7349 Madrona Drive NE is a unique in-town package in the popular Wing Point Neighborhood.  Right now, on the island, it is hard to find a home for sale that is close to the ferry and not cookie-cutter.  This home is anything put predictable or ordinary. Custom built by Bob Grimm of ID Construction, this property offers a 2588 sq ft main home and a 704 sq ft guest cottage on a lovely, landscaped, flat lot.  Only 1.5 miles to the ferry, this Wing Point property on .39 of an acre offers elbow room from your neighbors, but incredible proximity to the ferry, Winslow, and schools.

Open Houses Scheduled for:

Thurs., November 30th from 10am to 1pm & Sun., December 3rd from 1pm to 4pm

7349 Madrona Dr NE on Bainbridge Island listed by Jen Pells Real Estate

7349 Madrona Dr NE on Bainbridge Island.

7349 Madrona Dr NE on Bainbridge Island listed by Jen Pells Real Estate

The gracious entry way/den area makes an immediate impression with stunning woodwork.

7349 Madrona Dr NE on Bainbridge Island listed by Jen Pells Real Estate

The open concept kitchen has been recently updated with quartz counters, new appliances, subway backsplash, shiplap siding and new fixtures.

7349 Madrona Dr NE on Bainbridge Island listed by Jen Pells Real Estate

The dining area has stylish light fixtures that set off the wood beams and the south facing windows let in great afternoon light.

7349 Madrona Dr NE on Bainbridge Island listed by Jen Pells Real Estate

The striking master bedroom has interesting angles, vaulted ceilings, custom paint, a skylight with shutters, and built in fir dressers.

7349 Madrona Dr NE on Bainbridge Island listed by Jen Pells Real Estate

The formal living room has walls of windows and just off the entry it is a great place to greet your guests.

7349 Madrona Dr NE on Bainbridge Island listed by Jen Pells Real Estate

The two story guest cottage sits at the back of the property and feels like it is on a separate lot.

7349 Madrona Dr NE on Bainbridge Island listed by Jen Pells Real Estate

The quaint guest cottage is 704 sq ft, has a full kitchen, 3/4 bath, laundry and large bedroom.

Details about the home:

  • 2588 sq ft main home and 704 sq ft main cottage
  • Main home is 3 bedrooms and 2.5 baths
  • Bedroom and bathroom on the main floor
  • Updated kitchen and bathrooms
  • Guest cottage has a full kitchen, 3/4 bath, laundry and bedroom
  • .39, flat, landscaped lot
  • One car garage with finished studio and half bath
  • Newer roof and exterior paint
  • 1.5 miles to the Seattle Ferry
  • Offered at $995,000

Storybook charm on desirable street in coveted Wing Point. A rare package of a custom main home (2588 sq ft) and a quaint guest cottage (704 sq ft) on a lovely, flat landscaped lot. The main home has been meticulously updated and professionally designed with custom lighting, quartz countertops and heated marble floors. The comfortable guest cottage offers a full kitchen, 3/4 bath and laundry. Your guests won’t want to leave. The finished garage studio could be a gym, music room, yoga studio, or office. Easy access to the ferry and Winslow.

Click here to see the full Windermere listing detail.

Click here to visit this home’s dedicated website.

On November 30, 2017, in Home Tours, Homes, Listing, Neighborhoods, Open Houses, by

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

School is back in session and we just finished our tenth summer on the island.  Both my girls are in high school this year and yes, what they say is true, time just flies.  It always seems to be a reflective time when another school year starts. Our decade on the rock has really been all that we hoped it would be, and more.  The schools have been top notch, the community small, close and safe, the natural environment lovely and the air clean. As a California native summer is indeed my favorite season, there is no denying that.  I love the sun and this summer was warm (I grew tomatoes this year – yay!). But, the fall season is certainly a close second.  September and October are fabulous months for sunny clear days in Washington. I love fall yard work and the crisp air. Since September and October have this stellar weather there are a lot of fantastic things to do on and around the island as we wrap up summer and say hello to fall. Many not he lost below have been a family tradition for us.  Here are some of my favorite fall events on the island:

Fall Colors on Bainbridge Island

A Taste of Lynwood – Lynwood Center/Pleasant Beach Village – September 16th 11am to 8pm – after a four year hiatus this festival of food and music returns.  The weather report looks good, so wear comfortable shoes and come hungry. There will be two band stages and several food options. Bainbridge Youth Services is even sponsoring a fun run at 9:30am to kick things off, the Baker Hill Challenge.  Click here to see the full band line-ups.

