Allow me to introduce myself and steal a moment of your time. My name is Tabatha Hargis, I own a property over in the Lake Wenatchee area which we spend time at regularly with family and friends. We come into the Leavenworth Village often and love all the wonderful shops and eateries. In addition to enjoying our cabins personally, we also rent them out on the weekends when we are not using them. This allows us to afford a second home and ultimately be able to continue enjoying this beautiful area. We are one of several families who use their cabins in this manner.

In the past year a few members of our home owners association in Chiwawa River Pines have voiced that they do not like the vacation rentals in their neighborhood since they have decided to retire and live there full time. Once our development started taking steps to disallow vacation rentals, several other individuals in surrounding neighborhoods are talking about trying to follow suit.

This is becoming a huge concern not only for the hundreds of home owners who have been renting their cabins out for decades, but also for the surrounding small businesses that rely on tourism and vacation rentals in that area. It has also become a growing problem for Realtors trying to sell houses in that area. When the market is already down, this is just one more deterrent for potential buyers.

I come to you today asking for your support in our endeavor to preserve our fundamental rights as property owners. We have had no choice but to enter into a lawsuit against our HOA in order to stop them from changing our covenants and banning these short term rentals.

As you can imagine, this process is very expensive with the legal fees, not to mention extremely trying on many of us in an already trying time. A large group of owners have banned together to put on a fund raiser dinner and silent auction in hopes of raising funds to continue our fight.

Mt. Springs Lodge has generously offered their facilities to us on Jan. 23rd to hold our fund raiser. Any donation items that your business can contribute to our silent auction table would be greatly appreciated.

  We will be distributing a flier in the upcoming weeks all around Leavenworth/Plain/Lake Wenatchee area and selling tickets to the event. If you would like any more information on this issue, the law suit, or would like to help in any other way, please do not hesitate to contact me. 206-902-8396.

Thank you for your time and attention to this matter.

Sincerely,

 Tabatha Hargis

 Property Manager Fish Lake Cabins

NNA Cedar Brea, Leavenworth

List price: $119,900.  Sold price: $105,000.

Days on Market: 146

1 bedrooms | 1 bath | 720 sqft| .50 acres.

Classic cabin on the south side of Lake Wenatchee across the street from the lake.

221 Evans Street, Leavenworth

List price: $239,900.  Sold price: $193,000.

Days on Market: 240

2 bedrooms | 1.5 bath | 1064 sqft| .07 acres.

Small home in Leavenworth.  Home also has a one car garage.

18880 Pine Loop Road, Leavenworth

List price: $348,500.  Sold price: $299,000.

Days on Market: 96

2 bedrooms | 2 bath | 1550 sqft| .33 acres.

Prow front cabin in the Alpine Acres subdivision in Plain.  Large detached garage and wrap around deck.  One bedroom plus loft. The home was on the market longer than indicated.  Listed in 2008 on the NWMLS.

2536 Sumac Lane, Leavenworth

List price: $349,500.  Sold price: $303,000.

Days on Market: 116

2 bedrooms | 1 bath | 1512 sqft| 1.40 acres.

Cute cabin on a large lot in Chiwawa River Pines.  Included a large detached garage.

128 Poplar Street, Leavenworth

List price: $367,900.  Sold price: $319,900.

Days on Market: 194

3 bedrooms | 2 bath | 1484 sqft| .37 acres.

Nice home in Leavenworth.  Two car garage and a large lot with mountain view.

20646 Miracle Mile, Leavenworth WA

List price: $548,000.  Sold price: $375,000.

Days on Market: 195

3 bedrooms | 2 bath | 1912 sqft| .31 acres.

Newer home in Kahler Glen backing to the 11th Green.  Nice tiled sun room at the back of the house.

19680 Nason Road, Leavenworth

List price: $495,000.  Sold price: $410,000.

Days on Market: 248

2 bedrooms | 2 bath | 1600 sqft| .50 acres.

Newer cabin in Pine River Ranch.  Large lot backs to the Forest Service.  Detached garage.  Home has a walk out basement with unfinished areas that could be finished form more living space.

17590 North Shore Drive, Leavenworth

List price: $649,900.  Sold price: $450,000.

Days on Market: 515

3 bedrooms | 3 bath | 3100 sqft| .24 acres.

New construction on the north side of Lake Wenatchee.  Trail to the lake right across the street.  The home was on the market while it was under construction.   Time on market also due to the unknown fate of the lot right in front of the home which could have obstructed the lake view.

11311 Chumstick Highway, Leavenworth

List price: $575,000.  Sold price: $472,500.

Days on Market: 732

3 bedrooms | 2.50 bath | 2800 sqft| 1.89 acres.

