Welcome to Madrone Village at the west end of Winslow and this fabulous flat in the Sovereign Building.  Constructed with quality and care by Fairbank Construction in 2006, this flat was one of the first sold in the complex because of its sunny southern exposure, prime outlook (it does not face another building), and peek-a-boo views of Seattle and the Sound.  Convenient one level living and high end finishes, right in the heart of Winslow.  Hurry and come see this one for yourself.

Open Houses

Thursday, February 8th from 10am to 1pm

Sunday, February 11th from 1pm to 4pm

The Sovereign Building in Madrone Village.

Open floorplan and high end finishes like cherry wood cabinets, solid surface counter tops and hickory wood floors.

Terric southern exposure and open living spaces.

A large south facing deck with peek-a-boo views of Seattle and the Sound. This building is unique in the complex as it does not directly face another building.

Walls of windows throughout the home.

Large master suite with a five piece master bath.

Five piece master bath with cherry cabinets and a double sink.

The courtyard at desirable Madrone Village.

 Details about the home:

  • 1,183 square feet
  • 2 bedrooms and 2 full bathrooms
  • One level living with elevator access from parking garage and main level
  • Built in 2006 by Fairbank Construction
  • Cherry cabinets in kitchen, media wall and master bath
  • Updated hickory wood floors
  • Updated solid surface counters in kitchen plus custom backsplash, sink and faucet
  • Spacious master suite with walk-in closet and built-in desk
  • Five piece master bath
  • One parking space in underground garage
  • Private storage unit
  • Secured entry
  • Peek-a-boo views of Seattle and the Sound
  • Original owners
  • .6 miles to the Bainbridge/Seattle Ferry Terminal
  • Offered at $548,000

Experience coveted in-town living on one level in this well-appointed Madrone Village flat. Prime location with great open outlook and peek-a-boo views of Seattle and the Sound. Quality craftsmanship with newer wood floors, solid surface counters, tile backsplash and stainless steel appliances. Chef’s kitchen opens to large living area and south facing deck. Walls of windows for maximum sunlight. No shared walls, secure entry, elevator from parking garage, storage unit. HOA dues cover water/sewer/garbage/landscaping/exterior maintenance.

Click here to see the full Windermere listing details.

 

 

On February 8, 2018, in Uncategorized, by

9175 Ferncliff Avenue NE is a quality constructed Craftsman home in the convenient Ferncliff Area of the island.  The home emulates the quintessential Bainbridge style and is anything but cookie-cutter.  Custom built by VanWinkle, this property offers a 3,367 square feet on a lovely, private, .47 acre lot tucked behind a mature laurel hedge.  Public beach access is across the street on Yaquina Avenue. Only 2.2 miles to the ferry this property offers elbow room from your neighbors, but incredible proximity to the ferry, Winslow, and schools.

Open House

Sunday, January 28th from 1pm to 4pm

Welcome to 9175 Ferncliff Avenue NE listed by Jen Pells of Windermere

Welcome to 9175 Ferncliff Avenue NE

This home sits on a large, private property, conveniently close to Winslow, the ferry and schools. The home is 3,367 square feet with three bedrooms, a family room, living room, home office and guest suite with full bathroom, all on a large .47 acre fenced lot.

Peek-a-boo Puget Sound and Seattle views from the front porch, living areas and master suite.

You can feel the warmth and quality as you walk into the home. Hardwood floors, fir trimmed windows, solid wood doors and box beam ceilings make for a grand first impression as you step into the living room.Thoughtful built-ins, custom lighting and large windows can be found throughout the home.

The kitchen is the heart of this home. Large and open with quality fir cabinetry, ample counter space on the butcher block island or granite counters, high-end Viking appliances, a breakfast booth, and a walk-in pantry (and a second pantry around the hall too).

The dining area, kitchen and family room in the home.

The upstairs master suite. Find a five piece master bath with claw foot tub and spacious walk in closet with fir shelving.

The charming master bath has classic tile, the claw foot tub, double sinks, a large walk-in closet and a private water closet.

The private guest suite/nanny suite is spacious, with its own sleeping room/bonus room, full bath and private stairs off the back hall. There are two staircases in the home.

The home is across the street from beach access. It is .2 miles away at the base of Yaquina Avenue.

