Q waterfront activity report THEWATERFRONTREPORT.COM. mercer island, seattle and the greater eastside windermeremercerisland.

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1 Q waterfront activity report mercer island, seattle and the greater eastside THEWATERFRONTREPORT.COM windermeremercerisland.com

2 Q SEATTLE waterfront report NUMBER OF HOMES SOLD PRIVATE WATERFRONT SALES Year Square Lot Sale Price Per Acre Per Front Address Community Built Feet Acres (M) (M) Ft (T) 679 Beach Dr SW Beach Drive $1.8 $10.9 $29, th Ave W Magnolia $1.8 $8.1 $29,180 AVERAGE SALE PRICE (M) $1.8 $1.9 $2.0 $2.1 $2.2 MONTH'S SUPPLY OF INVENTORY NOTABLE ACTIVITY IN SEATTLE With only two sales to hang its hat on, private waterfront in Seattle saw a very sleepy first quarter. The water s edge to the East of Seattle had the most activity with 2 new listings and 3 pending sales, while West Seattle and Magnolia were the sole benefactors of a single closed sale each. Increasing prices, higher list price to sale price ratios, and longer market times are some of the conflicting elements that make this quarter s data in Seattle about as clear as mud. Not an anomaly with first quarter data given the small number of sales to evaluate. Seattle s diverse private waterfront consists of both rugged Puget Sound saltwater coastline and protected Lake Washington shoreline. In the first quester, both Seattle waterfront sales were located to the West along Puget Sound. In contrast, more than half of all 201 sales were of homes located along the shores of Lake Washington. The first of Seattle s two Q1 sales is a 1968 NW Contemporary with 200 square feet sited on a.22-acre lot lot with 61 feet of waterfront bulkhead on Puget Sound saltwater just North of Discovery Park. On the market for 881 days, it sold for 99% of its final listed price. SOLD % OF LIST PRICE 101% 96% 9% 93% 97% The second sale was of a remodeled 192-built Beach Drive home with 200 square foot on a.16 acre lot with 60 feet of waterfront bulkhead on Puget Sound just South of Alki in West Seattle. It sold at 9% of its original listed price after 79 days on the market. DAYS ON MARKET seattle snapshot Average Sale Price (M) $1.8 Highest Sale (M) $1.8 Lowest Sale (M) $1.8 Average Home Size (sq ft) 3,719 Average Lot Size (acres) 0.19 Average Front Feet 61

3 Q MERCER ISLAND waterfront report PRIVATE WATERFRONT SALES Address Community Year Built Square Feet Lot Acres Sale Price (M) Per Acre (M) Per Front Ft (T) 369 W Mercer Wy Westside $2.8 $.3 $28, W Mercer Wy South End $2.8 $. $3, th Ave SE Westside $3.9 $6.9 $38, Avalon Dr Beach Club $.1 $10. $67, E Mercer Wy North End $3.0 $9.9 $7, SE 72nd St East Mercer $2. $6.7 $3,182 6 Forest Ave SE Westside $2.6 $.2 $1,200 NOTABLE ACTIVITY ON MERCER ISLAND Mercer Island waterfront saw solid price growth in Q1 as the low supply of inventory both on the water and off increased demand for the most desirable properties. That said, not a single private waterfront home transacted at higher than its list price, with the average ratio of list price to sale price standing at 92%. There were 9 new private waterfront listings in the first quarter leading to an average of 13 active listings at any given time. 7 pending and 7 closed sales resulted in a respectable level of pre-peak season activity and is a good indication of a strong spring market ahead. The highest sale, a 800 square foot Avalon Drive craftsman sited on just over a 1/3-acre lot with 60 feet of low-bank waterfront with a separate guest apartment, private dock and covered lift, sold for $,07,000 9% of its listed price, after 209 days on market. The most affordable sale, at $2,37,000, was also located in the southeast quadrant of the Island. It s beautiful grounds and feet of waterfront were strong qualities of this 1980-built contemporary home sold at its full reduced list price after 13 days on the market. NUMBER OF HOMES SOLD AVERAGE SALE PRICE (M) $3.9 $3.8 $3.8 $3.7 $3. MONTH'S SUPPLY OF INVENTORY SOLD % OF LIST PRICE 88% 91% 99% 99% 92% mercer island snapshot Average Sale Price (M) $3.1 Highest Sale (M) $.1 Lowest Sale (M) $2. Average Home Size (sq ft),268 Average Lot Size (acres) 0.7 Average Front Feet 69 DAYS ON MARKET

