The Leavenworth real estate market had its first condo auction back in December and while it did clear out some of the inventory, it hasn't solved all of our current supply problems or convinced other developers to re-evaluate the pricing of their units.
Currently there are a total of 60 condos on the market according to the local multiple listing service (MLS) . (This is fairly accurate although it underrepresents some projects like Cascade Crest and Blackbird Lodge.) The average list price is $341,000 compared to 2008's average sales price of $306,000.
Only 1 condo has sold in the last 6 months outside of the condo auction!
3 condos are currently pending with an average list of $292,000 - though I expect the price at closing will be much less. There is an additional condo at the Boulders along the Wenatchee River under contract (pending) that is conditioned upon the sale of another house.
Updates on Leavenworth Condo Projects
aka Ski View (Titus Road) - In 2008 I reported that two condos have sold here. A year later there has been no change. 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. They have received signficant price reductions with the average 2 bedroom condo now listed at $334,000 and 3 bedroom condos listed at $407,000.
7 of these units are back on the market. These are the units across the street from Gustav's on Front Street. Last years 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.
These are the yellow condos across from the hospital that were sold at the condo auction. Currently one unit is under contract and only 3 of the 16 units remain unsold. These units are located on the 3rd and 4th floors.
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. These 2 bedroom condos are now listed at $415,000. They currently have covenants that prevent overnight rentals even though the zoning allows it. [ Update, Sept 2009. Now that we are listing these units, we have them priced at $298,000 and the convenants DO allow for nightly rentals.]
Only one of the six of these riverfront condos on Alpensee Strasse have sold. The prices started as much as $635,000 but are now selling from $425,000 to $475,000.
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 $309,000 to $339,000.
There are four older condos in two different associations here off of Icicle Road. Only 2 bedroom units are available from $209,000 to $230,000. I think these offer some of the best values today in Leavenworth condos. (They can be rented overnight as vacation rentals.)
Kahler Glen / Natapoc
3 condos are available at Kahler Glen golf course near Lake Wenatchee. They are all now priced at $299,000 which is down from a high price of $325,000 for Kahler Glen condos sold in 2007 and 2008.
Condos in Leavenworth - New Construction
These 8 condos are slated for Commercial Street and include 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."
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.
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.
Finally, I'd like to share these words of wisdom, from Vancouver's Condo Expert, Ian Watt.
The number one reason your condo won't sell in today's market. (Whether we are talking Leavenworth real estate or Vancouver real estate.)
Search for all Leavenworth Condos for Sale
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.