About Mercer Island's Faben Point

Forbes and Greatschools.org combined to study the best cities in the U.S. for educational and lifestyle qualities. Based on school rankings, test scores, and availability of recreation activities, Mercer Island came in at the number 2 position.

While many of the cities in the rankings had much lower median home prices, Mercer Island's $700k median was second only to Manhattan Beach, CA ($1.3 million). Mercer Island real estate is certainly more expensive than many areas of Greater Seattle, but the locals know that they're paying for a high-quality lifestyle and superb educational opportunities. Specifically cited in the story were Mercer Island students' outstanding SAT scores and extra-curricular activities including music, tennis, swimming, and water polo. The island's 40 miles of trails and 400 acres of parks and open space make up a large portion of the 10-square mile island's environment.

Top 10 Cities to Live and Learn

Waterfront real estate sales in Mercer Island were on a breakneck pace throughout the fall, and final numbers on the MLS for the year were about as strong as possible after a drab 2009.

A total of 31 Mercer Island waterfront homes are listed as sold on the MLS for the full year of 2010. This is up 180% from the paltry 11 sales in 2009, and still 29% more than the 24 homes sold in 2008 (not all home sales are reported on the MLS). We saw a rush of sales at the end of this year, as a large group of buyers looked to snap up homes just as they came on the market.

During October and November, more often than not, we were seeing waterfront homes in Mercer Island selling in less than two weeks, and many in under a week. It seems that there were enough buyers waiting for a price bottom that when a few of them started moving, everyone jumped board.

Prices were still down for the year on waterfront and luxury real estate around the Puget Sound region, as we'll be getting full year-end reports from county sales data shortly. However, these kinds of bright spots just may be the leading indicators for a stabilization of the market.