Madrona Real Estate Report – November 2017

The Seattle real estate market continues to be the talk of the nation. As Seattle continues to grow, so do home prices. Madrona and Leschi continue to stay strong in King County. There were 19 totals sales in the area last month, compared to 7 in November 2016.

Sold last month in Madrona for $1,260,000

The median sales price for a single-family home in Madrona jumped from $1,000,000 in November 2016 to $1,280,000 last month (11/17). The highest sold price increased from $1,345,000 (11/16) to $3,000,000 (11/17). According to the Northwest Multiple Listing Service, Madrona hit the $1 million club. The average sold price was $1,414,250 and the average list price was $1,395,995. The cumulative days on market also dropped from 35 days to just 12 days this year.

Sold last month in Madrona. (View)

The neighboring village of Leschi had 8 sales last month, compared to 1 townhome last year that sold for $450,000. The median sales price this past November was $1,150,700 and the average sold price was $1,271,175. There was one condominium sale in the Leschi area that was listed for $499,000 and sold for $500,000

There are currently 10 active listings and 12 pending.

 

Madrona Real Estate Report – October 2017

Seattle has been the hottest growing market in the country for the last year and shows no signs of cooling down. The median price for a single-family home has gone up 17.6 percent compared to a year ago. The typical Seattle home sold for $110,00 more than this time last year, $735,000.

Madrona continues to show strength in the Seattle market. According to the Northwest Multiple Listing Service, the median sales price for a single-family home was $1,160,000 last month (October 2017). The average sold price has jumped from $1,123,500 (October 2016) to $1,231,111. There were more than double the amount of sales in the Madrona neighborhood last month than this time last year. There are currently 7 active listings and 12 pending.

Leschi is showing signs of a strong market as well. There were 5 sales last month as well as 5 sales in October 2016. The median price for a home was $750,000 last month, compared to $730,000 in 2016. The average sold price took a large increase from $779,800 in October 2016 to $1,068,590 last month. There are currently 12 active listings and 8 pending.

Madrona is a part of “Central Seattle” as defined by Seattle real estate agents. Central Seattle real estate mainly includes the area from the Montlake cut to I-90 and from Lake Washington to I-5. Currently in the central Seattle area there are 87 active listings and 98 pending listings.

Madrona Real Estate Report – August 2017

Madison Valley View

The Madrona real estate market has shown quite the change last month compared to August 2016. There were 13 sales last month and 7 last year (8/16). The average sold price for single-family homes has jumped from $896,929 to $1,016,660. According to the Northwest Multiple Listing Service, homes are selling in just over two weeks. There are currently 5 active listings and 10 pending.

Past Ewing and Clark Madrona Sale

The Leschi market has slowed down this past August compared to a year ago. There were 4 sales last month, compared to 7 in August 2016. The average sales price has dropped from $822,500 (8/16) to $680,250 (8/17). Single-family homes sold, on average, in 33 days.

Madrona is a part of “Central Seattle” as defined by Seattle real estate agents. Central Seattle real estate mainly includes the area from the Montlake cut to I-90 and from Lake Washington to I-5. Currently in the central Seattle area there are 91 active listings and 102 pending listings.

For Sale: Madison Valley Home

This fabulous Madison Valley town home offers great location, views, finishes, & value! The slate floor entry is spacious enough to accommodate an entry bench and table for keys, mail, etc. A three-quarter bath, a generous bedroom, and a sunny office are also on this level. Sliding doors unite the office to the 280 sf patio great for entertaining or a little fresh-air quiet time on a summer day.

The 2nd level of this home serves as the primary living space and has freshly refinished cherry floors throughout. Kitchen is equipped with stainless appliances. The windows on this level each provide a beautiful outlook: west facing windows from the kitchen look out to mature Japanese Maple and garden area, a large picture window over the built-in bench in dining room adds a tree-house back drop, and the living area is surrounded by airy views of Cascade Range with the lush, age-old trees of Washington Park in the foreground. A gas fireplace surrounded by built-ins for your library or treasures provides great ambiance & warmth during the winter months. A powder room is conveniently located on this level as well.

Vaulted ceilings and bright white walls along with the views of Lake Washington, Bellevue skyline, Cascades, and green Seattle canopy make for a heavenly master bedroom on the 3rd floor of this home. A connecting full bath with jetted tub, walk-in closet, and separate closet for full size washer/dryer complete this room. The 3rd bedroom, also with vaulted ceilings, has bright, western exposure and a large closet. This room shares the large bathroom on this floor and can access through 2nd door off the hallway.

The amazing central location is walking distance to parks, groceries, multiple coffee shops and fine eateries, quick bus to downtown, close to Lake Washington beaches, and easy access to I-5, 520, and I-90. This low maintenance, ready to move in home will buy you time in your schedule for doing the things you enjoy!

