Leavenworth’s 2011 Oktoberfest  is just around the corner and it’s prime time for vacation rentals in the city.  Many of the most popular vacation rentals in Leavenworth are condos so we thought this would be a great time to look at how the real estate market for condos was performing in 2011.

Leavenworth Condos For Sale

So far in 2011, only 8 condominiums sold in Leavenworth that were recorded in the North Central WA Multiple Listing Service (MLS).  This  is considerably less than last year when 15 had sold by this point in time.

 Four additional condos are under contract (pending) at this point in time. These include one unit at Kahler Glen on the golf course , two at Riverpark Homes (the “yellow building”), and 1 at Alpine Place.

What condos have been selling in Leavenworth?

Sales of Condos at Kahler Glen  have been very slow over the past two years. In 2010 only 0ne of the Kahler condos and one of the Natapoc townhomes sold and in 2011 we only have one sale pending.  Currently there are 4 two bedroom units for sale at Kahler Glen with  prices as low as $175,000.

 All 16 of the condos at Rivepark (The “Yellow Condos” across from the hospital) have now sold.  Two re-sale units are under contract and an additional two units are listed for sale.

New Construction Condos Still Available in Leavenworth?

New construction condominiums are still available at Ski View aka Ski Blick (on Titus Road).  Ten units are currently listed for sale out of the 24 originally listed, though I believe only nine units have actually sold. No units have sold in 2011.

 Just one unit remains available at The  Boulders on the Wenatchee River.  The original units first listed in 2006 have now all sold, including two sales in 2011.

Eight units are currently for sale at Icicle Village Resort. The majority of these units were built in 2005, though some were built in 2007. These are a mixture of re-sale condos and sales by the original condominium developer.

 No condos ever sold at Haus Wunderbar (across from Gustav’s).  According to Chelan County records, this building went back to the bank in June of 2010. In July the building was sold to EGN Legacy out of Wenatchee for $2,226,000.  There were 10 residential units listed here, in addition to some commercial space at street level.  The total listed value of these units was above $5 million.

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 (At the Fruit Warehouse)
•  Sonnenterrassen

Construction is well underway at the Blackbird site overlooking the river, but we have unconfirmed rumors that the construction is going to be a hotel and not condos 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.

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22715 Brown Road, Leavenworth

List price: $119,000.  Sold price: $65,000.

Days on Market: 629

2 bedrooms | 1 bath | 1244 sqft | 1.03 acres

Small fixer cabin on the corner of Brown Road and Lake Wenatchee Highway.  This house originally came on the market in 2009 with a list price of $149,000

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303 Whitman Street, Leavenworth

List price: $145,000.  Sold price: $80,000.

Days on Market: 287

2 bedrooms | 1 bath | 1387 sqft | .17 acres

Older home on the edge of Rotary Park just behind City Hall.  The access was either from city hall parking lot or down the public trail from Whitman.  House needed some updating and repairs and only had street parking on Whitman.  This was an estate sale.

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NNA Coulter Creek Road, Leavenworth

List price: $149,900.  Sold price: $149,900.

Days on Market: 348

1 bedrooms | 0 bath | 680 sqft | 4.33 acres

Rustic cabin on 4 acres.  This cabin has no water, no septic, and no electric.

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204 River Street, Leavenworth

List price: $249,000.  Sold price: $249,000.

Days on Market: 42

3 bedrooms | 1 bath | 1424 sqft | .24 acres

In-town home that backs to open space with a winter view of the river and Wedge Mt.  This home had at least one offer in the first few days of being on the market.

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312 Meadow Drive, Leavenworth

List price: $311,000.  Sold price: $294,000.

Days on Market: 853

3 bedrooms | 2.5 bath | 1562 sqft | .14 acres

In-town home built in the mid 1990′s.  This home had an open floor plan and with the master on the main floor.  The home originally came on the market in Aug 2008 with a list price of $389,000.

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25204 Saddle Street, Leavenworth

List price: $359,000.  Sold price: $336,500.

Days on Market: 436

3 bedrooms | 2 bath | 1712 sqft | .28 acres

This cabin had great interior space with recent upgrades and also had great Wenatchee River frontage in the Ponderosa Estates neighborhood.  In addition to the three bedrooms, it also had a large loft.  The main issue was that it  is a metal building.  It originally came on the market in 2009 with a list price of $469,000.

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17954 Thoroughbred Lane, Leavenworth

List price: $649,000.  Sold price: $535,000.

Days on Market: 509

4 bedrooms | 3 bath | 2752 sqft | 1.31 acres

Large, newer cabin in a secluded part of the Ponderosa Estates neighborhood.  While this house does have Wenatchee River waterfront, the lot is long and skinny on a steep hill.  It is a hike from the house to get down to the river.  This house was originally listed in 2009 for $798,000.  In 2007, the owners had it on the market as just the exterior shell of the house with a list price of $675,000.

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15870 Cedar Brae Road, Leavenworth

List price: $725,000.  Sold price: $700,000.

