Seattle Real Estate Market Update: Balance

Balance is the word I would use to describe our 2018 Seattle real estate market.  Here’s a quick update/forecast on the housing market in Seattle.  _MG_8918_20Balanced
Seattle Market
Well, we have reached our peak Seattle home prices as of approximately March 2018.  Sometimes in real estate, the data is more of a tailwind than a headwind.  The trend for the last six + months is sellers are having to take 5-10% less for their homes and it is taking twice as long to get offers in place.  We can contribute some of this to the S&P 500 (down 20%) and Big Tech stocks (down 30-50%) plus another 3 or 4 more interest rate hikes in 2019.  Another expected Fed Interest Rate hike is forecasted for December 19th.  Unfortunately we aren’t seeing inflation accelerate as much as we’d like since corporate profits are slower than expected.
We also look to new construction trends.  When the Big Recession hit, it was harder for banks to loan money.  New construction of homes and condos virtually were at a standstill for long enough to affect the lack of inventory we have experienced for the last few years.  Basically new construction hadn’t kept up with the demand once we got the demand back.  So new homes and condos couldn’t be built fast enough…until now.  Now there are arguably too many which weakens the rental market.  The Seattle rental market for a two bedroom decreased 5.7% from a year ago.  It was $2,650 now it is $2,500 per month for the same two bedroom.  Whenever we see rental markets flatline, it typically means sellers reevaluate their cost to sell.
 
What’s the Bottom Line?
Pricing becomes under pressure when there is more inventory, like we see today.  If we continue this trend, we will have the inventory of homes like we saw in 2012 in several months.  Inventory is up 4% from year to date.  In 2017 we saw 24.7% homes on market.  Today it is 47.2%.
It’s too late to sell for top dollar in Seattle.  However our downturns generally last 2 to 5 years before it gets worse.  Keep in mind Seattle saw such a generous appreciation of home values since 2008 (when Amazon landed in Sea-town) that it has set a new standard for the median Seattle home.  Still if you are a seller, look to sell within the next couple of years.
Buying in Seattle ?
If you can withstand a 20% + correction over the next 5 to 7 years, then buy.  In other words, if you want to buy a home because you’re not a flipper, then by all means buy a piece of real estate.  It’s all about your EXIT PLAN.  If you plan on being in your home for 7 years (maybe 5 years in Seattle’s market) then it’s a good time to buy without worrying about the stock market, taxes breaks, and especially market ups and downs.  But what about interest rates you say. Higher interest rates do affect your borrowing/purchasing power.  But interest rates change, purchase price does not.  You can always refinance.  Keep in mind, however, the average income only increases roughly 2% a year.  So if interest rates increase significantly, then the harder it takes to recoup your cost of home ownership/purchasing.  Everyone’s situation is unique.  It’s best to have a personal conversation with a trusted financial planner, realtor, and lender to understand what’s best for you.
The Amazon Question – will it hurt Seattle’s market?
The short answer is no.  HQ2/3 will not change the landscape of Seattle’s real estate market.  Seattle is still numero uno for Amazon’s headquarters. It took Amazon ten years to gain the 45,000 to 50,000 “Amazon” population in Seattle.  We will certainly not see any developments that will rock our real estate world as quick as people think, if at all.  Amazon helped bring our Seattle home median values up 84%… 55% in the broader Seattle area (think Everett).  The numbers constantly change but in 2010 the median home value was $373,000 now we are around $690,000 +/-.  This is the new reality; Seattle is forever on the map as a major contender for high paying tech jobs, aerospace, and innovators alike from around the world.
And Finally
We are in the business to personally guide you.  Let’s talk about your scenarios and options.  Maybe it’s time to remodel or upgrade an existing Seattle area house to list in 2019?  Maybe you’re ready to buy more investment properties.
Perhaps you have specific questions – a unique home? an estate sale? Seattle neighborhood specific home values? Buying to add to your portfolio?  Let us know so we can work together on your goals.  We are your source for Seattle real estate expert advice.
You can reach us a number of ways.  Call/Text Molly Cartwright at 206-841-6800 or Courtney Cooper at 206-850-8841 email:  molly or courtney @cooperjacobs.com

Looking For Affordable Luxury Living In Belltown?

