Medina is one of the premier neighborhoods in Bellevue but this luxury market has not been immune to the economic downtown. Waterfront homes for sale in Medina requires a certain buyer profile that hasn’t been prolific in the last few years. Generally, luxury real estate in Bellevue has flourished in the $1-2 million dollar range while real estate above $5 million has been hit or miss.
Medina Waterfront Miss for The Summer
The stats we have for the average price per square foot for Medina homes doesn’t tell us much other than some sellers may be charging a higher premium during the summer months than the winter. Accordingly, the number of waterfront homes in Medina that sell in the summer and early fall months is non-existent, literally. No homes sold in August through November and complicates our analysis.
Traditionally, the number of waterfront homes for sale in Medina spikes during the summer and early fall as certain sellers, looking to demand a certain price point on their home, attempt to jump in at the hottest point in the market. Unfortunately, the home sale prices being offered by these select sellers may not be aligned with buyer expectations.
Pricing Issues or Lack of Potential Buyers
Looking at the cumulative days on market (CDOM) for waterfront homes in Medina, luxury sellers appear to be primarily injecting their homes into the market during two seasons: late summer and early spring. While some sellers have appeared to get a jump in the game in the spring, the summer has appeared to be stagnant. Additionally, the sales price appears to be lower than expected for many sellers, hanging around the 86-93% of sales to list price.
Looking at the average price to sales price, it appears that waterfront sellers in Medina are commanding a higher price point in early spring while the summer, fall, and peripheral months are less ideal.
Spotlight of Luxury Waterfront Homes for Sale in Medina
Bringing a little clarity to these statistics with the type of waterfront homes available in Medina will allow most readers to understand why this buyer profile is somewhat rare. The $5 million and above is a large investment and the luxury market, although somewhat immune from most market conditions, has its own tribulations.
3304 78TH Place NE Medina
The waterfront home at 78th Place NE, Medina is a brilliant home that, according to the listing agent, is a “marriage of old world elegance and a modern sensibility.” The challenge here is that this luxury Medina home was sold in 2005 for $3.51 million but is now listed for $6.75 million. This area in Medina, with a strong demand, has shown appreciation over the last few years. However, asking a price point at a little under twice the value before the economic crash is a hard sell to a buyer.
318 overlake DR E, MEDINA
Currently the premier waterfront home for sale in Medina, the home at 318 Overlake Dr. is a magnificently designed home on Meydenbauer Bay. The valuation of this home can be difficult as the lack of comparable properties and the fact that the home hasn’t been sold since 1989. The average price per square foot is at $1,246 and according to our statistics for the past year, this is more than any other waterfront Medina home sold. Look at the pictures of 318 Overlake Dr. below to understand why the seller is asking for this higher premium. In turn though, one understands why the type of buyer with the available resources to afford this home can take years to find.