Kirkland Highlands Real Estate Buzz

Numbers in red reflect last week’s totals. New totals are through mid-afternoon on Friday, the 30th, and are collected from MWMLS data.

New listings:  2(1) 

Active Listings:   28(27)

Sold subject to inspection:  2(0)

Pending:  0(0)

Closed Sales:   0(0)

Contingent sale: 0(1)

Number of Price Reductions:  3(2)

Cancelled listings 0(0)

Expired Listings 0 (1)

———————————–
Number of homes available:    28(27)

0-$349,999:   0(0)

$350,000-$499,999:   1(2)

$500,000-$749,999:    8(5)

$750,000-$999,999:   10(11)

$1,000,000- $1,499,999:   5(5)

$1,500,000- $2,999,999:   4(4)
———————————–
Average Price: $989,906 ($1,006,791)
Median Price:   $871,050 ($853,050)

Average Days on Market: 71(64)

Highest Priced Listing: $2,299,950 ($2,299,950)

Lowest Priced Listing: $460,000($460,000)

(data from NWMLS)

My analysis of this week’s real estate buzz:

The numbers for this week are very similar to two weeks ago, the Friday before Thanksgiving.  Most of the numbers have changed very little, with the exception of the two homes that received offers over the past two weeks and are now sold subject to inspection. These homes receiving offers had undergone price reductions before selling.  One home was priced at $499,950 and was reduced  by $25,000, 5%, before receiving an offer.  The other home was originally priced in the low 800’s, reduced its price 6%, and then sold. 

 The number of homes available from $500-750,000 increased by 3 homes. Two of the homes in this price range are the two new listings and the other is a price reduction.

The town home data is the same as last week as there are no changes in the homes listed. 

Learn the real scoop on The Extreme Makeover Home Edition Experience.  Here’s your chance to hear first hand about the Kirkland Extreme Makeover experience while giving to people in need.  Hopelink is sponsoring a broadcast of the show as it airs on ABC the evening of December 16th at 8 PM.  The event will be held at The Kirkland Performance Center with the Chapin-Groven family, the home owners, present to answer questions about the experience.

Where:  The Kirkland Performance Center

When:  December 16th at 8 PM, with doors opening at 7 PM

Cost:  $15 for adults, and $10 for children.  Bring a food or toy donation for Hopelink.

For more details about the event, please check the Hopelink website or call 425-893-9900. Tickets go on sale on November, 30th, 2007.

Are you prepared to help if there is a disaster in the area?   The Red Cross is working with the City of Kirkland to help train local citizens to assist at emergency shelters.   Red Cross personnel will need volunteer assistance if there is a disaster.
Here’s when and where you can learn to help:

Saturday, December 1st

9 A.M. to 12 noon

123 5th Ave

Kirkland City Hall, City Council Chambers

For more information, contact Stephanie Day, emergency preparedness coordinator at 425-587-3630 or sday@ci.kirkland.wa.us.

Sellers had a 11% chance of selling a home in Kirkland in October, 2007.

(See the chart above to show the last four year’s activity.  The chart shows numbers for all of Kirkland, south of NE 116th St)

October 2007        424 homes for sale,  48 sales, 11% chance of selling.

September 2007   424 homes for sale,  40 sales,  9.4% chance of selling. 

October  2006        356 homes for sale, 80 sales, 22% chance of selling.

Both September and October had the greatest amount of inventory in Kirkland so far this year.  The chances of selling a home in Kirkland increased only slightly in October, by 1.6%, as compared to September.  Forty-eight homes sold in Kirkland in October and 40 sold in September.  The chances of selling a home were exactly half of last October’s 22% chance of selling.   

The homes that sell each month are those homes that are priced ahead of the curve and “dressed for success.”  The best value wins the buyer in this market.

Overall, the Eastside saw a slight drop in inventory, about 130 homes, from last month.  It will be interesting to see if this seasonal trend continues into November and December.

Have a great Thanksgiving holiday.

