Seattle's economy ranked #1 in U.S.

Strong real estate sales are dependent on a strong economy. Waterfront home sales, in particular, rely upon a strong supply of high-income executive and senior management-level employment to sustain sales.

It's looking like Seattle's current economy is fairly strong, relative to the overall stagnant economy in the U.S. Our metropolitan area had the top-ranked economy out of over 350 markets in the country, according to one research firm. While the labor market here might not be as bright as in years past, it's got a bit more shine than most.

Puget Sound Business Journal (Seattle)
A study by a Florida research firm says that the Seattle area's economy is the best in the country.

According to Policom Corp., an independent economic research firm that specializes in analyzing local and state economies, out of the nation's 366 metropolitan statistical areas, Seattle-Tacoma Bellevue rates No. 1, moving up from last year's No. 12 ranking. In 2006, Seattle-Tacoma-Bellevue ranked No. 51 in the country. The company uses 23 different economic factors to create its rankings.

According to Policom, the highest-ranked areas have had rapid, consistent growth in both size and quality for an extended period of time. The lowest ranked areas have been in volatile decline for an extended period of time and Policom has created economic strength rankings since 1996.

Here are the nation's top 10 markets of all 366 markets.

2010 Ten Strongest Among 366 Metropolitan Areas
1. Seattle-Tacoma-Bellevue.
2. Washington, D.C.-Arlington, Va.-Alexandria, W.V.
3. Denver-Aurora-Broomfield, Colo.
4. Houston-Sugar Land-Baytown, Texas.
5. Sacramento-Arden-Arcade-Roseville, Calif.
6. Salt Lake City, Utah.
7. Des Moines-West Des Moines, Iowa.
8. San Diego-Carlsbad-San Marcos, Calif.
9. Madison, Wisc.
10. Dallas-Fort Worth-Arlington, Texas.

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Houseboats and Floating Homes

Sam DeBord is a Realtor and 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. Sam can be contacted at (206) 658-3225 or Sam(at)SeattleHome.com. Listing and photos courtesy NWMLS and Patrick Ross, Quantum Group. The Northwest Multiple Listing Service did not compile or publish this information.

Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros

Big News! Financing For Seattle Houseboats

There's a big bit of news for houseboat buyers and sellers in Seattle-we've finally got financing for houseboats/barges in rental marinas such as Seattle Marina and Commercial Marina. This has been the number one factor holding back houseboat sales in the past. Buyers had to pay cash for the full price of the houseboat, which was too great of a barrier for most.

Thanks to Linda Bagley of Special Agents Realty for the heads up. We don't have the final official stats yet, but here are the likely terms:

Seattle Metropolitan Credit Union will be lending on houseboat "vessels". Qualified borrowers will be able to finance up to 75% of the purchase price, and sales tax can be financed. This is important for buyers, as sales tax can add a 10% upfront cost to a vessel purchase.

Interest rates are likely to be 6.625%-7.125%, on a 30 year amortized loan with a 10 year balloon. This means you'll make payments on the home like a 30 year loan, but the balance will be due after 10 years. At that point, you'll need to make a full payoff, or find alternative financing. This is a great way for a first time buyer to get a foot in the door.

These houseboat vessels must be in moorage with a long-term lease, and an inspection/survey will be required to verify the condition of the vessel. Like all financing the buyers will need to go through an application process to verify their eligibility for financing, but this is a huge step forward for the houseboat vessel community.

Looking for a great starting point for houseboat pricing? How about this Westlake houseboat at $169,000?

Full Listing

 

This Northlake/Wallingford houseboat with a top deck is also inexpensive at just $175,00.

Full Listing

Give me a call if you have any questions. Owning a houseboat just became much easier.

 

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Houseboats and Floating Homes

Sam DeBord is a Realtor and 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. Sam can be contacted at (206) 658-3225 or Sam(at)SeattleHome.com. Listing and photos courtesy NWMLS and Patrick Ross, Quantum Group. The Northwest Multiple Listing Service did not compile or publish this information.

Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros

Mercer Island Waterfront: 7226 N Mercer Way

Mercer Island Waterfront Home:

7226 N Mercer Way, Mercer Island, WA 98040

Just a short jog from commuters, I-90, and traffic heading to the bustle of Seattle and Bellevue, this award-winning home sits on a quiet shoreline with calm waters and vast lake and city views. The North end of Mercer Island enjoys some of the most expansive views anywhere on Lake Washington, and this home is no exception.

The home has credentials-it was a cover story for Home Beautiful in 1971, an AIA award winner, designed by Reid Morgan, and landscaped by Robert Chittock. The living space is bright, airy, and provides easy access to the waterfront, which is how a lakefront home should be designed.

The real key to this home's attractiveness is its footprint laid so close to the water line, while the face of the home has three stories of glass taking in the sunlight. Facing Northeast, the sun rises over downtown Bellevue for spectacular views year-round.

The home has 4 beds and 2.75 baths, including dual master suites. With almost 3900 sq ft of living space over three levels, it's expansive but still manages to bring in natural light on all levels. At 82 feet, it has a sizable waterfront stretch, including a shared dock with moorage for large watercraft. Originally priced at $4.2 million, the home has recently been reduced to $3.25 million.

