Archive for July, 2008
July 31, 2008
At our Red Carpet Event last night, we served up tasty real estate price tidbits as well as burritos. You can get the full slides here (big file!), or read on for delicious data by King County city and by Seattle neighborhoods.
Seattle Neighborhoods
First the neighborhoods. The average home is selling at 97% - 99% of list price. But in some neighborhoods, you can’t get a break. These neighborhoods sold at 100% or more of list price in June and July:
- Hawthorne Hills (100.5%)
- Montlake (100.1%, but only 3 sales)
- North Admiral (100.4%)
- Seaview(100%)
And buyers in other neighborhoods were able to negotiate pretty large deals:
- Surprisingly, tony Madison Park had 5 house sales at an average sale-to-list of only 91.5%.
- Broadmoor also had 5 houses sell, at 93.3% of list.
Both of these neighborhoods are expensive, and it’s not unusual to see larger discounts for more expensive homes.
But enough chatting, here’s the data:
Seattle House Sales, June 1 - July 27, 2008
| City |
# Deals |
Final v. List |
Average Price |
| Admiral Houses |
8 |
97.1% |
$690,938 |
| Alaska Junction Houses |
4 |
99.8% |
$337,744 |
| Alki Houses |
3 |
97.6% |
$676,333 |
| Arbor Heights Houses |
9 |
96.2% |
$707,438 |
| Ballard Houses |
45 |
98.3% |
$442,821 |
| Beacon Hill Houses |
19 |
98.7% |
$493,760 |
| Belvidere Houses |
9 |
98.8% |
$528,167 |
| Blue Ridge Houses |
4 |
95.9% |
$468,250 |
| Boulevard Park Houses |
6 |
98.4% |
$345,650 |
| Brighton Houses |
3 |
96.2% |
$1,078,317 |
| Broadmoor Houses |
5 |
93.3% |
$1,477,600 |
| Broadview Houses |
20 |
97.6% |
$586,263 |
| Bryant Houses |
13 |
96.8% |
$1,170,327 |
| Bryn Mawr Houses |
10 |
97.7% |
$354,870 |
| Capitol Hill Houses |
18 |
97.7% |
$649,858 |
| Cedar Park Houses |
4 |
98.8% |
$775,750 |
| Central Area Houses |
19 |
98.4% |
$405,179 |
| Columbia City Houses |
11 |
98.6% |
$368,404 |
| Crown Hill Houses |
13 |
99.0% |
$393,305 |
| Fauntleroy Houses |
13 |
97.9% |
$451,846 |
| Fremont Houses |
26 |
98.0% |
$442,335 |
| Gatewood Houses |
5 |
99.5% |
$614,850 |
| Genesee Houses |
13 |
98.1% |
$516,456 |
| Georgetown Houses |
3 |
98.8% |
$316,667 |
| Delridge Houses |
4 |
97.4% |
$288,125 |
| Green Lake Houses |
47 |
98.8% |
$504,664 |
| Greenwood Houses |
17 |
99.3% |
$708,071 |
| Haller Lake Houses |
9 |
99.1% |
$471,189 |
| Hawthorne Hills Houses |
6 |
100.5% |
$535,128 |
| Highland Park Houses |
11 |
98.0% |
$467,325 |
| Judkins Houses |
5 |
98.4% |
$349,490 |
| Lake City Houses |
5 |
98.3% |
$415,380 |
| Lakeridge Houses |
5 |
98.8% |
$508,100 |
| Lakewood Houses |
4 |
98.6% |
$444,375 |
| Laurelhurst Houses |
8 |
99.8% |
$824,925 |
| Leschi Houses |
8 |
98.5% |
$1,675,063 |
| Lincoln Park Houses |
3 |
98.0% |
$361,650 |
| Loyal Heights Houses |
4 |
99.5% |
$370,863 |
| Madison Park Houses |
5 |
91.5% |
$1,090,400 |
| Madison Valley Houses |
5 |
