Puget Sound Real Estate – Looking Back And Projecting Forward for 2013

The Northwest MLS tallied a busy December 2012 as First-time buyers and investors return.
Home buyers around western Washington made offers on 5,314 residences during December, outnumbering the 3,857 owners who listed their homes for sale.
The imbalance helped push up prices and further thin the already depleted inventory.
While the expected seasonal slowdown occurred in December, determined buyers were undaunted by sparse inventory and record breaking rainy days, according to December statistics from the Northwest Multiple Listing Service.
This is a unique housing market, and there is nothing normal about the combination of factors fueling the current market.
MLS members reported 5,314 pending sales of single family homes and condominiums last month for a modest year over year increase of 1.5%
That volume of mutually accepted offers fell from November’s total of 6,522 but far exceeded the number of listings, 3,857, that members added to the MLS system during December.
It also marked an unprecedented fourth straight month when pending sales outnumbered new listings.
MLS members tallied 5,267 closed sales during December, out-gaining the same month a year ago by 526 transactions for an increase of about 11.1%.
The 2012 total of 64,624 closed sales was 14.8% higher than the volume reported for 2011.
Brokers expect the housing market rebound to continue, while cautioning sellers to refrain from becoming too greedy and expressing hope for “controlled natural growth” to sustain the recovery.
They also believe distressed properties, rising rents and re-engaged investors will have an impact on activity for the foreseeable future.
Many buyers are no longer considering short sales or bank owned property because of the uncertainty and complexity of those transactions, opting instead to focus on non-distressed listings that would likely close in a more reasonable and more predictable time frame.
As time goes by the short sale and bank owned home will become more and more of an investor target.
Even with distressed properties (and the lower prices they usually fetch) being part of the mix of sales, median sales prices are edging up. Last month’s buyers paid more for their home than purchasers of a year ago, and the number of properties sold for a million dollars or more jumped nearly 56%, rising from 68 in December 2011 to 106 in December 2012.
The median price area-wide was $255,000, up 13.3% from twelve months ago when the price was $225,000.
Prices rose by double digits in ten of the 21 counties in the Northwest MLS service area. Homes and condos that sold in King County commanded the highest prices at $342,000, reflecting a gain of more than 17.5%.
Nationally home prices rose by 7.5% annually and for the 13th consecutive month
For single family homes (excluding condos), the median selling price rose $30,000 system wide (about 12.8%) climbing from $235,000 a year ago to $265,000.
In King County, the median sales price of a single family home jumped nearly 18.8%, from $320,000 to $380,046.
Within the county, the biggest increases on single family homes that sold were reported in Skyway/Bryn Mawr area (up 89.8%)
Central Seattle (up 50.2%)
Vashon (up 35.6%)
Bellevue west of I-405 (up 28.6%)
Burien-Normandy Park (up 26.9%)
Prices and the number of multiple offers may be rising in part because of shrinking inventory.
At the end of December, there were only 17,718 properties for sale, which compares to 26,630 active listings for the same time a year ago. (down 33.5%)
In Snohomish County, year over year inventory was down more than 53%, while in King County the selection was about half the year ago levels: 3,801 listings versus 7,472.
Looking ahead, many brokers expect a strong market in 2013, with some expressing concern about “frenzied bubble growth”.
Last year was the best year in real estate for both buyers and sellers since 2007, with better pricing for homes, lower interest rates than ever recorded in history, and best of all, the opinion that the market has finally bottomed.
Those factors combined to start a buyer frenzy from February to mid-August.
We fear another “perfect storm” with double digit appreciation will return, but prefer “controlled natural growth” as the best recipe for long term economic stabilization, “not frenzied bubble growth with no foundation for support”.
Low unemployment, less inventory, low interest rates and rising rents are among factors that will create a strong housing market in 2013.
The return of first-time buyers who find it is becoming cheaper to own than rent and the imminent multi-billion dollar settlement involving foreclosure mishandling by 14 banks also bode well for a more balanced recovery.
An example of that is a $367,665 loan closed in December has a payment of $1,600 per month on a house that would rent for $2,395.
Another positive indicator brokers noted is improving builder confidence. It recently rose to its highest level in more than six years, according to a National Association of Home Builders (NAHB)/Wells Fargo survey released in December.
Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to NAHB research.
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Real Estate and Pinstamatic – spotlighting made easy

