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The Moment Is Right to Buy in One of Seattle’s Coveted Neighborhoods

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The Moment Is Right to Buy in One of Seattle’s Coveted Neighborhoods



With a median home listing price of $829,000—nearly double the national average of $430,000, according to Realtor.com—Seattle hardly qualifies as a bargain. 

But for luxury buyers, this might be the moment to pounce on top-end properties. The spike in interest rates—along with  buyers being more cautious—have helped tame prices in the Emerald City’s most desirable neighborhoods.

“The upper end of the ultra high-end market is softer than we’ve seen in many years,” said Moira Holley, co-founder of Realogics Sotheby’s International Realty in Seattle. “In 2021, when there was brisk movement, we saw sales in the $30 million range. We haven’t had a sale at that price point since then.”  

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Holley has the listing for Seattle’s most expensive property, a $22.5 million Madison Park waterfront home whose price has dropped more than 30% over the course of a year.


More: A Standout Video Can Help Elevate a Property Listing Above the Competition

Prices have also softened for seven-figure listings in prized Seattle neighborhoods like Queen Anne, Magnolia and Madison Park, Holley said. While homes in these central neighborhoods “tend to hold their value very well,” some sellers have been forced to reduce asking prices that were based on the sizzling pandemic market rather than today’s more tepid conditions, she said. Homes in the $2.5 million to $4 million range in those neighborhoods “are not selling at the 2020 pace, or even the 2021 pace,” she said. “But we are starting to see signs of a better market.”

Elliot Franklin, an agent with Engel & Volkers Seattle Eastside, agreed. “All three neighborhoods are spectacular, and in general haven’t been hit as badly as the broader Seattle market,” which saw a 2.4% decline in median listing home prices year over year, according to Realtor.com. 

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But “we’re finding that properties that have been on the market more than 60 or 90 days have hung onto old pricing from when the market was better,” Franklin said. “I’ve seen one listing that had been on the market for 500 days, and the price had dropped more than $500,000.”

More: Don’t Cut Corners on Pools or Hot Tubs—It Can Bite Homeowners in a Resale

Karen Abbey, who works alongside Franklin at Engel & Volkers Seattle Eastside, shared one dramatic example. “In Magnolia, 2530 42nd Ave W. was originally listed last July for $5.495 millionand is currently priced at $4.75 million,” she said. “The price adjustment indicates that the seller has reduced the asking price to attract potential buyers. This could be due to factors such as market conditions, competition with other properties, or the need to generate more interest in the property. 

Likewise, a Realtor.com search for homes in Queen Anne produced 15 properties with price reductions, including a four-bedroom, four-bathroom home whose $2.7 million asking price reflects a $98,000 price drop, and a four-bedroom, three-bathroom home reduced by $76,000 to $2.4 million


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Jen Cameron, managing partner of the Agency Real Estate in Seattle, thinks prices have come down even more. 

“I’d say we’re down 10%-12% over last spring, and this is a moment of opportunity for the luxury buyer,” she said. “And when you’re talking about homes worth millions of dollars, the spread is even greater when home prices are down.” 

More: Does Smart Technology Add Value to a Home? Not as Much as You Might Think

Even if “extremely low” inventory means there’s less room to negotiate on price than there may have been a few years ago, “you’re still getting better prices than at any time since the pandemic,” Cameron said.

Magnolia “is its own village tucked into Seattle, and its homes have some of the most beautiful views of the Puget Sound,” she said. 

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Aerial view of waterfront estates in the Magnolia neighborhood.


Luxury Portfolio International / WINDERMERE REAL ESTATE

Queen Anne is “literally in the city center, smack in downtown Seattle, with oodles of historic homes, fantastic walkability and great stores.” Madison Park, on the eastside of Seattle, “is tucked next to Lake Washington, with some of the best walkability, shopping and dining. It’s got beautiful historic homes along with the Broadmoor Golf Club, a lovely gated community.”

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High interest rates have been the main determinant in price adjustments, Holley, of Realogies, said. “The market was buoyant for quite a while, but interest rate hikes saw buyers pull back and sellers decide to stay put,” she said. “The market in general is off about 20% from recent highs.”


For true bargain-hunters, however, downtown Seattle’s languid condo market offers the biggest buying opportunities. Redfin reported last month that the average home sale price downtown slipped 12.2% to $572,000 in April compared to the previous year, with condos leading the decline.

“The downtown condo market has been soft since the beginning of the pandemic, and that’s where the great buys are right now,” said Holley. Downtown Seattle neighborhoods include Denny Triangle, Pioneer Square, Belltown and South Lake Union. “Downtown is very different from the adjacent neighborhoods. There are bargains, and it’s the right time to make a really good purchase with appreciation.”


