Do you own a cabin on Lake Wenatchee near Leavenworth? It doesn't matter if your home is on North Shore or Cedar Brae, demand for lakefront homes on Lake Wenatchee (or Fish Lake) remains at an all time high. There is only one home for sale on Lake Wenatchee today.
Real estate has been in the national news of late. The National Association of Realtors recently announced that existing home sales are at the lowest point in 9 years.
Sounds like great news for buyers and real estate investors hoping to buy at a low point in the market. It would be, if it were true in Leavenworth and Lake Wenatchee.
This summer I reported a slowdown in the Leavenworth real estate market . At the time we had 135 single family homes for sale and a deluge of newly constructed condos.
Fast forward to this Winter and the Leavenworth real estate market looks a little different. This isn't spin from a rosy glassed Realtor, the real data look very encouraging.
Stealing from Howie Mandel - Let's play Deal or No Deal
No Deal (Inventory is low, demand is high)
Lake Wenatchee waterfront homes 
Riverfront property on the Wenatchee River or Chiwawa River or Icicle Creek
Cabins - almost anywhere
Building lots in Ponderosa or Chiwawa River Pines
If you own a property like this and want to sell, please don't hesitate to call. The market demand is high.
Deal (Inventory is high, demand is low)
Condos zoned multi-family
Houses located within the city limits of Leavenworth
Steep land
If are looking for a deal, look here. If you are selling, you need to hire the best agent you can and price your property aggressively.
Real Estate at Lake Wenatchee and Fish Lake has really taken off in the last decade. Lake Wenatchee's popularity comes from the wealth of recreational opportunities (boating, fishing, wind surfing, hiking, snowmobiling, skiing, golfing) and it's proximity to the Seattle area.
I wrote about Fish Lake real estate in a previous post, so this article will be mostly about Lake Wenatchee.
There are two roads that skirt Lake Wenatchee and serve as separate neighborhoods. Cedar Brae (aka South Shore road) runs along the South Shore. It starts at the South entrance of Lake Wenatchee State Park and passes Kahler Glen Golf Club. At the other end of the road is Camp Zanika Lache, a Campfire Camp, a number of cabins on leased Forest Service land, and a trail to Hidden Lake. On the north side of the lake, North Shore Drive runs from the Lake Wenatchee Highway near the YMCA camp to near the White River road near the former site of the Cougar Inn. The north shore of Lake Wenatchee is often preferred because it faces South and gets more sunshine in the short days of winter. The West end of the lake is mostly U.S. Forest Service and the East end is the mouth of the Wenatchee River and Lake Wenatchee State Park.
Lake Wenatchee Real Estate 2007
In 2006, there were 7 sales on Lake Wenatchee listed on the North Central Washington MLS. These are lakefront properties, not properties with access to the lake or across the street from the lake, but actual lakefront. 1 was a cabin on leased land, 2 were tear down houses, and 3 were lakefront homes and one was a building lot.
The tear downs averaged $490,000 while the lot sold for $822,000. The tear downs were on similar size small lots on the North Shore (.17 and .12 acres) with 52 and 40 feet of lakefront. The lot was also on North Shore, but was .55 acres and had 100 frontage feet on the lake.
The three houses averaged 2400 square feet in size and sold for an average of $1.1 million. All three houses were on the North Shore and on lots smaller than a 1/4 acre. Two of the homes had 100 feet of lakefront, while the largest house had only 50 feet.
In 2007, 2 lakefront homes on Lake Wenatchee have sold so far. These homes are smaller (average of 1500 square feet) and had an average selling price of $910,000. One home was on Cedar Brae and though larger, much newer and on a lot 3 times bigger, sold for less money. This is the only South Shore listing that has sold in two years and it appears that the market does favor the North Shore by a large margin.
Currently one home is pending at $750,000 for a rustic cabin 1392 square feet in size. A much smaller house of 800 square feet is available for $770,000. Both are on 1/2 acre lots on the South Shore.
There are still a number of cabins on Lake Wenatchee that sit on leased land owned by the U.S. Forest Service. These cabins sell for under $200,000. It seems like a great deal except that you don't own the land. The USFS does and they make you pay them a lease. Those leases are currently for 10 or 20 years and may go up drastically, they are supposed to be set at 5% of the value of the land, though current leases seem to be a few thousand a year. (If the lot value in private hands is $500,000 then the lease is $25,000 a year.) The Forest Service may also cancel the lease and ask you to remove your cabin. Then you are left with nothing. Ask your lender if they will loan on a property like this, I doubt many will because of the risks involved.
