Bainbridge Island Real Estate Statistics as of April 23, 2014

Bainbridge Island is still seeing very low residential and condominium inventory.  As of today, we have only 89 homes and 30 condos on the market.

Year-To-Date, 92 homes have sold compared to 103 for the same period last year.

New to the Market Craftsman on the Water $2,950,000

The 9% decrease in sales can be attributed to a lack of inventory of homes priced under $600,000.  There is no lack of qualified, ready-to-purchase buyers!
Our condo inventory is also minimal, driving prices up as we see high demand and very low inventory.  As of today, we have seen 25 condo sales year-to-date; only 2 more than last year at this time.

Georg and I just sold a Harbor Sq Penthouse, representing the buyer. The condo was on the market last year but the listing had expired and the condo was not on the market. We contacted the listing brokers, wrote an offer and came to terms with a sale at $880,000.

We just listed the home one floor below it; a beautiful 2 bedroom view condo and found ourselves with a contingent sale in a very short time.

Harbor Sq View Condo Priced at $548,600

~ This home is under contract with a “home sale contingency”. The home is still available to prospective buyers writing a “non-contingent” offer ~
————————————–
Sales YTD       Priced at
  • 14          $000,000-250,000
  • 45         $251,000-500,000
  • 31          $501,000-750,000
  • 10          $751,000-1,000,000
  • 07          $1,001,000-1,250,000
  • 05          $1,251,000-1,500,000
  • 02          $1,501,000-2,000,000
  • 03          $2,000,000+
Residential Sales: 2005 – 2013
Year       Number of Sales      Median Price        Average Days on Market
2013               414                            $525,000                                      75
2012               386                           $524,650                                       100
2011                257                           $493,000                                       155
2010               255                           $540,000                                       132
2009              212                            $546,000                                       198
2008               186                           $589,000                                       161
2007                331                           $680,000                                       98
2006                350                          $673,750                                         98
2005                397                           $650,000                                        91
Number of Bainbridge Island home sales compared to
current listings & homes under contract:
Single Family Homes
Curnt vs. Prev Month: For Sale -2.8% | Sold -8% | Pended 3.3%
Curnt vs. Same Month 1 Yr Ago: For Sale -34.3% | Sold -32.4% | Pended -34%
Single Family Homes
Curnt vs. Prev Month: Avg. Sq. Ft. Price 25.7%
Curnt vs. Same Month 1 Yr Ago: Avg. Sq. Ft. Price 27.3%
Single Family Homes

Curnt vs. Prev Month: For Sale -2.8% | Sold -8% | Pended 3.3%
Curnt vs. Same Month 1 Yr Ago: For Sale -34.3% | Sold -32.4% | Pended -34%

Bainbridge Island’s Off The Market

As of today, there are only 64 homes on the market. Our clients are duly
frustrated. They have their pre-approval letters and their proof of
funds in their back pockets. Their auto-searches are set up to alert
them the moment new inventory hits the market. They join us on Brokers
Tour and they ask us to knock on doors.
And then there are the expired and cancelled listings; sellers who were
frustrated with the lack of interest in their properties at a time when
they were competing with mass inventory. They let their homes drop off
the market or they outright cancelled their listing, but they want to
sell! The “Not-On-The-Market” inventory that will take a tour from 3
scheduled showings with our client up to 4 or 5.

Remodeling Cost vs. Value Report- NAR Reprint

Please read this Reprint from the National Association of Realtors if you are planning on selling your home.


Realtors® Rate Exterior Replacement Projects Among Most Valuable Home Improvements


WASHINGTON
(January 16, 2014) – A home’s curb appeal is crucial because it can be
the first thing buyers notice about a home. That’s why Realtors® rated
exterior projects among the most valuable home improvement projects in
the 2014 Remodeling Cost vs. Value Report.

“With many factors to consider such as cost and time, deciding what
remodeling projects to undertake can be a difficult decision for
homeowners,” said National Association of Realtors® President Steve
Brown, co-owner of Irongate, Inc., Realtors® in Dayton, Ohio. “Realtors®
know what home features are important to buyers in their area, but a
home’s curb appeal is always critical since it’s the first impression
for potential buyers. That’s why exterior replacement projects offer the
greatest bang for the buck. Projects such as entry door, siding and
window replacements can recoup homeowners more than 78 percent of costs
upon resale.”