Days on Market: 46

4 bedrooms | 2.75 bath | 2160 sqft | .60 acres

If this address seems familiar, it is.  This house just sold in February of this year.  As soon as they closed, the new owner found out that he was being transferred and had to put the newly acquired vacation home on the market.  Luckily, the previous listing agent had a client who was sad that they had missed out on the house the first time around.

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Leavenworth Condos

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525 Alpine Place G-4, Leavenworth

List price: $239,000.  Sold price: $213,000.

Days on Market: 157

3 bedrooms | 2 bath | 1119 sqft |

 One of the rare three bedroom condos in Leavenworth.  This complex is outside the city limits and can be used as a nightly rental.

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1509 Alpensee Strasse #2, Leavenworth

List price: $429,500.  Sold price: $380,000.

Days on Market: 225

2 bedrooms | 2 bath | 1500 sqft |

Newer condo just outside the city limits.  This condo backs to the the Wenatchee River and can be used as a nightly rental.

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More Leavenworth Real Estate Info

• Click Here to See Leavenworth Sold Homes for May 2011
• Click Here to See Cashmere Sold Homes for June 2011
• 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

9013 Motel Road, Peshastin

List price: $127,900. Sold price: $124,900.

Days on Market: 104

5 bedrooms | 2.75 bath | 5000 sqft | .48 acres

A large home in Peshastin with an interesting architectural design. This was a foreclosure property. It was previously on the market in the second half of 2007 and the second half of 2008 for a list price of $499,900 both times.

22591 Alpine Drive, Leavenworth

List price: $235,000. Sold price: $165,000.

Days on Market: 42

1 bedrooms | 1 bath | 743 sqft | .36 acres

Small cabin in the Alpine Tracts neighborhood with Fish Lake water access. The sale was an estate sale and the home is in need of repair.

217 Cascade Avenue, Leavenworth

List price: $274,999. Sold price: $264,900.

Days on Market: 293

3 bedrooms | 2 bath | 1264 sqft | .47 acres

A 1950′s in town home with a one car garage. The home has a good layout with a nice family room. The backyard is extremely large and there might be the able to be split into another lot. The house was originally listed in April of 2010 for $319,000.

179 O’Grady Street, Leavenworth

List price: $325,000. Sold price: $291,750.

Days on Market: 310

3 bedrooms | 2 bath | 1928 sqft | .16 acres

A 1990′s two story home on a corner lot in a quite part of Leavenworth. The home has two bedrooms up and one bedroom on the main. It has nice Wedge Mountain views from the back patio.

14528 Highway 2, Leavenworth

List price: $398,000. Sold price: $337,500.

Days on Market: 980

5 bedrooms | 3 bath | 4,475 sqft | 20.02 acres

This home was originally started by a custom builder out of Spokane, WA and came on the market in May 2008 for $925,000. The bank foreclosed and put it back on the market in Feb 2010 with a list price of $419,000. Two main obstacles for this home were: 1.) the home wasn’t finished, and 2.) The access road is sketchy and not plowed in the winter.

9600 Embroden Road, Leavenworth

List price: $419,900. Sold price: $388,000.

Days on Market: 167

3 bedrooms | 2 bath | 1920 sqft | 1 acre

Great home just outside of Leavenworth on Dye Road with a nice view. The home has nice cathedral ceilings and an additional loft and living room in three stories worth of living space. This home had multiple offers.

10210 Eagle Creek Road, Leavenworth

List price: $425,000. Sold price: $375,000.

Days on Market: 298

3 bedrooms | 2.5 bath | 2278 sqft | 2.99 acres

A nice home on Eagle Creek with an open floor plan and a two car garage. While the listing and the county said it was 3 bedrooms, the third bedroom had been turned into a pantry. The septic was a 3 bedroom so another bedroom could be added in the basement.

10826 Eagle Creek Road, Leavenworth

List price: $519,000. Sold price: $390,000.

Days on Market: 774

3 bedrooms | 3 bath | 1698 sqft | 11.10 acres

A new construction home built by Tiedeman Construction on 11 acres. The home has a good view of the mountains from the deck and main living space. The master suite is located on the upper level with two more bedrooms on the main, and bonus room in the lower level. The home was on the market throughout the construction process which is one reason for the long time on market.

8132 East Leavenworth Road, Leavenworth

List price: $949,000. Sold price: $799,000.

Days on Market: 323

3 bedrooms | 2 bath | 2,086 sqft | 7.93 acres

An interesting 1970′s home on East Leavenworth Road. Most of the value of this property is in the land, which has 1000 ft of Icicle Creek frontage and awesome Wedge Mountain / Sleeping Lady views. There is an additional one bedroom cottage that was used as a separate rental. This was also an estate sale.

Leavenworth Condos

163 West Whitman #2, Leavenworth

List price: $165,000. Sold price: $149,950.

Days on Market: 554

2 bedrooms | 2 bath | 1025 sqft |

A newer condo in a three condo complex, this condo cannot be used as a nightly rental since it is zoned residential within the city limits of Leavenworth. The home was originally listed in Aug 2009 for $225,000.

475 Alpine Place #2, Leavenworth

List price: $195,000. Sold price: $164,500.

