Leavenworth Real Estate

Archive for the 'Condominiums' Category

Leavenworth Condo Update: Spring 2010

The Leavenworth condominium  market seems to be on the road to recovery. There are still some bumps in the road, but we are headed towards a healthy market again.

In 2009, 18 condominiums sold that were recorded in the North Central WA Multiple Listing Service (MLS).  This does not include condos sold at auction in December of 2008 that closed in 2009.

In 2010 6 condos have sold so far and another 6 are pending.  Currently there are 30 condos for sale, though I expect more to come on the market as the season develops.

What condos have been selling in Leavenworth?

Condos at Kahler Glen  have sold well in the past year. Oversupply at Kahler Glen  drove down prices and buyers have taken advantage of those deals. 5 condos have sold at Kahler Glen and a 3 bedroom Natapoc unit is currently under contract. The average price for an older 2 bedroom condo at Kahler Glen in the past year was $263,000.

The Cascade Crest Condos  also sold well. All six units sold in less than 6 months after the bank holding the construction loan agreed to sell them at short sale prices. The average price for these units was $240,000.

An investor holding numerous units at the Tumwater Townhomes decided to liquidate and we saw those units going for $129,000. Most of those sales have closed and no units are currently available at that price.

Condos Still Available

New construction condominiums are still available at Ski View aka Ski Blick (on Titus Road) as well as the Boulders on the Wenatchee River.  No condos have sold at Haus Wunderbar (across from Gustav’s).  These units are not currently listed on the MLS and a reliable source tells me that they are going to auction sometime soon.

Click Here to see all Leavenworth Condos for Sale

Condo Dreams Abandoned

A number of condo projects in Leavenworth were not built or have been delayed indefinitely. These include:

• Obststadl 
•  Sonnenterrassen
• Black Bird

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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 January 2010

 

In January only two homes and two condos sold in Leavenworth.

 

402 Cedar Street, Leavenworth

List price: $277,000.  Sold price: $270,000.

Days on Market: 47

3 bedrooms | 2.75 bath | 1236 sqft | .10 acres

Turn of the century home in town.  The house never made it onto the MLS.

 

 

 

 

 

25202 Saddle Street, Leavenworth

List price: $349,000.  Sold price: $285,000.

Days on Market: 188

1 bedrooms | 1 bath | 648 sqft | .28 acres

This hard to see A-Frame sits on the Wentachee River in the Ponderosa Estates neighborhood.  The garage is almost as big as the house.

 

 

 

 

Leavenworth Condos:

 

1107 Front Street Unit 4, Leavenworth

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

Days on Market: 163

2 bedrooms | 1.75 bath | 1223 sqft

Upper unit in Cascade Crest.  This unit has vaulted ceilings and private master deck.  The condo was available last summer for $519,000 and was sold in a Short Sale situation.

 

 

 

 

 

 

1107 Front Street Unit 1, Leavenworth

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

Days on Market: 179

2 bedrooms | 1.75 bath | 1224 sqft

Main Floor Cascade Crest unit that has a back door for easy access from the one car garage.  The condo was available last summer for $519,000 and was sold in a Short Sale situation.

 

 

 

 

 

More Leavenworth Real Estate Info

• Click Here to See Leavenworth Sold Homes for Dec 2009
• Click Here to See Cashmere Sold Homes for Jan 2010
• 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 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 )