Leavenworth Condo Market - Spring 2009 Update

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

Ski Blick

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.

Haus Wunderbar

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.

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 3 of the 16 units remain unsold. These units are located on the 3rd and 4th floors.

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.  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.]

Boulders

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.

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 $309,000 to $339,000.

Alpine Place

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

 

Sonnenterrassen

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."

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 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.

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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.)

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Buying a Leavenworth Condo: 5 Things to Know

Search for all Leavenworth Condos for Sale

What is my Leavenworth Condo worth today?

 

 

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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.

Comments

we are having the same issue - there are just too many condos on the market

Many markets will appear to be over built when the market is down, but in time things will recover. It looks like the USA may suffer for a few years to come, though, but once confidence returns to the market, the existing supply will likely get eaten up pretty quick...

Jordy- Thanks for your comment. I don't think the issue of overbuilding condos in Leavenworth is one of lack of consumer confidence. We have a small market where about 20 condos sell each year. If 60-80 new condos come on the market all at once, it's just too many for the market to absorb. Pricing them hundreds of thousands above current prices certainly won't help either.

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Allyson and Geordie Romer

Leavenworth real estate agents - Allyson and Geordie Romer

For over a decade, Allyson and Geordie have been serving clients in the Leavenworth-area real estate market. Together, they work tirelessly to stay on top of the regional market and present the most relevant opportunities to their clientele.

When not in the office, they can be found exploring the endless recreation opportunities of the area in all of its seasons.

 

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Geordie provided excellent real estate representation! We appreciated his detailed knowledge of the market, his up front and honest approach, and his negotiation skills.
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As “west siders” looking for a getaway near Leavenworth, Geordie provided insight … his knowledge of design features important in a “snowy winter wonderland” was appreciated. Thanks Geordie!
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Geordie made this somewhat complicated transition easier for us…going above and beyond to help us work through issues that came up during the sale of our parents home. We appreciated his knowledge, attentiveness to details and his willing spirit.
Our family is grateful for Geordie!
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Geordie was great in every way. We have been looking in the Leavenworth area for some time, and Geordie was absolutely the best for local knowledge, history and depth on neighborhoods, developments and the local market trends. He was very quick to respond (even when he was on his vacation) and worked very diligently to get all of our questions answered in a very timely fashion. We would recommend him highly to anyone looking to buy or sell a home. Very friendly, and helped us navigate all of the local options before we made an offer on the property that we purchased. Thank you, Geordie!

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It was such a pleasure to work with Geordie and his wife, Allyson on our cabin purchase. They showed us a variety of locations, listened to what we wanted and helped us find the perfect match. Everything was smooth and not stressful, just relaxed and easy. We would definitely recommend Geordie and use him again if the need arises!

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Moving to Leavenworth?

Are you looking for a cabin or a condo in Leavenworth that your family can use as a home base when climbing, skiing or hiking around Leavenworth or Lake Wenatchee?

Maybe you rent a house here and have decided to stay, surprised how a summer of rafting somehow turned into seven years.

Maybe it’s time to escape the hustle of the big city (and its rain) and move to Leavenworth with its four seasons.

Maybe you bought a condo years ago, don’t seem to use as much, and it’s time to sell.

Whatever your motivation, we are here to help. If you are buying a home, the best place to start is with our Homebuyer’s Guide to Leavenworth.