Leavenworth Real Estate

Archive for the 'Condominiums' Category

Leavenworth Real Estate Update: Q4 2009

How best to summarize the 2009 Leavenworth real estate market?

I often tell folks that our market is kind of “muddling” along. Home prices are stagnant or maybe even down a little, but not much in comparison to the Seattle area  or other parts of the country.

 

In addition to my usual quarterly graph, I’ve included a year end graph.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 And here’s a different take, just looking at the 4th quarter.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interesting how they tell a different story isn’t it?

This is especially true for condos. The quarterly chart makes it look like prices just keep going up for condos.  In 2009 we had 8 condos sell in the fourth quarter, while in 2008 and 2007 only 1 condo sold and they were for pretty low prices as you can see.

I think  the Year over Year chart is more accurate because it is based on more data. Condo prices simply aren’t going up.

Synopsis:

• Home prices are flat and slightly off their 2007 peak.
• Condo prices are down, due to oversupply.

Not in these charts:

• Huge number of condo sales in the 4th Quarter. Bargain seekers taking advantage of low prices. This will continue in the 1st and 2nd Quarters of 2010.
• Number of raw land parcels that sold in 2009 was abysmal. Down 50%.
• Number homes sold down 36%.
• Very few foreclosures or short sales
• Very little spec building for single family homes

We often get asked about the effect of the First Time Homebuyer Tax Credit in the 4th Quarter. (It expired and then Congress renewed it again until Spring of 2010.) While it may be a big deal in Seattle and Wenatchee, it hasn’t had much effect in Leavenworth.  Since most buyers aren’t buying primary residences, we aren’t seeing increased demand.   First time home buyers in Leavenworth are looking for homes under $250,000 and preferably $200,000 and if that product doesn’t exist, then $8000 of tax credit won’t help. 

Predictions for 2010

The prudent thing would be to avoid making predictions at all. I certainly wouldn’t be the first real estate prognosticator to pass on the opportunity.

Some thoughts:

• I would guess prices will continue to muddle along. Some neighborhoods will see price drops and others won’t.
• Condo inventory will clear out.  I would guess that foreclosure or auctions will be part of this equation.
• The overall number of foreclosures and short sales will remain low.
• Demand and prices for premium locations (waterfront properties) will remain strong.

What do you think? What does your crystal ball show that mine is missing?

Update 1/26/10

Looks like I transposed two numbers when making my chart. Here’s the corrected version of the Year over Year chart.

 

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Required Disclaimer

NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.

Leavenworth Real Estate | Sold Homes December 2009

 

This month there were 3 homes and 4 condos that closed.

 

10556 Chumstick Highway, Leavenworth

List price: $315,00.  Sold price: $240,000.

Days on Market: 364

2 bedrooms | 1.5 bath | 1271 sqft| 5 acres.

Tucked away on a hillside this home is about a mile outside of Leavenworth.  Home was built in 1980 and has an original interior.  This was an estate sale.

 

 

 

 

 

 

20681 Miracle Mile Road, Leavenworth

List price: $499,000.  Sold price: $450,000.

Days on Market: 189

3 bedrooms | 2.5 bath | 3500 sqft| .29 acres.

Large Kahler Glen Lindahl Cedar Home with a secluded back yard.

 

 

 

 

 

 

16056 Cedar Brae Road, Leavenworth

List price: $697,000.  Sold price: $599,000.

Days on Market: 234

3 bedrooms | 2.5 bath | 2224 sqft| .52 acres.

South shore of Lake Wenatachee waterfront.  As with most south shore lots, steep driveway and steep hike down to the lake.

 

 

Leavenworth Condos:

 

20795 Kahler Drive F-3, Leavenworth

List price: $299,000.  Sold price: $250,000.

Days on Market: 277

2 bedrooms | 1.75 bath | 1266 sqft

Kahler Glen condo on the ground level.  Condo has some newer updates, mainly flooring and paint.

 

 

 

 

 

1107 Front Street Unit 5, Leavenworth

List price: $298,000.  Sold price: $240,000.