Don’t feel limited to just graphics and video on Pinterest. Need a great way to stand out from the crowd? When it comes to real estate marketing and exposure, there is a great tool which offers ease of posting and great exposure to properties you are trying to sell.

Posted in Bellevue Waterfront Properties, Custom High End Real Estate Puget Sound, General Real Estate Information, Home Buying, Home Selling, Luxury homes, Medina, Pinterest and Pinstamatic Marketing, WA | Tagged , , , , , , , , , | Leave a comment

Lake Sammamish – Issaquah Custom Home just minutes from downtown Bellevue, WA

Issaquah is a medley of natural beauty, thriving businesses, fourth-generation residents, newcomers, a century-old downtown, new shopping centers, office buildings, and parks and open space. Located only 14 miles from downtown Seattle, Issaquah serves as the gateway to the foothills of the Cascade Mountains, as well as a
primary I-90 business and transportation corridor. Since it was established in 1892, Issaquah has grown to 11.38 square miles and 30,434 people (U.S. Census 2010). Much of this growth has occurred since 1990, when the
City began annexing several large areas including Grand Ridge (Issaquah Highlands), East Village (Talus), Providence Point and South Cove/Greenwood Point. As of May 2008, there are approximately 4 square miles of Potential Annexation Areas remaining to be annexed with an estimated 11,000 additional people who could reside in Issaquah by 2022. Two of the areas annexed in 1996 (Issaquah Highlands and Talus) were established as Urban Villages.

Combined, these two developments will contain almost 5,000 housing units at build out. This growth will continue contributing to the City’s growth target (required by the state) of an additional 5,750 housing units by 2031.
Issaquah’s daytime population (thanks to employment) has also grown. Large companies such as Costco, Microsoft, Boeing, Siemens and Home Depot have all located here.

With more than 1,566 acres of open space and recreational land located within the City limits, Issaquah has the second highest per capita park acreage in King County (based on the 2008 King County Benchmarks Report). Issaquah’s parks and open spaces are highly valued for what they add to the City’s quality of life.

Custom homes near Lake Sammamish

Listed @ $2,000,000

Home's map locationEntry way Open Living Room & ViewLake Sammamish KitchenCustom wood kitchenBeautiful Den and viewSoaker tub and master bathLake Sammamish view from master bath2nd Bedroom with external accessEntertainment area - Lake Sammamish Custom HomeEntertainment room wet barRecreation and home entertainment areaGreat views of Lake Sammamish Custom and unobstructed views of Lake Sammamish

 

Immaculate custom residence features stunning panoramic views of Lake Sammamish & Olympic Mountains from all levels. Perched high atop a bluff, this signature home is accessed by a private gated estate-style lane that winds up through deep forest to a truly one-of-a-kind setting. The breathtaking house includes unparalleled craftsmanship including soaring ceilings & expansive windows. Impeccably designed for owners that demand the utmost in private luxury living just a few minutes from downtown Bellevue.

 

$2,000,000Immaculate custom residence features stunning panoramic views of Lk Sammamish & Olympic Mtns from all levels. Perched high atop a bluff, this signature home is accessed by a private gated estate-style lane that winds up through deep forest to a truly one-of-a-kind setting. The breathtaking house includes unparalleled craftsmanship including soaring ceilings & expansive windows. Impeccably designed for owners that demand the utmost in private luxury living just a few mins from downtown Bellevue.