4 Q EASTSIDE waterfront report NUMBER OF HOMES SOLD AVERAGE SALE PRICE (M) $3.6 $3.7 $3.6 $3.6 $3.9 PRIVATE WATERFRONT SALES Year Square Lot Sale Price Per Acre Per Front Address City Built Feet Acres (M) (M) Ft (T) 809 Lk Wash Blvd NE Yarrow Bay $.0 $. $79, SE Shoreland Dr Meydenbauer $3.6 $10.0 $7, SE 30th St Enatai $.7 $6.8 $39, th Ave NE Yarrow Bay $3.0 $8.3 $3,88 31 Lake Ave W West Of Market $3.7 $.3 $6, Hunts Point Ln Hunts Point $.0 $. $3, th Ave NE Yarrow Bay $3.6 $6. $38,0 3 Shoreland Dr SE Meydenbauer $3. $1.0 $, NE Juanita Dr Juanita $2.3 $6. $32,13 MONTH'S SUPPLY OF INVENTORY SOLD % OF LIST PRICE 97% 96% 96% 92% 90% DAYS ON MARKET NOTABLE ACTIVITY ON THE EASTSIDE Waterfront prices on the Eastside have been on the rise. Of the 9 private waterfront sales, 8 sold above $3 million and of those, 7% transacted with a sale price above $3. million. West Bellevue and Yarrow Point were the most active locales. Sixteen new listings entered the market in Q1 bringing the average listing count at any one time to 22 active listings on the market. There were 10 pending sales reported with the activity shared between January and March with a very quiet February. The highest Eastside sale in the first quarter was a 6900 square foot 1988-built William Buchan resale with 118 feet (+ a one-half interest in an adjacent 22 feet) of no bank waterfront on a rare 2/3-acre lot located in Enatai. An estate sale, this home sold $.68 million 9% of its list price in mid-january after 7 days on the market. The most affordable private waterfront home, at $2.2 million, was a 1986 Juanita Point two-story sited on a 1/3 acre lot with 70 feet of south-facing no-bank waterfront. The traditional floor plan featured 00 square feet with stunning water and Mount Rainier views from most rooms. eastside snapshot Average Sale Price (M) $3.6 Highest Sale (M) $.7 Lowest Sale (M) $2.3 Average Home Size (sq ft),67 Average Lot Size (acres) 0. Average Front Feet 83

5 Q LAKE SAMMAMISH waterfront report PRIVATE WATERFRONT SALES Address Year Built Square Feet Lot Acres Sale Price (M) Per Acre (M) Per Front Ft (T) 3113 E Lake Sammamish Pkwy NE $3.7 $18. $3, W Lake Sammamish Pkwy NE $3.8 $3.6 $23, W Lake Sammamish Pkwy NE $2.3 $3.2 $23, E Lake Sammamish Shore Ln SE $2. $13.2 $23,373 NUMBER OF HOMES SOLD NOTABLE ACTIVITY ON LAKE SAMMAMISH AVERAGE SALE PRICE (M) $2.0 $2.1 $2.1 $2.1 $2. With of the 6 new listings in Q1 the West side of Lake Sammamish saw far more activity than the East side of the lake did although the four sales were evenly divided between the two areas. Still a very tight market with an average of only active listings for sale, the six new listings were offset by pending and closed sales. Lake Sammamish has indeed grown up as a luxury community having gained incredible popularity over the past two years as a comfortable and protected lakefront community in close proximity to the hustle and bustle of both the Seattle and Eastside metro areas. The highest Lake Samm sale transacted for $3.7 million. A 6600 square foot, 2002-built modern with 160 feet along the water s edge and sited on just over an acre with window walls, a lush wooded setting, four decks, and a private dock. Located just South of Idlywood Park on the West side of the lake, this home sold at 93% of its list price in early February after 160 days on the market. The most affordable private waterfront home on the lake, at $2.3 million, was a 1979-built home with 100 feet of waterfront on a street-to-water lot just East of Tam O Shanter. It sold at 9% of its listed price after 137 days on the market. MONTH'S SUPPLY OF INVENTORY 3 SOLD % OF LIST PRICE 91% 97% 99% 96% 9% lake sammamish snapshot Average Sale Price (M) $3.0 Highest Sale (M) $3.8 Lowest Sale (M) $2.3 Average Home Size (sq ft),669 Average Lot Size (acres) 0. Average Front Feet 118 DAYS ON MARKET

