The Original Trilogy at Redmond Ridge Market Report

The Original Trilogy at Redmond Ridge Market Report

Two Months Packed into One Pachyderm Pronouncement.
   Buyers Gaining Ground with Still Strong Yet Calming Market.
         The Elephant Partners with La Quinta and Polo Club Expert.

 12 June Sales

Here’s what sold during June!

  Model Northwest Multiple Listing Number Original Asking Price Asking Price when Sold Final Sale Price Days on Market
1 Chelan 1289003 $600,000 $585,000 $575,000 27
2 Union 1292309 $649,000 $649,000 $649,000 6
3 Madison 1276816 $649,000 $649,000 $649,000 18
4 Union 1298459 $719,000 $659,000 $655,000 42
5 Union 1288861 $669,950 $669,950 $665,000 16
6 Vashon 1274731 $719,000 $719,000 $719,000 24
7 Whidbey 1276323 $749,900 $749,900 $749,900 25
8 Whidbey 1269549 $875,000 $795,000 $775,000 69
9 Hemlock 1290423 $988,000 $988,000 $988,000 5
10 Cedar 1278773 $1,050,000 $1,050,000 $1,020,000 13
11 Hemlock 1291233 $1,025,000 $1,025,000 $1,060,000 2
12 Monticello 1310806 $1,295,000 $1,295,000 $1,295,000 5

Home in Bold & Green; the Elephant serving BUYERS!

May yielded 17 sales, the most of any month in 2018 by far. Clearly it was the peak of our Summer There were 15 mutual agreements, in writing in April. It usually takes about 30 days or more for those contracts to make it to the Courthouse for recording numbers. May resulted in nine hand-shakes thus a 30% drop in closings for June. June revealed 6 Pending and sales trickled down 42% for seven July closings. Below, you’ll see, up again, 15 Pending sales for July and I’d expect to see big closings for August reporting next month. I believe this is a result of pent-up demand of Buyers after an unusually slow period we experienced for weeks following the Memorial Day weekend. Record breaking heat was no help and listing agents from all areas were reporting “things are dead”. Once Buyers became acclimated to the weather, showings picked up as we entered our final 90 day stretch of the busy season.

King County Experts are reporting unanimously that the period of bidding wars and wavers of home inspections is coming to an end. There were over three weeks of Inventory available in July of last year. It would take two months to sell what we have now, if no new listings came on the market. Buyers are calming down, time on market is increasing and price reductions are back in our vocabulary. We’ve been spoiled so long that it’s hard to fathom but yes, normality is nearing. King County has more inventory than we’ve had in three years, we can’t assume we can just get out the vacuum cleaner, take some quick photos, slap a sign out front and the house will sell itself. Presentation and proper pricing will prevail. Buyers are very aware the tides are turning, and they are becoming choosier. The Surf is still up for Sellers who select a strong presentation and marketing plan over lowered commissions offered by volume brokers. The old “throw it against the wall and let’s see if it sticks” plan is already beginning to rear its head by way of ridiculous price-drops, usually along with a poor presentation. Buyers are only willing to pay what they see as the value for the property, so it must look enticing.

Above, a Union listing, acquired at too high of an asking price by a broker team, offering a 2.5% savings to virtually everyone, ultimately sold for nearly 9% below the original asking price. It’s one of Trilogy’s most popular plans. There went the so-called savings and then some. Improper pricing is a costly mistake, especially, if your presentation is less than stellar. Hiring a Listing Broker with long tenure should remedy that mistake. It takes a decade to get it right in our unique community. The golf course Whidbey’s Broker, admittedly newer to Trilogy, gave me a call when things weren’t going so well. I was cordial, but his plan was already in motion and there are rules about my involvement so there was little I could say. In the end, the Seller dropped the price by $100,000 or 11.5%. Believe me, I feel for the them. When I’m shopping for a home, I look for an expert in that community. There are just a handful of us in Trilogy and we don’t hang our licenses at Walmart. You know who we are. We were Selling homes here years before the QFC even broke ground. How’s the Pachyderm doing this year? I’ve had one listing sell at 98% of asking price with the rest bringing full-price or higher, ranging from 100% to 105.84% of asking price. There are reasons.