Home is located on Chumstick Creek with a deck that overlooks the creek.  Long time on market was due to it showing pending during what I believe was a lease to purchase that fell through.

12150 Shugart Flats Road, Leavenworth.

List price: $600,000.  Sold price: $600,000.

Days on Market: 35

3 bedrooms | 3 bath | 2722 sqft| 8 acres.

This home was not actively listed on the MLS.  Eight acres on the Chiwawa River.

18047 River Road, Leavenworth WA

List price: $1,350,000.  Sold price: $850,000.

Days on Market: 134

3 bedrooms | 3 bath | 3200 sqft| 3.04 acres.

Home is located on Wenatchee River.  Had a great deck running the length of the home over looking the creek.  Challenging staircases up the second story of the home.  Also had a guest house and several RV hook ups.

Leavenworth Sold Condos:

545 Junction Lane 704D, Leavenworth WA

List price: $322,900.  Sold price: $290,000.

Days on Market: 308

2bedrooms | 2 bath | 852 sqft|

Aspen Suites condo in the Icicle Junction Best Western complex.  Was also for sale by owner before being listed.

More Leavenworth Real Estate Info

• Click Here to See Leavenworth Sold Homes for Sept 2009
• Click Here to See Cashmere Sold Homes for Oct 2009
• Click Here to Search for Leavenworth Homes for Sale

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Required Disclaimer

NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.

There were five homes that closed in the Cashmere area in October.

303 Elberta Avenue, Cashmere WA

List price: $238,900 .  Sold price: $218,000.

Days on Market: 203

4 bedrooms | 1.5 bath | 2200 sqft| .11 acres.

Updated turn of the century classic.  Located one block off of Cottage.

509 Cottage Avenue, Cashmere WA

List price: $249,000 .  Sold price: $225,000.

Days on Market: 167

3 bedrooms | 1 bath | 3348 sqft| .22 acres.

Large 1920’s craftsman with a pool and attached garage.  This house was under contract twice and was on the market actually active for a short period of time.

5658 Tigner Road, Cashmere WA

List price: $275,000 .  Sold price: $250,000.

Days on Market: 92

4 bedrooms | 2 bath | 2200 sqft|1 .57 acres.

Set on the hill just South of the high school, this 1950’s rambler has a great view of the surrounding hills.

209 Paton, Cashmere WA

List price: $279,000 .  Sold price: $269,000 .

Days on Market: 138

3 bedrooms | 1.75 bath | 2674 sqft| .27 acres.

On a quite street in town, this home sits on a large lot that backs to Mission Creek.

1361 Mission Creek Road, Cashmere WA

List price: $409,000 .  Sold price: $365,000.

Days on Market: 330

4 bedrooms | 1.25 bath | 2100 sqft| 4.80 acres.

Great horse property with a barn and hay storage.  The house was built in 1950 and had been updated.

More Leavenworth and Cashmere Real Estate Info

• Click Here to See Cashmere Sold Homes for Sept 2009
• Click Here to See Leavenworth Sold Homes for Oct 2009
• Click Here to Search for Cashmere Homes for Sale

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Required Disclaimer

NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.

Currently there are a total of  54 condos on the market according to the local multiple listing service (MLS) .  I count at least 13 condos that are currently for sale but not on this list.  The average list price is $322,000  compared to 2008’s average sales price of $306,000.

10 condos have sold in 2009 so far at an average price of $263,000.

4 condos are currently pending with an average list of $296,000 – though I expect the price at closing will be much less.

Updates on Leavenworth Condo Projects

Ski Blick

aka Ski View (Titus Road) – In 2008 I reported that two condos have sold here. In 2009, an additional 2 bedroom unit sold for $270,000. These are selling at 7% below list price. 21 units remain unsold, with no pending sales. (Only 11 units are currently listed on the MLS.)  They have received significant price reductions with the average 2 bedroom condo now listed at $296,000  and 3 bedroom condos listed at $ 362,000.

Haus Wunderbar

7 of these units are back on the market. These are the units across the street from Gustav’s on Front Street. 2008 prices range from $499,000 to $725,000. These were originally to be finished in Spring of 2006, yet they were not completed until 2008. They are now priced from $447,000 to $671,000. They also have some fractional ownerships available (as little as 1/8th) starting at $89,900.

Riverpark Homes

These are the yellow condos across from the hospital that were sold at the condo auction. Currently one unit is under contract and only 2 of the 16 units remain unsold. These units are located on the 3rd and 4th floors. 2 additional units are being sold as resales.

Cascade Crest

These are the condominiums that stand where Dr. Larson’s dentist office used to sit on Division. They were first listed in July of 2008 and started at $519,000.

