Mercer Island, WA Real Estate News

By Sam DeBord, Seattle Real Estate Broker
(SeattleHome.com -Coldwell Banker Danforth)
While there were no closed waterfront home sales in Mercer Island in April, three waterfront homes did go Pending.  All three were mid-island homes, with the least expensive being a short sale on the East shoreline. Overall, waterfront homes sales in Mercer Island have been much stronger this year than last.  There have been 6 closed sales year-to-date, vs. just 3 in the same time period of 2009.  The median sale price is $2.7 million this year, while it was just over $1 million last year.  This mirrors the overall King County waterfront real estate market, where sales numbers have doubled since 2009. Address City Beds Baths SqFt. Price             4611 Forest Ave SE Mercer Island 4 2.5 2450 $1,799,000 4710 E Mercer Way Mercer Island 4 4 4850 $1,550,000 4879 Forest Ave SE Mercer Island ...
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By Sam DeBord, Seattle Real Estate Broker
(SeattleHome.com -Coldwell Banker Danforth)
There were five significant sales of waterfront homes in Mercer Island so far this year, with prices ranging from $2.4 million to $4.2 million. In the same period last year, there were no Lake Washington waterfront sales at all. This increase in sales is trending along with the rest of Greater Seattle's waterfront and luxury home sales. Prices have dropped significantly in the past two years, and waterfront home buyers seem to have jumped off the fence and gotten the market moving again. Mercer Island waterfront home sales 5636 E Mercer Way, Mercer Island WAThis 4 bed, 3.5 bath home sold for $2.43 million. At 4367 square feet, it's a fairly large home with views of the lake throughout. It was our only sale so far this year on the East shore of the island, with 80 feet of waterfront. The...
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By Sam DeBord, Seattle Real Estate Broker
(SeattleHome.com -Coldwell Banker Danforth)
Waterfront Home Tour:2205 60th Ave SE, Mercer Island WA 98040 The waterfront on Mercer Island is highly sought-after real estate. When a home on the waterfront is designed, its focus should be on entertaining, capturing the views and access to Lake Washington. After touring this 2006-built estate on Faben Point, it's clear that this remarkable home manages to do all three, combining beautiful luxury interior construction with relaxing, enjoyable outdoor spaces leading down to the waterfront. Entering from the gated drive, a guest house and 3 car garage provide privacy at the front of the lot, while further down the lane, the traditionally-styled main home and attached 2 car garage come into view. Access to I-90 and Seattle or Bellevue is just a short drive from here, but Faben Point fee...
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
  Whatchamadoozie with a Whaddayacallit playing at the Youth Theater NW on Mercer Island, WA Photos, Videos and Graphics by    Sonny Kwan  Realtor® with John L Scott Real Estate Seattle, WA. All information is believed to be accurate, but is not warranted in any way. When you plan to buy or Sell your home  Visit my website www.johnlscottwa.com     to search all homes on the internet. Youth Theater Northwest www.Youththeater.org  © 2010  By Sonny Kwan All Rights Reserved
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By Sam DeBord, Seattle Real Estate Broker
(SeattleHome.com -Coldwell Banker Danforth)
While January was your typical slow winter sales month for waterfront homes in Seattle, February provided a surprisingly strong month. After just a few lower-priced transactions in the previous month, there were 10 significant sales of Seattle waterfront homes during February. With 7 of those 10 sales being multi-million dollar homes, we're getting a glimpse of what could be a strong market moving into the spring and a much-needed recovery in the luxury market. February 2010 Seattle waterfront home sales Seattle Houseboats and Floating Homes Lake UnionThe least-expensive waterfront sale in February was a floating home sale in Portage Bay, just East of Lake Union. This Boyer Ave home sold for about $350,000, which is a lower-range sale for the houseboat community. This is a small, tradit...
