Archive for the ‘Fall City Real Estate’ Category

Could Fall City be one of the most expensive zip codes in the United States?

March 15, 2011

Could Fall City be one of the most expensive zip codes in the United States?

Forbes magazine lists the top 500 zip codes with the most expensive real estate.  In 2010 five zip codes in Washington State made that list.  Can you guess which ones?

Rank  City            Zip Code    Median Price   Inventory   Median Income

42       Medina                98039      $2,170,308.    60              $ 132,665

228     Mercer Island     98040      $1,003,328    185             $    91,904

247     Bellevue               98004      $   952,566    447             $    63,358

444     Sammamish       98075       $   664,223    179             $ Not Avail.

477     Fall City              98024       $   594,747      94            $    62,076

You can get more information by following the link to the Forbes Article by clicking here.

I think these numbers will come as a surprise to many people.  When I am showing homes in Fall City and I ask my clients what they think the median house price is in Fall City, unless they have done their research, most of them underestimate the number by almost 50%.  In my opinion, it is because they do not understand the boundaries of the zip code and most of the homes that are higher priced are not in the downtown core.

What we enjoy about Fall City is the diversity of housing stock.  There are modest mobile homes on leased land and also large homes on acreage.  Fall City also has one of the largest collections of historic homes in unincorporated King County.   We have homes on lakes, rivers, acreage properties and view properties. There is truly something for everybody.  If someone wants to take advantage of the great community, excellent schools, scenic beauty and recreational opportunities nearby, they do not have to spend a lot of money to live here. On the other hand, if someone is looking for that signature property we have those, too.

We love to help people discover some of the hidden attributes of this community that make it a great place to live.

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Fall City Real Estate Update September 2008

October 22, 2008

 

 

I have a some of graphs that I would like share to help update the Fall City real estate market.

The first graph shows the number of resale homes that are for sale in Fall City.  The light green lines show the number of available homes.  The dark green line represents the number of closed sales, and the red line is the number of pending sales in a month.

Fall City Trendgraphix 9.08

 

The second  graph shows the median price of the homes that sold each month since July of 2007.  The median price is the price that half of the homes sold are above that price and half of the homes sold are less than that price.

As you can see the median price varies from month to month with a low of $392,000 in July 2008 and a high of $1,062,000. in August of 2007.  It is interesting that the last two months that the median home price of sold homes has been $925,000.

 

Fall City Trendgraphix Median Price 9.08

Ok here is one more graph.  This one shows the average list and sale price for the same time frame.

Fall City Trendgraphix 9.08 Average Price

I think these graphs are interesting.  They show how the market has been changing over the past 15 months. 

While I was out…

October 6, 2008

It’s been some time since I have posted to my blog and it was not because nothing interesting has been happing in Fall City.  Here are just a few things that have been going on while I was out.

Fall City Parks District has collected the necessary signatures to get the district on the ballot.  You can learn more information about the parks district here.

King County has resumed negotiations with the Snoqualmie Tribe to transfer Fall City Community Park to their ownership and has a proposed contract.

The Colonial Inn has successfully reopened as the Fall City Road House.

The Real Estate market has slowed in Fall City and in King County. More information on this later.

The Tolt Hill Bridge over the Snoqualmie River has opened and the old bridge has been recycled. You can see more information here and see a video of the new bridge.

The Washington State Department of Fisheries tried to close the Tokul Creek Fish Hatchery which supplies the Snoqualmie River with about 200,000 Steelhead smolts each year.  It looks like this has been defeated by public participation.  You can read a press release here.

The connecting road between Lake Alice and Snoqualmie Ridge is still barricaded, and it looks like it will be for the foreseeable future.

The Wells Farm and Nursery property in Fall City has been sold the property is currently for lease.

The Snoqualmie Valley School District Wasl have been published and both Fall City Elementary and Chief Kanim students did a great job on the test. 

The Snoqualmie Valley School District is working on getting a new bond proposal together that looks like it will be 25 to 50 percent of the cost of the  last bond.

