Capital Economics: Housing Crisis to End in 2012, Banks Loosening Real

Feb09
2012

Written by Sam DeBord - Seattle Real Estate Broker

Real Estate Horizon
In a report by Capital Economics this week, the group predicts an end to the housing crisis in the coming year. The big reason: Loosening of credit standards for home buyers by banking instituations.

The report sees banks lending to a larger group of potential home buyers in 2012. Loan-to-value ratios have been increasing on average loans (74% to 82%) and borrower income standards have dropped as well. Banks are lending at 3.5 times the borrower’s annual income, up from 3.2 times in previous years.

While we certainly don’t want to go back to the shoddy/non-existent lending standards of the real estate boom, there was a serious overcorrection in the market after the bust. These changes in the market are reasonable adjustments and are good news for the real estate market as a whole.

Greater Seattle and the Eastside: Seattle Homes For Sale | Condos | Waterfront | Luxury Homes | Bank-Owned

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

Posted in Lake Union Waterfront Homes

Rents To Rise in 2012; In 74% of U.S., Renting More Expensive Than Owning

Feb07
2012

Written by Sam DeBord - Seattle Real Estate Broker

Seattle Homes Buyers
Rent prices for housing and office space are expected to rise in 2012, as demand remains high. The lack of building of residential and commercial spaces in the past five years is beginning to put a strain on available space.

Seattle residents know the various “holes in the ground” around the city that were slated at one point to be new condo and apartment buildings. While many of those projects have been shuttered, some have been built up with other uses. In general, the availability of rental properties has continued to shrink yearly since the peak of the Seattle real estate market in the summer of 2007.

At the same time, home affordability will likely encourage many who feel squeezed-out by competition and out-priced to look into buying Seattle homes.

From Realtor Magazine: According to the consumer price index, rents have risent 2.5% in one year, while home prices in most of the country have dropped. According to Trulia, in 74 percent of U.S. cities, owning a home is more affordable than renting.

Greater Seattle and the Eastside: Seattle Homes For Sale | Condos | Waterfront | Luxury Homes | Bank-Owned

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

Posted in Lake Union Waterfront Homes

Redmond Waterfront Home Sales Up 9.7%: Continuing Rise in Waterfront Real

Feb02
2012

Written by Sam DeBord - Seattle Real Estate Broker

Redmond waterfront homes
Redmond’s waterfront home sales are marching in tune with the rising tide of waterfront real estate sales around the Puget Sound. Sales of waterfront homes in 2011 were up 9.7% compared to the previous year.

Of the 34 homes sold in Redmond in 2011, most were moderately price waterfront homes. A small portion of Redmond’s southern shoreline on Lake Sammamish usually encompasses the highest-priced homes, and this year was no exception. The top sale in Redmond was a waterfront home on W Lake Sammamish Pkwy, closing at $2,500,000. The NWMLS includes waterfront homes on lakes, rivers, Sound, and many other bodies of water within the waterfront homes calculations.

Greater Seattle and the Eastside: Seattle Homes For Sale | Condos | Waterfront | Luxury Homes | Bank-Owned

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

Posted in Lake Union Waterfront Homes

Sammamish Waterfront Homes: 2011 Soars to 68% Increase in Sammamish

Feb02
2012

Written by Sam DeBord - Seattle Real Estate Broker

Lake Sammamish Waterfront Homes

Sales on Sammamish’s waterfront in 2011 were just another notch in the belt of Greater Seattle’s waterfront resurgence. Homes sold on Sammish’s lakefront properties increased from 19 in 2010 to 32 in 2011, one of the most-significant increases in the Puget Sound region.

In particular, sales of more-affordable Sammamish waterfront homes were up significantly. The total increase of 58% was bolstered by 32 waterfront sales under $1 million, up from just 19 in 2010. Million dollar-plus sales, at the same time, stood at 15, up from 12 in the previous year. Overall, while prices were down somewhat, the strengthening sales should create further support for the market and prices in general going in to 2012.