Numbers in red reflect last week’s totals. New totals are through mid-afternoon on Friday, the 16th, and are collected from MWMLS data.

New listings:  1(1) 

Active Listings:   27(28)

Sold subject to inspection:  0(0)

Pending:  0(0)

Closed Sales:   0(0)

Contingent sale: 1(0)

Number of Price Reductions:  1(2)

Cancelled listings 0(1)

Expired Listings 1 (1) Re-listed and on the market
———————————–
Number of homes available:    27(28)

0-$349,999:   0(0)

$350,000-$499,999:   2(2)

$500,000-$749,999:    5(6)

$750,000-$999,999:   11(11)

$1,000,000- $1,499,999:   5(5)

$1,500,000- $2,999,999:   4(4)
———————————–
Average Price: $1,006,791 ($1,008,421)
Median Price:   $853,050 ($873,550)

Average Days on Market: 64(56)

Highest Priced Listing: $2,299,950 ($1,825,000)

Lowest Priced Listing: $460,000($460,000)

(data from NWMLS)

My analysis of this week’s real estate buzz:

The number of active listings dropped by one home that is now sold contingent.  When a  home is sold contingent, it means the buyer has a property to sell to obtain the money needed to close on this particular home.  Technically, the home  sold contingent is still available to other buyers. However, buyer number one has “first right of refusal” if another offer were to come in for this property. If buyer number one can perform without the sale of their present home, then this buyer would still be the buyer to get the home.  If buyer number one could not perform without selling his/her current home, then buyer number two would get the home. 

There hasn’t been a contingent sale in the neighborhood for quite some time.  We’ve seen contingencies over the last few years more for new construction, but not for a resale home.  This change is consistent with our change in market conditions and the need for sellers to be more flexible with offers they receive.

The home with the reduced price dropped its asking price by 10%, approximately $60,000.

The town home data is the same as last week as there have been no new listings, price reductions or sales.

 Due to the Thanksgiving holiday next week, the next weekly stats report will be in two weeks.  Have a great Turkey Day!

Numbers in red reflect last week’s totals. New totals are through mid-afternoon on Friday, the 9th, and are collected from MWMLS data.

New listings:  1(1) 

Active Listings:   28(39)

Sold subject to inspection:  0(1)

Pending:  1(0)

Closed Sales:   2(0)

Number of Price Reductions:  2 (4)

Cancelled listings 1(1)

Expired Listings 1 (0)
———————————–
Number of homes available:    28(29)

0-$349,999:   0(0)

$350,000-$499,999:   2(2)

$500,000-$749,999:    6(6)

$750,000-$999,999:   11(12)

$1,000,000- $1,499,999:   5(5)

$1,500,000- $2,999,999:   4(4)
———————————–
Average Price: $1,0008,421 ($973,846)
Median Price:   $873,550 ($860,000)

Average Days on Market: 56(61)

Highest Priced Listing: $2,299,950 ($1,825,000)

Lowest Priced Listing: $460,000($460,000)

(data from NWMLS)

My analysis of this week’s real estate buzz:

There’s one new listing in The Highlands this week.  It’s listed as a bungalow/town home, although it’s a small free-standing rambler on 87th.  It’s  right next to the new construction on that street and is just over 1300 square feet and has a view.

  Two homes went off the market, one had been on the market for 243 days and during that time it had been reduced by $30,000.  A home owner in Highland Pointe took their home off the market after 140 days and a $20,000 price reduction. 

Two sales closed in the $400’s.  One negotiated a $10,000 price reduction and the other dropped the asking price by $6,000 after coming back on the market at $25,000 less than the original asking price.   

There were two new price reductions this week.  One was a $50,000 reduction for a home that originally came on the market for $824,950.  The other price reduction came in at $100,000 for a new construction listing.  It’s now priced at $1,999,000, down from $1,299,000.

The town home/detached home statistics remains the same as last week, with five properties on the market.

