About Seattle's Rainier Beach

Waterfront homes on Lake Washingtonare, in most cases, valued at more than $1 million and often multiple times that. It’s uncommon that we see a home sell for less, but there have been more discounted sales in the past year since prices have decreased significantly. Current market notwithstanding, the most recent lakefront bargain was a real surprise to most Lake Washington observers.

A bank-owned home on the Southwest shoreline of the lake was recently sold for $499,900. This South Seattle home, listed in the Lakeridge neighborhood (just between Rainier Beach and Bryn Mawr), is the lowest-priced traditional waterfront Lake Washington home that we’ve seen in a long, long time. There are certainly some tear-down homes and lots that sell inexpensively on the lake, but even those are usually price well above this home’s final sale price. Bank-owned homes on the lake are fairly scarce, and most haven’t lasted long on the market.

If you thought that this might be a ransacked, gutted old house, you’d be wrong. It’s certainly small for a waterfront home, but at 1500 sq ft and 3 beds/2 baths, it is comfortably large enough for its price. Mostly remodeled, the home has a clean, modern kitchen, shiny hardwood floors, and quality materials throughout. There is moorage for jetskis and a boat at the private dock, and alley access/garage parking.

These kinds of deals don’t come by often. The vast majority of the waterfront market will never touch this price range. Once in a while, though, a sale like this breaks through a “low price barrier” and gives a glimmer of hope for the wishful waterfront buyer who thought they might not ever be able to afford living on the lake.

Lake Washington Waterfront Home – Sold 11/21/2011

10664 Rainier Ave S, Seattle WA 98178
3 beds, 2 baths, 1480 sq ft, built in 1941 – $499,900