Windermere Real Estate/BI, Inc.
Excited to share my newest listing on popular Point White Drive. Come visit me tomorrow, Thursday 10am-1pm or Sunday 1-4pm and tour this Northwest Contemporary home in person. Reijnen Co. custom built this home back in 1997 and the current owners have added modern updates throughout the years. But, the view of Rich Passage and southern exposure are the real show-stoppers. Come see for yourself.
Details about the home:
Nestled atop a bluff on the southwest tip of the island, youll find the one youve been waiting for. Quality built by The Reijnen Company, this custom home was sited on the shy 2 acre lot to realize optimal light and water views. Walls of windows make the ferry streaming through Rich Passage hard to miss. Exposed beams and warm woodwork were crafted from timber on the property. Private master suite. Artful exterior hardscaping and professionally designed gardens round out this rare package.
For more listing info, please click here to visit the Windermere website.
Click here to visit this home’s dedicated website.
Happy to present my newest listing in Winslow. Terrific location walking distance to services and Bainbridge High School, parks, library, aquatic center, ferry and more. Affordable price point for the buyer with vision and creativity. Come take a look today, Thursday 10am to noon and Saturday (4/15) from 1 to 4pm.
Details about the home:
Spacious in-town home and lot has two beds and 1.5 baths on the main level and another two beds and bath in walk-out daylight basement. Enjoy western sunsets from the larger newer deck. Easy living close to K-12 schools, shopping, and the ferry. Potential for multi-generational living or two separate living spaces. Buyer to verify with COBI the ADU potentials. RV Parking and fully fenced backyard. Bring your tools and imagination.
Excited to share my new listing in Fletcher Bay on Bainbridge Island. Fantastic, flexible floorpan with room to breathe on over half an acre of property that backs to three more acres of open space. Come visit in person Sunday 1pm-4pm. And please feel free to reach out for more info.
Details about the home:
Room for everyone in this classic three bedroom home that also offers two offices and an extra-large bonus room. The eat-in kitchen opens to a vaulted great room that connects to another office/media room. Ideal for entertaining-easily move from the open kitchen to dining room to landscaped yard. While outside enjoy the waterfall, garden beds, lawns, fire pit and connection to three acres of open space adjacent to home and shared by the four homes in the enclave. Close to Winslow and ferry. Easy walk to beautiful public beach access at Fletcher Landing.
With regard to the Bainbridge Island real estate market and its year-end numbers, the similarities between 2016 and 2015 are striking. In both years, the market struggled with a lack of inventory and strong demand, while the market trends (that actually began in 2013) continued to respond to this condition. What makes 2016 special is we surpassed most (if not all) of the records set in our last ascending market of 2004-2007. While it makes some people nervous to be in this rarefied air, with the uncertainty that can accompany it, we don’t foresee any specific event that will change our market trajectory in 2017 (with one possible exception, which I will discuss later).
The median price of a home sold on Bainbridge has never been higher than in 2016. Even more impressive is the growth in the median, which has risen steadily since bottoming out in 2011 following the difficulties that began in 2007. In only five years, our median has grown from $493K to the current $740K – an increase of 150%. In that time, we officially drew even with and then surpassed the 2007 peak median of $680K. This is welcome news to all those sellers who have been hanging in there, whether they wanted to or not, waiting for prices to climb back up.
Our upper end has been the last market segment to enjoy our market’s resurgence, and finally joined the party in 2016. Sales over $1M were up 32.4% from 2015 and up 88% from 2014. Not only did we set a new “highest price sold” of $5.97M but we had five sales over $3M. Previously, the highest price for a home sold was $3.497 in 2007. Also for comparison, in the ten years between 2005 and 2015, there were only eight homes sold for more than $3M (an average of less than one, compared to the five sold in 2016).
Our condominium market also experienced a resurgence. In 2008, there were only 42 condominium sales on the island; in 2016, we had 104 sales distributed over all price ranges – the largest number since 2007. The condominium valley floor was in 2012 with a median price of $297K. In 2016, by contrast, we raised that by 35%, reaching a median of $400,750.
Although land sales were down last year (for reasons that are unclear, but we suspect a cyclical reaction from 2015’s exceptionally strong sales), new construction seems to be everywhere (especially in community centers). There is a plethora of multi-home projects underway across the island. Some are being developed by local owners, but we have also seen an influx of off-island larger development companies. New communities under construction: Ashbury – Off Wyatt – 18 residential homes (off-island developer); Landmark – Off Wing Point Way – 17 residential homes (off-island developer); Ferryview – Off Wing Point Way – 11 condominiums (off-island developer); Roost – Off Baker Hill – residential, commercial and townhomes (island developer); Pleasant Beach Village – 14 view condominiums (island developer). There are also many multi-home projects in the planning/permitting stage (Weaver, Finch and Torvanger to name a few).
The development we’re seeing in places like Winslow and Rolling Bay addresses a sentiment we’ve been hearing from our clients for years: “We want to downsize and move into town.” As the higher end has become healthier, people have been able to achieve their goals of selling their larger homes (to enthusiastic new buyers!) and moving to smaller homes or condos in denser community centers. We anticipate Lynwood Center will also benefit from this trend as new homes come online (like The Roost and Pleasant Beach Village Townhomes and lots).
We’re keeping a close eye on interest rates, which are slated to go up again sometime soon. The concern is they rise to a point where they materially affect mortgage payments (and therefore home prices). Loan rates are still exceedingly affordable, so let’s hope they stay that way.
Demand will probably not be a concern for 2017, and supply will still most likely lag demand. We have new projects coming on-line now and throughout the year, but we still see some clients waiting to sell their homes (adding to inventory woes) because there aren’t yet enough choices on the market to justify the risk of having nothing to move to once they sell. The new projects will help, especially because they provide what current potential sellers have been asking for, but we see overall demand still exceeding supply. As much as last year? That could depend on what happens in Washington DC . . .
Will 2017 go down the same growth-oriented path as 2015 and 2016? Will the change in federal leadership have a negative impact on our market? Obviously, we can’t predict unforeseen events, but the economic outlook for our region is very positive. Professional and business services jobs are predicted to grow 3% in the Seattle Metro area next year. Computer and mathematical jobs up 3.5%. All that growth without any new transportation infrastructure only makes Bainbridge look increasingly appealing. People continue to look beyond King County, and many are excited to discover the beauty and quality of life found on Bainbridge Island.