Lake Union and Portage Bay Foreclosures - Bank-owned Seattle Houseboats and Floating Homes

There are three floating homes/houseboats on the market that are bank-owned homes. These foreclosures are available to the general public, and many times offer a discounted price compared to traditional home listings.

The first houseboat is in the Eastlake community of Lake Union. On a co-op dock, it's a small, but completely modern studio. At $350,000, it's one of the best prices you'll find on a Lake Union houseboat, but it's more of a weekender than a full-time residence.

Moving over to Portage Bay, we have two floating homes that are also very modern, being built in the oast few years. Listed at $400k and $485k, these homes offer more living space with a separate bedroom. Modern construction of houseboats and floating homes can take away many of the hassles of traditional houseboat living, so these are great homes for the first-time houseboat buyers to try out the lifestyle.

During down economic times, these homes seem to lag a bit longer on the market, and it's the perfect time for someone who has been looking into living on the water to get a great deal that they might not be able to afford during a booming economy.

Seattle Area Foreclosures
Seattle Houseboats
Lake Union Homes

Lake Union, Wallingford Houseboats

Most Lake Union houseboats and floating homes are in the Eastlake and Portage Bay waterfront neighborhoods, but there is a large enclave on Northlake Way in Wallingford that is less well-known. This area of the lake has quick freeway access, open public parking for cars and boats, and great parks like Gasworks just steps away.

There are a handful of houseboats on the market right now in Wallingford's stretch of Lake Union. There have been just two sold so far this year, although summer is always the peak of houseboat buying season. The two sold so far are a two story house barge at $235,000, and a 48' vessel with two stories and a top deck. The vessel sold for $255,000.

Houseboats in Wallingford start at around $150,000 and quickly break above the $500,000 mark. There are such a variety of styles of live-aboards, from tiny towable barges to long, sea-faring vessels that you need to take a walk down the docks to understand the different lifestyles afforded by each type of home.

Lake Union floating homes

Waterfront Home Sales in Seattle, June '09

Floating Homes and Houseboats dominated the Seattle waterfront home sales for the month of June. Looks like summer has started.

There were 11 total waterfront homes reported sold on the NWMLS in June, with five being houseboats and floating homes. Two houseboats on Lake Union sold at under $300,000, while the floating homes sales started at $500,000 and moved all the way up to $1,400,000.

The two highest-end homes on the waterfront were in Laurelhurst in N. Seattle and Fauntleroy in W. Seattle. The Fauntleroy home sold for over $1.7 million, with 85 feet of no-bank waterfront on the Puget Sound. The Laurelhurst home, which had 16 feet of Lake Union waterfront and a shared 50 foot dock, sold at just under $2 million.

Seattle Waterfront Homes For Sale

Foreclosures on the waterfront - Seattle Houseboats, Floating Homes, Waterfront Homes - Bank-owned

Waterfront home owners, on average, have more equity in their homes than other home owners, and their homes hold their value better. That hasn't stopped some waterfront homes in the Seattle area from going on the auction block, and reverting back to the bank.

To be honest, the number of foreclosures on waterfront homes in the Seattle metro is astonishingly low. There are five total bank-owned, waterfront homes in King County available for sale right now. Of those, two are "creek waterfront" - not high end waterfront homes. A couple of other homes are quite interesting.

The smallest is a cozy floating home on Lake Union. It's a 2007-built, high end studio with Wolf and Sub-Zero applicances, tile, cedar, and ironwood floors. As a floating home, it's no full-time live-aboard, but it would be a great weekend getaway.

The jewel of the bank-owned waterfront is a Lake Washington home in Kirkland. Listed at $3.9 million, this 5 bed, 5.5 bath palatial estate is as exclusive as its price. With 60 feet of Lake Washington waterfront, hidden staircases, a boathouse and a four-car garage, the term "foreclosure" may have never been applied to such a magnificent home in the Greater Seattle real estate market.

Seattle Waterfront Homes For Sale

Houseboating on Lake Union in Seattle

I had the opportunity to visit a broker's open with a client this week on Lake Union. Hosted by Linda Bagley of Special Agent Realty, the open was a 2 hour cruise on Lake Union and Portage Bay. Work doesn't get much better than this.