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Seattle, WA

Stewsday: Looking Back at Seattle Wins and the Quad From 2014

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Stewsday: Looking Back at Seattle Wins and the Quad From 2014


We’ve launched the World’s Largest Vurb Sweepstakes, making us the smartest media outlet in the world. That’s right, WE did it and no one else! The Vurbmoto Dreamstakes is your chance to win a Yamaha WOLVERINE RMAX2 1000 Sport, two (2) Yamaha TT-R110E motorcycles, AND $20,000 USD in cash! Yeah, YOU could win all of that by entering. This grand prize is estimated to be almost $50,000! To enter, purchase our super awesome merch at shopvurb.com to earn entries into the dreamstakes. No purchase necessary. See official rules for details.

Welcome to Stewsday, we’re we’ve taken Tuesday and made it all about the legend James Stewart. Every week we’ll revisit some of our favorite Stew memories and reminisce on the good old days. This column is sponsored by Troy Dog who is always up to date on everything Stew.

I’ve been having a lot of fun going down memory lane and looking at all of Stews big races from each city on the tour. So, I decided to look through the results again and see what we had for Seattle. Seattle is cool because it’s the home race for Clinton Fowler, who is the Statistician for the series on the TV broadcast. Why is this important right now? Well, Clinton promised me that I’d get a booth tour at Indy and he said that I’d get to meet Stew. Yet, Stew nor Clint were not at Indy thus crushing my dreams.

Onward and upward.

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2005 Seattle

Stews second premier class win. In his abbreviated rookie season (due to injury) Stewart raced six rounds. In those six rounds he never finished out of the top five and half of those were wins.

2006 Seattle

Two Seattle races and two premiere class wins for Stew. This track was wet and rutted. Can you beleive Seattle would have those conditions? I couldn’t find a video of the 450 class on YouTube, but I did find the 250 race for reference. Two Vurb contributors are in this race as well. We have Denny Stephenson in the booth and Jason Lawrence finishes third in the 250 class.

2007 Seattle

Stew is three for three early in his 450 class career in Seattle. He also clinched his first 450SX Championship here on this night.

2011 Seattle

Stew went to the Bahamas after this win.

2014 Seattle

Stewart finished second on this night in 2014, but that didn’t stop him from doing a ridiculous quad on the night. This was his last visit to Seattle and at the time no one could have even thought that it would be.

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Here’s another look at the quad…c’mon man.

Quad God. This was massive. He cased it and still finished second!

Main Image: Red Bull Content Pool



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Sabres earn their first ever win against the Seattle Kraken

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Sabres earn their first ever win against the Seattle Kraken


The Sabres walked into Seattle on Monday night and picked up their first ever win over the Kraken 6-2. I think the impressive part was after giving up the first goal of the game just 24 seconds in, Tage Thompson got it back just 25 seconds later.



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Seattle Kraken fall 6-2 to Buffalo Sabres as skid hits 6 straight

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Seattle Kraken fall 6-2 to Buffalo Sabres as skid hits 6 straight


SEATTLE (AP) — Jeff Skinner had a hat trick, with his first goal coming during a three-goal outburst in the first six minutes to chase Seattle Kraken goaltender Joey Daccord, and the Buffalo Sabres cruised to a 6-2 victory Monday night.

Buffalo Sabres 6, Seattle Kraken 2: Box score

Tage Thompson and Alex Tuch also scored in the first period for the Sabres, who earned their first win in six tries against the third-year Kraken. With 71 points, Buffalo is four behind Washington for the final Eastern Conference playoff spot with 13 games left.

Owen Power had Buffalo’s other goal. Sabres goalie Ukko-Pekka Luukkonen made 32 saves.

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The three-goal barrage came after Jordan Eberle gave the Kraken a 1-0 lead just 24 seconds into the game. Matty Beniers scored on a power play late in the first but the Kraken lost their fifth straight game — all at home.

Daccord made four saves before being pulled. Phillip Grubauer came on and stopped 23 shots the rest of the way. With 68 points, Seattle is 11 out of a Western Conference playoff berth with 15 games remaining.

Just moments after Eberle put Seattle on top, Thompson tied it on a shot from just outside the top of the right circle that zipped past Daccord at the 49-second mark.

Skinner gave the Sabres a 2-1 lead at 3:56. Tuch’s shot from the top of the slot at 5:41 made it 3-1 and sent Daccord to the bench.

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Skinner and Power scored 24 seconds apart midway through the second, boosting the margin to 5-2. Skinner capped his hat trick with 1:58 left in the game.

UP NEXT

Buffalo Sabres: Visit the Vancouver Canucks on Tuesday night.

Seattle Kraken: Visit the Vegas Golden Knights on Thursday night.

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