It List - July 2016

I am pleased to share the newest edition of the Realogics Sotheby’s International Realty Waterfront Report, containing information on home values, sales trends, and market activity throughout waterfront locations in the Puget Sound region. Overall, we are seeing a higher average sales price and decreased days on market driven by rising competition for available homes in an environment of lower inventory as sellers wait to see how high their home values might rise. I hope you enjoy and find value in this report. READ THE REPORT >> 907 Harvard Avenue E, Seattle | A distinguished cornerstone residence in treasured Merrill Court, discreetly nestled in the heart of the Harvard-Belmont Historic District. Merrill Court is an urban refuge of 10 exceptional brick homes combining old world elegance with modern updates. A private elevator connects all 3 floors to the secure garage. At over 4200 square feet, this residence combines a turn-key lifestyle with a grand scale that is very hard to find! Offered at $2,895,000. EXPLORE THE PROPERTY >> Eager homebuyers rallied during the first half of 2016 increasing unit absorption and median home prices by 48% and 28%, respectively according to analysis of Northwest Multiple Listing Service data. The typical condominium is selling in just over a month with a median home value of $575,000. However, a closer look reveals that 135 of the 381 condominium closings so far this year were in the INSIGNIA condominium tower, a new construction development (and one remaining developer-owned unit in the Four Seasons Private Residences) whereas there were effectively no new construction deliveries or closings during the same term in 2015. READ MORE & WATCH THE VIDEO >> 1644 Windermere Drive E, Seattle | Beloved & coveted, this extraordinary residence is sited on almost 3 lots in the heart of Broadmoor. Totally re-built in 2009, with no expense spared: English hand painted wallpaper, hand planed plank floors from a 200 year old barn, antique built-in vanities, limestone fireplaces, waxed sugar pine paneled library & welcoming Dutch doors. Separate carriage house residence. Sold for $6,150,000. EXPLORE THE PROPERTY >> This luxury boutique condominium, built in the highly coveted neighborhood of Madison Park, is nestled on a unique piece of land that boasts unparalleled views of Lake Washington and downtown Bellevue skyline. This distinct condominium, Built by Barcelo Homes and designed in collaboration with Hybrid Architects, provides three private residences with three bedrooms and three and a half baths, encompassing over 2400 square feet of built green luxury not including multiple private outdoor spaces individually designed for each home. READ MORE >> "I would highly recommend Laura as an agent. Her professionalism was outstanding and her attention to detail extraordinary. She was there for us, at any time of day or night, returning our phone calls, text, emails immediately. She was such a pleasure to work with and had terrific ideas about marketing our home, which by the way, sold in two weeks. Anyone would be lucky to have her as their agent." READ CLIENT REVIEWS >> In the fourth annual Disruptor 50 list, CNBC features private companies in 15 industries — from aerospace to financial services to cybersecurity to retail — whose innovations are revolutionizing the business landscape. These forward-thinking starts-ups have identified unexploited niches in the marketplace that have the potential to become billion-dollar businesses, and they rushed to fill them. MEET THE COMPANIES >>

Featured Evoker Film: Meet Dean Jones

Realogics Sotheby’s International Realty recently released a series of short films that profile brokers, focusing on the story of each individual in order to tell the story of the greater company. Known for industry innovation, RSIR engaged Chicago-based branding house Evoker, Inc. to produce the films, which strip away the mass-produced structure of a standard biography video and allow the agent to tell their personal story. There is no script. No storyboard. No two films are ever the same. This week, meet Dean Jones, Owner and CEO of Realogics Sotheby’s International Realty.

An entrepreneur with new development and builder experience, Dean seizes opportunities for growth and success on a global platform. Dean started RSIR alongside his wife, Stacy Jones, and the two have built a top-producing brokerage in the Pacific Northwest with the greatest production on a per broker basis amongst their peers and consistent ranking in the Puget Sound Business Journal’s list of fastest growing private companies. Given his experience in large real estate markets including Vancouver and San Francisco, Dean notes that Seattle is a global city on the rise. The full service real estate firm currently has branch offices in Seattle, Bainbridge Island, Kirkland and Issaquah.

