Broadmoor Real Estate

Broadmoor Real Estate Report – Oct 2016

Like the rest of Seattle, the Broadmoor real estate market is very strong. Through the first ten months of this year, there has been 19 sales.  The average sales price is almost $2.9 million with a median sales price of $2.55 million.  For the same ten months last year, there 17 sales with an average sales price of $2.116 million and a median sales price of $1.81 million.  In 2016, the lowest sales price is $1,725,000, in first 10 months of 2015 there were 6 sales below that price.  In 2016, there have been 7 sales over $3 million, in 2015 there were 3.  In 2016, the two highest sales are $6,150,000 and $5,150,000, in 2015 the highest sales price for the same time period was $3,840,000.  In 2016, the Broadmoor homes that sold have been bigger (4,677 avg sq ft vs 3,989 avg sq ft in 2015) and sold for more per square feet ($615 avg $/sq ft vs. $542 avg $/sq ft) than the same time last year.  The only negative change for sellers is the average time of market has increased from 28 days to 75 days although it is typical for more expensive homes to sit on the market longer than a less expensive home.

Prices are up in the surrounding area as well.  Looking just at the month of October, the Central Seattle area (between I-90 and the Montlake cut and I-5 and Lake Washington) saw the average price of homes up from October 2015 of $882,720 increase to $990,258 in October 2016 while condo prices rose from $507,567 last October to $593,872 in October this year.  Inventory is tight, but that might not fully explain the prices changes since the number of sales of area’s homes decreased from 83 in October last year to 64 this year, whereas the number of condos sold rose from 52 to 79.

The average price has also increased in King County, a home in October was $653,231 compared to $590,728 in October last year.

Contact your local Seattle real estate agent for more information on the Broadmoor real estate market.

Pictured: Broadmoor home is the only sale in Broadmoor in October 2016 (same number of sales as last October).  The home was listed by Ewing and Clark.

How are Sales and Inventory in Seattle’s Broadmoor Neighborhood?

The Market Statistics provided here for Seattle’s Broadmoor neighborhood are current as of this post date. The sales numbers found here cover the last 90 days.

There have been some notable sales in the Broadmoor neighbor over the last 90 days, none of which were more notable than 2120 Waverly Way East. This home had been listed for years when you tally up the cumulative days on market, it finally sold for $3,575,000. It had originally been listed for around $5,500,000 – it’s most recent listing price was $3,800,000. This is great news in my book as the home had been skewing the average days on market for the active homes listed in the neighborhood ever since I starting writing this statistical blog post. The other notable sale in the neighborhood was 1145 Parkside Drive East, which had been on the market for nearly 3 months, had no price drops during this time, received multiple offers on the 87 day of being listed, and sold for $2,300,000 – which was more than asking.

Single Family Properties SOLD in the last 90 days: 7

Average SqFt. for homes SOLD: 4,057

Average Price Per Square Foot: $558.69

Average Days On Market: 80

High $3,575,000 Low $1,725,000 Median $1,980,000

Sales Price To Listing Price 94.64%

 

Number of Homes Currently FOR SALE: 6

Average Square Feet: 5,589

Average Price Per Square Foot. $638.03

Average Days On Market: 63

High $5,750,000 Low $1,995,000 Median $3,120,000

 

Number Of Homes Currently Pending Inspection: 1

1230 Lexington Way East is currently Pending Inspection. The list price is $2,400,000

Number Of Homes Currently PENDING: 2

1620 Broadmoor Drive East is Pending after just 5 days on the market. The home received multiple offers, and is rumored to be selling for more than the list price, which was $3,250,000.

Average Square Feet. 5,105

Price Per Square Foot. $581.46

Days On Market 69

Washington State Home Sales Reach New High

sold-sign2015 may have been an interesting year for many reasons, but in the world of Washington real estate, it sure felt like the good old days.

