June 2020
Madison Park Times
Serving East-Central Seattle since 1983
Real Estate
MADISON PARK - WASHINGTON PARK - MADISON VALLEY - DENNY-BLAINE - MADRONA - LESCHI www .M adison P ark T imes . com
Seattle housing market remains competitive despite pandemic
Evan Wyman Property Views The last few months have certainly not been easy, and our hearts go out to those who have struggled with loss or hardship during this unprecedented time. We are all incredibly grateful to the frontline workers, first responders, grocery store workers and delivery people who have worked so hard to keep us safe and healthy at home.
On the topic of real estate, we have the first data in from the Northwest Multiple Listing Service since the stay home order was implemented, and, as we expected, the market experienced a slight dip but certainly not the free fall that some predicted. While the spring market was not as active as it might have been without COVID-19, brokers have noticed a strong uptick in activity over the last several weeks with buyers actively seeking homes. Let’s dig into the recent numbers. For Denny Blaine, Broadmoor, Washington/Madison Park: 2019 through May 25: 25 sold homes Average Sales Price: $1,876,944 Average Days on Market: 79 Average Price Per Square Foot: $684 Lowest Sales Price: $395,000
Highest Sales Price: $6,895,000 Selling at 97.8 percent of last listed price 2020 through May 25: 23 sold homes Average Sales Price: $1,659.298 Average Days on Market: 42 Average Price Per Square Foot: $708 Lowest Sales Price: $500,000 Highest Sales Price: $3,998,000 Selling at 98.81percent of last listed price For 98112: 2019 through May 25: 115 sold homes Average Sales Price: $1,306,139 Average Days on Market: 45 Average Price Per Square Foot: $573 Lowest Sales Price: $255,000 Highest Sales Price: $6,895,000 Selling at 97.8 percent of last listed price
Urban oasis in the heart of the Pike Place Market OFFERED AT $2,249,000 Representing sellers of distinctive homes and residences and buyers making the next move.
MOIRA E. HOLLEY moirα@moirαpresents.com 206.612.5771 moirαpresents.com
2020 through May 25: 100 sold homes Average Sales Price: $1,271,882 Average Days on Market: 39 Average Price Per Square Foot: $612 Lowest Sales Price: $265,000 Highest Sales Price: $4,850,000 Selling at 101.95 percent of last listed price In looking at Seattle as a whole: Sales of homes over $2 million dropped from 66 from March 1, 2019, to May 25, 2019, to 51 during the same time period in 2020. The average price of these sales was $2,898,699 in 2019 and $2,678,041 in 2020 for that time frame. Under $2 million, the number of sales decreased in that same time period from 2,453 to 1,970 due to lack of inventory. However, under $2M in prices increased year over year from an
average of $751,627 to $769,863. My takeaways: • The Seattle-area housing market was very competitive before the coronavirus pandemic, and that has not changed. • The market appears to have taken a slight pause during the stay home order. • However, year over year, the numbers in our neighbo hood have remained steady despite the pandemic. • Less inventory translated to slightly fewer sales but with fewer days on market and at a higher percentage of list price. • We continue to see multiple offer situations at certain price points and with unique, Housing, Page 2
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Housing, Page 2 show-ready homes. • When reviewing the market, it’s also important to uderstand the data doesn’t always accurately describe the market as a whole. In the city of Seattle high end, both activity and prices have decreased slightly, while the rest of the market saw an increase in average price. The lack of inventory continues to be one of the biggest drivers in our market. Many sellers are waiting on the sidelines to put their homes on the market, either because they want to sell once the restrictions are lifted, or they are waiting to see the potential economic effects of COVID-19. Real estate brokers in our area will tell you the buyers are out there, and there is a lot of pent-up demand as a result of the stay home order. So while the market took a pause, buyer demand remained.
