Luxury homes getting snagged

More people are seeking luxury real estate in Seattle, WA, especially waterfront homes in the area. In July 2012, 78 homes and condos were sold along the shores of King County, according to the Seattle Post-Intelligencer. In the past few years, the market has shown a trend leaning toward luxury homes and recent statistics prove the trend is still thriving.

In 2012, luxury properties have been up 9.8 percent in King County compared to last year. Reports show 604 homes were sold for at least $1 million and 91 homes were sold for more than $2 million. Waterfront properties have seen an increase of 14.7 percent over last year’s sales. Luxury homes in Eastside neighborhoods like Bellevue, Kirkland and Mercer Island are up 23.9 percent so far this year.

Southwest Seattle neighborhood Fauntleroy has single family homes with views of the Olympics and the Puget Sound priced anywhere from $175,000 to upwards of $2 million.

Seattle’s housing market is looking promising because the job market is on the upswing in the area. Since there are more financing options and large mortgages have been made readily available, confident buyers have been seeking out property in the past 18 months.