Magnolia real estate tidbits
Posted on April 8th, 2014 by Sara
By reporter Steven Smalley
Lots of real estate chatter around the water cooler…actually Starbucks (remember when they had a water fountain?). Here are a few odds & ends for your casual consumption.
The most thought-provoking phenomenon revolves around the amount of housing inventory on the market – a desirable market it seems for newly-minted Amazon employees dreaming of a life away from South Lake Union.
At last check there were 34 homes for sale in Magnolia, not including condos. A typical average number of houses on the market is closer to 70-80 units, according to real estate sources. Of those 34 homes, 20 are listed at over $1 million. That leaves 14 homes in Magnolia available for under a mil. Supply & demand anybody?
On another front…we hear there’s a tear-down for nearly $750,000…homes in great shape just across the street sold for $800,000. Yeowza. Get ‘em while they’re hot….
Here’s the scoop on the construction encompassing two lots just behind the United Church of Christ. This reporter spoke with the owner who tells us, “I want to build as big a home as I can.” Looks like he’s about to get it. It’s a one-level, Spanish/Mediterranean-style home of 4,100 sq. ft. with a 4-car garage off the alley in the back.
Currently a Magnolia resident living in a three-story home on the north end, the owner wants a place that doesn’t require walking up and down so many floors. Look for the huge piles of dirt covered with black plastic near Bank of America. That’s the place. The home’s foundation is already poured.