NAR’s consumer website HouseLogic.com highlights the results of the report in its “Best Bets for Remodeling Your Home in 2014” slideshow. The site also provides information and advice on various home improvement projects, including a guide to kitchen remodeling with the best payback and dozens of exterior replacement projects.

Realtors® judged a steel entry door replacement as the project
expected to return the most money, with an estimated 96.6 percent of
costs recouped upon resale. The steel entry door replacement is
consistently the least expensive project in the annual Cost vs. Value Report, costing little more than $1,100 on average.

Eight of the top 10 most cost-effective projects nationally, in terms
of value recouped, are exterior projects. A wood deck addition came in
second with an estimated 87.4 percent of costs recouped upon resale. Two
different siding replacement projects also landed in the top 10,
including fiber-cement siding, expected to return 87 percent of costs,
and vinyl siding, expected to return 78.2 percent of costs. Out of the
top 10 projects, the fiber-cement siding replacement project improved
the most since last year, with costs recouped increasing by more than 15
percent. Two garage door replacements were also in the top 10; a
midrange garage door replacement is expected to return 83.7 percent
while an upscale garage door replacement follows closely at 82.9 percent
of costs recouped. Rounding out the top exterior remodeling projects
were two window replacements; a wood window replacement is estimated to
recoup 79.3 percent of costs and a vinyl window replacement is estimated
to recoup 78.7 percent of costs.

According to the report, two interior remodeling projects in
particular can recoup substantial value at resale. An attic bedroom is
ranked fourth and is expected to return 84.3 percent of costs;
nationally, the average cost for the project is just above $49,000. The
second interior remodeling project in the top 10 is the minor kitchen
remodel. The project landed at number seven and is estimated to recoup
82.7 percent of costs. Nationally, the average cost for the project is
just under $19,000. The improvement project likely to return the least
is the home office remodel, estimated to recoup 48.9 percent.

For the report, Realtors® provided their insights into local markets
and buyer home preferences within those markets. For 2014, the national
average cost-value ratio stands at 66.1 percent, a jump of 5.5 points
over last year and the largest increase since 2005, when the ratio
increased 6.1 points to reach a high of 86.7 percent. For the second
consecutive year, Cost vs. Value data shows that the value of
remodeling is up for all 35 projects included in the survey.
Additionally, for the first time in four years, improved resale value of
residential housing had more of an influence in the cost-value ratio
than construction costs. A modest 2.2 percent increase in average
national construction costs was more than offset by an 11.5 percent
improvement in average national resale value.

The 2014 Remodeling Cost vs. Value Report compares
construction costs with resale values for 35 midrange and upscale
remodeling projects comprising additions, remodels and replacements in
100 markets across the country. Data are grouped in nine U.S. regions,
following the divisions established by the U.S. Census Bureau. This is
the 16th consecutive year that the report, which is produced by Remodeling magazine publisher Hanley Wood, LLC, was completed in cooperation with NAR.

“Every neighborhood is different and the desirability and resale
value of a particular remodeling project varies by region and metro
area. Before undertaking a remodeling project, homeowners should consult
a Realtor® as they are the best resource when deciding what projects
will provide the most return upon resale,” said Brown. “Realtors® have a
unique understanding of local markets, home features and buyer
preferences and know that there are a variety of factors that affect a
home’s value, such as location, condition of surrounding properties and
regional economic climate.”

Seven of the nine regions covered in the report outperformed the
national average, a distinct improvement over 2013, when just four
regions performed better than average. Once again, the Pacific region,
consisting of Alaska, California, Hawaii, Oregon and Washington, led the
nation with an average cost-value ratio of 88 percent, due mainly to
strong resale values. The next best performing region was West South
Central with 76.4 percent, followed by three regions tied at 74.6
percent: South Atlantic, which improved from 63.7 percent in 2013, New
England, which improved from 56.2 percent in 2013, and East North
Central, which improved from 54.8 percent in 2013.

To read the full project descriptions and access national and regional project data, visit www.costvsvalue.com. “Cost vs. Value” is a registered trademark of Hanley Wood, LLC.

