Holy moolah. Last week, a 2,960-sqft home in Bellevue sold for more than $1 million above its listing price — and yes, you read that correctly.
Even in today’s house-buying market, that’s some serious cash. So what was the main draw?
Broker Wendy Klinker of Windermere Real Estate said that “the quality of workmanship, finishes, and location” were among the most attractive features of the 3BR/3BA pad with mountain views. Even though the size was “not for everyone,” it didn’t take long to sell — the home was on the market for only six days.
But here’s the most mind-blowing part — while such a seven-figure bid is rare, it’s not unheard of around the area at all. Just a few weeks ago, another Bellevue house sold for nearly a million above asking price (Windermere broker Max Rombakh handled that one).
In fact, since Jan. 1, 2021 — 10 residential properties in King County have sold for $1 million or more above the asking price. All of them were on the Eastside: six in Mercer Island, two in Kirkland, and two in Bellevue.
More numbers to gawk at (data courtesy of Windermere Real Estate):
- The highest sale price over listing was a Mercer Island place purchased last March. It started at $3.998,000 and went for $6,650,000 — 66.33% over list price.
- Nine out of these ten homes sold last year during the spring and summer — the other home in Kirkland sold in October.
- The lowest original listing price was $2,350,000 and the highest was $7,980,000 (this eventually sold for $9,842,400, or 23.34% over listing)
Could the sky-high offers continue to be a trend? When we took a look at Seattle’s real estate outlook for 2022, local experts mentioned that the red hot market showed few signs of cooling off this year. Note that of the eight Seattle suburbs with the biggest home price increases in January, Bellevue occupies the top two spots with houses east of the I-405 increasing 100% year-over-year.
Now, if you’ll excuse us, we’ll be fantasizing about our future life of luxury. You know, once that lottery ticket totally hits big.