Happy New Year!

The 2019 market is starting to wake up after its short winter rest, which is always my cue to compose one of my favorite blog posts, the list of my top 10 homes on the island for 2018. Last year 398 homes sold on the island – down a bit from the busy 439 we saw sell in 2017, but up from 369 in 2016. 2018 was my best year yet in real estate, so it indeed felt busy in my world.

This is my 11th list (see all the lists here) and again, these are homes that resonated with me personally when I toured them last year.  I am not one to live in or love a cookie-cutter home, so charm and even quirkiness get my attention.  In 2018 we continued to see spec-built homes come onto our market.  As DR Horton sold out, two other neighborhoods took their place, including one by Quadrant who has entered into our Bainbridge Market for the first time.  For now, let’s take a tour around the island and through the selling season of last year.

 

#10 | Island Center Road NE

#10

Original List Price $710,000

Sale Price $720,000 (multiple offers)

Days on Market – 6

Date Sold 6/1/2018

Click here for more photos and the full listing detail.

For #10 we start mid-island on a beautiful piece of property on Island Center Road. This home and property were a fabulous package.  The home is cozy at just under 1600 square feet and colorful with warm wood and beautiful, practical built-ins. I loved the barn door too. High quality materials were used throughout the home, which overlooked a bucolic two-acre property with tucked off a main road.  I am a big fan of metal garden artwork and this property had a nice collection mixed in the gardens and fruit trees. The home also had a sweet guest space over the garage.  It was no surprise this well-priced home and property, all abloom in June, saw multiple offers.

 

#9 | Manitou Beach Drive NE

#9

Original List Price $825,000

Sale Price $865,000 (multiple offers)

Days on Market – 7

Date Sold 5/25/2018

Click here for more photos and the full listing detail.

For #9 we move east to a view home on Manitou Beach Drive. This is another cozy home, but with a completely different vibe. This older home built in 1920 and just under 1900 square feet was the cozy beach cottage many buyers were looking for last summer.  Off Murden Cove, this home has nice views of the water plus a charming yard and garden too.  Nice updates were done through the home over the years, but the original charm remained.  Many of the homes in the Murden Cove area have views, but are also walkable to the popular Rolling Bay hub, a nice combination that makes it a popular choice for buyers.  Again, I was not surprised to see this sweet cottage receive multiple offers last May.

 

#8 | Cherry Orchard Lane

#8

Original List Price $850,000

Sale Price $900,000

Days on Market –  2

Date Sold 3/7/2018

Click here for more photos and the full listing detail.

For #8 we stay mid-island and move a bit west to a modern home on a large lot on Cherry Orchard Lane. This home sold twice in one year, but the last sellers made some nice changes, including paint inside and out.  This is a rare larger, cleared,  flat lot, close-in to town. The property also connected to Strawberry Hill Park.  Custom-built, the home has a bit of a modern flair, an open floorplan and a main-floor master.  I really like Cherry Orchard Lane, as it is one of the first streets as you head out of town where you begin to see larger parcels like this one at over two acres.  Smaller homes (2,100 square feet) on large lots are also rare.  Built in 2010, this newer, custom-built home sold for $50K over asking the first weekend it was on the market.

 

#7 | Fernclff Avenue NE

#7

Original List Price $1,098,000

Sale Price $1,100,000

Days on Market – 6

Date Sold 3/8/2018

Click here for more photos and the full listing detail.

Staying central we move east again for #7 to this charming cedar-shingled home on Ferncliff Avenue. I listed this home last winter and this is such an easy home to live in and love.  My clients were so sad that they outgrew this home as the charm and high quality craftsmanship spilt out from each and every corner. Solid wood doors, box-beam ceilings, a clawfoot tub. This home is also close to the ferry, across the street from beach access and has peak-a-boo views of the Sound.  I fell for this kitchen, with a built-in breakfast booth, apron sink, large island and TWO pantries.  Like I said, this was a home that was easy to live in and love and hard for my clients to leave – although they indeed moved into a another very sweet home. This homes sold for above full price last March.

 

#6 | Tiffany Meadows Drive NE

#6

Original List Price $1,198,000

Sale Price $1,198,000

Days on Market – 83

Date Sold 5/22/2018

Click here for more photos and the full listing detail.

Mid-island is the theme for this list as we move closer into the Wing Point Neighborhood for #6. This is another cedar-shingled home, but of a completely different style.  This homes was designed by local architect Jim Cutler.  This three-level home has walls of windows and sits right on the Wing Point Golf Course.  I like how they used half walls to unify the spaces. The unique style and high-end finishes set this home apart from the more traditional homes in this neighborhood. I also loved that it appears to be floating above the golf course and neighboring pond and it is also tucked off the main road.  But what I loved the most were the  multiple decks around the house off the main living spaces – throughout the day you could enjoy eastern and western sun. This home sold for full price last May.