We are proud to be the new listing agents of these condos. We have lowered the price to $298,000 and the bank which holds the construction loan had been very generous in accepting short sale offers below the asking price. We currently have 1 unit pending and have a number of other offers in the works. Special financing is also available with as little as 5% down – call us for more details.

You see a short video of the condos here: Cascade Crest Condos in Leavenworth

Boulders Condominiums on the Wenatchee River

Two of the six of these riverfront condos on Alpensee Strasse have sold. (Two are also being held by the developers for their personal use.) The prices started as much as $635,000 but are now selling from $425,000 to $475,000.

Icicle Junction

Aspen Suites

6 remaining units have been listed on the MLS again with a number of different local companies.  They have pretty good financials if you are looking to own a vacation rental. I would be happy to provide you with the numbers.  These units are mostly 2 bedrooms and range in price from $299,000 to $339,000.

Alpine Place

There are six older condos in two different associations here off of Icicle Road. 2 bedroom units are available from $199,000 to $239,000 and a rare 3 bedroom for $279,000. I think these offer some of the best values today in Leavenworth condos. (They can be rented overnight as vacation rentals.)

Click here to see a short video of one of our listings currently for sale at $219,000 :

Alpine Place Condo, Leavenworth WA

Kahler Glen / Natapoc

3 condos are available at Kahler Glen golf course near Lake Wenatchee. They are priced between $279-299,000 which is down from a high price of $325,000 for Kahler Glen condos sold in 2007 and 2008. There is one unit pending with a list price of $269,000 and I sold 2 units earlier this year for about $270,000 each. There also is a Natapoc unit for sale.

As I have said before, I think condos at Kahler Glen are one of the great deals in the current market.

Condos in Leavenworth – New Construction

It appears that the following condominium projects all slated for 2009 or later have been cancelled.

Sonnenterrassen

These 8 condos were slated for Commercial Street and included 1, 2, and 3 bedroom units ranging from $250,000 to $800,000.  Orginally these units were to be available in 2009, but according to the developer Chuck Reppas:

“Sonnenterrassen is on permanent hold until the market returns. I am concerned that it will take at least 3 and as much as 6 years for the market to become strong enough to build Sonnenterrassen per plan.”

According to my research, Reppas no longer owns this property and it was foreclosed upon by FNMA.

Obststadl

Construction was orginally slated for 2011 and negotiations were held with the City of Leavenworth about a land swap / sale. This is the fruit barn project along highway 2 in downtown Leavenworth slated to have approximately 120 luxury condos.

Again the projects developer, Chuck Reppas:

“As a result of the economy I have lost control of the Obststadl site…. If I am able to rekindle the deal, I will likely change to a mixed use retail / hotel. Potentially some of it could be timeshare, but likely not full-time condo.”

Blackbird Lodge

43 condos were slated for completion in the Fall of 2009. 1, 2, and 3 bedroom condos will be available starting at $289,000 for a 1 bedroom unit. No construction has begun to my knowledge and the listing has been removed from the MLS.

Click Here to Search for All Leavenworth Condos Currently on the Market

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Required Disclaimer

NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.

Photo by Lilit

In most markets, an oversupply of  product (in this case homes) leads to a drop in prices which then leads to sales. The law of supply and demand. When supply exceeds demand, prices fall.

Of course, loyal readers know that the Leavenworth real estate market is no “normal” market. For some time we have had increasing supply and few sales, yet Leavenworth home prices have been fairly stable.

The Q3 numbers show a similar trend.

• High Inventory
• Low Sales
• Stable Prices

3rd Quarter Sales and Prices

What do I mean by Stalemate?

Buyers in the current market look at the inventory and surmise that sellers in the current market need to drop their price or accept a very low offer. Sellers look at comparable homes for sale on the market and the few comparable sold homes and think that they are offering their home at a fair price.  Unfortunately, when it comes to negotiating, neither side is willing to concede much.

By my rough count, Allyson and I have been involved in at least 15 offers this year, representing either buyers or sellers, that did not result in a sale.  This is 15 buyers who could not come to agreement with a seller.

Where do we go from here?

The market value of a property is that price where buyer and seller AGREE on a price. If the buyer and seller can’t agree, then neither party is right about the market value.

Sellers need to re-adjust their perceptions about the market and be prepared to engage buyers with a bargain hunting attitude.

Buyers need to realize that there is a reason we see so few Leavenworth foreclosures.   Most homes were bought as second homes by well qualified buyers. They may want to sell, but they don’t need to.  The list price of a house is usually a good indication of what the seller thinks the house is worth – the lower you offer below that price, the more you are likely to encounter resistance.

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Required Disclaimer

NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.