The Seattle houseboat we cruised on was Linda's listing - a beautiful, modern, 60 foot vessel built in 1991. This live-aboard had a chartered captain and the owners entertained. The open was catered, the weather was clear and sunny, even if a bit windy. This houseboat was built for entertaining, from the open kitchen/living room layout to the oversized rooftop decks.

As we toured the vessel, we travelled past communities of houseboats and floating homes off Wallingford, Eastlake, and Portage Bay. It's a great way for any potential waterfront buyer to see and understand the vast differences in home styles, locations, financial issues, and general feel of the different communities. Although floating homes, houseboats, barges, and vessels may be terms that are used interchangeably, there are real differences.

It may be gray for a good part of the year in Seattle, but when the weather cooperates, selling floating homes and houseboats is surely one of the best jobs in town.

Sam DeBord and Brian WiegandSeattleHome.com (206) 431-5900
Seattle Waterfront Real Estate Brokers - RE/MAX Connected
Seattle Waterfront Homes - Seattle Water View Homes - Seattle Floating Homes - Seattle Houseboats - Seattle Condos - Seattle Luxury Homes - Seattle Homes For Sale

Custom Seattle Houseboat

I find that many people in Seattle are drawn to the allure of houseboat living by what they've seen in magazines, movies, or just a day spent boating on Lake Union. Many of my first-time home buyer clients will want to tour some floating homes, thinking that the relatively low prices - compared to single family homes on the waterfront - make houseboats an easy choice.

The vast majority of these clients take one look at the tiny bathrooms, cozy living quarters, and long docks or ramps to get home, and they flee for the condo market. Probably a good decision.
Houseboating is a great lifestyle and, if you're cut out for it, you can't find a better way to live this waterfront lifestyle anywhere. If you're not, you may find yourself in a bind the way a recent houseboat dreamer did in Seattle.

The Seattle Times has a great houseboat story today on a man named Jack Daniels (seriously) who decided to build his own houseboat on a whim. The steel framed structure is beautiful - it's an exercise in custom design, removing many of the hindrances of cramped houseboat living. The structure is actually quite big for a Seattle houseboat - 45 feet by 15 feet, with two stories and walls of windows.

Still, Jack and his wife have decided it's too small. They have a toddler now, and it doesn't fit their lifestyle. This $200,000 experiment has become a spec houseboat construction project. This is not exactly a prime investment vehicle right now.

It's probably the right decision for them. If you can't be devoted to living on the water and dealing with its intricacies, you'll end up regretting the decision. Living in a floating home isn't just a change of scenery. It's a change of lifestyle.

Seattle Floating Homes, Houseboats

Seattle Floating Homes and the DPD

The Floating Homes Association has gotten an update of the Seattle DPD's upcoming regulations for floating homes and houseboats. So far, there are some sticking points that hopefully can be hammered out in the coming months.

The Seattle SMP (Shorelines Master Program) Revision Citizen Advisory Committee is attempting to bring floating homes and houseboats into line with conforming codes for real estate. Many issues such as float size, float depth, setbacks from shore, and impact on habitat are on the table. While the owners are aware of the need for regulation, their obvious interest is in preserving the unique lifestyle on the waterfront.

The replacement of current houseboats seems to be the biggest issue, as "new" replacements would be required to fit a large number of new rules that might make it impossible to actually replace a floating home in the future.

Details can be found here:

http://seattlefloatinghomes.org/node/920

Floating Homes - Non-conforming use in Seattle

The Seattle Floating Home Association had an interesting meeting with the DPD (Department of Planning and Development) in Seattle recently. The city has taken the thoughtful step of meeting houseboat/floating home owners at their location to discuss the real estate needs of owners and planners.


Although it's hard to find a consensus between regulators and "the regulated", this kind of waterfront on-site meeting seemed to really enhance both groups' ability to explain their goals and challenges in a specific, clear setting. You can read the details at the link below, but the specifics of the real estate construction and waterfront lifestyle make for very unique conversations with a planning commission. It's very helpful for the owners to be involved, input their knowledge, and see the city's concerns at the same time.


