Waterfront Landings Condo 2018 Wrap Up

Seattle Condos Market: Waterfront Landings Condo 2018 Wrap Upwaterfront landings condos

This year marked a record setting sale for Waterfront Landings Condominiums at Seattle’s downtown waterfront! Molly Cartwright and I competed against at least two other brokers for one of the fourth floor Puget Sound view units. We worked extremely hard on making sure that we were able to get the seller the greatest return on their investment.

We made recommendations which ended up saving the seller tens of thousands of dollars in improvements, but also enabled the unit to sell during the hot selling season.  Had the seller taken other advice given during his broker search, he would have missed the market and it would likely have ultimately cost him hundreds of thousands of dollars. In the end, we sold this one in TWO days for $825.38 a square foot which is in fact a record for the Waterfront Landings Condos complex!  We listed it for $1,100,000 and sold it for $1,210,000 and closed in a week.  

In all, seven Waterfront Landings Condos closed in escrow according to the NWMLS.  We are aware of one additional off market unit which was not reported to the MLS stats. Here is a great PDF with details of all seven of them: Waterfront Landings Sales 2018  you can see the various units that sold, but make sure to check out the last page.  It is full of great numbers!

  • Dollar per square foot ranged from $623.38 to $825.38 with an average of $740.34 (Our Waterfront Landings condo unit listing was one of these seven and sold for the highest dollar per square foot at $825.38)
  • CDOM (Cumulative Days On Market) ranged form 2 days on the market to 45 days on the market with an average of 20 days on the market (Our listing sold in the least amount of time at 2 days and then closed a week later)
  • Original List price ranged from $525,000 to $1,100,000 with an average of $713,143
  • List Price average dropped to $701,143 (Two price drops occurred in the seven listings before they sold.)
  • Sold price ranged from $520,000 to $1,210,000 with an average of $707,857
  • The sales price to list price ratio ranged from 94.89% to 110% with an average of 100.12%, but only three of these Waterfront Landings condos sold for over list.  I think the fact that our listing sold for 10% over the list price might be bringing the overall average up.

Please let us know if we can help you properly position your condo for the market.  Our listing sold for 110% of list price in less time than the other listings at Waterfront Landings. Even with a slow down in the market, there is still a demand for this particular building especially now that the end of the viaduct is closer and great attention is being focused on improvements in the area around the Waterfront Landings condos complex. We are here to help and happy to even just give you a second opinion.  We look forward to helping you meet and exceed your real estate needs in 2019 and beyond!

Please reach out to me – I am happy to send you the video of Waterfront Landings which captured more than one buyer potentials for this building.  We have lots of ideas for you and look forward to sharing them with you!  Courtney Cooper | Molly Cartwright  206-850-8841 courtney@cooperjacobs.com | Cooper Jacobs Group powered by Keller Williams North Seattle. 

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

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

Queen Anne Condo On Olympic Place 98109

Queen Anne CondosQueen Anne Condos:

Just closed in escrow yesterday!

500 W Olympic Place

Seattle, WA 98109

Seattle Realtor Molly Cartwright did a fabulous job representing the seller of this Queen Anne Condo.  We received more than one offer and the property did sell for 101.97% over  list.  This is a good rate for a condo in that price range.  Please let us know if you have a Queen Anne condo for sale.  We have other buyers interested and Seattle real estate inventory is extremely low.

Queen Anne condos sell quickly so if you are a buyer looking for a home and want to learn more information about buying a condo, please let us know – we are happy to help and have been quite successful in representing our buyers in multiple offers.  We can help you with Queen Anne condos or other Seattle condos and have a great grasp on the current market and what it takes to buy a home in this environment.  We also have fun finding the cool view condos if that is what you are interested in.  The Space Needle views from Queen Anne never grow old and it is an amazing city to live in. Queen Anne is rich with history, but also extremely “with it” when it comes to what people want in their community. It’s an exciting place and we look forward to sharing our favorite Queen Anne spots with you.

Here is how you can reach us:

Molly Cartwright 206-841-6800 (call/text)

Courtney Cooper 206-850-8841 (call/text)

You can also email us at QA@CooperJacobs.com  We look forward to hearing from you.

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


 

Sunset Hill Homes For Sale: Just Listed

Ballard’s Sunset Hill Neighborhood Offers A Perfect Answer sunset hill homes for sale

Just Listed in Sunset Hill:  3440 NW 62nd St  (SOLD)

  • Just listed!sunset hill homes for sale
  • 4 bedrooms
  • 2.25 Baths
  • 2440 Sq Feet
  • Lot Size: .12 Acre
  • 1 car Garage
  • Fireplace
  • 2nd Kitchen
  • Sauna
  • MLS# 763738

This Sunset Hill home features Puget Sound views, sunset hill homes for salemany original details & plenty of charm. Main level has oak hardwoods, view deck, gas fireplace & lots of light. Upstairs level has 2 bedrooms with expansive view of Puget Sound & mountains to the west.sunset hill homes

The basement is well laid out with actual ADU potential, a separate entrance, spa like bath, sauna & cozy bedroom. Recent updates include roof, gas furnace & water heater. Large yard with shed, garden area, alley access & more parking. Attached 1 car garage. A wonderful home.

$649,900

For more information on 3440 NW 62nd St in Seattle, please email our Sunset Hill Realtors. 

SunsetHill@CooperJacobs.com

Are you interested in Sunset Hill homes for sale or other Ballard Real Estate?  We have great Sunset Hill Realtors who know Sunset Hill and know Ballard.

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

 

 

Lovely Seattle Green Lake Home for Sale – just listed at $489,000

Green Lake homes for sale – This Green Lake home is close to the lake, Tangletown, University of Washington, University District, and more!green lake homes for sale

Very well maintained and updated home offers wonderful living spaces and is right next to McDonald School!  Easy commutes North or South and great living in this highly sought after neighborhood!

– 2 bedrooms

– 1.75 Bath

– Carport

The interior of this gorgeous Green Lake home have features such as Bamboo floors downstairs and updated kitchen + huge dining room and 3/4 bath, open staircase, 2 bedrooms & one bath up including one oversized bedroom w/ views of the Cascades!

Gorgeous spaces in this home & you won’t want to leave!  Just listed today for $489,000

Green Lake Open Houses for this gem:

  • Wednesday 6/4 12-2PM
  • Saturday 6/7 1-4PM
  • Sunday 6/8 1-4PM

More pictures from the inside of this home for sale near Tangletown…

Please let us know if you would like to see this property or other Green Lake homes for sale.  Molly 206.841.6800 or Courtney 206.850.8841  Cooper Jacobs Real Estate has Seattle Brokers in all Seattle neighborhoods and we look forward to helping you meet and exceed your goals!

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*