Seven Sales Solidify in July

Here’s what sold in July

  Model Northwest Multiple Listing Number Original Asking Price Asking Price when Sold Final Sale Price Days on Market
1 Discovery 1293401 $610,000 $610,000 $595,000 29
2 Discovery 1302887 $644,500 $644,500 $644,500 21
3 Orchard 1324109 $659,000 $659,000 $659,000 1
4 Union 1318305 $665,000 $665,000 $665,000 2
5 Cedar 1309940 $995,000 $995,000 $975,000 13
6 Nice 1308780 $1,039,990 $1,039,990 $1,155,000 4
7 Redford 1286873 $1,350,000 $1,325,000 $1,270,000 35

Home in Bold & Green; the Elephant Representing SELLERS!

Wow! We have another new record. A “Nice” floor plan sold for $61.50 more per square foot than any Trilogy home before at $577.60 per square foot. The 2,000 square foot, very custom residence sits below the golf course in Trilogy’s latest neighborhood. Equipped with custom cabinets, Solar Power, Nano Doors, several water features, decks, patios, deluxe kitchen and more, this home is far from a typical Shea build. Less than a dozen sales have every reached the $500 sq. ft. mark.

The Elephant’s Union brought a quick, full-price sale. Feeling fortunate to be one of the few homes to receive an offer during the seriously slow period mentioned above, the Cedar closed slightly below asking price. With a handful of Golf Course homes having sold around the 1.3 Million Dollar mark within the last year, the Redford took a shot at $1,350,000. It sold for $80,000 below asking even by a Veteran Trilogy Broker. I listed and sold a Redford in July of 2017 for $1,275,000. It was on the coveted 17th Fairway and would sell for considerably more now. It’s more than the floor plan. In addition to a top shelf presentation, the old “location, location, location” adage is still very real.

15 Awaiting with Many Having Longer Stays in Escrow

            Here’s What’s Currently “PENDING” the Close of Escrow

  Model Northwest Multiple Listing Number Original Asking Price Asking Price when Offer Accepted Days on Market
1 Discovery 1275071 $533,614 $533,614 89
2 Townsend 1318287 $600,000 $600,000 5
3 Townsend * 1333116 $610,000 $610,000 4
4 Discovery 1327953 $625,000 $625,000 2
5 Madison 1327522 $669,950 $669,950 4
6 Madison 1307863 $689,000 $689,000 8
7 Vashon 1313829 $759,950 $729,000 26
8 Bainbridge * 1311128 $750,000 $750,000 10
9 Bainbridge 1279583 $775,000 $745,000 91
10 Hemlock 1309579 $899,999 $875,000 29
11 Cedar 1310596 $995,000 $995,000 32
12 Hemlock 1327623 $997,990 $997,990 2
13 Hemlock * 1328933 $998,000 $998,000 14
14 Alder 1290604 $1,150,000 $999,900 52
15 Hemlock * 1327054 $1,139,000 $1,139,000 22

Home in Bold & Green; the Elephant Representing SELLERS! (*Pending Inspection)

Our Madison has since closed escrow at a sale price of $692,500 with negotiating creating a bidding war realizing over 103% of asking price. I’m very blessed to have served the family of a much-loved Resident who, sadly has moved on. The Vashon has closed, as well, and the Cedar went for $2,000 over asking price after holding out just over a month. One must know when it’s not a price-drop that’s needed but patience. The Alder’s Broker and I spoke at length. She, admittedly, was not familiar with Trilogy, although I’m convinced very capable in her normal realm. Trilogy is a different animal and the asking price had dropped over $150,000 when going under contract. Time will provide the final price when Uncle Sam collects the excise tax.

