Leavenworth Real Estate

Leavenworth Condo Update – Fall 2009

The Leavenworth condominium market certainly has been the toughest sector of the Leavenworth market over the past few years.  Overbuilding, lack of research by developers, and bad timing have lead to a massive oversupply, auctions, and lower prices.

Currently there are a total of  54 condos on the market according to the local multiple listing service (MLS) .  I count at least 13 condos that are currently for sale but not on this list.  The average list price is $322,000  compared to 2008’s average sales price of $306,000.

10 condos have sold in 2009 so far at an average price of $263,000.

4 condos are currently pending with an average list of $296,000 – though I expect the price at closing will be much less.

Updates on Leavenworth Condo Projects

Ski Blick

aka Ski View (Titus Road) – In 2008 I reported that two condos have sold here. In 2009, an additional 2 bedroom unit sold for $270,000. These are selling at 7% below list price. 21 units remain unsold, with no pending sales. (Only 11 units are currently listed on the MLS.)  They have received significant price reductions with the average 2 bedroom condo now listed at $296,000  and 3 bedroom condos listed at $ 362,000.

Haus Wunderbar

7 of these units are back on the market. These are the units across the street from Gustav’s on Front Street. 2008 prices range from $499,000 to $725,000. These were originally to be finished in Spring of 2006, yet they were not completed until 2008. They are now priced from $447,000 to $671,000. They also have some fractional ownerships available (as little as 1/8th) starting at $89,900.

Riverpark Homes

These are the yellow condos across from the hospital that were sold at the condo auction. Currently one unit is under contract and only 2 of the 16 units remain unsold. These units are located on the 3rd and 4th floors. 2 additional units are being sold as resales.

Cascade Crest

These are the condominiums that stand where Dr. Larson’s dentist office used to sit on Division. They were first listed in July of 2008 and started at $519,000.

We are proud to be the new listing agents of these condos. We have lowered the price to $298,000 and the bank which holds the construction loan had been very generous in accepting short sale offers below the asking price. We currently have 1 unit pending and have a number of other offers in the works. Special financing is also available with as little as 5% down – call us for more details.

You see a short video of the condos here: Cascade Crest Condos in Leavenworth

Boulders Condominiums on the Wenatchee River

Two of the six of these riverfront condos on Alpensee Strasse have sold. (Two are also being held by the developers for their personal use.) The prices started as much as $635,000 but are now selling from $425,000 to $475,000.

Icicle Junction

Aspen Suites

6 remaining units have been listed on the MLS again with a number of different local companies.  They have pretty good financials if you are looking to own a vacation rental. I would be happy to provide you with the numbers.  These units are mostly 2 bedrooms and range in price from $299,000 to $339,000.

Alpine Place

There are six older condos in two different associations here off of Icicle Road. 2 bedroom units are available from $199,000 to $239,000 and a rare 3 bedroom for $279,000. I think these offer some of the best values today in Leavenworth condos. (They can be rented overnight as vacation rentals.)

Click here to see a short video of one of our listings currently for sale at $219,000 :

Alpine Place Condo, Leavenworth WA

Kahler Glen / Natapoc

3 condos are available at Kahler Glen golf course near Lake Wenatchee. They are priced between $279-299,000 which is down from a high price of $325,000 for Kahler Glen condos sold in 2007 and 2008. There is one unit pending with a list price of $269,000 and I sold 2 units earlier this year for about $270,000 each. There also is a Natapoc unit for sale.

As I have said before, I think condos at Kahler Glen are one of the great deals in the current market.

Condos in Leavenworth – New Construction

It appears that the following condominium projects all slated for 2009 or later have been cancelled.

Sonnenterrassen

These 8 condos were slated for Commercial Street and included 1, 2, and 3 bedroom units ranging from $250,000 to $800,000.  Orginally these units were to be available in 2009, but according to the developer Chuck Reppas:

“Sonnenterrassen is on permanent hold until the market returns. I am concerned that it will take at least 3 and as much as 6 years for the market to become strong enough to build Sonnenterrassen per plan.”

