Leavenworth Real Estate

Archive for the 'Home Buyers' Category

Cashmere Real Estate | Sold Homes April 2011

This month in Cashmere three homes sold. 

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320 Peshastin Street, Cashmere

List price: $174,900.  Sold price: $155,500.

Days on Market: 111

2 bedrooms | 1 bath | 1164 sqft | .32 acre

A 1970′s rambler on a nice sized lot.  The sellers did some interior upgrades and put a new roof on. The house was on the market in December 2010 for $179,000.

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5079 Harnden Road, Cashmere

List price: $239,900.  Sold price: $158,000.

Days on Market: 140

4 bedrooms | 2 bath | 2422 sqft | 1.20 acre

This home was a foreclosure sale.  Inside was pretty beat up.  The new owners appear to be completely gutting and remodeling it.  The home has an awesome view of the mountains and the upper valley.

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6010 Taber Road, Cashmere

List price: $349,900.  Sold price: $335,000.

Days on Market:105

4 bedrooms | 1.75 bath | 2730 sqft | 1.40 acre

A 1920′s farm house with some new updates including kitchen and bathrooms and lots of original charm.  The sellers bought this house in a short sale situation in April 2010.

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More Leavenworth and Cashmere Real Estate Info

• Click Here to See Cashmere Sold Homes for March 2010
• Click Here to See Leavenworth Sold Homes for April 2011
• Click Here to Search for Cashmere 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.

5 Things a Canadian needs to think about when buying property in the US

International buyers are hot for US real estate these days; and one group is simply sizzling: Canadian buyers. In fact, the 2010 National Association of Realtors (NAR) Profile of International Home Buying Activity Report found that foreign real estate buyers comprised 4% of the US real estate market. Amazingly, Canadians accounted for 23% of the purchasers. The majority of Canadian buyers staked claims in Arizona (Phoenix leading the way) but California, Florida and Texas were also popular choices. We asked Chris Adams, of Arizona’s Show Appeal Realty, to tell us more.

photo © 2010 s.yume | more info (via: Wylio)

 A strong Canadian dollar, a weak US real estate market, high prices at home, warm temps, and close proximity are just a few reasons why those from ‘up north’ find the US real estate market increasingly attractive. But before a Canadian takes the plunge into the US real estate market, there are a few things he or she needs to think about.

1. Why and Where To Buy?

The first question a potential Canadian buyer in the US real estate market needs to ask themselves is why and where to buy. Nearly all aspects of the potential real estate transaction will hinge on the answer to these two fundamental and absolutely critical questions. Why is the Canadian considering a real estate purchase in the US? Is the intent a second or vacation home, an investment, or some hybrid of the two? Where does the Canadian buyer intend to buy, and does this location support why they want to buy into the US real estate market? For example, if they are looking for a rental property, is the selected location likely to reward them with a successful return on investment?

2. Financing

While an impressive number of Canadian buyers cough off all-cash offers for their US real estate purchase, many still require financing. A Canadian resident looking for property in the US needs to think long and hard about the best way to attack financing across the border. One option is to go with an institution that has ties in both countries, keeping the transaction under one umbrella. Other options include financing through a Canadian bank that is clearly well established in the US, or a US bank that’s Canadian owned. In any event, financing over the border can get a bit tricky- it’s critical for the Canadian buyer to go with a lending institution that is very familiar with this sort of transaction.

3. Taxes and Insurance

Let’s be honest, taxes and insurance scare everyone. The tax and insurance implications for a Canadian purchasing US real estate can be numerable and thorny. A Canadian considering a US real estate purchase should halt any and all transactions until he or she is well educated in both territories. Consider that “non-resident” property taxes may apply to the real estate, and can be substantial. If the Canadian buyer does not spend long enough in the US during the tax year (more than 121 days) they won’t be considered a US resident. However, long stays may make them vulnerable to paying income tax in both countries. Owning a rental or investment property opens up entirely new tax and insurance implications (insurance being higher for rental properties.) Another note with regard to insurance: Canadian buyers must be aware that there are some areas of the US where property insurance is exorbitant (think coastal locations for example.) Not only can property insurance be expensive, it is down-right difficult to obtain (at whatever the cost) is some regions, as companies have determined the risk in the particular area is simply too great. The bottom line: a Canadian buyer of US real estate must seek out advice from a professional who is well-educated on the tax and insurance implications of an across the border real estate purchase.

4. The Purchase Process

The Canadian and US home buying process differs in a variety of ways. One of which is “deal to occupation” time. It is not uncommon to wait 60-90 days to “close” on a US property. Depending on the situation, this could present some logistical (thus financial) issues that should be considered by the buyer prior to an offer being placed.

5. Location

We’ve discussed how “where” a Canadian chooses to buy real estate in the US is a critical decision from which a number of outcomes will flow. That said, there’s nothing better than walking the neighborhood pavement. If this is a rental investment, are there many “for rent” signs dotting the streets? If so, what is the average asking price, vacancy rate, and can the potential purchase home complete in the local rental market while still turning a profit, or break even? Are yards well maintained? Houses respectably well-kept? Research crime stats on the web, visit the local police station for a feel of what types of crime they handle in the neighborhood. If this is a vacation or second home, knock on a door or two and chat with a prospective neighbor. If there are other homes for sale nearby, attend an open house. Take a peek around, investigate, take due diligence seriously. After all, location is key to real estate success.