Cristalla Units For Sale – #1805 Listed!Cristall condos for sale in Belltown.

Cristalla is located at 2033 2nd Ave in Belltown and considering that there is a unit for sale in the building for $3,999,000, this one for $550,000 is a great way to live among the affluent without breaking the bank. This means you get the same amenities as other homeowners in Cristalla without paying millions. That’s no fluke either!  There are two Cristalla condos for sale for over three million dollars right now and four listed for over one million dollars.  Rarely do they come up in the $500,000 and under price range, so let us know when you can see it.

Cristalla Condominiums  are famous for luxury Seattle living, resourceful amenities and helpful 24-hour concierge service. One parking spot, storage, and close to restaurants and shops. A nearly a perfect 100 walk score to enjoy Pike Place, Sculpture Park, SLU or downtown.  If you are looking for Downtown Seattle condos for sale or Belltown condos for sale, then this is a great place to check out. It’s also a smart investment without a rental cap.

Cristalla is famous for luxury living, resourceful amenities and helpful 24-hour concierge service. A sweet one bed, one bath unit on the 18th floor with amazing views on your private balcony. Beautiful cherry cabinetry and hardwood floors throughout accompanies a fantastic floor plan. A smart investment without a rental cap. One parking spot, storage, and close to restaurants and shops. A nearly a perfect 100 walk score to enjoy Pike Place, Sculpture Park, SLU or downtown. A perfect spot!  $550,000

Listed by Courtney Cooper and Molly Cartwright with Cooper Jacobs Real Estate Group at Keller Williams North Seattle. Call if you would like a private showing:  206-850-8841/206-841-6800

Seattle Pent Up Pendings for Core Seattle Real Estate Market

Appraisers should be catching up to our fast Seattle real estate market… Seattle Pent Up Pendings for Core Seattle Real Estate Marketseattle homes for sale
In looking at just the “pending” status for Seattle listings in NWMLS areas 705 and 710 between $700-915 (a current core Seattle real estate market price range):
36 pendings in 705
20 pendings in 710
These are all pent up Seattle homes for sale pendings waiting to close and add value (and therefore higher price points for all with the same competition of a pool of buyers) to each new home that comes on the market from now until summer (at least).  And we personally know that nearly 100% of these pending Seattle homes for sale had multiple offers to the tune of 20 or more of them.
The appraisal world is playing catch up.  Not everyone is lucky enough to have the cash to make up the difference between the purchase price after a multiple offer and a low appraisal from an appraiser who may not be aware of the true market.
We recently had a sale at $910 and an appraisal that came in at $850 even though there were close to  twenty other buyers willing to pay above that number and one willing to pay more than us. It’s the current state of the Seattle real estate market and they are lucky to have found a solid house now because when those pendings change to sold people are going to play more chase with the market.   Appraisers who are not paying attention will need to get on board or find themselves being left behind.
Want to learn more about what’s going on in the Seattle market?
Molly Cartwright 206-841-6800/Courtney Cooper 206-850-8841

West Seattle Charmer Just Listed!

Looking for about the happiest and cutest home in Seattle?

5635 35th Ave SW

5635 35th Ave SW

  • 3 Bedrooms
  • 1.5 Baths
  • 1700 Sq Ft
  • Built in 1941

This home brings so much happiness. Cheery and bright, the natural sunlight filters through the main floor. Smart finishes like hardwoods, granite kitchen counter tops, new roof and updated plumbing. Completely finished basement offers another guest room and powder room. Every inch of this house is used to its maximum. Plus loads of storage in the basement, detached garage or shed. Additional two parking spots in the alley. With a walk score of 77, it’s an easy walk to the local shops!

