They are some of Seattle’s most unique and recognizable homes, and there’s only 500 of them. Last month, team member Enrico Pozzo—an expert in all things floating homes—led a tour of Lake Union and the homes that top its waters. Skippered by Realogics Sotheby’s International Realty (RSIR) CEO Dean Jones, our team was joined by nearly 40 of our RSIR colleagues and a few guest brokers from our affiliates in New York and California.
Los Angeles! Ari Wintraub is a top-tier broker and referral partner serving the highly-competitive L.A. market. Based in Brentwood, he serves many of the most prestigious communities in the area such as Beverly Hills, B.H. Post Office, Santa Monica, Venice, and more.
Throughout the years, we have befriended many quality real estate brokers around the country and other parts of the world. In our effort to always provide the best possible service to our clients, we have built professional relationships and friendships with the best of these brokers and touch base on a regular basis to discuss how our individual regions are changing while learning about new services and technologies they’ve implemented. This year, we will share a collection of articles co-written with some of these amazing professionals.
Whether it’s your first or your fifteenth transaction, buying a home is a significant financial decision that demands some measure of caution. Regardless of the property type, it is wise to operate from the point of view that most homes have flaws (even when they’re newly constructed). Hidden safety concerns and significant repairs can add up quick, so it’s a good best practice to avoid surprises and have a prospective home thoroughly evaluated by a certified, experienced home inspector.
If you have been following the local news you are probably aware that our torrid hot real estate market is shifting. What should we make of this? Is this 2008 to 2012 all over again? The good news is no.Historically, our real estate market fluctuates with 5-to-7-year up-cycles and then takes a 6-to-12-month breather where prices may drop 5-to-10-percent before heading back up for another 5-to-7-year-up-cycle. This shift can happen quickly and that is exactly what happened this time. Back in December, clients were asking me how long the crazy market would last and my response was that I saw no indication of an end, yet a few short months later, it happened. This is a macro-trend and it is important to know that each neighborhood has its own micro-trend dynamics and degree of change.
Dean Jones, President & CEO of Realogics Sotheby’s International Realty offers insight in the latest Real Estate Buzz entitled “Condo demand rising faster than supply,” as the Daily Journal of Commerce says that the rate of demand for condos in downtown Seattle is much higher than available supply.
In a recent Puget Sound Business Journal article, Emily Parkhurst declares that “This is the best time to list your house for sale in Seattle.” The dates she’s referring to? The first couple of weeks in May. As the feature describes, “houses listed between May 1 and May 15 sell 20 days faster than the yearly average.” What’s more? “They also sell for an average of $2,600 more.” These dates apply to most of the market in the United States, but are even weightier in a market as hot as Seattle’s.
The Puget Sound Business Journal recently reported that, “nearly two-thirds of the people who bought high-end homes last year in the Seattle area paid cash.” In the feature, Stiles cites Realogics Sotheby’s International Realty research which found that the most expensive sale of 2015 was a waterfront estate on Mercer Island at $13.8 million.
Realogics Sotheby’s International Realty and Caliber Home Loans looked at average prices of newer condominiums and compared rents for comparable apartments. They found the total cost of ownership was effectively lower when factoring income tax deductions, not to mention the opportunity for capital appreciation. The research was performed as part of a recent think tank hosted by the Puget Sound Business Journal, which was published as a section called The Manhattanization of Seattle.