For more information contact Ewing and Clark or Kristine Losh directly.

There will be an open house this Saturday, September 9th, from 1 pm – 4pm. 

Central Affordable Housing & Business Development

A year ago, Vulcan Real Estate bought six acres at 23rd Avenue South and South Jackson Street for $30.9 million in the Central District of Seattle. Five years earlier, another realty company, which sold to Vulcan, paid $12.5 million less. Currently, a Red Apple grocery store sits on this site, which will be replaced with two 7-story buildings separated by a public walkway and an additional one-level retail space. The first floor on the two, larger buildings will be for retail, with 530 apartments above and a multi-tiered 500+ parking garage below.

Renderings of Future Vulcan Building. Image: Vulcan Real Estate and Studio 216

Increased gentrification of our city has some concerned, and the Central District area is no exception. In the 1960s, this neighborhood was 70% African-American, according to a Seattle Times article; a year ago, it was down to 20%. In part due to sharply rising housing costs, there has been a call for more affordable housing in the Central District, and keeping or attracting African-American-owned businesses to the neighborhood. Concerning affordable housing, one-fifth of Vulcan’s new site will include rental units offered at a reduced amount (65-85% median income), which in turn provides Vulcan with a tax credit.

Other Central District plans are underway to increase affordable housing and business opportunities farther north along 23rd Avenue South as well. The Midtown Center at 23rd and East Union Street was purchased by a partnership for a combination of profit, retaining some of the center’s current character, and to build 125 affordable living units within the 500-unit complex. This developer might also receive a tax credit, not unlike Vulcan, and be able to build more floors on the building. And the former Liberty Bank location at nearby 24th and Union will be the site for a new 6-story, mixed-use building with up to 115 affordable housing units and commercial spaces that focus on attracting local business, especially African-American.

Madrona Real Estate Market – May 2017

The Madrona real estate market hasn’t changed drastically compared to last May (2016). Reports show the same amount in sales and only a small increase in the average median list price, $1,090,595(2016) to $1,110,400 (2017). Homes stayed on the market for an average of 66 days last month. Last May homes were only on the market for an average of 8 days. There are currently 8 active listings and 6 pending.

The neighborhood next door, Leschi, is showing a great amount of growth in the market compared to last year. Though there were 3 less sales than last May, the median sales price has gone up from $765,000 (May 2016) to $1,024,950 (May 2017). The lowest cost of a home has jumped nearly 93% from last May, numbers climbed from $425,000 to $819,950. Two of the sales last month were condo sales, one sold for $259,950 and the other sold for $1,995,000. There are currently 12 active listings and 12 pending in the Leschi neighborhood.

Madrona is a part of “Central Seattle” as defined by Seattle real estate agents. Central Seattle real estate mainly includes the area from the Montlake cut to I-90 and from Lake Washington to I-5.  The start of the year shows home prices are up across the city and sales for the first five months are down with 705 sold versus 715 sold in 2016. Currently in the central Seattle area there are 141 active listings for sale and rent.

If you have any questions about the Seattle real estate market, please feel free to reach out to a local Seattle real estate agent.

Photos Above :

New rental listing in the Madrona neighborhood! 

728 36th Ave, Seattle

Beautifully remodeled tudor on one of Madrona's most desirable streets.
Amazing 180 degree views of Lake Washington, Cascades, Rainier.
Master suite + 2 additional beds and 1 bath up. Gorgeous cooks kitchen
with stainless appliances and built in eating area. 2-car attached 
garage off alley.

Available for $6,000 a month. Contact Kristine Losh for further details
or click here!

Taste Seattle History: Seattle’s Best Steaks At Daniel’s Broiler

Daniels Broiler, situated on the shores of Lake Union, has been a Seattle landmark of fine dining for what seems like forever. With its sweeping views of Lake Union, Queen Anne and Gasworks Park in addition to its incredible menu of USDA prime steaks and chops, all prepared impeccably, Daniel’s has always been the go-to venue for holiday and celebratory meals, fine craft cocktails and some of the best steaks you’ll ever enjoy.

Recently, people have been up in arms as rumors swirled regarding the possible closing of Daniel’s Lake Union location, due to Vulcan Real Estate’s plans to redevelop the pier on which it sits. Those fears were somewhat put to rest this week when the Seattle Times reported that Daniel’s on Lake Union will not close, but will merely move to a nearby location, still along the shores of South Lake Union. It seems fabulous steaks and sweeping Lake Union vistas will remain on Daniel’s menu for years to come, and we’ll drink to that!

