Rare opportunity awaits conveniently located off the idyllic West Mercer Way. A fully remodeled 1926 masterpiece boasts timeless style with exquisite upgrades throughout.
This exquisite Shingle style residence on Mercer Island eschews trends in favor of establishing a holistic environment of comfort and tranquility that radiates from every detail. A natural palette of materials that includes cedar shingles, a slate roof, stone and clear vertical grain fir to create a home of rare character, restraint and longevity.
A recent edition of the Wall Street Journal covered a growing prevalence for homes in hot markets to sell for $500,000 or more above the list price, leveraging Realogics Sotheby’s International Realty broker Tobias Lumpkin for insight on the Seattle market. As outlined in the article, the housing market continues to experience gains around the nation, and fierce competition led to nearly a quarter of the homes sold in the U.S. in 2017 closing above their original asking price. Though most homes average $7,000 above list, some hot markets are seeing escalations of a half a million dollars or more.
The condominium shortage is officially worse than it’s ever been in King County, as a lack of new construction and increasing demand continue in Seattle and the surrounding areas. As a recent Seattle Times article outlines, condo prices are rising even faster than single-family homes, with little relief in sight as developers continue to build apartments for rent rather than condominiums for sale. Looking at data from the past two decades, King County has averaged roughly 2,000 active condos on the market this time of year but now “it’s down to about 350, a record low.” Conditions have pushed the average sales price of a condominium up to just over $450,000, an increase of approximately $150,000 over three years.
William Hillis, Broker & Research Editor at Realogics Sotheby’s International Realty breaks down what this means for the future of Seattle and its surroundings.
Perhaps it’s living together in a place of such abundant beauty and economic opportunity that brings out so many competing ideas about what our city and the region should look like, how people should live and commute, and what powers government should exert. Together with ever-greater diversity, attitudes on these matters in Seattle and the Puget Sound are increasingly in conflict.
The seemingly unstoppable upward trek of Seattle’s home prices received special mention by the editors of CoreLogic’s Case Shiller Home Price Index, who observed that “Seattle prices are rising 5.2 percentage points faster than Portland, the city with the next highest increase,” and that “Seattle has seen the highest year-over-year percentage gains for the last ten months.”