Madison Park Times RE 10-01-20

Real Estate Madison Park Times

Housing market remains competitive in area

I think you will agree that these are certainly interesting times we are living in. The real estate market in greater Seattle is no exception. The latest data from the Northwest Multiple Listing Service confirms what those of us on the ground are experiencing: The lowest interest rates in more than 20 years and sparse inventory has resulted in a very active market, with many homebuyers feeling frustrated. The market is moving fast, and staying on top of current statistics and trends is important if buying or selling a home is in your future.

Let’s dig into the most recent numbers:

For Denny Blaine, Broadmoor, Washington/Madison Park

2019 through September 25: 57 sold homes

Average Sales Price: $2,006,646

Average Days on Market: 74

Average Price Per Square Foot: $664

Lowest Sales Price: $395,000

Highest Sales Price: $6,895,000

Selling at 96.41 percent of last listed price

2020 through September 25: 87 sold homes

Average Sales Price: $1,987,405

Average Days on Market: 49

Average Price Per Square Foot: $754

Lowest Sales Price: $459,900

Highest Sales Price: $10,000,000

Selling at 98.5 percent of last listed price

Over $2.5M market time is 66 days, and there were 17 sales with an average price of $4,363,109 for 98112

2019 through September 25: 236 sold homes

Average Sales Price: $1,312,456

Average Days on Market: 39

Average Price Per Square Foot: $566

Lowest Sales Price: $255,000

Highest Sales Price: $6,895,000

Selling at 98.71 percent of original listed price

2020 through Sept. 25:

273 sold homes

Average Sales Price: $1,418,508

Average Days on Market: 37

Average Price Per Square Foot: $631

Lowest Sales Price: $265,000

Highest Sales Price: $10,000,000

Selling at 100.56 percent of original listed price 21 of these are $2 million+, and this market and the market time over $2.5 million is 132 days

In looking at Seattle as a whole:

In the period of Jan. 1, 2019, to Sept. 25, 2019, sales of homes over $2 million rose from 154 in 2019 to 171 in 2020. The average price of these sales was slightly lower — $2,872,514 in 2019 and $2,813,548 in 2020.

Since May 25 this year, under $2 million the number was 3,124, while during the same period last year the number of homes sold under $2 million was near the same at 3,027.

My takeaways:

• The Seattle area housing market was very competitive before the coronavirus pandemic, and that has not changed.

• The pause we experienced in the spring during the stay home order resulted in a very active summer market.

• Year-over-year real estate activity in our neighborhood remains strong and steady with sales up and DOM down.

• Overall in 98112, an 8 percent average price increase year over year.

• The market time for homes over $2.5 million is over three times longer than those under that price point.

• We continue to see multiple offer situations at certain price points and with unique, show-ready homes.

• Historically, low interest rates mean would-be home buyers have more buying power.

Lack of inventory continues to be one of the biggest drivers in our market. During the stay home order, many sellers waited on the sidelines to put their homes on the market, either because of COVID itself, or because they were waiting to see the effects of the pandemic on the real estate market. So while the market took a pause in the spring, it came roaring back this summer. While typically we see a slowdown in the Seattle summer market, essentially the active spring market was delayed until summer. Real estate brokers across the area report seeing the busiest market ever in the last several months. When compared to last summer, 2020 saw a 57 percent increase in closings compared with the 2019 summer months.

With children going back to school this fall, there is a chance the market will be quiet as many families take on remotelearning responsibilities. However, at this

 HOUSING Page 7

The big, beloved sedums Tree Talk

By Steve Lorton

Come October, garden columns are usually filled with stories about pumpkins, chrysanthemums or trees ablaze with autumn color. Rightly so, but there is another plant that heralds the season in equal splendor: sedums.

With nearly 300 species in the genus, most are known as stonecrops, low-sprawling plants with plump, succulent waxy leaves in shades of green, gray-green, celadon, pink and burgundy. Most sport clusters of tiny, vibrantly colored flowers. You see them in rock gardens and atop tile roofs in Europe, or happily crowded into low terra cotta pots gracing table tops and stone walls in full sun.

