2014 YEAR END Waterfront Report

2014 YEAR END | Waterfront Activity Report

MERCER ISLAND206.232.0446 thewaterfrontreport.com

mercer island, seattle and the greater eastside

Undisclosed Pt $11,300,000 110 Cascade Key $2,683,000

3804 Hunts Pt Rd $9,100,000 11065 SE Lake Rd $2,650,000

4038 Hunts Pt Rd $8,000,000 6427 Lk Wash Blvd NE $2,574,000

609 Evergreen Point Rd $7,700,000 8363 NE Juanita Dr $2,545,000

6211 Lake Wash Blvd NE $7,550,000 9457 Lake Wash Blvd $2,540,000

318 Overlake Dr E $7,200,000 4011 Williams Ave N $2,399,000

3805 Hunts Pt Rd $7,100,000 10 Crescent Key $2,395,000

4450 95th Ave NE $7,062,500 201 Lake Ave W $2,252,500

213 Lake St S $6,700,000 11001 SE Lake Rd $2,250,000

8805 NE 34th St $6,399,000 4017 Williams Ave N $2,230,000

4347 Hunts Pt Rd $6,350,000 14921 58th Lane NE $2,150,000

8305 Overlake Dr W $5,388,000 1509 10th St W $2,125,000

2537 103rd Ave SE $5,350,000 12 Columbia Key $2,110,000

129 Lake Ave W $5,110,800 6625 Ripley Lane N $2,023,000

3339 Evergreen Pt Rd $5,000,000 541 5th Ave W $1,970,000

100 Cascade Key $4,800,000 23 Crescent Key $1,938,000

243 Lake Ave W $4,300,000 13031 Holmes Pt Dr NE $1,748,000

4676 95th Ave NE $4,000,000 15717 61st Ave NE $1,600,000

3654 Fairweather Lane $4,000,000 4545 Lake Wash Blvd NE $1,600,000

3306 78th Place NE $3,710,000 11545 Holmes Pt NE $1,595,000

3317 Evergreen Pt Rd $3,640,900 4865 Lakehurst Lane SE $1,465,000

3210 Hunts Pt Rd $3,600,000 13619 62nd Ave NE $1,083,000

74 Cascade Key $3,550,000 11615 Holmes Pt Dr $909,375

601 Evergreen Pt Rd $3,400,000

2 Crescent Key SE $3,300,000

9219 SE Shoreland Dr $3,300,000

7609 NE Champagne Poin $3,120,000

8655 NE Juanita Dr $3,070,000

4005 Williams Ave N $3,000,000

11027 Champagne Pt Rd $3,000,000

9518 SE 15th St $2,913,000 Average Sale Price $3,777,950

333 Shoreland Dr SE $2,900,000 Highest Sale $11,300,000

9240 SE Shoreland Dr $2,850,000 Lowest Sale $909,375

9810 SE Shoreland Dr $2,850,000 # Sold in 2014 59

2415 Killarney Wy $2,750,000 Average Days on Market 172

301 Lake Ave W $2,700,000 Average Square Feet 4,510

Average Year Built 1974

Average Lot Size (acres) 0.54

Average Waterfront Feet 89

EASTSIDE │ 2014 Annual Waterfront Report

ANNUAL SNAPSHOT

©2012-2014 Windermere Real Estate/Mercer Island. Data prepared by Windermere Real Estate/Mercer Island. For questions or comments, email [email protected].

TheWaterfrontReport.com │ Waterfront information and data for Seattle, the Eastside, Mercer Island and Lake Sammamish

Click to view Eastside 2014 Sold listings

32 41 39 3860

2010 2011 2012 2013 2014

Number of Private Waterfront Sales

$3.1 $2.9 $2.7 $2.6$3.6

2010 2011 2012 2013 2014

Average Sale Price (millions)

$752 $636 $740$606

$772

2010 2011 2012 2013 2014

Average Cost Per Home Square Foot

$34 $34 $36 $40 $41

2010 2011 2012 2013 2014

Average Cost Per Waterfront Foot (thousands)

2014 Private Waterfront Sales

$6.9 $6.5 $6.6$7.4 $7.7

2010 2011 2012 2013 2014

Average Cost Per Acre (millions)