King County is working on a plan to control Knotweed along the Raging and Snoqualmie Rivers. 

The Fall City Library has reopened in the new building with expanded hours.  The Carnation Library has been torn down and the building for them is under construction.  The have a temporary location in the Sno-Valley Senior Center.

The Fall City roundabout has finally been paved and striped and seems to be working very well.  It seems to be working better than the intersection on the South side of the bridge.

The old Guns and Roses property by the round-a-bout is on the market. Guns and Roses is the local nickname for the Fall City Firearms and the Fall City Green House that stood on the site of the new roundabout.

The Cherry trees along the Riverbank are getting pruned for the first time in several years.

The Fall City Food Pantry, is serving more and more families every opening.  They are open on the first and third Wednesdays of the month.  Open Noon to 1:30 and again from 6:30 to 7:30 PM. The community Food Pantry is located at the Fall City United Methodist Church 4326 337th Pl SE Fall City, WA  98027

The “If Fish Could Walk” Geocache in Fall City has been replaced and updated to a micro geocache.

The Fall City Community Association has moved their meetings from the Snoqualmie Falls Golf Course to the Fall City Road House.  They now meet upstairs in the banquet room.

Maguire Hill Real Estate that had offices in Fall City, North Bend, Maple Valley and Cle Elum has gone out of business.

Video Nites moved to a new larger location on River Street, the former location of Maguire Hill Real Estate.

Fire District 27 is considering a partnership/merger with Eastside Fire and Rescue that was formally known as District 10.

Tree House Point has been negotiating with the county to prevent the county from forcing them to tear down their treehouses.

Re/Max at the Ridge was bought out Re/Max Integrity.

Some of the first sculptures on the Fall City Sculpture Walk have been installed.  You can see one of them in Olive Taylor Quigley Park, the art park, the Fall City Library and at the Fall City Road House.  All of these locations are on the Redmond-Fall City Road.

The Fall City Elementary School has installed a new Falcon Sculpture.

The old location of the Snoqualmie Fall Credit Union on the Preston Fall City Road has been sold and the new owners are planing to put in a Bike, Skateboard, and Snowboard shop. They also purchased Fall City Espresso, and plan to keep it in the same location.  I heard the new name will be Bikes, Boards and Beans.  We will have to wait and see.

Price Reduced on Fall City Rambler

November 14, 2007

HPIM0719

I have a great listing in Fall City that we just reduced the price on.  We lowered the price from $400,000 to $390,000.  It is a very clean three bedroom one and half bath rambler with an attached two car garage.  It is located on a very quiet non through street.  You can find lots of photos and more information on the house here. It has a remodeled kitchen with a Bosch dishwasher and a five burner stainless range with double ovens. The master bath has also be updated.  It is the lowest priced site built three bedroom house on the market in Fall City take a minute to check it out. There are several new real estate listings that hit the market this week.  If you are interested in searching for homes for sale or to see sold prices of Fall City homes you can start your Internet search here.  Be sure to try the interactive home search while you are there.

King County Comprehensive Plan to allow more development before making traffic improvements?

October 7, 2007

This is an interesting Seattle Times article regarding proposed revisions to the King County Comprehensive plan. They want to allow development even when congestion is at level E, in a scale from A to F. This is a radical change that eliminates traffic concurrency in my opinion.  You can find out more about the 2008 revision to the comp plan here.  The good news They are looking for comments from citizens.  The next local meeting is October 11, 2007 at Cascade View Elementary School 6:30 to 8:30 PM.

What’s Happening in Fall City Real Estate

September 20, 2007

fall-city-trends-1.jpg

As you can see from the graph* the inventory in Fall City has been on the increase with the number of Pending Sales each month holding steady. In August the number of active resale listings went down to 71, with 12 pending sales and 8 closings.  It is interesting that both the pending and closed sales were up from July.  That gives us 8.9 months of inventory based on the closed sales, and 5.9 months based on the pending sales.  In comparison last August there were 65 active listings, 12 closed sales and 2 pending .  So it looks like we have more for the buyers to choose from, and the buyers are still very active in the market.  It will be interesting to see what happens with the September numbers, as September is usually a pretty strong month for sales.

