Grateful to have worked with such amazing people in 2019 and wrap up the year with 31 total sales. Looking forward to a fun and fast-paced 2020!

Jen Pells' 2019 Sales collage for Bainbridge Island

On January 14, 2020, in Uncategorized, by

It is an honor to wrap up my 2019 listing season with one of my very favorite homes on the island.  I sold this home to my clients back in 2013 and it made my top 10 list that year.  This home was already special and charming before my clients bought it and sprinkled their style and talent for design all over it.  It did not take my clients long to find the best of the best contractors (Tom Whealdon Construction, Salisbury Woodworking, Chameleon Fine Home Painting, Seri Yekel Design) on the island and they did some amazing remodeling and renovations on this home over the past seven years and today it is truly EXCEPTIONAL!

It is certianly one to see in person.  Open Sunday, December 8th from 1-4pm or reach out for a private showing. 

Find out much more about this fine home at bainbridgeviewhome.com or at the Windermere site.

Offered at $1,448,000

10578 Sunrise Drive NE  on Bainbridge Island.

10578 Sunrise Dr NE on Bainbridge Island.

The fabulously remodeled kitchen.

Living room with vaulted ceilings and centerpiece river rock fireplace.

The cozy family room.

Charming main floor hallway.

The master suite retreat.

The spa-like master bathroom.

View from the master bedroom.

The guest apartment over the garage.

The sandy beach – deeded beach access is via a private trail.

Front of the home.

Aerial view of the property.

Details about the home:

Enjoy views of the Sound and deeded beach access from this charming, jewel-box home tucked behind mature, professionally-designed landscaping. Reimagined and masterfully crafted by fine local builder Tom Whealdon, this home is a beautiful marriage of high-end finishes and thoughtful details. Divine chef’s kitchen with French range and Sub-Zero fridge, spa-like master suite retreat, and wide plank quarter sawn oak flooring. The 650 sq ft guest apartment shares the same refinement. A rare find.

  • three bedrooms – 3,241 sq ft in main home
  • guest apartment over garage – 650 sq ft
  • Sound and Cascade Mountain views
  • .59 acres – flat lot
  • deeded beach access
  • remodeled by Tom Whealdon; originally built in 1961
  • chef’s kitchen, spa-like master bathroom, quarter sawn oak floors, wool carpeting
  • fine finishes and  updated fixtures throughout the home
  • two main floor bedrooms; master bedroom on second level
  • heated 2-car garage

Please reach out for a private showing.

Again, much more info on the home can be found here.

 

 

 

 

 

 

 

On December 6, 2019, in Homes, Listing, Open Houses, Top 10 Homes, by

Summer is over, over.  It is raining.  The holidays are coming.  We are very seasonal here on Bainbridge Island with our real estate market and our busy listing season is April – August.  When I sold real estate back in California the listing season was less dramatic, sales happened pretty consistently year round. Here, in Washington, we are more affected by the weather. We are heading into that slower listing season right about now. Our busy season bled into fall this year more than it ever has in my 12 years in the business here.  Right now we have about 80 homes on the market.  In January, that number may get down to around 50. I have seen it in the 30’s before.  In our small niche market, a handful of good listing makes a big difference.  Which is why listing in the winter can be very good for sellers.  Some of my favorite homes on the island have come on the market in fall and winter. They are always such a fun surprise.

In the fall I get a bit of time to reflect on the past busy season.  What worked?  What could be improved?  How do I want my business to continue to evolve?  I look at where my clients are coming from and where they are going.  Below is a grid of my 2019 summer sales, back when the sky was indeed blue.

Homes sold by Jen Pells real Estate Summer 2019

Fun facts about my summer sales:

Total number of sales from Memorial Day through Labor Day – 18

Highest priced sale – $3.6M for a 5,000 square foot waterfront home on South Beach

Most affordable sale – $435,000 for a one bedroom condo at Harbor Square

Number of repeat clients – 8

Number of related clients in the grid above – 4

Number of sellers represented – 12

Number of buyers represented  – 6

Number of clients who moved from one house to another house on Island – 7

Number of sales that represented Newcomers to the island – 5

Number of sales that were multiple offers – 7

Shortest days on market for sales above  – 2!

Longest days on market for sales above  – 23

Things move quickly in the prime selling season and I worked some long days in the summer making sure my clients were where they needed to be before their next chapter started. Good thing it stays light until 10pm here in the summer.

The market is still moving at a nice pace, but I am grateful for pace that is a touch slower so I have a little more time to breath and recharge and give a little extra time and attention to my active fall and winter clients.

If you’d like to talk more about the market, give me a call.

To see my complete sales portfolio, click here.

Things, they are shifting . . . a bit.  We are still in a seller’s market and sales are brisk and sellers are happy and buyers are a bit more happy because they are not ALWAYS in multiple offer situations.  Take a closer look at the KITSAP numbers in the GARDNER REPORT below.  Click on each page to see a blown up version. 

Daily, at the gym and the grocery store, people want to know about the market.  We are a small, niche market and even those not in it daily can feel the slight change happening.

The largest shift I am feeling right now is that many, many, empty-nesters in the larger homes on an acre-plus have listed their homes this year. I thought we would see more of that last year but this year those homes really arrived on the market and the $1.1-$1.3M range of the market is feeling the “flood” of listings.

