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 to the highest construction standards. 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, 10% between 2020 and 2030 (to a total of about 4.5 million), and by an additional 10% between 2030 and 2040. Seattle's population is forecast to grow by 16% between years 2000 and 2020. This growth is fueled by people relocating to Seattle from not only around the country, but from around the world. Seattle has become a world class city. The region has a diverse economy ranging from shipping to high-tech and biotech to manufacturing, and more. The population is highly educated providing a strong local work force in new industries. These factors will help keep the value of your investment stable in the short term and propel it in the future.

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.

Lifestyle

With a city-limits population of approximately 602,000 and a greater Seattle area population of over 3.5 million, this cosmopolitan city offers world class amenities – fine dining featuring 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” surveys.

The weather is temperate, encouraging residents to partake in various outdoor activities such as boating, hiking, skiing, leisurely neighborhood strolls, and spending time on the many beaches. Seattle is dotted with many public parks and the Magnolia neighborhood is home to the grand Discovery Park, with its high bluffs, open fields, vistas overlooking Puget Sound and the Olympic Peninsula, and walking trails down to the Puget Sound waterfront.

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 during the last couple years during which prices fell, October 2009 saw the number of sales in the county rise by 33% over the same month in the prior year and 2010 has seen a stabilizing of the Seattle area real estate market.

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 worked together to keep the Seattle real estate market 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. Please visit the photo gallery and other pages for further information.

Economics and Education

Seattle's industry is well diversified including education, import-export throught the Port of Seattle, high-tech, biotechnology, Boeing and other flagship companies. It is at or near the top in environmental stewardship, as a high-tech region, and as one of the best places 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.

United States universities are 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: $2,985,000
• 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 2010: $27,361.45
• 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.