Sammamish Waterfront Homes Sold, 2011

1831 225th Place NE	Sammamish	$370,000
22424 SE 20th St	Sammamish	$445,000
2019 207th Ave SE	Sammamish	$476,000
22523 SE 20th St	Sammamish	$510,000
20413 NE 7th Ct	Sammamish	$600,000
4291 E Lake Sammamish Shore Lane SE	Sammamish	$718,000
4291 E Lake Sammamish Shore Lane SE	Sammamish	$718,000
4007 E Lake Sammamish Shore Lane SE	Sammamish	$725,000
4261 E Lake Sammamish Shore Lane SE	Sammamish	$750,000
2224 E Lake Sammamish Place SE	Sammamish	$757,500
241 E Lake Sammamish Shore Lane NE	Sammamish	$790,000
2317 E Lake Sammamish Place SE	Sammamish	$797,300
2922 222nd Place SE	Sammamish	$835,000
1021 250th Ave NE	Sammamish	$860,000
2219 E Beaver Lake Dr SE	Sammamish	$875,000
2955 224th Place SE	Sammamish	$895,000
2010 W Beaver Lake Dr SE	Sammamish	$990,000
25408 SE 28th St	Sammamish	$1,120,000
667 East Lake Sammamish Pkwy NE	Sammamish	$1,200,000
1333 E Lake Sammamish Shore Lane S	Sammamish	$1,240,000
1203 E Lk Sammamish Shore Lane SE	Sammamish	$1,285,000
1419 E Lake Sammammish Shore Lane SE	Sammamish	$1,500,000
1429 E Lake Sammamish Shore Lane SE	Sammamish	$1,595,000
605 E Lake Sammamish Lane NE	Sammamish	$1,600,000
2211 E Beaver Lake Dr SE	Sammamish	$1,600,000
4245 206th Ave SE	Sammamish	$1,677,000
109 E Lake Sammamish Shore Lane NE	Sammamish	$1,775,000
4215 E Lake Sammamish Shore Lane SE	Sammamish	$1,781,500
3015 E Lake Sammamish Pkwy SE	Sammamish	$1,850,000
22007 SE 21st Place	Sammamish	$2,400,000
1913 E Lake Sammamish Place SE	Sammamish	$2,800,000
425 East Lake Sammamish Shore Lane NE	Sammamish	$2,900,000

Greater Seattle and the Eastside: Seattle Homes For Sale | Condos | Waterfront | Luxury Homes | Bank-Owned

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

Posted in Lake Union Waterfront Homes

Mercer Island Waterfront Homes Continue Strong 2-Year Trend: Average

Feb02
2012

Written by Sam DeBord - Seattle Real Estate Broker

Sales of waterfront homes on Mercer Island were some of the first to come back after the doldrums of 2008 and 2009. Following an anemic year of just 11 waterfront home sales in 2009, the sales totals have nearly tripled in the past two years.

While 2011′s sales of 30 Mercer island waterfront homes was a 6.25% drop compared to the 32 sales in 2010, to say this was a disappointment would be incorrect. 2010 was a banner year for Mercer Island, considering the current economic and real estate landscape. Waterfront sales here were at standout levels compared to the greater market. The fact that waterfront home sales in 2011 continued to keep pace with the blockbuster 2010 sales is another testament to the staying power of waterfront homes values in Mercer Island.

Of the 30 waterfront homes sold in Mercer Island last year, 25 were priced over $1 million and 18 were multi-million dollar homes. The NWMLS labels homes in the center of Mercer Island on man-made lakes as “waterfront”, and these homes are the lowest-priced sales in the $800k-$900k range. Most homes that are actually on Lake Washington waterfront are priced significantly over $ 1 million.