Michael Ford is Voted North Regional Director of Seattle King County Realtors®

Realogics Sotheby’s International Realty (RSIR) is thrilled to announce that our Designated Broker, Michael Ford, was voted into the position of North Regional Director for the Seattle King County REALTORS®. Ford was previously appointed to the position when a space became available between election years, and will now continue in his capacity as North Regional Director for a full two-year term. Ford’s recent achievement is preceded by his 22 year-long reputation for strong mentorship, broker support, and leadership in business development and educational broker training.

“I look forward to continuing my participation in the creation and implementation of policies designed to give brokers the tools to help foster home ownership,” said Ford. “I feel it is important to lend my voice to the cause of brokers working to help people achieve their real estate goals.”

As a long-time successful broker and manager who currently oversees 5 RSIR offices comprising nearly 200 real estate agents, Ford is acutely aware of the need for an organization whose primary purpose is to ensure real estate brokers have the most current education and legal support, as well as an avenue for brokers to take their causes directly to lawmakers.

“As a smart, savvy and sensitive leader who cultivates next generation real estate professionals, Michael inspires our brokers and has offered strong operational support in what has been a pivotal time both in our marketplace and for our brand,” said Dean Jones, President and CEO of RSIR. “All of us at RSIR offer him a warm congratulations and look forward to his participation in this renowned organization.”

As the Seattle King County REALTORS® website describes, the organization’s mission is to create “a thriving and ethical business environment for members through education, advocacy and tools that support member success. We protect and promote the right to own, transfer and use real property.”

 

What a Difference a Year Makes

Downtown Seattle Condominium Market Values Swell 28% in 2016

Eager homebuyers rallied during the first half of 2016 increasing unit absorption and median home prices by 48% and 28%, respectively according to analysis of Northwest Multiple Listing Service data released as of June 30th. The typical condominium is selling in just over a month with a median home value of $575,000. However, a closer look reveals that 135 of the 381 condominium closings so far this year were in the INSIGNIA condominium tower, a new construction development (and one remaining developer-owned unit in the Four Seasons Private Residences) whereas there were effectively no new construction deliveries or closings during the same term in 2015. When removing this spike of higher-priced, new inventory in the overall resale market still expanded by 22% year-over-year but total resale closings actually decreased 5% with 246 homes in 2016 (including a few resales at INSIGNIA) against closings of 258 units in the first half of 2015.

“These market results were anticipated given the rising demand and relatively anemic supply being added to the skyline,” said Dean Jones, President and CEO of Realogics Sotheby’s International Realty (RSIR). “I wish I could point to a cure for homebuyers hoping for greater affordability but the answer is supply and that can take years to develop.”

Below are a collection of graphs illustrating the changing market that compare the first half of 2015 with the first half of 2016, both with new construction and resale (All) as well as exclusively resale homes (Resale).

To be sure, much of what’s occurring in the development of downtown Seattle has been a common discussion about supply and demand. In 2013, Jones prognosticated on this very topic in an interview with Seattle Magazine’s Publisher’s Series in which he mentioned the northern migration of downtown Seattle and a condominium comeback, although nearly three years ago the housing market was still very much in recovery mode.

In June of 2015, RSIR published with The Puget Sound Business Journal a supplement called “The Manhattanization of Seattle,” which again spoke to the imbalance of for-sale inventory relative to the population increases and the maturing Millennial demographic.

Then, earlier this year 425 Business Magazine tapped Jones about the trends for urbanization, this time with a focus on the Eastside. He notes that the rising trend for foreign direct investment in the region and a propensity for in-fill development will have even the much smaller Eastside urban landscape soon looking more like a skyscraper city before long.

Most recently the state of the in-city housing market has less to do with projections but evidenced by consumer response. Among the newly constructed in-fill condominiums in the region (either in development or planned), which includes INSIGNIA, LUMA, Gridiron and now NEXUS, 80% of the homes have already been reserved, pending or closed.

