The Original Trilogy at Redmond Ridge Market Report

Half a Dozen March In, Eight for April

         The Elephant Raises Trilogy Dollars Per Sq. Ft. Record

                 Sign, Signs, Everywhere Signs, but Signs of What?

             

Six Sales March In

Here’s what sold in March!

	Model	Northwest Multiple Listing Number	Original Asking Price	Asking Price when Sold	Final Sale Price	Days on Market
1	Discovery	1232031	$608,000	$589,000	$589,000	31
2	Orchard	1244725	$590,000	$590,000	$610,000	5
3	Orchard	1245154	$620,000	$620,000	$621,000	4
4	Hemlock	1231292	$924,950	$924,950	$926,000	9
5	Maple	124806	$950,000	$950,000	$950,000	5
6	Nice	1248026	$1,029,000	$1,029,000	$1,032,000	6

Home in Bold & Green; the Elephant serving Sellers!

Yes, the Elephant Stamped out the old record of $500 per square foot established on a quasi-custom, view Vashon form the Island Collection back in August of 2017. Typically, the smaller the home, the higher the dollars per square foot. That was not the case with the Pachyderm’s $516.00 per square foot Nice this March 20^th. My job is to deliver 6-Star Service through individual attention, a superior presentation and relentless pursuit of the highest realized price possible when negotiating for our Sellers. We’ve purposefully broken many floor plan records lately only to set higher pricing precedence and strong comparable properties for others to follow suit. Candidly, we’ve been the first to go for the gusto on many asking prices over the years originating and stabilizing value among the collections

I remember placing a Bainbridge on the Market in December of 2012 in the $600K range when the norm was a High $400K – Low $500K Asking Price. We got out price. We’ve continued with “Premium Service” through the years originating new pricing ceilings among the collections. One day before the aforementioned Vashon, we shattered a 1,440 square foot Townsend record at $652,000, then a Maryhill at $1,297,000, followed by a Redford at $1,275,000 and just wait on what we report for next month. We’ve been reporting the numbers in black, white and green for years, continuing to blaze the trail. We only wish many would call us in the first place with their most valuable asset.

I originated with Windermere when Shea Homes persuaded me to help with Trilogy back in 2003. I could’ve chosen any neighborhood to serve Sellers and Buyers after I left my Designated Broker position late in 2009. I chose to stay and serve Trilogy Sellers because I already had expertise in the community and I was seeing so many catastrophic mistakes by Brokers just learning about this one-of-a-kind neighborhood. After years of Members reading reports and chatting, we were able to somewhat establish a baseline for each home. This means knowing what a “status quo” Island or Forest Collection home goes for then having the knowledge to adjust the price up or down based upon location, view, fits & finishes and condition. With the colony slowly transitioning from new builds to movers on, this was important for the protection of our populous. We created guidelines for the loosely, unfamiliar with Resort Living, New Comer Brokers. That steady, gradual and traceable growth has existed for about the last four to five years. Now, here we go again. Read on.

Sign, Signs, Everywhere Signs, but Signs of What?

Yes, omnipresent signs mean history is repeating itself and much more; some good and some, perhaps bad. With the shortage of Inventory throughout Seattle, the hottest real estate market in the nation 18 months running, outside brokers are flooding in seeking to get their Buyers settled. Many of them are oblivious to the fact that there’s even a Cascade Club. Bidding wars are the norm in the real world outside our sanctuary. Those brokers don’t know we’re different and they’re coming in droves. More and more young people are getting their Real Estate licenses while the surf’s up and old Pros are discovering our little piece of Paradise too, but do they know Trilogy? Don Henley said, “Call someplace Paradise and kiss it goodbye.”

I’m all for our Sellers getting multiple offers and improving their lifestyles. That’s the “good” part.

So, what’s the “bad”? Those signs, signs, signs all over creation cluttering up your sidewalks and spearing into your lawns. A tasteful yard arm is understandable and necessary. It quietly tells others “grab a flyer. Tell a friend.” However, do we really need to see directional arrows on nearly every corner or four in one front yard, distorting everything Trilogy was meant to be? Isn’t the Internet enough when 99% begin their shopping there? They’ll find the house with their GPS or the Listing Broker’s directions on every NWMLS listing. Aren’t directional arrows against the rules anyway? Where’s the code enforcement?

Open House A-Boards are sizable, and they’re strewed about the roundabout like campaign signs. Why? So, Brokers can pick up new customers, period. I would challenge any Broker who says otherwise. Occasionally, it’s because their Seller thinks an Open House is necessary. Sure, I’ll hold a Weekend Open to please my Seller, but I’ll sell the home anyway through powerful Internet and Snail Mail Marketing. So why is a Realtor talking about things that could be self-depredating? The answer is because I care. I helped build Trilogy. I walked the majority of the home sites when they were trees, mud and no foundations. It was nice to be building a dream community and I like the way it’s looked all these years. It’s joyful to have something beautiful and special to share with others where you do the majority of your work. The street lighting was placed carefully so as not to take away from the nature, the streets are curvilinear, not “cookie cutter”, and the plantings are to blend with nature and be pleasing to the senses.