Not since the way-back-when of 2007 had so many homes and condominiums sold in the Evergreen State. According to the Northwest Multiple Listing Service, 2015 saw a whopping 88,331 homes changed hands last year, about 14% more sales than in the previous year. Those who have done the math say that works out to about 75,975 single family homes and 12,356 condominiums, valued at approximately $34 billion, about 23% more than the dollar volume sold the year before. Those impressive figures make 2015 one of the best years for Washington State real estate in recent memory.

The last time this state saw real estate figures like that was in 2007, before the bubble burst and sent the country into what is not-so-affectionately known as The Great Recession. Even in 2007, the figures only added up to about 82,197 sales valued at $32.3 billion, according to the Northwest Multiple Listing Service.

Furthermore, despite a ‘lower inventory’, so to speak, prices and number of sales continue to grow. In King County, the median home price was $480,000 and more than 26,600 homes sold. Compare that to a median price of $440,000 and 26,600 homes sold, in 2014 and you’ll notice a jump of close to 10%. Snohomish and Pierce counties can top those figures with growth figures for both median home price and number of homes sold over last year at nearly 16.80% ($355,000, up from $326,360 with 11,303 homes sold) and 17.39% ($249,950, up from 230,000 with more than 13,200 homes sold) respectively.

Overall, region-wide, the growth was about 8.8% from 2014, with a median price for single family homes and condominiums at about $310,000, up from $285,000 last year.

Numbers like this are a positive and encouraging sign for the state of the real estate market and the country’s economy as a whole. Let’s just hope nothing comes along and tries to ‘burst our bubble’ this time.

1920’s Home Available For Rent In Broadmoor

1212 Broadmoor Dr. E

Living in Broadmoor offers residents the best of two worlds: in-city living within a quiet, secluded atmosphere. Just blocks from the shops and restaurants of Madison Park and Madison Valley, and in walking distance of the Washington Park Arboretum, Broadmoor is the ideal location.

This 1928 home available for rent is situated on the fairway of the Broadmoor Golf Course and offers a peaceful green view. Many of the 1920’s details are still intact, and this home is attractively decorated with pretty oak floors, classic rooms, and a covered porch. A one-car garage and basement offer plenty of storage.

This is a great opportunity to live in one of Seattle’s most sought-after areas! Please contact listing agents Betsy Terry and Jane Powers at Ewing & Clark, Inc. for more information on this home.

The Details

Bedrooms: 3  |  Bathrooms: 1  |  Sq. Ft.: 2,230  | Available for: $3,900/month

Broadmoor Living room

What Does Broadmoor’s Real Estate Market Look Like? Statistics Provided

Market Statistics provided here for Seattle’s Broadmoor neighborhood are current as of 8/31/2015.

Single Family Properties SOLD in the last 90 days:6

Average SqFt. for homes SOLD 3,940

Average Price Per SqFt. $508.19

Average Days On Market 18

High $2,291,250 Low $1,475,000 Median $1,787,500

Sales Price To Listing Price 99.73%

Number of Homes Currently FOR SALE: 5

Average Sq. Ft. 5,996

Average Price Per SqFt. $598.93

Average Days On Market: 108

High $5,750,000 Low $2,295,000 Median $3,770,000

Number Of Homes Currently PENDING: 0

Number Of Homes Currently PENDING INSPECTION: 0

Real Estate Statistics for Seattle’s Broadmoor Neighborhood

Market Statistics provided here for Seattle’s Broadmoor neighborhood are current as of 4/30/2015.