Mercer Island Waterfront Homes Sold, 2011

6827 96th Ave	Mercer Island	$850,000
2233 77th Ave SE	Mercer Island	$877,000
9805 SE 42nd Place	Mercer Island	$896,000
7730 80th Place SE	Mercer Island	$900,000
7710 80th Place SE	Mercer Island	$900,000
7330 80th Place SE	Mercer Island	$1,055,000
4610 E Mercer Wy	Mercer Island	$1,145,000
6226 E Mercer Wy	Mercer Island	$1,400,000
7550 E Mercer Wy SE	Mercer Island	$1,492,700
8440 Benotho Place SE	Mercer Island	$1,512,500
4456 Ferncroft Rd	Mercer Island	$1,550,000
8814 N Mercer Way	Mercer Island	$1,705,000
4625 Forest Ave SE	Mercer Island	$2,025,000
9815 SE 42nd Place	Mercer Island	$2,073,900
4612 E Mercer Wy	Mercer Island	$2,308,000
8048 Avalon Place	Mercer Island	$2,375,000
5404 96th Ave SE	Mercer Island	$2,405,000
7912 East Mercer Way	Mercer Island	$2,450,000
4056 E Mercer Wy	Mercer Island	$2,485,000
8030 SE 20th St	Mercer Island	$2,500,000
9825 SE 42nd Place	Mercer Island	$2,500,000
8232 Avalon Dr	Mercer Island	$2,730,000
8055 W Mercer Wy	Mercer Island	$2,780,000
7240 N Mercer Wy	Mercer Island	$3,000,000
9434 SE 33rd St	Mercer Island	$3,010,000
6236 E Mercer Wy	Mercer Island	$3,850,000
1630 72nd Ave SE	Mercer Island	$4,207,500
1640 72nd Ave SE	Mercer Island	$5,925,000
4270 Holly Lane	Mercer Island	$6,125,000
9740 SE 35th Place	Mercer Island	$6,750,000

Greater Seattle and the Eastside: Seattle Homes For Sale | Condos | Waterfront | Luxury Homes | Bank-Owned

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

Posted in Lake Union Waterfront Homes

Medina Waterfront Homes Sell Big In 2011: 167% Jump For Waterfront Real

Feb02
2012

Written by Sam DeBord - Seattle Real Estate Broker

Medina waterfront homes
Waterfront home sales in Medina nearly tripled in 2011, another sign that buyers are returning to the luxury real estate market. Sales of luxury and waterfront homes in Greater Seattle have been on the rise since the bottoming out of luxury sales in 2008 and 2009.

After just three Medina waterfront homes sold in 2010, that number jumped to eight in 2011. The multi-million dollar home sales in Medina were some of the highest-priced sales in the Puget Sound region, ranging from $1.8 million to $7.25 million.

Medina Waterfront Home Sales, 2011

8105 Overlake Drive W	Medina	$1,825,000
432 Overlake Dr E	Medina	$2,300,000
1651 73RD Ave NE	Medina	$2,500,000
3640 Evergreen Point Rd	Medina	$3,000,000
7944 NE 32nd St	Medina	$3,575,000
538 Overlake Dr E	Medina	$4,200,000
3645 Evergreen Point Rd	Medina	$4,500,000
3248 78th Place NE	Medina	$7,250,000

Greater Seattle and the Eastside: Seattle Homes For Sale | Condos | Waterfront | Luxury Homes | Bank-Owned

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

Posted in Lake Union Waterfront Homes

Issaquah Waterfront Real Estate Sales Jump in 2011: 22%

Jan31
2012

Written by Sam DeBord - Seattle Real Estate Broker

Sales of waterfront homes in Issaquah were up more than one fifth in 2011, signalling a strengthening of the market for Issaquah waterfront homes.

A total of 28 homes were sold on waterfront property in Issaquah in the past year, five more than in 2010. Also significantly up were the number of high-end, luxury waterfront homes.

Ten million-dollar-plus homes were sold in 2011, including four multi-million dollar waterfront homes. This was more than double the four million-dollar homes sold in 2010.

Greater Seattle and the Eastside: Seattle Homes For Sale | Condos | Waterfront | Luxury Homes | Bank-Owned

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

Posted in Lake Union Waterfront Homes

Kirkland Waterfront Home Sales Soar in 2011: 26% More Waterfront Real

Jan27
2012

Written by Sam DeBord - Seattle Real Estate Broker

Waterfront home sales in King County and most of the Eastside have been rising steadily for the past couple of years. Kirkland’s waterfront real estate sales, in particular, have gotten a big boost.