98.2% |
$562,400 |
| Madrona Houses |
7 |
98.0% |
$741,429 |
| Magnolia Houses |
27 |
98.4% |
$672,319 |
| Maple Leaf Houses |
18 |
98.7% |
$464,744 |
| Montlake Houses |
3 |
100.1% |
$561,333 |
| Mt Baker Houses |
7 |
98.3% |
$537,071 |
| North Admiral Houses |
9 |
100.4% |
$577,872 |
| North Beach Houses |
4 |
98.5% |
$686,125 |
| North Capitol Hill Houses |
5 |
96.4% |
$1,060,950 |
| Northgate Houses |
6 |
99.1% |
$371,500 |
| Olympic Hills Houses |
7 |
99.9% |
$364,482 |
| Phinney Ridge Houses |
18 |
98.9% |
$525,093 |
| Pinehurst Houses |
11 |
97.9% |
$408,973 |
| Queen Anne Houses |
30 |
97.7% |
$681,720 |
| Ravenna Houses |
17 |
99.1% |
$546,595 |
| Seattle Houses |
21 |
97.8% |
$573,898 |
| Seaview Houses |
3 |
100.0% |
$391,317 |
| Seward Park Houses |
7 |
99.4% |
$508,214 |
| Shorewood Houses |
3 |
97.2% |
$395,983 |
| Skyway Houses |
15 |
96.7% |
$487,098 |
| South Park Houses |
5 |
98.6% |
$498,990 |
| Sunset Hill Houses |
3 |
99.4% |
$531,667 |
| Upper Rainier Beach Houses |
6 |
95.1% |
$299,167 |
| View Ridge Houses |
9 |
96.9% |
$732,721 |
| Wallingford Houses |
26 |
98.5% |
$573,052 |
| Wedgwood Houses |
19 |
98.2% |
$502,044 |
| West Seattle Houses |
33 |
98.6% |
$571,929 |
| Westwood Houses |
5 |
98.5% |
$971,190 |
Seattle Condo Sales, June 1 - July 27, 2008
| Neighborhood |
# Deals |
Final v. List |
Average Price |
| Alaska Junction condos |
4 |
100.2% |
$311,863 |
| Alki condos |
8 |
99.7% |
$423,113 |
| Bitter Lake condos |
3 |
95.9% |
$327,583 |
| Broadview condos |
7 |
97.7% |
$370,146 |
| Capitol Hill condos |
44 |
98.4% |
$351,839 |
| Ballard condos |
24 |
97.4% |
$330,595 |
| Central Area condos |
3 |
99.1% |
$289,333 |
| Columbia City condos |
7 |
98.2% |
$392,421 |
| Crown Hill condos |
3 |
98.2% |
$250,000 |
| Eastlake condos |
8 |
98.4% |
$416,363 |
| Fremont condos |
6 |
98.5% |
$378,981 |
| Green Lake condos |
7 |
96.6% |
$300,114 |
| Greenwood condos |
7 |
97.0% |
$298,127 |
| Jackson Park condos |
4 |
99.2% |
$546,500 |
| Madison Park condos |
5 |
98.2% |
$370,390 |
| Magnolia condos |
6 |
99.1% |
$552,458 |
| Maple Leaf condos |
3 |
98.9% |
$422,629 |
| Northgate condos |
11 |
96.0% |
$448,085 |
| Pinehurst condos |
7 |
96.9% |
$381,129 |
| Queen Anne condos |
37 |
97.9% |
$416,023 |
| Ravenna condos |
6 |
97.8% |
$388,583 |
| Renton condos |
10 |
97.6% |
$245,940 |
| Sand Point condos |
4 |
98.2% |
$324,238 |
| Seattle condos |
14 |
97.3% |
$381,781 |
| Shoreline condos |
10 |
95.3% |
$300,270 |
| University District condos |
5 |
97.2% |
$309,978 |
| Wallingford condos |
12 |
97.8% |
$396,409 |
| West Seattle condos |
5 |
99.0% |
$243,600 |
King County Cities
When we checked this data for April and May, we found that Snoqualmie homes sold for more. This time, Snoqualmie houses (99.4% average sale-to-list price) were edged out slightly by Des Moines houses (99.5% sale-to-list price).