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
HSBC - The World's Local Bank. Mercer Island, WA Branch Photos, Videos and Graphics by    Sonny Kwan  Realtor® with John L Scott Real Estate Seattle, WA. All information is believed to be accurate, but is not warranted in any way. When you plan to buy or Sell your home  Visit my website www.johnlscottwa.com     to search all homes on the internet. Wordless Wednesday - HSBC - Mercer Island, WA © 2010  By Sonny Kwan All Rights Reserved
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
Photos, Videos and Graphics by    Sonny Kwan  Realtor® with John L Scott Real Estate Seattle, WA. All information is believed to be accurate, but is not warranted in any way. When you plan to buy or Sell your home on Mercer Island, WA Visit my website www.mercerisland-homesforsale.info    to search all homes on the internet. Speechless Sundays - US Postal , Mercer Island , WA  © 2010  By Sonny Kwan All Rights Reserved
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
Photos, Videos and Graphics by    Sonny Kwan  Realtor® with John L Scott Real Estate Seattle, WA. All information is believed to be accurate, but is not warranted in any way. When you plan to buy or Sell your home on Mercer Island, WA Visit my website www.mercerisland-homesforsale.info    to search all homes on the internet. Wordless Wednesday - Mercer Island Fire and Rescue  © 2010  By Sonny Kwan All Rights Reserved
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
I wrote this after reading an article wrtitten by Morgan Evans of New York City Manhattan Real Estate Why the Listing Agent SHOULD be at the Appointment I recently put my home on the market with an agent in my office as the listing agent for the fact that I did not want to have any attachment to the house when a buyer came through to see it. This made me realize why sellers are often upset at the real estate agents who show their homes. This is not intended to bash any buyers agents out there, it is just how I saw it from my end as a seller having my home open to the world to see. 1. Getting calls from the agent at awkward times and awkward showing requests. I got calls from agents saying "I'm right outside, I know it's 7:00pm, but can we look at your home?" I am selling my house so, I ...
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
What is a Shortsale? In Short, no pun intended, a Shortsale is when the primary leinholder, or the bank that carries the loan for the homeowner agrees to allow the home to sell to another party for less than the original loan amount owed. For example. Homeowner A Buys a home on Mercer Island, WA in 2005 when the real estate market was at it's peak. The loan was a zero down or similar type adjustable rate mortgage loan. Come 2009, the rate skyrocketed and the monthly payments hit the roof, the homeowner now can hardly keep up with the already high mortgage. The homeowner now cannot make the payments to the bank and must now sell it as a shortsale. for $450,000 The Agent steps in, Puts the home on the market, not at the price that is owed ,$450.000 but at a price he knows will generate an...
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
Home ownership on Mercer Island, WA is still affordable! When choosing an area to move to, most people with children or planning on raising children in the area, known to have one of the best school districts in the nation often consider Mercer Island, WA.  They get caught up thinking that they wouldn't be able to afford to live in an such an expensive zip code where Billionaire from businesses and startups now reside, Such as Paul Allen, co-founder of Microsoft, owner of the Portland Trailblazers and Seattle Seahawks. Last month a home Priced at $450,000 sold on the open market for $233,000 (a whopping $217,000 price reduction!) Granted it was a short sale, there are still homes for sale below the $500,000 mark. Yet there many more shortsales on the market currently and many more will ...
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
Rent vs Buy in this market. Rent vs buy in this market put simply by calculating what someone is paying for rent vs what they would pay for their mortgage monthly. Take a renter paying $950.00 a month in rent over 5 years amounts to $59,659.14 Cost of ownership over 5 years with down payment of 3.5% equals        $7,000 Private Mortgage Insurance over 5 years                                             $74,445.00 Loan payoff after sale of home                                                          $179,594.91 Expenses, Property tax, homeowner insurance, maintainence, etc..        $11,500.00 Cost of Selling                                                                                 $17,909.00 Less Total tax savings                                                                    ...
