Madrona & Leschi Summer Housing Market Update

Featured home - 101 Euclid Ave. - Leschi

Featured home – 101 Euclid Ave. – Leschi

Sales volume for single-family homes in Madrona and Leschi is down from a year ago, with 26 (11 in Leschi and 15 in Madrona) sales in June and July of this year, compared to 35 sales during the same months in 2014. Prices, however, have increased, as the average sales price in June and July 2015 was $1,031,639, compared to an average of $896,045 a year ago. Of the 26 total sales, 21 sold for at or above the listing price, with the highest sales-to-list-price ratio at 112.34 percent for a Craftsman in Leschi. The lowest-priced sale was $523,000, and the highest sales price inched close to $2 million at $1,910,000 for a waterfront home in Leschi. Nine homes sold for $1,000,000 or more.

Four condos sold in the area in June at a wide range of prices, from $325,000 at the low end for a one-bedroom unit at a landmark building in Leschi; to $1,695,000 for a two-bedroom on the Leschi waterfront. Only two condos sold in July, at an average price of $590,500.

Madrona and Leschi typically do not see a high volume of sales, so with their small sample sizes, average prices tend to paint very broad picture of the neighborhoods’ housing markets, as one or two high- or low-priced sales can skew the average. Currently, there are 18 active single-family listings between the two neighborhoods, with prices ranging from $490,000 to $2,795,000; and there is one active condo listing for $209,900.

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

Please feel free to contact me if you would like a complimentary price estimate of your home, or for advice on buying or selling a home in Leschi or Madrona. Click here to see what’s currently available in the area!

Kristine Losh, Ewing & Clark, Inc.

Click on the photos for more information about these featured homes!

Featured Home - 3609 E Union St. - Madrona

Featured Home – 3609 E Union St. – Madrona

 

An Open Letter to Save the Madrona Pub

We’ve been asked to share this open letter with the community regarding the Madrona Pub.

 

June 15, 2015

Bart Flora
Cornell & Associates
2633 Eastlake Avenue E #307
Seattle, WA 98102

Etsuko and Frank Harris
1717 Ala Wai Boulevard #1706
Honolulu, HI 96815

Dear Mr. Flora, Ms. Harris, and Mr. Harris:
The undersigned are devoted customers of the Madrona Eatery and Pub. We are
very concerned about the looming loss of this crucial neighborhood gathering
place, even though the owner desires to extend his lease with you. We
therefore ask you to go the extra mile to work out a lease extension with
the current owner of the Pub, Burke Shethar.

Thanks in part to the Pub, and really thanks also to your good stewardship
of the property, Madrona still has a lot of individual character. We fear
that this could go away fast, as is happening all over our city with the
loss of affordable, congenial, long-lived, long-loved gathering places.

The Madrona Pub has been anchoring the commercial neighborhood and the wider
residential neighborhood for 20 years. It is that rare place where whole
families can gather, where people can watch sports, get good food and good
ales as in a European pub. We can’t imagine that a new owner would be able
to create all these fine features, given increased rents and the time it
takes for a neighborhood place to develop a loyal clientele.  Madrona’s
two-block commercial district already has 9-10 restaurants, some with very
high turnover. A new place will have a tough go of it.

The Pub fits an important niche in the ecology of these restaurants:
affordable, family-friendly, full of “regulars,” open every night of the
week, and presided over by a staff and owner who know their customers well
and by name. It takes years to create such a feeling, such loyalty.  Such
continuity is also a big benefit to the landlord.

We know how important it is for us and the Madrona neighborhood to have such
a beloved gathering place. We know how much dedication and care Burke and
his crew have put into this enterprise. We worry that it is irreplaceable in
this economy. So please, property managers and owners, work it out with
Burke so the Pub can extend its lease!

Please let us know that you have received this letter and what your plans
are to resolve the issue.  Some of us would be happy to meet with you to
learn more about the issue. Best contact is David Brewster at 329-6785, or
david@folioseattle.org.

Madrona Plaza Available for Purchase

Madrona PlazaOver the last several years, real estate has changed drastically in Madrona’s commercial core. The two blocks on 34th Avenue between Spring and Pike streets have seen at least four new buildings go up, including the Pike Station, Madrona Refuge, and the two currently under construction. The Amara building will soon be developed. Real estate investors have seen tremendous potential in Madrona, and now instead of constructing a new building, there is an opportunity to invest in an existing property in the middle of all the action. Located in the heart of the Madrona business district, the Madrona Plaza building offers executive office space perfect for an owner-user or an investor (Click previous link for more building details).

The Madrona Plaza quietly hit the market a couple weeks ago. Built in 2000, the office building with retail on the ground floor is equipped with state-of-the-art office and communication services, elevator service, and secured parking. Peacefully situated next to Red Cow, across from the Hi-Spot, surrounded by the other Madrona shops, restaurants and parks, the Madrona Plaza offers a variety of activities to enjoy during the day or after work. The building’s tenants are made up of an executive suite model, two larger office space tenants, and long-term telecommunication leases for cell towers on the roof.

