Investment Perspective

Overview

When acquiring a property of this significance, two primary considerations come to mind. One, will homes in the Seattle area retain and appreciate in value? Two, will this particular luxury home still be as desirable for generations to come?

The design of this home is of an elegant, classic, timeless nature. It's built of the best quality materials and construction. It is located in an exceptional urban neighborhood, and particularly, strategically takes advantage of the unique geography not replicated anywhere else. We feel that it will be as desirable in the future as it is now.

The Puget Sound population is estimated to grow by 12% by 2020 and another 10% by 2030 to a total of about 4.5 million and about 5 million by 2040. Seattle's population is forecast to grow by 16% between years 2000 and 2020. The region has a diverse economy ranging from shipping to high technology to manufacturing. The population is highly educated providing a strong local work force in new industries. These factors may help boost the investment value of this home.

Whether you intend to move in and pass this home on to your heirs or hold it for a number of years while perhaps using it as a corporate long stay residence or retreat, this will be an excellent addition to your estate portfolio. This home is built to last.

Lifestyle

With a city-limits population of 602,000 and a greater Seattle area population of over 3.5 million, this cosmopolitan city offers fine ethnic and Pacific Northwest restaurants, boutique shopping, the prestigious Seattle Symphony and Seattle Opera, professional sports, and much more. Amazingly, Seattle hosts all these urban delights and still remains an incredible place to live, often rated number one or two as the most livable city in the United States.

The weather is temperate, encouraging residents to partake various outdoor activities such as boating, hiking, skiing, and walking neighborhoods and spending time on the many beaches. Seattle is dotted with many public parks, and we are lucky to have the massive Discovery Park, with its high bluffs and open fields overlooking Puget Sound and the Olympic mountains, in the same neighborhood as this home.

Real Estate Market

County records show that real estate sales prices in the Magnolia and comparable neighborhoods have risen by about 120% over the last 10 years. That's an average of about 12% a year. After a slow-down last year when prices fell, this October (2009) saw the number of sales in the county rise by 33% over the same month last year.

Seattle's narrow geography, bounded by Puget Sound on one side and Lake Washington on the other plus growth management constraints on the county as a whole have keep Seattle real estate tight. This has, according to Business Week, been partly responsible for reducing the supply of homes on the market and typically results in a quicker bounce back than the rest of the U.S.

Home Highlights

This Magnolia Bluff home is the finest you will find in its price range. The finest materials have been used throughout and the view is the best in Seattle. The exterior is primarily built with durable, low maintenance granite and stucco. Please visit the photo gallery.

Economics and Education

Seattle's industry is well diversified including education, the Port of Seattle, information technology, biotechnology, Boeing and other flagship companies. It is at or near the top in environmental stewardship, U.S. high tech region, and the best place to start a small business. Here are a few small businesses that are now large (2006): Costco $60B, Microsoft $44B, Amazon.com $11B, Starbucks $7B. Seattle is strategically located on the Pacific Rim with commerce ties to Asia.

The median family income in Seattle is $81,403 (2008 data). The greater Seattle area has a population of 3.58 million and 1.8 million jobs. Based on number of employees, wholesale and retail trade tallies at 15%, professional services 13%, government 15%, manufacturing 10%. Overall, 82% work in the service industry and 18% in goods producing.

Seattle has a highly educated and talented workforce, leading the nation with 53% of the population over age 25 having BA or higher. The Seattle Public School, grades kindergarten through 12, enrolls about 46000; In addition, there are some 300 private schools in the area.

The American university is highly respected worldwide. In Seattle, the University of Washington is the largest, enrolling about 42000 students (47000 including branch campuses outside the city). Out of its graduate programs, 15 rate among the top 10 in the nation. The city also supports 4 community college campuses. In the private sector, the major players are Seattle University and Seattle Pacific University. There are several smaller or more specialized colleges plus more outside the city limits.

Terms of Sale

All serious inquiries are welcome; please feel free to contact us.

• Seller: Kotatko Homes 2823 LLC, a State of Washington company
• Property address: 2823 W. Galer St.; Seattle, WA
• Price: $5,988,000
• Payment: seller requires cash out, due upon closing.
• Legal description: Lots 8 and 17 and the east 8 inches of lots 7 and 18, block 3, Minor's Addition to the City of Seattle, according to the plat thereof, recorded in Volume 2 of Plats, page 12, in King county, Washington; except the north 5 feet of said portions of lots 7 and 8 condemned in King County Superior Court case number 77749 for street purposes, as provided by ordinance number 24332 of the City of Seattle.
• parcel number, King County: 5553300175
• property taxes for 2009: $23672.87
• utilities (depends on lifestyle)
  • water, sewer, garbage: approx $150/month
  • electricity: approx $150/month
  • gas: approx $225/month (average)
• disclaimer

Seller and Seller's agent's have performed due diligence in preparing the Information in this "Investment Perspective" and other areas of the website. Regardless, seller, Seller's agents, and any other parties representing the property or providing the Information make no claims that the Information is all-inclusive or fully accurate. Nor do the above infer any warranty, expressed or implied, that the Information is accurate or complete.