Leavenworth Condo Update – Spring 2008
Condominiums sales in Leavenworth continue to be the talk of the town. We have a number of new condo developments in all stages of construction or conception.
So far this year, Leavenworth condo sales are doing much better than 2007 in terms of number of sales and in increase in sales price. In the first half of 2008, 10 condos have sold compared to 5 last year. This continues the trend we saw in the 1st quarter condo sales.
The talk of the town is the number of unsold condos. I wrote a fairly opinionated article with advice for anyone building or selling new condos Leavenworth and I still think that advice holds true. A failure to react to market conditions and consumer needs has lead us to the oversupply of condos that we have today.
Currently there are a total of 69 condos on the market according to the NCW MLS. (This does not include a dozen or so condos at Icicle Village Resort / Aspen Suites and underrepresents some projects like Cascade Crest and Blackbird Lodge.) The average list price is $407,000 compared to this year’s average sales price of $317,000 (Only 4 condos have EVER sold above $400,000 in Leavenworth according to my data.)
Only 1 condo in Leavenworth is under contract or pending right now!
Updates on Leavenworth Condo Projects
Ski Blick aka Ski View (Titus Road) – Two condos have sold here. 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.
Haus Wunderbar – 7 of these units are back on the market. These are the units across the street from Gustav’s on Front Street. Prices range from $499,000 to $725,000. These were originally to be finished in Spring of 2006, yet not all of the units are complete today.
Riverpark Homes – The sellers are working on making these available for fractional ownership. These are not time shares, but a divided interest in the real estate. Is this something that Leavenworth buyers are interested in?
Cascade Crest – These are the condominiums that stand where Dr. Larson’s dentist office used to sit on Division. They have just been listed and 2 bedrooms start at $519,000. They have currently have covenants that prevent overnight rentals even though the zoning allows it.
Boulders – Only one of the six of these riverfront condos on Alpensee Strasse have sold. The prices have recently been lowered to $595,000. It is their second summer on the market.
Icicle Junction – Aspen Suites
These condos are not currently listed on the MLS, but they do continue to sell. They have pretty good financials if you are looking to own a vacation rental. I would be happy to provide you with the numbers. New construction 2 bedroom units are selling for about $300,000.
Sonnenterrassen – These 8 condos are slated for Commercial Street and include 1, 2, and 3 bedroom units ranging from $250,000 to $800,000. The website says they will be available in 2009, but it does not appear that construction has begun.
Obststadl – Construction is slated for 2011 and negotiations are still being held with the City of Leavenworth about a land swap / sale. This is the fruit barn project which is slated to have approximately 120 luxury condos.
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.
Alpine Place – There are six older 2 bedrooms in two different associations here off of Icicle Road. Both 2 and 3 bedrooms are available from $230,000 to $250,000. I think these offer some of the best values today in Leavenworth condos.
Kahler Glen / Natapoc One Natapoc townhome recently sold for $437,000, a 2 bedroom condo sold for $325,000 and another two condos are currently on the market. This is the most condos for sale at Kahler we have seen for a while.
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