Homes for Under a Million

The Seattle real estate market continues to be one of the hot topics in the nation.  As prices rise and inventory remains low, many first-time home buyers are in bidding wars for their dream home (or close to their dream home). Queen Anne has become Seattle’s first neighborhood to have a median home price of $1 million dollars and Capitol Hill is not far behind at $890,000. Condominium sales are also struggling with inventory, down 24 percent from a year ago. The median sales price for condos last month was $328,675, which is an increase of 9.6 percent from a year ago. Some think there is no chance of finding a home under a million dollars, but here are some for you to consider!

3030 80th Ave SE, Mercer Island

Available for $499,950

20012 27th Dr SE, Bothell

Available for $700,000

2721 1st Ave, Belltown

Available for $309,000

3116 164th St SW, Lynnwood

Available for $255,000

Ewing and Clark is Seattle’s oldest real estate company. Our agents are experts in the market and have been for many years. Contact us today and we can make the home buying process feel like a breeze.

Tour the Bloxom Residence with Historic Seattle

Bloxom

On Saturday, May 21st, join Historic Seattle on a tour of the Bloxom Residence.  The home was designed by Arthur Loveless and completed in 1928.  Loveless was a local architect who moved to Seattle in 1907 after dropping out of Columbia University, where he had studied architecture. During the 1920s, Loveless became highly regarded locally for a series of impressive residential commissions he completed in a distinctive Tudor Revival style. With its half-timbering, hanging tiles, projecting gables, massive chimney blocks, and asymmetry, the Bloxom residence fits tidily within Loveless’ oeuvre.

The Bloxom Residence was built in a planned community developed by David Whitcomb, Sr., which is today known as Woodway.  Whitcomb’s vision was of a woodland residential community with easy access to the city along Pacific Highway. The sales of lots came with setback requirements, a prohibition on subdividing lots to less than two acres, and a prohibition on building more than one home on each two-acre lot. The intent was to maintain breathing space and the country-like atmosphere in perpetuity, preventing the kind of development that inevitably destroyed that peacefulness in city homes.

Whitcomb’s original vision can still be seen today in the Bloxom Residence and its grounds. Despite changes subsequent owners have made to the property, the house retains its original English-manorial character and still sits in a landscape of ponds, formal and cutting gardens, and a great lawn that spreads out to a bluff overlooking Puget Sound. Lindsey and Carolyn Echelbarger, present owners, have enlarged the kitchen, relocated the dining room and repurposed the original dining room into a den, added custom oak paneling and built-ins and made other improvements both indoors and out. The walls showcase an outstanding collection of work by early 20th century Pacific Northwest regional artists.

For more information about this event – http://historicseattle.org/event/bloxom-residence/

Dramatic Growth In Seattle-Area Luxury Homes Market

Luxury home available on Mercer Island

Luxury Mercer Island home available for $10,998,000

It’s no secret that Seattle’s housing market is one of the strongest in the nation, but what is a little surprising is the growth in the luxury homes sector. According to a recent story by the Puget Sound Business Journal, 537 homes sold for more than $1 million in just four Bellevue ZIP codes alone over the past year, 108 more than 2014 and an increase of 25 percent. 60 homes sold for over $3 million in those areas, up 43 percent over last year.

In Seattle as a whole, 901 homes have sold for $1 million or more so far in 2015, compared to 689 in 2014, according to statistics from the Northwest Multiple Listing Service. Of those sales, more than a quarter (241) occurred in the Central Seattle area comprising the neighborhoods south of the ship canal, north of I-90, and east of downtown. Most were clustered on North Capitol Hill and in the neighborhoods bordering Lake Washington, such as Madison Park, Washington Park, and Leschi. The most expensive sale of the year (so far) was a 9,820-square-foot estate on McGilvra Boulevard in Washington Park that fetched $5.75 million, followed by a lakefront Cape Cod-style home in Washington Park, which sold for $5.195 million. The PSBJ article states that sales of homes priced $1 million or higher in Ballard and Green Lake are up a whopping 200 percent.

The Seattle area’s growing job market is cited as one of the main drivers of the luxury home sales market, as is strong interest from international buyers, especially from China. With tech companies flocking to Seattle and Eastside job centers, they bring with them highly paid executives who may seek out luxury homes. The PSBJ article states that “Luxury homes are bellwethers of a thriving economy and growing job market. They are the ultimate proof of a prosperous and strong residential real estate sector.”

If you’re interested in Seattle’s luxury homes market, please contact one of our residential agents today.

The 10 Most Expensive Streets in Seattle

 

Recently Seattle-based real estate company, Zillow took a look at which Seattle streets were most expensive to live on. Through their examination, they found homes on descriptive streets, like Laurelhurst Lane or Hunts Point Road, were the highest contenders. Let’s take a look at how Seattle streets stack up.

house

Countdown to the #1 Most Expensive Street in Seattle:

#10 Brook Bay Road – The median value of homes on this street, located on Mercer Island, is $2,389,913.

#9 Overlake Drive – The median value of homes on this street, located in Medina, is $2,590,160.

#8  Killarney Way – The median value of homes on this street, located in the Meydenbauer neighborhood near Bellevue, is $2,638,714.

#7 Evergreen Point Road – The median value of a home on this street, located in the Meydenbauer neighborhood near Bellevue, is $2,789,945. You can see the full listing here.

#6 Cherry Loop – The median value of homes on this street, located in The Highlands community in Shoreline, is $2,997,348.