King County House Sales, June 1 - July 27, 2008
| City |
# Deals |
Final v. List |
Average Price |
| Auburn houses |
99 |
98.3% |
$320,038 |
| Bellevue houses |
140 |
96.9% |
$771,535 |
| Bothell houses |
45 |
98.1% |
$408,936 |
| Burien houses |
23 |
98.8% |
$353,986 |
| Des Moines houses |
31 |
99.5% |
$316,992 |
| Duvall houses |
25 |
98.0% |
$465,422 |
| Federal Way houses |
79 |
98.8% |
$337,128 |
| Issaquah houses |
88 |
97.4% |
$646,780 |
| Kenmore houses |
40 |
96.9% |
$550,090 |
| Kent houses |
139 |
98.7% |
$341,119 |
| Kirkland houses |
96 |
96.7% |
$751,615 |
| Lake Forest Park houses |
18 |
96.6% |
$491,254 |
| Maple Valley houses |
86 |
99.8% |
$403,817 |
| Mercer Island houses |
32 |
95.5% |
$1,308,508 |
| Newcastle houses |
23 |
97.3% |
$808,911 |
| Normandy Park houses |
5 |
94.9% |
$610,800 |
| North Bend houses |
12 |
98.1% |
$541,871 |
| Redmond houses |
133 |
97.7% |
$727,764 |
| Renton houses |
170 |
97.9% |
$411,066 |
| Sammamish houses |
110 |
97.7% |
$693,521 |
| SeaTac houses |
18 |
98.4% |
$300,561 |
| Seattle houses |
922 |
98.2% |
$565,734 |
| Shoreline houses |
62 |
97.3% |
$504,374 |
| Snoqualmie houses |
43 |
99.4% |
$509,453 |
| Tukwila houses |
14 |
97.9% |
$315,989 |
| Woodinville houses |
40 |
97.6% |
$729,314 |
King County Condo Sales, June 1 - July 27, 2008
| City |
# Deals |
Final v. List |
Average Price |
| Auburn condos |
17 |
92.0% |
$197,177 |
| Bellevue condos |
73 |
97.3% |
$398,417 |
| Bothell condos |
15 |
97.8% |
$253,953 |
| Burien condos |
6 |
99.0% |
$192,817 |
| Des Moines condos |
11 |
96.1% |
$266,632 |
| Federal Way condos |
20 |
100.3% |
$189,225 |
| Issaquah condos |
58 |
97.1% |
$315,904 |
| Kenmore condos |
10 |
99.8% |
$280,830 |
| Kent condos |
49 |
98.5% |
$243,227 |
| Kirkland condos |
67 |
97.6% |
$373,067 |
| Maple Valley condos |
3 |
98.8% |
$261,167 |
| Newcastle condos |
3 |
95.7% |
$428,867 |
| Redmond condos |
40 |
98.0% |
$344,127 |
| Renton condos |
34 |
97.3% |
$232,739 |
| Sammamish condos |
9 |
99.5% |
$319,767 |
| SeaTac condos |
10 |
99.4% |
$230,479 |
| Seattle condos |
352 |
97.9% |
$379,502 |
| Shoreline condos |
13 |
96.1% |
$247,925 |
| Snoqualmie condos |
4 |
97.2% |
$331,000 |
| Tukwila condos |
3 |
97.4% |
$206,300 |
| Woodinville condos |
3 |
97.5% |
$261,333 |
July 31, 2008
This morning, I noticed several new FSBO (For Sale By Owner) listings on the MLS. The sheer number piqued my interest. I quickly realized they all appeared courtesy of By Owner Homes and Land.com, one of the many Web-based FSBO sites. Mystery solved.
While exploring several of the listing, I was reminded why FSBO listings typically leave me cold: lack of comprehensive information (that, and over-pricing). While searching for my first home, I looked-at several FSBO homes. It was a very frustrating experience. I found the owners I encountered to be inflexible, with an unrealistic view of their home’s value.
I can forgive the emotional attachment of the owners to their homes, but I can’t countenance the lack of information. Typical FSBO listings display the No Photo Available image at left and may or may not include even the most basic information.