Join in to help with Kirkland’s 6th Annual Arbor Day celebration.  Watershed Park in Kirkland will be the place to be. 

 The Eastside Business Journal had a great article about tomorrow’s event at Watershed Park. Puget Sound Energy has graciously donated 10 foot vine maples for planting in the park from 9 AM to 12 noon.  Gardening tools will even be provided.

Be on hand to congratulate Kirkland’s mayor, Jim Lauinger when he receives a plaque on behalf of the city, recognizing Kirkland as a Tree City USA.

The trail is back on track and the train is off the track for now!  A new agreement has been reached between King County and BNSF railroad.  The rail line will be purchased for 103 million dollars.  The trail will run from the south end of the line in Renton up to Woodinville.  When this trail is joined to existing trails, such as the Burke-Gilman Trail and The Sammamish River Trail, the Seattle/Eastside will have the largest trail system available in the country.  Future use of the area for a railroad along side the trail will not be completely ruled out at this time.

This is wonderful news for The Highlands home owners, since our neighborhood abuts the existing rail line.  A trail right outside “our door” would be a boon to the quality of life and increase the livability for all in the the neighborhood.  I should contact the people at walkscore to see if they can add walking trails to their list of important amenities constituting a good walkscore for a house or a neighborhood. In an earlier post, I commented on the current walkability of The Highlands, which is one of the attractive features for living in downtown Kirkland or The Highlands.

The sticking point in the earlier three way proposal for switching the railroad to trails, Boeing Field, has been taken out of the deal.  The Port of Seattle had no interest in acquiring the field.  With the airport out of the equation, the county and the railroad are able to make a deal. 

 The Seattle Times and The Seattle PI have both come out with  articles on the latest venture between King county and the BNSF railroad.

 On another note, another farewell to The Spirit of Washington Dinner Train. The train had been a wonderful neighborhood treat to see every day.  Last week it was announced the train was having some difficulties on its latest home tracks down by Tacoma. The train is abandoning operations and laying off 50 people. I wish the owners of the train, the Temple brothers and the employees all the best in the future.  I hope the owners and the county are able to strike a deal for a future dinner train from Woodinville to Snohomish.

Numbers in red reflect last week’s totals. New totals are  through mid-afternoon on Friday, the 2nd.

New listings:  1(8) plus 1 re-listed, 1 back on the market

Active Listings:   29(30)

Sold subject to inspection:  1(2)

Pending:  0(1)

Closed Sales:  0 (0)

Number of Price Reductions:  4 (1)

Cancelled listings 1(1)
———————————–
Number of homes available:    29(30)

0-$349,999:   0(0)

$350,000-$499,999:   2(4)

$500,000-$749,999:    6(9)

$750,000-$999,999:   12(7)

$1,000,000- $1,499,999:   5(3)

$1,500,000- $2,999,999:   4(4)
———————————–
Average Price: $973,846 ($924,079)
Median Price:   $860,800 ($851,025)

Average Days on Market: 61(58)

Highest Priced Listing: $2,299,950 ($1,825,000)

Lowest Priced Listing: $460,000($460,000)

(data from NWMLS)

My analysis of this week’s real estate buzz:

The past week’s buzz is posted just a bit late this time! This week there is one true new listing.  One home is back on the market after having received an offer the previous week.  Another listing, which is a land buy, was cancelled at $725,000, and re-listed as a new listing at $659,000. A home received an offer this past week after being reduced by $25,000 from $500,000. 

The new listing that came on the market this week is now the most expensive home for sale in the Highlands, priced at $2,299,950.  It’s an ultra-contemporary home with a fabulous unobstructed view of the lake and the city.  

 Four listings had price reductions this past week.  Reductions in price ranged from 3% up to 10%. 

 Over in the condominium/town home market, a listing in Forbes Creek was reduced from $440,000 to $425,000.  It’s now the least expensive home in this class, coming in under a town home/free-standing home that is priced at $435,000.

The market in the neighborhood remains competitive.