Days on Market: 1079

2 bedrooms | 1.5 bath | 1024 sqft |

This two story townhome style condo is one of an eight condo complex with two sets of buildings. This unit is in the front building, so it receives more sunlight and has better views than the building behind. The condo originally went on the market in Jan 2008 for $249,000. The complex has a hot tub, communal BBQ and grilling area.

More Leavenworth Real Estate Info

• Click Here to See Leavenworth Sold Homes for February 2011
• Click Here to See Cashmere Sold Homes for March 2011
• 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.

Last spring I wrote:

 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 2010, 19 condominiums sold in Leavenworth that were recorded in the North Central WA Multiple Listing Service (MLS).  This  is slightly more than 2009, when 18 condos sold locally.

 In 2011, 4 condos have sold so far in Leavenworth and another is pending.  Currently there are 34 condos for sale, though we usually see more come on the market throughout the spring and summer.

Leavenworth Condos 

What condos have been selling in Leavenworth?

Sales of Condos at Kahler Glen  have been sluggish. One of the Kahler condos and one of the Natapoc townhomes sold in 2010.  Currently there are 6 two bedroom units for sale at Kahler Glen with an average asking price of $253,000.

The Cascade Crest Condos  on Front Street 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. Four of these condos sold in 2010 and no units are currently available at that price.

All 16 of the condos at Rivepark (The “Yellow Condos” across from the hospital) have now sold. Three units sold in 2010 at an average price of  $288,000. Currently, there are 3 re-sale units available.

New Construction Condos Still Available in Leavenworth?

New construction condominiums are still available at Ski View aka Ski Blick (on Titus Road). Four of these units sold last year and currently there are 7 units currently listed for sale (A total of 9 units have sold which means that 7 units have neither sold nor been listed.)

 One unit remains available at The  Boulders on the Wenatchee River.  The orginal units first listed in 2006 have now all sold.

 No condos ever sold at Haus Wunderbar (across from Gustav’s).  According to Chelan County records, this building went back to the bank in June of 2010. In July the building was sold to EGN Legacy out of Wenatchee for $2,226,000.  There were 10 residential units listed here, in addition to some commercial space at street level.  The total listed value of these units was above $5 million.

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 (At the Fruit Warehouse)
•  Sonnenterrassen

Construction has begun at the Blackbird site this spring, but we have unconfirmed rumors that the construction is going to be a hotel and not condos for sale.

**********************************************************************************************************

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.

Darel, there are rumors going around Leavenworth that it’s impossible to get financing for a condominium… is this true?

I hear the same thing from a lot of people about condos, land loans and construction as well; it’s not true, but it stems from the mortgage meltdown, where many lenders have shed programs and decided to focus on just their core business.  So while it is not impossible, it is true that there are fewer players in the game.  Additionally, the rules keep changing, so it’s hard to keep up with what can and can’t be done. My best advice is that if a lender says it can’t be financed, ask a different kind of lender to see if you get the same answer.   In our market, we have big banks, community banks, mortgage brokers, and rural lenders who all have different programs.  But getting back to condos specifically, it may be surprising to know that for a buyer seeking a primary residence or 2^nd home, almost all projects can be financed with minimal money down on a conventional loan at the current low rates.  In fact we just financed a condo purchase with 5% down on a 30 yr loan with a rate under 5%; and this was a condo conversion project that isn’t even completely sold out yet.

But it is hard to get some kinds of loans for condos right? Like FHA? What about USDA or VA loans?   

For FHA, unfortunately this is true, and always has been.  It is costly for a developer to get FHA approval for a project; consequently it is not really cost effective to obtain the approval unless the cost can be spread over a lot of units (like 40+).  In our smaller market, we rarely see projects of that size.  And without the FHA approval of the project before breaking ground, those units can never be financed by an FHA loan.  This is unfortunate, because I think FHA is missing out on fulfilling its mandate.  VA  typically follows FHA’s policies.  As far as USDA, I believe they can accept a Fannie Mae or Freddie Mac approved project, which widens the field, but the general limitation on USDA is finding a Buyer’s income and a property price combination that fits USDAs narrow band.

Some types of condo projects are really hard to finance. Can you describe them? 

  The difficult ones are those which are considered condo-tels.  These are projects, typically in resort towns like Leavenworth or Chelan where they are approved for nightly rental, and they maintain hotel-like services like a reservation desk and room service, a good example is the Aspen Suites at Icicle Village. These cannot be conventionally financed and require down payments of at least 20%, plus higher interest rates.

  It is interesting that many lenders have failed to read Fannie Mae’s actual wording about these projects.  On one of your Kahler Glen listings a couple years ago, the Buyer’s lender turned down the loan, inaccurately calling the project a condo-tel because they allowed nightly rentals.  We financed the purchase with Fannie Mae, because the rule actually states that the existence of nightly rentals  alone does not in itself disqualify a project, but nightly rentals with an ‘on-site’ reservation desk is what makes one a condo-tel.  So although people may book nightly rentals there through the Kahler Glen clubhouse or Destination Leavenworth, they are independent of the condo project, so we are able to finance those units conventionally.