#5 Fairweather Place – The median value of homes on this street, located in Hunts Point in the Eastside, is $3,148,178.

#4 Avalon Place – The median value of a home on this street, located on Mercer Island, is $3,698,755.

#3 Laurelcrest Lane – The median home value is $4,590,474.

#2 Ambleside Road –  The median value of homes on this street, located in the Windermere neighborhood, is $6,022,040.

#1 The most expensive street on the list is Hunts Point Road.  The median value of a home on this road, located in Hunts Point on the Eastside, comes in at $6,181,914. Notable residents reportedly of the neighborhood include, former Microsoft CEO and current owner of the Los Angeles Clippers, Steve Ballmer, American saxophonist Kenny G, and former CEO and co-found of Costco Wholesale, Jim Sinegal. More recently, head coach of the Seattle Seahawks, Pete Carroll sold his Hunts Point home for $6.1 million.

Beautiful Seward Park Listing Hits the Market

seward park home

This stunning and picturesque Colonial style home in Seward Park has recently been listed for sale for $1,495,000. With remarkable craftsmanship and detailing,  this beautiful home is ready for tailored updates. Beautiful grounds surround this 1900 Estate on the legendary Seward Park Avenue. Circular drive past mature plantings, and Kubota gardens adding to the mystique scene. The classic front porch is a fun feature to welcome visitors, and the home opens to sunny interiors with gracious rooms, fantastic moldings, refinished oak floors, and huge windows. For more information on this list or other Seattle homes, contact your local real estate agent today.

Status: For Sale
Bed/Bath: 6/3.5
Price: $1,495,000

King County Home Prices Up 7% in July

As we’ve mentioned a few different times, King County Home Prices are on the rise, and according to the Seattle Times, the stats for July are all up across the board too. Last month, King County home prices rose 7.2% compared to July 2011, making this the fourth straight month in a row to see an increase. While the rise continues, July didn’t see as big of an increase as June had; with the median home price listed for $375,250 in July which was about a 1% drop from June.

There has also been a drop in inventory of homes on the market, which is a huge factor. According to the Times, inventory in King County is the lowest it’s been since 2006, and the number of potential buyers vs. sellers is playing a huge role in the market. More people are opting to rent to avoid costly mortgage debt, as they’ve seen more frequently than before. One thing is certain, the confidence in buyers in Seattle is spreading, and sales could have even possibly been higher if the lack of inventory were higher.

West Seattle Home For Sale: $2,250,000

This West Seattle Estate has breathtaking bluff views of the Olympics and the Northwest Islands! The beautiful grounds, including the garden out front have been well maintained and the deck out back practically sells the estate itself. This 5 bed, 3.25 bath has old world charm, with all of the amenities, a wonderful sun room, and the grace of a by-gone era. The living room and kitchen have huge bay windows looking out across the Sound, as do the majority of other rooms in this massive 6,350 sf space. For more information on this luxury home, or other properties in the surrounding Seattle area, visit Ewing & Clark Inc.

Status: For Sale
Bed/Bath: 5/3.25
Price: $2,250,000

Magnolia Townhome For Sale: $399,000

This new large three unit townhouse is now available in the Magnolia neighborhood! All three bedrooms in this unit have their own attached bathroom, and their is a powder room to boot on the lower level. The unit has a wonderful little garden out back, but the real beauty of this listing is where the cook slaves away; the kitchen boasts beautiful cherry wood flooring (as does the living room) and cabinets, and sleek granite counter tops with ample storage. This unit is in a great neighborhood in close proximity to Magnolia Manor Park and the Interbay Golf Center. For more information on this unit, visit Ewing & Clark Inc.

Status: For Sale
Bed/Bath: 3/3.25
Price: $399,000

FCPB Releases Simplified Mortgage Forms

If you currently have a mortgage, or have applied for one in the past, you know how difficult it can be to fully understand exactly what you’re signing up for. The Consumer Financial Protection Bureau has released redesigned forms that prospective borrowers will receive after applying for a loan, prior to closing on their home. These forms will be made available to folks at least 3 days prior to closing, and will be much more transparent than past forms.

According to the Seattle Times, the proposal aims to prevent costly surprises, and help consumers understand the actual cost of obtaining a loan. It also aims to protects consumers who’re taking out  pricier mortgages. Most of the changes that were made to these documents were required by Congress under the 2010 financial overhaul law, which aimed to protect Americans from unaffordable mortgage loans, and any hidden costs. For over 30 years, federal law has required two sets of disclosure documents to be filled out by lenders, who could become confused when explaining them to borrowers because the documents were very similar in verbage, but needed to be filled out by two separate agencies. CFPB has tried to bridge that gap with the redesign of these new documents; one will describe the mortgage, and one will outline the costs of closing the mortgage. For the full article, please visit the Seattle Times.

Washington Park Home: $6,950,000

This remarkable private estate in the Washington Park neighborhood was recently listed for $6,950,000, and is noted for it’s stunning Colonial design, and unobstructed views of Mt Rainier, the Cascades and Lake Washington.

This 5 bed, 4.25 bath on E Prospect St has an open floor plan with excellent natural sun filled rooms, great exposure to landscape views and massive floor to ceiling french doors and walls of glass in the entryway. It has a large outdoor pool, a chef’s kitchen and luxury master suite for the Mr. and Mrs. The 3 car garage is a key feature all on it’s own, with an impressive 900+sf of space, so if you’re in the market for a new place in Madison Park, contact Ewing & Clark for more information.

Status: For Sale
Bed/Bath: 5/4.25
Price: $6,950,000