Searching for Lake Wenatchee property
The search tools that consumers have at their disposal are poor at finding waterfront property in Leavenworth and Lake Wenatchee. This is especially true for local Leavenworth sites like http://www.lakewenatcheehomes.com/ or my competitors at Leavenworth Properties and Lake Wenatchee Properties. This is a function of the IDX program available to us at this time. The mapping isn't as useful, but http://www.windermere.com/ does allow consumers to search for waterfront listings.
If you want to see current Lake Wenatchee waterfront homes click here or for waterfront lots click here or email me at any time and I will send you a list of the current available properties.
Update March 2008
The search function has now been updated for the Lake Wenatchee Real Estate site. You can now search easily for waterfront properties on by categories that include lakes, rivers and creeks.
Recently I wrote an article about buying a riverfront home in Leavenworth. I talked about the different options such as the Wenatchee River, the Chiwawa River and Icicle Creek. For some people, buying a home on the river doesn't compare to building a custom home on the river.
Building lots in Leavenworth and Lake Wenatchee (Plain) are more expensive every year. This is especially true with riverfront.
In 2006, 15 parcels on the river sold in the Leavenworth area. The average lot sold for $246,000 for a lot under 1.5 acres in size. The median price for a lot was $275,000.
In 2007, through the end of July, 5 riverfront lots have sold. The average price is $307,000 for approximately 1 acre.
Currently, there are 6 active lots on the market with a median price of $385,000. The least expensive is $279,000.
3 lots are under contract (pending) with an average price of $273,000.
I generally tell buyers that they should expect to pay $300,000 for a riverfront lot in today's Leavenworth real estate market. If you are interested in low bank that doesn't flood or a specific location, such as the Icicle River, you probably can expect to pay more. (Lakefront is another story all together - probably double the price.)
With only 6 lots on the market, there really isn't a huge number of choices for the consumer to pick from. The best thing to do is become very familiar with the market and be prepared (emotionally and financially) to move quickly when the right property becomes available.
Click here to search all Leavenworth properties or click here for riverfront properties in Leavenworth. (Unfortunately the second link is only good until September 07 - email me for current listings.)
Buying a riverfront home in Leavenworth? Ever dreamed of a log cabin on the river in Plain? How about Icicle Creek?
For many home buyers in the Leavenworth, Plain and Lake Wenatchee area buying a riverfront home has been a lifelong dream.
There a number of rivers to choose from:
The Little Wenatchee River and the White River flow into Lake Wenatchee from the Glacier Peaks Wilderness Area. There are a few opportunities here, but they are rare. Homes on these rivers are far from services and are likely to feel very remote. Winter access is something to think about – skiing or snowmobiling in may be your only option.
The Wenatchee River provides most of the opportunities for riverfront living. The Wenatchee River starts at Lake Wenatchee and heads down to Leavenworth (via Tumwater Canyon) and then on past Peshastin, Dryden, Cashmere and Monitor to Wenatchee where it meets the Columbia River.
Most of the river recreation in the Leavenworth area takes place on the Wenatchee River. This includes rafting, kayaking and tubing.
Some neighborhoods that have Wenatchee River frontage are Bretz Road and Bretz Drive, River Road, Plain Ranches, Alpine Acres, Ponderosa, Alpensee Strasse, Icicle Road and Riverbend Drive.
The Chiwawa River
The Chiwawa River flows 37 miles from its start at Chiwawa Mountain in the Glacier Peak Wilderness to the Wenatchee River east of Lake Wenatchee. Most of the Chiwawa River is located in land managed by the U.S. Forest Service, though some private riverfront is available near the mouth.
Neighborhoods that have access to the Chiwawa River include Chiwawa River Pines and Shugart Flats.
Nason Creek
Nason Creek flows into the Wenatchee River near the Nason Creek Campground which is adjacent to the South entrance of Lake Wenatchee State Park. Nason Creek flows from the Stevens Pass area and is close to Highway 2 for much of its downhill journey.
Icicle Creek
Icicle Creek flows from Icicle Canyon down to the Wenatchee River near downtown Leavenworth. Much of Icicle Creek flows through land managed by the U.S. Forest Service in Icicle Canyon.
Neighborhoods with Icicle Creek access include Icicle Island, Icicle Road, East Leavenworth Road, and Old Bridge Road. It is important to note that the river on your right when you head out Icicle Road from Leavenworth is actually the Wenatchee River!
