THE ELEPHANT PRESENTS The “Original” Trilogy at Redmond Ridge

D. Sanford Trilogy Market Report Leave a Comment

The ELEPHANT PRESENTS The “Original” Trilogy at Redmond Ridge

Market Report: April  |  May

PRESENTED BY DEVINSANFORDHOMES.COM

Real Estate Stats for April and May 2020…

        Various Brokers Mixing it up with Listings..

             Real Estate Goes on Despite Current Affairs…

             

                                                                                                

April Showers Reveal Six Sales …

  Model Square Footage NWMLS

Number

Original Asking Price Asking Price when Sold Final Sale Price Days on Market Remarks
1 Chelan 1,300 1572402 $599,000 $599,000 $565,000 6 Lovely Home… Puzzled.
2 Washington 1,871 1556234 $709,500 $709,500 $715,000 46 Good Job, Broker.
3 Bainbridge 1,870 1558742 $785,000 $749,000 $749,000 264 Discount Broker fee.
4 Cedar 2,385 1556144 $935,000 $895,500 $895,000 36 Morgan Drive
5 Hemlock 2,290 1566070 $1,049,000 $1,049,000 $1,049,000 1 Priced Right 2nd Time
6 Maryhill 3,365 1552047 $1,348,000 $1,298,000 $1,298,000 50 Golf Course Home

The Elephant Representing SELLERS

 

Two of these sales went under Contract the last week of February and the remaining four, during March.  The Chelan was one of the loveliest I’ve seen with a good location and tastefully remodeled Kitchen and Baths. I’m surprised they let it go in less than a week at nearly 6% under asking price, especially when the basic, mediocre home entry into Trilogy starts at a rough $600K. Of course, I don’t know this Sellers reason for doing so. I did notice it was a less than status quo commission offer to the Buyer’s Agent which would reflect a discount fee  or weaker representation in most brokers’ eyes. The Bainbridge was listed with a 1% listing fee offer and sold for a 4.5%+ discount off the asking price. It spent 264 days on market. Yes, your Bainbridge is worth more than that. Conversely, the Washington which spent 46 days on the market after being listed for the second time by a very respected Trilogy Broker sold for over asking price. This just goes to show the difference between someone who hangs in there for their clients and works it and those who give it all away just to get the  listing then lower the boom on the Seller later. One of my Trilogy clients said to me two days ago, while out for a walk “You get what you pay for.”  I agree with a verse from a Kingston Trio song, “When will they ever learn? ‘If it sounds too good to be true, it is.’” The upper end consistently has been seeing reasonable negotiations in price between Buyers and Sellers to reach mutual agreement.

 

May slips to Four Sales…

  Model Square Footage NWMLS

Number

Original Asking Price Asking Price when Sold Final Sale Price Days on Market Remarks
1 Townsend 1,340 1576202 $600,000 $600,000 $600,000 2  
2 Discovery 1,350 1578685 $649,000 $649,000 $665,000 3  
3 Maple 2,380 1579077 $800,000 $800,000 $750,000 257 Remodeled to Sell.
4 Cedar 2,436 1566805 $998,000 $976,500 $942,500 76  

 

Our typical Spring surge certainly has been dampened by the Covid-19 Pandemic with a combined 10 sales for April and May equaling the same number of closings during March alone. Notwithstanding, all four homes did go into contract over the last six weeks. In other words, people are still buying . They’re certainly wanting to sell them, as well, as listings continue to hit the market. That is consistent with Spring. The month of May revealed the usual, quick sales, perhaps too quick, of well-appointed entry price homes. We had a nicely presented Cedar model sell for under $895K after about a 4% concession and a good effort. The Broker is good. Sometimes, it’s just timing although the “Forest Collection, including the Hemlock, Cedar, Maple and Alder, do tend to float around the $900k mark, give or take, if not in an exceptional location and/or highly upgraded. Maple Sellers do not fret. This was a tough one and a one off. I walked the home and expressed the potential, given the price for the square footage, to a Buyer who landed on a Bainbridge.

The temperature was set exceptionally low inside the home and the presentation was not overwhelming enough to overcome nearby Novelty Road. After eight months on the market and price drops into five figures, the discount broker’s time was up. In my opinion, the second Realtor hired and/or the Sellers’ decisions to remodel the Kitchen and stage with  a current palate and furnishings, did an excellent job. The house looked beautiful the second go around. Why they accepted a $50K discount, is puzzling. People have their reasons. Maybe they were just worn out.