For sellers who choose to come on the market now, they will likely see significant activity and less competition than after the stay home restrictions are lifted. In addition, as people will likely forgo summer vacations this year, the summer market will certainly see more activity than in past years, and we won’t see the typical seasonal fluctuations. We believe the fundamentals of the real estate market remain strong, including low interest rates. The average rate for a 30-year fixed mortgage has been hovering below 4 percent for a lengthy period of time, and most industry analysts expect to see those rates for the foreseeable future. Real estate was deemed essential early on in the stay home order, and brokers are committed to safely listing and showing homes. In adapting to the coronavirus pandemic, brokers, buyers and sellers quickly embraced a new virtual reality. We have placed an emphasis on virtual tours, FaceTime showings,
a strong social media presence and other strategies as alternatives to the traditional broker’s open/open house model. Now more than ever, there is a huge emphasis on home. Most of us have spent the last few months working from home, learning from home and cooking at home; home has been our sanctuary. Because of this, safety within the real estate industry remains our primary focus. The reality is, people will continue to buy and sell homes, whether they are relocating, downsizing, upsizing or are looking for a home with a bigger office for the work-from-home lifestyle. In fact, with recent announcements from the tech industry regarding work-from-home opportunities, a larger emphasis will be placed on homes that meet a myriad of needs for work and for play. And, as homes in our neighborhood are less dense than in other Seattle areas, those seeking more space will continue to be attracted to the 98112. No matter how tight the inven-
tory, pricing and presentation will always be the key principles to a successful transaction. Take this time to make your home market ready; first impressions count. Having an experienced broker who will analyze the microneighborhoods and the most recent sales data will help you price your home competitively. If a home goes on the market even a bit too high, it can sit, and that may result in a larger price reduction than if the home had come on the market at a reasonable listing price. It is important to work with a broker who can help you be objective about price. Perhaps the most important thing I want to say this month is how important it is to support our local Madison Park Village businesses and help them through this unprecedented time. Having shops, coffee, cafés, fine dining and pubs within strolling distance is a valuable asset for our neighborhood, and we want as many of our small businesses to survive as possible. Support our beloved
community, and when you do, post your visits on social media so the good news spreads! As of press time, there are 16 homes for sale in Madison Park, including Broadmoor. The most expensive is a waterfront new construction home for $10.8 million, and the least expensive is a condo in the heart of Madison Park for $399,900. If you have given any thought to buying or selling, now may be the time for you to make your move. Our Compass experts have a long history in Madison Park and are ready to help you navigate this unique time with the latest technology, top-notch marketing and proven pricing strategies. If you’re buying, our knowledgeable agents will help you achieve success in this still competitive market. — Evan Wyman is a partner and broker with The Wyman Group at Compass.
Homes Closed in Madison Park, Madison Valley, Washington Park, Denny Blaine, Broadmoor, Leschi and Madrona from January 1 to May 21 Status
Address
City
Zip Code
Current Price
Sold
2501 Canterbury Lane E #116
Seattle
98112
500000
1006
5/8/20 0:00
25
2
1.75
Madison Park
515000
500000
Sold
2501 Canterbury Lane E #222
Seattle
98112
545000
891
1/22/20 0:00
18
2
1
Madison Park
549950
545000
Sold
2501 Canterbury Lane E #316
Seattle
98112
595000
1006
3.32
2/28/20 0:00
8
2
1.75
Madison Park
595000
595000
Sold
2501 Canterbury Lane E #123
Seattle
98112
615000
1125
3.32
3/3/20 0:00
4
2
1.75
Madison Park