For folks that use the Web to do their initial research, this lack of detail almost guarantees that the majority will pass on these homes. With a glut of homes on the market, most with photos and detailed data, where’s the incentive to view homes blind? (In fact, from the buyer’s view, FSBO listings hold no real incentives at all.)
I understand the lure of selling yourself: no agent fees. Traditional fees are up to six percent of the selling price. For a $500,000 home, that’s a whopping $30,000 out of the seller’s pocket!
Sellers do have other options though. There are new real estate services, like Redfin, that help moderate the traditional fees while still providing valuable marketing services. Some of the FSBO sites attempt it too, but usually without comprehensive details required by today’s savvy buyers.
If you’re an intrepid explorer, have lots of time to go down blind alleys and can negotiate better than most, then maybe FSBO listings are worth a look. For you folks, here are Capitol Hill area FSBO listings:
1124 14th Ave Seattle, WA 98122 Price: $575,000
1 Bedroom, 1 Bath
821 16th Ave Seattle, WA 98122 Price: $699,950
5 Bedrooms, 2.5 Baths
911 23rd Ave Seattle, WA 98122 Price: $850,000
5 Bedrooms, 4.5 Baths
103 Bellevue Ave E Seattle, WA 98102 Price: $365,000
1 Bedroom, 1 Bath
107 20th Ave Seattle, WA 98122 Price: $289,000
2 Bedrooms, 1 Bath
1226 22nd Ave E Seattle, WA 98112 Price: $2,200,000
6 Bedrooms, 1 Bath
716 26th Ave E Seattle, WA 98112 Price: $549,995
5 Bedrooms, 3 Baths
601 Belmont Ave E Seattle, WA 98102 Price: $549,950
2 Bedrooms, 1 Bath
July 31, 2008
Ever consider moving out of the area? Perhaps you’re considering another job offer or your spouse wants to move “home” to be closer to family. Maybe you just wonder how much Google will have to pay you to defect from Microsoft. Regardless of what might drive your curiosity, using data provided by ACCRA, CNN Money put together an online salary ”equiva-lator,” so to speak, which estimates how far your current salary would go in another city to maintain your same lifestyle. More specifically, it tells you how much more or how much less groceries, housing, utilities, transportation, and healthcare would cost you in another area.
For example, a job change from Microsoft to Google (or a move from Seattle to San Jose) would cost you 22% more for groceries, 65% more for housing, 13% more for utilities, 5% more for transportation, and 1% more for healthcare. So you would need to get yourself at least $127,000 Google-bucks to match your $100,000 Bill G-bucks.
Or, you could sniff around Dell instead, where a move from Seattle to Austin would cost you 19% less for groceries, 44% less for housing, 9% less for transportation, 19% less for healthcare, but 5% more for utilities. To match your $100,000 in Microsoft money, you would only need about $78,000 Dell-dollars to get you on the go.
July 30, 2008
People tend to react more when homes under $1 million reduce prices in the $30,000 range. Maybe it’s not as impactful to see $2.6 million drop to $2.57 million. I can understand that, but gees, $30,000 is a lot of money. That amount of money could be a brand new Honda Civic Hybrid, a remodeled bathroom, two years private college tuition or a generous charitable donation.
When it comes to a mortgage, I see why people view tens of thousands differently on seven figure homes. I wonder how lenders view the difference. Could $30,000 ever make or break someone’s $3 million home loan? I suppose it’s all based on calculated risk versus income. Any lenders out there care to shed some light on multi-million dollar loans?
Nonetheless, we’ve had several homes on the Eastside drop prices this week. Some landed in the $30,000 range and others fell $200,000.
Take a look.
1598 25th Ave NE, Issaquah – 659,998
$30,000 reduction
1805 SE 8th Pl, Renton – $709,000
$30,950 reduction
1617 25th Ave NE, Issaquah – $897,000
$32,000 reduction
4003 NE 9th Pl, Renton – $444,950
$40,000 reduction
4160 Crestwood Pl, Mercer Island – $1,575,000
$200,000 reduction
July 30, 2008
Inspired by Rick’s recent Historic Seattle Real Estate post on Capitol Hill’s slough of Anhalt condos, I did a little property time-warping, too. And guess what I found: A handful of Great Ladies (that is, Victorian-era homes) scattered throughout the Central District. While most of these homes have been reinterpreted interior-wise over the last 108 years, all of them bear the deep baseboards, old-world lintels and doorframes, formal rooms, and even some of the super-storage built-ins of that prim and proper era. If you’re looking for a home that will take you back to the Age of Innocence, look no further.
