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Weekly Wrapup: Phinney home goes 40% over asking

By July 14, 2020

Market Report

The market is still crazy – remember the Phinney Ridge home from last week’s newsletter listed for $899k with a rumored 34 offers? It sold for $1.2m cash, 33% over asking (not $1.3m as we heard). Meanwhile this Phinney fixer sold for 40% over asking!

Last week we experienced the craziness first hand getting caught up in a bidding war for a rare new construction home in Montlake. Fortunately we helped our financed clients beat an all-cash offer. We also saw a few homes go pending with multiple offers in just a day or two. (We wish when agents under priced they’d set generous offer deadlines…) Meanwhile we were busy re-listing a newer home in Fremont with rare double car garage and we re-priced our live/work listing in Loyal Heights.

Will the craziness continue? Likely. We expect it through end of October as inventory for single-family homes and townhomes remains tight and the stock market soars.Though I expect that 2021 will bring more inventory as many re-think their life plans amidst employers embracing working from home, freeing up homes as people search for more space/yard/quiet/etc. More inventory should mean fewer bidding wars. Which is what we’ve seen with condos where there is now lots of inventory and it is a buyer’s market. For instance, Madison Lofts, a great building that rarely has an opening has three lofts for sale (err two, one went pending tonight).

Speaking of condos – the Goodwin, a Belltown condo conversion started sales, as did a new construction 34-unit condo on AuroraSpire topped out, and we did a deep dive on Nexus on the blog.

Finally, what caught our eye – “the gym” for $2.8, a $2.7m Paul Hayden Kirk on Mercer Island, and a $1.55m NW contemporary in Ravenna.

I’m so glad summer weather finally arrived! 

I’m the founder and managing broker of Urban Living. I love lofts, floating homes, new construction and mid-century moderns but will help you buy or sell just about anything.

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206-618-1600