HouseLogic is a free source of information and tools from the
National Association of Realtors® that helps homeowners make smart
decisions and take responsible actions to maintain, protect and enhance
the value of their home. HouseLogic helps homeowners plan and organize
their home projects and provides timely articles; home improvement
advice and how-tos; and information about taxes, home finances, and
insurance.

Founded in 1976, Hanley Wood, LLC, is the premier media and
information company serving the housing, commercial design and
construction industries. Through its operating platforms, the company
produces award-winning magazines and websites, marquee trade shows and
events, market intelligence data, and custom marketing solutions. The
company is also North America’s leading publisher of home plans.

The National Association of Realtors®, “The Voice for Real Estate,”
is America’s largest trade association, representing 1 million members
involved in all aspects of the residential and commercial real estate
industries.

###

The Importance of Scoping the Septic System

If the home you are purchasing is serviced by a septic system, it is important to include Form 22S, the Septic Contingency with your offer; requiring the Seller to provide you with a recent (no more than twelve months old) inspection report. If the system is a “standard system”, it is important to either ask the Seller to have the system “scoped” or to do it yourself. Scoping is not covered in the inspection. If there is a break in the line from the home to the system or the lines in the drainfield legs, scoping will find it, allowing you to resolve this issue with the Seller prior to closing.

The Importance of Video Marketing on YouTube.com – Bainbridge Island Real Estate

The Importance of YouTube Video Marketing

A
few years ago I was photographing a beautiful waterfront home here on
Bainbridge Island. I was standing on the beach (after a harrowing
experience on my client’s canoe getting shots of the home from the
water) as a fog bank began to roll in. The light was remarkable; the
sound of the small waves lapping up on the shore.

I wanted to share this experience with my wife Dinah, so I took a video clip with my I-Phone.

A
few months later, I read an article about how buyers were searching for
homes on YouTube. I wasn’t a big fan of home marketing videos at that
time because most of them were simply still shots cycling through with
music. But the article did not focus on the “kind of video”. The
subject was exposure to the market; a topic that caught my full
attention.

I had no idea how to render a complex video and I was
eager to post my little clip, so I set-up a YouTube account and posted
it “as-is” – this little, crappy video of a luxury waterfront home’s
view that ended up selling for $2,475,000. About a week after posting, we had a
showing which quickly became a contract. I met the Selling Broker and
her client at the home and overheard the Buyer talking about how he
discovered the home on YouTube.

I shoot our properties with a
Nikon D90. I take video with my I-Phone. I upload exterior video clips and still shots of the interior to I-Video where I
construct beautiful videos accompanied by piano/cello/violin music.

I
post the YouTube video link to the MLS; to our website; to Zillow,
Trulia, Coldwell Banker, LuxuryRealEstate, Previews, Realtor.com, Homes
and Land Mag. Mass, worldwide exposure.

We continually have
Buyers tell us how they first saw our listings on YouTube. We have sold
listings to Buyers “sight unseen” thanks to our videos.

Some of our properties do not lend themselves to video marketing but those that do are well served by this technology.

Arthur

2013 Bainbridge Island End of Year Market Wrap-up



Bainbridge Island Real Estate Stats for 2013

Our Market is Back!


Buyers are competing for new inventory – which is nearing record lows – and must have a competitive edge.

Be prepared to Make an Offer!

  1. Get Pre Approved (not “pre qualified”) with a local lender, familiar to the Bainbridge Island Real Estate Brokers (see our “Community Links”)
  2. Sign-up for our “Auto-Search” and be the first to see all new listings on the island, plus Open Houses.
  3. E mail us and ask to be added to our Thursday Brokers Tour e mail list. This way you will have the opportunity to see all new inventory before most of the public does.

STATISTICS:

Inventory:

Residential Units on the Market as of 12/31/2013: 73


Condos on the Market as of 12/31/2013: 18


Vacant Land on the Market as of 12/31/2013: 38

SOLD:

Number of Closed Residential Sales 2013: 414 – representing a 9+% increase over 2012

Sales for 2005: 397


Closed Residential Sales for Same Period 2012: 386



Homes Under Contract (Pending Sale) 12/31/2013: 46

Closed Condo Sales 2013: 93
Closed Condo Sales for Same Period 2012: 80

Condos Currently Under Contract (Pending Sale): 6

Sold Vacant Land Year-to-Date: 52

Closed Vacant Land Sales for Same Period 2012 32
Vacant Land Currently Under Contract 9

