Lake Sammamish Waterfront Homes Sold, Sept 2010

Two Lake Sammamish waterfront homes in the city of Sammamish were sold in September.

The first home is on a 1/3 acre lot, with 62 feet of waterfront. The unique characteristic of the property is its boathouse with attached studio unit. As most waterfront home owners know, it's extremely difficult to build any structures near the shoreline in the Seattle area, and especially hard to build a boathouse, because of local regulations. A structure like this is grandfathered in, and the owners have the unique ability to maintain a lakeside residence that most couldn't build.

The property also has a mid-1970s 2 bedroom home as the main residence, and it sold for around $850,000. It was on the market less than three months, and sold for 90% of its list price.

The second sale of the month was a luxurious estate of over 1.1 acres including 3 separate parcels. The 100+ feet of West-facing waterfront have plenty of privacy for the late 1970s home. At over 3000 square feet, the home sits much closer to the shoreline than most newer-construction homes. The final sale price was the full listing price of $2.2 million. The home was on the market for just three weeks.

Sammamish Waterfront Real Estate - Homes Sold Sept 2010
1601 E Lake Sammamish Place - 2 beds, 2 baths, 2590 sq ft - $853,600
815 E Lake Sammamish Shore - 2 beds, 1.75 baths, 3029 sq ft - $2,200,000 

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

Have a question about a specific home, or real estate in general? Give me a call or send me an email any time:

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.

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Bellevue Waterfront Real Estate Sales, September

Four homes sold in September on the waterfront in Bellevue, part of a large month of Eastside waterfront sales. With 10 waterfront homes having million-dollar-plus price tags sold for the month, the fall selling season hasn't slowed down much.

Two smaller pieces of Lake Sammamish waterfront sold for $1.1 and $1.5 million, near the midpoint of W. Lake Sammamish and the Southwest corner, respectively. A large home on over an acre of land, with a hefty 125 feet of W Lk Samm waterfront sold for just under $2.5 million, the highest price on the lake this month.

On Lake Washington, the top sale of the month for Bellevue waterfront was in Newport Shores. A Cascade Key home sold for $3.98 million. While much of the waterfront in Newport Shores is canals, this is one of the "coastal" properties that faces out to a wide Lk Washington view, and accordingly, commands a premium price.

Bellevue Waterfront Real Estate Sales, September 2010

414 W Lake Sammamish Pkwy SE Bellevue $1,095,000 3 2.5 2,600
3940 West Lake Sammimish Pkwy SE Bellevue $1,455,000 5 5.5 4,330
380 W Lake Sammamish Pkwy NE Bellevue $2,450,000 4 3.5 3,310
98 Cascade Key Bellevue $3,980,000 6 6 6,716

Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Washington State Realty, LLC
206-658-3225 cell | 800-883-0712 fax
Member NWMLS, N.A.R., WA Realtors, Seattle-King County Realtors

http://SeattleHome.com | http://SeattleCondo.com

Source: Individually compiled NWMLS data. The NWMLS did not compile or publish this information.

Seattle Waterfront Home Sales in September

 

Real estate sales on Seattle's waterfront were centered on Lake Union and the South end of Seattle in September. Three of our six sales for the month were houseboats and floating homes, while the three traditional single family homes were in West Seattle and Leschi.

Two inexpensive houseboats on the West end of Lake Union sold at $124,500 and $169,000 last month. This is near the low end for house boat/barge prices, as we've seen some very significant reductions in prices for this market recently. Buyers have been scarce for houseboats throughout the summer, and the bargain deals have really started to appear recently. There are still some quality barges listed under $150,000.

A higher-end floating home on Portage Bay sold for $645,000, which is near the lower-end for a quality, newer-construction floating home. There are sometimes a handful of floating homes under $500k, but most start at $700k and move up to the $2 million range.

In Leschi, our highest-priced home sale of the month was a beautiful Lake Washington estate that I toured recently. Selling at just under $2.4 million, it's a large home on a well-manicured waterfront plot and a quiet Leschi neighborhood street.

Two homes in West Seattle rounded out the month's sales, with a Beach Drive property going for just over $ 1 million. With 40 feet of saltwater frontage, it's a nice beach house at a fairly reasonable price for the locale. The furthest-South home was in Shorewood, at Seattle's Southwest border, selling for $1.525 million. The 2001-built home sits in a gated community with 55 feet of Puget Sound waterfront.

Seattle Waterfront Real Estate Sales, September 2010

2730 Westlake Ave N #84 700 Seattle $124,500 1 1
1080 W Ewing Place 700 Seattle $169,000 2 .75
1214 E Hamlin St #3 390 Seattle $645,000 1 1
5661 Beach Dr SW 140 Seattle $1,050,000 2.5 1
13025 Standring Lane SW 130 Seattle $1,525,000 4 3.25
1730 Lakeside Ave S 390 Seattle $2,385,000 4 2

Sam DeBord is a Realtor®, Managing Broker, and Green-Certified Pro with Washington State Realty, LLC.

Source: Individually compiled NWMLS data. The NWMLS did not compile or publish this information.

 

Sam DeBord

Realtor® | Managing Broker

SeattleHome.com | Washington State Realty, LLC

206-658-3225 cell | 800-883-0712 fax

 

Member NWMLS, N.A.R., WA Realtors, Seattle-King County Realtors

http://SeattleHome.com | http://SeattleCondo.com

The Problem With Pending (Real Estate Pending Home Sales)

 

Pending home sales, in the past, were an accurate indicator used in forecasting real estate sales in the U.S. We had a fairly standardized system of home sales, and while transaction closings could range between a couple of weeks and a couple of months, if a home was "Pending Sale", it was highly likely that it would close.

