Waterfront Pricing

So is there a correlation between linear feet of waterfront and fair market value?

Let's forget orientation to the sun, size of lot, or house features; and just focus on waterfront footage for a moment, examining our Lake Sammamish examples from recent blogs.

Of the twelve sales of Lake Sammamish waterfront properties in the past six months, one had a shared beach and one had a shared dock. The one with shared beach sold for $9500 per linear foot of waterfront.
The one with the shared dock sold for $48,148 per linear foot of waterfront.

The others sold as follows:
$33,000 per linear foot - 20' waterfront
$32,895 " - 38' waterfront
$65,560 " - 50' waterfront*
$25,397 " - 63' waterfront
$32,000 " - 75' waterfront*
$22,000 " - 75' waterfront
$20,202 " - 99' waterfront
$18,550 " - 100' waterfront
$20,642 " - 106' waterfront
$27,500 " - 120' waterfront*

The properties with asterisks had exceptionally large lots, or significantly more higher-end houses on the property. It is interesting to note that there appears to be a general relationship between linear feet of waterfront and market value. Ignoring the shared beach or dock, here is a graph of this correlation:

Using just this information, a property with 67' of waterfront on Lake Sammamish might be expected to bring a fair market price of $1,675,000 - $2M, depending on other factors such as quality and size of the house and lot, slope, and sun orientation. Six of the twelve recent sales on Lake Sammamish sold for over $2M, the others for less.

CoreLogic puts this specific house at a median value of $2.35M, but the range begins at $1,717,025. Given the steep slope of lot, and the awkwardness of the house layout, it makes sense to discount the price.

Using other variables identified in this previous blog, and looking at the closest sold comps, I would list this house initially at $1,875,000 for a quick sale - and promote the heck out of the Zillow valuation of $2,575,000. Given the issues identified above, I would encourage the Seller to keep the price under $2M, depending on his needs and timing. Pricing this too high might discourage some buyers, and delay the sale. A more reasonable valuation may result in multiple bids.

The top sales agent for Lake Sammamish however thinks that this particular house will garner a sales price of $2.6M. Her rationale is that the comps for Zillow and Realist do not encompass only waterfront comps, and therefore, they are too low. She may be right, as she knows this particular market very well.

Message me at HomeLandInvestment@gmail.com for a complete list of King County waterfront homes for sale, if you are looking for waterfront.

Happy Investing!

King County Waterfront under $400K!

There are 33 active listings of waterfront property in King County for sale for under $400,000. They range in price from $125,000 to $399,000. The average listing has two bedrooms, one bath and is listed for $299,000, on the market for approximately 90 days. The largest has five bedrooms, 2.5 baths in over 2800 sf of living space and is listed for $399,000.

For a complete list with photos of residential waterfront properties for sale in King County, please contact HomeLandInvestment@gmail.com or call 888-621-4999.

Happy Investing!

Affordable Waterfront in King County!

It has been said that you really don't know Seattle unless you've seen it from the water. This is one reason I love to paddle in dragon boats or kayaks or canoes; and to sail or cruise whenever I am invited out on the Puget Sound. I love waterfront!

And who doesn't? We are blessed to live in an area, surrounded by water, where lakes and estuaries meet the foothills of volcanic mountains. Scenery and wildlife are astonishing; and yet our proximity to urban culture and amenities can't be beat.

So I regularly look for waterfront properties on the market in King County, that are priced under $300,000. There is surprisingly more than you might expect that is within financial reach of local residents. I am happy to provide a list of current King County waterfront properties for sale in this price range upon request. Just leave a comment to this blog or email me at HomeLandInvestment@gmail.com or call 425-270-7292.

Here is one that I currently have available for a cash buyer for $275,000:

This charming 4-bedroom 2-bath vintage home with fireplace, woodstoves, hardwood floors and knotty pine paneling can be yours, for one very affordable price.