Single Family Properties SOLD in the last 90 days:5

Average SqFt. for homes SOLD 3,753

Average Price Per SqFt. $521.39

Average Days On Market 17

High $3,000,000 Low $1,400,000 Median $1,810,000

Sales Price To Listing Price 103.05%

Number of Homes Currently FOR SALE: 4

Average Sq. Ft. 6,720

Average Price Per SqFt. $581.29

Average Days On Market: 52

High $5,750,000 Low $2,800,000 Median $3,425,000

Number Of Homes Currently PENDING: 3

Average Sq. Ft. 5,193

Average Price Per SqFt. $653.97

Average Days On Market: 73

High $4,500,000 Low $1,995,000 Median $3,695,000

Number Of Homes Currently PENDING INSPECTION: 1

Annual Broadmoor Pumpkin Carving and Best Decorated House Contests – 2014

Broadmoor HalloweenHalloween BroadmoorHalloween

 

Halloween is fast approaching and it’s apparent that Broadmoor residents are preparing their homes in order to participate in the annual Halloween best decorated home contest. For new residents or simply residents of the neighborhood that have never competed in past competitions, beginning on October 20th you can pickup a flyer outlining the rules for both competitions at the front gate. On October 29th Judges will be going out to judge the contestants, so please make sure your homes are well lit as are your pumpkins on the 29th. There will be awards for 1st, 2nd, and 3rd place in the home decorating contest, adult pumpkin carving contest, and children’s pumpkin carving contest. NO stencils are to be used in the pumpkin carving contest.

Good luck to all participants and Happy Halloween!

Beautiful Broadmoor Home Now Available For $2,895,000

BroadmoorFantastic opportunity in Broadmoor! A beautiful, spacious private lot surrounds this shingled, traditional five-bedroom home with a wealth of amenities. A hornbeam hedge screens the entry, and Wilkesen stone terraces and walkways surround the house. Gracious rooms, fine finishes, and a sizable library give the house classic character, supplemented with modern updates such as top-of-the-line kitchen appliances, and butcher block and stainless steel counter tops. The breakfast room and large family room are flooded with natural light, and the master suite features two walk-in closets, a fireplace, and marble bath. If you are interested in this home or other listings in Seattle, contact your real estate agent today!

Market Statistics for Seattle’s Broadmoor Neighborhood

Market Statistics provided here for Seattle’s Broadmoor neighborhood are current as of this post date.

Single Family Properties SOLD in the last 90 days:5

Average SqFt. for homes SOLD 4,976

Average Price Per SqFt. $478.43

Average Days On Market 239 – This number is skewed has one home was on the market for 1128 days. The average days on market for the other 4 homes was 17 days.

High $4,200,000 Low $1,715,000 Median $1,910,000

Sales Price To Listing Price 98.95%

Number of Homes Currently FOR SALE: 2

Average Sq. Ft. 7,590

Average Price Per SqFt. $717.56

Average Days On Market 157

High $6,450,000 Low $4,395,000 Median $5,422,500

Number Of Homes Currently PENDING: 0

Number Of Homes Currently PENDING INSPECTION: 0

Moving Into Seattle’s Broadmoor Neighborhood Has Potentially Become More Expensive For New Residents

Broadmoor’s primary source for funding capital improvement projects and general neighborhood maintenance has been the move-in fee for new Broadmoor homeowners. The move-in fee up until recently was $5,400.00 for all move-ins, this is no longer the case as a new variable collection system has been implemented. As of now, the move in fee for all home sales up to $1,500,000.00 is $5,400.00. The move-in fee for sales in excess of $1,500,000.00 will be based on a percentage of the sales price, the percentage rate will be 0.36%. Currently there are 3 homes available for sale in the neighborhood, if each of the 3 homes sold at asking price, the move-in fees collected would be $7,902.00 (Sales Price $2,195,000.00), $15,822.00 (Sales price $4,395,000.00), and $23,2200.00 (Sales Price $6,450,000). The rate of 0.36% will be in place until June 30th, 2016. On June 30th, 2016 the rate will reset, the new rate will be based on a change in the Consumer Price Index.

Year to date there have only been 3 closed sales in the neighborhood with 3 homes currently Pending.  Given the low volume of sales, it’s understandable that the Board of the Broadmoor Home Owner Association would want to make changes to ensure that the neighborhood’s reserves are at healthy level, as they are vital to fund current expenditures, expenditures which make Broadmoor one of the premier neighborhoods in the city.