Days on Market: 137

2 bedrooms | 1.75 bath | 1307 sqft

Second Cascade Crest unit to sell.  The condo was available last summer for $519,000 and was sold in a Short Sale situation.  Master bedroom has its own balcony.

 

 

 

 

 

1107 Front Street Unit 6, Leavenworth

List price: $298,000.  Sold price: $240,000.

Days on Market: 148

2 bedrooms | 1.75 bath | 1226 sqft

Cascade Crest condo with its own staircase to back deck and rear entry.  The condo was available last summer for $519,000 and was sold in a Short Sale situation.

 

 

 

 

 

 

100 Ski Blick D-202, Leavenworth

List price: $465,000.  Sold price: $300,000.

Days on Market: 822

2 bedrooms | 2 bath | 1321 sqft

Condo project off Titus Road.  One of the reasons for the long days on market is due to being listed during construction.  Another reason is that the condos can not be used as nigthly/weekly rentals because they are in the City of Leavenworth’s urban growth boundary.

 

 

 

 

 

More Leavenworth Real Estate Info

• Click Here to See Leavenworth Sold Homes for Nov 2009
• Click Here to See Cashmere Sold Homes for Dec 2009
• Click Here to Search for Leavenworth Homes for Sale

 

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Required Disclaimer

NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.

Leavenworth Condos : The Future

One of my favorite posts in the past few years was entitled Top 5 Ways to Shoot Your Leavenworth Condo Project in the Foot. I wrote it in hopes that it would save some developers heartaches and headaches, but instead I watched as more folks ignored the lessons and decided to take their lessons from the school of hard knocks.

In 2009 I had the opportunity to represent the Cascade Crest Condos in downtown Leavenworth. It has been great fun to practice what I preach. Five months after we first listed the condos we have sold or have under contract 5 out of the 6 units.

Allyson’s reaction to our success with these units might flabbergast some local real estate agents. “We need more condo projects!”

“But Geordie, doesn’t Leavenworth currently have YEARS of supply of unsold condos?” you gasp.

Indeed it does, but there is room for new condos in our market.

Here’s what I think we need:

Patio homes: Basically a patio home is a duplex that functions as a condominium.  Maple Terrace in Wenatchee was the first project like this in the area. I think that 3 bedroom, 2 bath ramblers 1500-1700 sqaure feet with a garage on Ski Hill would sell like hot cakes. We have gotten a lot of visitors at our condo open houses looking for such a product.  These are more likely to be retirement buyers looking to downsize, but not interested in a 1000 square foot condo.

Lake Wenatchee Condos: If you want a condo at Lake Wenatchee, Kahler Glen is the closest you’ll get. There is room for condos in the area that aren’t at the golf course.

Stevens Pass Condos: We get people asking about Stevens Pass condos all the time. They also search for this term on the web and end up here. If you made a decent product and kept it under $400,000 for a two bedroom I bet you could sell some condos.

3 Bedroom Condos: These sold out quickly at Icicle Village Resort / Aspen Suites. No 3 bedroom condos are available at Haus Wunderbar, The Boulders or Cascade Crest.

What do you think? Does Leavenworth need more condos?

(Want to search for condos currently on the market. Click here to Search for Leavenworth Condos )

Leavenworth Real Estate | Sold Homes October 2009

Eleven homes sold in the Leavenworth area in October and one condo.

NNA Cedar Brea, Leavenworth

List price: $119,900.  Sold price: $105,000.

Days on Market: 146

1 bedrooms | 1 bath | 720 sqft| .50 acres.

Classic cabin on the south side of Lake Wenatchee across the street from the lake.

 

 

 

 

221 Evans Street, Leavenworth

List price: $239,900.  Sold price: $193,000.

Days on Market: 240

2 bedrooms | 1.5 bath | 1064 sqft| .07 acres.

Small home in Leavenworth.  Home also has a one car garage.

 

 

 

 

 

18880 Pine Loop Road, Leavenworth

List price: $348,500.  Sold price: $299,000.

Days on Market: 96

2 bedrooms | 2 bath | 1550 sqft| .33 acres.

Prow front cabin in the Alpine Acres subdivision in Plain.  Large detached garage and wrap around deck.  One bedroom plus loft. The home was on the market longer than indicated.  Listed in 2008 on the NWMLS.