As of today we have 116 homes on the BAINBRIDGE ISLAND market

21 are between $1.1-$1.3M

76 are above $1M

Only 26 are below $800K and several of those are what many of us consider townhomes

Buyers have options in all price ranges and when they do, they are choosy and specific. That is a refreshing shift. When I have my buyer’s agent hat on it is a fun day. I love that buyers have 5-8 great options to consider and can make an under-asking offer.  When I have my seller’s agent hat on I say, prepare, prepare, prepare and get ahead of the pack.

All in all, it is about strategy and timing. We are a very-seasonal market here and our end-of-summer slow down is beginning too. How can that work for you as a buyer or seller?  We all have our own specific ways of getting our clients to closing day.  I am having a fun, busy summer, with buyers and sellers.  If you are curious about how this current market can work for you, let’s chat.

Jen Pells Real Estate Bainbridge Island

Jen Pells Real Estate Bainbridge Island

Jen Pells Real Estate Bainbridge Island

Jen Pells Real Estate Bainbridge Island

 

Is a Normal Market in Our Future?

Jen Pells Real Estate on Bainbridge Island

Getting Real

Let’s put it on the table right away: Our real estate market did not perform at the same level in 2018 as it did in 2017. But that does not mean we had an unsuccessful market in 2018; nor does it necessarily mean we should brace for a difficult market in 2019. We just have to apply a bit of perspective.

Taken in the context of historical numbers, it appears 2017 was an “outlier,” especially between July and December. There was a frenzied demand throughout 2017, reflective of (but not nearly as severe as) our metropolitan neighbor across the Sound. On Bainbridge, we had a peak during the second half of 2017, which flowed into the early months of 2018. But then the frenzy cooled, as it did in Seattle, and we moved toward a slower pace in the second half of the year. (There were 314 homes and condominiums sold on Bainbridge between July and December 2017, surpassing the previous high of 290 during that same period in 2015). When viewed historically, 2018 appears to be much closer to “normal” than 2017 was. And, when taken in the context of the larger local and national economies, we actually believe our real estate market held up very well.

Considering All Factors

Thenumberofhomessoldduringanyperiodisonlypartofthepicture.Whenwelookatrealestate appreciation, 2018 was very successful. For the year, the median price for homes and condominiums combined rose almost 8% in 2018 (and homes alone rose 8.4%). The second half of 2018 saw appreciation of almost 5% over the second half of 2017. These are healthy num- bers and consistent with a healthy market. Using general statistics (like the median price) only gives us an idea of the movement of the market, and not necessarily of any individual home. But it does give sellers an inkling of the direction of their homes’ values. The rule of thumb says that a home needs to be owned for at least five years to really benefit from a market’s movement. Comparing the median home price sold at the end of 2013 ($527,000) with the same price at the end of 2018 ($908,500), we have seen a 72.4% increase. So if you had purchased a home in 2013 and were to put it on the market today – assuming it was properly presented and marketed – you would probably realize a healthy return on your 2013 investment.

When we look at the bigger economic picture, we do not see financial institutions collapsing or other deep recession signals, so we ascribe the market’s change to a shift from a heated to a more normal market. That being said, sellers need to acknowledge they are competing for buyers, and buyers are more discerning and disciplined in their approach. Pricing, presentation and negotiating – all areas where good agents bring value to the table – are critical for sellers to be able to achieve the best net value from their homes and condominiums.

Bainbridge Island Real Estate Jen Pells

Condominiums

The condominium market experienced an even more dramatic drop-off in the second half of the year. At the end of the first half, 2018’s condo sales surpassed 2017’s but by the end of the year had fallen behind in total numbers (126 sold in 2017, 109 in 2018). However, when we look more closely, the area of steepest decline was in the $800K-$1M price range (24 sales in 2017 and 10 sales in 2018). This could have as much to do with inventory as market shift. Two new on-island projects, The Roost and Residences at Pleasant Beach, both sold briskly in the second half of 2017 and were completely sold out by the first half of 2018. No other new projects came to the market in 2018, so it appears supply might have as much to do with the drop as demand. As with homes, the median price of condos had a healthy increase of 8.6% over 2017.

The prognosis for the Bainbridge condominium market is very positive. There are two buyer types who are especially drawn to condos: people needing more affordable residences and “downsizers.” In 2018, 42% of the condos sold (46 sales) were priced less than $500K compared to 17 homes sold for less than $500K. At the upper end of this segment of the market, the downsizers were the driving force in the over $800K sales and quality inventory was lacking in the second half of 2018.

Land

Land sales in 2018 were also down compared to 2017 (31 in 2018 versus 41 in 2017), but the median price increased a whopping 60% ($400K in 2018 versus $250K in 2017), although 58% of the sales were less than the median $400K. One has to be careful not to read too much into statistics when applied to such a small population, but it certainly indicates land values are healthy.

A Forward Focus

As we kick off 2019, we know it will be an interesting year. There is a lot of uncertainty out there and it is difficult to predict how it will affect our market. Still, the regional economic picture, which has a tremendous impact on our market, is healthy with a positive outlook. The bottom line: we anticipate a more “normal” market this year. Regardless of the market, our mission at Windermere is to strive to make sure all our clients, buyers and sellers both, will do as well as they possibly can in the market they find themselves in.

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