2019 proved to be another happy ending for Seattle floating home sales in Seattle, Wa.
We saw 22 Seattle floating homes successfully sell on Lake Union and Portage Bay. We saw more activity than ever in Portage Bay this year! Could this be the new hot neighborhood for Seattle floating homes? NINE sold in Portage Bay, THREE in Westlake and the neighborhood which has more floating homes than anyone… Eastlake saw TEN floating homes sell.
What type of homes sold around Lake Union and Portage Bay and how long did it take?
A cute Westlake floating home for $500,000 sold in about 88 days. It’s one bed, one bath, and 500 square feet. It’s your typical 1920’s cabin style one story floating home. $3,438,000 tipped the scales for the largest sale this year which goes to the beautiful Ward’s Cove community. City views, boat moorage, luxury high end finishes for a 2016 built floating home with gated parking are just a few of the perks. Whether it’s a small charming floating home or a new or remodeled floating home the average purchase price when you include all the sold floating homes rounded out at $1,393,205. Let’s not forget the average square footage was 1,280. Calculating these two numbers gives us our price per square foot which is $1,088. And it took all 21 of these homes an average of 67 days on the market.
Speaking of days on market, SeattleAfloat/Cooper Jacobs successfully listed or sold 63% (14 out of 22 homes) including four off market sales for clients.
What does 2020 look like for buying and selling Seattle floating homes?
We had some creative connections in 2019 which makes it so incredibly gratifying to know the people in this community so we can connect the dots. We saw people moving up, scaling down, and literally moving their floating homes on the lake. Looking ahead, Seattle real estate has all indications to continue our growth. More people moving here because of more jobs which means more home developing. We describe our business of selling floating homes sometimes like balancing on a paddle board. These properties do feel slight ups and downs as related to land homes but they continue to ride the wave skimming just the surface without much turbulence at all. To add to the purchasing power, we have better than ever floating home lenders we continually work with and not surprising competitive for your business.
When is a good time to sell?
Every year is different. This is not just me saying something vague. This year we saw no sales in the first quarter! It picked up in May with three closings. June there were four. And July saw THE largest closings in a month which was 5. September was right behind with four closings, October saw 2 and November there were THREE closings! In a nutshell, 2019 saw a very slow start and then…well then it was no stopping. The number of buyers came out ten fold in the last quarter of 2019. So sellers – the objective is to have your home ready for the most pickiest buyers to attract them from January to December. Because I guarantee there are always buyers shopping online for a floating home. They’re just waiting for the right one.
Case in point: We listed a wonderful end of dock floating home in December (right in the middle of the holidays!) for $750,000. It’s the brown one in the middle pictured here. It got immediate attention and now is pending after 5 days on the market.
As always, we appreciate your time in reading our material and if you ever have a question – ask us! We love to hear from our audience.
Quick Explanation for those who need it:
Floating homes by definition are homes registered by the city and county as floating on logs (old growth cedar logs) or concrete and are locked into a dock by way of moorage arms or chains. They are connected to the city’s sewer, water, and electric. Floating home owners enjoy including their moorage slip as part of their real estate footprint and do pay taxes on this. By comparison, there are still a couple of docks which have a landlord instead of a co-op or condo ownership. They enjoy rent control for their slips. Ask us more about this topic if you’re interested.
Happy 2020 Everyone!
Check our current floating homes listed RIGHT HERE. There are currently 4 floating homes listed active right now. Regarding any statistical info from the NWMLS: Information and statistics derived from Northwest Multiple Listing Service.