* The graph includes resales single family homes that are in the Fall City, 98024 zip code in all price ranges.

Tearing Down Library before Having Permits to Rebuild … Good Idea?

June 15, 2007

Fall City Library Groundbreaking Ceremony

 

As a real estate agent that works with clients who own real estate in the Snoqualmie Valley, including Fall City, Carnation, Snoqualmie, North Bend and Duvall one of the tips we share with our clients is to make sure you have permit before your start your work, or tear down an existing building.  Why?  Because it is easier to get permits to remodel than to build new and in some cases your building may be grandfathered in, and with new rules you may not be able to build what you want where you want.

 

The Fall City Library has been torn down, and they held the groundbreaking June 13th 2007.  The Director gave a speech and said that they do not have permits to rebuild the library yet.  What a waste.  The Fall City Library has been moved into a cramped temporary location for the summer, when the kids are out of School and could be using the old building.  Now the time line for the new building is up in the air, and the level of service that the library system can offer in the mean time has been reduced.  It sounds like poor planning to me.  

In Fall City, The Colonial Inn Restaurant was purchased and the new owners started to do some updating, when the Seattle King County Health Department decided that they needed to update the septic system before they would sign off so that they could get a permit from the Department of Development and Environmental Services to remodel.  They have been closed for a year and a half so far.  The word is that they have come up with a solution for the septic system but now they are waiting on the permit to remodel.  Wouldn’t it have been nicer for the owners if they had been able to be open during this time? 

Lets take a look at two parcels of land.  One piece has an old mobile home on it, that will reduce the mitigation fees for the buyer, and one had an old house on it that was torn down and not replaced.  If they were the same price which one is the better value?  Well the one with mobile home has the potential to be rented out while the new owner goes through the permit process for their new home.  The mobile will also have lower mitigation fees that should more than offset the cost of removing the mobile.  As for the other piece of land, if they had not torn down the old house was there they could go in for a remodel permit, but now they have to start the process from scratch and do not have the benefit of having a house to rent out while they work out the details with the county.  So in my opinion the lot with the mobile becomes the better value.

 

What does this have to do with you?  If you have an old cabin, house or out building on your property that you think does not add value to it and you are getting ready to sell, do not tear it down before you check with your agent for advice.   You could always leave it up and if the buyer wants it taken down negotiate it.  By having an existing dwelling on the property it could reduce the school or road mitigation fees for the buyer, and could let them build in an area of the property that otherwise would be off limits.  So don’t assume it doesn’t have value.  Make sure first.   

John L. Scott introduces “Neighborhood Wizard”

June 7, 2007

John L. Scott just introduced it new “Neighborhood Wizard”.  Late last night John L. Scott introduced the new neighborhood wizard on their web site www.johnlscott.com.  The neighborhood wizard enables consumers to customize their search on an interactive map by drawing the shape of the search area with thier mouse.  Before the introduction of this mapping technology, consumers were limited in the search by town, zip code or were able to search a box shape on a map.  Now they can really limit thier search to the areas that they are really interested in.

 “The Neighborhood Wizard is an incredibly useful, intuitive, and innovative approach to searching for residential real estate online. John L. Scott continues to lead the industry with technological advancements such as this, and all of which their customers benefit from immensely. The combination of Microsoft Virtual Earth and the ability to specify polygonal boundaries for searching surpasses the local competitor’s offerings hands down.”            -Chris Pendleton, Virtual Earth Technical Evangelist, Microsoft Corporation  

This new feature will help our customers keep track of the neighborhood they live in or want to live in.  They can track homes that are for sale, as well as see what homes have sold for.  They can also be alerted of homes for sale in the area via email with the property tracker function.   Once you have selected an area you can also get detailed view of the area out using Microsoft’s birds eye view.  Give it a try and let me know what you think of this new technology.    You can try the Neighborhood Wizard Here.