According to my research, Reppas no longer owns this property and it was foreclosed upon by FNMA.

Obststadl

Construction was orginally slated for 2011 and negotiations were held with the City of Leavenworth about a land swap / sale. This is the fruit barn project along highway 2 in downtown Leavenworth slated to have approximately 120 luxury condos.

Again the projects developer, Chuck Reppas:

“As a result of the economy I have lost control of the Obststadl site…. If I am able to rekindle the deal, I will likely change to a mixed use retail / hotel. Potentially some of it could be timeshare, but likely not full-time condo.”

Blackbird Lodge

43 condos were 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. No construction has begun to my knowledge and the listing has been removed from the MLS.

Click Here to Search for All Leavenworth Condos Currently on the Market

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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 Update – Quarter 3 2009

Leavenworth Buyers and Sellers are in a Stalemate.

In most markets, an oversupply of  product (in this case homes) leads to a drop in prices which then leads to sales. The law of supply and demand. When supply exceeds demand, prices fall.

Of course, loyal readers know that the Leavenworth real estate market is no “normal” market. For some time we have had increasing supply and few sales, yet Leavenworth home prices have been fairly stable.

The Q3 numbers show a similar trend.

• High Inventory
• Low Sales
• Stable Prices

What do I mean by Stalemate?

Buyers in the current market look at the inventory and surmise that sellers in the current market need to drop their price or accept a very low offer. Sellers look at comparable homes for sale on the market and the few comparable sold homes and think that they are offering their home at a fair price.  Unfortunately, when it comes to negotiating, neither side is willing to concede much.

By my rough count, Allyson and I have been involved in at least 15 offers this year, representing either buyers or sellers, that did not result in a sale.  This is 15 buyers who could not come to agreement with a seller.

Where do we go from here?

The market value of a property is that price where buyer and seller AGREE on a price. If the buyer and seller can’t agree, then neither party is right about the market value.

Sellers need to re-adjust their perceptions about the market and be prepared to engage buyers with a bargain hunting attitude.

Buyers need to realize that there is a reason we see so few Leavenworth foreclosures.   Most homes were bought as second homes by well qualified buyers. They may want to sell, but they don’t need to.  The list price of a house is usually a good indication of what the seller thinks the house is worth – the lower you offer below that price, the more you are likely to encounter resistance.

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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 September 2009

In September 4 homes and 3 condos sold in the Leavenworth area.

 

3536 Hansel Lane, Peshastin

List price: $239,000.  Sold price: $209,000.

Days on Market: 134

3 bedrooms | 2 bath | 1456 sqft| .34 acres.

This home is in the Valley Hi neighborhood off Blewett Pass Hwy 97.  The home backs to the small neighborhood pond and was for sale by owner last summer.

 

 

6320 Campbell Road, Peshastin

List price: $225,000.  Sold price: $215,900.

Days on Market: 125

2 bedrooms | 2 bath | 1920 sqft| 2.5 acres.

Another home up Blewett Pass Hwy 97.  This home had a unique floor plan and sat on 2.5 acres.

 

 

213 Park Avenue, Leavenworth

List price: $312,000.  Sold price: $330,000.

Days on Market: 542

3 bedrooms | 2 bath | 1460 sqft| .12 acres.

In town home that was owned by a builder who intially bought the house and adjoining lot for $322,500 in March 2008.  The listing was just for the home but the adjoining lot was included in this sale.

 

 

10629 Titus Road, Leavenworth

List price: $649,000.  Sold price: $575,000.

Days on Market: 467

3 bedrooms | 2.5 bath | 2800 sqft| 1.22 acres.

Private home on the top of Ski Hill just outside of town.  This home had an additional detached garage with an office.

 

 

Leavenworth Sold Condos:

 

 

325 Division Street 306, Leavenworth

List price: $219,900.  Sold price: $185,000.

