Are Seattle Houseboats A Good Investment?

Are Houseboats A Good Investment?

Are Seattle Houseboats A Good Investment?  In a word:  Yes.  I have more renters contacting me for houseboat living and each day the list grows longer and longer.  Why?  Because it’s different, cool, convenient, and what better way to live waterfront-style than renting someone else’s investment. 

This blog is not so much directed at the renters wanting to know those houseboats for rent…it’s directed more to those INVESTORS who want to secure a great real estate purchase in Seattle’s well known houseboat community.  It’s been documented that you post an ad for a rental houseboat on craigslist, postlets, or facebook and you will get it occupied in two days flat.

Is now a good time to buy a houseboat?  Another word:  Yes.  Seattle Metropolitan Credit Union lends on houseboats with a 25% downpayment and a 45% debt to income ratio with a credit score of 680 or better.  Many times folks will buy a houseboat with cash because they’re affordable so lending isn’t required.  Do they appreciate over time?  GOOD QUESTION.  It’s such a personal choice for a buyer and they can look for years.  So the appreciation is in the eye of the beholder…or just in the next owner.  However just like anything you want to buy it must be in the best shape possible, curb appeal, great marketing, and above all – value/good price needs to be established.

Seattleafloat.com has a quite impressive houseboat for sale that, yes is currently rented, and is a SUPER investment in Gas Works Park Marina.  Own your moorage, own your houseboat, and make a profit.

Call or email me for a private showing on one of the best kept secrets on Lake Union.

This Just In!!! Seattle Houseboat Lending Opens Up Again!

Just came across my desk this afternoon!  Seattle Houseboat lending is wide open again!

From Denise Carlson at Seattle Metropolitan:

We have great news to share……    We are back online with our houseboat lending program.  Below is the update we have made to our program guidelines.  

seattle houseboatsAug. 2011 update:  City of Seattle’s Shoreline Management plan is being revised and will most likely impact the houseboat community in some way.  Information is currently being gathered by the City.  The final plan will be drafted and submitted to the City Council for approval.  Once approved, it will then be sent to the Department of Ecology for their approval.  The estimated timeline looks to extend to year end 2011.  Details of the plan are uncertain at this time and pertain to various aspects of above water living, including the treatment of gray water and the % of ‘live aboards’ allowed around the lake.  There is uncertainty as to the impact on houseboat values any future changes in the SMP may create.  Given this uncertainty, SMCU has modified the requirements to the existing houseboat loan program to allow lending in this program as well as compensate for any potential negative impact as follows:

 

  • Minimum FICO score of 680 – no change
  • 45% maximum DTI – new
  • Minimum of 2 months documented reserves required on all transactions.
  • No other program details have been changed

 


You can reach Denise at 206-398-5581 if you have questions about houseboat lending.  Denise also does Seattle floating homes lending.  As always if you are interested in Seattle houseboats, please let us know – we would love to show you some of our favorites – both on the market and off.

 

Seattle Floating Homes For Sale: You Have A Dozen To Choose From In All Ranges

Seattle Floating Homes For Sale: You Have A Dozen To Choose From In All Ranges

Seattle houseboats

The Seattle floating homes inventory has gone up and some prices have changes since I wrote about what Seattle Houseboats for sale were available earlier in the month, so I thought I better come back and go through them again.  There are 12 Seattle floating homes for sale right now.  There are many more if you are looking for Seattle houseboats for sale in general (this includes vessels and barges as well as floating homes), but only twelve Seattle floating homes on the market currently. This is up from the last year so get out there and take a peek at the inventory.

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(Molly and I are happy to show you what ever you would like to see no matter who it is listed with!  You can call Molly at 206-841-6800 and me at 206-850-8841.  You can also email us if that is easier – courtney@seattleafloat.com or molly@cooperjacobs.com.)

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Eastlake Floating Homes…

There are five Eastlake floating homes ranging in price from $199,000 for a floating home on a leased dock (does not own its moorage) to $3,450,000 for the Ferrari of Seattle houseboats on the Fairview Landings Dock.  In between, you have a few more of the norm priced at $485,000, $525,000, and $849,000.  Molly and I have our favorite among these, so let us show you what we think is the best of the best of Eastlake houseboats right now.

Westlake Floating Homes…

There are also five Westlake floating homes for sale right now! These range from $299,000 for a perfect starter Seattle houseboat with OWNED moorage and cheap dues (think better than condo prices and way lower on taxes and dues – ask me if you don’t believe me and I will show you the numbers) to $875,000 for a great Westlake floating home on the 2420 dock.  Other prices on the Westlake side?  $399,000 in Westlake Cove, $530,000 for another on the 2420 dock, and $850,000 for an END OF DOCK Seattle floating home (PS – If you are looking to live at the end of the dock on Lake Union, then you should know that these rarely go for under a million, so come see it!!!!).

Portage Bay Floating Homes…

There are two Portage Bay Floating homes for sale (one is creeping into Eastlake so you get the best of both worlds).  They are priced at $649,000 and $765,000 and include land and parking with one of them PLUS a land side cottage.

Again let us know if you want to see any of them or if you need help getting financed for a Seattle floating home – we have all the resources at our fingertips and are ready to help you get settled into a brand new lifestyle on the lake.  Summer is around the corner!

Two Slips Are Better Than One

Take your pick: calm, protected waters during the winter months or high tale it out to center stage at the end of dock for some amazing summer time fun

Comfortably open floor plan

Truly an amazing location for an amazing houseboat.  This beauty is a 60′ long Catamaran designboat  with a steel hull (which was just painted) and insulated with polyurethane foam cylinders.  Extensive and thoughtful care has been taken by The Ark’s owner.  The 1,000 square feet of living space (including 2 bedrooms and 1.50 baths) has the style and sophistication you deserve on the water!  Forced air in all the rooms, two new engines in 2007 with 135 hp and 4 cylinders plus a 220 gallon water storage tank.

Insulated storm windows throughout, high speed internet cable available, hot water showe to rinse off after a kayak trip to the favorite, local Aqua Verde restaurant.  Financing options are available ~ feel free to contact us to answer more of your questions or a free tour.

A popular kayak’s cafe

Seattle Houseboats Financing: Some Good Floating Homes Financing Rates Just Out


Seattle Floating Homes Financing Just Got More Attractive:

Some of the latest rates I have seen are extremely attractive for Seattle floating homes financing! I am happy to share some details if you are interested in buying a floating home or looking at the financing for it.

Here are some of the details for I have seen for Seattle floating homes financing through local lenders:

  • 25 year amortization
  • 7 year term
  • 5.99% interest rate (6.49% standard rate)
  • 1.00% loan fee
  • Borrower to pay all closing costs
  • Maximum LTV-75%
  • Rates are subject to change without notice, but I can point you in the best direction if you need it.

Keep in mind that this financing is for floating homes only. Not all Seattle houseboats are floating homes. Seattle houseboats is the general term which covers Seattle floating homes, vessels, and barges. Vessels and barges are a different animal for financing often requiring a boat loan although there is at least one other option that recently became available in financing vessels.

You can get in touch with us via email and we can help direct you to the correct mortgage person if you have other Seattle houseboats needs: homes@SeattleAfloat.com

We are available to talk now.