The Stetson Ridge Neighborhood on Bainbridge Island

A home in the Stetson Ridge Neighborhood on Bainbridge Island

One of the original homes on Haley Loop, built by Cox Homes in 2001.

A home in the Stetson Ridge Neighborhood on Bainbridge Island

One of the newer homes built by Chaffey in 2007.

A home in the Stetson Ridge Neighborhood on Bainbridge Island

A newer custom home on Haley Loop built by Landmark Homes in 2006.

A home in the Stetson Ridge Neighborhood on Bainbridge Island

A newer home on Ledgestone Loop built by Western Devco in 2008 .

A home in the Stetson Ridge Neighborhood on Bainbridge Island

Another newer home on Haley Loop built by Landmark Homes in 2006, shows one of the over acre lots.

The Stetson Ridge Neighborhood is a neighborhood of about 40 homes on the south-central portion of the island. The neighborhood is comprised of large, newer homes also on large lots. Homes sizes range from 3500 to over 5000 square feet and the lots range from .50 acres to over 1.25 acres. Set high upon the hill, some homes enjoy a Seattle city view or partial view.

The first homes were built in 2000, the bulk being built in 2001 and 2002 by Landmark Homes. Chaffey Homes also developed two cul-de sacs in Stetson Ridge between 2001 and 2008. Another handful of custom homes were built by Western Devco in 2007 and 2008. Poor timing in the construction market returned three of the Western Devco homes to the bank and resulted in 2 bank sales in 2009.

A Close-in Neighborhood

Stetson Ridge, since its inception, has been a popular neighborhood, because it is close to Winslow (the ferry) and you lave a large newer homes, on large lots, but you still have a neighborhood feel – you are not isolated on an acre in the woods.

Now More Affordable

I am going to go a bit further in depth than I have in some of my other neighborhood posts, because the higher end market on the island has seen dramatic price reductions over the past three years – and since this is a neighborhood of high end homes, it is worth looking at further.

In 2007, the price of entry into Stetson Ridge was right about a million dollars. As the market declined, the higher-end market here on the island was among the hardest hit. The new construction sitting unsold in Stetson Ridge in 2007 helped soften the market and then adding to that the bank sales this year – the result – prices have seen a substantial decline between 2007 and now.

If you look below you’ll see that in 2007 you needed a million dollars to move into this neighborhood, but in 2009, no sales were over one million. The average price in Stetson Ridge has dropped 30% from 2007 to 2009, making entry into this great neighborhood much more affordable. There are a handful of homes for sale in the neighborhood, contact me if you’d like more information.

Recap of Sales 2007 thru 2009

chart of home sales

Month Price sqft Acres Built
2009 Apr $825,000 3,509 0.71 2000
May $998,000 4,779 1.22 2007 new
Jul $945,000 4,139 1.10 2006
Aug $679,000 3,728 0.55 2007 bank owned/new
Sep $735,000 3,719 0.50 2007 bank owned/new
Nov $839,400 3,722 1.20 2006
Dec $745,000 4,328 0.88 2002
Ave. $823,771 3,989 $206.50/sqft
2008 Mar $1,085,000 4,104 1.22 2006
Mar $1,260,000 3,722 1.20 2006
May $1,050,000 4,867 0.86 2002
Jul $1,100,000 3,719 0.53 2007 new
Sep $955,000 4,152 0.68 2001
Dec $939,000 4,498 1.22 2007 new
Ave. $1,064,833 4,177 $254.93/sqft
2007 Mar $1,189,000 4,120 1.22 2006 new
Mar $1,250,000 4,000 1.23 2006 new
May $1,279,000 4,068 1.22 2006 new
Jul $985,000 4,246 1.00 2005
Aug $1,200,000 4,142 0.95 2001
Ave. $1,180,600 4,115 $286.89/sqft

 

On January 6, 2010, in Neighborhoods, Photos, by

2009 is in the record books and on Bainbridge Island, in regards to real estate, it was a memorable year for many buyers. This past year many deals were had on new construction. Several homes that were built in 2007 or started in 2007, just as the market declined, finally sold this year. Builders got realistic and some major price adjustments were made and then the buyers jumped in. A prime example is the Old Creosote Hill home below. When it hit the market, the original price for this new home was $1,190,000 and we saw several price adjustments over the year and a half it was on the market, but when it hit $749,000 my buyers jumped . . . as did others, the house ended up having multiple offers. The price was right . . . and with most of my buyers this year getting 30 year loans for under 5%, the price was really right. The majority of my sales were with buyers this year, folks new to the island, and it was a positive, upbeat year representing buyers in this incredible buyer’s market.


My list below runs the gamut from neighborhood homes to waterfront homes, these homes made my list for a variety of reasons which I will explain as we go . . . and you will hear the word value a lot.

