Waterfront home sales on the Eastside continued to show strong gains in April. There were six significant waterfront sales last month on Lake Washington and West Lake Sammamish. During the same period last year, there were only two such sales.
King County waterfront home sales have doubled in the meantime, with 26 sales in April vs. 13 last year. Year-to-date sales were also exactly double the number of sales in 2009, at 82 sales vs. 41. Median sale prices of waterfront homes were down about 10% in April vs. last year, but year-to-date sales are actually up in price around 5% in comparison to 2009.
The trend on the waterfront continues to be more buyers, and more discounts on prices. The Newport Shores home on Cascade Key, listed below, was originally listed at $8.75 million in late 2008. I had a chance to tour it with some clients, and it's really a one-of-a-kind property, with 200 feet of a radius waterfront looking out on Lake Washington.
At the time, the price seemed fair based on comparables, but its final selling of $6.4 million represented an overall 27% reduction (over two years). This is higher than the general Seattle market's reduction in the past two years, but represents the challenges of selling ultra-luxury homes in the current market.
Eastside Waterfront Home Sales, April 2010:
Address City Beds Baths SqFt. Sold Price
6827 Ripley Ln N Renton 3 2.75 2950 $1,050,000
2458 W Lk Samm Pkwy NE Redmond 4 3.25 2800 $1,169,000
2850 W Lk Samm Pkwy NE Redmond 3 2.75 3000 $1,448,000
3234 W Lk Samm Pkwy SE Bellevue 4 3.25 3620 $1,525,000
11069 Champagne Pt Rd NE Kirkland 4 4.5 4570 $2,125,000
94 Cascade Key Bellevue 5 5 7908 $6,400,000
2458 W Lk Samm Pkwy NE Redmond 4 3.25 2800 $1,169,000
2850 W Lk Samm Pkwy NE Redmond 3 2.75 3000 $1,448,000
3234 W Lk Samm Pkwy SE Bellevue 4 3.25 3620 $1,525,000
11069 Champagne Pt Rd NE Kirkland 4 4.5 4570 $2,125,000
94 Cascade Key Bellevue 5 5 7908 $6,400,000
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Sam DeBord is a licensed real estate broker with SeattleHome.com, a division of Washington State Realty, LLC. He is a member of the Seattle-King County Association of Realtors and a Green-Certified Pro.
The Northwest Multiple Listing Service did not compile or publish this information. Some new construction and unlisted home sales are not included in MLS data.
Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros
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