Monday, April 18, 2011

Record $100 Million US Home Sold- Luxury Real Estate Heating Up

The most expensive U.S. residential real estate sale ever was recently closed in Los Altos Hills, CA.  The $100 million home was sold to Yuri Milner, a Russian technology executive and investor.  The purchase, according to the Wall Street Journal, was a 50% cash down payment and 50% seller-financed.
Luxury Real Estate
Source:  Wall Street JournalThe home, finished in 2008, has over 30,000 sq ft  of space and is a limestone mansion inspired by an 18th-century French chateaux.  From its private location, it has views of the San Francisco bay, and is located near the Silicon Valley where the previous owners made their technology fortune.
 
This sale is another bellwether for the burgeoning luxury real estate market in the United States.  After recent years of dismal sales, 2010 and 2011 have shown striking increases in luxury home sales across the country.
Locally, sales of waterfront and luxury homes are up across the board.  We've seen sales of multi-million dollar homes double in 2010, and the trend seems to be strengthening in early 2011.  Prices have adjusted significantly in the past five years, and we're seeing real excitement from luxury buyers in recent months.
While marketing times for these unique luxury properties can many times be one to two years or more, the pace of sales has also quickened.  At the end of 2010, we saw a half-dozen waterfront homes on Mercer Island sell in less than two weeks on the market.  These are million-dollar-plus homes, and that pace of selling would have been unheard of in past years.  Financing rates, attractive prices, and the need for a tangible investment vehicle are creating a vibrant market for luxury homes once again.
Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Coldwell Banker Danforth
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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Kennydale Waterfront Homes on Lake Washington

The Kennydale neighborhood has some of the most-affordable waterfront homes on Lake Washington.   Although the neighborhood just covers a few streets of waterfront, it provides a nice price point for traditional single-family homes with moorage.  The pricing for Kennydale waterfront homes is similar to Cedar Park waterfront on Seattle's north end and a couple of notches higher than Rainier Beach area homes on the South end.  
The limited size of the neighborhood doesn't give us a plethora of sales data, but most waterfront homes sell between $1 million and $3 million, depending on size and lake frontage.  Most homes are traditional single family homes, although there has been the development of the Barbee Mill project which includes some new construction "duet" or "twin" homes with one shared wall.
There are currently four homes for sale on Kennydale's waterfront, with two under $1.5 million and and two over $2.5 million, including one bank-owned home.
Kennydale - Lake Washington Waterfront Homes - Recent Sales
Address Price Beds Baths Sq Ft
3707 Lake Washington Blvd N $1,250,000 4 3.5 4,090
5117 Ripley Lane N $1,400,000 5 2.8 3,414
4113 Williams Ave N $1,600,000 3 3.8 3,550
Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Coldwell Banker Danforth
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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Tuesday, April 12, 2011

Lake Union Waterfront Real Estate – Waterfront Home Sales Double

Lake Union's waterfront has seen six home sales so far in 2011, doubling the sales at this point last year.  While the market is and eclectic mix of houseboats, floating homes, and the occasional single family home in Portage Bay, the overall numbers look promising for the general Lake Union waterfront real estate market.
Two houseboats were sold on Westlake Ave and Northlake Way, fairly modern Mike Kelly-built barges at under $150,000.  These are your entry price point into the waterfront market, in rental marinas on Lake Union.
There were three floating homes sold, one on Westlake, one in Fremont on Northlake, and one in Eastlake on Fairview.  These homes ranged from $580,000 to $850,000 and spanned modern angular design to traditional design with contemporary updates.
The top sale thusfar was a waterfront house with moorage on Hamlin St in Portage Bay.  This is a multi-level home built in the 1940s with substantial moorage for a large vessel.  It's a rarity on the Lake Union/Portage Bay waterfront.
Lake Union Waterfront Real Estate Sales - Waterfront Homes Sold, 2011
Address Price Beds Baths
2524 Westlake Ave N $115,000 2 0.75
2401 N Northlake Wy #E1 $140,000 2 1
2017 Fairview Ave E #N $580,000 2 1.5
933 N Northlake Wy #14 $727,000 2 1.25
2466 Westlake Ave N #17 $850,000 2 1
1203 E Hamlin St $1,200,000 4 3.5
Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Coldwell Banker Danforth
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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Thursday, April 7, 2011

