Green Lake Real Estate Inventory: 2013 and Beyond

Green Lake, I love you.  But if you don’t start providing inventory soon for my buyers that are still waiting in the wings to purchase, I’m going to get annoyed.

As I’ve done in the past, I’ve taken a look at current Green Lake inventory from 85th at the north end down to 50th at the south end, and between Aurora & I-5.  And do you know what I’ve found?   Seven homes for sale.  Seven.  That’s all.  That’s one condominium and six homes, with price ranges from $205,000 (for the condo, the lowest price house is $399,000) to $859,000.

This 3,500 square foot house on Green Lake Way N is currently listed for sale for $765,000:

I don’t think this data will come as shock to anyone, and I’m sure everyone can make the interpretation as to what this is continuing to do.  Limited inventory drives up house prices, causes bidding wars, and also reflects only a small amount of sales.  So far in  January, nine homes have closed in the Green Lake neighborhood.

Time to get frustrated?  If you’re a buyer or a real estate agent, sure.  Time to panic?  Nope.  Last January, Green Lake closed twelve homes – just three more than where we’re at today.  And in January 2011, Green Lake only closed four homes.   My biggest fear is that sellers who are waiting to list because they’re seeing prices rise will all list their homes around the same time, bringing on more inventory than necessary.  However, the desirability of the Green Lake neighborhood should continue to move homes quickly into the hands of new buyers, no matter how many come on the market at once.

The other trend I’m seeing right now is the greedy seller.  Yes, it is a seller’s market.  Yes, prices are rising.  But no, buyers out there aren’t actually stupid and still aren’t going to pay way more than market value for your home.  If your home is listed in Green Lake (or most of the surrounding area) for more than 30 days, there’s a strong chance that you overpriced it so much, no one even wants to make a low offer.

Other neighborhoods seeing similar action: Ravenna, Greenwood, Phinney Ridge and particularly Maple Leaf after Redfin named it one of the up-and-coming neighborhoods in the country to watch. 

As always, I’m happy to help any of my neighbors purchase or sell their home, and provide free extensive market analysis reports to sellers.  You can reach me directly at sheath@matrixrealestate.com or at (253) 653-6299.

New on the market: 5 bedrooms in Maple Leaf under $500k

This morning I just listed a new home for sale in Maple Leaf that I think is absolutely adorable.  For a start, it has a perfectly symmetrical view from the street that gives it amazing appeal right from the first look.   It’s also just a few short doors down from the Maple Leaf Playground and less than a mile from Green Lake.

Once you’re inside, you walk into an enormous living room with hardwoods and the big original 1928 fireplace.  From there, you can walk through the swinging butler’s door to the kitchen.

The kitchen has porcelain tile countertops with a full height tile backsplash and white cabinets, and gets more light than any room I’ve ever seen.  It also has a super cute eating nook with built-in full-height cabinets that give tons of storage space!

There’s one bedroom on the main floor, with hardwood floors.  There’s also a full bathroom on the main floor with hex-tile flooring and an oversized vanity.  Upstairs, you find two more bedrooms with walk-in closets and another 3/4 bath, plus tons more light flowing in from all the windows.

If you head down to the basement, you find two more finished bedrooms and another full finished bathroom.  You also find a spacious laundry area with washer/dryer and a laundry sink, plus tons of cabinet space and counter space.

There are two doors to the backyard, which is level and grassy and partially fenced (really easy to fence the remainder).  Out there you’ll also find a pleasant surprise – a 2-car garage at the end of the long driveway.

Overall the home is 2400 square feet with five bedrooms and 2.75 baths.  It’s listed at $474,950 and will be open this Sunday, July 15th, from 12pm to 4pm.  Stop by and see – or ask your broker to show you anytime.  The home is located at 828 NE 83rd Street.