Mercer Island North End-SOLD

This rare street-to-water property on 80 feet of prime, Lake Washington waterfront on the north end of Mercer Island was sold in February.  The home offers glorious views of the North & East, including those of the Cascade Mountains, the Bellevue skyline, and the picturesque, meandering shorelines of Medina, Bellevue and the North End of Mercer Island.   The 3 bedroom, 2.5 bathroom 2,970 sf home is Just 10 minutes to Seattle with convenient freeway access! The home also has an extremely large, covered moorage. The home is outstanding and spacious, and a perfect remodeling opportunity.  It also sits on two lots, ideal for investment and/or development.  Click here to search Mercer Island homes for sale. 

Status: Sold
Listing Price: 3,595,000
Bed/Bath: 3/2.5

 

Mercer Island Home-Sold

This 2,700 sf home on Mercer Island was sold last week by an agent out of our Distinctive Home Shop in Mercer Island.   It is in a prime location on the West Side at the North end which means it has great Lake Washington views.  Located on a dead end street in the First Hill neighborhood, the home has 4 bedrooms, 1.75 bathrooms and a recently updated kitchen.  The lot is level and 12,000 square feet large with real value in the land and location.  The home is just minutes to downtown Seattle and Bellevue, has been well cared for and is a great project and/or rental investment.  Search more Mercer Island homes for sale by following the link.

Status: Sold
List Price: $749,000
Bed/Bath: 4/1.75

Seattle + Real Estate News – Valentine’s Day

Downtown Seattle

Residential Seattle Real Estate:  NBC’s TODAY has an article featuring five homes from New York to Kentucky to California comparing what $450,000 can get you.  One of the homes is a duplex in Leschi that is currently under contract.

The Good

Residential Seattle Real Estate:  Despite bad reports about the residential market, there are signs of life.  According to KOMO news, reports are sales in January have been strong.

The Bad

Residential Greater Seattle Area Real Estate:  According to Zillow, over 1/3 of homes in King, Pierce, and Snohomish county are underwater – owners owe more than the house is worth.

The Ugly

Residential Seattle Real Estate:  If you live in Seattle, your property taxes are probably going up this year.  On average, property taxes are going up 8% within the Seattle city limits mainly because Seattle (who loves taxes) voted in a couple tax levies and the assessed value on average went up slightly.

Residential Financing:  An article in the Puget Sound Business Journal looks at how our local banks will likely weakened if Fannie and Freddie wind down.  The gist is local banks need Fannie and Freddie more than larger banks because the local banks do not have the resources to lend as much unless they can sell their loans to Fannie and Freddie.

Commercial National and Seattle Real Estate:  According to the article Consulting Specifying Engineer, commercial properties in the United States sold for 20% in 2010 than they did in 2009.  The article says Seattle is one of several cities that should see prices rise for commercial real estate this year.

Seattle Rental News:  The report is somewhat old news (I think the report came out a month ago) that Seattle is cheaper to rent than buy according to Trulia.  Meaning if you live in Seattle and pay $2,000/month rent you will have a nicer place to live than if you pay $2,000/month mortgage.  What is new to me is I ran across this map of cities where it shows the different cities where you should buy and where you should rent.  Of course, there are many factors to consider when deciding to rent or buy, but this map is still interesting.

For those who care:  Ashton Kutcher’s Hollywood “Bachelor Pad” is for sale for $2.6 million.

Will Amazon Lease?

The Puget Sound Business Journal (PSBJ) reported that Amazon may take part in what could be the largest leasing deal of the year.  Amazon.com could lease up to 500,000 sf  in the Schnitzer West building in Downtown Seattle’s 8th Avenue.  Amazon’s primary campus is on South Lake Union,  only a few blocks from Schnitzer West.  This rumor has not yet been confirmed by Amazon or OfficeSpace.com.  Seattle has been seeing high commercial vacancy rates, and if this deal happens, it will put a big dent in those numbers.

New in West Seattle

Harbor Properties is reportedly moving forward with two residential projects that had been previously  on hiatus.  The projects will be affordable housing complexes, the Link apartments on 38th Ave. SW. and and another yet-to-be-named project at 36th Avenue and Snoqualmie Street.  The Link building will have 195 units, a rooftop P-Patch and possibly, a yoga studio.  The complex is scheduled to open in early April.  The latter project will have 63 units which they expect to begin construction on by the end of the year.   The two West Seattle apartment buildings will have a combined price tag of approximately $54 million.

Seattle + Real Estate News – Feb 4th

Seattle Real EstateLike always there has been a lot of interesting news about the Seattle real estate market as well as the nation.

Greater Seattle Residential Real Estate News:  I saw this blog on the Seattle P.I. about some good and bad news in the local real estate market.  The blog basically quotes someone saying that distressed properties coming on the market will put a downward push on home prices, but sales numbers are close to last year which is good since the market was artificially pushed up by the tax credit in 2010.

Greater Seattle Residential Real Estate Predictions:  On SeattleBubble.com, they have some knowledgable people making predictions on the Greater Seattle real estate market.  General opinion is prices will be down between 2% and 10%.

National Residential Real Estate News:  The Obama Administration is likely to recommend lowering the limit for mortgages that are backed by the government.  According to the article, the limit would be lowered from $729,750 to $625,000, but these limits are only applicable to certain areas in the United States.  The limits in Seattle have been around $560,000.  If this recommendation is put into practice, it seems that the Seattle area may not be affected.

Very Sad News of Killing of Guard:  By now, everyone knows the inmate at Monroe Correctional Complex killed a female guard and everyone knows of his violent past.  But what might be lost in this was the inmates 3rd strike that put him in for life was when he kidnapped and raped a real estate agent outside of Spokane after telling her he was interested in seeing homes.

Seattle Commercial Real Estate:  A large Fisher Communications shareholder is upset with the leadership of the company.  It seems the mistrust from the shareholder, Four Front, came when Fisher recently rejected what it called a “bona fide offer” by Canada’s Huntingdon Real Estate Investment Trust for $211 million.  In addition to real estate, Fisher owns TV and radio stations in the Seattle area.

Bellevue Commercial Real Estate News:  Big deals are done in our area – real big.  When the two Bravern Office Towers recently sold for $410 million it was the 8th largest real estate deal in the Western Hemisphere in 2010 and the 24th largest in the world according to a commercial real estate study by Real Capital Analytics.  The Seattle area is the 26th busiest commercial real estate market per the same study.

Apartment Buildings:  With the real estate market slow, apartments are doing well across the country according to the Wall Street Journal.

Seattle Commercial Real Estate:  Seattle Times sold its building at 100o Denny and will be the main tenant, consolidating departments from a nearby building that was the Seattle Times headquarters for 81 years.

$2 Million Price Drop for Seattle Area Home

The Highlands Seattle

Arthur Erickson Home - Huge Price Drop

The Highlands home is recognized among the most significant homes, not only in Shoreline / Seattle area, but in the Northwest.  The Arthur Erickson designed residence on 8+ acres in The Highlands is a masterpiece of space and light.  Now the home is available for sale for almost $2 million less than the previous asking price.  The price recently dropped from $6,900,000 to $4,995,000.

The over 7,000 square foot home has tall luxurious white polished concrete walls and glass ceiling while surrounded with a beautiful backdrop of tall trees and views of the mountains and Puget Sound.  In addition, hidden away on the 8+ acres is a 1,700 square foot James Cutler guesthouse.  Click link to read more about The Highlands home.

Status For Sale
Price $4,995,000
Bed/Bath 4/6