About Seattle's Windermere

Seattle-area buyers of luxury and waterfront real estate are very aware of the upcoming changes in the government-sponsored jumbo mortgage limits. On October 1st, the current jumbo limit of $729,750 will be reduced to $625,500 in Freddie Mac and Fannie Mae's attempt to scale back some liability.

The issue for buyers is that retail lenders will not be able to resell these larger loans to FHMC and FNMA any longer. They'll either have to portfolio these loans in-house, or find another private source to sell them to on the secondary market. This will very likely result in higher loan costs and rates to the borrowers.

Although this only affects a small portion of the market, it's significant for a buyer of a $1 million property. Their down-payment requirements for a gov-backed loan like this would now go from $270k to $375k, a substantial difference. If they don't have that extra down-payment cash, they'll be forced to find a private lender.

There are a good number of buyers in this price range that pay cash for their homes, but it will be interesting to see if those in the financed-transaction category make a big push this summer. Considering the timeframe and the current favorable interest rates, it might be a wise financial decision.

When a buyer and seller are settling on a contract to sell a home, they're usually not thinking about minor items like their favorite drapes, pieces of art, or the bird house they built for their children. It's a good idea, though, to make an inventory of the items that you're planning on keeping and disclosing this to your buyer before signing a contract. At the very least, come to an agreement before closing-running out the door with your favorite sconces could come back to bite you later.

So, then, what is the actual "rule" for deciding which parts of a home should technically stay with the home, and which ones are assumed to go with the seller? It's not always perfectly cut-and-dry, but in the real estate industry we classify "fixtures" as items that are permanently attached to the home or property. Any fixtures in a standard residential real estate purchase should stay with the home, unless otherwise stated in the sale contract.

So, what does "permanently attached" mean? This is where the definition can become gray, which is why we always try to define our fixture inventory with buyers and sellers upfront. To make it easy, take anything that is nailed, screwed, or glued to a wall or floor in the home and assume it's a fixture. Screwed-in curtain rods, attached blinds, lighting fixtures, bathroom towel rods, permanently-affixed mirrors, etc. will all transfer with the home to the new owner.

So, what about grandma's hand-sewn drapes on the curtain rods? What about the artistic mirror in the bath that's just hanging on a hook, or the portable shed in the yard? All of these things are probably technically not fixtures, but could still cause a dispute after closing when a buyer walks into an empty house. Get your inventory list done first, and everyone will have a less-stressful closing.

Seattle Waterfront Real Estate Sales Show Big Gains in May

Waterfront home sales in Seattle continued their 2010 resurgence with a big month in May. There were eight significant waterfront home sales last month, including four over $1 million. That number is twice the number sold in May 2009, and a big increase over the 5 waterfront homes sold in April, which was in itself a big improvement over last year.

Overall, the trend toward more waterfront real estate sales is getting stronger as the year goes on. We now have 29 waterfront homes sold so far in 2010, more than doubling the 13 sales at the same point last year.

The median sale price of a waterfront home at this point in Seattle a year ago was $1.0 million, and that number has moved up to $1.4 million so far this year. While that number can sometimes be misleading in a relatively small sample of sales, it rings true after analyzing the number and types of homes being sold. The ultra-luxury real estate market is still suffering in terms of prices, but there is far more liquidity this year, and there are a fairly large number of potential buyers looking for a good deal.

Waterfront sales in May covered Cedar Park, Westlake, Eastlake, Windermere, Magnolia, Seward Park, and Rainier Beach.

Address Sold Price Beds Baths Sq Ft
9664 Rainier Ave S $660,000 3 1.75 1,640
9946 Rainier Ave S $1,072,500 6 4.5 3,820
5357 S Kenyon St $1,550,000 4 3.5 4,680
2031 Fairview Ave E $750,000 2 1.75
2766 Westlake Ave N #A $575,000 2 1 900
4315 W Semple St $2,450,000 5 3.75 8,210
13734 Riviera Place NE $671,000 5 2.75 2,440
4306 55th Ave NE $2,500,000 6 4.5 5,161

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Houseboats and Floating Homes

Sam DeBord is a Realtor and real estate broker with SeattleHome.com, a division of Washington State Realty, LLC. He is a member of the Seattle-King County Association of Realtors and a Green-Certified Pro. The NWMLS did not compile or publish this information.