2310 E. Pike
Price: $469,924
Specs: 3 bd/2 bath
Size: 1,770 square feet
406 21st Ave.
Price: $499,000
Specs: 4 bd/3 bath
Size: 2,340 square feet
824 21st Ave.
Price: $550,000
Specs: 4 bd/2.5 bath
Size: 1,860 square feet
1811 E. Spring {Duplex!}
Price: $899,950
Specs: 4 bd/2.75 bath
Size: 2,600 square feet
July 29, 2008
My friend, who lives in the Issaquah highlands, recently went to pick up his trash bin and found a nice surprise waiting outside his home—a black bear. Issaquah has black bears. Awe, cute! Or, maybe it’s not so cute if you have children or small pets. While people worry about the safety of their family and cleanliness of their neighborhoods, I think, smart bear.
Issaquah is queen of Eastside suburbia, especially when you include the highlands. Developers are purposefully building neighborhoods that complement the existing homes in an effort to create uniformly pleasant living arrangements. This offers families—and the bears—confidence that as their community grows, its style and charm will not be lost.
The developers have done such a good job at uniformity, I am almost convinced I could identify an Issaquah townhome from a group of random house listings. Issaquah townhomes usually embrace one or more of following qualities:
- New construction
- Hardwoods that are slightly modern (bamboo) with either an extremely dark are bright stain
- The word “plush” falls within the home’s description. Don’t believe me? Test it out.
- Eco-modern exterior paint (think olive green/burnt yellow or sunrise/chocolate)
- Greenery is abundant in all exterior photos. People don’t live in Issaquah for the pavement. Bring on the outdoors—cougars and bears too!
- Townhomes tend to be 2+ stories, with tandem garages. The description places emphasis on ability to fit large vehicles. Got to have a place to store the soccer-mobile.
- Proximity to I-90 or 405 emphasized
With that said, here are a few Issaquah townhomes that decided to recently take a dip into the MLS pool.
178 Cougar Ridge Rd NW
Price: $464,900
2250 Newport Way NW #2250
Price: $343,900
5268 236th Pl SE
Price: $245,000
(mentions I-90 and full-size SUV comment. Ha!)
*Editor note: Photo above was provided by Bear Aware and does not depict a black bear in Issaquah.
Still wondering about the bears in Issaquah?
The city of Issaquah Web site has a standing black bear alert that provides tips and tricks for living with the animals. Here are a few do’s and don’ts if you have a lucky encounter.
- Stay calm and avoid direct eye contact, which could elicit a charge. Because bears are nearsighted, and if one has not caught your scent, it could mistake you for prey. Try to stay upwind and identify yourself as a human by standing up, waving your hands above your head and talking. The black bear will most likely leave you alone.
- Do not approach the bear, especially if cubs are around. Give the bear plenty of room and slowly back away. Leave the bear an escape route at all times. If you are too close, a bear may “bluff” charge, although it is highly unlikely the bear would touch you. Running away is not a wise decision as running may also stimulate the bear’s instinct to chase.
- If you cannot safely move away from the bear and the bear doesn’t flee, try to scare it away by aggressively clapping your hands, or yelling. Black bears can climb trees, so fleeing up a tree is not a safe option.
- In the unlikely event that a black bear attacks, fight back aggressively using your bare hands or with any object you can reach. As a last resort, protect yourself by curling into a ball or lying flat on the ground on your stomach and playing dead. Do not look up or move until you are certain the bear is gone.
July 28, 2008
(Photo Source: Beazer Homes)
They come, they build, and they leave you with the house of your dreams. Of course, long after the cameras disappear and the lights fade away, they leave you with a larger home, larger maintenance bills, and a larger tax bill, and the side effects of an extreme makeover can be devastating. This is what’s happened to two Extreme Makeover recipients so far, since our own Chapin family of Kirkland received their Extreme Makeover in 2007.