$615,000

Call/Text Molly Cartwright and Courtney Cooper 206-841-6800 for more information or your own private showing.

Seattle Real Estate: What Are People Looking For?

Seattle real estate seller  and curious about how hot your market is?Web01

I always like to start with the internet search data to see what it is people are looking for compared to other segments of the market. For instance, Seattle floating homes  and Seattle waterfront homes are a particularly hot market, but when you look at it overall compared to other segments of the Seattle real estate market, you get an idea of how truly hot Seattle’s market is.  Here is a comparison of searches  over the last 90 days using just a few keywords or key phrases so you can get an idea of how often people are searching for certain types of Seattle properties….

If you want to see what is for sale in these categories, you can look at Seattle properties for sale here:

Seattle homes for sale | Seattle condos for sale | Seattle Houseboats

Call/Text Molly or me if you would like to learn more or drill down to some additional numbers. We are happy to help 206-841-6800 or homes@cooperjacobs.com

Floating Homes vs Houseboats in Seattle…

Seattle Floating Homes vs Seattle Houseboats: A Cost Comparison Report During a Hot Real Estate Market

seattle houseboats

Let’s start with the terms…  Intro by Courtney Cooper   Call/Text 206-850-8841 courtney@cooperjacobs.com

I call all of them Seattle houseboats.  That’s my choice and also one of many of the old timers on the lake.  I live on a 100 plus year old Seattle floating home in Portage Bay.  Long before the more recently added  categorization of Floating On Water Residences came into being to add liveaboards to our MLS database, they were all houseboats.   Houseboats was an umbrella term and still is for some like myself. It’s a lifestyle and I will continue to call floating homes “houseboats”, too.  I use the terms interchangeably, actually.   Molly, my business partner tends to go a different direction on terms.  She breaks them out into EITHER floating homes, houseboats (what I consider the vessel type), and barges.  See below if you need a visual on our views.  Neither is correct or wrong, but Molly wrote most of this post so I am clarifying….

Courtney’s way:


“Houseboats”  are any of the following:

  • Floating homes
  • Liveaboard Barges
  • Liveaboard Vessels

Molly’s way: 


Specific terms for each (although I have also heard her use my way on occasion…..):

  • Floating homes
  • Houseboats
  • Barges

And now… Back to the originally scheduled program.

Seattle Floating Homes vs Seattle HouseboatsSeattle floating homes

by Molly Cartwright call/text 206-841-6800  molly@cooperjacobs.com

We’d like to give a little insight for those who are looking to purchase (or have purchased) an iconic floating home or houseboat in Seattle.   Do they appreciate the same as land Seattle homes? We get this question quite a bit.  What do I look for in these types of properties?  We get this one a lot too.  We’d love to hear from you to better answer your questions on an individual basis.  

But above all the questions, this is the number one most asked question:

“Do I buy a floating home or a houseboat?”  We know it can be confusing!  So hopefully with this break down and after talking to a Floating Home Lender, we can help answer that question.

Since January 1, 2016 until TODAY August 10, 2017.  Here’s the breakdown:

Of Seattle Floating Homes, there have been a grand total of 31 sales.  This DOES NOT including Private Sales which we know of at least four on the lake between the $1M and $2M price tag.  

Sold Floating Homes                   31

Median Price                               $1,209,676

Average Square Foot                  1,172

Average Price Per Square Foot  $1,147

Average Days On Market            38

 

Of Seattle Houseboats, here is the break down:

Sold Houseboats                         22

Median Price                               $354,148

Average Square Foot                  564

Average Price Per Square Foot  $651.00

Average Days On Market            37          

Please call me if you are curious about getting more information. I am happy to talk to you about buying or selling Seattle real estate.  Seattle floating homes are the ultimate in Seattle waterfront living and we are happy to show you these or other Seattle waterfront homes. I look forward to showing you this lifestyle.  – Molly  206-841-6800

Seattle Luxury Market $5M + This Year Vs. Last Interesting Points

Seattle Luxury Market $5M + This Year Vs. Last:   Should we be concerned?

