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Originally Posted by woodbutcher2
My husband and I are considering a little life change and moving to Leavenworth. Can someone tell me about how the real estate market is in the area? (Price trends, new construction, foreclosures, etc) I think that locals usually have a better feel for the current and future state of things than the numbers indicate. I would appreciate any information! Thanks all!
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We own a house in the Leavenworth market area and one in the Wenatchee area. We don't pay much attention to the Leavenworth house value since we will not sell that one. My daughter says it is the only thing she would like to inherit from us.
Anyway, Leavenworth is a funny market. It is a second home market for Seattle residents, retiree's from the Seattle area move there since they are familiar with it, and even some Wenatchee residents buy property up valley if they find something they really like.
Second home market demand is down since almost all second home loans are sub-prime. At least, those issued by local, reputable lenders.
As the economy tanks in the Puget Sound area, eastern Washington tends to boom. The thinking being if I'm retired or umemployed I might as well be living in the sunshine instead of the rain. So people tend to move over in droves during those times.
Currently the median home price in Wenatchee is around 275,000 dollars. I believe the median in Leavenworth is around $450,000 according to the last info I got from my realtor.
Leavenworth is a tourist town. There is some upside and downside to that. We belong to the Leavenworth Chamber and they are top notch in providing a professional service to the local businesses. The best way to view Leavenworth is as a theme park that is also a town.
There are many advantages to living in a theme park, and some significant problems. Friends that live in Leavenworth say tourist season is now year-round.
It is only 25 miles from Wenatchee to Leavenworth. There are homes throughout the area. You should have plenty of choices.
Prices are still holding up. For the 25 years we have lived here, prices have not dropped much even in down markets. Foreclosures are still rare.
The advantage to down markets is that you can buy houses that you would never see in a normal market. We bought our current home at the bottom of the last market cycle. We bought it at after the Realtor's open house. Three days later, there were three back-up offers on the house. Two months later, as we were moving in a gentleman stopped by the house. I introduced myself thinking he was a neighbor. He was one of the back-ups hoping the sale would fall through!! The house was priced fairly, in fact, the appraisal showed that we slightly overpaid. But really there were not any comparables. Location. :Location. Location plus view. You stand a chance in a down market of finding that type of house.
Last five years, home prices have appreciated 69% in Wenatchee, probably more in Leavenworth. Both Wenatchee and Leavenworth have very little land available for housing. Only 15% of the county is in private ownership.
Good luck.
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Leavenworth Real Estate Market???
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