorage)
Shoreline makeup/materials can also be an important factor in waterfront value.  Properties vary from steep bluffs to low natural banks, to concrete bulkheads and stone walls.  Different buyers have a preference for each.  Bulkheads can provide a nice comfortable swim area and protection from rough water, while a natural beach is preferable to some for the environmental effect and its natural look.
Current Listings:
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.
Connect with me:
 
 
 
 
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