Classes at Bainbridge Gardens – the list is long, but my favorites are Northwest Newcomers on September 16th an 20th and the Fairy Garden Workshop on September 24th.  Classes start at 1pm.  Call to register for the fee based classes 206.842.5888.

Fall Food Festival – At the Farm Kitchen in Poulsbo – September 17th from 12-4pm- off island, but worth the drive.  A free event, but local vendors will be selling food.  See the fabulous Farm Kitchen in full bloom and soak in the warm sun while you enjoy local eats.

The Annual Harvest Fair – Sponsored by Friends of the Farm  – September 24th on the Johnson Farm from 11am to 5pm. This is an all day affair that celebrates local farming. Great food, games and fall sights. Suggested donations $5 kids/$10 adults.

Northwest Newbies Nature Hike at IslandWood – Sunday September 24th from 1-3pm.  Explore fabulous IslandWood with a guide.  Learn about common native species and soak in all the fall colors.  I love climbing the old firetower at IslandWood in the fall.  I am happy to be the sponsor of this event.  If the event is full, join the waitlist, there is a lot going on that day.  $5 admission charge.

Oktoberfest – held in September ;) on the 23rd at the Day Road Industrial Park from 3-9pm.  Enjoy local breweries (a 4,000 square foot beer garden – wow!), sausages, pretzels, wine and bands.

24th Annual Pumpkin Walk Fall on Bainbridge Island– As we look to October you have to think Pumpkin Walk. A trail blazed with carved pumpkins, food and games, what could be better on a dark, fall night.  This is a Bainbridge Gardens tradition and will be held on October 13th and 14th (a little earlier this this year) from 6pm to 8pm.  This is a benefit for the Bainbridge Island Boys and Girls Club.  There is no admission charge.

On September 14, 2017, in Activities, Beyond Bainbridge, Community, Events, Personal, by

The Seattle Wheel by Jen Pells Windermere Realtor Mid-Way Through a Good Year | A Bustling Springtime

Even though the first quarter of 2017 didn’t start that slowly, it sure felt like it did. But the second quarter was a different story. We were flat-out busy between April and June. Personally, it was my busiest quarter to date. There were 141 home sales on Bainbridge during Q2, which was a 31.8% increase over last year and a 306.5% increase over 2009 (for those of you who remember those days). The only second quarter to get even close in the past decade was 2013, when 125 homes sold.

The Mechanics of Price

Still, a curious piece of data accompanies all those sales: the median price of homes sold in the first half of 2017 increased only 3.6% over the comparable period last year. That is the slowest growth of prices since 2012-2013 (when it actually went down). Here’s why this is significant: even though there is healthy demand, buyers are showing restraint and patience. This, I think is a good thing. The basics of presentation, pricing and negotiating (which really good agents bring to the table) still prevails. You cannot just take a house in any condition, throw a price at it and expect success. This is one of the factors that differentiate Bainbridge from the Seattle market. The flip side is that a major source of new buyers on Bainbridge are frustrated Seattle buyers who are tired of dealing with the city’s growth and market conditions. Our office was involved in 96 Bainbridge transactions during the first six months of this year, 30 of which (or 31.3%) involved Seattle and Eastside buyers. When we expand the circle, we see that out-of-state and Seattle buyers accounted for 51% of our transaction in the first six months.

Goings-on with Condominiums and LandFrom the Seattle to Bainbridge Ferry by Jen Pells Windermere Realtor

Our condominium marketplace has had a booming first half of the year. Sales climbed from 38 in 2016 to 50 in 2017 (almost a 32% increase) and the median price rose from $404,500 to $499,250 (up 23.4%), finally surpassing 2007’s previous record of $468,000. It took a decade for these numbers to return, and we’re happy to welcome them back.

Land is now the only remaining soft spot in our market. Sales were down 39% from last year but median prices rose 14%. We attribute this mostly to no new large parcel sales and the possibility that people are intimidated by the new construction process. The planning and designing phases of any new project are exciting, but then come permitting, the search for contractors and all the costs. With quite a bit of new construction coming on line, people seem to be waiting to see what someone else has built.