Aside from a single yard arm out front, I’d be all for anyone who presented this at the next Home Owners meeting. This true Trilogy Broker would be all for limiting Open Houses to Saturday or Sunday from 12:00 PM to 4:00 PM. That would give the Brokers enough opportunity to market our listings, for Buyers to tour them and to satisfy our Sellers who bought into the tranquility of the community. As appreciative as I am for those I’m honored to serve, I do put you and the preservation of what we’ve built together first. Let’s keep it peaceful and natural.

April Showers in Eight

Here’s what sold in April!

	Model	Northwest Multiple Listing Number	Original Asking Price	Asking Price when Sold	Final Sale Price	Days on Market
1	Orchard	1263204	$620,000	$620,000	$625,000	6
2	Discovery	1266441	$609,000	$609,000	$642,000	6
3	Whidbey	1259165	$695,000	$695,000	$695,000	2
4	Union	1254387	$659,000	$659,000	$763,000	5
5	Nice	1261344	$820,000	$820,000	$820,000	4
6	Nice	1252053	$800,000	$800,000	$820,000	3
7	Vancouver	1249266	$849,000	$849,000	$849,000	12
8	Monticello	1258414	$1,275,000	$1,275,000	$1,300,000	2

Who would have thought that the “Nice” floor plan would be on the leader board with three closings already for 2018? Along with the Monaco, still non-existent in the resale world, the two plans were not available until the final division began in Trilogy. There aren’t many of them, they’re a smart layout and should bring top dollar. I represented Nice Sellers in March, mentioned above. Two more Sellers closed on their Nice plans in April, both at $820,000. They’re rare and I’d have asked more. The other leaders in sales for the year are the Orchard and Union at three and the Discovery at four. They’re all attached product and float around $600K, give or take. Most of them were in the discount broker production line, where they have a noticeable share of the entry level market. The upper end Sellers continue to choose more expensive marketing and concentrated attention from the longer tenure Brokers who have time to work for top dollar.

A perfect example: Another fellow Trilogy Veteran Realtor did a nice job going Pending in lightning speed with her Monticello joining the top 10 Club for highest prices achieved from inception to date. Congratulations to her and those Sellers.

How Does Reviewing Offers Work?

When Brokers place their listings for sale on the Northwest Multiple Listing Service, they are to select from a dropdown box. There are two choices. One choice is to simply say “We are reviewing offers as received.” This would go along with traditional selling practices where you place a home on the market and when someone makes an offer, you accept it or work it back and forth to satisfaction and the home is off the market or not.

The second option is to select “Reviewing on Offer Review Date but May Accept Earlier.” Typically, the Broker would make the home available on a Wednesday or Thursday, hold an Open House over the weekend and the offer review date would be one of the first two or three days of the following work week. There’s a lot of option two going on, especially in the lower price ranges where there’s more competition. This selection is prevalent among the new comer brokers that are simply accustomed to doing it on every listing outside Trilogy and, well, frankly, they are slightly changing things a bit for us. I’ve used the practice for years on my non-Trilogy listings but knew the difference here with our Baby Boomers and Silent Generation. We had only seen this approach a couple times before 2017 and now it is a very common practice right here in TRR.

No two listings are the same and which strategy to recommend will vary from property to property. I see a lot of Sellers selecting the wrong option and selling too soon for too little and others selling too late for too little. Knowing which plan to choose and how to work an early offer takes a lot of instinct in Trilogy where a bidding war isn’t five or 20 offers but rather two to four. A Broker must know what makes one Madison location more valuable than the next, for example. Ever Owner thinks their home is the best. The Broker needs to know the differences and council their Sellers accurately. Outside Trilogy, every home is different. Here, there are 23 specific floor plans yet each of the 23 is different from the next. It takes years to understand the difference and, in addition, having years of rapport with Buyers Agents is extremely helpful with getting to the correct price early for our Sellers. Choosing whether to list traditionally or to hold offers to a specific review date is something you’ll want to decide carefully with an expert. Many Buyers run from a publicized bidding war effort.

15 Keeping Escrow Hopping

            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	1268750	$600,000	$600,000	7
2	Union	1252299	$600,000	$600,000	12
3	Discovery	1268063	$605,000	$605,000	4
4	Madison	1262763	$780,000	$675,000	35
5	Washington	1266969	$679,900	$679,900	17
6	Vashon	1268665	$749,950	$749,950	4
7	Vancouver	1272788	$800,000	$800,000	6
8	Bainbridge	1278599	$865,000	$865,000	2
9	Maple	1242684	$972,500	$949,000	78
10	Hemlock	1266778	$979,000	$979,000	8
11	Hemlock*	1267701	$995,000	$995,000	24
12	Hemlock	1261619	$1,050,000	$1,050,000	17
13	Monticello	1272658	$1,190,000	$1,190,000	5
14	Oakwood	1272940	$1,200,000	$1,200,000	2
15	Oakwood	1260245	$1,300,000	$1,290,000	22

Home in Bold & Green; the Elephant Representing Sellers!

