Archive for the 'Magnolia' Category

Seattle Real Estate Values for 3rd Quarter 2008 Released by Zillow

Yesterday Zillow released its' Seattle Real Estate Trends for the third quarter (July, August, September) of 2008 and posted that Seattle home values decreased -7.53% compared to the third quarter of 2007.  As a point of comparison, Zillow reported that home values Nationally decreased -9.7% for the same quarter.
 
I clicked through the links: Seattle Real Estate Trends, to Click for Seattle values and, on the left under Seattle, the Excel icon  , I found 5 tabs at the bottom of the page. There was a "Summary", "Metro Area & County", "City", "Neighborhood", and "Glossary".  I found the information shown under City and Neighborhood to be the most interesting as the values data that Zillow has compiled is broken down to what most Seattle home buyers and Seattle home sellers will find the most interesting; their particular neighborhood or city. 
 
These numbers are "Year over Year" of the "% change for the Zillow Home Value Index or "Zindex" over the last year (12 months)".  In other words, Zillows "Zestimate", the median value for homes for in that area, and the percent less value compared to last years' Zestimate median value.
 
Now, these Zillow numbers are not just the actual sales based numbers like the numbers calculated by the NWMLS, although actual sales data is used by Zillow as a part of calculating Zestimates, so they are a model for comparing value.  This makes the numbers a good tool for understanding value and comparing value, but are not the only way to measure an individual homes' value.
 
A snapshot of Year over Year % for a few areas/neighborhoods of current interest to me (as well as current and recent clients) are:        
 
 
Beacon Hill     -8.0%
Clyde Hill     -4.4%
Columbia City     -12.7%
Magnolia     -8.3%  (Magnolia is shown twice)
Magnolia     -6.5%
Mercer Island     -6.3%
Montlake     -7.0%
Normandy Park     -5.8%
Queen Anne     -4.7%
West Seattle     -7.4%
 
Just follow through the links to find the City or neighborhood that interests you, and check out the numbers...they are very interesting!

Spoken by Deborah Burns | Discussion: 2 Comments »

Magnolia Homes for Sale and this weeks Brokers’ Open Houses

Magnolia on a sunny day looking towards the SoundLast Tuesday was Broker Open Houses for homes listed for sale in Magnolia . The weather was rainy (but warm) so I was thinking that I might miss some of the wonderful views while touring the homes, but the wind picked up and the skies cleared for some glorious sunny views. Today I was focusing on the higher end of Magnolia homes for sale so the houses were ones listed between $1,000,000 and $4,000,000, but mostly under $2,000,000, of course... there is even more expensive Magnolia real estate too!

I had a plan to visit particular houses but I was quickly distracted by the Open House sign in front of a house that I have driven by many times. I m a fan of Mid-Century Modern Homes that have been respectfully updated with an eye for sleek, elemental design...well this first Open House was all that, just gorgeous! I think it would be a great match for someone thinking about a high-end condo, but who still needs more space and would like a little Zen like garden. The southwest view of the Sound and in the distance Alki Point was breathtaking, and it was extra exciting because several US Navy ships cruised by with a fire boat leading the way shooting fountains of water into the air!

Back to the planned tour...I was able to see 8 more Magnolia homes for sale before the Brokers' Open Houses ended, and one of those was another unplanned visit to a house that I had seen 3 years ago when it was originally listed for sale in Magnolia. It is a very modern home sited on an unusual shaped lot, it was interesting to see the house with furniture this time, much warmer.

Because Magnolia is in an older part of Seattle, there is a wide range of home styles and several were represented on my tour, the Mid-Century Modern, Post Modern Contemporary (3 of those), one completely remodeled Mid-Century Traditional, Mediterranean, Colonial, and a Northwest Contemporary. These homes all have wonderful kitchens and baths, beautiful details and finishes, and most of the homes had stunning views...which is why they are also come at a high price! Next week, for balance, I'll focus on entry level homes for sale in Magnolia.

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Magnolia Homes* for Sale Market Snapshot as of today for May 2008

ACTIVE - 125 Magnolia Homes for Sale, 110 average days on market, $359,950 to $6,950,000

CONTINGENT - 1 Contingent Magnolia Home, 54 days on Market, $699,950

STI - 5 Subject to Inspection Magnolia Homes, 83 average days on market, $459,500 to $1,735,000

PENDING - 13 Pending Magnolia Homes, 58 average days on market, $419,950 to $1,350,000

SOLD - 11 Sold Magnolia Homes, 117 average days on market, $390,000 to $1,900,000

* Single Family Homes and Townhomes

Spoken by Deborah Burns | Discussion: No Comments »