8245 West Mercer Wy $7,490,000

2000 Faben Dr $6,800,000

8908 N Mercer Wy $6,750,000

8810 N Mercer Wy $6,500,000

8798 N Mercer Way $5,800,000

8024 SE 20th St $4,700,000

5044 Butterworth Rd $4,668,000

5255 Forest Ave SE $4,600,000

8066 Avalon Place $4,510,000

8460 N Mercer Wy $4,400,888

3251 W Mercer Wy $4,300,000

8630 N Mercer Wy $3,850,000

8900 N Mercer Wy $3,700,000

7455 W Mercer Way $3,400,000

6323 77th Ave SE $3,274,000

4346 E Mercer Wy $3,256,211

4134 100th Ave SE $3,100,000

8460 Benotho Place $3,100,000

4126 100TH Ave SE $2,900,000

4644 E Mercer Wy $2,800,000

6208 SE 22nd St $2,700,000

4609 Forest Ave SE $2,485,000

7446 N Mercer Wy $2,475,000

7436 E Mercer Wy $2,367,000

7444 E Mercer Wy $2,190,000

20 Holly Lane $2,099,000

8471 W Mercer Wy $2,011,000

9615 SE 71st St $1,790,000

6824 96th Ave SE $1,785,000

6825 96th Ave SE $1,785,000

9852 SE 42nd Place $1,667,500 Average Sale Price $3,576,675

3603 West Mercer Way $1,200,000 Highest Sale $7,490,000

Lowest Sale $1,200,000

# Sold in 2014 32

Average Days on Market 223

Average Square Feet 4,730




MERCER ISLAND │ 2014 Annual Waterfront Report

ANNUAL SNAPSHOT



Click to view MI 2014 Sold listings

28 2534 34 32

2010 2011 2012 2013 2014


$2.3 $2.7$3.2 $3.0

$3.8

2010 2011 2012 2013 2014


$522$691 $629 $666 $670

2010 2011 2012 2013 2014


$28 $32$43

$35 $39

2010 2011 2012 2013 2014



$6.2 $5.5 $5.1$6.3 $7.0

2010 2011 2012 2013 2014


Mercer Island private waterfront sales maintained a steady pace throughout 2014 with signature parcels garnering much attention-and handsome prices-while other homes languished on the market.

Discerning buyers were very selective in their purchases with nearly one-third of waterfront buyers opting to pay all cash.

16706 Shore Dr NE $4,500,000

1130 Lakeside Ave S $3,600,000

4594 W Cramer St $3,600,000

3035 Perkins Lane W $3,300,000

4422 55th Ave NE $2,950,000


4432 55th Ave NE $2,555,000

5709 Seaview Ave NW $2,475,000

8772 Sand Point Wy NE $2,300,000

5617 Beach Dr SW $2,230,000

6539 NE Windermere Rd $2,200,000

16800 Shore Dr NE $2,035,000

18309 17th Place NW $2,005,000

12040 Riviera Place NE $2,000,000



4712 NE Shore Place $1,800,000

17733 Beach Dr. NE $1,680,000




5915 Beach Dr SW $1,525,000

5949 Beach Dr SW $1,339,000



19709 27th Ave NW $1,295,000

5422 39th Ave W $1,289,000


5923 Beach Dr SW $1,175,000

6765 Beach Dr SW $1,130,000

1977 Perkins Lane W $1,115,000 Average Sale Price $1,900,083

5631 Seaview Ave NW $1,090,000 Highest Sale $4,500,000

7111 Beach Dr SW $1,050,000 Lowest Sale $850,000

14360 Edgewater Lane N $1,050,000 # Sold in 2014 36

6017 Beach Dr SW $960,000 Average Days on Market 157

6309 Beach Dr SW $850,000 Average Square Feet 3,709




SEATTLE │ 2014 Annual Waterfront Report

ANNUAL SNAPSHOT



Click to view Seattle 2014 Sold listings

4938 31 25

36

2010 2011 2012 2013 2014


$1.5 $1.7 $1.6 $1.7 $1.8

2010 2011 2012 2013 2014


$482 $526 $547 $505 $515

2010 2011 2012 2013 2014


$26 $25 $27 $31 $31

2010 2011 2012 2013 2014



$7.6 $6.8 $6.7 $7.7$6.1

2010 2011 2012 2013 2014


Many modest private waterfront homes sold in Seattle in 2014. With an average sale price of $1.9 million, the Seattle waterfront market had the most affordable waterfront in the Puget Sound area.

The highest sale of the year was a 7,200 square foot home built in 2004 located in Lake Forest Park with 105 feet of Lake Washington.

