Property Views: Homebuyers are falling in love with Madison Park

The Seattle metro area housing market has continued to make local and national headlines recently, as the S&P CoreLogic Case-Shiller Index indicates that the Emerald City had led the nation in home price growth for fifteen consecutive months, with a 12.7 percent year-over-year increase in November 2017. More homebuyers in King County are purchasing million-dollar homes than ever before, up to nearly 5,000 in 2017, up 71 percent year-over-year, according to Northwest Multiple Listing Service (NWMLS) data.

Madison Park continues to be one of Seattle’s most sought-after neighborhoods, for its proximity to downtown Seattle, easy access to the Eastside via the 520 bridge, and old-fashioned neighborhood sensibility. Sprinkled amongst our coffee shops, eateries, and boutiques are two new businesses: Arboretum Dermatology, where Dr. Carmen Berger is offering a variety of medical services, and Earth Wine & Fire Yoga, owned by three lovely local ladies.

Limited inventory and increased demand for homeownership continue to be two great factors contributing to our local real estate market, especially as buyers turn to distinguished communities such as Madison Park. Looking at 2017 market trends, the average sold price in Madison Park increased more than the county average, at 19.2 percent to $1.6 million. The days on market have held relatively steady over the past couple of years, however, with slight fluctuations above and below one month.

In reviewing some of the neighborhood’s top recent sales, the home at 2115 38th Avenue East closed at $2,395,000 last October, establishing the “high-water mark” in terms of price per square foot for our neighborhood, coming in at $984 per square foot. This was an iconic William Bain designed home built in 1961 on an estate-sized 18,000+ square foot lot. There were also two landmark sales in Broadmoor of note, at 3303 East Shore Drive (a 1929 Italian Villa-style residence) and 1824 Broadmoor Drive East (a 2009 Stuart Silk custom Mediterranean jewel). Both homes are located on the fairway and each sold at over $5,800,000, with prices per square foot coming in at $822 and $882 respectively.

As of this writing, there is only ONE condominium for sale in Madison Park (at 1800 43rd Avenue East, priced at $614,950), and 6 single family homes ranging from $2,389,000 to $12,850,000. If you are considering a move this year, the classic laws of supply and demand are in your favor. Take advantage of this seller’s market and get top dollar on your current home and set sail on your new adventure, with a lock and leave high amenity condominium here in the city to allow for the simple luxury of traveling to a second home in Palm Springs or Hawaii, or the opportunity to travel the world.

The emergence of exciting new condominium developments in the city has led Realogics Sotheby’s International Realty to relaunch its once popular website, where buyers can learn more about upcoming projects and plan their next move. We will also open the doors of Park House for a series of “pop-up” events, where guests will have the opportunity to engage with these projects as additional details are released in 2018 and beyond.

Laura Halliday is a managing broker at Realogics Sotheby’s International Realty