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Search All homes in the region at http://www.shopseattleareahomes.com/

Mark Cardon

Listing courtesy of Windermere R.E. Northeast, Inc

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Before you buy a home – INSPECT!

Inspections prior to purchase of homes is imperative

Questions to ask your home inspector

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Puget Sound – New Homes – A Mercer Island spotlight of a dream home work in progress

Design Guild Homes – Mercer Island Custom New Home

Design Guild Homes, founded in 1976, was the vision of George Glass, whose company soon captured the imagination and acclaim of the Northwest’s most discriminating homeowners. The passion for excellence that brought George Glass and his client’s homes to national recognition today is the hallmark of his sons, Joel, Steve and Tom Glass, the seasoned principals and hands-on management of Design Guild Homes. The three brothers not only grew up in the business, but brought it specialized training and skills ranging from art and design to finance and operations expertise. Each is directly concerned with and responsible for each client relationship and each home we create. Their talents, values and knowledge, coupled with long-standing partnerships with carefully selected vendors and a team of experts in design, architecture, financing, construction, landscaping, materials and amenities, are the key to maintaining quality, on-time schedules, cost effectiveness and efficient project planning, as giving each client both an exceptional experience and a stunning new home. With Design Guild Homes your personal vision and desires are in good hands.

Design Guild Homes - Custom New Home on Mercer Island floor plan

Design Guild Homes - Mercer Island New Home Floor Plan

Upper Level Floorplan

 

Mercer Island New Home Map

Mercer Island – South off of I-90

 

$2,285,000
Westside views & presale opportunity offered by Design Guild Homes. A dramatic presence,blending timeless design & northwest contemporary styling. Grand Two-Story Entry & Living Room;striking circular staircase.Gourmet Kitchen adjoins a casual eating nook & family room,opening out to wonderful covered four-season patio with fireplace.Luxurious upstairs Master Suite with lake views,his & her’s vanities,fireplace.All bdrms with ensuite baths.Den,upstairs bonus,Media(5th BR opt);Den & Wine Rm.

Click here to see all photos and all details

Search All homes in the region at http://www.shopseattleareahomes.com/

Mark Cardon

Listing courtesy of Coldwell Banker Bain

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Posted in Custom High End Real Estate Puget Sound, General Real Estate Information, Home Buying, Luxury homes, Mercer Island Homes, Puget Sound Homes, Seattle Homes for Sale, WA, Washington Real Estate | Tagged , , , , , , , , , | Leave a comment

Top of the Summit – Bellevue, Washington Real Estate

$1,265,000

Top of the Summit. Expansive marble foyer welcomes you in. High ceilings and dramatic sweeping stair-case, spacious formal dining room with French doors leading to the large deck and Cascade views. Cooks kitchen with Granite Island, dual staircases, large walk-in closet and Jacuzzi. Warm family room with brick fireplace-(gas insert). Built in Bose Sound system and TV sets. Sprinkler sys, built-in Vacuum Sys, 6000 Watts Emergency Power Gas Generator.

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Mark Cardon

Listing courtesy of Skyline Properties, Inc.

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Posted in General Real Estate Information, Home Buying, Luxury homes, Puget Sound Homes, Seattle Homes for Sale, The Summit - Bellevue, WA, Washington Real Estate | Tagged , , , , , , , , , | Leave a comment

Luxury new home community – panoramic views of Seattle, Puget Sound and the Olympic Mtns!

$1,134,950

CamWest A Toll Brothers Company presents Belvedere: A luxury new home community featuring panoramic views of Seattle, Puget Sound and the Olympic Mtns!The Brothers Plan on Home-site 15 features 5+ beds, bonus,4 baths, Study, Bonus rm, Rec rm and 4 car garage. CamWest is known for their Distinct Neighborhoods, Unique Homes, Customization & Excellent Service!Home-site 15 is apprx 14,997sqft. Enjoy this Beautiful Community with the Cougar Mountain Regional Park as Your Backyard!

