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: 379 Comments »

What’s an Urban Village?

Seattle, like all cities, has many interesting neighborhoods that each have a unique flavor and character that make living in Seattle a wonderful experience. I call these neighborhoods Urban Villages.

Many of the Seattle neighborhoods have a center or village where shops, cafes, restaurants, galleries and businesses gather that provide places for the locals to shop, relax with a cup of coffee, meet up with their friends and neighbors, and catch up with the local happenings.

The Seattle Urban Villages that we are going to explore over time are: Alki, Ballard, Belltown, Capitol Hill, Eastlake, Fremont (the self proclaimed “Center of the Universe”!) Georgetown, Green Lake, Madison Park, Madison Valley, Magnolia, Montlake, Queen Anne, Pioneer Square, University District, Wallingford, West Seattle and many more.

We will also explore the cities surrounding Seattle such as: Mercer Island, Bellevue, Kirkland, other places on the Eastside and around Seattle.

So why take the time to explore these Urban Villages and more?

Because buying a house and choosing it’s location where you will make a home is such an important step to make…it should not be taken lightly.

Location, Location, Location is not just a Real Estate phrase about one way value is determined, it’s also about the lifestyle you will be enjoying and living for years to come. Making a good match with a neighborhood or Urban Village is important for truly making a home.

So…join me and let the adventure of Seattle’s Urban Villages and Seattle Real Estate begin!

Spoken by Deborah Burns | Discussion: 181 Comments »

Montlake Neigborhood of Seattle

Montlake Neighborhood of Seattle has many charming Tudor Homes

Montlake Neighborhood of Seattle has many charming Tudor Homes

Montlake, one of Seattle’s Urban Villages…is where I have been spending a lot of time these past few weeks.  I am working with some out of state sellers as their Seattle Real Estate Agent to prepare their house to enter the Seattle Real Estate market when we list their Montlake home for sale later this spring.  It has been an interesting project for me and it will be exciting to see it to it’s conclusion.

520 Freeway Bridges that pass through the Montlake Neighborhood and the Washington Park Arboretum

520 Freeway Bridges that pass through the Montlake Neighborhood and the Washington Park Arboretum

The Montlake neighborhood lies just south of the University of Washington across from the Montlake cut, north and down the hill from Capitol Hill, east of Portage Bay and Eastlake, and west of the Arboretum and Lake Washington.  It has great accessibility to Downtown Seattle, as well as Bellevue and The Eastside via the 520 freeway which runs through Montlake…in an interesting way. The freeway is mostly bridges over water and provides motorists with some great views of wildlife on their commute!

Tudor Home in Montlake

Tudor Home in Montlake

The homes, built mostly in the 1920’s, are made up of brick Tudor and Craftsman styles of single family homes.  The market history for the month of March has just sixteen total homes comprising it.  The eight that are active as of April 1st range between $549,000 to $879,000.  Three are STI (Subject To Inspection) ranging between $847,000 and $1,250,000, Four are Pending ranging between $609,900 and $959,000.  Only one closed for the month selling for $734,000.  This puts Montlake well above the median price for homes sold in King County, $429,925, in February. 

Now that spring had arrived Montlake is especially beautiful right now, good timing for the springtime Seattle Real Estate rush! 

Originally published on my first
Seattle’s Urban Villages Real Estate blog
on April 2, 2007:

Spoken by Deborah Burns | Discussion: 197 Comments »