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Al Lorenz

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Planned Devopment Proposal for the Three Fingers

09-20-10
Al Lorenz
The City of Chelan on July 14, 2010 received a Planned Development District application. A determination of complete application was issued on August 20, 2010. Proposal: The project is a master planned resort that will include up to 45 cottage style one and two story units approximately 8.2 acres. The site will be served by SR 97A and new private roads within the development. Location: The project proposal is located along SR 97A east of Water Street; the area commonly referred to as the “Three Fingers” and upland parcels south of SR97A in Chelan, WA. Applicant: GBI Holding Company – Bill Terhaar PO Box 598; Wenatchee, WA 98807.
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Highest Price Lake Chelan Home Sales by year, including 2010 so far!

09-20-10
Al Lorenz
As you can imagine, most "highest priced" homes in the Lake Chelan area are waterfront homes. So far, in 2010, the highest price home sale was $2,050,000 for a 3 bedroom, 3.5 bath approximately 6000 square foot home at 142 Spader Bay Road in the City of Chelan. This is pretty close to last year's high sale, if you don't count the big property sale, of $1.95 million.

The 2009 highest price sale was a $3.5 million property with a couple of older homes on it, which are likely to be remodeled or removed, making it sort of a waterfront land sale. The actual highest price home that is likely to be used close to as it was sold was a $1.95 million dollar sale of a north shore home.

In 2008, the highest price residential sale was a home at 1215 Wapato Way in Manson. This is a 7 bedroom, 4 bathroom home on 1.05 acres of 4000 square feet. It was originally priced at $3.897 million and was not on the Chelan MLS until it sold. It’s estimated construction age is 1945. The second highest price sale in 2008 was a home at 85 Lord Acre Road for $2.8 million for a 6 bedroom 3.5 bathroom home. This home is a bit older with a spectacular waterfront. The third highest priced Lake Chelan home in 2008 sold for $2.45 million at 3406 SR 150 in Manson and was recent construction with 5 bedrooms and 4+ bathrooms.

For 2007, the highest price home was again in Manson, at 2528 Wapato Way (Highway 150). This home had 1.94 acres of land with 119′ of waterfront, 3 bedrooms and two bathrooms and was built in 1954. It was on the MLS 125 days and was originally priced at $3.75 million. Most likely, the value was mostly in the land. The second highest price residential Lake Chelan Sale in 2007 was for $2.4 million. This was a 2 year old, 4 bedroom, 3.5 bath home of 3400 square feet on .19 acres. It was on the MLS 178 days and originally priced at $2.5 million.
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Lake Chelan Home sales plummet in July

08-24-10
Al Lorenz
By dollar volume, Lake Chelan home sales in July were only 49% of one year ago. By number of homes closed, the drop was 40%. Check out all of the July results and historical numbers back through 2005 at the Lake Chelan Real Estate Home Sales Summary. No waterfront homes closed in July of this year. July is historically one of the months of peak sales for Lake Chelan real estate. The Puget Sound region saw a sharp home sales decrease in June after the expiration of the Home Buyer Tax Credit. Typically, there is a strong correlation between what happens in the Seattle market and the Lake Chelan real estate market. Stay tuned to the Chelan Real Estate Blog for the latest real estate market information for Lake Chelan!
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Realist Value tool available at Lake Chelan!

08-24-10
Al Lorenz
The Realist value tool is now available at Lake Chelan. Only NWMLS members have access to it. The Northwest MLS (NWMLS) recently added a tool to their members' arsenals in the Realist ValueMap Tool. This tool provides a map and valuation estimation of a home by address, and the estimated value of surrounding homes! So, I was playing with the tool this morning. Since there was a new short-sale on the MLS in Chelan Hills that looks interesting, I put in that address to see what it came up with. MLS number 996840 is at 308 Butte Road in Chelan Hills. On the listing, it is 3 bedrooms and 2 1/2 bathrooms on .22 acre. This property is listed at $289,000. The ValueMap estimated the value of this home at $313,000. It listed it at 2 bedrooms, 1 bathroom and only 1422 square feet but did have the lot size correct. If the home has been remodeled since its last sale to add additional space, the value could be low. I did value maps on other properties I know had major remodels and the ValueMap did not seem to include the remodels. The ValueMap data continued with a table below the image above of values of nearby homes. If there were homes listed on the NWMLS in the area, those and their list prices would show as well. ValueMap calculates its estimations combining NWMLS listing data with First American CoreLogic’s industry leading automated valuation model. The feature includes an address search, displays RVM valuations for neighboring homes, and flags current listings and recently sold comparable homes. An RVM is a home valuation tool that displays an estimated market value that is computed using a statistical formula. By my look, it is far from foolproof, but it is still useful. Other items that are available are Market Trends, showing historical median sales price in the area, and notifications of sales of homes in the area. This is another input for both sellers and buyers to understand when they are considering a transaction on a home. Anyway, it is a fascinating tool and Criterion Properties is one of the few places in the Lake Chelan area that has access to it.
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How influential are you on the web?

08-24-10
Al Lorenz
Want to know how influential a Lake Chelan Realtor and Blogger is on Fast Company's Influence Project to determine 2010's most influential person on the web? Click my link: fcinf.com/v/ctc2 You can find out how influential you are on the web as well by clicking fcinf.com/v/ctc2
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