A home on Midship Ct. on Bainbridge Island

10
Midship Court
Original List Price- $485,000
Sale Price- $480,000
Sale date 5/15/09
Days on the market 22

 

This one is all about a great price & a great location. Being in Commodore puts this home close to the ferry with a good floor plan, new deck, and large, level lot. My buyers acted fast and we wrote their offer the day this hit the market. And today, they still feel like they got a great value on this in-town home.


A home in Hillandale on Bainbridge Island

9
Village Circle
Original List Price- $781,000
Sale Price- $625,000
Sale date 9/08/09
Days on the market 42
This home went through an amazing renovation, which took it from a high quality Hillandale Home to something straight out of Southern Living Magazine. Grand woodwork and quality fixtures, coupled with guest space over the garage and a gorgeous backyard make this a like-new, in-town custom home, in a neighborhood, which is a hard combo to find.


 

A waterfront home on Sunrise Drive on Bainbridge Island

8
Sunrise Drive
Original List Price- $665,000
Sale Price- $670,000
Sale date 6/23/09
Days on the market 7
I think this is what some folks would call a sleeper. From this shot it looks like a funky mid-century modern home, which it is, (I can say that because I live in one too) but it is also high-bank waterfront with an eastern view (that’s the Seattle side). Inside it is in great shape and has huge view windows and cool loft space. Someone was quick an
d paid a little over asking price for their very own private waterfront home.


 


A home on High School Rd on Bainbridge Island

7
High School Road
Original List Price- $744,500
Sale Price- $682,500
Sale date 4/23/09
Days on the market 38
This is another great in-town package. A large (3109 sq ft) solid home with classic style, good floor plan and nice kitchen & baths. Add a beautiful backyard on the Wing Point Golf Course and close proximity to the ferry to this already charming home.

 



A home Haley Loop on Bainbridge Island

6
Haley Loop
Original List Price- $979,000
Sale Price- $839,400
Sale date 11/12/09
Days on the market 76
This is a lot of home at a great price. This home sold for 1,260,000 in early 2008. Relocation forced this sale and the new buyer got an amazing newer home (2006) on a 1.2 acre lot with a partial city view in the Stetson Ridge Neighborhood at a $420,600 discount from 2008.


 

A home on Old Creosote Hill Road on Bainbridge Island - sold by Jen Pells

5
Old Creosote Hill Road
Original List Price- $1,190,900
Sale Price- $749,000
Sale date 12/22/09
Days on the market 454
I have already bragged, I mean blogged, about this home in an earlier post. My buyers snapped this up when the price hit $749,000. On a half acre, this spacious home (over 3500 sq ft) with amazing woodwork and views of Seattle & Eagle Harbor was the home in the woods my buyers were looking for.

 



A home off Battle Point Drive on Bainbridge Island

4
Setting Sun Lane
Original List Price- $1,249,900
Sale Price- $1,140,000
Sale date 3/23/09
Days on the market 359
This new home was built by one of my favorite builders, Bainbridge Island Classic Homes. One of his homes made my list last year. The classic architecture, wood details, functional floor plan, huge chef’s kitchen, all in a home directly adjacent to Battlepoint Park put this one on my list.


A home on Listening Lane on Bainbridge Island

3
Listening Lane
Original List Price- $1,345,000
Sale Price- $1,097,000
Sale date 2/03/09
Days on the market 288
Another new, big beautiful home, this one built by Jefferson Fine Home Builders. This 4600 square foot home has fine details like painted wood cabinets and circular rooms. On a sunny south end lot with incredible windows and walking distance to Lynwood Center make this one a definite favorite.


A home on Eagle Harbor Drive on Bainbridge Island

2
Eagle Harbor Drive
Original List Price- $1,048,000
Sale Price- $980,000
Sale date 3/20/09
Days on the market 33
Another great package: Eagle Harbor waterfront, quality Cape Cod style craftsmanship, apartment over garage, close to town. This home has everything you need plus things you don’t really need like a gazebo, rock fire pit and a place for your kayaks.

 


A home on Sorrel Way on Bainbridge Island
1
Sorrel Way
Original List Price- $585,000
Sale Price- $565,000
Sale date 12/01/09
Days on the market 15
A view for under $600K. This is a 3000 square foot home that did not come out of a cookie cutter. I think of this one as a mini Kennedy Compound, crisp white home with a separate detached garage (unfinished potential space above), sitting on a .83 lot with a sweeping lawn , a terrace, a sport court and don’t forget the view. Quite a grand set-up on the sunny south end. A very lucky buyer acted fast and got a great value, in my humble opinion, one of the best this year.
All photos by Jen Pells, with the exception of #1, courtesy of NWMLS. Sales data from NWMLS.

 

 

 








On January 5, 2010, in Homes, Photos, Real Estate Business, Top 10 Homes, by

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