“That’s just one of the reasons we’ve been so successful with NEXUS,” said Michael Cannon, Director of Sales for NEXUS. “We’re well positioned both in our geographic location as well as our time in the development cycle. Buyers have clearly been waiting for the next generation of high-rise living and at NEXUS, ‘X’ marks the spot.”

Cannon says homebuyers have a remarkably clear view of the future as downtown Seattle is moving north and NEXUS is in the heart of a new multi-billion dollar vertical village.

*Information gained from sources deemed reliable but cannot be guaranteed.

It List - JUNE 2016

Earlier this month, I joined over 55 Realogics Sotheby’s International Realty representatives in Las Vegas for the annual Sotheby’s International Realty Affiliates Global Networking Event! It was a superb event, complete with numerous breakout sessions covering topics from Brand Conversation and Negotiation to Leveraging Media and New Developments. One of the best parts was networking with more than 2,000 SIR brokers from around the globe. I am so proud to be a part of this extraordinary brand.  READ MORE >> Featured in Seattle Magazine | Realogics Sotheby's International Realty recently coordinated an extensive insert in the latest edition of Seattle Magazine, featuring 14 different neighborhoods around the sound. I was asked to be the resident expert for Broadmoor and Madison Park, sharing my love of these treasured neighborhoods. If you are interested in reading more about your neighborhood, I invite you to explore the full spread below!  READ THE SPREAD >> Seattle home prices have hit a record and are now rising faster than any major city outside the Pacific Northwest, according to the latest S&P/Case-Shiller data. Compared with a year ago, Seattle area single-family home values in March were up 10.8 percent, behind only Portland, where prices have shot up 12.3 percent in the last year. The Seattle growth rate was more than double the national average of 5.2 percent. READ MORE >> 67 Roulac Lane, Friday Harbor | Introducing Friday Harbor Estate I. This unparalleled land portfolio of 38.72 fenced acres, currently owned by Steve Miller of the Steve Miller Band, is located in a sheltered bay with a 360' deep water dock for a large yacht. The 11,686 square foot main residence is self-sustaining and features contemporary architecture with interior/exterior living spaces. Offered at $16,800,000. EXPLORE THE PROPERTY >> Be among the first to preview NEXUS' property floor plans and preliminary price guidance for the extraordinary residential opportunity coming soon to downtown Seattle’s burgeoning “East Village” neighborhood. Interesting in reserving a home? I urge you to explore the website below to access information that will be helpful in preparing your upcoming reservation once NEXUS is released on June 4th. RSVP FOR RESERVATIONS >> The vision at Sotheby's International Realty® is about artfully uniting extraordinary properties with extraordinary lives. This video explores the evolution of the extraordinary qualities that set our brand apart along with some interesting global statistics, which combined reinforce the marketing strategies that we employ to help us maintain our leadership role in the luxury real estate marketplace    WATCH THE FILM >> "Laura Halliday of Realogics Sotheby's International Realty represented us in the recent purchase of a home in Broadmoor. If I were a school teacher, I would have given her an A plus. Laura has all the qualities one wants in a real estate agent. She has experience, integrity, reliability and patience. She is also an extremely hard worker. She is the kind of person one would hope to have as a friend, neighbor and business associate. The laws and regulations in purchasing a home have become extremely complex since the Great Recession of 2009. There was great peace of mind in having Laura guide us through the challenges and complexities of purchasing our new home." READ CLIENT REVIEWS >> I recently learned about WeWork, a company that transforms buildings into beautiful, collaborative work spaces that encourage a co-working environment. With a network of over 40,000, it is easy for members to get inspired and thrive. I find this concept fascinating - membership is affordable (starting as low as $45/month) and offers a network of thousands of potential customers. WeWork currently operates co-working spaces at three locations in Seattle: The original location in South Lake Union, as well as newer spaces in the Holyoke Building and Westlake Tower in downtown Seattle.  LEARN MORE >>