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Archive for the 'Leavenworth Vacation Homes' Category

Leavenworth Condo Update – Spring 2008

July 22nd, 2008 by Geordie Romer
Categories: Leavenworth Condominiums, Leavenworth Real estate market, Leavenworth Vacation Homes
Comments: 5
Condominiums sales in Leavenworth continue to be the talk of the town. We have a number of new condo developments in all stages of construction or conception.
So far this year, Leavenworth condo sales are doing much better than 2007 in terms of number of sales and in increase in sales price. In the first half of 2008, 10 condos have sold compared to 5 last year. This continues the trend we saw in the 1st quarter condo sales.
The talk of the town is the number of unsold condos. I wrote a fairly opinionated article with advice for anyone building or selling new condos Leavenworth and I still think that advice holds true. A failure to react to market conditions and consumer needs has lead us to the oversupply of condos that we have today.
Currently there are a total of 69 condos on the market according to the NCW MLS. (This does not include a dozen or so condos at Icicle Village Resort / Aspen Suites and underrepresents some projects like Cascade Crest and Blackbird Lodge.) The average list price is $407,000 compared to this year’s average sales price of $317,000 (Only 4 condos have EVER sold above $400,000 in Leavenworth according to my data.)
Only 1 condo in Leavenworth is under contract or pending right now!

 

Updates on Leavenworth Condo Projects
Ski Blick aka Ski View (Titus Road) – Two condos have sold here. A 2 bedroom sold for $419,000 and a 3 bedroom unit sold for $460,000. These are selling at 7% below list price. 21 units remain unsold, with no pending sales.
Haus Wunderbar - 7 of these units are back on the market. These are the units across the street from Gustav’s on Front Street. Prices range from $499,000 to $725,000. These were originally to be finished in Spring of 2006, yet not all of the units are complete today.
Riverpark Homes – The sellers are working on making these available for fractional ownership. These are not time shares, but a divided interest in the real estate. Is this something that Leavenworth buyers are interested in?
Cascade Crest - These are the condominiums that stand where Dr. Larson’s dentist office used to sit on Division. They have just been listed and 2 bedrooms start at $519,000. They have currently have covenants that prevent overnight rentals even though the zoning allows it.
Boulders - Only one of the six of these riverfront condos on Alpensee Strasse have sold. The prices have recently been lowered to $595,000. It is their second summer on the market.
Icicle Junction – Aspen Suites
These condos are not currently listed on the MLS, but they do continue to sell. They have pretty good financials if you are looking to own a vacation rental. I would be happy to provide you with the numbers. New construction 2 bedroom units are selling for about $300,000.
Sonnenterrassen - These 8 condos are slated for Commercial Street and include 1, 2, and 3 bedroom units ranging from $250,000 to $800,000. The website says they will be available in 2009, but it does not appear that construction has begun.
Obststadl – Construction is slated for 2011 and negotiations are still being held with the City of Leavenworth about a land swap / sale. This is the fruit barn project which is slated to have approximately 120 luxury condos.
Blackbird Lodge - 43 condos are 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. I don’t believe that construction has begun at this point.
Alpine Place - There are six older 2 bedrooms in two different associations here off of Icicle Road. Both 2 and 3 bedrooms are available from $230,000 to $250,000. I think these offer some of the best values today in Leavenworth condos.
Kahler Glen / Natapoc One Natapoc townhome recently sold for $437,000, a 2 bedroom condo sold for $325,000 and another two condos are currently on the market. This is the most condos for sale at Kahler we have seen for a while.
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Leavenworth Vacation Homes and 1031 Exchanges

March 13th, 2008 by Geordie Romer
Categories: Home Sellers, Leavenworth Real estate market, Leavenworth Vacation Homes
Comments: 2

This article about using your vacation home or Leavenworth condo in 1031 tax exchange was provided by Ann Mclaren of LandAmerica 1031 Exchange Services. I have been fortunate to take a 1031 class from Ann in the past and I welcome anyone to contact her directly for more details on 1031 exchanges. She can be reached at (866) 962-1031. I hope to have more articles from her in the future.

 

 

A vacation home or second home held for personal use, solely for personal enjoyment, is not eligible for 1031 exchange treatment. However, a vacation home that is rented out at fair market value and is never used by the owner or his family is clearly eligible for 1031 exchange treatment. Most vacation properties fall somewhere between these two extremes, with some personal use and some rental use. Until recently, there has little binding guidance on the exchange of vacation properties in 1031 exchanges.

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Revenue Procedure 2008-16, which is effective on exchanges occurring on or after March 10, 2008, provides safe harbor rules for vacation homes and properties converted to or from personal residences. If the safe harbor guidelines are met, the IRS will not challenge whether the property qualifies as property held for productive use in a trade business or for investment under Section 1031.