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
Orange tangerines,green lettuce, Lucky red envelopes, tied with a red string. signify Good health, wealth, prosperity and longevity. Photos, Videos and Graphics by    Sonny Kwan  Realtor® with John L Scott Real Estate Seattle, WA. All information is believed to be accurate, but is not warranted in any way. When you plan to buy or Sell your home on Mercer Island, WA Visit my website www.mercerisland-homesforsale.info    to search all homes on the internet. Wordless Wednesday © 2010  By Sonny Kwan All Rights Reserved
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
Lunar New Year Celebrations Co Lam Temple, Seattle, WA Fortune sticks, shaking them until one falls out of the canister, on the stick there is a number which is brought to a monk, where your number corresponds to a fortune told about you. Mine was so true. Line on firecrackers that lasted more than 15 minutes Tree with Lucky money envelopes       Photos, Videos and Graphics by    Sonny Kwan  Realtor® with John L Scott Real Estate Seattle, WA. All information is believed to be accurate, but is not warranted in any way. When you plan to buy or Sell your home on Mercer Island, WA Visit my website www.mercerisland-homesforsale.info    to search all homes on the internet. Lunar New Year Celebrations © 2010  By Sonny Kwan All Rights Reserved
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
Mercer Island Real Estate Statistics - ending January 2010 Residential homes on the market                             50 Average Sale Price                                                   $2,225,236 Median Price                                                           $1,397,000 Average Time On Market                                          133 Days Condominium                                                         11 Average Sale Price                                                   $487,019 Median Price                                                           $350,000 Average Time On Market                                          59 Days Pending Residential Sales                                       18 Average List Price                                                   $1,...
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
2010 Vancouver Winter Olympics - www.Vancouver2010.com Photos and graphics by    Sonny Kwan  Realtor® with John L Scott Real Estate Seattle, WA. All information is believed to be accurate, but is not warranted in any way. Visit my website www.mercerisland-homesforsale.info    to search all homes on the internet. 2010 Vancouver Winter Olympics © 2010  By Sonny Kwan All Rights Reserved
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
  Condo vs Co-op Pros and Cons Photos and graphics by    Sonny Kwan  Realtor® with John L Scott Real Estate Seattle, WA. All information is believed to be accurate, but is not warranted in any way. Visit my website www.mercerisland-homesforsale.info    to search all homes on the internet. Condo Vs Co-op Pros and Cons © 2010  By Sonny Kwan All Rights Reserved
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
Foreign Investors buying in the United States Photos and graphics by    Sonny Kwan  Realtor® with John L Scott Real Estate Seattle, WA. All information is believed to be accurate, but is not warranted in any way. Visit my website www.mercerisland-homesforsale.info    to search all homes on the internet. Foreign Investors buying in the United States © 2010  By Sonny Kwan All Rights Reserved
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
Buying a Condo vs a Co-op Photos and graphics by    Sonny Kwan  Realtor® with John L Scott Real Estate Seattle, WA. All information is believed to be accurate, but is not warranted in any way. Visit my website www.mercerisland-homesforsale.info    to search all homes on the internet. Buying a Condo vs a Co-op © 2010  By Sonny Kwan All Rights Reserved
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By Sonny Kwan, 206-819-8228
(Quantum Group Commercial - Residential - Lease Seattle, WA )
What buyers need to know about the Sewer Line Your buyers just closed on their dream home and the sewer backs up and floods the basement. Did they get a sewer line inspection when they ordered their home inspection? Is this something an agent asks the buyer to consider when they are already spending upwards of $450.00 for a home inspection? Could an additional $250.00 spent on a camera down the sewer line be good insurance to prevent the new homeowner from getting hammered with a broken sewer line, which is usually concrete or clay , depending on what year the home was built and if there were any upgrades to the drainage system. My client spent $2500.00 for a partial sewer line replacement on his rental home and I thought this may be a good thing to pass along to any future buyers of ol...
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Mercer Island, WA Real Estate Professionals