 

I am an Associate Broker, and an Acredited Buyer Representive and work with my wife Kristin as a real estate team with the South Bellevue Office of John L. Scott.  I started my real estate career in Fall City with John L. Scott in 1990, and we specialize in Snoqualmie Valley Real Estate.  Kristin is also an Accredited Staging Professional . You can vist our web site www.johnlscott.com/allenm.

About John L. Scott Real Estate:John L. Scott Real Estate was founded in 1931 and is currently led by third generation chairman and CEO, J. Lennox Scott. With over 52,000 closed transactions last year, John L. Scott grossed more than 18 billion dollars in sales volume, making it the fourth most productive regional real estate company in the nation. John L. Scott has 143 offices and over 4,700 sales associates located throughout Washington, Oregon, and Idaho. The award-winning website, www.johnlscott.com, receives over one million user visits a month producing over nine million listing views.

  

40% More income required to purchase Snoqualmie Valley Homes from 2003 to 2006

May 20, 2007

According to an article in today’s Seattle Times article titled The disappearing $300,000 House… and other  surprising facts, “From 2003 through 2006, just three areas required income jumps of 40 percent or less to keep up with rising house prices. Those are Duvall/Snoqualmie Valley, Covington and S.I.R./Lake Morton. The last required 24 percent more income. Modest house-price appreciation is the reason.” 

This is interesting to me because as we know that housing prices have been going up through out King County this is the first article I have see that translated the increased cost of housing to amount of increased income required to make the purchase.  They have a lot of other interesting information in the article.  Please take a look at  it and see what you think.  I am interested in your perspective.

Fall City Real Estate Market Update

May 20, 2007

I have been looking for a way to share information on the Fall City market so I thought I would try posting it here.  If you have trouble seeing the graphs, if you are using Internet Explorer try magnifying the view of the page to 125%.  I think you will be able to see the detail better at that setting.

The real estate market in the Seattle Area is still in a very strong market as compared to most of the rest of the country.  That said, all real estate is local.  Within the Seattle Tacoma Everett market there are variations in the how the market is doing.  Also within an area different price ranges can have their own characteristics.  Let’s take a look at the past 15 months of the Fall City resale market. 

First up is a graph showing the resale market over the last 15 months, at all price ranges in the zip code 98024. 

 fall-city-for-sale-vs-sold-resale-april-07-all-prices.jpg  

This graph shows that inventory is building and the number of sales is not.  With 41 available listings and 5 going to pending status, in a month we have an 8 month supply of homes.  Lets see if we can break that down a bit. 

The next graph shows the resale inventory of home up to $500,000.

fc-resale-april-07-under-500k.jpg

Here we see four listings for sale with 2 going to pending and 2 closing.  So we have a two month supply of inventory in this price range.  It looks like there is a shortage of inventory in this price range.  

Next up $500,000 to $1,000,000.

fc-resale-april-07-500-1000.jpg   

Here we see nineteen homes for sale, and two closing and one moving to pending status in the month of April.  Here the number of homes available each month has stayed pretty consistent this year starting with fourteen listings in January up to nineteen available in April.  So we have a nine month supply of homes in the $500,000 to $1,000,000. price range.  

Over $1,000,000.:

 fc-resale-april-07-1000.jpg 

Here we see eighteen available listings, two closed in April and two went to pending status.  Again we see a nine month supply.  The supply here is increasing rapidly from just four homes available in January to the eighteen in April.  In fact the available inventory doubled from nine in March to eighteen in April. Also remember that in the higher price ranges, $750,000 and up there are new construction homes available that are competing for the buyers.  Under $500,000 there really isn’t any new construction available in Fall City.  Keep in mind that these graphs do not include the new construction component of the Fall City Market.  How does this information compare with your experience and observations?

The information in the graphs uses Northwest Multiple Listing information, and is deemed to be accurate, however the information was not compiled by the NWMLS.