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. 

Seattle Real Estate: Interest Rates, Affordability, And What’s Next

Looking At Seattle Homes For Sale, Interest rates, and Affordability – Should You Buy Now?  Or Wait?

The fact is that interest rates on 30-year, 20-year and 15-year fixed rate mortgages are some of the lowest in history.  We don’t know how they will increase over the next two years.

In discussions with friends about their plans to purchase a home I often hear them say that they would like to purchase in a year or two.  This is great news for everyone.  However, I usually try to educate them on the current advantages of low mortgage interest rates. – Cooper Jacobs Real Estate

Taking advantage of a 4% or lower loan rate can save prospective homebuyers thousands, if not over $100,000 in the amount of interest paid on the life of a loan.[1] Currently, interest rates on a 30-year fixed loan are setting at 4.02%.  That is the lowest since June 2013.[2] With the economy on track for a solid 3.5% annual growth and inflation rising, investors are beginning to dump bonds for stocks.[3] This, in turn forces financial institutions to raise the interest rates on loan products to keep a profit.

Seattle homes

The economy is no doubt on an upward trajectory.  Baring another economic disaster, the economy will continually improve and force interest rates up.  Can we predict whether interest rates will be significantly higher in 2016?  The answer is no.  However, we can say with confidence that they will be higher and when it comes to your money every dollar matters.

Current homeowners are taking advantage of these low interest rates by refinancing.  They understand the significant savings to be had by leaving their 30-year fixed rate mortgage for a new 20-year or 15-year fixed loan instead.  In fact, 44% of people who refinanced in the third quarter “ditched their existing 30-year fixed rate loan in favor of a shorter-termed 15-year or 20-year loan.  It’s the second quickest exodus from the 30-year fixed rate mortgage in recorded history…”[4]

So, instead of putting off the home buying process for another year or more, people should begin to get their feet wet.

  • Build a relationship with a local Seattle Realtor
  • Ask your Realtor for their trusted resources such as a referral for a lender.
  • Find out what kind of loan options you can qualify for and what is available.

By taking advantage of these resources you can be prepared to pull the trigger when you find a home that you love.  It should also be noted that using a Realtor that is from your neighborhood is a service that will cost you, as a potential home buyer, nothing out of pocket.  So, let a professional help you do the searching and narrow down the choices for you.  In the end, it is all about making things smooth and easy while saving money.


[1] Lisa Ward, “The Steep Cost of Not Refinancing,” The Wall Street Journal, November 9, 2014.

[2] Average 30 Year Fixed Mortgage rates, http://www.mortgagenewsdaily.com/data/30-year-mortgage-rates.aspx

[3] The Detroit News, “U.S. 30-Year Mortgage Rate up to 4.02%,” http://www.detroitnews.com/story/business/personal-finance/2014/11/10/mortgage-rates-rise/18779027/

[4] Dan Green, Today’s Low Mortgage Rates Push Borrowers Away From 30- Year Loans, http://themortgagereports.com/16858/freddie-mac-refinance-report-transition-15-year-30-year-mortgage-loan

Cooper Jacobs Real Estate  realestate@cooperjacobs.com

 

 

Magnolia View Home For Sale: Open Tomorrow 12-4

Magnolia View Home in Carleton Park

Interested in living near Ryan Lewis?  Word on the street is that Macklemore’s partner just bought in Magnolia and not too far from this Magnolia view home either.

Magnolia View Homes For Sale

Carleton Park is highly sought after and this one has one of the most gorgeous views! If you have been looking at Magnolia view homes, then please take a minute and look at this one.  It is a perfect home for a Seattle Mariner baseball player (hmmmm… I think Mr. Moyer would agree.), but also well suited for anyone who wants to call Magnolia home.

  • 5 Bedrooms
  • 3.25 Baths
  • 3200 Square Feet
  • Built 1958

From the listing of 2520 42nd Ave SW:

You will find this large, contemporary home well-placed on one of Magnolia’s most sought-after streets. Enjoy the warmth of two hearths on the main, oak flooring throughout, designer Ralph Lauren paints, modern floor plan, and tasteful finishes. Chef’s kitchen properly outfitted with stainless appliances & gas range; entertainer’s deck off of the living room invites you to take full advantage of the beautiful Puget Sound view and fresh breeze that grace this desirable location.

$1,149,000   *SOLD*

 

3016 21st Ave W in Magnolia SOLD

Magnolia Sold!

Seattle’s Magnolia neighborhood has some wonderful opportunities and we are please to announce our most recent sale.

