Madrona Real Estate – 2016 in Review

Magnolia real estate continued to grow throughout 2016, following a strong year in 2015. There was only 28 less homes sold last year (332) compared to 2015 (360), but average home cost rose. The highest sales price jumped from $2,795, 000 (2015) to $3,750,000 (2016), while the median sales price climbed from $736,500 (2015) to $790,000 (2016). The average listing price went from $835,544 in 2015 to $929,114 this past year. There are currently 28 pending residential listings and 16 active.

Magnolia condos also didn’t vary much in quantity sold, but showed increase in sales price. The highest sales price was $800,000 in 2015 and jumped to $950,000 in 2016. The median sales price increased by $46,750, starting at $276,500 in 2015 climbing to $323,250 in 2016. There are currently 8 pending condos and 4 active.

The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 Washington State counties) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year.  For the 23 counties, the median sales price increased 8.9 percent from $310,000 in 2015 to $337,500 in 2016.  Condos, which make up a smaller share of the market, were actually up 12.6% while single-family homes increased 8.7%.

Inventory was tight throughout the year, there was an average of 1.86 months of inventory in 2016, compared to 2.4 months in 2015.  King County was the tightest with only 1.1 months of supply.  A balanced market is generally considered to be between 4 and 6 months of inventory.

The luxury real estate market was strong in 2016, with over 3,251 home sales over $ 1million compared to 2,676 in 2015: over a 21 percent increase.  The number of condos over $500,000 also increased with 1,711 sold in 2016 versus 1,459 half-million dollar sales in 2015: also over a 21 percent increase.

2017 seems to be taking over where 2016 left off.  Low inventory remains and prices remain strong.  As always, to maneuver the market, reach out to your local real estate broker to navigating the Seattle real estate market.

 

First Photo – Sold by Ewing and Clark in 2015

Second Photo – Available for Purchase

Magnolia Real Estate Report

school-view

The Seattle real estate market continues to be quite dynamic, including Magnolia, which has been seeing a ton of activity. According to the Northwest Multiple Listing Service, the month of May brought about 31 single family home transactions, at a median sales price of $738,000. Buyers seem to be eager to find a home in Magnolia, as the 31 homes that were for sale last month averaged out to being on the market for only 10 days. That’s good news if you’re looking to sell!

Magnolia also saw sales of four condominiums in May. The median sales price of the condos went for $538,000 and averaged being on the market for just 13 days.

Statistics continue to support that the Seattle –and Magnolia –real estate market has stayed hot, and you can bet that will continue to be the case as we get closer to the summer, which is always the busiest time of year for real estate transactions. For more information on Seattle real estate, contact your local real estate agent today.

 

Dine Around Seattle

It is time for, yet again, the biannual “Dine Around Seattle” event that invites residents to come out and support local business and restaurants around our great city.  From November 4th-29th, there will be a wide selection of great deals and discounts at various locations around Seattle.  Most restaurants are offering “3-Course Dinners for just $30” and some are even including “3-Course Lunches for $15.”  Come out and enjoy exclusive deals and seasonal dishes from the top chefs every Sunday through Thursday throughout November.

The event is put on by the Seattle Good Business Network.  They are in their eleventh year of hosting by stressing the strengthening of our community through the support of local businesses.  One of the top-rated businesses is located in our very own, Magnolia, is that of the Palisade’s Waterfront Restaurant.

Located in the heart of the Elliott Bay Marina, the Palisade, displays cultivating views of the water and sea-craft that port there.   Even with beautiful outdoor views, there is still an aesthetically-pleasing interior that gives off a soothing feeling to its visitors.  First, it is hard to miss the large water tank, near the entry, that keeps the Dungeness crab extremely fresh.  Secondly, they have a saltwater pond, filled with live Steelhead, that guests are able to walk over with a bridge conveniently located in the center of the restaurant.  Lastly, they have a mixed variety of seafood, steak and sushi that can meet expectations as restaurant-goers can taste the time and effort put into each dish.

Fort Lawton Townhomes

Located on the western side of Discovery Park, Fort Lawton sits in a quaint manner on the bluff of Magnolia.  It was constructed in the early 1900’s with aspirations of being a major military presence in the Pacific Northwest.  The fort was a defensive development, which consisted of a vast majority of artillery weaponry, to defend against naval and air attacks.  The fort saw the most action during the world wars, but sat vacant for long periods of time.  Time passed and in the 1970’s, the fort and all of its property were given to the city of Seattle.

There are twenty-six units built within fourteen buildings near Discovery Park that make up Fort Lawton.  These historical military structures are now being offered up for sale to the highest bidder.   The city hasn’t set a minimum asking price, they are taking all offers (although, they are expecting offers to be in the millions).  The area is considered one of the most pristine in all of Seattle, as it contains breath-taking views of Puget Sound and Elliott Bay.