Other Creeks
The following creeks are a little smaller - babbling brooks that may dry up at the end of a hot summer -Chumstick Creek or Little Chumstick, Bjork and Eagle Creeks. If you are looking for "riverfront" these creeks may disappoint you. I happen to have a small creek in my backyard and I love it.
The Market for Riverfront Homes
In 2006, 13 riverfront properties sold in the Leavenworth and Plain area. The average home sold for $654,000 with a median sales price of $625,000. The average riverfront home was just over 2000 square feet.
Currently we have 11 homes on the river for sale in Leavenworth. The least expensive home is $500,000 and the average asking price is $840,000.
2007 brought Leavenworth its first riverfront condominium project - The Boulders. These 6 luxury condos are located on Alpensee Strasse within walking distance of downtown Leavenworth. Each 2 bedroom unit is 1500 square feet and comes with 2 fireplaces, 10 foot ceilings, granite countertops and awesome Wenatchee River views. Prices start at $595,000 for the 3 available units.
My partner Allyson has a nice 3 bedroom home on River Road for sale. This house has a short trail down to some great low bank waterfront on the Wenatchee River and great views of the river from the house and the deck. You can see a tour of this Wenatchee River home here.
Click Here to Search for Leavenworth Homes or click here for Riverfront Homes in Leavenworth . (Unfortunately this link is only good until Sept 07, e-mail me for the most current listings.)
Leavenworth's real estate market seems to be following Westside trends. Home prices continue to climb, but fewer homes are selling according to data comparing the first half of 2006 to the first half of 2007.
Through June 30, 2007 the number of single family homes in the Leavenworth market that have been on the market is up 9% from 2006. Pending sales and # of homes sold are both down 15%. (These numbers exclude condo sales and manufactured homes.)
Sales volume for the first half of the 2007 is up only slightly (5%) over 2006 at $21.8 million dollars.
The continuing rise of prices in the area is probably leading to the slowdown in sales. Average home sales prices are up 25% over last year to $376,000, while median sales prices are up 17% to $305,000.
As of July 30, there are 111 single family homes for sale in Leavenworth at an average price of $518,000. Currently, there are 14 homes pending or under contract with an average price of $467,000.
Anecdotally, I am seeing the same trends I have been seeing for years. Most buyers in Leavenworth are looking for vacation property - this might be a condo in Leavenworth or at Kahler Glen , or maybe a cabin in Ponderosa or at Lake Wenatchee. These buyers are looking for good values between $200,000 and $400,000. They will spend more to be on the water - lakefront properties on Lake Wenatchee or Fish Lake, or Wenatchee riverfront.
The homes that are coming on the market tend to be either homes located in the city of Leavenworth that are very much like "vacation homes" or cabins, or they are priced above the price range that is popular with vacation buyers.
Despite the glut of homes on the market today, there is a dearth of cabins for these vacation buyers to purchase. The numbers make it look like some sort of "bubble" is about to burst. On the contrary, cabins and condos will continue to sell at a healthy clip, and everything else will plod along as it has.
Click here to search for your Leavenworth vacation home
Windermere Real Estate in Leavenworth is holding an open house event with about a dozen homes throughout the Leavenworth, Plain, and Lake Wenatchee area.
Homes on the tour range from small cabins to larger homes on the Wenatchee River. Prices range from under $200,000 to over $800,000.
We will be hosting this event from 12-3 on Saturday. Maps will be available at our office on Highway 2 in downtown Leavenworth and at each of the homes on the tour.
Three drawings for dinner at Leavenworth's newest restaurant - South - will be held. Enter the drawing at each of the homes you visit. Increase your chances and visit them all!
Click here to see some of the Leavenworth Homes on tour.
The Leavenworth real estate market is made up of a number of different sectors that always seem to be moving in slightly different directions.
The majority of consumers, whether they are local homeowners looking at an increased tax bill or out of town investors, look to the growth of prices to gauge the strength of the market.
Home prices in Leavenworth WA are certainly up. At the end of May the average list price for a single family home in the Leavenworth area (including Lake Wenatchee and Plain) was $518,000. This is the number that tends to excite people and this is the number that most folks see when browsing the internet or looking in local homes magazines.
Of course the number that has more importance is the average SALES PRICE which is what the buyers are willing to pay. Considerably less - $354,000.
But as I said before, this is a tale of multiple markets wrapped up in each other.
