Leavenworth Real Estate

Leavenworth Home Prices Spring 2011

It doesn’t mean that list prices have come down much, merely that people bought less expensive homes.

Leavenworth Home Prices Spring 2011

Leavenworth Home Sales Spring 2011

It’s my belief that 2011 will probably look alot like 2010 when all is said and done.  At the end of July, most of these losses have disappeared with prices heading up a little, and the number of sales (42) not far from last years 45.

Leavenworth Sold Homes January through July

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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.

Pricing Leavenworth Houses : The Life of a Leavenworth Real Estate Agent

One of the tasks we spend quite of bit of time on during the week is pricing homes or building lots for Leavenworth home owners.  Some homeowners call us curious about the state of the market and others are serious about getting their house on the market.

We provide a Comparative Market Analysis (CMA)  free of charge to any Leavenworth area property owner considering selling their property.  For some property owners, an appraisal by a licensed appraiser might be more appropriate. (For example, a divorce or an estate).

What is market value?

Market Value is the estimated amount for which a property should exchange on the date of valuation between an educated buyer and a reasonably motivated seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without undue influence . (from Wikipedia)

There are three methods to find the value of real property.

• Sales Approach (use recent sales of comparable properties)
• Cost Approach (how much would it cost to build this property)
• Income Approach (how much income does this property produce)

The sales approach is the most used for residential property, though the cost approach is helpful for newer properties and as a “gut check” when a property seems overpriced. (Ask yourself – can I build the same house myself for less money?)

How do we come up with value?

• site visit
• tax record search
• comparable sales
• competition currently for sale
• months of supply of current inventory
• regularly previewing of Leavenworth homes for sale

What is a CMA?

A CMA is not an appraisal and does not conform to the Uniform Standards of Professional Appraisal Practice (USPAP) used by licensed appraisers.  One of the biggest differences between an appraisal and a CMA is that we use houses that are currently listed for sale. This is important data.  If there is a similar house or condo for sale and it’s not selling, the value of your property is likely to be less than the listed price of the property for sale.

We also use our knowledge of offers that were submitted by buyers but not accepted by the seller.

For example, in 2007 we received multiple offers for a property that was listed at $1,300,000. The offers we received were both at $1,000,000.  If the seller had accepted an offer it would be clear what the market value was, but since they did not we at least knew a price range. The house had a market value between $1,300,000 and $1,000,000.

We spend a few days writing a report that explains our research and we attach comparable sales to this report.  A CMA is not something that a computer can just spit out.  It is a bit of an art and we put serious consideration in every CMA we prepare.

What Happens Next?

Sellers have many different reactions to our reports. In a market where prices have been going down for a few years, most sellers are disappointed in our price.

• Some sellers decide not to sell in the current market. Often this is the wisest choice.
• Some sellers ask us to list their home at the current market value.
• Some sellers choose to work with another agent who will list their house at a higher price.

At the end of July 2011, there are 213 homes on the market in Leavenworth. This is more than 2.5 years of supply. This is an extreme buyers market and we recommend that only those sellers who are very serious and motivated should list their home.

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This is part of a series of posts about how we spend our time as real estate agents.

Previous posts include:

Previewing Leavenworth Houses

Ira Finklestein Movie Trailer

Earlier this year, Leavenworth was the setting for the movie production of “Ira Finklestein’s Christmas.”  A number of Leavenworth residents took part as extras, the Cascade High School band played in a Christmas parade, and Leavenworth the town was transformed into “Christmas Town.”

The production company at Von Piglet Productions just released the trailer – let us know if you see anyone you know in this clip.

Leavenworth Real Estate | Sold Homes June 2011

In June, eight homes and two condos sold in Leavenworth. 

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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

Cashmere Real Estate | Sold Homes June 2011

Three homes sold in the Cashmere area in June.

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309 Angier Avenue, Cashmere

List price: $191,000.  Sold price: $194,000.

Days on Market:72

3 bedrooms | 2 bath | 2354 sqft | .20 acre

Classic 1930′s home with original charm and beautiful floors.  The home sold FHA and the increase in price may have to do with closing costs.

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105 Fasken Drive, Cashmere

List price: $250,000.  Sold price: $198,000.

Days on Market:213

3 bedrooms | 2 bath | 2806 sqft | .21 acre

This home was in a short sale situation.  This partly accounts for the long time on market as it was under contract March 31, and they were waiting to hear back from the bank.

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106 Chase Avenue, Cashmere

List price: $239,000.  Sold price: $215,000.

Days on Market:69

3 bedrooms | 1.75 bath | 2216 sqft | .19 acre

Cute 1930′s home on a quiet street with a great view.

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More Leavenworth and Cashmere Real Estate Info

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