590000
615000
Sold
2055 43rd Ave E #101
Seattle
98112
645000
790
0.165
3/27/20 0:00
4
1
0.75
Madison Park
595000
645000
Sold
2330 43rd Ave E #304B
Seattle
98112
660000
832
5/8/20 0:00
39
1
1
Madison Park
695000
660000
Sold
1620 43rd Ave E #2A
Seattle
98112
801000
980
2/3/20 0:00
70
1
1
Madison Park
885000
801000
Sold
2040 43rd Ave E #201
Seattle
98112
3/4/20 0:00
7
2
0.75
Madison Park
799900
837500
837500
Square Footage
975
Lot Size Acres
Selling Date
1.26
CDOM
Bedrooms
Bathrooms
Community
Original Price
Selling Price
Sold
2040 43rd Ave E #601
Seattle
98112
899500
975
4/14/20 0:00
1
1
0.75
Madison Park
899500
899500
Sold
2330 43rd Ave E #B201
Seattle
98112
1175000
1394
5/11/20 0:00
16
3
2.5
Madison Park
1299000
1175000
Sold
1849 41st Ave E
Seattle
98112
1460000
2856
0.092
2/12/20 0:00
129
4
2.75
Madison Park
1585000
1460000
Sold
2116 Broadmoor Dr E
Seattle
98112
1500000
1910
0.15
3/20/20 0:00
6
2
1.75
Broadmoor
1495000
1500000
Sold
2257 38th Place E
Seattle
98112
1655000
2010
0.195
3/23/20 0:00
8
3
1.75
Madison Park
1800000
1655000
Sold
1038 Washington Place E
Seattle
98112
1750000
2899
0.087
2/13/20 0:00
12
3
2.25
Madison Park
1699980
1750000
Sold
3711 E Madison St
Seattle
98112
1791000
2960
0.299
1/15/20 0:00
158
5
2.5
Madison Park
2188000
1791000
Sold
2000 43 Ave E #102
Seattle
98112
2205000
1944
0.495
4/8/20 0:00
6
2
1.5
Madison Park
1895000
2205000
Sold
3804 E Garfield St
Seattle
98112
2300000
3650
0.193
2/14/20 0:00
81
4
4
Madison Park
2395000
2300000
Sold
1130 36th Ave E
Seattle
98112
2455000
5980
0.253
3/2/20 0:00
4
5
4
Washington Park
2400000
2455000
Sold
484 Lake Washington Blvd E
Seattle
98112
2850000
3958
0.149
1/14/20 0:00
96
4
4
Washington Park
2995000
2850000
Sold
480 Lake Washington Blvd E
Seattle
98112
2850000
4081
0.138
1/14/20 0:00
119
4
4
Washington Park
2985000
2850000
Sold
1419 Broadmoor Dr E
Seattle
98112
2876846
4570
0.26
5/15/20 0:00
42
4
4
Broadmoor
3198000
2876846
Sold
1645 Broadmoor Dr E
Seattle
98112
3200000
4410
0.345
3/3/20 0:00
121
3
3
Broadmoor
3275000
3200000
Sold
825 Hillside Dr E
Seattle
98112
3998000
5466
0.33
4/9/20 0:00
3
4
5.25
Washington Park
3998000
3998000
4 Hot Home Renovation Trends This Summer (StatePoint) Whether building a home from scratch, doing a complete renovation or simply refreshing a room or two, you can take your project to the next level with some design inspiration. As one half of HGTV’s “The Cousins” and the founder of Lilyshea Development LLC, John Colaneri is wellversed in top design trends. Having recently purchased a 1960s-era rambler with the goal of taking it down to the studs and remaking it, Colaneri is sharing insights and ideas to help you create a unique space in your own home where all the elements blend together: • Color pop. Find a color to carry throughout the entire home. While many people typically look to paint doors and trim white, consider being creative here. “For my home, which has an open concept floor plan, I knew that I wanted to use a dark color for trim and doors in order to enhance other design elements, such as my kitchen island and hood,” says Colaneri. • Something old, something new. Achieving a blend of old and new can bring warmth and texture to otherwise
ascetic spaces and design elements. “I love contemporary design, but my true passion is blending old and new together. For the main entry and hallway, I installed reclaimed natural wood to add warmth and character to the space,” says Colaneri. “Likewise, I selected industrial-style light fixtures that boast traditional touches.” • Let it shine. Blurring that line between the indoors and outside can make a space feel larger and more inviting. To do this, Colaneri suggests replacing old windows with those that bring in more natural light. “I chose black trim to give my windows a contemporary look and allow them to be a focal point, but I went with a farmhouse-style grille for a traditional feel,” he says. “I also changed the rear windows into sliding doors, which made a huge difference by offering more outdoor access and light.” Colaneri chose to work with Renewal by Andersen because of the quality of the products and the fact that it’s a one-stop shop, which can simplify a home renovation during these uncertain times.
