Archive for the ‘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.

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.

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.

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.