Little known, or at least little known until the last two decades, are the tall-growing sedums. These are prized perennials to grow in the garden or in containers. Two species forged the trail: Sedum spectabile, imported from China and Korea (growing to a height of 18 inches), and S. telephium, a native from Eastern Europe to Japan (a 2-foot clumpforming plant, as wide as it is tall). These were the only big sedums being grown. Then came a hybrid of the two, S. “Autumn Joy,” with its bold domes of blossom emerging pink and then aging to bright copper and darkening with age.  What made these plants special was their unusual foliage, their beautiful flowers that appear in late summer and early autumn. Their drought tolerance and ease of maintenance was a huge plus, as was their adaptability to inground or container gardening. Paired with ornamental grasses, their unusual foliage was a show stopper. Suddenly these statuesque se-

dums caught on, and propagators and hybridizers have now introduced a number of new and very interesting plants. S. “Autumn Joy” was followed by S. “Autumn Fire,” known for its rich fall color. Then came S. “Neon,” with electric pink flowers atop green stems and leaves; S. “Stardust” is a similar plant but with very large white flowers. The blooms of S. “Carmen” are nearly red.

The introductions continued. Boutique nurseries were offering S. “Cloud Walker,” with maroon stems and leaf tips and large pink flowers. The dark red stems, gray-green leaves and pink flowers of S. “Matrona” had competitive gardeners sleuthing and keeping their sources top secret. Variegated leaves of jade green with creamy white edges and pink flowers had gardeners chasing down S. “Variegatum.”

It all got a little annoying, but the genus Sedum would have none of it. An egalitarian plant, if ever there was one, sedums are a cinch to propagate. Almost any stem clipped, top and bottom, with five or six leaves left in place will root in soil. Dusting the cut ends with some rooting hormone powder is added insurance but really not necessary. This month, take a cut stem of one of these sedums, scoop out a shallow trench in a pot of soil or in the ground, lay the stem flat in the trench, cover it with half an inch of soil, leaving some of the leaves sticking out. Next spring you’ll have little plants sprouting all along that stem. I’ve increased my collection to dozens of sedums this way. They prefer loose, rich soil and do well with a modicum of water. Once established, I feed mine with a liquid plant food monthly, from April through September.

Sedums also transplant and divide easily. Once, on a hike around the suburbs of Vancouver, B.C., with the artist Zoran Malinovski, I shocked him as I shouted out with glee and jumped into a thicket having spotted a Sedum “Autumn Joy” that had been dumped and subsequently rooted. I insisted that my startled friend return with me to the spot with a shovel. We dug the plant up, carted it back to his house and planted it in a pot, to the delight of his wife, Angie. Now it fills a cherished spot on their patio, a leafy sculpture in spring followed by a floral show in summer and autumn, always abuzz with honey bees that fly off to pollinate the rest of their garden. No doubt this noble plant will make its way onto one of the painter’s canvases. Back in the day, I scouted a garden owned by a renowned plantswoman. At that point, these robust plants were little known. She had massive sweeps of sedums. In full sun, they were thriving in exuberant bloom along a blisteringly reflective driveway. I remarked on the spectacle.

“Oh yes!” she said. “Once I sedum, I knew I had to grow ‘em.” Then she threw back her head and let fly with a rumbling laugh. I rolled my eyes at that groaner and then discharged a mild, albeit genuine chortle. Yet, the point was made. Few gardeners who get exposed to these big succulents are able to resist them. They’re beautiful, low maintenance, drought tolerant, long lasting, easy to propagate and, in leaf and blossom, a perennial in a class unto itself. Add to that, they have the power to make even the corniest joke resonate with any gardener who’s ever encountered them. In short, you just gotta sedum to believe ‘em.

am elated to share that Realogics Sotheby’s International Realty has officially cut the ribbon on their new flagship office in the heart of Bellevue’s Old Main Street! The cutting-edge real estate showroom offers a wonderful new connection to the Eastside community and pairs wonderfully with its retail storefront, B-Bar. Operated by Joe Vilardi of the famed Bis on Main, B-Bar is quickly becoming a new favorite destination for delectable bites, tasty cocktails, and great company.