 

 

 

 

 

 

CURRENT AVAILABLE INVENTORY…

  Model Square Footage NWMLS

Number

Original Asking Price Asking Price when Sold Days on Market Remarks
1 Chelan 1,300 1598860 $574,500 $574,500 18  
2 Union 1,510 1602333 $616,979 $615,979 17  
3 Discovery 1,361 1605651 $630,000 $630,000 9  
4 Union 1,550 1601015 $650,500 $650,500 4  
5 Townsend 1,335 1530439 $695,000 $655,000 234  
6 Whidbey 1,680 1602197 $725,000 $725,000 16  
7 Whidbey 1,680 1607327 $748,000 $748,000 4  
8 Monaco 1,590 1584787 $749,950 $749,950 64  
9 Vashon 1,690 1588230 $764,500 $764,500 49  
10 Whidbey 1,671 1596823 $787,000 $787,000 27  
11 Bainbridge 1,870 1586666 $819,000 $819,000 52  
12 Maple 2,505 1599479 $920,000 $895,000 23  
13 Hemlock 2,170 1607093 $1,000,000 $1,000,000 4  
14 Maryhill 3,360 1578358 $1,398,000 $1,398,000 74  

The Elephant Representing SELLERS

 

No Open Houses Leveling the Playing Field

 

I love that we’re  seeing a healthy market mix of Realtors and signs from various brokerages. It helps immensely to keep, a competitive market and fair pricing for Sellers. It forces those who lure you in, possibly from an Open House encounter, with a discount fee offer only to price your home too low, more on the straight and narrow.  Sellers who don’t meet those Agents at an Open House, are asking their sphere of influence or shopping the Internet for a Listing Broker. One caveat of this new mix is the  majority of these welcomed Brokers know little about why Trilogy is so special or how to explain it. They never went through the Tour Center process when Shea Homes was still sharing the concept or resort living nor did they walk the beautiful Model Gallery with names of the floor plans eloquently posted out front . They’re professionals and I assume, good at their craft, But they’re  not familiar with Trilogy. They see your home is available and in a nice neighborhood and no more. That literally is taking away the premium over similar homes elsewhere, which we’ve enjoyed since inception. I may be the only available Broker who can explain the “Environments for  Living” building process or “Shea Zero”. These and many other things build value, value that will not be reflected in the offer if they are not explained to the Buyers. The more homes that sell at or above a proper asking price, the more the home values will be adding to your assets.

 

Recently, I picked up a flyer by our local low listing fee brokerage touting the golf course was designed by Oki. I got a chuckle out of that one. You golfers know who the Hall of Fame designer really is. What is my point, you ask? It’s simple, I’ve said it for years, “Don’t fall for discounts and short-cuts with your most valuable asset” and “Don’t hire a relative or a friend from Church, Hire someone who’s good and, more importantly hire a genuine Community Expert.” Believe me, I can count them on one hand, they’re worth their weight in gold, they’re pricing is not all over the place, they care, nothing should come back to bite you, and they’re too good to discount their work.  The Elephant Team is dedicated  to getting you top dollar, building value with everything we do, averaging over 100% of asking price and putting more dollars in YOUR trunk!

 

Final Thoughts:

 

We all know things have been tough. We have all been cooped up for too long and now, just as we are seeing improvement we’ve got crowds of protestors in every city elbow to elbow, upset about the tragic loss of George Floyd. It is an incredibly sad thing and my heart goes out to all of those who are hurting. Even so, and I am no expert but, if this Covid-19 is as real as many think it is, regardless the reason, these enormous gatherings cannot be good. Let us hope for the best there.

 

Coming from a Real Estate Broker who makes it my point to be informed and has been in this business over 20 years, I can share that I am not overly concerned about the market.  Although, I am no Spring Chicken, I’m sure most of you know more than me that we’ve seen similar times before, always coming out of it. Slowed but picking up considerably, housing is still a driving part of our economy. Interest rates are at an all-time low and especially younger Buyers are taking advantage of the. For the more established crowd too, it beats cashing stocks, which are recovering gradually. Our local economy is still quite strong regarding the higher priced homes where many of the Buyers are in management, can afford to pay or prove they can pay cash, or are comfortably sitting in retirement. Rather than making these reports too long, please, watch for Snapshot Market Updates in your emails. I will work to keep you in the know and keep it brief. Despite being in Phase one, King and Surrounding Counties are seeing a lot of Real Estate Activity. The age demographic of Trilogy makes for a more conservative, Covid-careful Buyer and Seller so Trilogy is a bit slower, but it is moving. Continue your plans and help yourselves and the economy would be my recommendation and stay safe in how you do it.

 

That’s a wrap through May. Let’s keep that 2020 Vision! Thanks for reading. We appreciate it.

 

 

A Recap of 2020 Month over Month Statistics:

 

  Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. YTD
                         
$old 2 8 10 6 4               30
Pending 7 8 7 4 5                
Active 9 6 7 10 14                
$old D.O.M. 38 19 7 67 85                
Active D.O.M. 63 46 73 48 43                

 

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That’s a wrap for now! Thanks so much for reading!!!

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DEVIN SANFORD
Managing Broker
425.501.8424
[email protected]
700 110th Ave NE, Suite 270
Bellevue, WA 98004

 

 

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D. Sanford