How Is The Current Seattle Floating Homes Market Compared To 2005?  

This was a question I got this week via email so I will share the info with you, too.

Actually, the answer is interesting and since I keep hearing brokers around Seattle talking about 2005 prices and comparing them to where we are now, I think it is a good note to pass on on the differences between traditional Seattle real estate and Seattle floating homes.  

Keep in mind before I give you these numbers that this market is SMALL.  In fact, I have had people not to me that they hoped I had other sources of real estate income besides floating homes because they are a "difficult market".  Exact words...from a competitor.  The fact of the matter is, though, that there are around 500 Seattle floating homes on Lake Union and Portage Bay.  This does not include Seattle houseboats which are vessels (boats) or barges.  It is a small market and turnover is LOW.  People who live on floating homes tend to stay.

2005 Numbers - 

12 Seattle floating homes sold

Avg $/sq foot $570.94

High Sales Price:  $1,303,000

Low Sales Price:  $312,500

Median Sales Price:  $562,000

2010 Numbers - 

13 Seattle floating homes sold

Avg $/sq foot $707.44

High Sales Price:  $2,080,000  (Molly & I sold it:))

Low Sales Price:  $350,000

Median Sales Price:  $740,000

The numbers between these years went up and down again, but overall, we are still higher than we were n 2005 today for Seattle floating homes sales.  There were a total of 71 Seattle floating homes sold via the MLS in years 2005 thru 2010.  

Let us know if you want to see any Seattle Houseboats!

You all know I am a sucker for Lake Union - I love it in all seasons.  Here is a collection of some of my winter pictures I took in Eastlake a few years ago.  The landscape has changed since I took these, but the area is so beautiful! 

Let me know if you are interested in seeing Seattle Houseboats - I will show you some of my faves right now (even though there are only a few listed, I know of a few others that would like to sell)....

Seattle Floating Home Financing Questions - 

We get a lot of questions on a daily basis for our Seattle houseboats as well as for other Seattle real estate and financing for floating homes is a biggie.  

In order to get financing for a Seattle floating home, you have to go through quite a different process than you would with traditional real estate.  Some of it is the same, but it is more property centric once the borrower is generally qualified.  This questions was just one we got that was still in the process of qualifying the borrower. 

To: (Houseboat Buyer), 

For the Seattle houseboats lenders who are still lending money on floating homes, their programs do generally require at the very least a full 20% down payment to be contributed by the borrower. I was able to get some additional info for you from a floating home lender and would be happy to introduce you to her:

"No unfortunately our floating home program requires the 20% down payment to be buyer contributions.  We can't take seller financing as part of the 20% down.  They might want to talk to different lenders about programs and get a preapproval letter, if they haven't already.  I'm not sure what other lenders are available to do in this scenario."

Unfortunately, this won't work in your particular case, but let us know if there are other questions you have and we can connect you with the proper people to talk to. 

Thank you!

Courtney

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Seller Financing A Thing Of The Past?

The fact of the matter is, though, that most lenders will not accept seller financing in today's lending environment.  Those days are mostly over, and floating homes do require a little more "skin in the game" when it comes to financing.  Let us know what queston you have about buying a Seattle houseboat!

 You can find all current Seattle houseboat inventory here from the MLS no matter who they are listed with:

Seattle Houseboats For Sale