Details about the home:

  • 3,367 square feet on private .47 acre lot
  • Classic Craftsman style home built by VanWinkle in 2007
  • 3 bedrooms and 3.5 baths with a full guest suite/nanny suite upstairs
  • Home office and half bathroom on the main floor
  • Living room and family room on the main floor
  • Large eat-in kitchen with Viking appliance package and breakfast booth
  • Spacious master suite with a five piece bath and classic clawfoot tub
  • Ample storage with walk-in master closet and two pantries in the kitchen
  • Hardwood flooring on the main floor
  • Two staircases
  • Fenced backyard
  • Oversized two car garage
  • .2 miles to public beach access at the base of Yaquina Avenue
  • 2.2 miles to the Seattle Ferry
  • Peek-a-boo Sound/Seattle views
  • Offered at $1,098,000

Charming Craftsman home on a private in-town lot close to ferries, Winslow and public beach access – at the base of Yaquina Avenue. Peek-a-boo Sound and Seattle views. Chef’s kitchen with Viking appliances package, fir cabinetry, cozy breakfast nook and granite counters. Three bedrooms plus an additional guest suite (or nanny quarters) with full bathroom plus bonus room. Downstairs has a home office and family room. Quality craftsmanship with box beam ceilings, hardwood floors and custom lighting. A rare in-town home that exudes warmth and style.

Click here to see the full Windermere listing details.

Click here to visit this home’s dedicated website.

On January 26, 2018, in Home Tours, Listing, Open Houses, by

Celebrating a New Year

Fort Ward on Bainbridge Island by Jen Pells Realtor

A Look Back

As we welcome a new year, we explore some of the dynamics that played out while we marched through the 2017 cal- endar. Our market saw a decline in the number of homes sold between 2013 and the start of 2017, despite healthy buyer demand. In each of those years, we identified lack of inventory as the cause of this phenomenon. One thing will always be true in real estate: Buyers need choices. And in the midst of these several years of limited inventory, buyers learned to become wary. We hadn’t moved far enough past the economically challenging years between 2007 to 2011 for people to feel confident that they wouldn’t get caught in another correction. Many buyers were still not comfortable stretching their budgets to get what they wanted. However, although we once again struggled with inventory in 2017, we also saw a shift in buyer confidence and people were willing to spend more to get what they wanted. The result was an 18% increase in the number of homes sold last year. There were 435 home sales in 2017 – the first time we’ve seen more than 430 sold on the island in any year since 2005’s 442 sales. (The low was 187 in 2008).

Other Factors to Consider

Even with an uptick in sales, we are not experiencing the same craziness as our Seattle neighbors. Our average cumulative days on market (the measure of how quickly homes are selling) was 52, well more than double Seattle Metro’s 20-day average. Our average price increased by a healthy, but not record-breaking, 10.7%, compared to Seattle’s 17%. (The record was set at 26.74% in 1990, followed by 21.5% in 2005.) There were many homes that experienced substantial price reductions and others that failed to sell at the sellers’ desired numbers. But when homes were properly priced and presented, buyers were willing to act when they found the homes that spoke to them, even if it meant spending more than they originally anticipated. This willingness can only come from a place of confidence that the value is there and the investment is sound. We were assisted by strong buyers from Seattle and California, a rising stock market, smooth financing and appraising with rates that have remained “comfortable,” even with a rising prime rate.

Real Estate for Sale on Bainbridge Island Jen Pells RealtorThe View from the “Top”

A prime beneficiary of this strong market was our “upper end.” There was a 44.6% increase in sales of homes over a million dollars and sales doubled for homes over $1.5M (133 total with 52 over $1.5M). Home sales increased 49% in the $800-$1M range. On the flip side, our lower-priced homes became more scarce and sales of homes priced less than $600K decreased 34.7% from last year. This overall shift in the market pushed our median price up more than the average (>13%) and our condominium market was affected by these market forces (more on that in a minute). It also illustrates our trend away from affordability and diversity. We struggled with this in the early- to mid-2000s. But as a result of the 2007-2011 “correction,” we welcomed a more diverse pool of buyers. As our market strengthens, community leaders should be mindful of a tilt toward homogeneity.

Regarding Condos and Land

Our condominium marketplace benefited from these improved conditions in a couple of ways. The number of sales grew more than 21% (from 104 in 2016 to 126 in 2017) and the median price jumped 31% (from $400,750 to $525,000). Even though sharply higher, the median price of $525K was substantially below the 2016 single home median of $838,000. Consequently, we saw more individuals and families coming to the condominium market because they wanted to be on the island but couldn’t afford a house. Condo sales were also helped by the strong upper-end residential market. There are a lot of people who have been waiting on the sidelines for their homes to get to a price point where they felt comfortable selling and downsizing to smaller, low- or no-maintenance hous- ing, i.e. condominiums. Projects like The Grow Community, Residences at Pleasant Beach and The Roost all experienced strong sales last year as they brought condominiums to the market. “Development” is often thought of as a blight to a community, but one needs to re- member that developments often bring products to markets that are not only wanted, but also needed. Desirable communities such as Bainbridge will always experience growth pressure in times of economic strength. And if you cannot expand your supply, the result is ever-increasing prices and stratification. The trick is to develop wisely. Bainbridge has been pretty successful in that arena by concentrat- ing density in development centers (Winslow, Lynwood Center and Rolling Bay). The only sector of our market that struggled last year was raw land. This category was hampered by a lack of good choices, financing difficulties, hurdles at the city level and contractors who are busy and experiencing rapid cost escalations.