RSIR ranks amongst the largest, most productive and fastestgrowing real estate companies in Washington with access to 23,000 brokers in 70 countries that generate global sales of $114 billion annually.

Laura and I worked together for over a year before I purchased a home. She understood what I wanted and would let me know when she saw something that fit. She was there in the background as my advocate. I never felt she was trying to sell me something. Laura was always there to represent me and to protect me. Her knowledge of the market was outstanding. More importantly after we entered escrow, she remained my advocate and was always watching out for my interests. I know many realtors in Seattle proper. I would only use Laura going forward. She is pleasant, smart and has integrity.

and

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Revisiting the Park:

The Good Ol’ Days

By Richard Carl Lehman

Summer in Seattle is the best part of living here, but it’s short compared to other parts of the country. June gloom curtails it even more, and on top of that, COVID-19 insists on keeping some of us indoors more than usual. When can it be party time? When can I go out and play, Mom?

Staying indoors and having to listen to the news makes for a rather un-party-like mood, and if you do decide to walk to the Avenue, the mask hides any enthusiasm you might drum up. After watching a movie called “Greyhound” with Tom Hanks as a submarine commander in World War II, the wife and I realized how great it was to have someone in truly charge in times of crisis. Grim as it all is, it’s pretty nice to walk to the Avenue and talk to neighbors and residents. Funny how the “house-atosis” thing is so prevalent. It’s hard to walk away from any conversation as pentup thoughts rush to the mouth. Trying to stay away from politics, one never knows who one might offend (said he who learned the hard way).

Back in the day, we met at Tully’s Coffee, where there were two tables, one for the Republicans, one for the Democrats, but it never really mattered as conversation wasn’t always about politics, and after two or three cups of coffee, all worldly things were dissected.

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In the ‘30s and ‘40s, residents north of Madison were mostly blue collar and Democrat, and south of Madison was Republican in general. We waist-high tykes from J.J. McGilvras wore our candidate buttons proudly.

In the early ‘50s when I was stationed in Fort Ord. I sometimes spent time in Haight Ashbury with friends. There, the political views were near a boiling point. Some areas were off limits to military personnel, which in itself was an education. One friend I was stationed with chose to go AWOL due to the influence of others in the area. With the help of one of our Army buddies, we spent a good part of an evening trying to talk sense into him, as in court martial or jail time, bad resume and the rest. Fortunately, we ran out of Falstaff funds just before he said, “Hell with it, let’s go back to base!” Like the rest of us in 1957, there were no wars big enough to send us overseas, so we did our service time and learned a trade to take with us into the world. Mine was communications, photography, art and cartooning.

political conversation and said, “Yah! He’s an a**hole!” Those standing by laughed as they knew him and his brand of humor. Then he said, “And I’m not the only one feeling that way. Just ask Lehman!” More laughter, but embarrassment on my part.

After the Army, I came back to Madison Park to find the taverns abuzz with the politics of

point we are experiencing a pre-Halloween burst of activity, and it certainly isn’t too late to list before the end of the year. If you choose to wait, use this time to prepare your home for market. No matter how tight the inventory, pricing and presentation will always be the key principles to a successful transaction. Take this time to make your home show-ready: First impressions count. Tackle projects that give you bang for your buck: painting, surface updates and landscaping. Declutter — packing more now means packing less later! Hire a broker to represent your home who utilizes staging services.  Having an experienced broker who will analyze the micro-neighborhoods and the most recent sales data will help you price your home competitively. If a home goes on the market even a bit too high, it can sit, and that may result in a larger price reduction than if the home had come on the market at a reasonable listing price. It is important to work with a broker who can help you be objective about price.