A Construction Zone

There is quite a bit of new construction on Bainbridge, which means the development topic is getting a lot of attention among locals. Bainbridge Island is such a great place to live that the pressure to grow comes naturally. History tells us that restricting growth will push up prices and eventually affect the market’s diversity. However, growth is a concern to existing resi-dents who fear it will spoil what makes the community desirable in the first place. So the community stance has been to try to limit de-velopment to specific pockets of the island as a way of preserving rural character in general. When we map the major new construction projects, we see that this goal has largely been met:

Winslow: Grow Village, Wyatt Way (DA Horton), Weaver, Bainbridge Landing, Finch, Freestone Landmark (Wing Point), Freestone Ferryview (Wing Point)

Lynwood Center: The Roost, Pleasant Beach

Rolling Bay: Sunrise Square

These projects are all within designated growth areas. Indeed, the only multi-home development out of the growth centers is the 10-home project going in at Torvanger/Sunrise Drive, and that’s being built on a 12-acre parcel.

From the Seattle to Bainbridge Ferry by Jen Pells Windermere RealtorFavorable Conditions

How long will this pressurized market last? Anyone who experienced the 2007 market, which was also quite active just before it changed dramatically, is reluctant to make long-term predictions. However, there are some key differ-ences between 2017 and 2007. Today, the lending and banking environments are far healthier. Also, job growth is the primary fuel of real estate growth. And our local economy is far stronger now than then. Windermere Chief Economist Matthew Gardner had this to say about regional job growth in his Q1 2017 report:

Washington State continues to add jobs at a steady rate. (We) continue to see unemployment fall and I anticipate that we will see this rate drop further as we move through the year. In all, the economy continues to perform at or above average levels and 2017 will be another growth year. 

Ever the Rock

Yes we have growth and new construction, but there is diversity in the construction (family homes, homes ideal for downsizers, and homes close to services). When you drive around the island, you find most of it untouched by new developments. We also have the best parks, hikes, beaches, bays and communities in Puget Sound. Our region’s star is still rising as a great place to live and work and we are one of the premier neighborhoods in it. Growth pressure will continue; it’s up to all of us to work together to ad-dress it in ways that honor the past, present and future of this great place.

 

1858 Commodore Lane is a rare, in-town package.  Almost half an acre, walk-able to all levels of schools, Winslow and the ferry.  Plus a private, light and bright studio/office.   This quiet cul-de-sac location provides both privacy and convenience. Do you want chickens?  No problem, you have plenty of space here. Room to play soccer or throw a frisbee to your dog? Yes, more than enough run around room here. Come see for your self.  I will be holding it open Thursday, July 20th from 10am-1pm and Sunday, July 23rd from 1pm-4pm.

1858 Commodore Lane on Bainbridge Island.

The kitchen and family room open to the back deck and are also connected to the living room and dining room.

The updated kitchen has newer cabinets and counter tops as well as brand new stainless steel appliances.

The cozy family room has a wood burning stove and two sets of french doors that lead to the back deck and yard.

The light and bright studio is private and you can access it via the garage, front yard or back yard.

Private deck and play space in the backyard.

Details about the home:

  • 3 bedrooms with 350 square foot studio
  • 2.5  bathrooms
  • 2,604 square feet
  • .4 of an acre – one of the largest lots in Commodore
  • Large and open entertaining kitchen with updated cabinets and granite countertops – new stainless steel appliances
  • Wood floors on the main level
  • All bedrooms upstairs
  • Mature landscaping in large yard, with flat lawn space
  • Walkable to Winslow and no HOA dues
  • $738,000 asking price

Traditional in-town home with charming wrap around covered porch on a hard to find, flat .40 acre lot. Mature landscaping and large, level lawn space. Quiet cul-de-sac living and an easy commute to schools, Winslow, parks, and ferry. Comfortable, open floor plan with updated kitchen, new SS appliances, and attractive hardwood floors on the main. Sellers added light, bright studio that could also function as a private office or recreation space. All bedrooms upstairs. Rare in-town package.

Click here to see the full Windermere listing detail.

Click here to visit this home’s website.

On July 20, 2017, in Home Tours, Homes, Listing, Neighborhoods, by