Only two months ago, the Hebert’s of Idaho were forced to put their 2007 Extreme Makeover up for sale. However, the news just broke that yet another family must give up their dream home, this time the victim of foreclosure. In Georgia, the Harper family used their newly remodeled home as collateral for a $450,000 construction business loan, which failed in the wake of today’s tumultuous economy. The 4 bedroom mini-mansion came complete with an open lobby featuring four fireplaces, a solarium, a music room, a new office. In addition, the Harper’s were given a $250,000 home maintenance fund from Beazer Homes, as well as several financial allowances (according to The Digerati Life). No matter. This home is still set for public auction on August 5th.
Live and learn, and perhaps one day, if you hear a knock on your front door and you open it to find Ty Pennington, maybe you’ll consider asking for the not-so-extreme-makeover instead.
July 28, 2008
Recent posts on Sweet Digs Seattle:
Variety is the spice of life and some people like to express their individuality big. Via the Unusual Life blog I stumbled upon some of the most interesting homes in America courtesy of Realtor Matt Heafey.
There’s got to be a good story behind this one! It looks a little like Cousin Itt with a glass tumor growing off the side of it’s head.
If I were invited as a guest in this house, it would take serious restraint not to stand on the top deck with arms outstretched and yell “I’m king of the world!” Leonardo DiCrapio style.
These New Jersey neighbors clearly have very different taste.
July 28, 2008
Mixed harmoniously among the stately homes of Capitol Hill, the apartment buildings of Frederick William Anhalt illustrate the style and quality of early Seattle architecture. Built during the 1920s and ‘30s, the tudor-esque brick and stucco buildings exude old world charm and master craftsmanship.
In recent years, several Anhalt buildings have gone condo. With their leaded-glass windows, hardwood floors and wrought-iron details, these modest-sized homes offer elegant spaces for singles and couples.
If you’re enamored of Capitol Hill, but have no need for a 4-bedroom, 3-bath, 2400 square foot home, an Anhalt condo may be the ticket. Not only do you get a great space in a great location, but you also get an architecturally significant piece of Seattle history.
721 Boylston Ave E #102 Seattle, WA 98102
Price: $389,900
2 Bedrooms, 1 Bathroom, 857 sq. ft.
1201 E John #2 Seattle, WA 98122
Price: $458,880
2 Bedrooms, 1 Bathroom, 1,100 sq. ft.
July 28, 2008
Nearly 60 days ago, Justin Wilcox made the headlines with a “reverse auction” on his home. Through a series of price reductions announced on his website, Wilcox has been lowering the price of his home, and he intends to keep doing so until he finds a buyer, or until he reaches his bottom line.
Originally listed at $499,900, the home has been reduced by a total of $60,000, or 12%. Now at $439,900, after 2 months on the market, there are still no takers. However, I think we’re just now getting into a price range where it’ll be interesting to see who flinches first–Wilcox or a buyer.
How does the Wilcox home compare? It is a 4 br/2.75 ba, 2,932 sq. ft. home on a third of an acre. This calculates out to about $150/sq.ft., which I have to admit, is starting to look like a good deal for a remodeled home complete with granite countertops, marble bathrooms, new paint, and new carpet.
Other homes currently for sale in the immediate area are considerably smaller:
20024 99th Ct NE
3 br/2.5 ba, 1,620 sq.ft.
Price: $425,000 ($262/sq.ft.)
MLS 28105368
20021 95th Pl NE
3 br/1.75 ba, 1,220 sq.ft.
Price: $359,900 ($295/sq.ft.)
MLS 28076761
9809 NE 202nd St
3 br/2.5 ba, 1,300 sq.ft.
Price: $395,000 ($304/sq.ft.)
FSBO
19726 100th Ave NE
3 br/1ba, 910 sq.ft.
Price: $299,950 ($330/sq.ft.)
MLS 28094701
The most recent sales comp is located roughly three-quarters of a mile away:
19805 82nd Pl NE
4 br/3 ba, 2,420 sq.ft.
Sold 6/08 for $429,330 ($177/sq.ft.)