 

#5 | NE Setting Sun Lane

#5

Original List Price $1,498,000

Sale Price $1,550,000 (multiple offers)

Days on Market – 6

Date Sold 5/31/2018

Click here for more photos and the full listing detail.

Now for #5 we move north and west to the lovely home on Setting Sun Lane. This home was built by one of my favorite builders, Rick Debarros. I believe this was the last home Rick built on the island before he retired and moved out of state.  His construction was high quality, the finish choices are timeless and the floorplans he built were spot on for practicality with a nice balance between wide open spaces and separate rooms.  He understood the need for mud-rooms (especial in the PNW), large laundry rooms and bonus rooms.  The home sits on a large one-acre west-facing lot right across the street from popular Battlepoint Park.  This home resonated with many buyers last spring and saw multiple offers in May.

 

#4 | Edgecombe Place NE

#4

Original List Price $1,575,000

Sale Price $1,605,000

Days on Market – 3

Date Sold 6/1/2018

Click here for more photos and the full listing detail.

We quickly move back closer to town with this view home coming in at #4 on Edgecombe Lane. This home was a terrific package.  It was remodeled by Smallwood Construction in 2011 and very well done.  The home and property have an estate-like feel with a gorgeous front yard with views on the Sound and Seattle and a park-like lawn in the back yard.  Across the street, the neighborhood shares private beach access.  Inside the home were a nice balance of rooms with tall vaulted ceilings and smaller rooms with warm wood built-ins and a cozy feel.  Many view homes orient one direction, but the fabulous thing about this home was the yard and setting were striking all around the home.  One lucky buyer snapped this home up the first weekend with an over-asking offer.

 

#3 | NE Gordon Drive

#3

Original List Price $1,950,000

Sale Price $1,885,000

Days on Market – 46

Date Sold 11/30/2018

Click here for more photos and the full listing detail.

For #3 we move about as far north as you can go to Gordon Drive. This home is another wonderful package.  Waterfront, dock, acreage, plus a charming, modern home with fun hobby spaces.  This north-end beach house has a lot of what waterfront buyers are looking for.  Many waterfront homes are on small lots. The privacy here with a large enough lot to garden and have fruit trees is hard to find.  This waterfront home on 200 bulkheaded feet also has a dock.  Inside, I loved the impressive front door, all-glass entry hall, and exposed beams throughout.  The one-level home originally built in 1939 had been added onto nicely by the current, longtime owners.  Some lucky buyers have moved into a classic, impressive Bainbridge Package.

 

#2 | Fletcher Landing NE

#2

Original List Price $1,950,000

Sale Price $1,950,000

Days on Market – 8

Date Sold 8/17/2018

Click here for more photos and the full listing detail.

Bouncing back to mid-island again we find ourselves on Fletcher Landing for #2. Fletcher Landing is a bit of a hidden gem on the island.  Tucked in off the open water, the bay here is tranquil, easy water to live on and play on. I loved the mid-modern vibe of this house and the location on the bay sites it well for impressive Olympic Mountain Views.  Another home with a dock, and additional hobby/studio spaces.  The sleek, modern kitchen overlooks the water and the large, covered deck is fantastic to enjoy the outdoors all year round. The front court-yard gives the homes a special, private feel as you enter.  I was not surprised his home did not last long on the market, seeing a full-price offer the first week.

 

#1 | NE Country Club Road

#1

Original List Price $2,300,000

Sale Price $2,100,000

Days on Market – 17

Date Sold 12/10/2018

Click here for more photos and the full listing detail.

The south-end makes a rare appearance for #1 as we head into the gated community of Country Club Road for the coveted top spot. It is rare when one of the 18 homes comes on the market in the Seattle County Club Neighborhood on Bainbridge Island. So, when they do, most agents, including myself, make sure we go tour them. They are always a visual feast.  This home had never been on the market before and much of it was in original 1914 condition. This 6,200 square foot home has an amazing view due-south off Restoration Point.  Architect Carl Gould (founder of the Architecture School at the University of Washington) knew what he was doing when he sited this home to take advantage of southern sun, Rich Passage and Mt. Rainer views.  The home itself has amazing period details like a butler’s kitchen/pantry, massive amounts of clear grain fir trim, clawfoot tubs, and grand decks, both covered and uncovered, overlooking the impressive open waters and rustic beach down below.  Walking through the home this is certainly one where you wished the walls could talk. I am sure this home saw some superb summer parties in its day. This home, which requires county club approval, and currently has dues of $1,800 a month sold for $2.1M after 17 days on the market.

