Housing Market Report 2010: Lochleven Bellevue Holds its Value

By
Real Estate Agent with Asset Realty Group

Lochleven is one of Bellevue's best neighborhoods, unpretentious, and overlooking Meydenbauer Bay.

  • 2010 Lochleven Bellevue, WA neighborhood home values mirror the 2009 market…there are positive signs that home values are holding robustly steady going into 2011. 
  • The transaction count in Bellevue's Lochleven neighborhood increased to 10 closed sales (with a backlog of 4 pending sales) with a median sale price of $993,250 compared to 2009’s total of 9 closed sales with a median sale price of $1,125,000.  The median price doesn't tell the story...read on!
  •  The Lochleven Bellevue neighborhood home price average price per square foot increased 14.4% from $405 to $453 in 2010. Excluding the two closed waterfront sales (1 pending waterfront sale in backlog), the average price per square foot adjusts to $357 from $453.  Taking out the (1) 2009 waterfront sale adjusts the 2009 average price per square foot  to $348 from $405, reducing the 2010 increase in per square foot values to 2.6%.             
  • The Lochleven Bellevue neighborhood average list price of these 10 sold homes was $1,992,780.  Average market time was 211 days, compared to 153 days in 2009.  The list price to sales price ratio was 96.6% of the last published list price.
  • In 2010 the average sale price of all Lochleven Bellevue neighborhood homes including two waterfront sales was $1,869,500 with 5 sales under $1 million and 5 sales over $1.0 million ranging from $1.042 to $4.9 million.
  • In 2009 the average sale price of a Lochleven Bellevue neighborhood home including the highest waterfront sale of $5.46 million was $1,860,556.
  • Only 1 bank owned property (also referred to as REO) actually closed in 2010, down from 4 bank owned and one short sale that closed in 2009.  In backlog at year-end are 3 pending distressed property sales of which 2 are bank owned and 1 is a short sale. The trend of distressed property sales is improving--the excesses of the hyper-lending market are being 'worked off'.   Google Map showing Lochleven boundaries

The MLS doesn't give agents a neighborhood default choice to select Lochleven as one of the neighborhoods, so doing a map search and crunching the numbers is necessary to get the Lochleven Bellevue home sale statistics.

Rich Willard is a Seattle native and Bellevue Windermere agent whose Lochleven Bellevue listing turned into a 2010 closed sale, after just 14 days on market.  It was a 1976 custom rambler in original condition featuring partial views over Meydenbauer Bay, and not previously listed for sale since built.

Area description:  Lochleven neighborhood in Bellevue is bounded by VUECREST (NE 8th Street) on the north, MEYDENBAUER BAY on the south, MEDINA to the west, and DOWNTOWN BELLEVUE (100th Ave NE) to the east.

For more information on this or other popular west Bellevue neighborhoods, please contact me via my website or my real estate blog.

Comments (3)

Tom Priester
Paradise Sharks - Jupiter, FL
Paradise Sharks

Richard, sounds like all is well in Lochleven and my best wishes for a prosperous 2011.

 

Dec 30, 2010 02:37 AM
Anonymous
Laurie Lamoureux, Seamless Moves

Rich, this is excellent, timely information for prospective buyers. Lochleven is a lovely neighborhood: very walkable and so close to downtown Bellevue amenities.

Jan 04, 2011 08:57 AM
#2
Anonymous
Sam Paulson

I am in the process of looking for homes in West Bellevue.   Lochleven is one of my favorite.   While your post super informative, it's about 1.5 years old.   Wondering if you plan to post any update for 2012.

May 06, 2012 10:25 AM
#3