Realogics Sotheby’s International Realty (RSIR) global real estate advisor Jay Kipp’s recent $6.25M sale of his client’s Mediterranean-Revival-style floating home has broken a national record for floating homes’ sold price by $2.65M. It went pending just after five days on the market and closed in under a month. The high price of this desirable Fairview Landing dock property points towards a continuing trend in this particular submarket, with inventory low and demand high. Sited at the end of a dock on Seattle’s Lake Union, the remarkable views of the picturesque waters and glowing cityscape in the evenings offer its new owners a front yard unlike any other, creating a truly singular property worthy of its historic achievement.
“This record-breaking sale is especially exciting because it signifies the climbing value of this often overlooked market. Lake living is huge in Seattle, and demand for floating homes is only increasing,” Kipp says. Although Oregon and California both have floating home markets, Seattle’s is certainly the most robust and iconic. In 2021, 34% sold for over the asking price with a median sold price of $1,400,000 in Seattle. There’s no doubt that buyers are captivated by the floating home lifestyle, and that demand in combination with a truly special listing made Kipp’s amazing sale possible. The ability to seamlessly move from the home’s deck to recreational activities on the water, paired with the timeless elegance of the home’s classic architectural features, perfectly embodies the diversity of the luxury floating-home lifestyle. Interior square footage is a huge driver in floating home values (potentially accounting for 71% of a home’s valuation), and with 2,946 square feet of space, this listing certainly was a coveted property.
Offering in-depth analysis on everything from the unique submarket’s yearly data to insight into what potential floating home buyers are looking for (and how this has changed over the years), Kipp has published an annual Floating Home Market Report for the past two years. As referenced in the report, a floating home’s location is just as important as the location of a home on land. So it’s no surprise that Kipp’s recent sale fetched such a high price with its premium end-of-dock location, offering more privacy, better views, and more convenient access to the water than other nearby properties.
“RSIR is so proud to have a remarkable broker who can go above and beyond for his clients,” says RSIR President and CEO Dean Jones about Jay Kipp’s exciting historic sale. “Our brokerage achieves incredible results because of the expertise and high standards of brokers like Jay. Representing a sale of this caliber is an honor. Congratulations to Jay and his clients.”
“Floating homes are perhaps the most singular archetype of lifestyle living in the Pacific Northwest with an average dollar per square foot of floating homes nearly triple that of a similarly sized single-family residence in the city,” Kipp says. The luxury floating homes that grace the waters of Lake Union are inherently unique, and ones that boast stunning details like bronze-clad arched windows, custom ironwork, and slab marble as Kipp’s recent sale does, are particularly desirable for those who want to combine the laidback fun of impromptu paddleboarding or boating with the glamour of hosting parties on glistening waters. It encourages a lifestyle that’s both easygoing and elevated, relaxed and refined.