Over the years, Daniel’s Broiler has become a local fine dining legend in the Seattle area, synonymous with delicious, high-end meals, superb craft cocktails, incredible views and live music, outstanding service and a seemingly never ending parade of Seattle’s most interesting and beautiful people to be found on any given night, enjoying a bite or a sip. However, many of us who have grown up in the Seattle area, (particularly those of us under a certain age) know very little of the famed steakhouse’s origins.

Daniel’s has been owned and operated by The Schwartz Brothers Restaurant group since 1981, and has changed very little since its beginnings at the Leschi Marina in 1980, but it’s true roots go much deeper than that. Daniel’s Broiler was started by a man named, well, Daniel, believe it or not. Daniel Jack Sandal, to be specific.

Daniel Sandal, a born and bred Seattleite, grew up in The Emerald City’s Wallingford neighborhood, graduated from the now closed Lincoln High School, and got his start in the food industry at the World-Famous Pike Place Market. Daniel’s Grandfather, Dan Zido, founded “Dan’s Better Meats” in Pike Place Market in 1910, and it was there, (in a space at the market that is now known as the home of Italian favorite, Il Bistro) that Daniel began his love affair with meat, as a third-generation butcher.

Eventually the butcher shop moved upstairs in the market, to where you will now find “Don and Joe’s Meats” (unsurprisingly, Don and Joe are related to Dan, and have kept the family tradition of quality cuts alive in Pike Place). Dan took over the family business when his father retired and decided to expand their wholesale business drastically, with their meats soon being featured at Seattle’s finest restaurant, including Canlis, The Fairmont Olympic Hotel, The Space Needle and plenty more. He also started a daily-delivered, fresh-ground meat patty service for local favorite burger joint, Dick’s Drive-In, helping to make those burgers we all know and love so darn scrumptious.

In the Early 1970’s, Dan began his foray into the restaurant world as a restaurateur himself, co-founding Benjamin’s with partner Arnold Shain. The success of Benjamin’s fueled Dan and Arnold to continue on in the restaurant game, with the opening of The Gasworks Restaurant, but eventually, they parted ways as partners.

In 1980, at the ripe, young age of 40, Daniel decided it was time to start his own place, a place for steaks and chops so terrific, people would fall in love, and that they did. The vision for the original Daniels Broiler was to be Dan’s own take on the fine dining he had grown up with in Seattle, drawing heavy inspiration from places like Canlis, but staying true to the steakhouse theme with top quality steaks and chops consistently available and prepared perfectly.

Daniel’s was a sort of experiment for Dan, as he had only ever opened and operated restaurants with partners prior to Daniel’s Broiler. He was once quoted as saying “I wanted to see if I could do it, I did it on my own so I didn’t have to deal with other’s dreams and problems and wouldn’t be at anyone else’s mercy.” And do it, he did. Daniel’s Broiler became a success from the very beginning, in its original home, located on the glistening shores of Lake Washington in the Leschi Marina.  At the time, this was a convenient location for Mercer Island and Bellevue residents, until they closed the I-90 entrance and exit on the east side of the tunnels when the second bridge was built.  Today, the original Daniel’s location serves the Mount Baker, Leschi, Madrona, Washington Park, Madison Park and Denny Blaine neighborhoods and a slew of long-time customers. 

Since being purchased by the Schwartz Brothers in late 1981, they have made very few changes to Dan Sandal’s original concept for the restaurant. The Schwartz Brothers did expand the Daniel’s brand to include locations in Bellevue (opening in 1989) and the location we all know and love, on the shores of Lake Union (since 1999), where Dan and Arnold’s first venture, Benjamin’s, once lived.

Dan Sandal passed away in 2012, but left behind a much loved and delicious legacy in Daniel’s Broiler. While many people find success in the Seattle restaurant scene, few reach the iconic status of Daniel’s Broiler, nor do they stand the test of time, untarnished and as beloved as ever the way Daniel’s has.

Daniel’s Broiler has been a Seattle staple for over 35 years, in 3 different locations, and it doesn’t appear that that will be changing anytime soon. While the Lake Union location may be moved slightly to make way for the inevitable growth and changes of a bustling city, it’s good to know it won’t be going far.

Leschi & Madrona Real Estate – 2016 in Review

Madrona HomeLeschi real estate market was strong in 2016.  Leschi home sales saw a rise in median price ($766,750 vs $732,500), price per square feet was up ($395 vs $366), and the highest sale was over double the previous year ($5,402,500 vs $2,500,000).  The days on market did rise slightly (35 vs 28 days).  Also, the number of sales in 2016 dropped dramatically: 58 sales vs 88 sales in 2015.  This might be explained by the low Seattle real estate inventory discussed later.  The Leschi condo market is hard to compare since there are so few sales.  For 2015-2016, there was an average of one sale per month (25 sales).  There was 9 condominium sales in 2016 versus 16  sales in 2015.  There was only one sale in 2016 over $1 million, in 2015 there were 3 sales over $1 million and 2 sales over $2 million.