 

Below is a mapping of the homes on my list. We seemed to have very little activity on the south-end last year and much more central and north – my list seems to express that.

I consider it an honor and privledge to tour so many unique and special homes. To get a feel of the homes I personally enjoy touring and see all eleven of my annual lists in one place, click here.  Have a fun virtual tour of beautiful homes on our island.

   It will be interesting to see how the 2019 market unfolds. Here’s to more, charming and unique homes. I look forward to seeing you out there.

 

 

 

 

 

Bainbridge Island Homes for Sale - Jen Pells Real Estate

Checking the Thermometer

No, Chicken Little, the sky is not falling. It has just shifted from clouds skittering past to a more mellow and peaceful sky. Every day, we hear news about the cooling real estate market but it’s important to consider all the factors that go into those reports. Yes, our market has chilled slightly from its previously overheated state (although we never reached the same sizzle as the Seattle market) and has settled into what might be described as a strong normal market. The business section also contains reports of ongoing job growth in the Seattle area, especially in the well-paid tech industries. Concurrently, when Seattle’s transportation woes and other urban issues are taken into consideration, the demand for Bainbridge homes, especially for families, will likely continue for the foreseeable future.

Crunching the Numbers

On the whole, most indexes show data that support a steady market in the coming months. If we isolate the third quarter and look at sales, the number of homes sold only dropped 4.4% from 2017 (137 in 2017 and 131 in 2018). In that same period of time, the median price of homes sold actually went up from $875K to $912K – a 4.2% increase. If we compare the median price of homes sold during the third quarter, they are up 8.8% from the beginning of the year. Additionally, the Cumulative Days on Market (the average time it takes to sell a home) dropped in the third quarter of this year compared to 2017 (44 in 2018 vs. 47 in 2017). The inventory and pending numbers are where elements of the cooldown show themselves. Inventory is actually down in both total inventory and active (total less pending sales), which is contrary to what people are hearing. Pending sales (homes under contract) are weaker at 40 compared to 57 at the same time last year.

Of all the numbers we examine, this 29.8% drop is the one that most directly supports the slowdown assessment. That being said, when we look at all the data at once, we can conclude that the market is pretty darn healthy and strong. Maybe not as feverish as last year, but it’s still a great time to be selling or buying on Bainbridge Island.

Bainbridge Island Homes for Sale - Jen Pells Real Estate

Condominiums and LandBainbridge Island Homes for Sale - Jen Pells Real Estate

The condominium market has softened compared to 2017, with 73 units sold compared to last year’s 89. There seem to be two parts to the condo market: the affordable (less than $500K) and the higher end, which usually includes a good view. The affordable is actually up from last year, with 64 sold versus 45 in 2017. The drop in this segment’s higher end appears attributable to a lack of supply rather than a softness in the market.

Land is also lagging a bit behind 2017. We’ve had 24 sales so far this year compared to 29 in 2017. Buying land with the intention of building is not for the faint of heart these days. Good builders are busy and in short supply and construction prices are still rising. The new zoning rules have also added an element of uncertainty.

Taking Everything into Consideration

It is true that we’re not seeing as many multiple offers as we did last year. Prices have risen but not at the frenzied pace of last year (over 18% from the beginning of 2017 to the end of the 2018 third quarter). Our rental market has also calmed down. Business in our Kitsap County neighbors, Kingston and Poulsbo, is also feeling healthy and strong and they are also benefiting from Seattle’s growth. Buyers do not seem to be particularly concerned with rising interest rates (which, after all, are still quite low), which helps boost their confidence. As we enter the fourth quarter, there are many opportunities for both buyers and sellers. Sellers benefit from the lower inventory (which means less competition) and the typically slower pace of the end-of-the-year market makes sellers view serious buyers with more attention because there simply aren’t as many buyers shopping this time of year.

Bainbridge Island Homes for Sale - Jen Pells Real EstateStaying Nimble

Whenever the market shifts, it’s wise to ensure your strategies have adapted to it. As we tilt toward normalcy, there will be more competition for buyers that sellers need to accommodate. Presentation, realistic pricing and sound advice when offers do arrive are as important as ever. Skillful real estate brokers prove their value in helping both buyers and sellers match their approaches to the existing market. We here for you, wherever you are in your real estate journey.

