Categories: In the News | Posted: November 30, 2015
Puget Sound Business Journal released an article for the “Top Seattle-area neighborhoods for $1 million home sales“. Read the article below or click here!
Top Seattle-area Neighborhoods for $1 million home sales
The definition of a luxury home is changing.
As recently as five years ago home sales of more than $1 million were relatively unusual in the Puget Sound region. They’re now becoming the norm.
In some areas, particularly on the Eastside, the number of homes that have sold for more than $1 million are up more than 100 percent compared to last year, according to residential real estate agency Coldwell Banker Bain.
“Luxury in Seattle is definitely $3 million or more,” said Tere Foster, a real estate agent with Windermere who represents many luxury homes around the region.
The dramatic shift largely boils down to two big reasons: Silicon Valley tech executives moving to the region are driving up the number of multi-million-dollar sales. International buyers, particularly those from China, are also scooping up Puget Sound-area real estate.
We took a look at this trend for this week’s print edition of the Puget Sound Business Journal, in a package called “The Year of the Luxury Home.” We also give you a glimpse inside one of those homes – owned by NBA legend Lenny Wilkens and his wife Marilyn – in this week’s NW Homes feature. Catch them both on Friday.
For a sneak peak of the Wilken’s home, click here.
In the data presented in the slideshow here – which measures homes sold for more than $1 million from the last quarter of 2014 to the third quarter of 2015 – you can see where the most $1 million-plus homes sold.
In some cases, the increase in the number of homes that sold for more than $1 million is dramatic. Woodinville, for example, had a 117 percent increase in $1 million home sales.
In other places, such as Medina, it stayed pretty much the same.
More than 1,800 homes sold for more than $1 million across the region over the past year. That’s a jump of 34 percent.
Curious where the most affluent neighborhoods in the region are located? Click here for a list.
Article by Emily Parkhurst for Puget Sound Business Journal
What are your thoughts on the booming luxury real estate market? Comment below.