Hunts Point has always been at the pinnacle of waterfront real estate in the greater Seattle area.  Hunts Point waterfront homes are commonly sold in the multi-million dollar range, with sales over $10 million not our of the ordinary.  The sale of 3645 Hunts Point Rd in January was the highest-priced sale of the year for the region thus far, and may hold that title for some time.

The Bellisima, as it has been dubbed, is a Mediterranean home built in 2005.  At close to 10,000 square feet, it’s a very large home on a one acre lot.  With 4 bedrooms, 5 baths, and a carriage house, the pure numbers aren’t gaudy, but the home is a picture of luxury perfection.

Originally listed in January of 2011 for $14,100,000, the price was reduced to $12,900,000 in June of last year.  The final selling price of $11,000,000 represented a 22% reduction from the original list price, or a 14% reduction from the final list price.  This is not a surprise, as the very top of the luxury market is seeing some significant discounts on properties that have been marketed for over a year.  While some sellers are content to sit out the market, those who are motivated to sell are making informed decisions on pricing based on current market conditions, and home buyers are benefitting.

Hunts Point Waterfront Real Estate:  Sold, January 2012

MLS Listing:  3645 Hunts Point Rd, Hunts Point WA 98004 - $11,000,000 Sale Price

Tomorrow:  Shared waterfront home sale in Sammamish

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

Realtor Magazine and CNN Money recently listed the top 10 states for foreclosures in the U.S.  Washington, once again, was not on the list (it is usually near the middle of the pack).  Seattle forecl0sures, in particular, are in short supply as far as actual bank-owned homes on the market that are available for sale.  The low inventory has made them a hot commodity and many sell quickly.

The top states for foreclosures include the usual suspects:  Nevada, California, and Arizona have been leading the country in foreclosures for years on end.

Here are the states that are still facing the highest foreclosure rates in the nation:

1. Nevada: 1 in every 198 homes received a foreclosure filing in January
2. California: 1 in every 265
3. Arizona: 1 in every 325
4. Georgia: 1 in every 328
5. Michigan: 1 in every 354
6. Florida: 1 in every 363
7. Illinois: 1 in every 369
8. Delaware: 1 in every 373
9. Colorado: 1 in every 523
10. Indiana: 1 in every 555

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

Amazon is once again expanding its powerful footprint around the South Lake Union neighborhood, purchasing a 3 block swath of commercial property in the Denny Triangle from Clise Properties, according to a report from the Seattle Times.

The company’s already-evident impact on the north end of downtown Seattle is evident in the vast array of new shops, restaurants, and entertainment available in South Lake Union.  Plans for the Denny Triangle space include three separate office towers with 1 million square feet of office space each.  The move would double Amazon’s footprint in South Lake Union, creating a likely increase in pressure for rentals and homes for sale in the area.

As I reported last week, South Lake Union already has a dearth of homes available for sale.  Virtually everything on the market under $2 million has sold in under one month.  There are only three condos available at the moment, as another unit at Veer Lofts just went pending.  There will likely be increased pressure on the rental and resale market in South Lake Union in the coming years.  Could Vulcan transition some of its rental properties back into condos based on the influx of well-paid employees?  Only time will tell.

Sold Condos in South Lake Union, Past Six Months:
Veer Lofts:
MLS # 294360 – 401 9th Ave N #402, Seattle WA 98109 – $275,000
MLS # 250847 – 401 9th Ave N #616, Seattle WA 98109 – $405,000
Art Stable
MLS # 214417 – 516 Yale Ave N #600, Seattle WA 98109 – $1,565,000

Active Condos For Sale in South Lake Union:
Veer Lofts:
MLS # 316769 – 401 9th Ave N #603, Seattle WA 98109 – $419,000
MLS # 320430 – 401 9th Ave N #614, Seattle WA 98109 – $440,000

Art Stable
MLS # 290859 – 516 Yale Ave N #400, Seattle WA 98109 – $1,995,000

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

In a bit of Valentine’s Day pseudo-science (don’t shoot the messenger), Trulia surveyed men and women on their preferences in homeownership, styles of homes, amenities, and those same qualities they find attractive in potential dates.

The number of women stating that they preferred a man who owned a home was more than 15 times the number that preferred a renter.  For men, the number who preferred a female homeowner was about six times the number who preferred a renter.

The study also found that although men and women had only slightly different preferences in home attributes, women had far more opinions.  Female respondents chose far more home features as “important” to them as men did.

From the recap on the RealtorMag site:

“Home owners trump renters when it comes to finding someone to date, according to a new survey of 1,000 single people. More than a third of women and 18 percent of men would rather date a home owner than a renter, according to the survey, which was conducted on behalf of Trulia.

On the other hand, only 2 percent of women said they’d prefer to date a renter, while 3 percent of men said they’d prefer a renter.

Not only do both sexes prefer home owners, but they also prefer you live alone. Sixty-two percent of the singles surveyed said they prefer to date others who live alone and have no roommates.

And while the number of young adults who have moved back in with their parents has skyrocketed in recent months due to economic hardships, less than 5 percent of the singles surveyed said they would date someone living in their parents’ home.

What home qualities are the many singles who prefer ownership to renting most drawn to? The top vote-getters were the master bath, walk-in closets, and gourmet kitchens. They also gave high ranks to hardwood floors, outdoor decks, and home theaters.”

I’ll skip the obligatory better dating/buy home today plug.  Happy Valentine’s Day.

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service

In a report by Capital Economics this week, the group predicts an end to the housing crisis in the coming year.  The big reason:  Loosening of credit standards for home buyers by banking instituations.

The report sees banks lending to a larger group of potential home buyers in 2012.  Loan-to-value ratios have been increasing on average loans (74% to 82%) and borrower income standards have dropped as well.  Banks are lending at 3.5 times the borrower’s annual income, up from 3.2 times in previous years.

While we certainly don’t want to go back to the shoddy/non-existent lending standards of the real estate boom, there was a serious overcorrection in the market after the bust.  These changes in the market are reasonable adjustments and are good news for the real estate market as a whole.

Source: NWMLS Data – This information was not compiled or published by the Northwest Multiple Listing Service