Some of the stats on this Magnolia home for sale which closed in escrow this week:

  1. 3 bedroom
  2. 1 bath
  3. built in 1900
  4. 1500 square feet

If you are interested in buying or selling a property like 3016 21st Ave W, or would like more information on the sale of this listed Magnolia property, please let us know:  realestate@cooperjacobs.com

Sold by Cooper Jacobs Real Estate

All The Single Ladies: Female Homebuyers The New Norm

A growing phenomenon. The Single Female Buyer.

With women more employed than ever, and with the average couple marrying later and bringing their own assets and properties to the relationship, women are not waiting until marriage to buy their first home.

According to the State of the Nations Housing: 2009 report, compiled by the Joint Center for Housing Studies of Harvard University, “social and economic trends have given women a more powerful presence in housing markets. Between 1980 and 2000, the number of households headed by unmarried women increased by almost 10 million.” The same study, however, also states that, “because women still earn less on average than men do, they are more likely to face housing problems than either married-couple households or households headed by unmarried men.”

Statistics on Women and Homeownership

  • Interestingly, single female buyers accounted for nearly twice as large a share as single male buyers for both first-time buyers (23 and 15 percent) and repeat buyers (17 and 9 percent).
  • Twenty percent of recent home buyers were single females, and 10 percent were single males.
  • More women (15.5 million) than men (11.8 million) lived alone. Among these, women were more likely than men to own their homes (56% vs. 47%).
  • About one-quarter of the nation’s nearly eight million single mothers spend more than half of their incomes on housing, compared with one-tenth of households headed by single fathers.
  • Over the time period of 1994-2002, the number of unmarried females owning homes climbed from 13.9 million to 17.5 million.

Below is a slew of articles chronicling this rapidly growing phenomenon and suggesting to you, the Single Female Buyer, what you ought to do in terms of real estate investment. My advice is from the heart: buy a home. If you can find a way to do it, especially now that we have gotten through the slump and are in a healthier economic climate, do it.  Nobody can evict you, raise your monthly housing cost, tell you not to paint the kitchen yellow, restrict your pets, etc. Because land ownership has not historically been a woman’s place, it was hard for me to find a great quote by a woman pertaining to this. But as a wise man once said, “Buy dirt, they aren’t making any more of it”. Ownership of one’s home is powerful, both financially and personally. There is nothing I love more than seeing someone become more empowered. Unless that person is trying to take my parking spot.

Sources: 2011 NAR Profile of Home Buyers and Sellers, (Chicago, IL: National Association of REALTORS®, 2010) and The State of the Nation’s Housing: 2012, (Joint Center for Housing Studies at Harvard University, 2012).

Single, female and shopping for a home, (MSN Real Estate, Jan. 29, 2013).

Guess Who’s Driving the Demand for Rental Apartments?, (CNBC, Jan. 29, 2013).

Here’s Some Advice For All The Single Ladies Flooding The Housing Market, (Business Insider, May 16, 2012)

Singles dive into the real estate market, (MSNBC, July 12, 2011).

What Women Home Buyers Want, (Builder, Jan. 14, 2011).

Women Home Buyers, a Major Economic Force in the Industry, Have a Language All Their Own, (NAHB, Aug. 23, 2010).

Single Women Home Buyers: Key to the Housing Recovery?, (AOL Real Estate, May 14, 2010).

Wanted: Single Women Home Buyers, (SmartMoney, Apr. 9, 2010).

Singles, especially women, a growing share of homebuyers, (Chicago Tribune, Feb. 28, 2010).

Women make up their mind faster when buying a home, (Inside Tucson Business, Sept. 11, 2009).

Gender differences abound in the home-buying process, (RISMedia, Sept. 1, 2009).

Single women skilled in house buying, (Washington Times, July 11, 2008).

Women homebuyers growing in number, (Ventura County Star, Jan. 27, 2008).

They’re buying solo, (Newsday.com, Mar. 15, 2007).

Singles taking stride in the home buying market, (The Hammond Times,Feb. 17, 2007).

As the Nation Changes, So Do Home Buyers, (RISMedia.com, Feb. 13, 2007).

Magnolia’s Discovery Park

Magnolia waterfront seattle

A break in the rain is the perfect reason to go walk Discovery Park. If you are feeling really

excited about it, head down to the beach. This is the ultimate in Magnolia waterfront

property and it’s free for everyone to visit. Discovery Park offers many resources for Seattle,

Washington residents and another great amenity for Magnolia buyers to consider when

looking at pluses and minuses in moving to Seattle’s Magnolia neighborhood.

