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May. 17, 2011 - Kirkland Home Prices - Peter Kirk Elementary

Peter Kirk Elementary School Area is by far the #1 choice for buying a home for reasons that transcend the school and its boundaries. We have the two favored areas near Downtown of West of Market and East of Market as shown on the Value Grid of Kirkland I did about 3 weeks ago. Unlike Lakeview Elementary School where condos represent the majority of property sales at 62% of the total, Kirk is low on the condos and high on the single family homes. 

If you are comparing condos to the Lakeview area you can add $50,000 or so for a one bedroom and about $125,000 for a 2 bedroom or more (no price differential on median of 2 or 2+ here) to the condo median prices of roughly $275,000 for a 1 bedroom and $520,000 for more than one bedroom.

But the focus for Kirk is homes vs condos with condos representing only 22% of the property sold vs 62% in Lakeview.

Median Price for West of Market under 14th Ave is over a Million. Median Price for East of Market under 14th Ave and West of 6th Street is at least $775,000...higher if you exclude the teardowns land value only. 

Lets start with the primo section West of Market - South of 13th Ave. 

Median Price $1,400,000 BUT all 4 of the properties sold under $1,000,000 were properties where virtually NONE of the value was attributable to the house. All "lot value" sales. That would bring the lowest priced house to $1,000,000 with all of them selling at assessed value or more. Not going to spend a lot of time here. Suffice it to say if you are not planning to spend over a million dollars, West of Market South of 13th Ave is not likely a target market for you if you don't want a "teardown" or a house with less than 3 bedrooms.

2nd Section is East of Market to 13th Ave West of 6th Street. When looking at Kirkland you generally go from West of Market to East of Market before looking further North. Just how it works there. 

The median price here is $775,000 BUT includes the lot value only "tear downs". Let's go straight to the Market Value to Assessed Value grids. 

(Side Note:The screaming deal was the teardown on 11th Ave in The View Corridor sold for .74 times Assessed Value. No way to explain that one, but a strong indication that builders will still buy West of Market land...but not so interested in gambling on East of Market these days.)

Love the way the MV-AV charts line up in the examples below. 1.2 x AV give or take. As soon as I saw the 1.01 and the .97 I said "must be a short sale", and they were. No surprises. Fairly predictable market. 

 

 

Now let's go to the areas outside of the two highest valued, though you will still find some pricey homes, you will find some reasonably priced ones as well. 

Median drops significantly to $495,000...still in Peter Kirk Elementary. But again, that includes many homes where the improvement value is insignificant to the lot value.

Super Screaming Deal...not putting it on the charts, sold for .66 x Assessed Value in 7 days. Unbelievable. East of Market split-entry house. Needed tons of updating...but still. I'd call that underpriced! Whomever bought that has what Ray Pepper calls "a GEM!" :) Not a short sale or bank owned either.

We moved from 1.2 give or take to 1.1 give or take. But honestly, there were slim pickings in this area. Looks like anyone with a decent house is keeping it or waiting til the market improves or renting it...I don't know. But not nearly as many decent homes in Kirk outside of the priciest areas in recent histroy as compared to even a year ago.




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Mar. 15, 2010 - Seattle: Queen Anne and Magnolia

 

256 Homes sold in Queen Anne in 2009, including a few houseboats and 60 townhomes. Excluding townhomes and houseboats, the median price of a home in Queen Anne in 2009 was $643,750 for 2,330 square feet. The median price for a townhome was $508,500, and the median square footage was 1,718. 

 

So far in 2010, 22 homes (excluding townhomes and houseboats) have sold with a median price of $677,500 for 2,625 square feet.  9 townhomes have sold with a median price of $600,000 for 1,840 square feet.

 

225 homes sold in 2009 in Magnolia, 40 of those were townhomes. The median sold price of a townhome was $356,500 for 1,449 square feet. The median price of a home in Magnolia in 2009 was $535,000 for 2,290 sf.

So far in 2010, 48 homes have sold in Magnolia, 8 of them were townhomes. The townhomes sold for a median price of $359,950 for 1,445 sf and the homes sold for a median price of $591,250 for 2,700 sf.

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Jan. 15, 2009 - The Lakeview Neighborhood of Kirkland

The Lakeview Neighborhood of Kirkland Washington is fairly easy to define since the right boundary as shown above is the railroad track, the left is Lake Washington, the south goes as far as 98033/Kirkland border and the top starts at 68th Ave.

Single Family Homes in Lakeview, Kirkland WA 98033

The 5 homes that have sold In Lakeview in the last six months have had spectacular views, and ranged in price from $940,000 to $2,800,000.  There are no single family homes in escrow as of today. 17 are for sale.  One home just came on the market about a week ago for $670,000.  The most expensive on market right now is a townhome in Marsh Commons priced at $2,500,000. Actually there are two of them in Marsh Commons, and another home nearby at the same price. There are 5 homes priced between $1,500,000 and $2,000,000.  There are 6 priced between $1,000,000 and $1,500,000.  Many of these are attached housing, towhomes, even in the highest price range, many with spectacular mountain and lake views.

Condos in Lakeview, Kirkland Wa 98033

There are 37 condos for sale, with two of those in escrow. Many of the condos are equally as expensive as the single family homes, and some are equal in square footage.  The rare gem of a lower priced condo with a fabulous view is a lifetime hold vacation place for most anyone!  It may be small, but what a place to come home to for under $350,000.  A lot of people think they can't afford Lakeview, but for those with patience and who are willing to sacrifice some amenities for location in the lowest price ranges, it's a great lifestyle!

