2010 in Review: Seattle Waterfront Homes

The Seattle waterfront real estate market is closing out a fairly strong year, considering the overall malaise of the national real estate market in 2010. Sales were fairly strong overall, with a general rise in sales continuing since 2008.

These are only partial numbers from the MLS, certainly not the entire picture of the waterfront real estate market in Seattle for the year, but a good general measure of the trend.

There were 89 waterfront houses and 74 waterfront condos 2010 sold in Seattle up to this point. The total of 163 homes was a significant increase over the 132 sales in 2009 and 122 sales in 2008. The sales of waterfront houses, a stronger indicator of the waterfront market than condos, went from 56 in 2008 to 84 in 2009 and 89 this year. I'd expect the number to be in the low 90s by the time all of the current pending/closing sales have been recorded.

While prices have fallen significantly in those two years, there are still a healthy number of buyers looking for a waterfront home. Price it correctly, and you can still sell waterfront real estate in Seattle.

NAR: Home Sales Rise 5.6% in November

The National Association of Realtors reported existing home sales rising 5.6% in November, resuming the growth trend that we saw for most of the first half of 2010.

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Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit.

Lawrence Yun, NAR chief economist, is hopeful for 2011. "Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable," he said.

Yun added that home buyers are responding to improved affordability conditions. "The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970," he said. "Therefore, the market is recovering, and we should trend up to a healthy, sustainable level in 2011."

Inventory Drops
Total housing inventory at the end of November fell 4.0 percent to 3.71 million existing homes available for sale, which represents a 9.5-month supply at the current sales pace, down from a 10.5-month supply in October.

NAR President Ron Phipps said good buying opportunities will continue. "Traditionally there are far fewer buyers competing for properties at this time of the year, so serious buyers have a lot of opportunities during the winter months," he said. "Buyers will enjoy favorable affordability conditions into the new year, although mortgage rates are expected to gradually rise as 2011 progresses."

http://www.realtor.org/RMODaily.nsf/pages/News2010122201?OpenDocument

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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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Lake Washington 130 Homes - Book by David Dykstra

When I'm not spending my time working with clients, I still love to take my family down to the waterfront whenever possible. Viewing Lake Washington waterfront homes, whether by boat or visiting open houses has always been one of my favorite pastimes (I know, I should probably have a little more division between business and leisure).

One of the best publications I've read in years is David Dykstra's Lake Washington 130 Homes. It's a virtual guide to the stars in the Greater Seattle region, with waterfront photos, history, personal stories and background on his "Top 130″ homes on Lake Washington. While you can see satellite photos and "for sale" listings online, you rarely get this kind of an up-close look at these kinds of properties.

From the historic homes of Seattle's wealthiest pioneers to modern mansions of the software, coffee, aerospace and biotech executives of the new era, David chronicles the ever-diversifying architectural styles of Lake Washington's most picturesque residences.

The tour covers the most-expensive and most-unique homes on the waterfront, from the Seattle neighborhoods of Madison Park and Denny-Blaine to Mercer Island, Bellevue's Meydenbauer, Medina and "The Points" (Evergreen Point, Hunts Point, and Yarrow Point. Having visited many of these homes in person, it's a very different perspective to read the historical research that David has done on some properties that might otherwise be forgotten.

I've purchased a copy of this book for any of my clients who've bought or are in the market for Lake Washington waterfront real estate. It's not only entertaining, but it's a great primer for someone who wants to understand Lake Washington's past and present.

Current Listings:
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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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Mercer Island Waterfront Real Estate Sales Triple

Mercer Island waterfront real estate sales are on pace this year to triple 2009's sales numbers. With three Mercer Island waterfront homes sold in November, the total for the year comes to 29.

In 2009 there were just 9 waterfront homes sold on Mercer Island at this point in the year. While that was a particularly bad year for luxury real estate sales, 2010's improvements haven't been seen this strong nearly anywhere else. In fact, 6 homes were sold on Mercer Island's waterfront in October alone.

The three sales this month may be a dropoff relative to October, but they're actually a very strong month for total sales numbers. Mercer Island waterfront buyers have clearly decided that we've hit the bottom in their market.

The most affordable waterfront sales was a home in The Lakes neighborhood, in the middle of Mercer Island. The homes in this neighborhood are on small, man-made lakes and create a lower-priced opportunity to be on the water. This $900,000 home is a 1980s-built house that sold after just three weeks on the market.

On Lake Washington waterfront, the next sale was a "shared waterfront" home with moorage. At just under $1.5 million, it sold after 3 months on the market. I toured this home with clients, it's a beautiful architectural design, allowing a home owner to have a secluded, forest-type setting while still having Lake Washington moorage just at the end of the street.

The last sale was a $4.1 million home that was marketed for almost five months. The half-acre estate has 160 feet of waterfront footage, and a grand home of almost 8000 sq ft. Large yacht moorage, a sport court, and West-facing views make it a prime piece of Mercer Island waterfront.

Mercer Island Waterfront Real Estate - Waterfront Homes Sold, November 2010

Address Price Days on Market Beds Baths Sq Ft Date Sold
7530 80th Place SE Mercer Island $900,000 22 4 2.5 2,740 11/12/2010
8384 SE 50th Place Mercer Island $1,470,400 93 4 3.25 4,480 11/26/2010
8463 W Mercer Wy Mercer Island $4,100,000 141 5 5 7,860 11/10/2010

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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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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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