So...What can you buy for under $200,000?
Currently there are four homes on the market. One is a small cabin in the Ponderosa Estate neighborhood. The other three are all cabins on Lake Wenatchee. While these last three sound great, there is a catch. The cabins are on US Forest Service lease land. This means you do not own the land and you must pay the Forest Service a yearly lease fee. Historically these fees have been relatively low, however with new county assessments these fees are going up. By one estimation in the year 2011, the fee will be $16,000/yr. The lease contracts have also been shortened to 5yrs, down from the 20yrs they used to be.
You also must get clearance from the Forest Service to do any exterior improvements or additions. The homes have been on the market for several summers and the price of them are the lowest they have been, with two of them priced at $119,000.
In the past year, seven homes have sold under $200,000. They were either one or two bedrooms, .75 or one bath (although one house did not have a bathroom), and all were under 1,000sqft.
There are currently three pending sales in this price range. One is small cabin, 649 sqft, in Ponderosa Estates backing to the high voltage power lines. This one is pending at $99,000. There is a 720 sqft home in Leavenworth on a .04 acre lot pending for $199,000. The last is a dome home on Lakeview Dr with a peak-a-boo view of Lake Wenatchee on .96 acres. The unusual nature of this home is the reason for the low pending price of $199,000.