King County Homes See Double Digit Rise

Washington Park Home listed for $3,895,000

This has been the third straight month in a row that we’ve seen a year over year price increase in King County, and it’s definitely the largest! According to the Seattle Times, for the first time in five years, we’ve seen a double digit increase, with the median value in homes estimated at $380,000, a 10.1% rise since June of last year. The last time there was a year over year double digit increase was back in 2007, when the median also hit an all time high of $481,000.

After the high, the inevitable countrywide median housing drop occurred, falling nearly 36% nationwide, dropping down to $308,125  this past February. According to the Times, this June was a jaw dropper, with 23 or 29 King County areas experiencing a year over year increase, with 13 of them in the double digits! While not as impressive as King County, Snohomish and Kitsap County also saw slight increases, and condo prices in King County went up nearly 5% as well. For more information on the price of homes in King County, visit Ewing & Clark Inc.

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

Floating Homes, Life On Top of the Water

After Sleepless in Seattle put the Seattle Floating Homes Community on the map, people have been flocking to Seattle to seek out Tom Hank’s waterfront lifestyle. Many people dream about living near the waterfront, but few take the leap to actually live on top of the water. People living on the Lake Union waterfront community live in homes that sit on buoyant platforms that are docked and plugged into our electrical grid, and receive water and sewage services from the city.

Famed Sleepless in Seattle Houseboat

There are only a few floating home communities in the US, and the Seattle Floating Homes Association has helped the community to stay afloat today. People have been living in the community for over a century now, but life on the water was not as glamorous as it’s perceived today. According to CNN Money, the waterfront community used to be used for industrial purposes and shipping services. Sewage and waste was often dumped right  into the water where their homes sat! Today floating homes can sell for as little as $200,000- $2.8 million. For more information on currently floating homes for sale, click here.

Zillow Reports Home Values See High Monthly Increase

Attention Homeowners: there is hope after all for your beloved family home that holds more personal value than net worth! Last week, Real Estate website Zillow reported that both national home values and rent both rose in the month of April. According to Zillow, home values rose nationwide 0.7%, marking the largest month to month increase in value since 2006, and April is also the second month in a row for the value to increase! While King County home prices are on the rise, rent is also steadily climbing; of the 178 areas covered by the Zillow Real Estate Market Reports, 78% saw an increase in rent. The housing recovery appears to be headed in the right direction after all, even though a weighted number of Americans still have homes with mortgages that are underwater, or risk being in foreclosure.

Seattle Neighborhood in the Spotlight: Innis Arden

The historic Innis Arden neighborhood in the Shoreline area is in the spotlight of the Seattle Times this week; with it’s mere 534-home small town appeal, watershed park, and beautiful private beach, it’s no surprise why so many seek to call this enchanted forest home.

Photo Courtesy of Innisarden.com

Over the past few decades, very few of the homes here have changed hands, moving from one generation to the next, and when houses were sold, they did so within days, especially those under the $1 million mark. The neighborhood itself sits on more than 675 acres, with no sidewalks in sight, and no overhead streetlights. Many of those seeking to move to the area are taking after local aerospace hero Bill Boeing, who  took off 80 years ago in search for a serene hunting and fishing retreat from his mansion in the Highlands, and stumbled upon Innis Arden. For more information on the neighborhood and it’s connection to the Highlands area, visit the Seattle Times.

Seattle Condos Are On the Rise

Downtown Seattle Condos Starting to Fill Up

The past two years have not been promising for the Seattle Condo Market, and condo developers are finally starting to see a turn around in the Downtown area. According to the Seattle Times, roughly two dozen new projects were at work between 2007-2010 during the big real-estate crash. Many of those who purchased during the pre-sale backed out and several developers ended up converting their buildings to rental units to cater to the economy. Those who stuck it out had to slash prices, and in many cases had to lower the costs by up to 40 percent.
Today the market is starting to look more appealing and beginning to have the first signs that it will bounce back. One good indicator is that Escala raised some of their prices; one of the largest downtown projects to date, Escala did so quietly, with the majority of their condo units selling for 99% of the asking price, they’ve begun upping the anty as their inventory gets smaller. Also of the 2,500 condo projects that have been built in downtown and surrounding areas, fewer than 250 units are left unsold. There are currently no new projects in place; most developers and lenders have put condos on hold to allow the market to recuperate. If you’re interested in learning more about finding a condo in the Seattle area, here is a list of available units.

Buying a Home Might Not Get Much Cheaper

Many renters today are choosing to put off buying a home for several reasons, but statistics show that buying a home might not get any cheaper than it is right now. Experts say that 2012 may be the last year for buyers to take advantage of the weak housing market and foreclosure influx. According to CNN Money, home prices are down 34% nationally from 2006, and mortgage rates are at an all time low, making it the best year yet to find the bargain deal of a lifetime.
Economists with PNC Financial Services believe that home prices will flatten out by the third quarter of this year, and might begin to climb at the beginning of next year. There are several indicators that the housing market is picking up like the decline in foreclosures, and continue
d job growth nationwide, and buyers will have more access to affordable mortgages as they build their credit scores. While some prospective buyers who have been wary might be more willing to follow through because of the all-time low mortgage rates and lower home values, some renters still aren’t in a position to take the next step and will ultimately miss the grace period. For more information on the housing market, click here.