Located just south of I-90, and running south to Genesse Park, Mount Baker is a neighborhood that is definitely reaping the benefits of a booming real estate market. Taking their name from the sweeping views of Mount Baker to the north, this neighborhood is a great cross section of what Seattle has to offer. On the water side it boasts the sprawling mansions that once typified Seattle following the turn of the last century, but as you move west toward Rainier Avenue, older single-family homes are giving way to town homes and modern architecture. The rising cost of housing continues to force a surge of new construction, and with easy access to the new light rail, commuting from Mount Baker has never been easier.
Given the relative affordability and continued growth, Mount Baker has seen a 13% increase in home prices over the past year and currently has a median home price of $568,800.
Home sales in Mount Baker over the past two months by listing brokerage:
For more than 100 years, floating homes have helped define Seattle’s social culture and maintain its reputation as a place where unconventional modes of living are enjoyed. The thriving houseboat colony on Lake Union, made famous in the 1993 film Sleepless In Seattle, attests to the continuing desirability of this unique lifestyle.
House boats have come a long way since their inception as affordable alternatives to traditional homes and vacation rentals. Currently there is a floating home available for $3.2 million dollars, however most sell for well under that. In the past six months, there have been 21 floating home sales with a median sale price of $635,000. Pack lightly however, those same 21 homes average a tidy 777 square feet. For those who love them, they wouldn’t live anywhere else, but bring your sea legs. Life on the water isn’t everyone’s cup of chowder.
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1) Sale prices are at all-time highs.
Home prices in King County hit new highs last month. The median price of a single family home sold in King County in February was $514,975, a whopping 20% increase over a year ago. The median price in Seattle was up 24% to $644,950. The Eastside’s median price was up 20% to $739,975. You may be surprised at how much your home is worth today.
2) Competition among buyers is driving prices even higher.
Despite increasing prices, there is intense competition among buyers because inventory is at all-time lows. That means multiple offer and bidding wars, increasing the likelihood that your home will sell above your asking price.
3) Homes are selling fast.
With such limited inventory, homes in King County are selling rapidly – sometimes in days. If you list your house now, chances are you’ll get a buyer quickly.
4) You can make the sale work to your needs.
With competition for homes so fierce, you have the freedom to make the deal that works best for you. Many buyers are paying cash. They’ll also make concessions. Do you want stay in the home a few months after the sale? Want a large earnest money payment? You’re in the driver’s seat, and many buyers are willing to do what it takes to get the home they want.
It’s a seller’s market.
Are you ready to take advantage of it?
This blog was originally posted on the Windermere Eastside.
Seattle is having a moment. “Finding Mr. Right,” a 2013 Chinese romantic comedy stars our wonderful city, much like “Sleepless in Seattle.” As most people know in the Real Estate world, there is a huge influx of Chinese buyers in this area and these movies help show them what Seattle is all about.
Tere Foster, one of our incredible agents, works with many Chinese buyers and has a Mandarin-speaking staff member. She gave her two cents about the movie: “I think it really contributes to the romance, the fantasy. It makes the Seattle area seem very special and happy and positive and a great place to create new fortune, whether that is a love interest or business interest.”
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