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 Floating Homes For Sale – Houseboats Holiday?

Seattle Houseboats For The Holidays – Flo Villa Floating Home

Seattle houseboats for sale

If you are interested in living on one of our city’s gorgeous Seattle houseboats then there are only two choices available in the Seattle floating homes real estate market.

There are two Eastlake floating homes for sale currently in the MLS.  One is on the Flo Villa dock and the other is on Wards Cove.

These Lake Union floating homes for sale range in price from $775,000 to $3,295,000 and are quintessential examples of Seattle Houseboats Living℠ and waterfront living in Seattle overall for that matter. What better way to live closer to the water than Afloat In Seattle™ anyway? Let’s look at one of our current favorite Seattle floating homes on the lake.  This gorgeous remodeled Lake Union floating home resides on the Flo Villa dock at 2207 Fairview Ave E in Seattle’s Eastlake neighborhood.  Moorage is secured and with dock approval you may be able to add a recreational boat as well. This gorgeous home was recently listed at $775,000.

2207 Fairview Ave E #11 From the MLS listing description:

The iconic lifestyle you have only dreamed about! Located in Eastlake’s enclave of floating homes, this mid-dock light and bright Lake Union beauty is completely remodeled with an open floor plan featuring 1 BR + flex space, vaulted ceilings, bamboo fl, & new kitchen! Enjoy cozy extras like heated bathroom floor, new electrical, plumbing, windows & insulation. Enhanced further only by the timeless willow tree that also resides here, this home has a great relationship w/ the lake.

  • 1 Bedroom (there is room to add a second bedroom if desired)
  • 1 BathSeattle Houseboats
  • 832 sq feet
  • Built in 1918 but completely remodeled
  • Annual taxes $1,042
  • Bamboo floors
  • radiant heated floors in bath
  • new kitchen
  • newer windows, roof, etc.
  • lots of energy efficient choices went into the upgrade of this one
  • new electrical and plumbing
  • vaulted ceilings
  • open floor plan
  • well organized dock
  • securely owned moorage

We are Seattle Houseboats Realtors and Your Seattle Floating Homes Experts:

We would love to show you this beautiful and thoughtful floating home.  Would you like to see this floating home or are you curious about learning more about Seattle houseboats on Lake Union or Seattle Waterfront Living℠? We would be happy to tell you all about it and show you some of our favorite spots around the lake, including this gem on the Flo Villa dock.

Molly Cartwright | 206.841.6800  | molly@cooperjacobs.com

Courtney Cooper | 206.850.8841 | cc@cooperjacobs.com

©Cooper Jacobs Real Estate

Madison Park Real Estate Market Update 2015

Seattle’s Madison Park Real Estate Market In 2015

Madison Park RealtorsHave you been thinking about making a move to Madison Park?  Best known for the beautiful Arboretum it borders, Seattle’s Madison Park neighborhood also has a public beach on the shores of Lake Washington, views of Mercer Island and Bellevue facing east and some of the most beautiful luxury homes you’ve ever seen.

According to Realtor.com,  3,200 people live in Madison Park.  By comparison, in Ballard there are 36,500 people.  And believe it or not there are 7% less people who live in Madison Park today than this time last year.  The average person is about a 46 years old, but more folks in the 60 to 69 range actually live here.

What type of person enjoys living in Madison Park?  A person who likes boutiques, great food, and near waterfront living.  It’s dotted by local vendors such as Madison Park Hardware, Martha E. Harrison Flowers, The Original Children’s Shop, and what establishment wouldn’t be complete without an old fashion ice cream store (to eat while you walk towards the beach).

62 homes have sold so far this year ranging from $325,000 to $3,840,000.  So the average sold price is basically $1.2M resting at about $509.00 per square foot.  Gorgeous homes reside on street lined streets, there is one gated community named Broadmoor, and local schools for kids to walk to.  The proximity to downtown Seattle makes it attractive to people too.  Just cruise through Capital Hill and drop down the other side to be in Seattle’s financial district.

Madison Park Real Estate Market for 2015 is considered a neutral market:  Meaning there is 3 to 6 months of inventory (homes available).