6 LOCAL WATERFRONT communities SEATTLE Notable waterfront communities along Lake Washington include Matthew s Beach, Sand Point, Windermere, Laurelhurst, Mount Baker and Leschi. On Puget Sound, private waterfront homes are located just north of Discovery Park along the inlet to the locks, in Magnolia along Perkins Lane, and in West Seattle along Alki and Fauntleroy. MERCER ISLAND THE EASTSIDE Mercer Island s private waterfront homes are situated along the shores of Lake Washington around the perimeter of the Island. While it s an island, Mercer Island is connected to Seattle and Bellevue via Interstate 90 making it an ideal location to commute to either metro locale. The sunny west side of the Island benefits from afternoon sun, Seattle views, and spectacular sunsets. The rugged eastside is more forested in true NW style with brilliant sunrises and afternoon shade. The Eastside s private waterfront is sited along Lake Washington from just north of St. Edwards State Park to Newcastle Beach Park; encompassing the cities of Kenmore, Kirkland, Bellevue, Medina, Newcastle and Renton. This region includes many desirable points, bays and vistas especially those centrally located in the Yarrow Point, Hunts Point and Medina neighborhoods. Most Eastside waterfront homes enjoy exceptional sunsets from their vantage point along the eastern shoreline. Many homes feature Seattle or even Bellevuecity skyline views and are low or no-bank waterfront providing level beach access and spacious docks. A bluff and the Burlington railroad track runs from Richmond Beach past waterfront landmarks such as Carkeek Park, Golden Gardens, Shilshole Bay, and the Ballard Locks separating many prominent water view communities from the waterfront. LAKE SAMMAMISH Lake Sammamish is the sixth largest lake in the state of Washington, located 8 miles east of Seattle and just north of the I-90 corridor. The lake is an outstanding freshwater community with a 2-mile circumference and an abundance of local recreational activities. It is bordered by two large and active regional parks Marymoor Park to the north and Lake Sammamish State Park to the south. The sunny east side of the lake benefits from afternoon sun and stunning sunsets. The shady west side boasts morning sun and is more likely to offer forested protection from the elements. Lake Sammamish enjoys convenient access to Bellevue, Seattle and the Microsoft campus.

7 MARKET UPDATE While Q1 is historically the slowest quarter of the year for waterfront closings, the Eastside and Mercer Island had above norm closed sale activity while Seattle and Lake Sammamish were quieter than usual. The end result was the same number of sales, 22 shifted to different locales. Money in motion, the fear of peak-season price escalation and the intent to get permit requests started for rebuild or remodel a very lengthy process for waterfront parcels is likely the root cause of many of these first quarter sales. Looking at this quarter s waterfront sales as compared to Q1 of 201, the average sale price on the Eastside increased 8%; on Mercer island, 13%; on Lake Sammamish, 22%; and in Seattle 2%. Waterfront expert Larry Williams says, I think the days of sub-$3 million sale prices on Eastside waterfront homes are behind us and Mercer Island isn t far behind. With West-facing, flat waterfront near the Bellevue core transacting at over $10 million per acre of usable land and canal waterfront coming in closer to $ million per acre, you ll be hard-pressed to find a sale price under $3 million. Considering that the majority of the value is in the land, acreage is the right metric to normalize around though it s essential to deduct shorelands and hillsides in comparing properties. When you do so, it s pretty amazing how the market finds efficiency and how consistent the price per acre becomes. Premier Director Kelly Weisfield is seeing a new trend developing on Mercer Island in that NE facing properties, with their expanding Bellevue skyline views, have become very attractive to waterfront buyers. It used to be that a city view meant Seattle but the northend location, proximity to Bellevue, and its new skyline are captivating buyer s attention these days. Echoing Larry s comments regarding the impact of shorelands on available usage of the lot and the resulting diminished value, long-time Mercer Island broker Cynthia Schoonmaker mentions that many Mercer Island waterfront sales this quarter did have far less available land than their lot size would seem to indicate. While these numbers help identify overall trends, no two waterfront properties are alike. In evaluating waterfront value, it is critical to note sun exposure, quality and size of improvements, linear waterfront feet, water quality and depth, view quality, usable land after deducting for shorelands, tide flats and steep slopes, and ease of access. Windermere Mercer Island has a team of experts who know our local waterfront intimately and can help you determine the value of your individual waterfront property.

8 WAIT THERE S MORE! HOMES & STATS ONLINE While having an historical perspective like this annual review is valuable, you may be looking for real-time information on today s real estate market. If so, your search is over! We publish weekly reports to TheMarketTalks.com, providing a summary analysis of what s happening in 16 different micro-markets, including Mercer Island. Interested in what s happening with waterfront properties? We are too! That s why we analyze waterfront sales each month and post results at TheWaterfrontReport.com. Easily compare neighborhoods on LiveOnGuides.com with local info including maps, links and school data. You can search for every property listed for sale by any real estate company on WindermereMercerIsland.com. Data prepared and analyzed by Windermere Real Estate/Mercer Island from NWMLS provided data. For questions or comments, Julie Barrows at julie@windermere.com Windermere Real Estate/Mercer Island REAL ESTATE BROKER, SRES INABAHNER@WINDERMERE.COM INA BAHNER