Bainbridge Island Real Estate Jen Pells

On the Horizon

It is hard to find any economist predicting a substantial slowdown in our area’s economy or real estate in the near term. That is not to say that there aren’t clouds. The new federal tax law is not beneficial to a higher-end market like ours; financing inter- est and property tax deductions will be more limited. The prime interest rate will undoubtedly rise and even though mortgage rates have been largely insulated from the Fed’s actions, rates will probably go up but stay below 4.5%. Our new Bainbridge Island City Council has already put a moratorium on new construction, including some single family residences. But we hope these factors will only act as “checks” that will keep the market from heating up too much without sapping its strength. In the midst of all this activity, one thing re- mains constant: Bainbridge Island is a great place to live.

Bainbridge Island Housing Market 2017

 

Grateful. Humble. Excited.

2017 is in the books.  And 2018 is already in the works.  2018 is going to be another busy year.  I am so grateful for the 30 plus islanders who trusted me with their home purchases or home sales.  Or both.  It was a fun and action-packed year working with both repeat clients making moves around the area and helping even more newcomers discover and settle into our amazing island. I am humbled and thankful for the clients who put their trust in me to help them navigate this complex, completive market. I am energized and excited to see what 2018 has in store.

Stay tuned for next blog post about my Top Ten Favorite Homes of 2017. There is one home I still can’t get out of my head . . .

LEAVES FALL; MARKETS RISE

Bainbridge Real Estate MarketThe Big Picture

In order to paint an accurate portrait of the Bainbridge Island real estate market during this autumn season, it’s important to put it in the context of the broader regional economy. Through that lens, things are looking very good. Estimates for September 2016 through September 2017 indicate an employment increase of 76,100 in Washington. According to the U.S. Bureau of Labor Statistics, the private sector added 61,400 jobs while the public sector gained an estimated 14,700 jobs over the year. Windermere Chief Economist Matthew Gardner backs that up in his Third Quarter Report, writing, “I maintain my belief that the Washington State economy will continue to outperform the U.S. as a whole. Given such a strong expansion, we should also expect solid income growth across Western Washington.”

The Seattle job market continues to be a huge draw for people moving here from across the country and around the world. As the number of residents in the Puget Sound area rises, Bainbridge Island has been and continues to be a viable and attractive residential option. The desirable amenities are obvious: from the rural feel to the vibrant community to the relative ease of a 35-minute commute by ferry versus an hour and a half by vehicle in the Seattle Metro area – just to name a few.

Another factor that affects our market is buyer fatigue. We’re seeing an increase in island buyers who are fed up – after multiple failed attempts to purchase in Seattle, where they may have competed against dozens of other eager bidders – and choosing to look in our direction for alternatives. This very real and frequent market dynamic contributes to the health of our local market.

Bainbridge Real Estate MarketA Positive Price Report

The third quarter saw continued upward pressure on prices. As the chart below shows, we saw near-double-digit price gains in terms of average and median sales prices over the same period last year. This resulted in a dramatic increase in sales activity in the high-end market with a 34% increase in sales between $1 to $1.5 million and a whopping 85% increase in sales over $1.5 million. (The fact that we’ve begun to list sales that exceed $1.5 million as a separate category is solid evidence of our changing market.)

Our price growth has been consistent over the last several years. The strong population and employment numbers mentioned above help to move the market, but low inventory continues to limit buyer choice. In fact, we had a small decrease in the inventory from the third quarter of 2016 (98 homes on the market) to this year’s third quarter inventory of 92. These data points would suggest continued upward price movement, at least in the short term, that’s complementing a gradual increase in residential sales in recent months.

Keeping Things in CheckBainbridge Real Estate Market

As is true in any transitioning market, we need to look at things from every angle. Even given all the positive signs summarized here, sellers should not assume that they can sell their homes in only a matter of days, in any condition and at whatever high price they set. This simply is not the case. Yes, we are still in a seller’s market, with 2.4 months of limited inventory. However, realistic expectations are critical. While we do still experience multiple-offer scenarios, those have become less prevalent over the course of the year. Instead, we have experienced more price reductions as some sellers were a little aggressive in their initial pricing. It’s important to remember that every house, every neighborhood and every transaction has its own distinct characteristics. An local real estate professional is essential for navigating the current market conditions.

Bainbridge Island Real Estate Market

Finishing Strong

Traditionally, real estate activity tends to slow down in the fourth quarter. Already, this year has been quite different. In only the first few weeks of October, our office has nearly doubled the number of sales compared to this time last year. Open house activity has been robust, indicating an energized pool of buyers just waiting for that perfect home to come along. If these trends continue, we could be in for a very exciting close to an already strong year. Here’s to a healthy and hearty season in all corners of our wonderful island community.

Bainbridge Real Estate Market