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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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Jun. 16, 2011 - RE: Kirkland Home Prices - Peter Kirk Elementary

Posted by Carol DelRosario

Ardell - great infomation for everyone...and very comprehensive.  Thanks for compiling this and putting this in terms easy to understand.

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Oct. 11, 2011 - RE: Kirkland Home Prices - Peter Kirk Elementary

Posted by John Galt custom idx man

I live in orange county California and every time I visit up in Oregon and Seattle I just love the area. How are the prices vs Orange County? Are the prop taxes high ? I just remember heading up to the Gorge in Washington and we stopped in Seattle and had some of the best fish and sticks in my fie. They rocked. !

Send me some info on some props I would love to see whats going on these days.

 

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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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