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
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.
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.
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.
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.
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.
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.
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.
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 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
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.