Have a question about this waterfront home, or Seattle real estate in general?
Sam can be contacted at (206) 658-3225 or Sam(at)SeattleHome.com.

2009 was an unusually slow year for real estate sales, and Seattle's luxury home market may have suffered the worst. After a couple of months of sales in 2010, however, it looks like the outlook for sales of Seattle luxury homes is brightening quite a bit as closings have picked up dramatically.

Seattle Luxury Home Sales

There were just two single-family home sales over $2 million in Seattle at this point in 2009, according to NWMLS statistics. Compared that with the 6 sales so far in 2010, and we may have a sign that the easing of jumbo mortage financing and a renewed positive outlook in our local market may be turning this market around.

Waterfront Magnolia home

5602 39th Ave W, Seattle WA 98199
At $2.1 million, a 5 bed, 3.5 bath home in Northwest Magnolia sold in late February. This home has nearly 5000 sq ft of living space and Puget Sound waterfront with a dock. The amenities include a pool, spa, outdoor kitchen, and a four car garage. It was on the market for 8 months.

1301 Cherry Loop, Seattle WA 98177
In the Highlands, a 4 bed, 5.75 bath home sold for $2.45 million. With 6260 square feet and Puget Sound waterfront access, this home is the ultimate in privacy. The Highlands gated community provides security and large lots with secluded windy roads and driveways. It sold after 11 months on the market.

North Capitol Hill Luxury Home

1658 Federal Ave E, Seattle WA 98102
A 6 bed, 4.5 bath home in North Capitol Hill sold for $2.7 million. This is a classic historic home with almost 7400 sq ft of living space and nearly a half-acre of land. The quiet street is typical of this small oasis separated from the rest of Capitol Hill's excitement. It had been marketed for two years.

Washington Park Waterfront Home

408 39th Ave E, Seattle WA 98112
In Washington Park, a 3 bed, 2.5 bath home sold for $3.2 million. This 1940s-built waterfront home has 3180 sq ft of living space on a cozy waterfront Lake Washington lot. It was listed for 6 months.

Windermere Seattle Home

6411 NE Windermere Rd, Seattle WA 98105
Moving up North, a property in the Windermere neighborhood sold for $3.32 million. This home has a 3 bed, 3 bath main home and a 2 bed, 2 bath guest house. The Lake Washington waterfront footage 131 ft of low-bank shoreline. It had been listed for 10 months.

Denny Blaine Home

280 Maiden Ln E, Seattle WA 98112
Rounding out the luxury home sales, a Denny Blaine home sold for $3.505 million. The 6 bed, 4.5 bath home is an early 1900s colonial. Like many homes in Denny Blaine, this home is secluded and provides plenty of privacy. It sold after 10 months on the market.

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Sam DeBord is a licensed real estate broker with SeattleHome.com, a division of Washington State Realty, LLC. He is a member of the Seattle-King County Association of Realtors and a Green-Certified Pro.

Source: Individually compiled NWMLS statistics. The NWMLS database and statistics do not include many new construction pre-sale units, private sales or auction sales. These statistics were not compiled or published by the Northwest Multiple Listing Service.

Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros

The Windermere neighborhood in Northeast Seattle is associated by name with a local Northwest real estate brokerage. The neighborhood is not big, and when homes come on the market, they are usually snapped up by one of the local residents or someone who has been "lying in wait" for a chance to live in Windermere.

Waterfront real estate prices are high, but many of the waterfront homes have larger lakefront footage than in neighborhoods to the North. There is currently only one home for sale in Windermere on Lake Washington, at just under $5 million. Homes over $2 million, in general, have been much slower to sell lately, but this is another unique home in a beautiful locale.

Windermere Waterfront Homes For Sale