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Mark Cardon

Listing courtesy of Toll Brothers Real Estate, Inc

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Posted in General Real Estate Information, Home Buying, Hunt's Point, Washington real estate for sale, Luxury homes, Mercer Island Homes, Puget Sound Homes, Seattle Homes for Sale, WA, Washington Real Estate, Yarrow Point, WA - Residential Properties | Tagged , , , , , , , , , , , | Leave a comment

Classic Medina Home on Lake Washington

$5,300,000

Expansive views & privacy in the heart of Medina. Enjoy 105 ft of south-facing beachfront, looking out to snowcapped mountains, Lake Washington, & nearby cities. Sited on almost 3/4 of an acre, mature lawns provide privacy for the ultimate in serenity & quiet. Clean lines & walls of windows reflect sparkling blue waters in this mid-century modern rambler. Entertain on the view patio leading out to the private dock. A once-in-a-lifetime opportunity on one of the most desired streets in Medina.

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Search All homes in the region at http://www.shopseattleareahomes.com/

Mark Cardon

Listing courtesy of Windermere Real Estate Co.

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Posted in Bellevue Waterfront Properties, Custom High End Real Estate Puget Sound, General Real Estate Information, Home Buying, Investment Real Estate, Luxury homes, WA, Washington Real Estate | Tagged , , , , , , , , , , , , , , , , , , , | Leave a comment

Hunts Point, WA homes for sale

$11,700,000

Northwest Perfection. Cross the threshold of this gated estate and wrap yourself in luxurious building materials. Natural stone, genuine Stucco and hand trawled hardwoods set the precedent for fine waterfont living. This home adheres to tradition. Tasteful statements throughout – The waterside Master Suite on Cozy Cove, honed granite counters of the main floor Kitchen, even the security and media displays lend to the sense of privacy, safety and peace of mind. Private showings upon request.

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Search All homes in the region at http://www.shopseattleareahomes.com/

Mark Cardon

Listing courtesy of Windermere Real Estate/East

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Posted in Bellevue Waterfront Properties, Bridle Trails, Bellevue WA, Clyde Hill, Custom High End Real Estate Puget Sound, General Real Estate Information, Home Buying, Home Selling, Hunt's Point, Washington real estate for sale, Luxury homes, Puget Sound Homes, Seattle Homes for Sale, WA, Yarrow Point, WA - Residential Properties | Tagged , , , , , , , , , , | Leave a comment

Seattle Region September Home Sales

Seattle-area home sales rose above a year earlier for the 12th consecutive month in September, reaching the highest level for that month in five years. The median sale price rose year-over-year for the sixth consecutive month. The median has risen because of price hikes as well as a big shift in market mix, where activity in mid- to high-end neighborhoods has picked up at the same time foreclosure resales and sub-$200,000 deals have declined sharply, a real estate information service reported.

A total of 3,988 new and resale houses and condos closed escrow during September in the Seattle-Tacoma-Bellevue metro area encompassing King, Snohomish and Pierce counties. September’s total sales fell 19.2 percent from the month before and increased 6.1 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

A dip in sales between August and September is normal, with that decline averaging 11.1 percent since 1994, when DataQuick’s complete Seattle-area statistics begin.

The number of homes sold this September was the highest for that month since September 2007, when 4,577 homes sold. However, this September’s sales total was still 21.8 percent below the average number of homes sold during the month of September since 1994.

The Seattle-area resale market – existing single-family houses and condos combined – posted a 5.2 percent sales gain from a year earlier, while sales of newly built homes logged a 12.2 percent increase. September sales of new Seattle-area houses and condos combined were the highest for that month in three years.

The year-over-year increase in total September sales was the result of more activity above $200,000. The number of homes that sold for less than $200,000 fell 15.5 percent from a year earlier. Sales above $200,000 rose 19.6 percent, while $300,000-plus sales rose 30.2 percent from a year ago. The number of homes that sold for more than $700,000 rose 22.1 percent year-over-year.