1006 W Lake Sammamis $3,600,000


434 W Lake Sammamish $3,300,000


659 E Lake Sammamish P $3,250,000

1913 E Lake Sammamish $3,200,000

425 E Lake Sammamish P $3,075,000


17828 SE 40th Place $2,700,000

4156 187th Ave SE $2,600,000

18880 SE 42nd St $2,565,000



5170 NW Sammamish Rd $2,200,000


4102 187th Ave SE $2,175,000






667 E Lake Sammamish S $1,650,000

17208 SE 29th Ct $1,595,000





2044 W Lk Sammamish $1,250,000



1846 W Lake Sammamis $1,200,000 Average Sale Price $2,086,080

1650 W Lake Sammamis $1,198,800 Highest Sale $3,600,000

2244 W Lake Sammamis $1,150,000 Lowest Sale $940,990

508 W Lake Sammamish $1,125,000 # Sold in 2014 35

18150 SE 41st Place $940,990 Average Days on Market 76

Average Square Feet 3,963




LAKE SAMMAMISH │ 2014 Annual Waterfront Report

ANNUAL SNAPSHOT



Click to view Lk Samm 2014 Sold listings

36 35 3051

35

2010 2011 2012 2013 2014


$2.0 $1.6 $1.7 $1.8 $2.1

2010 2011 2012 2013 2014


$430 $441 $461 $507 $500

2010 2011 2012 2013 2014


$27$23 $21 $24 $26

2010 2011 2012 2013 2014



$4.9$6.1 $5.3 $5.7 $5.9

2010 2011 2012 2013 2014


With only 3 homes actively listed for sale at year end, Lake Sammamish experienced anextreme shortage of available homes for sale in 2014 leaving pent up demand among would-be buyers desiring the live on the lake.

2014 YEAR-END | Waterfront Activity Report Summary

16706 Shore Dr NE $4,500,000


4594 W Cramer St $3,600,000


4422 55th Ave NE $2,950,000


4432 55th Ave NE $2,555,000



5617 Beach Dr SW $2,230,000


16800 Shore Dr NE $2,035,000

18309 17th Place NW $2,005,000





17733 Beach Dr. NE $1,680,000




5915 Beach Dr SW $1,525,000

5949 Beach Dr SW $1,339,000



19709 27th Ave NW $1,295,000

5422 39th Ave W $1,289,000


5923 Beach Dr SW $1,175,000

6765 Beach Dr SW $1,130,000











ANNUAL SNAPSHOT




4938 31 25

36

2010 2011 2012 2013 2014


$1.5 $1.7 $1.6 $1.7 $1.8

2010 2011 2012 2013 2014


$482 $526 $547 $505 $515

2010 2011 2012 2013 2014


$26 $25 $27 $31 $31

2010 2011 2012 2013 2014



$7.6 $6.8 $6.7 $7.7$6.1

2010 2011 2012 2013 2014




The Eastside private waterfront market saw a significant 55% increase in the number of units transacted—from 38 sales in 2013 to 59 in 2014. This was likely driven, in part, to buyers choos-ing to be closer to core metro areas with shorter commute times. The average sale price was up 38%, but much of that increase is the result of more sales at the higher end of the market. The cost per waterfront acre and cost per front foot increased a more stable 4% and 3%, respectively. The cost per home square foot increased 27%.

The Eastside’s private waterfront consists of homes sited along Lake Washington from just north of St. Edwards State Park to Newcastle Beach Park; encompassing the cities of Kenmore, Kirkland, Bellevue, Medina, Newcastle and Renton.

Lake Sammamish experienced record low inven-tory in 2014. Most homes coming to market did sell throughout the course of the year, but even so, the number of sales were down 31% to 35 in 2014. The average sales price was up 17% to $2.1 million. This is even more remarkable given the highest sale price of the year was only $3.6 mil-lion as compared to $6.1 million in 2013. The cost per waterfront acre increased 4% while the cost per home square foot was down 1%. The cost per front foot was up 8%. Lake Sammamish needs to see additional inventory listed for sale to experi-ence a stable, more balanced market.

Lake Sammamish is the sixth largest lake in the state of Washington, located 8 miles east of Seattle and just north of the I-90 corridor.

Mercer Island saw more private waterfront sales at the higher end of the price spectrum last year. The average sale price was up 27% overall, but it is important to note that many sales above $5 million—far more than typical—impacted this number significantly. The cost per waterfront acre on the Island was up 13% and the cost per waterfront front foot was up 11%. Both are lead-ing indicators of value and a better representa-tion of year over year changes.

Mercer Island’s private waterfront homes are situated along the shores of Lake Washington around the perimeter of the Island. While it’s an island, Mercer Island is connected to Seattle and Bellevue via Interstate 90.

The Seattle private waterfront market could best be described as steady in 2014 with prices of the most desirable properties up nicely. Seattle saw the number of private waterfront sales increase 44% to recover to more typical levels following a slower 2013. The average sale price was up 6% to $1.9 million. Several sales of larger than typical lots caused the average cost per waterfront acre to fall 21% to $6.1 million. The average cost per home square foot was up 2% while the average waterfront foot stayed the same.

Seattle’s waterfront homes are sited on either west shore of Lake Washington to the east or Puget Sound (saltwater) to the west.