Looking at the Seattle luxury homes market for only single family residential properties that are listed for $5,000,000 or more, there has only been one sale that has closed this year!  In Laurelhurst,  a Seattle waterfront home located at 4911 NE Laurelcrest Lane was listed for $9,998,000 and sold for only $8,850,000 in March of this year. At face value this stat alone would likely be cause for concern for property owners contemplating selling their higher caliber Seattle homes.

Since the Seattle real estate market overall is on absolute fire, you have to dig deeper to see what is going on. This property closed in March. One sale in Seattle for over $5 million dollars this year so far.  How does that compare to last year? There were seven single family residences that sold for over $5,000,000 in the city of Seattle all of last year. All seven of these Seattle luxury homes – over $45 million in sales –  closed between 5/31/2016 and 7/14/2016.  You can see details of the sold Seattle luxury homes of 2016 here: seattle luxury homes 2016 .  It is interesting to look at the individual stats for them.  The average days on market for all seven in 2016 was 142 days with a range of 13 days to 368 days. The average sales price to list price ratio is 97.43% with a range of 89.57% to 122.11%. Only one Laurelhurst waterfront home in the list of sales went for over the list price of $4,750,000 with a final closing price of $5,800,000 in only 13 days. Another on the list across the water from Laurelhurst – one of the Broadmoor homes for sale sold for full ask in just 16 days.

Fast forward back to 2017 and where we are now.  There are 14 actives in the MLS for single family residential homes asking over $5,000,000. They range in price from $5,395,000 to $15,000,000 with a median price of $7,725,000.  The cumulative average days on market is 248 wth a range of 6 days to 709 days.  Six of these homes will need to sell between now and July 14th to catch us up to 2016 numbers. On the list, there are only two of these Seattle luxury homes that have reduced their price.  Oddly enough they are both in Queen Anne. One has dropped significantly from $7,500,000 to $5,395,000.  It has been on the market for 709 days.  The other is also a Queen Anne home for sale which has dropped their price form $7,500,000 to $6,895,000 and has been on the market for 216 days.

Back to my question – Should we be concerned with regards to the 2017 Seattle luxury home market?

My answer:  not yet.   We need to keep an eye on this.  If we catch up tot 2016 numbers and then sell our all 14 of the current listings then we are going to be pulling down much bigger numbers for 2017 and this should be encouraging for those thinking about selling. This should be the trigger if you are on the fence about selling. The buyer pool once you cross the $5 Million dollar threshold is much smaller so if our market has grown to be able to support 14 sales in one year to high net worth individuals for over $5,000,000 then this is cause to be recognized as a major achievement in the market.

Need help selling your home?

If you are thinking about buying or selling a Seattle area home, please let us know how we can be at your service.  Our team of brokers is reliable and honest and we work hard for you.  Our goal is to meet and exceed your goals.  homes@cooperjacobs.com call/text 206-850-8841

Magnolia Flip Opportunity: Earn Sweat Equity Now

Magnolia homes for saleLawtonwood Homes – Ever heard of this Discovery Park neighborhood in Seattle’s Magnolia area? (SOLD)

Magnolia is a fabulous Seattle neighborhood and there are many reasons why.  Magnolia draws residents in with incredible attractions such as endless beauty, salty sea air, and of course, Discovery Park.Many people don’t know about a neighborhood in Magnolia which is pretty much surrounded by Discovery Park:   Lawton Wood. Molly and I recently listed an estate in Lawtonwood which has a lot of upwards potential and would be a great opportunity for an investor or someone looking at ways to earn sweat equity in a neighborhood with a lot of bang for buck.

