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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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

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Kennydale, Renton Waterfront Real Estate - Homes Sold Oct '10

Two homes were sold in Kennydale on Lake Washington's Southeastern shore during October. These homes, technically in unincorporated King County, have Renton postal addresses and many times have some of the best Lake Washington waterfront values in Greater Seattle.

The first sale was in the new construction development of Barbee Mill. The 3 bed, 3.75 bath home is one of many "attached single family homes" in the community. These are two homes attached by one common wall. The construction allows for more housing density and still high-end waterfront homes in the same location. With an elevator, dock, expansive lake views, and modern finishes, it's a nice alternative to traditional waterfront real estate.

The Barbee Mill home sold for $1.6 million. It had been marketed for nearly a year (properties are often marketed prior to finishing the home in new construction developments), with an original list price of $2.3 million. Its current list price at the time of sale was $1.9 million.

The second sale was a traditional Lake Washington waterfront estate, with a 16,000 square foot lot and an expansive 95 feet of waterfront. This is double the lake frontage of many parcels, and a lot of this size would go for about double this price just a few miles to the North.

The home is a 4 bed, 2.5 bath early 1980s structure with about 2600 square feet of interior living space. It sold after over a year on the market at $2.2 million. Its original list price had been $2.55 million, and it's list price at the date of closing was $2.375 million.

Kennydale/Renton Waterfront Homes Sold on Lake Washington - October 2010
Address Price Beds Baths Sq Ft
2907 Mountain View Ave N Renton $2,200,000 4 2.5 2,624
4113 Williams Ave N Renton $1,600,000 3 3.75 3,550

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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Kirkland Waterfront Homes Sold, Oct 2010

A single Kirkland waterfront home was sold in October, on the northern shore of Juanita Bay. The South by Southwest-facing home is located on Juanita Drive, on some of the calmest waters of Lake Washington.

This short sale real estate transaction was originally listed at $1.8 million, and sold after about 5 months on the market at a final price of $1.1 million. The expansive lot covers 27,000 square feet, including 110 feet of Lake Washington frontage. At 2730 square feet, the home isn't particularly large for a home on waterfront property, but it's an adequate house with a private pool and ample moorage.

Kirkland Waterfront Homes Sold - October, 2010
$1,100,000 - 8801 NE Juanita Dr 2 beds, 2.25 baths, 2730 square feet

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 Waterfront Homes Sold- Oct 2010

There were six waterfront homes sold in Seattle in October, with prices ranging from a $700,000 floating home to a $6.7 million Lake Washington estate. Sales of high-end waterfront real estate continue to show signs of life in 2010, even as much of the market is significantly off its 2009 numbers.

In Portage Bay, a large, fairly new floating home sold for $700k. There are some houseboats and floating homes that sell for under $500k but this is the entry price point for a full-sized, traditional style home on Lake Union area waterfront.

In Northeast Seattle's Cedar Park neighborhood, two waterfront homes sold for $900k and $1.06MM. Cedar Park has some of the most truly-waterfront homes in Seattle–many sitting right on top of the shoreline or partially over the water on pilings. Fixers in this neighborhood start in the $700k range and remodeled properties quickly reach $2MM.

On Eastlake's Fairview Ave, one of the premier floating homes in the city sold for $2.08MM. This home sits on the prime outermost corner of Dox Co-op's moorage, with sweeping views of the city. The only floating homes in the city that garner higher prices are new construction, 3 story floating homes that can reach $3MM.

In Laurelhurst, a beautiful Lake Washington estate sold for $5.4 million. This Webster Point home faces Southeast across the lake in one of Northeast Seattle's most-coveted neighborhoods. With tons of waterfront moorage, the lakefront shoreline stretches 87 feet.

The top sale of the month (and the summer) was a Washington Park luxury estate. The extremly private property covers 18000 sq ft and hosts a 6500 square foot home with walls of glass facing Lake Washington. 120 feet of waterfront footage is appointed with extensive lake moorage suitable for large watercraft.

