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Jul. 30, 2013 - 2013 Home Prices in Kirkland and Redmond Washington

Kirkland Washington Home Prices tend to run higher than Redmond home prices once you pass a certain point. Mostly because as you get to Downtown Kirkland and any properties near Lake Washington, the prices run more in line with some of the areas of Bellevue we reviewed yesterday.

First the rudimentary grid map similar to the one we did in Bellevue in the previous post, but highlighting Kirkland and Redmond.

Kirkland 98033 runs from the Lake Washington through Downtown Kirkland up to 116th and then West to Redmond. Kirkland 98034 runs above that up to Simonds Road and Bothell-King County 98011. I am only doing Redmond 98052. Redmond 98053 prices off of Woodinville and Sammamish vs "close in" Redmond. Used to be you want further out to get a larger lot. Still using minimum of 5,000 sf lot and no townhomes for this post on 98033,98034 Kirkland and 98052 Redmond.

One of the main reasons I am calculating and parking these numbers is that I want to test the technically "growing" inventory news I have been reading round and about lately against truly "relevant" inventory. My perception is that in the price ranges where most people bought so far this year, inventory is still very tight. The growing inventory is merely and primarily the price ranges that are not selling as well, starting to stack up as unsold meets new inventory and the new inventory is just stacked on top of the unsold.

After I post all of the YTD sales for the areas I track, I will compare to Active Inventory and calculate Absorption rate by price for each area.

  

 

 (Required Disclosure: Stats in this post are not compiled, verified or published by The Northwest Multiple Listing Service.)

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Jul. 29, 2013 - 2013 Home Prices in Bellevue Washington

Bellevue Washington Home Prices vary among the five Bellevue Zip Codes of 98004, 98005, 98007, 98008, which run from Lake Washington east to Lake Sammamish, and then 98006 which runs under these Zip Codes and under I-90.

A rudimentary grid map to give you some perspective of how Bellevue is laid out relative to these two lakes and Seattle proper. Bellevue is basically the core of what we call The Eastside, meaning the east side of Lake Washington, not be be confused with Eastern Washington on the other side of the mountains.

I threw in a few main highways and 3 green dots for UW (University of Washington), MSFT (Microsoft) and Google. Microsoft has other workplaces, as does Google. I'm showing Microsoft main campus which starts at the border of Bellevue and Redmond on 148th near The 520 and I'm showing the Google campus in Kirkland that is not nearly as large, but is growning.

I'm also throwing in Medina which has it's own zip code of 98039, as most people think of that housing along with Clyde Hill which is part of 98004.

Now some basic 2013 Year to Date Home value charts. These represent homes closed in 2013 and/or currently pending and due to close within 30 days or so. As to "homes" I used parameters of at least 3 bedrooms, not a condo or townhouse and a lot size of at least 5,000 sf.

 

 

  

 

I am going to be using these charts as reference in some other blog posts after I do a few other Home Price charts in other areas. Just parking them here for now.

Required Disclosure: Stats in this post are not compiled, verified or published by The Northwest Multiple Listing Service)

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Jan. 2, 2012 - 2012 Kirkland Home Prices - West of Market

West of Market Kirkland is the commonly used name for the area called "Market" on the Kirkland City Neighborhood Map. For real estate valuation purposes, the homes and land closest to Market Street, as in seeing the traffic and hearing the traffic noise, will of course have an impact on price. Goes without saying. Those closest to the water...the opposite. Many if not most homes have a view, so separating by view considerations is a case by case basis.

If you want a nice home West of Market, you have to be vigilant! Hard to believe, but there is only ONE home for sale there at the moment.

One home for sale...WOW! That even surprises me! 4 Pending Sales. 38 sold this year. One for sale. Holy Caboley!

Running median home price West of Market is not going to help you, as the devil is in the details. If you want a decent newer house, plan on spending at least $1,100,000 and UP.

