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Lake Washington Waterfront Real Estate Under $1 Million

One of the interesting side notes of the decreased Seattle-area real estate prices in recent years is the availability of some luxury real estate at prices that were unthinkable in the not-too-distant past.  Lake Washington waterfront homes are some of the most-coveted properties in the Puget Sound region, and a few years ago were virtually all multi-million dollar purchases.Today, there are 10 homes for sale under $1 million on Lake Washington's shoreline, and a few significantly under that mark.The least-expensive waterfront homes usually reside on the Northern and Southern ends of Lake Washington, and these current listings fit that mold.  Cedar Park and Matthews Beach on the lake's Northwestern shore have five waterfront homes under $1 million, Seward Park and Rainier Beach in the Southwest have three homes, Kennydale in the Southeast has one, and Holmes Point in the Northeast has one.Address Prices Beds Baths SqFt14350 Edgewater Lane NE Seattle $699,000 1 1.3 1,27111523 HOLMES POINT Dr NE Kirkland $725,000 4 2 2,4603401 Lake Washington Blvd N Renton $829,000 1 1 9208454 Island Dr S Seattle $849,500 3 2 1,67012562 Riviera Place NE Seattle $865,000 5 2.5 2,4909640 Rainier Ave S Seattle $895,000 3 2.5 2,91010652 Riviera Place NE Seattle $939,000 3 1.8 2,00014730 Edgewater Lane NE Seattle $995,000 3 2.5 2,1801116 Lakeside Ave S Seattle $995,000 2 1 1,94014528 Edgewater Lane NE Lake Forest Park $999,900 2 2.8 1,770

Current Waterfront Seattle Real Estate Inventory

The greater Seattle waterfront real estate market has started seeing quite a few more listings as the Spring rush is on.  Considering sales are up 15%, waterfront sellers and buyers are probably making the calculation that the market has finally improved enough to test the waters again.There are currently about 200 waterfront homes for sale near Seattle.  For King County as a whole, there are nearly 300 homes, and adding Pierce and Snohomish counties brings the total to 617 waterfront homes for sale.  While those numbers sound large, waterfront homes usually only make up 2%-4% of the total inventory of real estate for sale.Current inventory (includes lakefront, Puget Sound, canal, and Bay waterfront):Seattle:  63 waterfront homesBellevue (including Medina, Yarrow Point, Hunts Point, and Beaux Arts):  39 waterfront homesKirkland:  22 waterfront homesMercer Island:  22 waterfront homesRenton, Kennydale:  12 waterfront homesLake Forest Park:  1 waterfront homeKenmore:  6 waterfront homesSammamish:  20 waterfront homesIssaquah:  6 waterfront homesRedmond:  8 waterfront homes

WSJ Discussion: Sales Climb, Prices Slip, Waterfront Sales Up

I had a chance to speak again this week with Mitra Kalita at the Wall Street Journal about the Spring real estate market, and they're seeing a wide variety of changes in the market.  While sales are up across the board, prices still seem to be slipping in many areas of the country.  That being said, the increase in sales volume is a welcome change, especially in the luxury and waterfront category.  We talked specifically about the 15% increase in waterfront real estate sales in Seattle and the Eastside to start the year, and how cash buyers and relatively low prices have really been moving the luxury category forward.Increased sales are needed to form a pricing base and settle the market into a flat pricing period.  We're headed that direction in waterfront home sales and the general market at the moment.WSJ Article - Sales up, prices slip, waterfront sales up


It appears that Zillow is ready to go public and has hired Citigroup to set it up for an IPO of $51.7 million.  Hat tip to Drew Meyers who predicted this move recently.Good luck to Spencer, Diane, Jennifer, Sara, Brad, et al, it ought to be an exciting year. http://seattletimes.nwsou ... ow19.html

Record $100 Million Home Sale: Luxury Real Estate Heats Up

The most expensive U.S. residential real estate sale ever was recently closed in Los Altos Hills, CA.  The $100 million home was sold to Yuri Milner, a Russian technology executive and investor.  The purchase, according to the Wall Street Journal, was a 50% cash down payment and 50% seller-financed.Source:  Wall Street JournalThe home, finished in 2008, has over 30,000 sq ft  of space and is a limestone mansion inspired by an 18th-century French chateaux.  From its private location, it has views of the San Francisco bay, and is located near the Silicon Valley where the previous owners made their technology fortune.This sale is another bellwether for the burgeoning luxury real estate market in the United States.  After recent years of dismal sales, 2010 and 2011 have shown striking increases in luxury home sales across the country.Locally, sales of waterfront and luxury homes are up across the board.  We've seen sales of multi-million dollar homes double in 2010, and the trend seems to be strengthening in early 2011.  Prices have adjusted significantly in the past five years, and we're seeing real excitement from luxury buyers in recent months.While marketing times for these unique luxury properties can many times be one to two years or more, the pace of sales has also quickened.  At the end of 2010, we saw a half-dozen waterfront homes on Mercer Island sell in less than two weeks on the market.  These are million-dollar-plus homes, and that pace of selling would have been unheard of in past years. 

Kennydale Waterfront Homes on Lake Washington - Recent Sales

The Kennydale neighborhood has some of the most-affordable waterfront homes on Lake Washington.   Although the neighborhood just covers a few streets of waterfront, it provides a nice price point for traditional single-family homes with moorage.  The pricing for Kennydale waterfront homes is similar to Cedar Park waterfront on Seattle's north end and a couple of notches higher than Rainier Beach area homes on the South end. The limited size of the neighborhood doesn't give us a plethora of sales data, but most waterfront homes sell between $1 million and $3 million, depending on size and lake frontage.  Most homes are traditional single family homes, although there has been the development of the Barbee Mill project which includes some new construction "duet" or "twin" homes with one shared wall.There are currently four homes for sale on Kennydale's waterfront, with two under $1.5 million and and two over $2.5 million, including one bank-owned home.Kennydale – Lake Washington Waterfront Homes – Recent SalesAddress Price Beds Baths Sq Ft3707 Lake Washington Blvd N $1,250,000 4 3.5 4,0905117 Ripley Lane N $1,400,000 5 2.8 3,4144113 Williams Ave N $1,600,000 3 3.8 3,550