Leavenworth Real Estate

Cashmere Real Estate | Sold Homes June 2010

In June, five homes in the Cashmere area sold.

 

305 Cottage Avenue, Cashmere

List price: $259,000.  Sold price: $156,000.

Days on Market: 820

3 bedrooms | 2 bath | 1744 sqft | .21 acres

Classic Cashmere home on Cottage Ave, this home was on the market a LONG time and finally sold in a short sale situation.  House has a nice backyard with alley access but steep stairs to the second floor and is a bit dated.

 

 

 

8978 Motel Road, Dryden

List price: $250,000.  Sold price: $245,000.

Days on Market: 137

3 bedrooms | 1 bath | 2309 sqft | 2.90 acres

This home was a foreclosure sale and the bank gave the buyer an additional $5000 in closing costs.  The house was previously on the market in a short sale situation for 310 days with an initial asking price of $439,000 and they ended at $320,000 before the bank got it.

 

 

 

5600 Weatherend Drive, Cashmere

List price: $570,000.  Sold price: $259,000.

Days on Market: 505

4 bedrooms | 1 bath | 2324 sqft | 3.10 acres

Turn of the century home within the Cashmere urban growth boundary.  The property is zoned Suburban Residential and might have the potential to be developed into residential lots.  This potential was reflexed in the initial asking price.  The land also borders Brender Creek.

 

 

 

207 Paton Street, Cashmere

List price: $309,000.  Sold price: $279,000.

Days on Market: 310

4 bedrooms | 1.75 bath | 2610 sqft | .26 acres

Large 1950’s home on a quiet tree lined street a short walk from downtown.  The home has nice wood floors, updated kitchen and backs to Mission Creek.

 

 

 

5804 Evergreen Drive, Cashmere

List price: $377,000.  Sold price: $325,000.

Days on Market: 407

4 bedrooms | 3 bath | 2887 sqft | 1 acre

Large rambler on an acre just outside the city limits.  The property includes a large 2 car garage with 3 car carport and has irrigation rights.

 

 

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 2010
• 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.

Leavenworth Home Prices Spring 2010

Reporting about Leavenworth home prices usually starts with a great image of a half filled cup.  It’s rarely a simple story and there is both good news and bad depending on whether you are buying or selling a home.

Let’s start with a chart comparing Q2 of 2010 to previous years.

• The number of sales this quarter was up 50% from last year’s dismal numbers.
• The number of sales is still 50% of 2006’s stellar numbers
• Home prices have remained fairly flat over the past few years.

What numbers are missing from this chart?

• The number of pending sales (contracts agreed to) is nearly identical from 2009 to 2010. This may not be a good sign for the rest of summer.
• We have a record number of homes on the market in Leavenworth. Buyers have more choices than ever before. On July 9th, 2010 we reached the 200 homes threshold.

 

As I mentioned over on our Facebook page, I would rather be a buyer than a seller in the Leavenworth market. On the other hand I’d rather be selling a home in Leavenworth than trying to sell one in Cleveland, Detroit, Las Vegas or Phoenix.

 

 

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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.

David asks about Leavenworth condos under $275,000

In response to my most recent post about the Leavenworth real estate market, David asks:

What do you think of Leavenworth condos under 275K? It seems to me there are an awful lot of those for sale now. Some of the Ski Blick are under 275, there are 3 Alpine condos, etc.

Thanks for the great question David.

The Leavenworth condo market isn’t a monolithic group. It is made of many sub-sets and buyers usually aren’t willing to move from one sub-set to another. For example, if you want a condo at the Kahler Glen golf course you wouldn’t trade for one in town, just because the price is less.

Currently we have 25 condos for sale under $275,000 in the Leavenworth area.

6 condos are for sale at the Kahler Glen Golf and Ski Resort near Lake Wenatchee.

6 Condos are for sale at Ski Blick on Titus Road. (cannot be used as vacation rentals.)

5 of the condos are in other developments that cannot be used as vacation rentals.

3 are at 475 Alpine Place (of the 6 total units in that development)

2 are at 575 Alpine Place

3 are at other developments that can be rented as vacation rentals

The easiest groups are Kahler Glen vs Leavenworth (6 and 19) or vacation rental vs non-vacation rental (14 vs 11) or best yet a combination of all 3.

Kahler Glen 6

Leavenworth non-vacation rental 11

Leavenworth vacation rental 8

Now let’s look at which 19 condos have sold in Leavenworth in the last 12 months:

5 at Kahler Glen

6 at Cascade Crest (1107 Front Street)

2 at 525 Alpine Place

2 at Ski Blick

4 non-vacation rental

If we break it down into our 3 main categories as before:

Kahler Glen 5

Leavenworth non-vacation rental 6

Leavenworth vacation rental 8

Are condos in Leavenworth under $275,000 in a buyers market?

You bet, but some are more than others:

Kahler Glen: 14 months of supply

Leavenworth non-vacation rental: 22 months of supply

Leavenworth vacation rental: 12 months of supply

What about condo prices?

Average SELLING price of Kahler Glen Condo: $266,000

Average SELLING price of Leavenworth non-vacation rental: $174,000

Average SELLING price of Leavenworth vacation rental condo: $228,000

What do you think is the best value in the Leavenworth condo market today? I’d love to hear your thoughts.

 

 

(Want to look at current condos for sale? Click here Leavenworth 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.

Leavenworth Neighborhoods: Buyer’s or Seller’s Market?

With a record number of homes for sale in Leavenworth, we generally are telling folks it’s not the best time to put your house on the market.  The corollary of that, of course, is that it is a great time to be a buyer.

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?:

Neighborhood / Category	Seller’s Market?	Buyer’s Market?	Hard to Say
Lake Wenatchee Waterfront	X
Ponderosa Estates		X
Chiwawa River Pines		X
Kahler Glen Condos		X
Leavenworth City Limits < $275k	X
Leavenworth City Limits		X
Riverfront			X
Fish Lake	X
Cabins <$250k			X
Homes >$600k		X
Building Lots		X

 

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

Buying FHA after a Short Sale

This just came in my email from Darel Ansley at Peoples Bank in Wenatchee:

Maybe everyone else already knows this, but I just learned this week, that a person can actually sell their home through a short-sale and immediately buy a new home with FHA financing !!  I was shocked.

  Here are the general limitations:

 1)    The client must stay current on their payments through the short sale

2)    Client must have been current on all their payments for the 12 months leading up to the short sale

 3)    They can’t be using the process to just take advantage of low home prices in their market – in our scenario, the buyer was taking a new job and relocating.

 

So this could work for someone who is transferring into our area but thinks they are stuck upside down in their current home.

 

I have attached the FHA letter.

 

If someone was delinquent going into a short sale, they would have to wait 3 years to be eligible for a new mortgage.

 

Call or email with any scenarios.