Dip Your Toes into the Waterfront Collection

August 28, 2020

With a representation of over $350M in waterfront estate sales including the most expensive residential waterfront sale recorded in the NWMLS for 2018 and 2020, the Gray Team offers unrivaled expertise in the purchase and sale of homes at the water’s edge. Having worked with clients around the Sound, the Gray Team understands that living on any of our State’s gorgeous shorelines is a unique lifestyle investment. Living on Lake Washington is among the most coveted shoreline opportunities, and this rising submarket requires an impeccable understanding of the local market that only a real estate advisor of the Gray Team’s caliber can provide.

Trends at the Water’s Edge

The Realogics Sotheby’s International Realty waterfront report exhibits 15 months of waterfront sales, from January 2019 through March 2020 in key areas throughout Western Washington. Below are a few observations from our clients’ favorite markets:

  1. Among the Three Points of Hunts Point, Evergreen Point and Yarrow Point, no more than five waterfront homes sold in any single month. All six waterfront homes sold at Hunts Point since the 2019 New Year were sold in the months from January through May. One of these sold in April 2019 for $37.5 million. No homes there were sold this early in 2018, the year when selling price growth peaked in the region. Nine homes were sold at Yarrow Point in 2019, compared with six in 2018; but none there sold in 2020 Q1. One or two waterfront homes monthly have sold in Medina since 2018, but none in January or early spring. One Medina home sold for $30 million in May 2019.
  2. Waterfront sales in Bellevue and Mercer Island peaked at ten sales monthly in 2018, then at twelve sold in June of 2019, but no fewer than six waterfront homes sold in any month from May through November of either year. Eighty-two sales were closed in the two cities from January 2019 through March 2020. Eleven sold for $5 million or more in 2019, but all 2020 prices paid were lower. One waterfront home on Mercer Island sold for more than $10 million and another off market sold for $23.5M.
  3. Fifty-two waterfront homes were sold in Kirkland in 2019, compared with 46 sold in 2018. Condominium sales comprised most sales in each of these years: 32 units were sold in 2018, 34 in 2019. While 18 residential homes at Kirkland were sold in 2019, nine of them for $2 million or more, only one such home was sold in 2020 Q1 (at just over the 15-month median price of $1.92 million). Among homes with Lake Washington frontage, condominium selling prices averaged $1.25 million, and residential homes sold at an average of $3 million.

The Gray Team Difference

  • Service | Full-service and professionalism in managing the transaction.
  • Experience | Representation of over $350M in luxury waterfront sales.
  • Recognition | Recognized by peers as the #1 Waterfront Sales Team in Washington state, 2018 to 2020.
  • Connected | Exclusive exposure opportunities through the Gray Team’s membership within the Sotheby’s International Realty® Market Leaders collective.

Click here to experience the best of the Northwest with a full copy of the waterfront report.

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