Eric Kossian, Leavenworth Insurance

When an affluent person buys homeowner’s insurance their lifestyle demands that they have insurance that matches their lifestyle.

For starters, an affluent client has a larger more expensive home ($400K market value+) that should be insured with no cap on replacement cost instead of limited “extended replacement” on 95% of policies offered.  They also need Comprehensive Perils coverage (everything that goes wrong that is not excluded is covered) instead of a list of Special or Broad Perils (only listed perils are covered).

An affluent client typically has fine art, jewelry, musical instruments or collectibles that they will have scheduled coverage for any direct physical loss to the item. Affluent clients typically have higher quantities of items that under typical policies limit coverage for theft of these items:

•  Firearms $2500 limit,
•  Jewelry, Precious Stones,Watches and Furs $1500,
•  Memorabilia $5000,
•  Securities $1500,
•  Silverware $2500,
• Personal Tools $5000

These theft limits are just way too low for most affluent clients since they often own 2 -10 times the theft limits of these items.

Home policies designed for affluent policyholders also typically cover ID Fraud Reimbursement of $25000 or more, Ordinance and law coverage ( to bring home up to current code after a loss) and include Personal Injury Liability.

Speaking of liability, affluent clients are also more likely to be sued because they are more in the public eye, more likely to own rental properties and more likely to have hired household help such as nannies, gardeners, cooks and housekeepers. They need much higher auto, boat and home liability via excess liability coverage of $1 – 10 million or more. Excess liability also covers the family for at fault skiing, snowboarding, boat, recreational vehicle and hunting accidents (think Dick Cheney!) as well as libel, slander, false arrest and defamation of character. An excess liability policy will also cover defense costs, lost wages, interest on unpaid judgments, and even premiums on appeal bonds. A good excess policy will include excess underinsured motorist coverage of a million as well.

Due to international travel a good policy will extend not just liability coverage but also auto physical damage coverage worldwide, so when renting a Mercedes on the Autobahn, the insured would be able to waive the expensive rental car coverage. The policy would also cover any loss of use or diminished value of the damaged rental car.

There are only a handful of carriers that cater to affluent clients with the broader coverage they provide. Believe it or not it might be only a few hundred more dollars a year, and is often a few hundred dollars less, due to large discounts provided by their high credit scores – the single biggest statistical determinate of loss.

Eric Kossian, is an Underwriting Specialist and Agency Principal for Leavenworth Insurance and InsurePro with affluent clients throughout Washington.  He can be reached at Eric@InsurePro.info or by calling 1-877-548-5488.

In September, 4 condos and 8 homes sold in the Leavenworth area.

9957 Riverview Road, Peshastin

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

Days on Market: 112

1 bedrooms | 1 bath | 1078 sqft | .26 acres

This house is a small cottage in Peshastin that has one bedroom on the main floor and a large open upstairs space.

2477 Salal Drive, Leavenworth

List price: $467,900.  Sold price: $245,000.

Days on Market:  244

2 bedrooms | 1.75 bath | 1692 sqft | .55 acres

This property in Chiwawa River Pines has a main cabin with one bedroom plus a loft and auxiliary building with large garage, additional bathroom and bedroom/rec room.  This home last sold in 2007 for $465,000 and was used as a nightly rental.  The house went back up for sale in Aug 2008 for $467,900 and then ended up going into foreclosure.   The bank’s initial list price was $254,678.

NNA Lorene Young Road Lot 7, Peshastin

List price: $359,000.  Sold price: $250,000.

Days on Market: 650

4 bedrooms | 3 bath | 2950 sqft | 2.5 acres

This home sits on acreage just south of the Hwy 2/97 junction on Hwy 97.  The house was in the middle of a remodel and still needed substantial work.  It had been on the market since 2008.

1560 Alpensee Strasse, Leavenworth

List price: $349,000.  Sold price: $257,000.

Days on Market: 215

3 bedrooms | 2 bath | 1667 sqft | .21 acres

A 1980′s home a nice neighborhood with river access.  It appears the sellers were very motivated.

21618 Camp 12 Road, Leavenworth

List price: $390,000.  Sold price: $320,000.

Days on Market: 379

3 bedrooms | 2 bath | 1508 sqft | .25 acres

Newer cabin in the Ponderosa Estates neighborhood, this cabin was initially put on the market in June 2009 for three months.  The cabin was built in 2006 and is very nice inside with a large master suite upstairs.

18275 Sunland Drive, Leavenworth

List price: $395,000.  Sold price: $360,000.