“This is the first time I had one company handle so many aspects of my project,” he says. “You need to have a professional team that thinks of all the small things that can go wrong and reacts before they happen.” • Customized Tiling. Tiles are a great way to customize a space so that it’s truly yours. “Since I have three different design styles pervasive in my home -- contemporary, rustic and industrial, I wanted the tiles to reflect this,” says Colaneri, who chose different effects for his daughter’s bathroom, the master bathroom and his home’s entryway, where he used a hexagon marble tile that blends into the wood floor. To learn more about Colaneri’s project and read about more ways to freshen up your space, visit getinspiredwithjohn.com. When it comes to a renovation, it’s all about potential. With a little vision, you can transform your home into something that you never thought possible.
Pacific Publishing Company – Queen Anne & Magnolia News • Madison Park Times • City Living Seattle
JUNE 2020
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MADRONA $1,495,000
MADRONA $2,600,000
LD
SO
LESCHI $1,230,000
LESCHI $2,595,000
12 0 years! BETSY Q. TERRY & JANE POWERS 206.979.9719 KRISTINE LOSH 206.953.6786 | MARIE DENNIS 253.370.3733 luxuryrealestate.com
PROVEN RESULTS
I
’d like to take a moment to acknowledge the strength of our community: I am eternally grateful to our first responders and essential workers, who have faced the coronavirus pandemic with incredible courage. This crisis has undoubtedly shifted the way we are living and conducting business. I am finding virtual solutions to meet the needs of my clients so I may continue to serve as a trusted real estate advisor. As I shared last month, Realogics Sotheby’s International Realty recently released an annual market report to break down key market fundamentals. The firm is also hard at work on a waterfront report to outline trends across Washington state’s shoreline opportunities in time for the summer season. If you have questions about the real estate market or would like to discuss the implication for homes in your neighborhood, I’d love to have a virtual chat!
Sotheby’s auction house presents The World of Picasso, an online-only auction dedicated to the individual who has shaped art history like no other.
Managing Broker | Senior Global Real Estate Advisor Founding Member | 206.399.5842 Laura.Halliday@rsir.com LauraHalliday.com
A CONTINUED LEGACY RSIR ranks amongst the largest, most productive and fastestgrowing real estate companies in Washington with access to 22,700 brokers in 72 countries that generate US sales of $100 billion+ annually.
WHAT MY CLIENTS ARE SAYING Laura was so calm and helpful in selling a Probate Condo in Madison Park. She was professional in preparing the home, staging the home, getting a photographer to take pictures, helping me find someone to hold an estate sale and clean the home, and working with me from an international location. She helped me see local comparisons and ultimately sold the home in 4 days at several thou-
NEW IN BROADMOOR | $2,695,000 1420 Broadmoor Drive East — Sited on the 13th fairway in sought after Broadmoor, this contemporary home checks all the right boxes: one-level living with
the master bedroom on the main floor, an open concept floor plan and French doors from the master and the kitchen that open to an oversized entertainer’s deck with expansive golf course views. Almost every surface has been touched in getting ready to bring this home to market: refinished ebony hardwood floors, freshly painted interior and exterior deck, new quartz kitchen and bathroom countertops, new pendant lights, new Viking range, and much more. The current floor plan has the master and one additional bedroom on the main floor. True lock-and-leave luxury!
sands of dollars over asking price. Absolutely wonderful and stress free. - Cindy Ellsworth
Each Office Is Independently Owned And Operated. Seller reserves the right change the product offering without notice.
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Working Together The health of our community is top priority and we are leveraging first-class technology to stay connected.
BROADMOOR $2,695,000 rsir.com MLS #1580723
MADRONA $1,700,000 | PENDING rsir.com MLS #1604461
LESCHI $2,700,000 rsir.com MLS #1602141
USELESS BAY
$1,750,000 | PENDING rsir.com MLS #1604345
Our firm’s agents serve as trusted leaders in the Madison Park real estate market. Their hyper-local insights are complemented by our brand’s vast global footprint, which opens the door to 1,000 Sotheby’s International Realty® offices spanning 70 countries and territories around the world. Generating impressive global property exposure—with over 34 million unique website visits in 2019—we ensure every client receives the white-glove service they have come to expect from our brand’s heritage, whether their next destination is around the corner or around the world.