Links for you to learn more about other Lawtonwood homes for sale in Magnolia:

Magnolia Homes For Sale

Fantastic opportunity awaits! 16,220 sq ft of property in coveted Lawton Wood. Tucked away in a magical Magnolia neighborhood, this home is perfect for someone with vision to make it their own. Set back from the street, this stately circular driveway leads you to a world of possibilities. Wonderful exposed beamed ceiling in the living room accompanied by a wood burning fireplace. 3 beds/two bath, fenced yard. Additional garage/shop or turn it into a cozy cottage. A great find indeed! $998,000

Call/Text Molly Cartwright 206-841-6800 We are Magnolia Realtors and we look forward to helping you. 

Wedgwood Homes For Sale: 3100 Sq Ft $650k Just Listed!

Just listed in Wedgwood! Creek Side Living in NE Seattle!Wedgwood homes for sale

ne seattle homesLooking at NE Seattle homes for sale?  Then you won’t want to miss this gorgeous nature lover’s home that we just put on the market this morning!

Incredible creek side in city oasis offers extensive grounds & beautiful natural settings – peaceful living while still being conveniently surrounded by all of the amenities of sought after Wedgwood! Open design main floor is an entertainer’s dream w/ beautiful slab granite island & sleek cherry cabinets + all appliances stay. Luxurious Master Suite you won’t want to leave, 3 additional bedrooms, loads of storage/extra spaces that will delight & surprise you + THREE car off street parking!  $650,000  (SOLD for well over list with multiple offers)

More info:

Find all Wedgwood MLS listings from all Wedgwood Realtors here:

Wedgwood Homes For Sale

Find all NE Seattle property listings from all NE Seattle Realtors:

 Northeast Seattle Homes For Sale

Features

Bath Off Master, Double Pane Storm Windows, Dining Room, High Tech Cabling

Schools:

Wedgwood Elm, Eckstein Middle, Nathan Hale High School

Additional Informationwedgwood homes for sale

  • Property DescriptionCable TV, Deck, Partially Fenced, High Speed Internet
  • Taxes$6,176
  • WaterfrontCreek
  • ViewTerritorial
  • Lot Size0.21 Acre (9,152 SqFt)
  • ExteriorWood
  • Heating/CoolingForced Air, Radiant
  • RoofComposition Roof
  • FlooringCeramic Tile Floor, Hardwood Floor, Wall to Wall Carpet

Seattle Floating Homes: The Shelby Dock Located at 1213 E Shelby St

Welcome to The Shelby Dock In Seattle’s Portage Bay!The Shelby Dock

1213 E Shelby St,

Seattle, WA 98102

The Shelby Dock is well appointed at the end of Shelby Street on the North side of Capitol Hill in Portage Bay. There are nineteen Seattle floating homes on The Shelby Dock and it is a great place to live if you would like to belong to a wonderful community with a well run co-op and friendly neighbors.

Some of the cool features about the Shelby Dock in Portage Bay:

Beautiful waterfront private garden at the head of the dock

Handy dock carts

Three parking spots for loading and unloading

Prime Capitol Hill waterfront property

Easy access to both Lake Washington and Lake Union

Moorage for your companion boat is available on the dock – at your home or in one of the dock community moorage slips

Thoughtful, but not overly restrictive rules regarding remodeling, etc. so that the entire dock can enjoy the ongoing charm of the dock

Storage on land building for each home, plus gardening tools

Recent Seattle Floating Homes Sales On The Shelby Dock:1213 e shelby st

#6 –  1 BR/1 Bath 777 sq feet $700,000 – outer slip  July 2016

#12 – 1 BR/1 Bth 840 sq ft $725,000  – outer slip  June 2016

#7 – 1 BR/1Bth  $675,000 – inside slip  July 2016

 What’s for sale now on this charming Portage Bay floating home dock?

1213 E Shelby St #2  $925,000   1215 Sq FT  2 BR/2 Bth (SOLD)

1213 E Shelby St #13  $945,000 1250 Sq Ft 2 BR/1.75 Bth m(SOLD)

Please let us know if you would like to learn more about The Shelby Dock or if you would like to see available Seattle floating homes for sale on the dock.  Molly and I are happy to show you!  206-841-6800 / 206-850-8841  houseboats@cooperjacobs.com