Days on Market: 324

2 bedrooms | 1.5 bath | 1296 sqft | 1.42 acres

This cute cabin is on Sunland Drive, just west of the rest stop on Hwy 2.  The home’s acreage sits on Nason Creek with 100 feet of water frontage.  It was initially put on the market in summer of 2009 and then removed for the winter.  The buyers also purchase the adjoining water front lot, also offered by the same seller, for $80,000.

16789 Muletail Flats Road, Leavenworth

List price: $895,000.  Sold price: $420,000.

Days on Market: 530

3 bedrooms | 2.5 bath | 2160 sqft | 1.17 acres

This timber frame construction home sits a stone’s throw from the Wenatchee River and has 215 ft of water frontage.  The seller purchased this home in 2007 for $800,000 and put it back on the market in May of 2008 for $895,000.  The home was on the market longer than 530 days but was listed only in the NWMLS for some amount of time between May 2009 and March 2010.  The sale was a short sale. 

16975 North Shore Drive, Leavenworth

List price: $819,000.  Sold price: $600,000.

Days on Market: 647

3 bedrooms | 1 bath | 1200 sqft | .17 acres

This 1920′s cabin on Lake Wentachee was used a nightly rental.

Leavenworth Condos:

138 W. Whitman Street #4, Leavenworth

List price: $139,000.  Sold price: $129,000.

Days on Market: 157

2 bedrooms | 2.5 bath | 1066 sqft

This is the fourth Whitman condo to close this year and there is one still available.

100 Ski Blick D-205, Leavenworth

List price: $299,000.  Sold price: $175,000.

Days on Market: 1225

2 bedrooms | 2 bath | 862 sqft

These are new condos off of Titus on the east side of Ski Hill and cannot be used as nightly/weekly rentals.

100 Ski Blick D-204, Leavenworth

List price: $455,000.  Sold price: $296,000.

Days on Market: 1083

2 bedrooms | 2 bath | 1416 sqft

900 Main Street #404, Leavenworth

List price: $549,999.  Sold price: $360,000.

Days on Market: 1053

2 bedrooms | 1.75 bath | 1484 sqft

Nicely appointed with an additional upstairs loft, this is the last condo owned by the developer.  The days on market is long, and it is actually longer than the number shows as they were for sale during construction and during auction period which was not added to the Days on Market shown.

More Leavenworth Real Estate Info

• Click Here to See Leavenworth Sold Homes for August 2010
• Click Here to See Cashmere Sold Homes for September 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.

This month eight homes and one condo sold in the Leavenworth area.

915 Pine Street, Leavenworth

List price: $325,000.  Sold price: $200,000.

Days on Market: 364

3 bedrooms | 1 bath | 1552 sqft | .45 acres

This is a multi-building property that included a 3 bedroom home and a former church all on 5 1/2 city lots.  It will be interesting to see what happens with this property.

12774 Wilson Street, Leavenworth

List price: $209,800.  Sold price: $220,000.

Days on Market: 60

3 bedrooms | 2 bath | 1384 sqft | 1.06 acres

This house was a foreclosure with multiple offers.  This house last sold in Jan 2007 for $300,000.  The new owner then put it back on the market two months later in March for $439,900.

8449 Mountain Home Road, Leavenworth

List price: $310,000.  Sold price: $310,000.

Days on Market: 60

2 bedrooms | 1 bath | 1152 sqft |  7.27 acres

Cute cabin in the woods.  In the winter, the house does not have road access.  It is snowmobile or ski in.

23095 Lake Wenatchee Highway

List price: $450,000.  Sold price: $407,500.

Days on Market: 77

3 bedrooms | 2 bath | 1822 sqft | .45 acres

Great cabin across North Shore Dr from Lake Wenatchee.  Lake and beach access are across the street.  The house had a large basement with another family room for entertaining.

12275 Village View Drive, Leavenworth

List price: $699,000.  Sold price: $495,000.

Days on Market: 617

4 bedrooms | 2.5 bath | 2635 sqft | .57 acres

New construction home on Ski Hill outside the city limits.  Nice view of Wedge Mountain.  The house was on the market during construction.

14132 Idlewild Road, Leavenworth

List price: $549,000.  Sold price: $745,000.

Days on Market: 244

2 bedrooms | 1 bath | 2232 sqft | .31 acres

This cabin is on Fish Lake.  The house was sold with an adjoining waterfront lot, which is why the sales price is higher than the asking price.  Originally the house was listed for $875,000 which included the lot.

