"Life on the shores of Puget Sound, as well as its neighboring straits & harbors, lakes & archipelagoes, offers all the pleasures and adventure that draw people to the water’s edge."
WHAT'S IN THE REPORT
This annual waterfront report is released in August based on data for the twelve-month ending on the preceding June 30; in this case, from July 2016 through June 2017. Annual data reported for trends are based on preceding calendar years and the current year to-date. We analyzed waterfront sales throughout the Puget Sound region, including those with frontage on the Sound and connected channels north to the Canadian border; the upper reaches of Hood Canal; all navigable lakes and rivers; and smaller lakes and tributaries, excluding creeks and ponds. We have included only single family residences in our statistics, and have referred to condominium sales only tangentially. The geographic areas covered include sub-regions that could reasonably be treated as integrated markets: Seattle (North); Seattle (Central); South King County; the Eastside; Mercer Island; the Four Points; Bellevue; Kirkland; Redmond/Sammamish; Bainbridge and Vashon Islands; North Sound; the San Juan Islands; the South Sound and Hood Canal.
puget sound WATERFRONT TRENDS
This report mainly concerns price trends. The price of each waterfront property is influenced by normal location factors affecting the value of any real estate. However, waterfront sales may also be influenced by features such as docks, moorage, and beach or tidelands access, which may be conditioned on easements or otherwise shared, especially in more densely populated areas. Furthermore, the length of frontage varies widely outside these areas. All these factors should be considered when comparing waterfront home prices, whether of adjacent properties or in different corners of the region.
Since 2014, waterfront prices have increased in each of the sub-regions above, except for the Four Points. It should be noted that in several areas, particularly the Four Points and Kirkland, the number of sales on even an annual basis are easily skewed by outliers and too small to reliably discern trends as to price and volume. The annual prices and compound average growth rates (CAGR) for the preceding years and the current year to date are shown in the table below, ordered from the highest to the lowest CAGR.
MARKET TO WATCH: WEST BELLEVUE
It’s exciting to note some extraordinary sales activity that are pending at this time. Firstly, consider the 11,520 square foot manse at 405 Shoreland Dr. SE, which has tested the market several times over as many years and is currently listed for $26,800,000. This appears to have found a buyer and is noted as pending at the time of reporting. Likewise, the newly built waterfront listing at 321 82nd Avenue NE in Medina was offered in late July at $24,800,000 and is now pending after just 30 days on the market for what could amount to a record sale if it fetches its asking price at $2,787 per square foot. Earlier this year, a private sale of Andera Selig’s estate on the Denny-Blaine waterfront closed for $20,000,000 even at 8,690 square feet or $2,301 per square foot. The prior high water mark for sales on Lake Washington was a 2.93 acre estate at Proctor Lane on Mercer Island’s west side, which closed at $21,625,000 in September of 2012 and commanded $1,475 per square foot.
Although outside the reporting period, which ended June 30th, 2017, we should note a recent significant sale at Yarrow Bay, an undisclosed residence that closed for $14,252,500 comprising 8,246 square feet or $1,728 per square foot on August 1st.