While the US real estate market appears to have growing attraction to Canadian residents (with good reason,) there are a number of important location, investment and lifestyle considerations one should investigate before taking the plunge into the US market. Last but not least, Canadian buyers looking for property in the US should be cautious of exceptionally low priced homes, foreclosures and short sales. Often, foreclosures and short sales are synonymous with a “good deal,” but sometimes you get what you pay for. Working with a real estate and financial team that’s well schooled in their real estate market as well as across border real estate purchases may help minimize confusion and maximize return on investment.

Thanks again to our guest contributor: Show Appeal Realty, an Arizona real estate brokerage selling Scottsdale Homes and Gilbert real estate.

Water Damage From Leaks Is 7 Times More Likely Than Fire Damage

The following is a Guest Post from Eric Kossian of Leavenworth Insurance.

Most people believe that fire damage is the most likely cause of loss to their home but the data proves homes are much more likely to be damaged by water than by fire.

Travelers Insurance analyzed its homeowner’s insurance claims in one state, excluding claims related to catastrophes or weather, and found that damage caused by water accounted for 23 percent of its property claims, compared with just three percent for fire. Annual inspections could save you thousands of dollars as property insurance does not cover for losses that are considered maintenance issues such as all the resulting damage from a slow leak behind a shower wall.; policies only cover “sudden and accidental” water losses. Water losses from any flooding are only covered by a separate flood policy.

photo © 2008 Thirteen Of Clubs | more info (via: Wylio)

After examining the most common causes of water damage, I suggest the following list of preventive measures homeowners can take to help avoid extensive non-weather-related water property damage.

(Note: Eric recommends, when replacing pressurized hoses and pressurized hoses behind toilets & washing machine etc, buy only the woven steel mesh variety. They not only last longer but are much less likely to spring a leak and are only a small extra cost – much lower cost than your $500 deductible. When buying these it is also a good time to buy a good fire extinguisher too – one that can be used on any type of fire. It should have the code 2A10BC on it –usable on any type of fire.)

• Leaks from washing machine hoses: Washing machine hoses should be inspected annually and replaced every five years (10 years if metal mesh type) – or immediately, if there are any signs of cracking, bulging or corrosion.
• Leaky plumbing around water heaters: Plumbing should be inspected annually and repaired if there are any signs of leaks or corrosion. When possible, water heaters should be installed in an area with floor drains, or a floor pan the water heater sits in, to minimize damage if leaks should occur. Water heaters only have a life span of about 8 years -12 years depending upon quality but if the water is hard it could really shorten the lifespan. The newer water heaters are much more energy efficient as well.
• Leaks from refrigerator ice machines: Ice maker connections, usually located behind the refrigerator, should be inspected annually and hoses replaced if they appear cracked or corroded.
• Clogged drain lines on air conditioning units: Air conditioning drain lines should be checked yearly.
• Plumbing Leaks: Check in crawl space along pressurized pipe and look for water damage from slow leaks to subfloor. Check ceilings below upstairs bathrooms for any visible water damage. Check under bathroom and kitchen sinks and if possible behind the dishwasher too. (one dishwasher claim which I heard about from a guy that was being canceled by his insurance co, had sprung a leak in the pressurized pipe to his dishwasher while he was gone for a week. The claim was over $200,000! The cost of his replacement policy was triple his prior premium.

Eric Kossian was an Underwriting Specialist prior to starting his own agency, catering to clients who own a home in WA. They specialize in offering the rare home coverage that includes no cap on replacement cost, back up of sewer and drain coverage, and a more comprehensive list of covered perils, usually for less premium than traditional policies. Email: [email protected]

Leavenworth Home Prices 1st Quarter 2011

How’s the Leavenworth real estate market doing? Is the market picking up?

Don’t worry you’re not alone in asking those questions. I get asked those questions everywhere I go – at Safeway, at church, at the Wenatchee Wild hockey games.

Local media outlets and other real estate bloggers tend to rely on Pacific Appraisal’s “Real Estate Snapshot” which they produce quarterly for the Leavenworth area.  Unfortunately, I think they distort some of the data by mixing condo and single family home sales.

“Sales in Leavenworth for homes and condos are down 17% in dollar volume and 9% in transaction volume for the first quarter of 2011,” writes the Ncwrealestateblog.com

In the Leavenworth real estate market, condo sales and home sales move independently and I think it doesn’t make sense to combine them. Buyers may substitute houses for condos in other markets, but they rarely do in Leavenworth.

I see good news and bad news (for sellers) in the first quarter numbers.

Good News

• The number of home sales is up again to 17 from 15 last year and a low in 2009 of 9.
• The median home price in the 1st quarter is up from $285,000 to $337,000

Bad News

• The number of home sales is still paltry compared to 2005-2008.
• The average home price continued to slide from $379,000 to $355,000.

Overall I think the worst is behind us. We still have a lot of inventory to clear out before prices start to climb again but I feel like we are continuing to see a slight improvement each quarter.

Other Notes

• We have been seeing a large number of cash transactions – about 70% of offers written.
• We have been seeing lots of multiple offers, even for stale listings that have been on the market for years. Again about 70%.

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.

Leavenworth Real Estate | Sold Homes March 2011

In March, 2 condos and 9 homes sold in the Leavenworth area.

 

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

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

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.