Home For Sale in July 2015: 7 units.

Madison Park real estate market

Up 75% compared to the last month

Home Closed in July 2015: 2 units.

Down 50% compared to the last month

Home Placed under Contract in July 2015: 2 units.

Down 50% compared to the last month

Take a look at what has sold in the last 30 days for your  Seattle Real Estate Madison Park Market 30 Days market update.

The current inventory shows there are 4 condos and 7 single family homes for sale (including Broadmoor).  $399,000 will get you a one bed, one bath 813 square foot condo.  Top of the range is a $4,500,000 home with 4 beds, 4 baths and 7754 square feet of home cited on a 12,200 square foot lot.  For more Madison Park Real Estate listings, you can find them here:  Madison Park Homes For Sale Listed In the NWMLS now.

If you have any questions about Madison Park Real Estate, feel free to contact me.

Molly Cartwright
Seattle Realtor
206-841-6800 or molly@cooperjacobs.com

Seattle Houseboats Market Update

Seattle Houseboats Market Update April 2015:

Actives: There are five Seattle houseboats for sale in the “floating homes” category currently. List prices of these active Seattle houseboats range from $510,000 to $1,750,000.  There are Eastlake floating homes, Portage Bay floating homes, and a gorgeous Westlake floating home on the 2420 Westlake dock that we put on last week.

Here is some more on that one since we obviously feel it is the best of the Seattle houseboats on the market right now:

2420 Westlake Ave N   (SOLD)Seattle houseboats

  • 2 bedrooms
  • 1.5 baths
  • amazing rooftop deck
  • ownership in income generating private marina
  • built in 1929, but 2008 remodel is more accurate of its presentation
  • 1065 square feet
  • $500/month dues
  • float size is 42 feet by 24 feet
  • annual taxes are only $1831
  • next dock over from the Sleepless in Seattle houseboat
  • $985,000

Pending Seattle houseboats: Currently there are four Seattle floating homes that are pending in the MLS.  In addition to these Seattle floating homes there is a house barge which is also pending inspection.  List price of these pending Seattle houseboats is $695,000 to $1,690,000.  One of them is on a leased dock, one is on a fee simple dock and two are on co-op docks.

In addition to these pending Seattle houseboats, there are two more which we have helped facilitate and  which are pending in Eastlake – priced at $575,000 and $920,000.

SOLD! Seattle floating homes sold in the last 30 days – Just one has closed according to the MLS.  2351 Fairview Ave E #K  was listed for $1,050,000 and sold for $1,000,000.  It has a garage and is on a condominium dock so the dues are lower and the taxes are higher.

Before I go on, let me clarify what a Seattle houseboat is since there is a lot of bad information out there:

In short, “Seattle Houseboats” is the general umbrella overall term which encompasses ALL of the following:

  1. Seattle floating homes – no motor and more permanently connected to sewer, electric, docks, etc.
  2. Vessel Seattle houseboats – navigable and move of their own propulsion but also act as livaboards.
  3. Seattle House Barges – not self propelled, city has grandfathered a number of them in, some hooked up to utilities.

A little about Seattle houseboats from Wikipedia:

Seattle is home to a relatively large collection of houseboats (capable of moving under their own power) or “floating homes” (houses built on floats) neighborhoods, particularly in Lake Union and Portage Bay. The earliest houseboats in Seattle were recorded in 1905, and peaked with over 2,000 houseboats in the 1930s. There are currently approximately 500 houseboats in Seattle. Most houseboats are designed and built for inland lakes and waterways only.

*Molly Cartwright and I are Seattle houseboats REALTORS not just real estate agents who sell Seattle houseboats.  As actual paying members of the National Association of Realtors, we are able to able to ethically sell homes.  Realtors abide by a strong code of ethics which non-Realtors are not required to.  Make sure that when you are buying Seattle houseboat that your broker is also an actual Realtor – not just a real estate agent. It makes a difference in how they are perceived by industry professionals and you want someone representing you who has a good reputation and who you know will act honestly and ethically in a transaction.