The homes have been preserved since 1974 and are considered official city of Seattle landmarks.  They are not allowed to be modified on the outside and very limited alterations are allowed on the interior.  The city feels the fort gives off a feeling of patriotism and freedom.  They are also hoping the exclusivity of the property is maintained and that any future buyers would respect Fort Lawton’s rich history.

Magnolia’s Seattle Pie is Moving to South Lake Union

Magnolia’s beloved pie cafe, Seattle Pie, is unfortunately leaving the Magnolia neighborhood for South Lake Union. According to the Seattle Pie website, it will actually open on a vessel in the South Lake Union harbor, making it the first ever floating pie company. Look for it this summer!

If you can’t wait and have a craving for Seattle Pie’s scrumptious, award-winning fruit or cream pies, don’t try going to the old Magnolia location at 3111 West McGraw. It is already closed. Fortunately, you can still find the pies at various grocery stores, like the Met Market, Town & Country, Central Market, PCC, Whole Foods, etc. My mouth is already watering for a Strawberry Rhubarb pie. For more information, please visit the Seattle Pie website.

Seattle Funding Precinct-Liaison Attorneys

When there is a public safety issue or a chronic neighbor nuisance, it’s not always most efficient or effective to call 911. Sometimes, it’s best to go through a precinct-liaison program. Up until now, Seattle budget cutbacks have prevented funding to such programs.  According to a Seattle Times article, the Seattle City Council has restored funding to allow four attorney liaisons in  Seattle’s five police precincts.

For the Magnolia area, your precinct liaison attorney is Sumeer Singla. Starting in mid-February, you can contact him as a resource to solve neighborhood issues, like nuisance properties, feuding neighbors, and gang activity. Additionally, he lives in the West  precinct, so he has a vested interest in the public safety issues of Magnolia and the surrounding Queen Anne neighborhood. With a precinct liaison attorney, it increases the police capabilities, using legal means to solve community issues. You can contact him at 206-386-4084 for your community needs, starting mid-February. To view the precinct-liaison attorneys in the other precincts of Seattle or for more information, please visit the Seattle Times article.

Changes in Seattle’s Land Code Use Allows Magnolia Cottage

As reported in the Seattle and Real Estate blog, Seattle changed its land use codes in 2009 to permit backyard cottages. Since then, they have been sprouting up throughout the city of Seattle, including Magnolia.

According to the Magnolia Voice, a couple took advantage of this land-use change and built their first backyard cottage. The 2-bedroom, 800 sq.ft cottage will be used as a vacation rental and home for the woman’s father in the coming years.

If you’re curious about backyard cottage and want to find out more, there will be a open house at the backyard cottage – 3448 36th Avenue West – from 1pm-4pm on Sunday, January 15th.

Josephina’s Mexican Food Open in Magnolia

Josphina's Mexican FoodLast week, a new Mexican grill place opened in Magnolia, Josephina’s Mexican Food. Located on 28th and Thorndyke, it has been receiving stellar reviews on Yelp and via word-of-mouth. I cannot wait to check it out this weekend.

Josephina’s Mexican Food offers the classic Mexican dishes that aren’t offered at every restaurant in Seattle: tacos el pastor, camitas, adobada, and salsa that is fresh and delicious. It’s also very authentic. The tortillas are freshly made, pressed right in front of you. Josephina’s is so authentic that the mole sauce is made by the grandmother down in Mexico, who ships it up!

Depending on how hungry you are, you may want to split a plate, as the portion sizes are sizable. Check out Josephina’s Mexican Food and tell me what you think!

Vertical World Opens its Upgraded Magnolia Gym Today!

Seattle Magnolia Climbing Gym OpensFollowing on the heels of a Ballard climbing gym’s recent expansion, Vertical World has upgraded its Magnolia location and it opens today! Located mere blocks from its previous location and in a former boat construction warehouse, the larger Magnolia space at 2330 West Commodore Way boasts taller walls, a state-of-the-art circulation system, and a much bigger & brighter space.  Doors open at 4pm today!

If you’re an avid climber or only new to the sport, you’ve got to check out the upgraded Vertical World climbing gym for two reasons. First, climbing is the best sport you can do nine months out of the year when you’re living in Seattle, IMO. The bright climbing walls are a nice contrast to the gray, winter skies. Second, Vertical World is America’s first indoor climbing gym! Plus, it has a “rocking” climbing team. Chalk up and head to this top-rope-focused gym. It might take you to new heights!

Four-Story Apartment Building Proposed in Magnolia

According to the Magnolia Voice, the block of 2400 and 32nd Ave West has some proposed changes in the works. The owner of two vacant, single-story Magnolia commercial buildings located at 2406 32nd Ave West, Terry Yoshikawa, recently filed plans with the city to build a four-story, mixed-use apartment building.

The proposed Seattle property would have 28 units, 3,500 square feet of commercial space, and 33 parking spaces. It sounds like an improvement to this residential Seattle neighborhood. To voice your opinion whether in support or against this proposed Seattle construction, attend the public meeting held at the Queen Anne Community Center at 1901 1st Ave West on Wednesday, January 18th at 6:30pm.