Meet your global real estate advisors:
CINDY PAUR 206.949.4497
LESLIE DICKINSON 206.200.2174
JOHN MADRID 206.498.1880
LAURA HALLIDAY 206.399.5842
ANNA FOWLER 206.605.2401
WE'RE OPEN ONLINE 24/7
HOADY SPENCER 206.372.1092
ROBIN BLACK 206.734.7300
TOBY LUMPKIN 206.786.2035
NEDA PERRINA 206.218.8589
4031 East Madison Street | Visit RSIR.com or call 206.466.2409
VIRTUAL AND VIDEO TOURS
2019/2020 MARKET REPORT
2 0 2 0 WAT E R F R O N T R E P O R T
Digital video—including Facebook Live Scheduled Virtual Open Houses and Virtual Tours—is an incredibly easy and powerful way to show properties while social distancing. Learn more at rsir.com.
RSIR proudly presents its annual summary of the Real Estate Market in Western Washington. Learn more about how this in-depth analysis can help you meet your real estate goals at rsir.com/marketreport2020.
The newly released RSIRWaterfront.com takes an in-depth look 15 months’ worth of sales on the shorelines of 14 counties around Western Washington with monthly sales activity charts, average and median sales price trends, and topographic maps of 27 areas.
RSIR.COM Seller reserves the right to change product offering without notice.
Each office is Independently owned and operated.
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JUNE 2020
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5 Ways to Master a Move (StatePoint) While real estate agents report that far fewer people than normal have been moving during the COVID-19 pandemic, that may soon change. A recent Harris Poll found that nearly a third of U.S. adults living in urban areas are considering a move to less densely populated cities in the wake of the pandemic. Others may not be fleeing the pandemic but simply want or need to move, either for a job change or other reason. If you find yourself preparing to move during these uncertain times, here are some tips to help it go more smoothly.
4. Consider what’s covered: You may want to consider moving insurance. Some companies, like Erie Insurance, will cover you during the move and say it’s usually not necessary to purchase an additional policy. Keep in mind there are limits for certain kinds of misplaced, lost or stolen personal property. Your insurance agent can walk through that with you. 5. DIY or hire a pro. While during “normal” times you might recruit family and friends to help you with the move,
given ongoing social distancing guidelines, now may not be the right time to ask. If it’s a small move, you may be able to handle it on your own or with the help of just a few immediate family members. Otherwise, consider hiring moving professionals who know the proper safety protocols and will be better equipped to protect your possessions and make sure they’re transported safely. While moving can seem overwhelming, a bit of prep and planning go a long way. By mastering your move, you’ll be sitting down and relaxing in your new home in no time.
1. Make a checklist: Set a timeline for completing such tasks as packing, cleaning and registering the kids for school. Staying ahead of the process can help avoid lastminute headaches and make your to-do list seem more manageable. There are even free apps available to help. 2. Organize and purge: Moving is the perfect opportunity to decide what you really want and need in your new home. To lessen the load on moving day, hold a garage sale – following proper social distancing guidelines – or donate unwanted items to charity. You can make the unpacking process simpler by arranging similar items together and labeling each box accordingly, such as kitchen utensils with cups or clothing of a particular season. You can even label a box as “open me first” for items you’ll need immediately. 3. Notify those who need to know: Let your insurance agent know that you’re moving as soon as possible to be sure you’re covered. You’ll also want to discuss how your needs will change. For example, if this is your first time buying a house, you’ll need a homeowners policy versus renters insurance. On the other hand, if you’re downsizing from a house to an apartment, you’ll still want to ensure your belongings are covered, which you can do with renters insurance. Be sure to also call your utility providers to cancel or transfer service and fill out a change of address form with the United States Post Office. You’ll also want to update your address with your bank and credit card companies.
JUST LISTED BY LISA TURNURE
in Washington and Madison Park
1517 42nd Avenue East | $2,480,000
1929 37th Place East | $1,600,000
Please contact me for a tour of one of these exquisite properties.