If you are purchasing a vessel type Seattle houseboat then make sure that you are using a licensed vessel broker not just a real estate agent.  Vessels are indeed boats so proper licensing should be in place to sell them.  Molly and I also have our vessel license through our SeattleAfloat.com Seattle houseboats division. You have a choice when it comes to who represents you.

More pictures of our gorgeous Westlake floating home listing:

Please call or text Molly if you would like more info or a private showing: 206-841-6800

Westlake, $985,000 - Image 14


 

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

 

 

Denny Blaine Green Home For Sale In Seattle

Featured Seattle Green Home: (SOLD)

Seattle green realtors

  • Denny/Blaine, Lake Washington Blvd
  • Treehouse feel with territorial view
  • 4 Star Built Green
  • NW Energy Star Certified
  • Stones throw to The Bush School
  • Beautiful and bright green roof
  • Open floor plan
  • 2 Decks
  • Many more modern green features
$1,489,000
For more information:  541 Lake Washington Blvd.

For all your Seattle Green real estate needs, please contact our in-house green home expert:

green@cooperjacobs.com

Queen Anne’s Vibrant Million Dollar Market

The million dollar and up market in Seattle’s Queen Anne neighborhood has been quite vibrant over the last 180 days. There have been 22 SOLD Queen Anne homes for sale in the MLS priced at over a million dollars. These Queen Anne luxury homes and historic homes have had a final sales price ranging from $1,011,060 to $2,700,000.  The median price for these was $1,321,500 and they had an overall sale price to listing price percentage of 99.41% with a range of 87.53% to 112.86%.  Ten of these sold Queen Anne homes went for over full price. Despite this, the average days on market was 81 days with 9 of these homes on the market for a week, one of them on the market for 32 days, one on for 42 days, and the rest of them on the market for anywhere from 76 days to 307 days.Queen Anne historic homes

One of the more impressive Queen Anne homes on the lower end of this million dollar and up price range was 357 Highland Dr.  It was listed on the market for $1,050,000 and sold in 2 days for $1,185,000 (112.86% over list).

There is one pending feasibility property and two pending inspection Queen Anne homes currently.  They are priced between $1,100,000 and $3,495,000.  There are six pending Queen Anne homes in escrow at the moment, although that can change by the hour… These range in list price from $1,225,000 to $2,495,000 with a median price of $1,725,000 and all but one were on the market for far less than a month.

There are 14 Queen Anne homes for sale in the million dollar and up price range. These range in price from $1,195,000 to $11,500,000 with a median price of $2,499,000.  You can find a lot of the stately homes on the Queen Anne South slope.  Additionally if you are interested in Seattle historic mansions, then you should look at other neighborhoods as well as Queen Anne.  There are many choices across the Puget Sound for Seattle Luxury Homes, but Queen Anne is always one of my first picks.

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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*

 

Live Sleepless In Seattle Style On A Lake Union Floating Home

Beautifully Updated Seattle floating home for sale…

seattle floating homes for sale

2031 Fairview Ave E, Houseboat “P”

$775,000

Stunning Eastlake Seattle floating home for sale and new on the market—2 bedrooms, 2 baths, bamboo floors, new windows, new exterior paint, roof top deck, window seat, room for your small craft or water toys, LARGE 10 x 4 ft kitchen island for entertaining & a cook’s dream!

  • 2 Bedrooms
  • 1.75 Baths
  • 1100 Square Feet
  • Built in 1985
  • Owned Moorage
  • $385/month dues
  • LOW yearly taxes at $2005/year
  • roof top deck
  • updated finishes throughout

Beautiful surfaces and finishes everywhere you look! Hip glass“garage door” let’s in the light & the fresh air and is just one of the reasons you will fall in love with this home!  Here are some more pictures or you can see the full listing here:  2031 Fairview Ave E #P

For Your own private showing or for more information on this Seattle floating home or other Seattle houseboats, please get in touch with Seattle floating homes Realtors Courtney Cooper (courtney@cooperjacobs.com) or Molly Cartwright (molly@cooperjacobs.com or 206-841-6800) of Cooper Jacobs Real Estate. If you are interested in other Seattle floating homes for sale, we would love to show you what is available besides this beautiful property.