The bulk of the Leavenworth real estate market is single family homes under $600,000 that are not on the water. We could even narrow the range to between $200,000 and $400,000, but the story is much the same.
At the end of May 2007 there were 45 of these homes on the market. Looking at the sales data, we have 5.7 months of inventory. More or less a balanced market with neither buyers nor sellers having much of an advantage. ( I would say that generally, home sellers outside the city limits probably have a stronger market that those inside the city, but that data will be saved for another day.) Last year, there were 39 homes on the market with a 3.9 month supply. Though supply does seem to be rising, we did have 63 homes on the market in August and September of 2005, so it is hard to say if this is a short cycle or a longer term trend.
Homes over $600,000 are the luxury segment of our market. In the past year, 6 homes (non- waterfront) sold in this price range and the 13 homes on the market at the end of May represent 26 months of supply. While few of these sellers are highly motivated, it is by any indication a buyers market. (And has been for some time.)
Waterfront homes are a different beast. Generally, these really just include homes on Lake Wenatchee and Fish Lake, and riverfront homes on the Icicle Creek, Chiwawa, White, or Wenatchee Rivers. At the end of May, there were 11 homes on waterfront or 7.8 months of supply. I think this market sector tends to be pretty balanced, despite ever growing price points.
It's Adopt a Highway time! As many folks know I sponsor a section of Highway 2 near Coles Corner through the Washington State Dept. of Transportation. This section is 2 miles long and starts near the Coles Corner rest area. This is about half way between Leavenworth and Stevens Pass near the exit for Lake Wenatchee and Fish Lake.
This year our Spring clean up will be held May 19th. The Dept. of Transportation provides garbage bags, warning signs and those fancy orange safety vests and helmets. You just need to bring work gloves and sturdy shoes. It usually just takes an hour or two depending on the participation.
This is the third year I have participated - with cleanups in the Fall and Spring. Usually we get a mixture of my friends and family, my real estate clients, and members of the community.
In an earlier post on Active Rain, I introduced you to Fish Lake just outside of Plain and Leavenworth, WA. This post is specifically about the real estate opportunities that can be found on Fish Lake.
Fish Lake is a smaller and more intimate lake than Lake Wenatchee. It is also mostly bordered by U.S. Forest Service land. The amount of private waterfront is very limited and even homes near the lake are hard to come by.
This is the last waterfront home sold on Fish Lake.
I sold it in May of 2005 for $470,000. In general, real estate in the Leavenworth and Lake Wenatchee area has been appreciating at 15 to 20% a year. Considering it has been two years since a home on Fish Lake has been available, I think the appreciation here has probably been higher. I usually tell buyers looking for a home on Lake Wenatchee to plan on spending at least $1 million. I don't Fish Lake has quite reached that mark, but it isn't far off.
These two houses sold in the past year.
Neither of these homes were located on the lake, but both were within walking distance. The home on top sold in May of 2006 for $350,000. The other home sold in March of 2007 for $375,000.
If you are looking for a home on or near Fish Lake I have two obvious pieces of advice. Be patient and be prepared to pay a premium for waterfront.
If you have a home or lot to sell on Fish Lake or even nearby, you are sitting on some very valuable real estate. Please don't hesitate to contact me for current market analysis.
Moderately priced home sales have really taken off in the Leavenworth Washington real estate market. Today there are only 16 homes under $300,000 and 26 under $400,000. Scarier yet, many of these are small (under 1000 square feet, some under 500) or have other issues that may make them difficult to get a loan for. (Lack of septic and electricity, half interest in property, leased land etc.) When we look at the list without these homes we see 9 under $300,000 and 19 under $400,000. If you are a home seller and thinking about waiting until spring to sell, maybe you should re-think your planning. If you are a buyer, you have a dilemma: Buy now despite the lack of choices or buy later and be prepared to pay a premium as prices continue to go up?
I was running some numbers today for a Windermere publication that comes out quarterly. It uses average prices of sold 3 bedroom homes as a gauge of the market. For the first half of 2006, the average 3 bedroom home in the Leavenworth area. (including Plain and Lake Wenatchee) was $375,000. For the second half it is up to $458,000. I double checked. Those numbers represent a 22% increase in a 6 month period! It looks like buyers in the Leavenworth market haven't been bothered or effected by negative press about either a "soft landing" or a "bubble bursting". Leavenworth and Lake Wenatchee continue to remain popular as a destination for vacation homes.