If you are interested in learning more about the Madrona Plaza, feel to contact Roger Lorenze of Ewing & Clark.

Leschi and Madrona Real Estate Report

Madrona Real EstateSeattle real estate prices are at record highs for September as discussed below, and Leschi and Madrona real estate continue to be very strong as well.  In September Leschi had 11 sales close while Madrona had 7, both we more than the previous September where there were 9 and 6 sales respectively.  But what is more impressive is the average price of the homes that have sold.  Comparing this and last September, Leschi homes average sale price jumped to $676,536 up from $601,765 while Madrona improved to a whopping $870,857 compared to $587,500 in the previous year.  As always these closed sales have to be taken with a grain of salt since the number of sales are low enough that one or two sales can distort the average, but still the numbers are hard to ignore especially when considered with the overall Seattle and King County market.

The median price of a single-family home in King County in September was $460,000, almost 10 percent higher than a year ago and 5.3 percent higher than August’s median price.  According to the Northwest Multiple Listing Service, these stats indicate the best September for home prices in at least 10 years! The city of Seattle performed the best of all the sub-markets in King County in September, with the median price having risen to $517,000, 12 percent higher than September 2013. While the median price on the Eastside was higher than Seattle’s at $605,000, yearly appreciation was slower at only 6.3 percent.

While numbers were gathered from the Northwest Multiple listing Service; Statistics not compiled or published by the Northwest Multiple Listing Service.

Feel free to contact me if you want a complimentary price opinion of your home:  Kristine Losh, Ewing & Clark Real Estate or check out the link to see what’s currently available in the Madrona / Leschi area.

Beautiful 1920’s Madrona Craftsman Available

Featured Listing: 1615 31st Avenue

Casey house

This 1920s craftsman ideally perched in the heart of Madrona, just hit the market for sale! The convenient location of this neighborhood home is just a short distance from the retail district and Lake Washington.

casey hopme1

Features include oak hardwood floors, coved doorways, crown molding, tall ceilings, sizable windows, and pocket doors. The kitchen includes slab Carrera marble counters, an island with a breakfast bar, viking range, and opens to a large back deck perfect for entertaining.

casey kitchen

The main floor master has ensuite bath, and  other noteworthy rooms include the daylight basement with media room, 2 bedrooms, an office, and a utility room. For more information on this lovely neighborhood home, or other Seattle area homes, contact your local real estate agent today!

Status: For Sale
Bed/Bath: 4/2.75
Price: $795,000

Leschi and Madrona Real Estate: Prices Skyrocketing

Madrona Real Estate

Madrona real estate sales have doubled from last July (16 vs 8 sales).  While the days on market have slightly increased by 2 days (21 vs 23 days) the Madrona homes are selling for much more than last year.  The average sales price this July was $890,337 vs $703,125 last July.  Both this July and last July homes on average sold for more than asking price.  The above pictured Madrona Home sold in 6 days for over asking price.

The number of Leschi real estate sales is fairly even with last year (7 vs 6 sales), but again the average sale price dwarfs last year’s average sales price.  Leschi homes this July sold on average for $953,000 versus $681,214 the previous July.  Unlike Madrona, houses are selling at a scorching pace.  The average days on market for Leschi is 7 days which is down significantly from 26 days last July.

Both Madrona real estate market and Leschi real estate market have small sample size so the statistics have to be tempered because a few sales can make a huge difference.  Looking at the Central Seattle residential real estate market (east of I-5 to the lake; south of the Montlake Cut to I-90) the number of sales only increased by one compared to last July (91 vs 92 sales) and the average sales price increased minimally from $855,163 to $867,652.  Even with this additional information, it is hard to ignore the recent Leschi home sales and the Madrona home sales.

While numbers were gathered from the Northwest Multiple listing Service; Statistics not compiled or published by the Northwest Multiple Listing Service.

Feel free to contact me if you want a complimentary price opinion of your home:  Kristine Losh, Ewing & Clark Real Estate or check out the link to see what’s currently available in the Madrona / Leschi area.

 

Madrona Farmhouse Style Craftsman: $848,000

Madrona home kk

This beautiful farmhouse-style home in Madrona is now available! Exuding polished charm and character, this home is perched privately and quietly off the street, with views of Lake Washington and the Cascades. Features of the home include an open layout, warm oak flooring, and optimal natural light. The dining room has French doors that open out to the backyard deck, and the bright spacious kitchen is equipped with a large pantry and wall of windows opening to the serene gardens. This 3 bedroom home has 1 full bath upstairs, and a fully finished lower level with bonus space and 3/4 bath and laundry. The master bedroom has beautiful territorial and lake views,  making this a truly fabulous Madrona neighborhood home. If you’re interested in this or other neighborhood homes, please contact me today!

Status: For Sale
Bed/Bath: 3/1.75
Price: $848,000

Leschi and Madrona Real Estate: Mixed Signals?

