Chelan, WA 98816
2015 will be another strong year if rates stay low which is what we have heard and inventory gets better. Coldwell Banker Lake Chelan Properties knocked it out
of the park last year. We had over $70 Million in sales which is more than any other Real Estate firm in the surrounding 19 Counties. Twice as much volume as the next closest competitor in the Chelan Valley. Our agents put the Buyers and Sellers together and we crushed the existing inventory. Here is how it played out:
Waterfront Sales: We had 10 sales in 2014. This is a pathetic number compared to 2013 when we had 28 sales of Lake Chelan waterfront homes. We did such a great job getting this previous excess inventory of waterfront homes sold in the past three years that this category has dwindled down. Now we have Buyers and we don’t have much on the market to show them. Anyone that has ever studied economics knows that supply and demand drives prices and we are seeing those waterfront prices going back up now. Those of you who purchased in the last three years and bought all those small lake cabins for $500K to $600K I say congratulations. For those of you who didn’t buy and passed on owning waterfront on Lake Chelan I would suggest you get on it now. We will have some options this year and we already have 2 or 3 good deals but they will go fast. Least expensive waterfront home on Lake Chelan is now $725K. Two years ago it was $545K.
Columbia River Sales: We sold 5 homes on the River from our mls and only 5 lots. Prices were about the same but we had no inventory there either. We
sold every home we had listed and the 5 best remaining lots. There are really only 2 good lots left for sale on the river which is why I am so confident that our new new plat called Twin Pines Landing just below Chelan on the Columbia River will get
a lot of attention this Spring. We have 9 waterfront lots there that are ¾ of an acre each with water, power, community launch ramp and relaxed CCR’s. We priced them starting at $149K to $199K for the best lot. Priced to sell and not sit. Contact me for information on Twin Pines Landing.
Community Waterfront: Still the biggest bang for your buck. Community waterfront has always been the last to lose value if things get rough and the first to bounce back. It is less expensive than paying the waterfront taxes and you still have access to the Lake. There are half a dozen or so community waterfront associations you can choose from either at the Lookout, Chelan Hills, Crystal View Estates, Chelan Ridge, Morning Sun, the Cove, Kelly’s Resort etc. The owners can use the appropriate pools, tennis courts, beaches, docks and launch ramps. Have a great day on the water and then head back to their home for a BBQ. The maintenance fees are really inexpensive running from $425 per year to $1075 per year. Lake Chelan access at bargain prices. Our sales for 2014 were 34 community waterfront homes sold and 20 community waterfront lots sold. We basically sold every community waterfront home that was listed. Prices per square foot in 2014 averaged $249.25. In 2013 prices per square foot were $185.00. We had a 25% increase in pricing within one year.
High End Homes off the Water: We actually sold 9 homes off the water over $700K. These homes have been sitting there for the past five years without selling.
They had been discounted and still ignored. Buyers were snapping up waterfront. Why would anyone buy a home off the lake with a good view of the lake and possibly a pool when they could live on the water for the same amount or a little more? Waterfront inventory went down. Prices for waterfront are going up. The high end homes above the lake that may have access to the lake finally got some attention. We still have some inventory here as in 2013 we had about 25 homes over $700K for sale. We sold 9 in 2014 on the mls and a few private sales happened so that number is cut in half now. I think you can still make a deal in this category if you like the setting I would do it and buy it turnkey. The reason being is that this high end home may be sitting on a really good lot that you could never find again. Paying a little more for that is golden. You can always make the home yours with some upgrades but you can’t pick it up and move it easily.
Lots, Land and Acreage: Unbelievable sales in this category. We sold over 254 lots, land or acreage parcels in 2014. I thought 2013 was good with 155 sales. Since 2008 we had approximately a 7 ½ year inventory for vacant lots and land. The developers stopped developing and we are selling them now. The inventory has been reduced to a 2.64 year inventory status which is low for us. The better lots that were priced right have been picked off. The larger acreage parcels that you could bust into 2 to 4 parcels have been sold. You are seeing housing starts on both sides of the Lake now and every builder that is any good is busy. We need more inventory here. The good flat type with big views of the Lake.
Condo Sales: The condo market really hasn’t had much movement from year to year. We sold 21 condos in 2014 and 23 sales in 2013. Prices have remained flat and all we Are doing is selling the ones that are priced right. Demand is not overwhelming for them.
What to Expect for 2015? We are looking for another solid year as interest rates have actually come down again and prices have gone up but not significantly.
We will have inventory issues with waterfront homes, Columbia River homes, community waterfront homes and acreage parcels with a view of Lake Chelan.
It is already happening and I know you will see this when you visit us. If you see a property that would really work for you and your family and may not be perfect but could be perfect with some work I would suggest you grab it. Coming back to take another look two months later will probably mean that the home or land you looked at before will be gone. If it is priced right and attractive to you it will be attractive to several people as we have a larger Buyer pool now. We are not getting any younger and if you want your family to enjoy more quality time together in Lake Chelan then make it happen now. It is the best time in 47 years to finance a home with rates that are less than 4%. I will make your time here in Lake Chelan rewarding and you will be extremely happy a few years from now that you made the decision to buy here. Just ask one of my previous clients. References upon request. Life is good in Lake Chelan.