Madrona real estate market, unlike in Leschi, saw an increase in sales in 2016 (81 sales vs 72).  Like Leschi home sales, Madrona home sale saw an increase in most numbers.  Median sales price ($950,000 vs $849,500), price per square foot ($432 vs $381), and highest sale ($3,500,000 vs $2,050,000) all increased in 2016.  The days on market was the same in both 2016 and 2015: 32 days.  Madrona did not have any condo sales in either year.

The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 counties in Washington) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year. For the 23 counties, the median sales price increased 8.9 percent from $310,000 in 2015 to $337,500 in 2016. Condos, which make up a smaller share of the market, were actually up 12.6% while single family homes increased 8.7%.

Inventory was tight throughout the year, there was an average of 1.86 months of inventory in 2016, compared to 2.4 months in 2015. King County was the tightest with only 1.1 months of supply. A balanced market is generally considered to be between 4 and 6 months of inventory.

The luxury real estate market was strong in 2016, with over 3,251 home sales over $1 million compared to 2,676 in 2015: over a 21 percent increase. The number of condos over $500,000 also increased with 1,711 sold in 2016 versus 1,459 half-million dollar sales in 2015: also over a 21 percent increase.

2017 seems to be taking over where 2016 left off. Low inventory remains and prices remain strong. As always, to maneuver the market, reach out to your local real estate broker to navigating the Seattle real estate market.

[Pictured: Madrona Home sold by Ewing and Clark in Feb. 2016 for $1,725,000]

These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.

Leschi & Madrona Real Estate – Oct 2016

Madrona Real EstateLike the rest of Seattle, Leschi and Madrona real estate market continues to be very strong. This past month (October), Madrona had 4 sales and Leschi had 5 sales. While not a lot of sales, the details are interesting. For example, in Madrona on the corner of 35th and Pike, 1430 35th Ave sold for the second time in 16 months. In the summer of 2015, the traditional Seattle home was listed for $1,595,000 and sold above asking price: $1,650,000. In October 2016, it was listed for $1,750,000 and sold again for above list price: $1,895,000. Quite a difference a year makes! Overall, the 4 Madrona homes sold for an average of $1,134,500 and the Leschi homes sold for an average of nearly $1,086,000. Last October, Madrona saw 5 sales at an average of just over $684,000 and Leschi had a whopping 12 sales but at an average of $644,563. A couple sales can change the average quite a bit, for example Leschi had several small condos sell in October 2015, but nonetheless, I will say it again: what a difference a year makes!

We can see the change in prices looking at the greater area. The Central Seattle area (between I-90 and the Montlake Cut and I-5 and Lake Washington) saw the average price of homes up from October 2015 of $882,720 increase to $990,258 in October 2016 while condo prices rose from $507,567 last October to $593,872 in October this year. Inventory is tight, but that might not fully explain the prices changes since the number of sales of area’s homes decreased from 83 in October last year to 64 this year, whereas the number of condos sold rose from 52 to 79.

While prices of real estate in Madrona, Leschi and Central Seattle are significant, they are still dwarfed by other local areas. For example, the average price on Mercer Island this October was just under $1.5 million and the Bellevue area west of 405 was nearly $2 million. Nevertheless, Madrona and Leschi home prices are still higher than most of King County. The average price in King County for a home in October was $653,231 compared to $590,728 in October last year.

If you need help navigating the Seattle real estate market, we always suggest talking to a local Seattle real estate agent.

Madrona Real Estate Report – May 2016

The Madrona real estate market showed some growth this May compared to last year. There were ten sales this year compared to seven in 2015. This year the total sales amounted to $11.9 million. Currently, there are twelve active listings totaling just over $14 million and seven pending totaling just below $10 million. The lowest year-to-date sales price in Madrona is up from $577,200 to $614,000 and the average sales price is up from $1,157,450 to $1,195,800.

For similar information on Capitol HillMadison Park, or Denny Blaine please click the previous links above.

Madrona is a part of “Central Seattle” as defined by Seattle real estate agents. Central Seattle real estate mainly includes the area from the Montlake cut to I-90 and from Lake Washington to I-5.  The start of the year shows home prices are up across the city and sales for the first two months are down with 165 sold in 2015 versus 158 in 2016.  Currently in this central Seattle area there are 177 active listings.

If you have any questions about the Seattle real estate market, please feel free to reach out to a local Seattle real estate agent.