All in all, life and real estate are good on the island we call home. We wish you health and happiness as we head into the holiday season.

Bainbridge Island Real Estate

The 2018 Bainbridge Island Good ole’ 4th of July Parade.

Flag-Waving Season

Summer has come to our island, and with it our only-on-Bainbridge annual celebratory activi- ties. We had an energetic Third of July street dance, a festive Fourth of July parade, and a successful Rotary Auction thatgrossed more than $600,000. When we move our attention to local real estate statistics, everything appears to be equally sunny. Our median price is up 12.5%, home sales over $1,000,000 are up almost 28%, and condominium sales are up 36%! Still, if you talk to the experienced agents, they are detecting a shift. Let’s explore all the reasons why.

Buyers Behind the Wheel

We talk all the time about buyers’ markets and sellers’ markets. But it’s really the buyers who drive any market. Even in an ascending sellers’ market, buyers and their actions create the excess demand over supply and rising prices.

Bainbridge has always been blessed with a sophisticated and knowledgeable buyer pool. They are well educated and usually quite disciplined. These days, it appears they’re also beginning to be more cautious. Maybe that’s due to the state of the world, a possible coming interest rate hike, or just the general assumption that we’ve been on this run for more than a cou- ple of years and we must be close to the top of the climb. You might ask, then, why in the midst of this caution our statistics are so positive. There are several factors at work; signs that the market is not as “heated” as last year and is stabilizing. Here are a few specifics:

  •   Inventory, something we’ve lacked for a while, is creeping up.
  •   We’re also seeing more price reductions and fewer multiple offers, with more buyers saying,  “Let’s just wait and see what happens.”
  •   The number of homes under contract (“pendings”) is down 17.3% from last year and hasn’t bounced back in the firstpart of July.

Bainbridge Island Real EstateThe Bigger Picture

We are also hearing of a cooling in other markets, both to the east and the west. This is not really a cause for concern, as our market is very dynamic and this sort of shift requires adjustments in strategy rather than extreme actions. Good and knowledgeable advice will help both buyers and sellers negotiate the changes and still achieve their (realistic) goals.

When one speaks of the dynamism of a market, the statistical chart vividly shows the changes in our market. In the first half of 2012, 48 homes sold in the 0-$400K price range. By 2014, that number was halved to 24 and has plunged all the way to 4 this year. These homes didn’t disappear; they just moved up into another price range. Right now there is only one home for sale for less than $400,000 on Bainbridge. In 2014 (just four short years ago), 78 homes sold for less than $600K, while this year that number is only 19. But there’s an important point to make about what’s happening at the other end of the pricing spectrum: In 2014, only 31 homes sold in the $800K-$1.5M range and this year there were 101 sales in the same price range. So even if our market does “stabilize” a bit, we have to acknowledge that it has appreciated dramatically.

A Busy Condo Segment

What about those condominiums? With 62 sales in the first half of this year, you’d have to go back to 2007 to find a more active January-June period. Also, the median was up 13.6% to $468K, matching the all-time median condominium price set in 2007. The condominium market has lagged behind the home market in price recovery from the peaks set in 2007 (the residential median got back to the high set in 2007 by the end of 2015), but the market has shown steady strength in the past year and a half. The condo market has benefited by being able to offer resi- dence on Bainbridge for less than it costs to buy many homes. It’s also shown an active upper end as people have down- sized (which has been driven by success in the upper end of the house market). This success has happened in spite of some very low condo inventories.

On LandBainbridge Island Real Estate.

The median price of land sales for the first six months also finally matched this segment’s 2007 peak. (In 2007, the median was $406K and in 2018 it was $400K.) As with condominiums, it has been a long road back to our previ- ous highs, but they have arrived. The volume of 22 sales exceeded 2007’s 18 sales in the first six months, but fell shy of 2015’s peak of 33 sales through June.

Bainbridge Island Real Estate Data 2018

A Positive Tilt

All in all, we are giving our first six months of 2018 a very high grade. Condominiums and land have had a great half of the year and so have homes. We detect some stabilization and cooling off in the home market, but all of us at Windermere are prepared to employ our strategic know-how to guide both buyers and sellers toward their goals, whatever shifts are taking place. And when you’re not pondering your next real estate adventure, get out there and enjoy the predictably spectacular beauty of a Bainbridge summer.

 

8411 Wyatt Way NW for sale by Jen Pells Real Estate.

This adorable cottage on the west-end of Winslow is a must see. Open today (Saturday) 1-4.  Loads of charm and fine finishes inside and out. Three bedrooms, two baths and a private, flat, grassy yard. A great package – in town, close to the ferry, schools and trails.  Contact me if you would like a private tour.