Sold Vacant Land all of 2005: 69

Residential Sales: 2005 – 2012 – Median Price and Average Days on Market

2013….414 $525,000 average days on market 75
2012… 386 $524,650 average days on market 100


2011… 257 $493,000 average days on market 155

2010… 255 $540,000 average days on market 132

2009… 212 $546,000 average days on market 198

2008… 186 $589,000 average days on market 161

2007… 331 $680,000 average days on market 98

2006… 350 $673,750 average days on market 98

2005… 397 $650,000 average days on market 91

Breakdown of Residential and Pending Sales as of December 31, 2013
000 to 250 thousand Sold…24
251 to 500 Sold.. 167

501 to 750 Sold…126
751-1 Mil Sold…61


1 to 1.5 Mil Sold…28

1.5 to 2 Mil Sold…6






2 Million Plus Sold…2

Bainbridge Market Update September 18, 2013

Residential Units on the Market: 115

Condos on the Market: 32

Vacant Parcels on the Market: 55
Closed Residential Sales Year-to-Date 2013: 314

Closed Residential Sales for Same Period 2012: 284 representing a 9% increase in sales YTD

Homes Currently Under Contract (Pending Sale): 58

Closed Condo Sales Year-to-Date 2013: 72
Closed Condo Sales for Same Period 2012: 53 representing a 7% increas in sales YTD

Condos Currently Under Contract (Pending Sale): 7

Sold Vacant Land Year-to-Date: 36

Closed Vacant Land Sales for Same Period 2012 23
Vacant Land Currently Under Contract 14

Sold Vacant Land all of 2005: 69

Residential Sales: 2005 – 2012 – Median Price and Average Days on Market
2012… 386 $524,650 average days on market 100

2011… 257 $493,000 average days on market 155

2010… 255 $540,000 average days on market 132

2009… 212 $546,000 average days on market 198

2008… 186 $589,000 average days on market 161

2007… 331 $680,000 average days on market 98

2006… 350 $673,750 average days on market 98

2005… 397 $650,000 average days on market 91

Breakdown of Residential and Pending Sales Year-to-Date
000 to 250 thousand Sold…18 Pending…3
251 to 500 Sold.. 132 Pending…21

501 to 750 Sold…90 Pending…21
751-1 Mil Sold…49 Pending…8


1 to 1.5 Mil Sold…21 Pending…3

1.5 to 2 Mil Sold…3 Pending…3




2 Million Plus Sold…2 Pending…0

Single Family Homes


Curnt vs. Prev Month: For Sale -3.8% | Sold -26.9% | Pended -9.3%

Curnt vs. Same Month 1 Yr Ago: For Sale -29.2% | Sold -22.4% | Pended 18.2%
Curnt vs. Prev Month: Avg. Sq. Ft. Price 0.9%

Curnt vs. Same Month 1 Yr Ago: Avg. Sq. Ft. Price 4%

Curnt vs. Prev Month: Months of Inventory (Closed Sales) 31.6%
Curnt vs. Same Month 1 Yr Ago: Months of Inventory (Closed Sales) -8.7%


Academy Award Winner, Lee Grant on Bainbridge!

My wife, Actress Dinah Manoff, directed her mother (Lee Grant) and Frank Buxton in “The Gin Game”. We have a rich, exciting and compelling community of talented artists living here on Bainbridge Island! —- Arthur
BAINBRIDGE ISLAND — Dinah Manoff thought “The Gin Game” would be a
perfect play for veteran Bainbridge Island actor Frank Buxton.

But that, as Dr. Seuss might’ve said, was only the first of the thinks Manoff thought on the subject.

“I started thinking that if we did it in August, while my mom was
here, we could have her do it, too,” said Manoff, a noted actor and
director who’s been living, teaching and directing live theater on the
island since moving their eight years ago with her husband, Arthur
Mortell, and their three sons.

Manoff’s mom, it should be noted, is the Oscar and Emmy award-winning
actress Lee Grant, who readily agreed to spend part of her annual
island visit (from her New York City home) working on the production,
which will be presented in a readers’-theatre format on Aug. 16 and 17
as a benefit for educational and improvement programs at Island Music
Guild. She’ll appear with Buxton in the Aug. 17 reading, the night after
his performance with Bainbridge actor-playwright Sarah Scribner.