After 38 Kirkland waterfront homes were sold in 2010, that number jumped to 48 during 2011. The increase of 26% was one of the biggest in the greater Seattle region. Not only did the total number of sales increase, but the highest-end home sales were also up significantly.

Many cities saw a drop in their million-dollar and multi-million-dollar home sales recently due to the lack of luxury home buyers. Kirkland’s sales of waterfront homes over $1 million in 2011 almost doubled, from 12 sales to 20 sales. Multi-million dollar waterfront home sales rose from 5 closings in 2010 to 7 in 2011. The market for waterfront homes in the city of Kirkland seems to be heating up even more quickly than the rest of the strengthening luxury real estate market in King County.

Greater Seattle and the Eastside: Seattle Homes For Sale | Condos | Waterfront | Luxury Homes | Bank-Owned

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

Posted in Lake Union Waterfront Homes

Million Dollar Foreclosures: Seattle Luxury Bank-Owned Homes

Nov19
2011

Written by Sam DeBord - Seattle Real Estate Broker

Bank-owned homes, REOs, or Foreclosures: whichever term you use, there is a stigma associated with these homes that gives a consumer the impression of a less-than-attractive piece of property. While there are plenty of ransacked foreclosures for sale, there are also plenty of high-end luxury homes that end up being bank-owned sales.

In our area, there were six recent Seattle bank-owned homes that closed for over $1 million. While one might expect these to be mostly waterfront homes, half of them were actually just high-quality, luxury homes that for one reason or another went back to the bank. Buyers of luxury property are clearly seeing past the distressed property designation and realizing that there is a real market for high-end foreclosures.

Seattle’s Million Dollar Foreclosure Sales (Homes sold within the past 6 months):

Arroyo
10859 Arroyo Beach Place, Seattle WA 98126 – $1,075,000

From the listing: “Modern waterfront retreat with 50′ feet on Puget Sound and three stories of stunning views! Soaring ceilings and walls of windows highlight the unobstructed views from this custom built 4,014 square foot home. Huge outdoor living space with 3 decks that are perfect for entertaining. Master bedroom with luxurious master bath and soaking tub. Located on a quiet dead-end street, the boat lift and 3 car garage complete this modern masterpiece!”

Mt Baker
3423 Cascadia Ave S, Seattle WA 98144 – $1,125,000

From the listing: “Enjoy great views of Lake Washington and I-90 bridge from porch and upper deck. Huge windows in most room allowing for a light filled home. Kitchen is designed for you, the cook, the baker, with food prep island, two sinks. Loads of built in Queen Anne style cabinetry. Great yard in back . Bring your creative ideas to make this marvelous home your personal statement.”

Seward Park
5009 S Oregon St, Seattle WA 98118 – $1,150,000

From the listing: “White oak floors accentuate the full-scale freedom of furniture capacity, people flow, stunning bursting view perspectives. A handsome posture of sterling distinction…portrayed by a highly respected craftsman. Enter from garage into elevator lobby or thru secured gated entry. Striking kitchen ~ generously proportioned (12 ft granite island, maple and ebony cabinets, glass tile). Master ste. extends to personal deck; deluxe bath; 2 walk-in closets. Coffered ceils. Home office (guest quarters?).”

Magnolia
3036 23rd Ave W, Seattle WA 98199 – $1,160,000

From the listing: “Magnificent showcase of style & elegance! The views of Puget Sound, Mt Rainier & Interbay will please. One-of-a kind custom home offers an open floor plan on the main level-perfect for entertaining. Full suite of Viking appliances + expansive use of granite travertine throughout. This thoughtful yet sizeable home is ideal for multi-generational living w/top level guest wing + lower level nanny quarters. The mid-level offers 3-beds,lounge,wet bar & more. Each & every room is detailed beautifully!”

Rainier Beach
9954 Rainier Ave S, Seattle WA 98118 – $1,250,000

From the listing: “Highend Luxury – Private lane seclusion on large waterfront lot. Chef’s kitchen, SS appliances, gas range, granite, 2 ovens, Grand master w/dbl entry hallway, fp, jetted soaking tub. Entertaining room w/kitchen & fp. Wired for the finest in technology, surround sound speakers throughout & exterior security cameras.”