Buyers paid a median $294,480 for all new and resale houses and condos sold in the three-county Seattle area during September. That was up 1.5 percent from the prior month and up 13.5 percent from a year earlier. The median began rising on a year-over-year basis this April, following 20 consecutive months of year-over-year declines.

September’s median was 19.4 percent lower than the Seattle area’s peak $365,200 median in June 2007, and it was 23.7 percent higher than the post-peak trough of $238,000 in January this year.

Another key price measure, the median paid per square foot for resale single-family detached houses, held at $176 in September. That was the same as in June, July and August, and up 11.4 percent from a year earlier. The median paid per square foot has risen year-over-year for five consecutive months, following 20 straight months of year-over-year declines. The September figure was 26.4 percent lower than the peak $239 median paid per square foot in June 2007.

At the county level in September, the median price paid per square foot for resale detached houses rose to $223 in King County, up 7.7 percent year-over-year, while it increased to $117 in Pierce County, up 4.5 percent from a year ago. Snohomish County’s median paid per square foot rose to $163, up 12.4 percent from a year earlier.

Distressed property sales – foreclosure resales and “short sales” combined – represented roughly 34 percent of the Seattle area’s resale market in September, down from about 46 percent a year earlier.

Foreclosure resales – properties foreclosed on in the prior 12 months – represented 10.8 percent of the resale market in September. That was down from 29.1 percent a year earlier and it was the lowest level for any month since foreclosure resales were 10.4 percent of the resale market in October 2008.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 23.4 percent of the Seattle-area’s September resales. That was up from an estimated 17.0 percent a year earlier.

In September, lenders foreclosed on 611 single-family houses and condo units in the Seattle region, down 41.0 percent from a year earlier. During the first nine months of this year, 5,010 homes were foreclosed on in the Seattle area, down 51.5 percent from the same period last year. The figures are based on the number of Trustees Deeds filed with county recorder offices.

Absentee buyers – mainly investors – accounted for 15.9 percent of the Seattle area’s September home sales, down from 16.7 percent a year earlier. Absentee buyers paid a median $219,500 in September, up 12.6 percent from a year earlier. While many of these buyers are investors, they can include second-home buyers and others who indicated at the time of sale that the property tax bill would be sent to a different address.

Many investors are among the cash buyers, who accounted for 22.7 percent of September home sales, up from 19.9 percent a year earlier. Cash buyers paid a median $247,531 in September, up 18.5 percent year-over-year.

In September, 19.0 percent of Seattle-area purchase mortgages were government-insured FHA loans, a popular, low-down-payment choice among first-time home buyers. That was down from an FHA share of 23.5 percent of home purchase loans a year earlier, and the lowest since it was 19.0 percent in June 2008. The region’s FHA level peaked for the current housing cycle at 39.9 percent in October 2009.

Seattle-Tacoma-Bellevue, WA MSA

Number of sales Sep-11 Aug-12 Sep-12 YOY %Chng
Resale houses 2,679 3,514 2,781 3.80%
Resale condos 587 740 655 11.60%
New homes 492 680 552 12.20%
All homes 3,758 4,934 3,988 6.10%
Median sale price Sep-11 Aug-12 Sep-12 YOY %Chng
Resale houses $265,000 $300,000 $301,050 13.60%
Resale condos $180,125 $196,500 $208,500 15.80%
New homes $298,110 $329,950 $334,454 12.20%
All homes $259,560 $290,000 $294,480 13.50%

Real Estate Professional

Posted in Bellevue Waterfront Properties, Bridle Trails, Bellevue WA, Clyde Hill, General Real Estate Information, Home Buying, Home Selling, Hunt's Point, Washington real estate for sale, Mercer Island Homes, Puget Sound Homes, Seattle Homes for Sale, WA, Yarrow Point, WA - Residential Properties | Tagged , , , , | 1 Comment