Pick up this sweet 1920 4BR/1.5BA beach house on 50' of Puget Sound waterfront on the north end of Vashon Island FOR ONLY $275000.

This walk-in property is a short five minute walk along a woodland trail to the Vashon ferry terminal. Head five minutes east from the Vashon ferry terminal, then find the trailhead just south of yellow garage; walk through the secluded forest trail down to the water. Your commute from home by King County Water Taxi will have you in downtown Seattle in twenty minutes! Walk to work downtown without a car, go home to your own secluded waterfront, with forever views of the Puget Sound waters, Cascade mountains,Blake Island, ferry boats and abundant wildlife. There are only twenty walk-in properties located on the north end of Vashon, but each is connected to public sewer and water.

This fixer property will need a new roof (18 years on the current one) and treatment for wood-boring beetles in an exposed corner of the basement before it can be conventionally financed. Annual payments of $1781 pay down the remaining balance on the sewer assessment. Plumbing and wiring are all up to date. Seller will pay up to $600 for a home warranty on all appliances, washer, dryer, refrigerator, stove, microwave, hot water heater (1997).

Other desired improvements include:
--Upgrade main kitchen and bath (knock out walls to expand both bath and smallest bedroom)
--Increase energy efficiency with new windows, insulation, heat pump
--Wood decking over current outdoor deck; new railings
--Convert basement to finished studio living space?

Tax-assessed value of $354K, Zillow value of $376K.

Estimated fixed up value of $450K, with a potential profit of more than $60K for a quick flip, depending on improvements. CASH BUYERS only, includes assignment fee.

Visit here for more photos:
http://vashonwaterfront.shutterfly.com/pictures/8

Marketing flyer, home inspection report and comparable sales available to interested buyers. Showing with signed PSA only; please do not disturb tenants!

Please contact Wendy at HomeLandInvestment@gmail.com or call 888-621-4999 and leave your contact information for more details. Seller is a licensed real estate broker in the state of Washington.

Lake Sammamish Waterfront

The median list price of the 34 waterfront homes for sale on or near Lake Sammamish right now is a 4-bedroom, 3.5-bath house with over 4000sf of living space, listed for $2.2million ($541/sf). This active listing has been on the market an average of 80 days.

Yet of the 50 Lake Sammamish waterfront homes that sold in the last six months, the median home sale was for a smaller 3-bedroom, 2.75-bath house with less than 3000sf of living space for a price of $999,375. These home sales were on the market just 77 days.

There are 13 listings on the market right now at a sales price under $1million for waterfront on or near Lake Sammamish. Other nearby lakes include Echo Lake, Allen Lake, and Pine Lake. The proximity to Microsoft’s main campus is one reason that these lakes are so attractive to buyers in this area.

For a complete list of available waterfront properties on or near Lake Sammamish, please email me at HomeLandInvestment@gmail.com or call 425.270.7292. For serious buyers of waterfront property, we set up a free email update of homes that match your buying criteria, just as soon as they hit the market.

King County Waterfront For Sale

As of today's date, there are 46 active listings for waterfront properties in King County, priced between $1M -$2Million. The median waterfront house has three bedrooms, 2.75 bathrooms and 3,115sf. It has been on the market for 89 days and is priced at $1,396,500 ($448/sf). Owner financing is available on 7.29 acres of Adelaide beachfront in Federal Way, and on a 5-bedroom 6-bath luxury home in North Bend. USDA financing (100% loan?) may be available on a Duvall creekside property.

There are 85 waterfront properties in King County priced under $1 Million. Four of these offer some type of owner financing.

Twenty-nine of these properties are priced under $500,000. They include waterfront in the cities of Auburn, Carnation, Des Moines, Duvall, Enumclaw, Federal Way, Kent, Maple Valley, North Bend,Renton, SeaTac, Snoqualmie, Vashon Island - and even Seattle.

If you are looking for property on waterfront in King County, there are lots of options. Please contact HomeLandInvestment@gmail.com for a free list of waterfront properties for sale right now in your price range.