To see my other active listings and my recent sales, please visit lisaturnure.com. 206.919.6605 | lisaturnure@cbbain.com | LisaTurnure.com
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Chris Sudore “As a Madison Park Resident, I care about your home‘s value.”
Active | Denny Blaine | $2,195,000
3425EFlorenceCt.com
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Coldwell Banker‘s Global Luxury Team | King County Estates
Chris Sudore President/Founder of King County Estates 206.799.2244
Marta Grzankowski Sales Broker & Office Manager 425.519.3345
Jennifer Vandiver Sales Broker 509.969.6767
Chris Sudore | Managing Broker Madison Park Your Specialist In: Madison Park • Washington Park • Broadmoor • Denny Blaine • Capitol Hill • Madrona • Leschi
Ryder Fasse Sales Broker 206.351.0923
Curt Weese Sales Broker 206.454.9638
Megan Bassetti Marketing Manager
Chris@KingCountyEstates.com 206-799-2244 KingCountyEstates.com
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Honey Bush, An Unlikely Favorite
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The handsome foliage you see arching out and fanning out, topped by dark and exotic blooms, belongs to Melianthus major. It is commonly called honey bush and is native to South Africa. I stumbled onto this in a nursery about 20 years ago. The tag said, “Not reliably hardy in the Pacific Northwest [always a challenge to be met], to be treated as an annual, might survive the winter if cut back and heavily mulched. It could get up to 18 inches high in a warm summer, its large ferny leaves providing a tropical or Oriental touch to the garden.” Who writes plant labels? Then the kicker: “Foliage is malodorous when brushed against or bruised.” That word “malodorous” seemed deliciously sinister. So I got it. And it grew… and it grew and it grew and voila: This big, monstrous-looking thing towers in my entry garden (topping 10 feet). It has survived all winters, not ever dying back. I figure that is due to our proximity to Lake Washington. Now it blooms annually. Note the big puce plumes atop the celadon leaves. It’s a
traffic stopper ... well, it was. Now a number of gardeners have them, so it’s not uncommon. I no longer feel truly cutting edge, yet another concession to old age. Recently, a Vietnamese immigrant stopped to ask what it was and said it reminded him of home. Nice guy. Cheerful. Mindful of COVID-19, we chatted six feet apart. My next door neighbor, from Brazil, also thinks it looks familiar. Once I watched a bratty neighborhood kid swat it and shout, “This thing stinks!” I chortled diabolically, my back to him as I snipped merrily at my Japanese holly hedge. Later, the same kid yanked on a Berberis bough and got a handful of thorns. Strangely, his manners seem to have improved. I used to be the neighborhood go-to guy with plant questions. Now, I suspect, I’m the old curmudgeon who grows nasty things to torture the innocents and make their mothers fret. Whatever. I’ve learned to play the role that life casts me in, never much bothered by controversy. And for those who like the looks of these things and appreciate my quirks (horticultural and otherwise), I say, all petulance aside, this is a plant well worth growing. You’ll have to scout around a bit to find it, but it’s out there. I’ve found Melianthus major to be very undemanding and easy to grow. Give it full sun, ample
water during the growing season, and mulch it heavily (at least in the first three years) when leaves fall in autumn. Chances are your plant will be as resilient as mine, and you’ll have it forever. As new foliage emerges in spring, go up the stalk removing the old, winter-battered leaves, much as you would groom Nandina or Mahonia. Watch it grow. If the plant gets too leggy or too tall, cut it back to the ground. New shoots will emerge at the base. Occasionally I’ve read or heard garden experts tell their followers to cut the blooms off as they emerge. Why? I like the flowers and see no purpose in removing them. When the blossoms fade and seeds begin to form, that’s the time to snip off the flower heads to channel the plant’s energy back into foliage production. I like to bring the bloom spikes indoors. They don’t seem to have the unpleasantly pungent fragrance of the leaves, and they’re fun to look at for a while. I’ve even had them dry nicely and have used them with other dried materials for winter arrangements. As has been said, “A rose by any other name will smell as sweet.” True. It follows, Melianthus or honey bush by any other name will smell as foul. But as is the case with old, curmudgeonly gardeners, even the stinkers often have something quite valuable to offer.
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