Seattle Waterfront Homes: A Frenzy of Mercer Island Waterfront Real Estate Sales

Six Mercer Island waterfront homes were sold in October, a surprisingly busy fall month of sales with four of the homes selling in under a week. This follows a strong September which had four waterfront real estate sales on the island.

The waterfront homes were spread evenly around Mercer Island, with two North End, two West Mercer, and two East Mercer homes being sold.

North Mercer Island

The two homes sold on the North End of the island are a real constrast. The first is a steal for North End waterfront, and it sold for $1.5 million after less than a week on the market, at its full list price. With 23 feet of waterfront it's a smaller piece of Lake Washington frontage, but the 5 bedroom rambler is a good-sized home and there's rarely a piece of waterfront on the North End at this price.

The second North End home is a 9,000 square foot new construction beauty on Faben Point. I toured this home over a year ago when it was a nearly-$10 million listing, but it's been reduced significantly in the meantime. The home was built by a well-known local builder (who happened to be a neighbor), and the views and grounds are truly stunning. Its final sale price was $6.75 million.

West Mercer

A West Mercer Way home continued the trend of low-priced waterfront homes selling fast and for full price. This home actually eclipsed its list price of $1.46 million by selling for $1.65 million after just one week on the market. It's a reminder that there is still plenty of money in the waterfront and luxury market-if a property is priced aggressively. This property has 4000 square feet of living space, five bedrooms, a half-acre of land and 50 feet of waterfront.

Further South on Forest Ave, a home that has been listed since early 2008 at nearly $9 million finally found its pricing niche. This is an exceptional waterfront estate, with 100 feet of Lake Washington shoreline, a half-acre lot, and a 7,000 square foot home. The final selling price for the home was $4.15 million, and its final list price had been $5.3 million.

Easter Mercer

The final two home sales on the East shore of Mercer Island included a 7,000 square foot new construction home with 90 feet of low bank waterfront. The $4.5 million sale occured just 7 days after its listing, at 90% of its $4.95MM price tag. The 5 bed, 7 bath house covers 6000 square feet and the lakeside views are enhanced with something only new construction can offer-Nana walls open up the entire side of the home to the outdoor lakeside living.

Another East Mercer Way home sold in under a week. The $2.05 million sale was at 90% of its list price again, after just 6 days on the market. The modern-styled 1960 home is a 2 bed, 3.75 bath house covering 3000 sq ft. The real value in this property is its 89 feet of waterfront, beautifully maintained grounds, in-ground pool, and covered moorage.

Mercer Island Waterfront Real Estate - Homes Sold, October 2010
Address City Price Beds Baths Sq Ft
1835 W Mercer Way Mercer Island $1,498,000 5 3.25 4,430
4029 W Mercer Way Mercer Island $1,650,000 5 2.5 3,900
5910 E Mercer Wy Mercer Island $2,050,000 2 3.75 2,930
4737 Forest Ave SE Mercer Island $4,150,000 5 5.75 7,037
5428 96th Ave SE Mercer Island $4,500,000 5 7 6,000
2205 60th Ave SE Mercer Island $6,750,000 5 6.75 9,000

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. Photo courtesy NWMLS, Kris Robbs, Ewing & Clark Mercer.

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