Open House: Saturday 1-4pm

Quaint living spaces with original oak flooring from the 1940’s.

Crisp new kitchen with white wood cabinetry, high end appliances and quartz countertops.

Large dining area flows to the west-facing back deck. The perfect spot to enjoy summer dinners.

Main floor master suite.

Gorgeous master bathroom with frame-less shower door, marble vanity and modern tiles and fixtures.

Family room in the walk-out daylight basement. Also has office space, laundry and a private bedroom.

Patio space in the fenced area of the back yard. Grassy and flat. The motorized awning was recently added and remote controlled.

Details about the home:

Charming remodeled 3 bedroom cottage featuring original oak flooring, beautiful crown molding and crisp new custom kitchen with fir floors, stainless steel appliances and quartz countertops. Main floor master, luxurious baths with marble vanities. Easy entertaining with French doors to deck, patio and backyard. Newer roof, siding, furnace, hot water heater, retractable awning, shed, blinds, custom closet systems, and lighting. Easy commute with nearby trails to ferry, shops and restaurants.

  • Offered at $610,000
  • 3 bedroom/2 bathrooms in 1,974 sq feet
  • .65 acres, partially fenced
  • Extensive remodel in 2016 including plumbing, electrical and foundation
  • Remodeled kitchen with white wood cabinetry, quartz counters and high-end appliances
  • Main floor master suite
  • Spa-like master bathroom with dual sinks, marble countertops and modern fixtures
  • 1940’s oak flooring in living spaces
  • Fir flooring in kitchen
  • Second bedroom and bathroom on the main level
  • Bonus space, office space and private bedroom in daylight basement
  • Extra storage and laundry closet in daylight basement
  • Hunter Douglas Blinds throughout
  • Custom light fixtures throughout
  • French doors
  • Elfa Closet Systems & cedar closets throughout
  • Motorized awning over back patio
  • Fenced, flat, grassy backyard
  • West-facing deck off the dining area
  • 160 sq. ft. shed under the deck
  • Paved parking area with drainage and new gravel added to drive
  • Close to Winslow, schools and walking trails
  • Terrific condo alternative – no HOA dues

To see the full Windermere listing, click here.

 

Welcome to 713 Madison Ave North.

It has been a while since one of these colorful townhomes has come up for sale in the popular Courtyards on Madison community. My clients are original owners and have added thoughtful, high-end finishes over the years and this home is in immaculate condition. Come take a look for yourself at the open house or contact me directly for a private tour.

Open House: Saturday 1-4pm

Updated kitchen with high-end appliances and quartz countertops.

Large dining area opens to kitchen and living space.

Living spaces and lower level have updated bamboo flooring.

Large, private deck gets southern light and is the best spot to watch the 4th of July Parade.

The spacious master suite with vaulted ceilings. Both bedrooms have their own baths.

Spa-like master bath remodeled in 2018 by Clark Construction.

Convenient, attached two car garage.

Details about the home:

  • Offered at $598,000
  • 1,596 square feet
  • Two large en suite bedrooms with vaulted ceilings
  • Spa-like master bathroom with modern tiles & fixtures plus custom closet system remodeled by Clark Construction in 2018
  • Bonus room on entry level with ¾ bath – perfect for home office, guest room, or exercise room
  • Remodeled kitchen with high-end appliances, quartz & stylish backsplash
  • Bamboo flooring on main and living levels
  • Walls of windows in living areas
  • New interior paint
  • Modern light fixtures
  • Laundry area
  • Large pantry in kitchen
  • Tons of storage throughout home
  • Fenced front yard with covered front porch
  • Large, private balcony captures southern light
  • Two car attached garage
  • New hybrid hot water heater
  • New roofing (covered by HOA)
  • Excellent guest parking
  • Low HOA dues at $430 a month

Stylish townhome in the heart of Winslow boasts a remodeled kitchen, bamboo floors, a spa-like master bath and updated baths throughout. Vaulted ceilings and oversized windows let in natural light. Covered front porch and large balcony have the best views for 4th of July parade! Two bedrooms, each with their own baths. The main level office/bonus/guest/exercise room also has a bath. Two car, attached garage and private front yard. Space for elevator-possible. Close to town, ferry and schools.

For the complete Windermere listing, click here.

 

Looking for something?

Use the form below to search the site:

Still not finding what you're looking for? Drop a comment on a post or contact us so we can
take care of it!

fbox2
jennifer@jenniferpells.com
206.718.4337
fbox3
Windermere Real Estate/BI, Inc.