If you are willing to live further from town in West of Market, the prices are generally lower from 16th Ave to the end of West of Market around 20th. Not cheap...not even necessarily lower than $1,100,000 for a decent newer house. But less than one that is closer to town.

For future value, a crappy house on a good lot is the better bargain these days, because of the land play. A teardown is more likely to increase in value than a new house. Mainly because the builders are not out and about, so land value has reduced significantly. Almost no one wants to gamble on building a spec house these days.

So grabbing a home you can barely live in, especially South of 14th Ave and not near Market Street, is the best strategy at the moment. Price that option at between $450,000 and $650,000, depending on the house and the lot. That is not counting right on Market Street or very near it.

Then you have the middle ground between $650,000 and $1,100,000. Usually a house built in the 90s by an OK builder, or a newer house built up at 18th to 20th, or an older house that has been expanded, remodeled or updated over the years.

The main issue is if you really have your heart set on West of Market...you have to be vigilant, as there will not likely be more than TEN homes in a YEAR in each of these varying options. Median Home Price means nothing here. If you want a house in any of these price ranges, you have to be ready to pounce, and also know when a house is over or underpriced. If you don't know that...you will lose the best and get stuck with the worst.

Walk it...know it...West of Market is not a place for Amateurs. Become an expert so that you will know the right house when it comes along...and quickly.

Even if price is no object for you...you still have to be vigilant, as there is not a lot of inventory...ever. No looking at 20 homes and picking one after thinking about it for a few weeks. Prepare yourself to be ready by studying the market...walk every inch of it if you can.

Knowledge is not optional in this area, West of Market, it's a must.

********

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Jan. 1, 2012 - Kirkland Neighborhood Homes Prices 2012

It is important to note that Kirkland WA has changed as to the homes that now appear in the stats, because they have added 2 neighborhoods and modifed at least one other, due to Annexation of more territory.

For a visual of these changes, see below:

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May. 15, 2011 - 2011 Home Prices in Redmond 98052

Home Prices in Redmond WA 98052, based on closings since Jan 1, 2011. Median Price is $450,000. That means of the 159 homes sold in that period, half the people who bought homes paid less than that, and half the people paid more than that.

What should a "median priced home" look like? Before you look at what the HOUSE "looks like", you need to study the underlying value proposition.

A median priced home in 98052 should for the most part be EQUAL PARTS land value to "home" value and sell for about 1.1 X Assessed Value.

Now let's look at the configuration of homes that actually sold for "median price" this year.

 A few interesting observations. The short sale at the lowest factor of 1.04 x Assessed Value was a new home in a lesser location. You can see that from the relationship of "improvement" value to "land value". 

The highest factor of 1.34 x Assessed Value is one where the buyer did not factor in the Home Style as a consideration but the assessor does/did, as do most home buyers. 

The 1.06 x Assessed Value had a higher land value than "the norm" but "the market" didn't value that at all. If the land value was the norm of $212,000 vs $246,000 the factor would have been 1.15 x Assessed Value, so the market valued the land a bit more...but not as much as the tax assessor did.

BOTTOM LINE: A basically "ideal" median priced home in Redmond would be a 2 story home costing $450,000 assessed at $410,000 wit $205,000 of that being the land value and $205,000 of that being the home's value.

If you bought a home in the mid 90s, new at the time, you can probably sell it for a little more than twice what you paid for it, with good maintenance and no real added improvements. Just those improvements you needed to be comfortable in it over the time you lived in it. Refinished floors or new carpet as example. 

If you bought a home in 2003, you can probably sell it for more than you paid for it if you "spruced it up" and are "leaving it better than you found it" to a modest degree.

If you buy a home that needs a lot of TLC for a good price, you can still make money flipping it in this area.

Note: Except for the short sale, most of these sold within a week on market and all sold within 2 weeks on market. Median Price in 98052 requires vigilance to spot the good ones pretty much as soon as they hit the market.

But test the price against Assessed Value before you "jump on it".

Source: Public Records

 

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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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