Seward Park
5370 S Kenyon St, Seattle WA 98118 – $1,655,000

From the listing: “An extraordinary property: well over half an acre of spectacular manicured grounds leading to 100 feet of waterfront with deep-water dock. Original 1949 home taken down to the studs and completely reimagined over the last two years as a lush contemporary. Granite & stainless kitchen, open living & dining areas, multi-chambered master suite, family room, solarium & more. All new systems including double furnaces & heat pumps. Secure gated courtyard, & garage for up to four cars. Remarkable value!”

Currently, there are over 250 Seattle bank-owned homes for sale, including two for over $1 million.

Tomorrow: Million-dollar foreclosures on the Eastside.

Greater Seattle and the Eastside: Seattle Homes For Sale | Condos | Waterfront | Luxury Homes | Bank-Owned

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

Posted in Lake Union Waterfront Homes

Eastside Waterfront Home Sales Stay Strong in October

Nov11
2011

Written by Sam DeBord - Seattle Real Estate Broker

Eastside waterfront home sales continued a healthy pace in October, with 11 homes sold across Bellevue, Mercer Island, Kennydale, Issaquah, Kenmore, and Sammamish. The eleven sales equalled the number of waterfront homes sold on the Eastside in October 2010, and were just one shy of the number of sold homes last month. Since Greater Seattler waterfront real estate sales usually begin tapering off at the end of the summer, the numbers are showing a fairly strong finish to the height of the waterfront season.

Eastside Waterfront Homes Sold, October 2011

MLS#	193894	3009 Mountain View Ave N	Renton	$1,750,000	5	beds,	5.3	baths,	6,020	sq ft
MLS#	234803	1630 72nd Ave SE	Mercer Island	$4,207,500	6	beds,	5.8	baths,	6,071	sq ft
MLS#	264856	4270 Holly Lane	Mercer Island	$6,125,000	6	beds,	7.3	baths,	8,170	sq ft
MLS#	275206	101 101st Ave SE #B302	Bellevue	$475,000	2	beds,	2	baths,	1,681	sq ft
MLS#	211447	375 Shoreland Dr SE	Bellevue	$3,655,000	5	beds,	3.8	baths,	5,660	sq ft
MLS#	229899	2950 W. Lake Samm Blvd SE	Bellevue	$1,700,000	5	beds,	3.3	baths,	4,370	sq ft
MLS#	264424	18806 SE 42nd St	Issaquah	$2,950,000	4	beds,	3.8	baths,	5,380	sq ft
MLS#	206953	1203 E Lk Samm Shore LnSE	Sammamish	$1,285,000	3	beds,	2.5	baths,	2,970	sq ft
MLS#	259706	515 5th Ave W	Kirkland	$1,500,000	2	beds,	1.5	baths,	1,420	sq ft
MLS#	193676	11122 79 Place NE	Kirkland	$2,995,000	5	beds,	4	baths,	5,030	sq ft
MLS#	253915	8006 NE 169th Place	Kenmore	$875,000	4	beds,	3	baths,	3,050	sq ft

Greater Seattle and the Eastside: Seattle Homes For Sale | Condos | Waterfront | Luxury Homes | Bank-Owned

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

Posted in Lake Union Waterfront Homes

Capital Economics: Housing Crisis to End in 2012, Banks Loosening Real

Rents To Rise in 2012; In 74% of U.S., Renting More Expensive Than Owning

Redmond Waterfront Home Sales Up 9.7%: Continuing Rise in Waterfront Real

Sammamish Waterfront Homes: 2011 Soars to 68% Increase in Sammamish

Mercer Island Waterfront Homes Continue Strong 2-Year Trend: Average

Medina Waterfront Homes Sell Big In 2011: 167% Jump For Waterfront Real

Issaquah Waterfront Real Estate Sales Jump in 2011: 22%

Kirkland Waterfront Home Sales Soar in 2011: 26% More Waterfront Real

Million Dollar Foreclosures: Seattle Luxury Bank-Owned Homes

Eastside Waterfront Home Sales Stay Strong in October

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