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May. 16, 2011 - Lakeview Elementary School Kirkland Home Prices

Lakeview Elementary School is a great choice, but does not necessarily come with the best options as to housing. Let's take a look at the breakdown of property in this defined area to determine Supply and Demand factors, before looking at the actual pricing. Basically this is everything in 98033 South of Central/85th and West of the 405. Always check with the School District to determine which school the house services before buying a home, as school boundaries change from time to time.

The Lakeview Elementary School area has a lot more condos than houses. Of the 150 properties for sale, 83 are "condos" and 50 are "houses"

In the last 365 days, 250 properties have "sold" of which 198 have closed escrow. Of those that have closed, 76 are houses and 122 are condos. Add back the pendings and 101 are houses and 147 are condos.

The median price (based on closed sales) for:

1 bedroom condo $205,000

2 bedroom condo $400,000

3 bedroom condo $590,000

3 bedroom house $650,000

4 bedroom house $730,000

The primary issue becomes one of availablility of good product vs median price. Only 14 homes have sold with 3+ bedrooms for $550,000 or less. Another 15 sold between $550,000 and $650,000.

One of the primary differences when buying a home here than in some other areas is the value of the land. Consequently you get less house for the money.

Let's see how that impacts Sold Price to Assessed Value in the $650,000 or less market for Single Family Homes. For the charts below I am tightening up the time frame to sold within 120 days.

There are only 3 homes of note priced under $610,000, so I'm leaving the bottom 3 for comparison sake in the next grouping.

My client bought the first one which had the best balance of good house and good value. So I'm going to throw 1.2 to 1.25 out there for the reasonable ratio. With 60% to 70% attributed to the value of the land, it's harder to get a good house for less that doesn't need a lot of work.

I can post the picture of that house, because my client purchased it. A 2 story house in this area in this price range built in the 90s is a rare find. We were lucky it popped up in our timeframe and the offer was made and accepted within 24 to 48 hours of it hitting the market.

 

The hard part about buying in this particular area is you have to know a good house at a good price quickly, or someone else that does know that will snap it up while you are still thinking about it.

The DANGER of that is overpaying, so having a good handle on the AV relationships will help you evaluate more quickly when the property comes up for sale.

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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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