16706 Shore Dr NE $4,500,000


4594 W Cramer St $3,600,000


4422 55th Ave NE $2,950,000


4432 55th Ave NE $2,555,000



5617 Beach Dr SW $2,230,000


16800 Shore Dr NE $2,035,000

18309 17th Place NW $2,005,000





17733 Beach Dr. NE $1,680,000




5915 Beach Dr SW $1,525,000

5949 Beach Dr SW $1,339,000



19709 27th Ave NW $1,295,000

5422 39th Ave W $1,289,000


5923 Beach Dr SW $1,175,000

6765 Beach Dr SW $1,130,000











ANNUAL SNAPSHOT




4938 31 25

36

2010 2011 2012 2013 2014


$1.5 $1.7 $1.6 $1.7 $1.8

2010 2011 2012 2013 2014


$482 $526 $547 $505 $515

2010 2011 2012 2013 2014


$26 $25 $27 $31 $31

2010 2011 2012 2013 2014



$7.6 $6.8 $6.7 $7.7$6.1

2010 2011 2012 2013 2014




windermere.com

Number of $5 million+ Home Sales (per year)

2010 2011 2012 2013 2014 ytd

Sales were heavily concentrated on the Eastside

27 homes priced at $5 million or more have sold so far this year. That compares to 17 $5 million+ sales in all of 2013.

14 of the 27 sales occurred in the past 90 days (August-October 2014).

WE ARE LOCAL. WE ARE GLOBAL.

Market Share by CompanyWindermere represented a seller or a buyer in 85% of the transactions.

25 of the 27 homes sold (93%) were located on the Eastside. In 2013, 12 of the 17 $5 million+ sales (71%) were located on the Eastside.

BEHIND THE NUMBERS: Why the increase?A robust local economy and strong stock market has fueled buyer confidence. Almost two-thirds of the buyers came from the U.S.

Sales to international buyers are on the rise. Buyers from China accounted for nearly a third of the sales.

Three of the 27 properties were purchased by developers.

■ Windermere 16■ Coldwell Banker 5■ John L Scott 2■ Sotheby’s 2■ Other* 2

* Companies representing just one seller.

Representing Sellers

Representing Buyers

15

8

18 17

27

Snoqualmie Bellevue Seattle Yarrow Pt Kirkland Hunts Pt Mercer Is Medina

1 12 2

4 4

67

Number of $5 million+ home sales up 59%

59%19%

7%7%

7%

■ Windermere 16■ Skyline 3■ Coldwell Banker 3■ Other* 3■ John L Scott 2

* Companies representing just one buyer.

59%11%

11%

7%11%

Number of $5 million+ Home Sales (by city)

Luxury Home Sales Soar2014 YEAR-END | Luxury Market Share Report

WAIT, THERE’S MORE! | HOMES & STATS ONLINE

OUR TEAM | WINDERMERE MERCER ISLAND

Bottom from left: Kelly Weisfield, Lis Brown, Kathryn Lerner, Anni Zilz, Marianne Parks, Cynthia Schoonmaker, Megan Hand, Van Anderson, Nancy LaVallee, Ina Bahner, Julie Wilson, Nicole Demers-Changelo. Second row: Jennifer Craven, Sharon Glatz-Scott, Valarie Kaye, Claire Dion, Lisa Dong, Wendy Chan, Anne Kaye-Jewett, Peni Schwartz, Karin Spencer, Julie Barrows, Michelle Rubin, Cherrie Lee, Denise Coe, Lisa Lewis, Andrea Iverson, Kathryn Buchanan. Third row: Paul Tiscornia, Larry Williams, Erin Ewing, Doug McKiernan, Daniel Marinello, Brian Rosso, Seamus Pelan, Allen Hovsepian, Terry Donovan, Andrew Jackson, Jay Agoado, Mary Lou Putman, James Laurie. Not pictured: Andrea Victor, Bonnie Sanborn, Cindy Galante, Daphne Donovan, Emily Roberts, Kristopher Herrell, Michael Lee, Molly Neary, Robert Craven, Sandy Yin, Susan Lettengarver-Stowell, & Tom Poole.

While having an historical perspective like this annual review is valuable, you may be looking for real-time information on today’s real estate market. If so, your search is over!

We publish weekly reports to WeeklyPropertyReport.com providing a summary analysis of what’s happening in 16 different micro-markets, including Mercer Island. You can find these reports on our website, subscribe to them as an RSS feed…or simply contact one of our helpful agents for additional details.

Interested in what’s happening with waterfront properties? We are too! That’s why we analyze waterfront sales each month. You’ll find that information at TheWaterfrontReport. com.

Supplementing those websites is MercerIslandPulse.com, our blog on all things Mercer Island–and beyond!

You can search for every property listed for sale–by any real estate company–on WindermereMercerIsland.com. While you’re there, check out our new INRIX drive-time feature, which allows you to estimate commute times before you buy!

2014 YEAR END Waterfront Report

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