Four Homes Available at End of July

  Model Northwest Multiple Listing Number Original Asking Price Current Asking Price Days on Market
1 Discovery 1308059 $628,000 $615,000 46
2 Monaco 1296052 $795,000 $779,000 69
3 Hemlock 1331320 $880,000 $880,000 6
4 Maple 1309146 $925,000 $899,950 42

Inventory remains low at any one time. We peaked at 10 homes on the market during the slow period but quickly, we returned to numbers under half a dozen with homes going “Pending”, trading places with new listings. The Hemlock and the Maple are near busy streets and I believe the asking prices reflect that. It’s my thought these may be a great move-up home for someone otherwise only affording a smaller home. The fact that the Monaco is available is an enigma, although we did turn down one offer. The home is worth the asking price. It is the first of its floor plan ever offered in Trilogy, is close to the club and sports Solar Power, gorgeous upgrades, a covered Patio w/ outdoor gas fireplace, a view of the Mountains and a wall of folding glass doors to get out there and enjoy it. The home lives much larger than its square footage and shows amazing pride of ownership.

Remember: This inventory is as of the last day of the month. Statuses have likely changed by the time you read this. We pull data after midnight the last day of the month then, analyze and report. It takes a bit of research. We share what is available at the first of the months for consistent and measurable month over month reporting. All currently available listings are posted at Hover over the Trilogy tab and select “Current Trilogy Listings” from the dropdown list.

Here’s a Recap of Year-to-Date Sales:

*New Days on Market (D.O.M.) Watch!

  Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. YTD
$old 4 5 6 8 17 12 7           59
Pending 7 7 7 15 9 6 15            
Active 3 1 9 9 7 9 4            
$old D.O.M. 38 19 10 17 17  





Final Thoughts:

I speak with many Brokers, Lenders and Appraisers every week, discussing the market. Virtually everyone I speak with agrees things are leveling off but at a tolerable pace. Discussions with Trilogy Members have been no different. I applaud how intuitive many of you are. The truth is the market is still very strong, historically speaking, but negotiations are going to become more typical of the past. They won’t be a one-sided seller with an agent convincing the Buyers to waive all contingencies and/or forfeit their earnest money up front if they want to win the property. Yes, there are still instances where this is happening, but they are premier properties within the community. If you don’t have one of those, and you need to be honest with yourself, it’s not a good idea to hold off offers expecting a bidding war.

The Elephant Partners

with California Trilogy Expert

Ambrose_Donna-7971-Edit_Fixed Headshot

Allow us to introduce our new partner Donna.  As many of you know, we’re always on the lookout for ways to improve our service to the homeowners of Trilogy Redmond at Ridge. It’s the Elephant Way. As your “Premium Service” Broker passionate about serving, I try to take the time to listen and adapt my services to your changing real estate needs. What I’ve learned is many of you, or yours have an interest in investing, selling or renting at either Trilogy at The Polo Club or Trilogy at La Quinta in the Palm Springs area. On the flip side, there are Members in California that have either lived or have family in Washington, and desire to have a home here.

Now Members of either community can buy or sell seamlessly. As a service to you, we’ve created a first of its kind real estate partnership between the Elephant, Trilogy at Redmond Ridge’s most experienced Broker, and my new Partner, Donna who is the 55+ California Community Expert. Donna serves Investors, Sellers and Renters in Trilogy at The Polo Club and Trilogy at La Quinta, as well as other surrounding communities. Together, we can provide you the resources and personal attention, care and coordination you need, to sell in Redmond and transition smoothly to the Trilogy Community or California home you desire. Donna and I both share a passion for real estate and a determination to offer every client “best in class” real estate services. Now you can have “premium service” on both ends.

What’s more, Donna is one of us. She is not only a seasoned California REALTOR® and resident of Trilogy at La Quinta, she is, also, a former Puget Sound resident and Washington State Realtor, with a 30-year history as a corporate and government business leader. I’ve always treated Real Estate a business and Donna gets it. For information on how to get a hold of my new California 55+ partner, feel free to call or email me. I’d be delighted to connect you with Donna. She’s terrific.

Trilogy Collage 

That’s a wrap for June and July. We hope these facts have been helpful. We measure our success by how well we serve others. If you have a real estate need, please, give Devin a call. (425) 501-8424.

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Read one of Devin’s latest Five Star reviews…

Just a couple of days BEFORE we selected Devin to be our realtor I met him at the house we were about to sell. His sincerity to represent us well/fully and his knowledge of the area/community was VERY impressive. Only after selecting him and through the whole selling process … did I know how true  all that was. I highly recommend him. He is a great person AND realtor

05/15/2018 – lyle matznick