ColdwellBanker.com, the #1 Real Estate Website Globally

With
over 91% of buyers beginning their home search on the internet, it is
more important than ever to list your home with the one Real Estate
Brokerage that assures maximum global exposure for your property,
Coldwell Banker! Internet marketing is everything in today’s market.

PARSIPPANY, N.J. (Jan. 26, 2012)
According to Nielsen and comScore Media Metrix, the two global leaders
in digital measurement, Coldwell Banker branded websites had the highest
number of unique visitors among all national real estate franchise
brands for full-year 2011. This marks the second consecutive year that
the Coldwell Banker brand ranked No. 1 in Web traffic among all real
estate franchisors.

“The Coldwell Banker brand is clearly top of mind when consumers go
online and search for a home,” said Michael Fischer, chief marketing
officer, Coldwell Banker Real Estate LLC. “Consumers know our great
brand and have shown a desire to utilize the suite of online tools seen
throughout the Coldwell Banker network at the national and local
levels.”


According to Nielson, Coldwell Banker websites had 17.5 million unique
visitors in 2011, which was more than 28 percent higher than the next
nearest franchise brand competitor (13.7 million). Similarly, Coldwell
Banker branded websites (26.1 million unique visitors) had the highest
Web traffic ranking among real estate franchisors in the comScore Media
Metrix full-year ranking for 2011, easily outpacing its next nearest
competitor by 21 percent (21.6 million unique visitors).

The Coldwell Banker brand continues to place an emphasis on developing
its website into a hub for consumers to find and prepare for the home
buying and selling process. Recent additions include thelifestyle search page and first time home buyer resource center.

Coldwell
Banker Real Estate LLC accessed the aforementioned information through
its subscription to both Nielson and comScore Media Metrix. The rankings
encompass all consumer Web traffic (unique visitors) to national and
local websites operated by the franchise brands as well as by their
franchisees.

Bainbridge Island Real Estate Statistics Year-To-Date

Residential Units on the Market: 119

Condos on the Market: 35

Vacant Parcels on the Market: 60
Closed Residential Sales Year-to-Date 2013: 287

Closed Residential Sales for Same Period 2012: 259 representing an 9% increase in sales

Homes Currently Under Contract (Pending Sale): 64

Closed Condo Sales Year-to-Date 2013: 60
Closed Condo Sales for Same Period 2012: 46

Condos Currently Under Contract (Pending Sale): 17

Sold Vacant Land Year-to-Date: 36

Closed Vacant Land Sales for Same Period 2012 23
Vacant Land Currently Under Contract 12

Sold Vacant Land all of 2005: 69

Residential Sales: 2005 – 2012 – Median Price and Average Days on Market
2012… 386 $524,650 average days on market 100

2011… 257 $493,000 average days on market 155

2010… 255 $540,000 average days on market 132

2009… 212 $546,000 average days on market 198

2008… 186 $589,000 average days on market 161

2007… 331 $680,000 average days on market 98

2006… 350 $673,750 average days on market 98

2005… 397 $650,000 average days on market 91

Breakdown of Residential and Pending Sales Year-to-Date
000 to 250 thousand Sold…15 Pending…5
251 to 500 Sold.. 122 Pending…22

501 to 750 Sold…82 Pending…24
751-1 Mil Sold…42 Pending…9

1 to 1.5 Mil Sold…21 Pending…2

1.5 to 2 Mil Sold…3 Pending…2

2 Million Plus Sold…2 Pending…1

Single Family Homes

TrendGraphix
Curnt vs. Prev Month: For Sale -3.7% | Sold 2% | Pended -17%
Curnt vs. Same Month 1 Yr Ago: For Sale -22.5% | Sold 8.7% | Pended -18.5%
Single Family Homes Avg Price/SF

TrendGraphix
Curnt vs. Prev Month: Avg. Sq. Ft. Price -4%
Curnt vs. Same Month 1 Yr Ago: Avg. Sq. Ft. Price -1.4%
Single Family Homes Number of Days on Market

TrendGraphix
Curnt vs. Prev Month: Avg CDOM -36.4% | Sold/Orig LP Diff. % 1.1%
Curnt vs. Same Month 1 Yr Ago: Avg CDOM -38.8% | Sold/Orig LP Diff. % 4.3%