 

2536 Sumac Lane, Leavenworth

List price: $349,500.  Sold price: $303,000.

Days on Market: 116

2 bedrooms | 1 bath | 1512 sqft| 1.40 acres.

Cute cabin on a large lot in Chiwawa River Pines.  Included a large detached garage.

 

 

128 Poplar Street, Leavenworth

List price: $367,900.  Sold price: $319,900.

Days on Market: 194

3 bedrooms | 2 bath | 1484 sqft| .37 acres.

Nice home in Leavenworth.  Two car garage and a large lot with mountain view.

 

 

20646 Miracle Mile, Leavenworth WA

List price: $548,000.  Sold price: $375,000.

Days on Market: 195

3 bedrooms | 2 bath | 1912 sqft| .31 acres.

Newer home in Kahler Glen backing to the 11th Green.  Nice tiled sun room at the back of the house.

 

 

19680 Nason Road, Leavenworth

List price: $495,000.  Sold price: $410,000.

Days on Market: 248

2 bedrooms | 2 bath | 1600 sqft| .50 acres.

Newer cabin in Pine River Ranch.  Large lot backs to the Forest Service.  Detached garage.  Home has a walk out basement with unfinished areas that could be finished form more living space.

 

 

17590 North Shore Drive, Leavenworth

List price: $649,900.  Sold price: $450,000.

Days on Market: 515

3 bedrooms | 3 bath | 3100 sqft| .24 acres.

New construction on the north side of Lake Wenatchee.  Trail to the lake right across the street.  The home was on the market while it was under construction.   Time on market also due to the unknown fate of the lot right in front of the home which could have obstructed the lake view.

 

 

 

11311 Chumstick Highway, Leavenworth

List price: $575,000.  Sold price: $472,500.

Days on Market: 732

3 bedrooms | 2.50 bath | 2800 sqft| 1.89 acres.

Home is located on Chumstick Creek with a deck that overlooks the creek.  Long time on market was due to it showing pending during what I believe was a lease to purchase that fell through.

 

 

12150 Shugart Flats Road, Leavenworth.

List price: $600,000.  Sold price: $600,000.

Days on Market: 35

3 bedrooms | 3 bath | 2722 sqft| 8 acres.

This home was not actively listed on the MLS.  Eight acres on the Chiwawa River.

 

 

18047 River Road, Leavenworth WA

List price: $1,350,000.  Sold price: $850,000.

Days on Market: 134

3 bedrooms | 3 bath | 3200 sqft| 3.04 acres.

Home is located on Wenatchee River.  Had a great deck running the length of the home over looking the creek.  Challenging staircases up the second story of the home.  Also had a guest house and several RV hook ups.

Leavenworth Sold Condos:

545 Junction Lane 704D, Leavenworth WA

List price: $322,900.  Sold price: $290,000.

Days on Market: 308

2bedrooms | 2 bath | 852 sqft|

Aspen Suites condo in the Icicle Junction Best Western complex.  Was also for sale by owner before being listed.

 

More Leavenworth Real Estate Info

• Click Here to See Leavenworth Sold Homes for Sept 2009
• Click Here to See Cashmere Sold Homes for Oct 2009
• Click Here to Search for Leavenworth Homes for Sale

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Required Disclaimer

NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.

Leavenworth Condo Update – Fall 2009

The Leavenworth condominium market certainly has been the toughest sector of the Leavenworth market over the past few years.  Overbuilding, lack of research by developers, and bad timing have lead to a massive oversupply, auctions, and lower prices.

Currently there are a total of  54 condos on the market according to the local multiple listing service (MLS) .  I count at least 13 condos that are currently for sale but not on this list.  The average list price is $322,000  compared to 2008’s average sales price of $306,000.

10 condos have sold in 2009 so far at an average price of $263,000.

4 condos are currently pending with an average list of $296,000 – though I expect the price at closing will be much less.