Seattle Floating Homes Meeting with Seattle Department of Planning and Development

Houseboats - Floating Homes vs. House Barges vs. Vessels

Puchasing a houseboat can be more complex than purchasing a house or condo. The first thing to determine is what exactly you are buying. Your financing will be dependent on the type of "houseboat" that you purchase.

The City of Seattle's Department of Planning and Development CAM 229 - Client Assistance MemoSeattle Shoreline Master Program (SSMP) - Seattle Municipal Code 23.60

Floating Home
SSMP defines a floating home as a single-family dwelling constructed on a float that is moored, anchored, or otherwise secured in waters. Seattle's construction codes apply to floating homes and have requirements similar to those for houses built on land. Floating homes are required to be located in approved "floating home moorages" and have direct connections to sewer and water utilities, in addition to other location and design restrictions. The number of authorized moorage locations for new floating homes is very limited.

House Barge
The SSMP defines a house barge as a vessel that is both:1. designed and used for navigation but lacks a means of self-propulsion and steering equipment or capability (for example, it is designed and used for navigation by towing); and 2. designed or used as a place of residence.

A house barge houses people over water, but does not need to comply with the construction and utility requirements applicable to floating homes. Only house barges that have been continuously moored and used for residential purposes within the City of Seattle since June 1990 are allowed, and they are regulated as nonconforming uses. They must be moored in recreational marinas, meet State water quality standards, and demonstrate that all overboard discharges havevbeen sealed and that a satisfactory means of conveying waste-water to an approved disposal facility has been provided.

There are approximately 34 authorized house barges in Seattle. New house barges are not permitted. Moorage restrictions on house barges and floating homes are intended to preserve moorage space for boats rather than non-water-dependent residential uses.

Vessel
Boats, ships, barges, or other floating craft that are both designed and used for navigation and that do not interfere with the normal public use of the water are classified as vessels. Vessels are not regulated by the City's construction codes.

Vessels must be moored at a site that has the appropriate use permits for providing moorage to that type of vessel. Uses on vessels must be consistent with the policy of the Shoreline Management Act and with the regulations of the Land Use Code and the SSMP, even if no shoreline substantial development permit is required.

Incidental residential use of a bona fide vessel is permitted under the shoreline regulations. Several unique features of vessels with residential use differentiate them from house barges and floating homes. Vessels must be designed for navigation, including having a seaworthy hull design that meets U.S. Coast Guard standards for flotation, safety equipment, and fuel, electrical, and ventilation systems. They are capable of being used for water transportation, and if they are used for residential purposes they must be able to travel under their own power to open water, including a method for steering and propulsion, deck fittings, navigational and nautical equipment, and the required marine hardware (absent these features, they will be categorized as house barges, as described above).

In addition, vessels must be used for navigation in a manner consistent with the type of vessel. Finally, vessels must be registered with federal, state, or county agencies. (NOTE: Being registered alone does not mean that something will be classified as a vessel for the purposes of the City's Codes-a vessel must be designed and used for navigation.) A structure on the water lacking any of these features does not qualify as a vessel and is subject to the SSMP and other City codes as a structure and as an obstruction.

Seattle Houseboat/Floating Home Codes

Because Seattle houseboats are a special niche of real estate, the have their own rules and laws. From houseboat moorage to rentals, licensing and permits, your floating home has a lot of unique rules that you should be aware of.
You can research the specific codes from the City of Seattle through the link below. Make sure that you have a good base of knowledge about this waterfront real estate living option. When you're ready to dive in, you'll feel much better about your new lifestyle on the water.
http://clerk.ci.seattle.wa.us/~scripts/nph-brs.exe?s1=7.20&s2=&S3=&Sect4=AND&l=20&Sect1=IMAGE&Sect3=PLURON&Sect5=CODE1&d=CODE&p=1&u=/~public/code1.htm&r=1&Sect6=HITOFF&f=G