The luxury real estate market in the Seattle and Bellevue area has seen great sales activity in recent weeks. There have been 36 closed sales in the last 180 days priced above $2.5 million. These luxury properties range in type from waterfront to lake and city view to acreage estates. The average of the closed sale price is $4,847,661. During the six month period the market has been experiencing 6 closed luxury sales a month.

Currently there are 21 pending sales (properties under contract but not closed) above $2.5 million. These sales have all occurred within the last 60 days. This is truly great news for the luxury market. The market has seen an increased in sales activity with 10.5 sales per month above $2.5 million in the last 60 days.

   

There are several exceptional pending sales: A new construction estate with built green/energy star rating at 373 Highland Drive in Seattle priced at $3,595,000; an estate featured in Architectural Design at 210 Maiden Lane in Seattle priced at $9,500,000; a gated country estate at 7350 259th Place NE in Redmond priced at $2,600,000; and a custom waterfront home at 94 Cascade Key in Bellevue priced at $7,500,000.

The market is demonstrating great signs of recovery in the luxury market. Our waterfront properties are experiencing a major increase in activity and interest. The Puget Sound Region has become a very attractive place to live and invest.

Posted by:  Tere Foster

The Park Cities -- made up of Highland Park and University Park -- are “island cities” that are actually surrounded by the much larger city of Dallas.

These two small towns’ reputations for quality housing is enhanced by their scenic settings among parks and creeks. Approximately 11,500 households, including some of America’s best-known and wealthiest families, live in the Park Cities. Local residents include Jerry Jones, owner of the Dallas Cowboys football franchise; and former Dallas Cowboys quarterback Troy Aikman.
Families, in particular, flock to the Park Cities because of the towns’ shared school district, which is known nationally for its high-quality public schools. Many people who grew up in the Park Cities later return there to raise their own families, thus perpetuating the small-town feel of the neighborhoods.

Currently available in this small slice of Americana are 298 properties priced at $1 million or more. Of those, 24 are priced at more than $5 million. In other words, now is truly an ideal time to purchase a residence in the Park Cities.

Historically, buying property in Highland Park and University Park has proven to be a sound investment. A friend mentioned to me recently at a cocktail party that had she put the same money into Park Cities real estate that she has put into the stock market in the last few years she would be much better off financially, and be sleeping much more soundly at night.

Photo caption: Among the notable properties currently available in the Park Cities is Dave Perry-Miller & Associates’ listing at 3500 Beverly Drive. The 18,841-square-foot mansion by Andrew Merrick Homes is offered for $17.9 million.

By: Dave Perry-Miller, a luxury real estate expert serving Dallas, TX

1. Exceptional Waterfront Living - From Puget Sound to Lake Washington and Lake Sammamish, everyone can enjoy the waterfront lifestyle.
2. Endless Outdoor Recreation activities - As home to REI, the Greater Seattle area offers some of the best activities for outdoor enthusiasts. From hiking, to kayaking to mountain biking to watersports to skiing, the options are endless for year round fun.
3. Thriving Arts Community - Whether it’s the theater, symphony or visual arts that draw you, Seattle has one of the strongest arts communities in the country.
4. Exciting Restaurants & Dining – From world renowned seasoned chefs like Tom Douglas to new chefs gaining international acclaim like Jason Wilson, the Seattle area boasts quite the reputation for culinary hotspots. From coastal inspired fare to Asian fusion, there is always something new and exciting to try.
5. Wine Country - Quickly becoming a destination for wine enthusiasts, the Eastern side of the state has long been home to many wineries. Now closer to home, the Woodinville area is host to many wineries as well. Whether it’s an evening of wine tasting, or a short drive for a weekend away, there are endless options for your palette.

By: Tere Foster, a luxury real estate expert serving the Seattle, WA region

Dare we say rebound? It looks like it. The numbers for Bellevue jumped up in February, both for single family residences and condos in the downtown core. There were 22 luxury home sales above $1.1 million, the median home price for the “West Bellevue” area. Compare that to January where we only had 2 sales and the median price was $800,000. We are continuing to see an increase in activity with buyers recognizing that this may be the optimal time to buy before interest rates start to rise. West Bellevue continues to be one of the most desired areas in the Greater Puget Sound region. With great public schools, a vibrant and growing downtown core with restaurants and great shopping, and easy access to corporate offices it truly is THE place to live.

By: Tere Foster, a luxury real estate expert serving the Seattle, WA region