South of Des Moines, lies the charming community of Redondo. Walk on the promenade and the boardwalk, fish from the pier, enjoy a delicious meal of seafood at Salty’s (a local institution) or simply watch the sunset over the Olympics.
A great recap of what is in store for our 2018 real estate market by Matthew Gardner, Chief Economist at Windermere Real Estate.
Upcoming bubble or no bubble?
Over 16 acres of glorious forest, streams and views. Along the shores of Puget Sound, within a 30 to 40 minute drive to Downtown Seattle, lies this beautiful property which includes two tax parcels: #3222049115 & #3222049019. A rare opportunity to build one’s spectacular retreat steps away from the quaint community of Redondo: its boardwalk, restaurants and beach.
Hard to believe, while hiking through the lush vegetation that, close by, lies a thriving and bubbling metropolis well-known for its fast pace and cutting-edge technology.
Land bank, secluded retreat, private home with cool modern architecture, serene spa, trails and cabins? So many potential options for this superb property which reflects so well the true spirit of the Great Pacific Northwest.
The land is abutting another 10+ acre property destined for a 36-high-end home development. Click here to get the detailed listing. Purchasing both pieces, would mean a total of 27 acres. The upper parcels could be turned into a luxury contemporary development while the lower ones (listed here) be used as serene retreat with trails and community house. Many options!
Seattle: an incredible place to live, play, eat and work. Check out this video on the Emerald city. You will find it educative and fun.
If you have ever wandered through France and its Loire Valley countryside with its deep forests, laughing streams, charming historic villages and spectacular castles, this estate will remind you of these cherished peregrinations or simply make you dream.
Built above Puget Sound with endless views of the shimmering water, the Olympics snowy summits and the wild islands across the channel, this 1937 fairy tale estate will transport you in a different time and place.
Open the wrought-iron lion gate, follow the tree lined-driveway along lush gardens, espalier apple trees and discover this delightful manor surrounded by stone patios, fountains, courtyards & arbors.
Inside a feeling of warmth and refinement allied to modern comforts: venetian chandeliers, stately marble & stone fireplaces, curved railing & Provencal kitchen. The sunken living room soothes of elegance with its historic flavor. Four priceless oil murals speak of shepherds and pastures transporting you into the 18th Century Europe.
From every room, doorway and window, catch a glimpse of the incredible outside world and its natural beauty. Come visit this spectacular estate that will take your breath away only a short distance from Downtown Seattle, WA. $2,650,000.
Within a mere 35-minute-drive to Downtown Seattle, rests this incredible 1.2 acre gated estate perched above Puget Sound: a graceful 6300 square foot home with endless views where time seems to stand still. As the wrought-iron gate opens and the property reveals itself, one cannot help but fall under the spell. Built in 1929, the main house offers generously-sized rooms including an expansive living room; perfect Vintage details such as luxurious mahogany millwork, crystal chandeliers, original glass door knobs, period tile work, coved ceilings; beautiful hardwood floors (well-protected under the plush carpeting) and walls of picture windows/doors to capture incandescent sunsets & wild storms.
Each of the four master en-suites has its very own flavor and scheme giving a dramatic yet fun dimension to the home “the blue velvet master”, “the vibrant pink room”, “the soothing white guest bedroom” and “the hip orange-golden room”. The lower level represents THE quintessence of entertaining between the built-in bar & its kitchenette, the game room, the workshop and the gigantic rec room open to the brick patio, heated pool & cabana.
An easy walk down to the private 180′ beach. Explore the grounds, pick apples, plums and berries from the orchard, take tea under the gazebo, breath in the salty air from Puget Sound, watch bald eagles fish right before your eyes… in a word experience the best of the Great Northwest in this bit of hidden paradise!
Each year I take time to review what has happened during the year and to look forward to predict what is in store for real estate. Below are my predictions for the 2017 real estate market, based on data that was available at the time this was written:
Median Sold Prices – Home prices will continue to increase nationally by single digit numbers, about 5%. However, urban metro areas with high employment or that are in high demand by Millennials may still see increases at 10% or above. According to the National Association of REALTORS®, October’s national median price for existing single family homes was $232,200, which represented a 6.0% increase over October of 2015 (which was the 56th consecutive month of year over year gains). National inventory shortages coupled with high demand will continue in 2017.
Housing Inventory – Although there are improvements in this category, it will take more than just a year for the situation to turn around. Our inventory shortage was caused by a shortage of housing starts that began during the recession. We will continue to see inventory challenges until new construction picks up even further. I predict that more buyers will be entering the market for a home as our economy is strong with low unemployment. According to the Bureau of Labor Statistics, the national unemployment rate stands at 4.6% for November, 2016, which is the lowest it has been since August of 2007. High demand and low new construction means a continued inventory crunch.
Housing Starts – Housing starts (the measure of homes that began construction) jumped from 900,000 in 2015 to 1.3 million in 2016. Although this is a welcome increase, it is still not enough to quench the demand. Our country needs about 1.5 million new starts per year to maintain inventory, but since 2009, we have been short a cumulative 5 million units. This is one of the primary causes of our inventory shortage and what is driving prices up – demand outweighs supply. In 2017, I predict that builders will finally surpass the 1.5 million start target and our inventory shortage will begin to wane by mid-2018.
Second Home Markets – Investment and vacation homes markets will continue to be strong in 2017. The passing of wealth from the Silent Generation (1925-1945) to the Baby Boomer Generation (1946-1964) is a strong driver of vacation home purchases. Investment properties are a hot commodity, especially in urban areas where rents are skyrocketing due to a shortage of housing.
Interest rates – The improving economy and almost full national employment is a sure sign that interest rates will continue to increase in 2017. The new rates will balance job growth and higher inflation rates. The Federal Reserve increased interest rates a quarter of a percentage point at its December meeting. The federal fund rate has a significant effect on mortgage rates. I expect the 30 year fixed rate mortgage rate will reach 4.75% by the end of 2017.
A big thank you to the New York Times to feature one of our waterfront listings earlier this year.