6310 Campbell Road, Peshastin

List price: $685,000.  Sold price: $540,000.

Days on Market: 1317

3 bedrooms | 2 bath | 2103 sqft | 40 acres

This house has been on the market since October 2006.  The whole property consisted of 100 acres, in five 20 acre parcels and was listed for $1,600,000.  Over the years they have tried to sell the property a variety of ways; the house plus 20 acres for $775,000 & again at $499,000, the remaining lots separately for around $225,000, the house plus 40 acres, etc.  It is a very private setting on the Peshastin side of Mountain Home ridge.

8156 Icicle Road, Leavenworth

List price: $799,000.  Sold price: $742,000.

Days on Market: 55

4 bedrooms | 3.5 bath | 4168 sqft | 1.01 acres

Custom home out Icicle Road on an acre.  The apartment above the garage had a view of Wedge Mountain.  A buyer was waiting in the wings for this house and it was under contract quickly.

Leavenworth Sold Condos

900 Main Street #303, Leavenworth

List price: $400,000.  Sold price: $245,000.

Days on Market: 1124

2 bedrooms | 1.75 bath | 1096 sqft |

One of the last remaining condos in the building still with developer.  This is an interior condo on the third floor.

More Leavenworth Real Estate Info

• Click Here to See Leavenworth Sold Homes for May 2010
• Click Here to See Cashmere Sold Homes for June 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.

But even our small market in Leavenworth is made of a number of different sub-markets and neighborhoods and while we may have an oversupply of condos at Kahler Glen, properties for sale on Lake Wenatchee are pretty rare.

With that in mind, we created a chart to help consumers sort this out:

Chart: Is Leavenworth a Buyer’s Market or a Seller’s Market?:

What do you think? Does this represent the number of real estate signs you’re seeing around town?

Before we get to May, there was one additional house that closed in April but was not reported as sold until May.

20689 Miracle Mile, Leavenworth

List price: $698,800.  Sold price: $480,000.

Days on Market: 818

4 bedrooms | 4.25 bath | 3128 sqft | .39 acres

This is a large home in Kahler Glen that backs to the 18th fairway and a pond.  It was used as a nightly rental and could accommodate a large number of guest and as set up to be business retreat.  The sellers were a non-profit organization who were gifted the house when the previous owners couldn’t sell it.

May Sold Homes in Leavenworth and Lake Wenatchee: 

This month 5 homes and 1 condo sold.

8475 Lake Street, Peshastin

List price: $135,000.  Sold price: $135,000.

Days on Market: 38

3 bedrooms | 1 bath | 1452 sqft | .11 acres

This starter home in Peshastin went pending the first day it was on the market.

21829 Pinto Lane, Leavenworth

List price: $354,500.  Sold price: $275,000.

Days on Market: 211

2 bedrooms | 2 bath | 1200 sqft | .26 acres

New construction home in the Ponderosa Neighborhood near Plain.

12790 Pobst Place, Leavenworth

List price: $439,000.  Sold price: $360,000.

Days on Market: 261

0 bedrooms | 1 bath | 500 sqft | 5.01 acres

This house was a converted garage with a loft.  The acreage was nicely forested, backed to Forest Service property, and had a small creek.

12789 Spring Street, Leavenworth

List price: $699,000.  Sold price: $419,000.

Days on Market: 1175

3 bedrooms | 2.5 bath | 2096 sqft | 1.0 acres

This house has interesting design with three different levels of living space.  It also has a two car garage and accessory dwelling unit that was used as a rental.  Sellers went through three different agents and ended up chasing the market down.

17801 North Shore Drive, Leavenworth

List price: $750,000.  Sold price: $522,000.

Days on Market: 546

2 bedrooms | 1 bath | 840 sqft | .34 acres

Older cabin on the lake with 75′ of waterfront and a dock.  The lot didn’t really have a driveway down to the house and most of the value was in the lot.

Leavenworth Condos

138 West Whitman Street #2, Leavenworth

List price: $215,000.  Sold price: $133,000.

Days on Market: 271

2 bedrooms | 2.5 bath | 1066 sqft

This is a non-nightly rental condo in the residential part of Leavenworth.  Two of its sister condos sold in Feb 2010 for $129,000.  There is currently still one condo similar to this one on the market.

More Leavenworth Real Estate Info

• Click Here to See Leavenworth Sold Homes for April 2010
• Click Here to See Cashmere Sold Homes for May 2010
• 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.