A little recap of our luxury real estate market throughout North America for September 2020. Click here to go to the report.
Location can often be more important than the home itself – while the interior can be changed to fit the homeowner’s vision, the natural surroundings generally remain the same. Of course, one can plant a beautifully landscaped lawn, but certain features, such as a seaside cliff or mature forest, can simply not be replicated. Fortunately, these homes offer these attributes and more.
The 20th Century saw numerous distinctive eras in terms of home architecture and design, varying from Tudor Revivals to Mid-Century Moderns. We take a look at several homes from the early to mid-1900s and marvel the great house trends of the past.
Check these homes out here!
Waterfront ownership: a unique lifestyle that many want to experience for the serenity and vacation-feel it brings. Whether you are looking for your future beachfront, want to assess value or simply understand your purchasing power along with the exclusivity of a potential destination & community, here is a detailed list of 2019 beachfront sales around the Greater Seattle Puget Sound area for you. Have fun discovering neighborhoods you may not even know of!
- Des Moines 3 sales from $1,175M to $1.782M
- Normandy Park 3 sales from $1.4M to $2.675M
- Three Tree Point 3 sales from $1,540M to $2.575M
- Shorewood 8 sales from $925K to $1.9M
- Magnolia/Ballard 3 sales from $1.3M to $6,670M
- Vashon Island 31 sales from $240k to $1.6M
- Bainbridge Island 37 sales from $655K to $4.25M
- Whidbey Island 77 sales from $240k to $1.475M
- Camano Island 52 sales from $215K to $2.625M
Set on sprawling grounds, this historic Colonial Revival home makes one’s feel part of a past era when craftsmanship meant allying aesthetic and durability. Built in 1918 and fully restored since, the sizable rooms, perfect for entertaining, extend onto patios and courtyards representing natural extensions of the main house. A serene setting overlooking Puget Sound, neighboring islands and the Olympic Range. While located a mere half hour commute to Downtown Seattle, the property offers a peaceful rest from city life.
From the main foyer elevated ceilings and stunning staircase, to the enfilade of rooms, the attention to finishes makes visitors and guests ponder: moldings, crystal chandeliers, antique light fixtures, patined oak hardwood floors, rich marble counters and beautifully appointed fireplaces. A home where one feels happy and at peace.
From the detailed work of door knobs to the stunning lines of the slate roof, the home was designed to stand the test of time.
Nestled in the waterfront community of Three Tree Point, the property is well known by its community residents for its striking architecture and estate qualities, with the sweet name of the “robin’s nest” due to its current Tiffany Blue color.
Walk across the street to reach a public (hidden) beach access. Three Tree Point enjoys a wonderful sandy beach at low tide as well as a “Harry Potter” walking trail also known as the Indian Trail great for strolls when the water is against the shoreline.
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With easy public transportation and a short drive between Seattle and Tacoma, Three Tree Point offers the ideal destination for beach lovers wanting a home allying convenience & retreat.
The community has a long standing tradition with Seattleites who used to come here to unwind and play in the water at the time when steamship was the only access. Today, its residents love its “tucked away” secret feel and its easy commute (Light Rail, bus, “Park & Ride”, 509 side freeway, and SeaTac international airport). The practicality and dramatic scenery make it a favorite destination along the Greater Puget Sound region.
Here you will experience tranquility combined with the soothing roll and cadence of the waves & tides that will make you forget that urban living is nearby. A fun corner of the world to observe wildlife: king fishers, eagles, seals, otters and the seasonal whales.
Finding the right home on the water can take years as a very limited number of properties ever come on the market and homeowners have a tendency to move only when downsizing, or searching for a different type of local waterfront. It is common for waterfront owners to “trade” their tram or walk-down properties for a drive-to access or a better-sandier beach. Among other desired features on the water: parking, sandy beach, private tidelands, deeded buoy…
This new listing offers the perfect combination of some of these key features. Affordable at $1,550,000, the property enjoys a drive-to level access; low maintenance & gated/fenced-in grounds; a perfect outdoor setting to enjoy the views and water with its davit to launch boat, jet ski and paddle board; a private sandy beach; a cozy interior and a sought-after 3-car garage and plenty of parking…
Contact us for a private showing at email@example.com, text or call at 206-214-8499.
Following three years of “steroid markets” around the Puget Sound area, what is in stock for this year? Alarming media news talking about recession… Let’s look at what local experts have to say. The predictions below were taken from Denise Lones’ “State of the market – Tomorrow’s market based on Historical Perspectives” and Matthew Gardner‘s (Chief economist at Windermere Real Estate) forecast.
2018 biggest issues
- Steroid market with peak prices in May
- Seller’s greed
- Homeownership rate declining due to affordability
- Inventory increasing
- Pending sales declining
- Local panic: upcoming recession?
2018 Seattle median sales prices rose 8.5% year over year to $765,000 for the year. Bellevue median sales prices reached $1.273 million. King County residential median price went from $630,000 in 2017 to $680,000 in 2018. Eastside residential price went from $865,000 in 2017 to $936,500 in 2018. (NWMLS Market Stats)
Sellers are having a tougher time to readjust to a more balanced market where overpricing a home doesn’t work anymore and results in “Freezer Burned Listings” as Denise would put it. In King County, as of 1/4/2019, 60.1% of all active listings had been on the market for over 61+ days while homes on the market for less than 14 days represented only 10.4% of the market share.
The home ownership rate has declined to 63.4% in 2018 due to affordability and the shortage of new constructions and distressed properties. A growing number of properties being purchased by investors who rent them out.
2019 real estate market: what to expect?
- Severe shortage of new constructions to continue
- Increase in land prices & labor costs
- Potential increase of loan interest rates to 5.5%
- New profile of buyers: Millennials & Baby Boomers
Millennials (born between 1981 & 1997) have surpassed Baby Boomers representing 75.5 million of people. Both generations seem to be looking for similar properties however. Baby Boomers are attracted by active lifestyles close to urban centers and areas with great walkability. As such, they are competing with millennials. 35% of millennials live with their parents and are getting married later in life due to high student debts.
Washington State and Seattle: strong economy
- Washington State ranks first in the U.S for exports per capita.
- Seattle is a leading trade partner with Japan and China.
- Flights from SeaTac Airport reach Asia 1-2 hours faster than from Los Angeles or San Diego
- Seattle is the Gateway to Asia (deepwater ports and international air hub). The Seattle-Tacoma-Everett port region is the Third largest container complex in the United States.
- Seattle is experiencing an aggressive population growth with an educated workforce, steady migration and investors flooding to the Pacific Northwest. Seattle is expected to gain 29,000 new residences per year for the next 4 years.
- Concerns: Washington state is the most vulnerable trade state because of its proximity to China. Trade wars? Drop in state exports to China were off nearly $600 million following back and forth tariffs with China.
What to expect?
- Homes are still in HIGH demand. Backlog of buyers is to return in the Spring.
- Better opportunity for buyers with more selections and better pricing yet higher interest rates
- Sellers have to finally sell at “market value”. We have hit the high point of the house appreciation run
- House prices will decelerate in certain markets
- Rents are high making investors happy to continue to invest
Why not to fear a housing crash?
- Foreclosures hit a 11 year low
- New construction not keeping up with the demand
- Homeowners have high equity in their homes
- Lending standards are tougher