The most expensive property sold in Lakeview sold for $3,750,000 in April of 2008 and was just over 5,000 sf of opulent finishes with spectacular views across Lake Washington of the Mountains and The Seattle Skyline.  There was a condo that sold for more at $4,900,000, but it was really two condos turned into one, and I'm not sure if the new owner converted it back to two units. 

Lakeview is a neighborhood where "condo" is clearly not the poor sister to single family home.  Many of the best residences in Lakeview are condos on the water...and off the water, for that matter.  Views and lifestyle, walk to Downtown along the Lake.  It's about As Good As It Gets.

Kirkland Weblog is a great source of info on Kirkland.  It's more of a blog for residents, than a place for people thinking about moving to Kirkland.  A blog with neighbors talking to each other more than simply a "brochure" about Kirkland.  It's chock full of pretty much anything that's ever happened since the blog's been around. Right now the buzz is all about Jason on the Bachelor being from Kirkland.  But nose around the blog and you will get a pretty good feel for the area, especially Downtown.  Lakeview is often referred to as Carillon at one end, Houghton in parts, and even sometimes "Downtown".

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Dec. 25, 2006 - Green Lake

Anyone who, like me, has enjoyed all that Green Lake has to offer, should go get themselves a giclee of Sonny Salsbury's magnificent "snapshot" of Green Lake - Seattle, depicted above.  Because Sonny's "got it down!"  Sometimes someone just hits that nail right on the head better than anyone else can, and Mr. Salsbury captured the essence of Green Lake that dis-spells all the confusion and "nails it!"  In fact, throw all the definitions of what constitutes the Green Lake Neighborhood in the trash.

Real Estate Agents in Seattle, argue more about what IS and IS NOT "Green Lake", the neighborhood, than most any other geographic area in "The Emerald City".  I lived at "Green Lake" when I first moved to Seattle, and I can tell you from "first hand" experience, that they've all got it wrong.  Because anyone who can wake up in the morning and walk over to, and around Green Lake's 4.5 kilometer path, lives AT and IN "Green Lake".  A neighborhood is first and foremost, it's lifestyle, and not the oddball street breakdowns the so-called experts attribute to being "the Green Lake neighborhood".  They are so wrong, I'm not going to tell you how "they" define it.

I will, however tell you what you DO need to know.  When you walk around Green Lake, within walking distance to and from the lake from all points, you pass through from Green Lake (going clockwise) to and through Wallingford, Woodland Park, Phinney Ridge, Greenwood, Licton Springs and back down to Green Lake.  I especially mention "Licton Springs" because that is where I lived and because real estate agents don't give nearly enough credit to this gem of an area.  That is both good news and bad news.  While agents are freaking out right now that I have included this neighborhood in the same breath as Green Lake, that means you can buy into the lifestyle without paying "the price".  The top of Green Lake is at or about at 78th.  What we in Seattle might call "The Duke's Side of the Lake". OMG!  Duke's has a BLOG!  Technically, if you walk on Wallingford Ave to the other side of 85th, you're not in "Green Lake" anymore, Toto.  But really.  Get a deal and a lifestyle and be damned with the purist's definition.  If you can walk to Duke's from your house in 7 minutes...trust me...you ARE in Green Lake.

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Dec. 25, 2006 - Kirkland - My Kind of Town

Truth is, the Freakonomics boys are more right on most things, than some people give them credit for.  Especially when it comes to the Real Estate Industry.   I do agree that real estate agents say more with their actions, than with their words.  In their "white paper" titled : Market Distortions when Agents are Better Informed: The Value of Information in Real Estate Transactions they touch more on the economic aspects.  But it's a short leap to my point today, that many could learn much if there were a map with little push pins denoting where agents, who have seen much and who understand value, choose to live.

I choose to live in Kirkland.  The Newcomer's Handbook has this to say about Kirkland, "some of the most spectacular views on the Eastside are found in Kirkland, with Lake Washington, the Seattle skyline, and Mount Rainier all visible from a few fortunate neighborhoods."  I am one of the fortunate few, who on a daily basis, enjoys all that Kirkland has to offer.  Perhaps it does take an agent to find that gem of a home.  The one that other people pass up for one reason or another.  The one that has everything life has to offer, at 65% or so of the price one would expect to pay to be where I am, with what I have. 

A simple truth, that I don't think Steven and Stephen take into consideration, is this.  Some people really don't take full advantage of a real estate agent's advices.  Sometimes that is the most frustrating truth for me.  Some people just absolutely insist on buying too high and buying the wrong house in the wrong place.  I don't represent too many people like that, because I can usually see it coming.  I can pretty much tell who those people are at the first or second meeting, and for the most part I say "adiós" to them early in "the game".

That's not to say that everyone wants the same things that I do, and should all live in Kirkland.  Not at all.  But everyone has a special place that will make their everyday existence more joyful.  I can see each person's special place, and most times I can find each person a special value in their own special place, the same as I did for me and mine.  But lacking Spock's powers...sometimes I can't transfer the imagery dancing in my head, and disambiguate a client's concerns adequately.  Sometimes they just simply insist on making bad choices.  No matter how much I make when that happens, I am not happy with the outcome.  Luckily those days are very few and far between.

As like many of my Articles...what started out as a "Neighborhood" post...took a turn in another direction.

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ARDELL DellaLoggia of Sound Realty on Seattle Real Estate process and market including Kirkland, Bellevue, Redmond, Green Lake and most areas around the top of Lake Washington North of Downtown Seattle. Phone: 206-910-1000 - Mailto:ARDELLd@gmail.com

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