We've been predicting future home sales for years with great accuracy by planning for the vast majority of these pending sales to close in the next month--not anymore.

With the new crops of distressed properties, short sales, and ever-changing lending guidelines, there's no such thing as a sure sale these days. The percentage of pending sales that actually become closed sales has shrunk dramatically in recent years. Short sales, which can many times last up to 6 months, create a large lag between pending date and closing date. Even worse, my lastest research has shown that less than 20% of buyers who enter into a contract to buy a short sale are actually successful. This means that 80%+ of "pending sales" which are short sales will end up failing. Pending is actually nothing of the sort, in these cases.

Even the increasing percentages of short sale failed transactions can't be predicted with a leading indicator, factoring in their likelihood of failure. There are certain months when, based on a government decree or a financial quarter-end, banks will close a larger percentage of short sales. In other months, they'll ignore their distressed sales altogether as a change in legal requirements or problems with their process are revealed.

The unfortunate answer for the real estate profession is this:
"Pending"is no longer "pending a closing".

Pending now means, "pending a decision on whether or not to close". For now, we should really return to forecasting home sales with the old, less-exciting method. Last month's closed sales are the only statistic that has the accuracy and validity necessary to base our estimates upon. The national banks need to create a simplified, streamlined, and standardized system for closing distressed sales that all agents, sellers, and buyers can follow. At that point, we'll know how long a short sale will take, and how likely it is to actually close.

Until then, many pending home sales just simply aren't pending at all.

Read the full Seattle Waterfront Homes blog.

Sam DeBord is a Realtor®, Managing Broker, and Green-Certified Pro with Washington State Realty, LLC.

Source: Individually compiled NWMLS data. The NWMLS did not compile or publish this information.

 

Sam DeBord

Realtor® | Managing Broker

SeattleHome.com | Washington State Realty, LLC

206-658-3225 cell | 800-883-0712 fax

 

Member NWMLS, N.A.R., WA Realtors, Seattle-King County Realtors

http://SeattleHome.com | http://SeattleCondo.com

Healthy Luxury Real Estate Sales Finish Summer

Luxury real estate sales in Seattle finished up the summer with a slightly slower August but strong overall sales numbers, in comparison with the summer of 2009.

Nineteen homes in the city of Seattle sold for over $1 million last month, with two homes coming in above $2 million. The top sale was a classic, elegant Queen Anne home on Highland Drive with sweeping city views. Its final selling price was $2.745 million.

For the summer (June-August), we saw 84 homes sell for over $1 million, a 29% increase over 2009's 65 sales. In the $2 million + range, we had 9 sales this year, nearly doubling the 5 homes sold in this category last year.

The top sale of the summer was a $6.25 million estate in Denny Blaine. The 8300 sq ft home on Maiden Lane was on the market for nearly a year before selling, but still brought top dollar for the current market.

The late summer slowdown has clearly affected total sales as well as luxury home sales a bit in August. We'll most likely see a bump at the end of September and beginning of October before we move into the winter lull.

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.

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August Waterfront Real Estate Sales on The Eastside

Waterfront real estate on the Eastside continued a strong summer season, with six million-dollar-plus sales of waterfront homes in August. Just three such homes were sold in 2009 in the same month.

Waterfront home sales on the Eastside have topped 2009 numbers for more than 6 months straight now, and it seems the trend is likely to continue. Although the overall market has slowed a bit from our strong spring, the sales of luxury and waterfront real estate are still more than double the sales numbers of one year ago.

The only segment missing from the waterfront market on the Eastside this month is the high-end luxury market. Recent sales of $5 million+ aren't outpacing last year as much as the $1MM-$5MM range.

Sales this month were located on Lake Sammamish and Lake Washington in Medina, Bellevue, and Sammamish. We also had a couple of "waterfront access" sales in the Kenmore area.

August 2010 Waterfront Real Estate Sales on the Eastside

Address City Price Beds Baths Sq Ft
1460 W Lake Sammamish Pkwy NE Bellevue $1,250,000 4 3.25 3,450
2103 E Beaver Lake Dr SE Sammamish $1,375,000 4 4.25 3,830
457 E Lake Sammamish Pkwy SE Sammamish $1,425,000 2 2.25 2,400
10315 SE 30th St Bellevue $1,575,000 3 3.25 3,940
2841 Evergreen Pt Rd Medina $2,100,000 3,620
49 Skagit Key Bellevue $2,675,000 3 3.00

 

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

Have a question about a specific home, or real estate in general? Give me a call or send me an email any time:

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.

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Seattle Luxury Real Estate Finishing Up Strong Summer Sales

 

Sales of luxury real estate in Seattle have been strong all summer long, and continue to outpace 2009's sales of luxury homes in a big way. July had 31 sales of homes over $1 million and 5 home sales over $2 million. This is in comparison to last July's sales of 23 and 2 homes, respectively. Sales in the summer of 2010 have repeatedly outperformed 2009 by 30%-50% in the $1 million-and-up range.

Sales in the $2 million and up range are up 200% vs. last year, with 18 home sales reported in this range between April and July. While prices have taken a hit on many high-end homes, many sellers of luxury real estate have made realistic price adjustments on their listings and have gotten this market moving back in the right direction.

With the expiration of the tax credit, we've seen a large dip in total sales nationwide, but that affects the luxury real estate market much less than other market segments, as the tax credits are very small inducements at these prices. The greater economy and employment markets will continue to weigh on the luxury market, but it seems that luxury bargain hunters are starting to come out of the woodwork.

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

Have a question about a specific home, or real estate in general? Give me a call or send me an email any time:

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.

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