Here are the current listings.

Let Cooper Jacobs know if you want to see more of the fabulous Magnolia

homes for sale.

Seattle Waterfront Real Estate: Where To Find ALL Seattle Waterfront Homes For Sale

Seattle waterfront homes come in many different forms.  seattle waterfront homes

We have a lot of water in Seattle and there are some premium Seattle waterfront neighborhoods in many parts of the city and Seattle suburbs. You can find Seattle waterfront homes for sale on our Seattle real estate website.  In fact we have many talented and well qualified Seattle waterfront real estate brokers at Cooper Jacobs Real Estate!  Whether you are a buyer or seller we can help guide you through the intricacies that are involved in Seattle waterfront real estate. Email:  Waterfront@CooperJacobs.com

seattle waterfront homes

 

Some Seattle Waterfront Neighborhoods:


Madison Park

Laurelhurst

Magnolia

Lincoln Park

North Beach

Alki

Seward Park

Eastlake

Westlake

Lake Union

Portage Bay

Broadmoor

Denny Blaine

Cedar Park

Blue Ridge

Ballard

Sunset Hill

Washington Park

Windermere

Sand Point


Some Seattle Suburb Waterfront Neighborhoods:

Medina

Hunt Point

Bellevue

Kirkland

Juanita

Lake Forest Park

Kenmore

Mercer Island

Bainbridge Island

Renton

Richmond Beach

Edmonds

Mukilteo

Everett

Yarrow Point

Sammamish

Newport Shores

Normandy Park

Gig Harbor

Fox Island

Purdy
Regardless of where you are looking for Seattle area waterfront homes, we can probably find something that might suit you and we have many brokers that specialize in the best Seattle waterfront neighborhoods and suburbs to get you the care and diligence you need.

The Historic and Iconic Admiral’s House Is For Sale In Seattle

Welcome home to one of the most  exceptional estates in Seattle with arguably the best views in the city.

The Admiral's House

The distinctive Admiral’s House is a stunning combination of notable architecture, remarkable history, and unparalleled location. Situated on 3.89 acres above Smith Cove, this unique 7316 square foot eight bedroom residence takes in unobstructed Southwest views of Downtown Seattle and the Puget Sound as no other home in Seattle can.This premier three story gated estate has enjoyed an extensive and refined history as housing for the Admirals of the Navy since World War II.  Many highly esteemed government officials and foreign dignitaries have frequented it and cemented its historical significance. In fact, Quarters A, as it was called by the Navy, is designated as a City of Seattle landmark and nominated for listing on the National Register of Historic Places. (SOLD)

Seattle luxury real estate

For more information:

Courtney Cooper, Designated Broker, Cooper Jacobs Real Estate, 206.850.8841, courtney@cooperjacobs.com
Cooper Jacobs Real Estate Platinum Properties Division is a registered trademark of Cooper Jacobs Real Estate, LLC

Magnolia View Homes: Admiral’s House For Sale

Here is the press release :

FOR IMMEDIATE RELEASE PLEASE

Admiral's houseSeattle Based Real Estate Firm Is Selected To Represent The Historic Admiral’s House For Private Sale

Cooper Jacobs Real Estate’s Platinum Properties Division in Seattle, Washington was selected over competing Seattle brokerages to represent the historic Admiral’s House above Smith Cove in Magnolia.  Realtors® at Cooper Jacobs Real Estate are listing the property this week for $3,200,000 and you can see more pictures at http://www.cooperjacobs.com/admiral.

The distinctive Admiral’s House is a stunning combination of notable architecture, remarkable history, and unparalleled location. Situated on 3.89 acres above Smith Cove, this unique 7316 square foot, eight bedroom residence takes in unobstructed Southwest views of Downtown Seattle and the Puget Sound as no other home in Seattle can. This premier three story gated estate has enjoyed an extensive and refined history as housing for the Admirals of the Navy since World War II.  Many highly esteemed government officials and foreign dignitaries have frequented it and cemented its historical significance. Quarters A, as it was called by the Navy, is designated as a City of Seattle landmark and nominated for listing on the National Register of Historic Places.  (SOLD)

 

For more information about The Admiral’s House please contact Courtney Cooper at 206-850-8841.

For more information about Cooper Jacobs Platinum Property Division for Seattle luxury homes contact Courtney Cooper at 206-850-8841 or courtney@cooperjacobs.com