🏠 Why a $2M Mercer Island home got 6 offers
Once a day, someone asks: "How’s the market?" I usually respond with the question: "Are you a buyer or a seller?" But honestly, for either side right now, the market is just plain weird.
Exhibit A: Phinney Ridge & Mercer Island
- A $1.35M Phinney Ridge home had 4 offers today and is pending somewhere over $1.5M. Meanwhile, another home just blocks away had zero offers (though I’d bet one of those losing buyers will make an offer on it tomorrow).
- A $2M Mercer Island home snagged 6 offers (without an offer deadline!). It's going for 10% over asking, and will sell for more than the seller paid less than a year ago.
Why did the Mercer Island home crush it? It's the ultimate example of the power of presentation and pricing. Last year, the seller tidied up but was still living there and overpriced. This year, the agent kicked the seller out, modernized the lighting, spared no expense on staging, and priced below market. Meanwhile, there are plenty of similarly priced and presented Seattle homes that haven’t even had 6 tours.
What we were up to last week... When we weren't battling it out in bidding wars, we helped a buyer put an Airbnb-friendly condo under contract, and we were busy putting two fantastic new listings on the market: a Columbia City townhome and a tri-level in Kingsgate. Both already have buyers circling.
Will we reel them in? We’ll find out in next week’s newsletter! (I know, I just jinxed myself.)
Heads-up: we won’t see many new listings this week, and the ones currently on the market won’t get much foot traffic.
If you’ve been thinking of testing a lowball offer on a property you love, this is the weekend to do it. Hit them while the sellers are distracted and hungover on July 5th. I know we will be; July 4th is a massive party for all of us floating homes folks!
P.S. I’m working on a YouTube script. What five neighborhoods would you tell someone moving from out of state to (at least initially) avoid? Reply and let me know!
🏠 Homes we just listed
- A flexible 2-bed townhouse with rooftop city views
- A rare Kingsgate tri-level, first time on the market in 25 years
The other homes we’re selling:
- 🛥️ Second-from-the-end Eastlake floating home
- 🏠 A brand new Madison Valley home
- 🏙️ Condo with a view, an even bigger condo with a view, or a new one
- 🏙️ Corner unit at the Emerald
- 🏚️ West Seattle townhome with built-in income potential
- 🏙️ Magnolia sunny, corner-unit condo
- 🔨 Build your dream home on Perkins Lane
- 🛥️ An Eastlake houseboat and a Westlake houseboat
- 🏙️ A great short/long-term rental or UW pied-à-terre
Wonder what your home is worth? Just hit reply.
🍿 Our Latest YouTube Video
🏠 Listings that caught our eye last week
- Most expensive pending: $25M Hunts Point waterfront
- Highest % over asking sale: 27% over in Loyal Heights
- Most expensive sale: $20M Hunts Point waterfront (pending in 7 days, but sold almost 10% under!)
- Least expensive sale: $235K Northgate two-bedroom condo
- Most popular Seattle listing on Redfin: Madrona craftsman for $1.37M
📰 Must-read real estate news
- Seattle's most expensive home listing slashes asking price by $30 million (Puget Sound Business Journal) — see all the photos!
- Seattle's first post-pandemic office-to-apartment project crosses finish line (PSBJ)
- The mortgage rate lock-in gap is finally closing (@nickgerli1 on X)
- WA’s rich are leaving? Another tax on wealth smashes records (The Seattle Times)
Listings Rallied, But the 4th Slowdown is On This Week
Seattle: 355 new listings last week, up 9.57%% w-o-w
Eastside: 323 new listings last week, up 14.13% w-o-w
Buyer interest keeps slipping
Seattle: 171 pending last week, down 6.56% w-o-w
Eastside: 134 pending last week, down 10.07% w-o-w
🔥 The hottest new listings
$3.15M Laurelhurst Mid-Century with Lake Washington Views
$2.15M Mercer Island Mid-Century Modern by Award-Winning Architect
$599K Sunlit Georgetown Artist Live/Work Loft (you really need to be an artist)
Check out last week’s market update, 44 stories in Denny Triangle? 32% over asking on Phinney Ridge!?
And don’t miss our next update, sign up for our weekly newsletter.
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