Days on Market: 169

2 bedrooms | 1.5 bath | 975 sqft|

Off the beaten path, this condo project is within the city limits and is not able to be used as a nightly rental.

 

 

20795 Kahler Drive #D-2, Leavenworth

List price: $279,900.  Sold price: $269,500.

Days on Market: 131

2 bedrooms | 1.75 bath | 1266 sqft|

The older, well kept, condos at Kahler Glen.  Nice views of the golf course and ablitity to X-C ski out the back door.

 

 

20795 Kahler Drive #G-2, Leavenworth

List price: $304,900.  Sold price: $272,000.

Days on Market: 308

2 bedrooms | 1.75 bath | 1266 sqft|

Another older Kahler Glen condo.  This condo has a view of the pond and over to the 9th fairway.

More Leavenworth Real Estate Info

• Click Here to See Leavenworth Sold Homes for Aug 2009
• Click Here to See Cashmere Sold Homes for Sept 2009
• 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.

Cashmere Real Estate | Sold Homes September 2009

Two homes in the Cashmere area sold in September.

 

114 Oak St, Cashmere WA

List price: $199,999 .  Sold price: $199,999.

Days on Market: 26

3 bedrooms | 1 bath | 1032 sqft| .22 acres.

1970’s home off of Mission Creek.  Home was listed last summer for two months at a price of $209,900.

 

 

102 Creekside Place, Cashmere WA

List price: $363,900 .  Sold price: $305,000.

Days on Market: 65

3 bedrooms | 2.5 bath | 2198 sqft| .25 acres.

Nice home built in the 90’s out Mission Creek.

 

More Leavenworth and Cashmere Real Estate Info

• Click Here to See Cashmere Sold Homes for Aug 2009
• Click Here to See Leavenworth Sold Homes for Sept 2009
• 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.

Ponderosa Estates to Ban Vacation Rentals?

The Chiwawa River Pines neighborhood’s discussion about prohibiting vacation rentals has been a hot topic on this blog and a heated discussion at the association meeting has recently turned into a lawsuit.

It seems that the Ponderosa Estates neighborhood aka the Ponderosa Community Club is considering doing the same.

Bill Griffin, current President of the Ponderosa Community Club writes in the September issue of the Needler, Ponderosa’s online newsletter:

I submit that short-term rentals are not good for the Ponderosa because they destroy the members-only character of our community by introducing an element that has little or no understanding of our needs, that have no vested interest in maintaining the properties they are using or in preserving the peace of the neighborhood. They move in for a brief time, enjoy themselves and move on to the next place. Their neighbors do not know who, how many, or for what purpose these transient users will occupy the residence next door.

The message from the Vice President of the Ponderosa Community Club, Ann Ashford reads more like a public notice:

Hello Members!

This note is meant to invite you to a very special member’s meeting. The purpose of the meeting is to talk about rental houses and their involvement in the Ponderosa Community Club. We would like to talk about the negative and the positive experiences that you have had with renters, landlords, and rental properties.

We would like to discuss how they benefit our community and change our community. Please think about the experiences you have had personally, and come ready to discuss and share your concerns and praises. We would really like to hear from full time residents, part time residents, rental landlords and any members of the Club who have opinions.

This is meant to be an open time to discuss everything that is happening with rentals, without the time constraints of a board meeting. The Board has a lot of decisions to make regarding the rules of the Ponderosa Community Club and we need your help to understand where we should focus our time, and which issues are not as big of a concern to the members. Please remember that each member has a right to do whatever they choose with their own property. We, as a Board, cannot change that. We just need your input to steer us towards the real issues at hand.

Thank you so much, and we look forward to speaking with all of you at the meeting.

October 10th 1 pm at the Ponderosa Community Clubhouse

I don’t know if members of the general public are welcome at the meeting, but I certainly suggest that anyone who owns property in Ponderosa attend this meeting. I certainly know that home buyers considering purchasing in the Ponderosa neighborhood are anxiously awaiting the outcome and I know that folks who currently own vacation rentals should go and make sure they are part of the discussion.