LuxuryHomesInSeattle.com: Luxury Home Buyers Know What They Want and Find It In the Seattle Area; King County Home Sales Skyrocket by 48% … 88% on Mercer Island

Business Wire, Dec 27, 2004

SEATTLE -- 61% of U.S. luxury homeowners surveyed recently said that potential interest-rate hikes would not deter them from investing in "extras" that make homes more luxurious and valuable. When homeowners were asked what luxury amenities they want most, Joan McCloskey, the editorial marketing director of Better Homes and Garden magazine, said they chose upscale kitchens with high-end appliances, whisper-quiet dishwashers, granite counters, and wine coolers. Following kitchens, the next most popular amenities are media/entertainment rooms, wine cellars, and outdoor activity areas.

Nowhere is the allure of amenities more clearly demonstrated than in King County where 709 single-family, million-dollar homes were sold in King County as compared to 479 homes in 2003. "Those additional 229 homes represent a gain of 48%," Willanger calculates. "That's tremendous for King County."

Willanger, currently with Windermere Real Estate, has spent more than 15 years successfully analyzing, interpreting, and leveraging the trends in Seattle area luxury real estate. A current trend he's watching is a decrease in the average time luxury homes are on the market. "In 2003, the average time that a home had its 'For Sale' sign up was 121 days," he notes compared to 98 days on the market this year.

Luxury Location

On Mercer Island, luxury home sales are up an astonishing 88%, nearly double the average gain of the area. Willanger attributes this to Mercer Island's prime location. "Mercer Island has exactly what so many luxury buyers are looking for ... even more than a Jacuzzi, cathedral ceilings, or other amenities, and that's a perfect location," says Willanger.

With Mercer Island's easy access to 'big city' life in Seattle, it's no wonder that 108 homes were sold this year compared to 56 last year. "And the median sales price is up 8.7%," notes Willanger "which is another reason homes there are so popular." Willanger is referring to statistics showing that most of the Bellevue area showed only a small appreciation in the million-plus market and most of Seattle showed slight decreases in prices compared to 2003.

Willanger is referring to statistics showing that most of the Bellevue area experienced only a small appreciation in the million-plus market, while much of the Seattle area showed slight decreases in prices compared to 2003. "The notable exception is Capital Hill east to Madison Park," Willanger points out. "This is one of the city's most exciting neighborhoods with the trendy clubs and unusual shops that give luxury homes in the neighborhood a 'cutting edge cache.'" Unlike residential areas to the north, west and south, Capital Hill showed a 6.5% appreciation rate in home sales.

For current information on the upper tier market and the extraordinary values that are available in the Seattle area, contact Adrian Willanger at 206-909-7536 or email adrian@LuxuryHomesInSeattle.com.