Two Mercer Island Waterfront Homes Sold In March

Two waterfront homes in Mercer Island were sold during the month of March.  This matches last month's sales, and brings the total waterfront real estate sales in Mercer Island to six for the year. 
At this point in 2010, we had the same number of waterfront sales on the island.   The year started out slow, but ended with a rash of multiple-offer, quick closings.  A healthy portion of sales in the last couple months of 2010 were sold in less than one month on the market.
The first Lake Washington waterfront sale in March was about halfway down the Eastern shore of Mercer Island.  The East Mercer Way home was on the market for 80 days, listed at $2.675 and closed at $2.308 million.  The second sale was further down the Eastern shore almost to South Point.  The Allview Heights home was marketed for 148 days and came down from $2.85 million to $2.73 million at closing.
Mercer Island Waterfront Real Estate Sales, March 2011
4612 E Mercer Way, Mercer Island WA - 5 beds, 3.25 baths, 4186 Sq Ft, $2,308,000
8232 Avalon Dr, Mercer Island WA - 4 beds, 3.25 baths, 3510 Sq Ft, $2,730,000
Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Coldwell Banker Danforth
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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Wednesday, April 6, 2011

Eastside Waterfront Real Estate Sales Up Big in March

Sales of Eastside waterfront homes in March showed a marked improvement in terms of sales volume.  There were 11 significant waterfront sales on the Eastside, including 8 sales over $1 million.  This is nearly three times the sales volume last year in march, and a 57% increase over the 7 waterfront real estate sales last month. 
The waterfront real estate market continues to improve in the Greater Seattle market, and it seems to be a bit strong on the Eastside and Mercer Island.  We're seeing a higher number of cash purchases and homes selling in less than one month on the market.
March 2011 Waterfront Real Estate Sales, NWMLS
Address City Price Beds Baths SqFt
18184 SE 41st Place Issaquah $840,000 5 2.5 3,000
2955 224th Place SE Sammamish $895,000 5 3.3 3,313
8855 NE Juanita Lane Kirkland $950,000 4 3.5 2,870
856 W Lake Sammamish Pkwy NE Bellevue $1,072,000 3 1.8 2,440
16301 Inglewood Rd NE Kenmore $1,075,000 4 2.3 3,250
480 W Lake Sammamish Pkwy NE Bellevue $1,195,000 3 1.8 1,620
667 East Lake Sammamish Pkwy NE Sammamish $1,200,000 3 2.3 2,750
1625 10th St W Kirkland $1,390,000 4 2 2,110
5188 NW Lake Sammamish Rd Issaquah $2,198,000 5 4.5 6,376
701 Shoreland Dr SE Bellevue $2,550,000 3 1.5 2,030
1913 E Lake Sammamish Place SE Sammamish $2,800,000 4 3.8 7,327
Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Coldwell Banker Danforth
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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Friday, April 1, 2011

Seattle Waterfront Homes Sold, March 2011

Three waterfront homes were sold in Seattle in March (not including the two floating homes in the previous post).  Two of the sales were on Beach Drive in West Seattle, while the third was a steal of a waterfront home on Rainier Ave S.
The first Beach Drive home was a 2 bed, 2.5 bath 2300 sq ft home that was build in the mid 1980s.  This waterfront home sold for $950,000, after having been on the market for almost a year.   
The second Beach Drive sale was a large home with a beautiful waterside pool and sold for $1.35 million.  The home had been on the market for over 18  months, originally having been listed near $2 million and most recently being listed at $1.475 million.  The 3 bed, 3.25 bath home has almost 2600 square feet of living space and 57 feet of waterfront.
The final sale in Rainier Beach was sold for just $600,000.  A 2200 sq ft home that could use a bit of updating, it has an amazing double lot with 80 feet of Lake Washington waterfront.  This is one of the lowest-priced sales of Lake Washington waterfront we've seen in years.
Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Coldwell Banker Danforth
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 Houseboats, Floating Homes Sold, March 2011

There were two Seattle floating homes sold during the month of March.
A floating home on Fairview Ave sold for $580,000.  At 2 beds, 1.5 baths, and 1100 sq feet, it's a mid-sized floating home.  Its biggest asset is the upper floor's vaulted ceilings, large windows, and the top deck with 360 degree views.  It's a nice location on a southern Eastlake dock.
A beautiful new construction floating home on Westlake Ave sold for $850,000.  This home has all the advantages of modern construction-open design, beautiful window layouts and large glass doors.  Located in a quiet cove with additional boat moorage, it's a fairly unique home.
Sam DeBord
Realtor® | Managing Broker
SeattleHome.com | Coldwell Banker Danforth
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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