Comparing the most expensive homes in East-Central Seattle against the least expensive homes is like comparing apples to oranges.
From multimillion-dollar mansions to starter houses, there is something available at nearly every price range. It just depends on where you look.
"Right now, the most expensive homes in the area are in the Washington Park and Denny-Blaine neighborhoods," Lincoln Thompson, of the Landmark Group, said. "But the whole area is changing; momentum has shifted. The commercial development along the Madison [Street] corridor, for example, is transforming Madison Valley into a more upscale neighborhood."
The homes
Setting the current standard for the area's luxury-home market is a six-bedroom, five-bathroom French Pavilion built on 135 feet of Lake Washington shoreline. It includes four fireplaces, 10- to 18-foot ceilings, 10-foot French doors, an "award-winning" library, a chef's kitchen, a manicured garden and a swimming pool.
In addition to all this, the home, built in 1978, is located in a gated compound with nine other Washington Park homes and "offers the ultimate in private in-city living," according to the Madison House Ltd./Sotheby's International Realty website.
This home costs $16.5 million.
Meanwhile, a tidy, starter house built in 1950 on 31st Avenue in Madison Valley is a bit more cramped at 1,440 square feet. But the home has four bedrooms, one bathroom and a daylight basement. Plus it's newly remodeled, with a new roof, granite counters and slate flooring.
"It's a cozy home," said James Tjoa, of Remax Metro/Eastside, who's listing the property. "The remodel was done well, it has a big yard and you can walk to shops and restaurants."
With the home priced at $335,000, Tjoa has already received an offer to buy the home after less than one week on the market.
In Denny-Blaine, buyers will find a four-bedroom, four-bathroom, 5,240-square-foot home built in 1930 on 120 feet of unobstructed, unbanked Lake Washington shoreline. It includes a tile roof, stucco exterior finish, swimming pool, hot tub, tennis court, guest house and city, lake, mountain and territorial views - all for $8.5 million.
Conversely, in Madison Valley, one listing, priced to sell at $335,000, was built on Martin Luther King Jr. Way in 1951 and has four bedrooms, one bathroom and 1,760 square feet.
It's a "classic, brick rambler with basement, hardwood floors, updated kitchen, formal dining room and a brick fireplace in the living room," according to ziprealty.com.
Brisk sales
Somewhere amid the inequities, some patterns have emerged. First, and most obvious, size does matter. Also, the old adage "location, location, location" proves to be true, with lakefront properties commanding the highest prices.
But, according to Thompson, there's more going on in the market than just the obvious. "We're seeing a trend where people want to be in the Madison Park area," he said. "It has that small-town feel in a big city."
As a result, good values in the area are difficult to find.
"There's very little available," he said "And among the available properties, sales have been very brisk. But if a property is closer to Madison Valley or is overpriced, it can sit on the market for a while," Thompson said.
Thompson also said that homes in the area that don't move quickly may be "functionally obsolete," a term that includes homes with strange layouts, inverted floor plans or too many stairs.
Tjoa agrees with Thompson.
"It's true that the area is growing," Tjoa said. "One trend I've noticed is that, in just about any Seattle neighborhood, people are gravitating toward areas that are located within walking distance of shops and restaurants. People love to be able to walk to get a meal or do their shopping, and businesses are catering their services to those people."
Consequently, any land that meets "walk-ability" criteria, waterfront or not, is at a premium.
"Finding an open lot is like finding a needle in a haystack," Tjoa said. "So when they do find land, people are going in and buying what they can and fixing it up. It's a matter of supply and demand."
Preferred amenities
Like Tjoa, Thompson advises buyers to favor location, saying that "amenities can always be improved, but you can't change the location."
That's because in the end, it really is all about amenities, regardless of the price range.
"Many buyers like larger kitchens with attached family or dining areas," Thompson said. "They also prefer honed countertops, which have more of a buffed finish; food-warming drawers; prep sinks; refrigerated drawers; and multiple dishwashers."
And antiquity is valued as well.
"A lot of people like earlier houses that were built in the 1920s and 1930s," Tjoa said. "They like the classic features like woodwork and glass doorknobs."
But everything comes at a price, which is why Thompson advises buyers to find a good real estate agent who can help them locate a house that fits their budget.
He also advises people to hire a licensed inspector and to only work with local lenders.
"I've seen people work with Internet lenders who don't know the local market," he said. "Then when it comes time to close, they have big problems."
Thompson said that outside lenders simply can't compete with local ones who know the area. homes
Setting the current standard for the area's luxury-home market is a six-bedroom, five-bathroom French Pavilion built on 135 feet of Lake Washington shoreline. It includes four fireplaces, 10- to 18-foot ceilings, 10-foot French doors, an "award-winning" library, a chef's kitchen, a manicured garden and a swimming pool.
In addition to all this, the home, built in 1978, is located in a gated compound with nine other Washington Park homes and "offers the ultimate in private in-city living," according to the Madison House Ltd./Sotheby's International Realty website.
This home costs $16.5 million.
Meanwhile, a tidy, starter house built in 1950 on 31st Avenue in Madison Valley is a bit more cramped at 1,440 square feet. But the home has four bedrooms, one bathroom and a daylight basement. Plus it's newly remodeled, with a new roof, granite counters and slate flooring.
"It's a cozy home," said James Tjoa, of Remax Metro/Eastside, who's listing the property. "The remodel was done well, it has a big yard and you can walk to shops and restaurants."
With the home priced at $335,000, Tjoa has already received an offer to buy the home after less than one week on the market.
In Denny-Blaine, buyers will find a four-bedroom, four-bathroom, 5,240-square-foot home built in 1930 on 120 feet of unobstructed, unbanked Lake Washington shoreline. It includes a tile roof, stucco exterior finish, swimming pool, hot tub, tennis court, guest house and city, lake, mountain and territorial views - all for $8.5 million.
Conversely, in Madison Valley, one listing, priced to sell at $335,000, was built on Martin Luther King Jr. Way in 1951 and has four bedrooms, one bathroom and 1,760 square feet.
It's a "classic, brick rambler with basement, hardwood floors, updated kitchen, formal dining room and a brick fireplace in the living room," according to ziprealty.com.
Brisk sales
Somewhere amid the inequities, some patterns have emerged. First, and most obvious, size does matter. Also, the old adage "location, location, location" proves to be true, with lakefront properties commanding the highest prices.
But, according to Thompson, there's more going on in the market than just the obvious. "We're seeing a trend where people want to be in the Madison Park area," he said. "It has that small-town feel in a big city."[[In-content Ad]]
