Got some cash? You’re going to need it to compete. According to the Seattle Business Journal two-thirds of home buyers purchasing high-end homes in 2014 paid cash. Out of that number, 39% of buyers were from overseas and primarily China. Many buyers were business owners and 10% were athletes or entertainers.
In 2014 there were 31 sales of homes over $5 million. Economists predict a slow down in 2016 as growth in home values slows as well. However, many real estate professionals feel that the luxury market will remain high for our region. International buyers have boosted Seattle’s luxury market, even though local buyers moved faster. Seven of the 34 high-end homes sold in under 10 days and 6 of these buyers were local. 29 homes were on the Eastside in places like Bellevue, Medina, and Mercer Island. Smaller communities such as Clyde Hill, Yarrow Point in Kirkland and Hunts Point each had luxury sales in 2014.
In 2015, the largest sale went to a Mercer Island property selling for a whopping $13.8 million. This waterfront home was on the market for just over two years before selling. Currently, the highest priced home in the Puget Sound resides in Bellevue on Meydenbauer Bay for $32.8 million. The highest priced home in Seattle is currently $13.2 million in the Laurelhurst neighborhood followed by $10.4 million and $8 million, all in Laurelhurst on the shores of Union Bay, east of the University District. The lowest priced home in Laurelhurst is $1.4 million.
For more information on the Seattle luxury market contact Mary Pong with Compass today. Mary offers expert customer care when purchasing luxury homes in the Puget Sound. Email or call Mary Pong at 425-829-3417.