There are mixed signals in King County with average sales price up and average list price down but is the same true for Leschi and Madrona real estate?  According to the Northwest Multiple Listing Service (NWMLS), the average residential list price in King County is down from May 2013, while the average sales price has increased. The average residential list price last month was $792,925, down from $813,502 in May of 2013, while the average closed sales price was $541,294 up from $501,145 in 2013. There were 3,789 new residential listings that hit the market in May 2014 compared to 3,521 in 2013.  This recent uptick in inventory may be one of the factors causing the average asking price to decrease, but Madrona and Leschi does not seem to support this theory…

When looking at Central Seattle, the area that includes not only Madrona and Leschi real estate but homes for sale from Montlake, Madison Park, Madison Valley and Capitol Hill, the number of active residential listings are down from last May from 150 to 140 this May. As in the rest of King County, the average list price is also down from $1,746,083 to $1,609,493, but unlike King County the average sales price is also down in the area: dropping $975,857 to $784,780. Looking deeper in the numbers, last May was a exceptionally strong month for luxury home sales in Central Seattle.  Six homes sold in May 2013 for over $2,500,000 while there was zero sales for over $2,500,000 in May 2014.  Last May’s sales in Central Seattle are even more impressive considering there were only 17 sales over $2,500,000 for the entire year and six of them were in May.

Madrona Real Estate

Looking more specifically at Leschi and Madrona real estate, this year’s market seems to be gaining some momentum especially in the luxury market.  For example, in May Ewing & Clark Real Estate represented the seller in the highest sale in the combined Madrona & Leschi area for 2014.  The Madrona home pictured above sold for $1,625,000 this May which is one of the three sales since April for over $1,500,000 (2 in Madrona, 1 in Leschi).  Previously, there were no sales over that amount for the year.  Following are the statistics for the 2014 through the first five months:

Madrona

Leschi

Total Sales

23

25

Average List Price

$775,031

$695,788

Average Sales Price

$776,147

$685,837

Average Sales Price/List Price

101%

99%

Average Days on Market

40

87

If you are interested in seeing what is available in Leschi and Madrona, then click the link to see the available homes for sale or contact me for more information on the Leschi and Madrona real estate market.

Statistics in blog were gathered from the NWMLS, but the: Statistics not compiled or published by the Northwest Multiple Listing Service.

Leschi & Madrona Real Estate: Low Inventory & Prices Up

Madrona Home(Above Madrona home sold this May for over 35% more than its purchase price in October 2011.)

Real estate inventory in Central Seattle, which includes Madrona and Leschi as well as Montlake, Madison Park, and Capitol Hill, continues to be extremely low.  Only 354 new homes have come on the market in Central Seattle this year (through April) compared to 423 last year, which had historically low inventory as well.  But what is really amazing is that 135 new listings came on during the month of April, but by the end of the month there were only 131 active listings in Central Seattle.  This means there were less active listings at the end of the month than what came on during the month.  This indicates that not only did all the homes that were on the market prior to April become absorbed, but also some of the new listings as well.

Looking closer at Madrona and Leschi real estate we see the number of home sales are down from last year, but that seems to be because of the low inventory.  In Madrona, 21 homes have sold through mid-May as compared to 29 Madrona homes at the same time last year.  In Leschi, there have been 23 sales this year while during the same time period in 2013 there were 28 sales.

Lower inventory is pushing the average sale price in both Madrona and Leschi to rise.  The average sale price of Madrona real estate is up 6% over last year while Leschi has increased an incredible 30% over last year!  The 30% increase in Leschi may not be a true indicator of change in house values since the sample size of homes sold in Leschi is small, but both neighborhood sales still implies a rise in home values.  The neighborhood statistics plus the average sales price in Central Seattle (up 16%) and King County (up 11%) reveals this a great time to sell!

Feel free to contact me if you want a complimentary price opinion of your home:  Kristine Losh, Ewing & Clark Real Estate.

Leschi & Madrona Real Estate Report

The Madrona real estate market featured two sales this past February.  The number is not that unusual since there have only been six (2013), three (2012), and two (2011) sales in Madrona the previous three years in February.  This year’s sales totaled just $725,000 which was impressively $1,000 more than the combined list price.  One house sold for $450,000 while it was listed for $449,000 and the other property, a 915 square foot home on MLK Way, sold for the list price of $275,000.

The Leschi real estate market had four residential sales this February.  That number is a little better than usual since there have only been five (2013), three (2012), and one (2011) sales in Leschi over the previous three years in February.  This year’s sales totaled $2,018,500 with the highest sale being $920,000 for a home on Lake Washington Blvd across from the Leschi Sailboat Marina.

Leschi Home

Central Seattle real estate, which basically includes the area from the Montlake Cut to I-90 and from Lake Washington to I-5, is showing signs of strength.  While the median year-to-date sales price is down from $619,000 to $577,475, the average year-to-date sales price is actually up from $729,042 to $736,659.  In addition, year-to-date sales for the first two months are up with 88 sales in 2014 versus 79 sales in 2013.  Inventory is also tighter than last year down from 128 to 93 active listings in the month of February.

If you have any questions about the Seattle real estate market, please feel to reach out to me: Kristine Losh.