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Houseboats and Floating Homes

Sam DeBord is a Realtor and 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. Sam can be contacted at (206) 658-3225 or Sam(at)SeattleHome.com. Listing and photos courtesy NWMLS and Patrick Ross, Quantum Group. The Northwest Multiple Listing Service did not compile or publish this information.

Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros

Kirkland Waterfront Home - 701 13th Ave W

Kirkland Waterfront Real Estate Tour:
701 13th Ave W, Kirkland WA 98033

If you've been thinking about developing a piece of real estate on Kirkland's waterfront but never found the right piece of property, there may be a West of Market answer.

This expansive piece of waterfront real estate has 1.97 acres of Lake Washington waterfront. While there is currently a 2800 sq ft home on the lot, it's likely the next owner will consider some major development, whether subdividing for multiple waterfront lots, or creating a one-of-a-kind home on a large, private swath of land.

The grounds are full of mature trees and create a great deal of privacy for the current home. Located on a street with no outlet and down a long drive, there's literally no street traffic to be seen from the residence.

With 142 feet of waterfront footage, this property probably has enough land to create at least three waterfront homes without having to delve into shared waterfront access. It could also be one of the signature homes on Lake Washington if it's developed as a single grand residence.

This is truly a waterfront real estate developer's dream. It was listed last summer at $12 million and has recently been reduced to a more realistic $7.99 million. The property will be another great asset to the Kirkland coastline when a buyer puts the finishing touches on it.

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Houseboats and Floating Homes

Sam DeBord is a Realtor and 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. Sam can be contacted at (206) 658-3225 or Sam(at)SeattleHome.com. Listing and photos courtesy NWMLS and Patrick Ross, Quantum Group. The Northwest Multiple Listing Service did not compile or publish this information.

Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros

Mercer Island waterfront home sales, April 2010

 

While there were no closed waterfront home sales in Mercer Island in April, three waterfront homes did go Pending.  All three were mid-island homes, with the least expensive being a short sale on the East shoreline.

Overall, waterfront homes sales in Mercer Island have been much stronger this year than last.  There have been 6 closed sales year-to-date, vs. just 3 in the same time period of 2009.  The median sale price is $2.7 million this year, while it was just over $1 million last year.  This mirrors the overall King County waterfront real estate market, where sales numbers have doubled since 2009.

Address	City	Beds	Baths	SqFt.	Price
4611 Forest Ave SE	Mercer Island	4	2.5	2450	$1,799,000
4710 E Mercer Way	Mercer Island	4	4	4850	$1,550,000
4879 Forest Ave SE	Mercer Island	4	3.5	3330	$2,499,000

 

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Houseboats and Floating Homes

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

 

 
 
 

Waterfront Home Sales Up on the Eastside, King County

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

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Houseboats and Floating Homes

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

 

 
 
 

Seattle Waterfront Home Sales, April 2010

Three waterfront homes sold in Seattle in April, matching the same number in April 2009. Waterfront real estate sales have been up significantly along with luxury home sales this year, signalling a bottoming out of the high-end market. While prices overall for waterfront homes are deeply discounted from one or two years ago, total sales have been on the rise for almost a full year now.

There have been 21 year-to-date sales of waterfront homes in Seattle, a 50% increase over the same period in 2009. While we saw a fair number of houseboat and floating home sales influenced by the tax credit in late '09, the majority of sales thusfar in 2010 have been traditional single family homes.

Seattle Waterfront Homes Sold, April 2010:

Eastlake
2017 Fairview Ave E, Unit# O, Seattle WA 98102
Sold Price: $475,000

 

This 2 bed, 1 bath floating home is in the Log Foundation's co-op community. With owned moorage in this tight-knit community, this is really an entry-level price range for floating homes. The home has an open kitchen, dining, and living room, set up for entertaining. Along with the wraparound deck, it's well-suited for living in a waterfront community where friend will come calling often. The home sold after just one week on the market.

Beach Drive - West Seattle
4233 Beach Dr SW, Seattle WA 98116
Sold Price: $1.02 million
With 80 feet of saltwater frontage, this two-parcel property is an expansive piece of Puget Sound waterfront. The 1900 square foot home was completely remodeled in 2009 and has 2 beds, 1.75 baths. It was listed originally in October of '09, with an original list price of $1.25 million. Situated next to a waterfront park, the property has a wide, undisturbed view of the Sound and the islands.

 

Leschi
1120 Lakeside Ave S, Seattle WA 98144
Sold Price: $1.51 million
This 3 story, 1960s-built home in Leschi makes the most of the water views with walls of glass along the Eastern side. The bank-owned home was listed for as much as $2.7 million in 2008, before reverting to the bank in late 2009. It sold in just 10 days on the market after being listed for $1.2 million in April. The modern construction home has vaulted ceilings, spacious rooms, and is sited close to the bulkhead on Lake Washington.

 

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Houseboats and Floating Homes

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.

Listing info and photos property NWMLS. 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