Updates on Leavenworth Condo Projects

Ski Blick

aka Ski View (Titus Road) – In 2008 I reported that two condos have sold here. In 2009, an additional 2 bedroom unit sold for $270,000. These are selling at 7% below list price. 21 units remain unsold, with no pending sales. (Only 11 units are currently listed on the MLS.)  They have received significant price reductions with the average 2 bedroom condo now listed at $296,000  and 3 bedroom condos listed at $ 362,000.

Haus Wunderbar

7 of these units are back on the market. These are the units across the street from Gustav’s on Front Street. 2008 prices range from $499,000 to $725,000. These were originally to be finished in Spring of 2006, yet they were not completed until 2008. They are now priced from $447,000 to $671,000. They also have some fractional ownerships available (as little as 1/8th) starting at $89,900.

Riverpark Homes

These are the yellow condos across from the hospital that were sold at the condo auction. Currently one unit is under contract and only 2 of the 16 units remain unsold. These units are located on the 3rd and 4th floors. 2 additional units are being sold as resales.

Cascade Crest

These are the condominiums that stand where Dr. Larson’s dentist office used to sit on Division. They were first listed in July of 2008 and started at $519,000.

We are proud to be the new listing agents of these condos. We have lowered the price to $298,000 and the bank which holds the construction loan had been very generous in accepting short sale offers below the asking price. We currently have 1 unit pending and have a number of other offers in the works. Special financing is also available with as little as 5% down – call us for more details.

You see a short video of the condos here: Cascade Crest Condos in Leavenworth

Boulders Condominiums on the Wenatchee River

Two of the six of these riverfront condos on Alpensee Strasse have sold. (Two are also being held by the developers for their personal use.) The prices started as much as $635,000 but are now selling from $425,000 to $475,000.

Icicle Junction

Aspen Suites

6 remaining units have been listed on the MLS again with a number of different local companies.  They have pretty good financials if you are looking to own a vacation rental. I would be happy to provide you with the numbers.  These units are mostly 2 bedrooms and range in price from $299,000 to $339,000.

Alpine Place

There are six older condos in two different associations here off of Icicle Road. 2 bedroom units are available from $199,000 to $239,000 and a rare 3 bedroom for $279,000. I think these offer some of the best values today in Leavenworth condos. (They can be rented overnight as vacation rentals.)

Click here to see a short video of one of our listings currently for sale at $219,000 :

Alpine Place Condo, Leavenworth WA

Kahler Glen / Natapoc

3 condos are available at Kahler Glen golf course near Lake Wenatchee. They are priced between $279-299,000 which is down from a high price of $325,000 for Kahler Glen condos sold in 2007 and 2008. There is one unit pending with a list price of $269,000 and I sold 2 units earlier this year for about $270,000 each. There also is a Natapoc unit for sale.

As I have said before, I think condos at Kahler Glen are one of the great deals in the current market.

Condos in Leavenworth – New Construction

It appears that the following condominium projects all slated for 2009 or later have been cancelled.

Sonnenterrassen

These 8 condos were slated for Commercial Street and included 1, 2, and 3 bedroom units ranging from $250,000 to $800,000.  Orginally these units were to be available in 2009, but according to the developer Chuck Reppas:

“Sonnenterrassen is on permanent hold until the market returns. I am concerned that it will take at least 3 and as much as 6 years for the market to become strong enough to build Sonnenterrassen per plan.”

According to my research, Reppas no longer owns this property and it was foreclosed upon by FNMA.

Obststadl

Construction was orginally slated for 2011 and negotiations were held with the City of Leavenworth about a land swap / sale. This is the fruit barn project along highway 2 in downtown Leavenworth slated to have approximately 120 luxury condos.

Again the projects developer, Chuck Reppas:

“As a result of the economy I have lost control of the Obststadl site…. If I am able to rekindle the deal, I will likely change to a mixed use retail / hotel. Potentially some of it could be timeshare, but likely not full-time condo.”

Blackbird Lodge

43 condos were slated for completion in the Fall of 2009. 1, 2, and 3 bedroom condos will be available starting at $289,000 for a 1 bedroom unit. No construction has begun to my knowledge and the listing has been removed from the MLS.

Click Here to Search for All Leavenworth Condos Currently on the Market

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Required Disclaimer

NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.