Seattle Waterfront Homes Sold – October 2010

Address City Price Beds Baths Sq Ft
1210 E Shelby St #G Seattle $700,000 2 1.75 960
11036 Riviera Place NE Seattle $899,000 3 2 2,000
12754 Riviera Place NE Seattle $1,060,000 3 1.75 2,700
2219 Fairview Ave E #15 Seattle $2,080,000 3 1.75 2,800
3006 Webster Point Rd NE Seattle $5,400,000 5 3.75 5,301
4205 E Highland Dr Seattle $6,700,000 4 4.75 6,490

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's Top 10 Luxury Foreclosures--Sold

Since we just went over the most-exclusive waterfront and luxury bank-owned homes for sale in the Greater Seattle area, it seems appropriate to review the highest-priced sales in the past couple of years. 

The infamous Kirkland Mansion Squatters' temporary residence had its second day in the sun, with our top sale of the year ($2.6 million).

The following homes are the Top 10 bank-owned home sales listed on the NWMLS in 2009 and 2010:

727 14th Ave W, Kirkland, WA  $1,400,000 4 beds, 3.25 baths, 5,640 Sq Ft
 
This West of Market luxury home in Kirkland was on the market for 1.5 years before selling at $1.4 million.  Within walking distance of Kirkland's waterfront parks, the home has Lake Washington and city views.

9430 Lake Washington Blvd NE Bellevue $1,430,000  4 beds, 4.50 baths,  5,950  Sq Ft

This Meydenbauer home in West Bellevue was on the market 355 days before selling just above its final list price.  Next to Clyde Beach Park and just blocks from downtown Bellevue, the home is situated in a landmark location.

3940 West Lake Sammimish Pkwy SE Bellevue $1,455,000  5 beds, 5.50 baths,  4,330  Sq Ft

At 92 feet of waterfront, this Lake Sammamish property in Bellevue sold at 97% of its list price in just 11 days.  With 90 feet of level waterfront and a full mother-in-law unit, it was a relative lakefront steal.

13249 Holmes Point Dr NE Kirkland $1,500,000  4 beds, 4.50 baths,  5,850  Sq Ft

After nearly two and a half years on the market, this luxury home in North Kirkland's Holmes Point neighborhood sold for 79% of its original list price.  The 2007-built home features walls of windows and inlaid floors, as well as shared waterfront with a boat slip.

1120 Lakeside Ave S Seattle $1,510,000  4 beds, 3.25 baths,  4,270  Sq Ft

In Leschi, this bank-owned home with 51 feet of waterfront sold after 10 days in its final stint on the market.  It had been previously listed on and off since 2008, with an '08 list price of $2.7 million.

29421 SE 15 Place Fall City $1,550,000  4 beds, 5.75 baths,  5,530  Sq Ft

This five acre luxury estate in Fall City sold in just two weeks on the market.  Its selling price was above the list price of the home.  The premium price goes along with the premium property taxes-approximately $30,000/year.

2423 98th Ave NE Clyde Hill $1,700,000  5 beds, 4.50 baths,  5,390  Sq Ft

In Clyde Hill, a rare bank-owned home sold after 3 weeks on the market at nearly the full list price.  This 2002-built Mediterranean estate features marble floors, 20 foot ceilings, and a Basalt water feature.

13245 Holmes Point Dr NE Kirkland $2,600,000  5 beds, 7.00 baths,  9,930  Sq Ft

Back in Holmes Point, this waterfront home on 2/3 of an acre sold after 9 months on the market at 90% of its list price.  The home has an elevator, billiard room, and sauna, plus a separate boathouse with a studio/guest quarters.

1114 Sunset Ave SW Seattle $2,800,000  3 beds, 4.00 baths,  5,100  Sq Ft

Walls of glass, four fireplaces, and multiple view decks appoint this modern Admiral home in West Seattle.  The home was listed for 15 months before garnering 82% of its original list price.