One of the biggest trends we are seeing is the emphasis on spaces for working and studying from home. Recent announcements in the tech industry and others tell us that the work-from-

the day. It would seem a small neighborhood like ours would tend to think the same way, but no. Surprise, surprise! Quite the opposite. I had a double-date dinner (blind date for me) at the Underground in the new Pioneer Square, which had great jazz and an excellent menu. The conversation drifted into politics. My friends across from us ascertained by my expression and silence that my date’s views were the complete opposite of mine. Little was said the rest of the evening. Caucus groups formed in Madison Park. My friend would often get tickets for events where the “Young Republicans” gathered, which always promised to be social highlights. One night at a local neighborhood party, a Madison Parker interrupted a

home lifestyle is here to stay. Homebuyers are juggling Zoom calls and homeschooling; separate spaces to accomplish all of these tasks is a priority. We are finding that homebuyers also seek larger lots to give all members of the household room to play during the day or when the work is done. Luckily, our neighborhood is less dense than in other Seattle areas; those seeking more space continue to be attracted to the 98112.

Real estate was deemed essential early on in the stay home order, and brokers remain committed to safely listing and showing homes. While we are still unable to hold open houses and broker previews, we are blocking off periods of time to schedule tours, as well as private appointments on demand. In addition, we have placed an emphasis on virtual tours, FaceTime showings and a strong social media presence.

In closing, thank you to everyone who has remained committed to supporting our local Madison Park Village businesses and help them through this unprecedented time. Having shops, coffee, cafés, fine dining and pubs within strolling distance is a valuable asset for our neighborhood, and we want as many of our small businesses to survive as possible. I want to give a special

At most of these social affairs, there were rooms set aside for smoking both cigarettes and those tailor-made types with twisted ends. This was quite the thing to be a part of: One event was held at the Sorrento Hotel, where a variety of politically minded people enjoyed discounted drinks. Not always partaking of lengthy political conversations, after enough cocktails, our group had a great time.

I received a mailed invitation (including guest) to a gathering in Magnolia hosting an orchestra from Europe. I called an acquaintance to see if she’d like to join me for a fun Friday night, but she declined. So, Plan B, I called another gal at her work and described the invite to a sort of political event. She was doing a runway thing at Nordstrom’s and would wear the outfit to the event: knee-high boots, miniskirt and blouse. Being shorter by an inch, I wore my high-heeled

shoutout to my friend Ethan Stowell and congratulate him on the opening of How to Cook a Wolf in Madison Park. The restaurant is stunning, and we wish you a warm autumn so the al fresco dining option can continue as long as possible.

As of press time, there are 18 homes for sale over $2.5 million in 98112, 12 of which are in Madison Park/Broadmoor.  The highest priced home for sale in the area is a contemporary villa with 130 feet of Lake Washington waterfront. If you have given any thought to buying or selling, now may be the time for you to make your move. Our Compass experts have a long history in Madison Park and are ready to help you navigate this unusual time with the latest technology, top-notch marketing and proven pricing strategies. If you’re buying, our knowledgeable agents will help you achieve success in this still competitive market.

Evan Wyman Broker/Partner

The Wyman Group @ COMPASS

boots, which were in fashion at the time. Also, my bell bottoms and leather vest polished off the look. A couple of gin and tonics later, we set sail to the event. Wow! Valet parking! We walked through the garden leading to the estate, which hung over a cliff overlooking the Sound. Ever have the feeling someone is staring at you? Was my fly open? Nope! I’ve got it; it was Linda. They don’t even know Linda’s political views, and they already like her? Me? Well, I made way to procure gin tonics and, on my way back, saw Linda had made lots of friends. One even knew me, so that was good. As the evening darkened, we moved to the main house downstairs to the ballroom. Live music and seeing other friends proved to be a great evening. Then, who shows up but the first phone call “Reject Date.” She looked shocked to see me with a date, let alone a gorgeous one. I introduced her and noticed her mouth contort.

The coffee group we’d enjoyed at Tully’s disappeared but metamorphosed into either Starbucks or Madison Kitchen small groupings. Of course, COVID put a damper on that. We’ve resorted to a hygienic lifestyle at home watching the news in increments. Kudos to Washington State and Madison Park for adhering to mask wearing. We shall get through this!