(*Pending Inspection)

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 www.DevinSanfordHomes.com. Hover over the Trilogy tab and select “Current Trilogy Listings” from the dropdown list.

We’ve been so honored to serve a couple of wonderful Sellers this month. They’re cooperation and team work with the Pachyderm yielded them both great results which we’ll share once they’ve closed. That will be on the same day early in May. The Vashon backed to a lovely duck pond and partial mountain view. It had a bit of elbow room and pleasing neighbors. The Oakwood shared a partial Mountain View from its Greenbelt setting and was loaded with fabulous upgrades. The home shows impeccable pride of Ownership. They both showed attention to maintenance.

I’ve often said, “Don’t hire a friend. Hire someone good.” The Seller of the Madison hired a friend. It was, admittedly, her first listing ever since getting her license. The home is now pending the close of escrow after 35 days on the market and a $115,000 price drop (over 14%). The Madison is arguably the fastest selling home in Trilogy,

especially when it’s a rare stand alone such as this. Sometimes friendship hurts. We’ll have to see where it ended up when the transaction has recorded.

15 homes await recording numbers and they were scattered pretty evenly across the collections with asking prices ranging from $600k to just shy of $1.3 Million. The average asking price of these homes is $873,775. The average time on market, before reaching mutual acceptance between willing Buyers and Sellers, was 16 days. With the average closed sale taking just 5 days, this may indicate recent Buyers are shopping a little more carefully. At these prices, that wouldn’t surprise me, and time will tell over the heat of the Summer.

Nine Listings Available at April’s End

	Model	Northwest Multiple Listing Number	Original Asking Price	Current Asking Price	Days on Market
1	Union*	1275071	$533,614	$533,614	11
2	Madison	1276816	$649,000	$649,000	12
3	Union	1276291	$719,000	$719,000	11
4	Vashon	1274731	$719,000	$719,000	13
5	Whidbey	1276323	$749,900	$749,900	13
6	Vancouver	1263642	$789,000	$769,000	33
7	Bainbridge	1279583	$775,000	$775,000	5
8	Whidbey	1269549	$875,000	$795,000	44
9	Cedar	1278773	$1,050,000	$1,050,000	7

*ARCH (A Regional Coalition for Affordable Housing)

It’s been a long while since we’ve seen an ARCH home (A Regional Coalition for Affordable Housing). In fact, the last one we saw was a Chelan for $337,512 in November of 2016. The last ARCH Union sold for the maximum asking price allowed of $420,242 in a much cooler market. It was listed and sold by yours truly. I’ve handled many ARCH sales. I told the Sellers, in our initial visit, I felt, in its current condition, it would bring about $365K but I could get the max price if they let the Elephant do his thing. They cooperated. I did my usual cleanup, got a great price on a fresh coat of interior paint and staged it beautifully to make it look worth the selling price. We sold it in hours reporting ZERO days on the market. The home was just a few doors up the sidewalk from today’s un-staged ARCH home which marked 11 days on the market as of April’s end.

Today the maximum price ARCH will allow for the particular Union available is the asking price, $533,614. Buyers who qualified to purchase a brand-new ARCH home were not allowed to do any Design Center upgrades due to the County’s cap on selling price. Any way you cut it, half a million bucks is a lot of money when all you see is 11 photos of Vinyl, Carpet, Formica and yellow paint. Contrary to belief, not all homes sell themselves.

The Whidbey Golf Course Home began at $875,000 and dropped $80,000 to $795,000 and went Pending nearly two weeks later. The sale failed and it’s back Actively back on market showing 44 days.

Although, as reflected in the chart above, most homes are moving fairly quickly. They seem to be pretty status quo. When you have something unique like a Golf Course Whidbey or a rare price point ARCH home, proper presentation and pricing is paramount.

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									23
Pending	7	7	7	15
Active	3	1	9	9
$old D.O.M.	38	19	10	17

Summary:

It’s Helter Skelter out there. I’ve never seen so many new names on signs or reported as Selling Agents on the NWMLS for closed homes. I used to know everybody. Some homes are flying off the market while others are falling out of escrow, which should never happen. We’re seeing golf course homes presented with slimy driveways and lousy staging six figures too low and smaller, normally popular models priced way too high only to ultimately plummet in price. It’s a frenzy of Real Estate Agents right now, seemingly jamming whatever listing wherever they can find it on the market and moving onto the next, without any deep research or regard for the people or the neighborhood; just that it’s an apparent gold mine. I wonder, where are these Sellers finding these Brokers. Some of them have done a fine job and in my expert opinion, too many have not. Sellers look out for yourselves and be sure you’ve examined the comparable sales closely. Nobody knows your home better than you, as long as you keep it real.

With all the new signs, signs, signs, I hope Joni Mitchell doesn’t jump out of her Big Yellow Taxi and pave Paradise to put up a parking lot. Is anybody with me on this? I’d love to hear from you.

One thing is for sure, homes will continue to list and sell, and new faces will continue to swarm over this very special community we call Trilogy at Redmond Ridge and say, “It’s just another day in Paradise.” I only hope TRR’s Members work together to keep it a Paradise and prove Mr. Henley wrong.

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

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