435 8th Ave W Kirkland $2,825,000  6 beds, 7.00 baths,  7,680  Sq Ft

Remember the Kirkland Mansion Squatters?  This was the home that they "allegedly" crashed in for a short while without paying a dime.  Luckily, the police straightened out the situation and after 6 months on the market it sold for 97% of its list price.  At 6 suites and 9 total baths, the home is expansive but has an old-world interior design.

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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Waterfront and Luxury Real Estate Foreclosures (Part II)

 

As a follow-up to Part I of the luxury foreclosure post, here is the current inventory of luxury foreclosures.

Current NWMLS Listings of "Bank-Owned" Homes over $1,000,000 in King County:

6457 Lake Washington Blvd SE Newcastle $1,004,850
10460 47th Ave SW Seattle $1,029,000
20 NW Cherry Lp Shoreline $1,034,550
2007 Market St Kirkland $1,050,000
4106 Lake Washington Blvd Kirkland $1,060,000
2119 Bonair Dr SW Seattle $1,089,000
27 NW Cherry Lp Shoreline $1,199,900
13806 SE 7th St Bellevue $1,203,800
13606 SE 7th St Bellevue $1,219,000
14979 Reserve Dr SE North Bend $1,249,000
14368 Edgewater Lane NE Seattle $1,265,000
515 35th Ave S Seattle $1,295,000
32715 SE 46th Lane SE Fall City $1,299,900
14058 Edgewater Lane NE Seattle $1,340,000
816 82nd Ave NE Medina $1,383,900
6033 174th Ave SE Bellevue $1,400,000
15027 SE 80th St Newcastle $1,400,000
13640 Main St Bellevue $1,500,000
3036 23rd Ave W Seattle $1,650,000
8928 NE 33rd St Yarrow Point $2,399,000
4408 94th Ave NE Yarrow Point $3,390,000

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.

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Waterfront and Luxury Real Estate Foreclosures - Greater Seattle

If you've never visited a foreclosed home in person, you probably picture them with broken windows, tattered carpets, and random critters living in the attic.  While those kinds of foreclosed homes certainly do exist (I've had to visit homes where the dogs stayed for a few days after the owners), there's also another side to the REO market. 

Many of the highest-priced homes of the real estate boom have now become victims of their once-sky-high values.  There are an increasing number of luxury and waterfront homes that have reverted to the bank.  While some of these homes have a fair amount of deferred maintenance (Realtor-speak for damage and decay), there are some perfectly-maintained luxury homes whose owners simply walked away.  Other luxury new construction developments have ceased to be profitable during the real estate downturn, and the bank that financed the project is now tasked with finishing the homes and selling them at whatever price they can get.

There are currently over 20 bank-owned homes on the NWMLS with list prices of over $1 million in King County.  A handful of these homes are in Seattle, but a large number are scattered around greater Bellevue and the Eastside.  While foreclosures aren't always priced at discounts, you'll find that many are priced more aggressively than a traditional homeowner's resale.  Banks have an obligation to get these homes off their books at whatever price the market will bear.  Many homeowners would rather wait it out.

Waterfront and Luxury Foreclosures in Greater Seattle

Currently, two Lake Washington waterfront homes in NE Seattle's Cedar Park neighborhood for sale at around $1.3 million.  A luxury view home in Magnolia is listed just a bit higher.  Large homes in Alki and West Seattle with panoramic Puget Sound views are coming just over $1 million. 

Looking for a landmark address on the Eastside?  A home in the city of Medina is listed just under $1.4 million.  There are a gaggle of Bellevue and Newcastle homes from Cougar Mountain to Clyde Hill coming in under their assessed values in many cases.  Yarrow Point tops out the current luxury foreclosure listings, with a pair of homes at $2.4 and $3.4 million.

With the current economy, the pool of buyers for luxury and waterfront real estate has certainly diminished somewhat.  For those with the wherewithal and chutzpah to dive into the luxury market today, there are some real opportunities for big discounts on some very valuable real estate.

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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