 

A vacation home or second home that you are selling and/or purchasing in a 1031 exchange will qualify for safe harbor tax-deferred treatment if:

 

1) The relinquished property is owned by you for at least 24 months immediately before the exchange and the replacement property is held by you for at least 24 month immediately after the exchange.

 

2) The dwelling unit is rented out at fair market value to another person for 14 days or more for each of the two years immediately before the exchange for relinquished property or two years immediately after the exchange for replacement property.

 

3) Your personal use is limited to the greater of 14 days per year, or 10 percent of the number of days of the year that the property is rented at fair market value, for two years prior to or after the exchange. You may use the property some additional days for repairs and annual maintenance, but must be prepared to prove actual work done.

 

Personal use is defined as being used by you, any family member, or anyone who has an interest in your property, such as a tenant in common, or by any arrangement where fair market rent is not paid. You may rent your property to a family member if they use it as a principal residence (not as a vacation home) and pay fair market rent.

 

Under these safe harbor guidelines you may sell, exchange, or move into your replacement property after you have met the requirements for the first 24 months. 1031 exchanges of vacation properties or second homes that do not follow the safe harbor guidelines in Revenue Procedure 2008-16 may still qualify for 1031 exchange treatment outside of these parameters, but you should be prepared for increased scrutiny by the IRS.

 

Author:

 

Ann Mclaren, Vice President

 

LandAmerica 1031 Exchange Services

 

(866) 962-1031

Buyer for Lake Wenatchee Cabin

March 6th, 2008 by Geordie Romer
Categories: Home Buyers, Home Sellers, Leavenworth Cabins, Leavenworth Vacation Homes, Leavenworth Waterfront Properties
1 Comment


Do you own a cabin on Lake Wenatchee near Leavenworth? It doesn’t matter if your home is on North Shore or Cedar Brae, demand for lakefront homes on Lake Wenatchee (or Fish Lake) remains at an all time high. There is only one home for sale on Lake Wenatchee today.

Even if you don’t want to list your home, but may be interested in a private sale, please contact me. I am working with a serious buyer who wants to buy on Lake Wenatchee today.

Vacation Rental Ban in Chiwawa River Pines?

March 2nd, 2008 by Geordie Romer
Categories: Community News, Home Sellers, Leavenworth Cabins, Leavenworth Real estate market, Leavenworth Vacation Homes
Comments: 6

Own a vacation rental in Chiwawa River Pines? Do you have a cabin there that you have been thinking about renting out when your family isn’t using it?

Al over at NCW Real Estate Blog reports that the community is debating how to enforce a ban on vacation rentals and all other commercial ventures that have been a part of the neighborhoods.

No matter your opinion on the matter, if you own property in Chiwawa River Pines, you should plan on attending upcoming meetings of the neighborhood association.

I think that enforcing a ban on vacation rentals will have a negative impact on property values.

Buyers in the Leavenworth and Lake Wenatchee real estate market like the option of renting out their property even if they never use the option. Condos that can’t be rented out languish in our market. Homes in the city limits of Leavenworth don’t sell quickly for the same reason. I think a ban on vacation rentals in Chiwawa River Pines will only increase the property values in Ponderosa, where out of area buyers will turn their attention.

UPDATE March 20 – A date has been set for a community meeting for those who own homes and property in Chiwawa River Pines

Kahler Glen Avalanche Destroys Home

February 8th, 2008 by Geordie Romer
Categories: Community News, Leavenworth Cabins, Leavenworth Condominiums, Leavenworth Luxury Homes, Leavenworth Vacation Homes
Comments: 3

A home at the Kahler Glen golf course near Lake Wenatchee was hit by an avalanche yesterday and carried 150 yards off its foundation according to the Wenatchee World. According to Lake Wenatchee sources, the home was located on Pelton Place which sits above Miracle Mile Road.

 

KIRO TV has the best photos of the avalanche damage and the home. They reported that a mandatory evacuation was in place for 15 nearby homes, due to avalanche danger and a buried propane tank that appeared to be leaking.

 

It doesn’t appear that anyone was in the home, but that it was a vacation rental that was scheduled to be occupied this weekend. A two person cleaning crew had been in the home earlier in the day. It sounds like a second home was also damaged by the avalanche.

 

The condos at Kahler Glen are outside of an area that might be effected by avalanches. However, Pelton Place, where this home was located, is on a steep slope backed by land owned by a large timber company. Local news media seem surprised by this avalanche, but last spring, a home on this road was hit by a giant mudslide doing tens if not hundreds of thousands of dollars worth of damage.

 

According to the Northwest Avalanche Center this is the seventh significant avalanche incident this winter. The NWAC had predicted high avalanche danger for Thursday and warned travellers to avoid backcountry areas.



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