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🤝 Luxury meets Woodinville, Edmond's restoration, & fall market update

🤝 Luxury meets Woodinville, Edmond's restoration, & fall market update

Check out what's happening in the Snohomish and Seattle area economy this week.

Lisa Bender
October 13, 2023

Happy Friday!

This week on The Bender Buzz we are diving into some of the incredible things happening in and around our local economy.

Woodinville is getting a major development that will help the economy, and a park in Edmonds has just completed a pivotal restoration.

We’re also talking about what the real estate market is really like and how quickly some homes are selling.

Enjoy.

— Lisa

💆‍♀️ A luxury hotel & spa is coming to Woodinville

Driving the news: Woodinville is getting a luxury hotel and spa!

The developers of the project have received $52 million in financing for the property set to become the centerpiece of a 20-acre master-planned development.

Details: The 164-room hotel will be located at 14485 Redmond-Woodinville Road NE and will offer a blend of upscale accommodation and amenities, including a restaurant, a rooftop bar, meeting spaces, and a 5,661-square-foot spa.

Additionally, there will be 9,000 square feet of retail space that will complement the hotel’s offerings, including wine-tasting rooms and restaurants.

Why it matters: Woodinville has steadily gained popularity due to its wineries, high-end restaurants, and artisan shops.

This strategic location near tech hubs positions the Somm Hotel and Spa to cater to leisure and business travelers seeking to experience the Pacific Northwest.

The development is expected to aid in tourism and also create hundreds of jobs in the area.

The big picture: The Somm Hotel and Spa project is not just about luxury; it’s about creating an immersive experience that blends with Woodinville’s natural beauty and vibrant culture.

The project is a collaborative effort between Woodinville Hotel Partners and its equity partner, Alco Investment Co., based in Kent, Washington.

What’s next: Construction on the Somm Hotel and Spa is expected to be completed in the summer of 2025.

The bottom line: The Somm Hotel and Spa is a major development project that is poised to elevate Woodinville’s status as a premier destination in the Pacific Northwest.

🎥 Tour this $800k Remodeled Mill Creek WA Home w/Remarkable Backyard

Want it live in one of Seattle's best suburbs? 🌳 This Mill Creek 3b/2.5ba on Quiet Cul-de-Sac with a completely remodeled kitchen & enchanting backyard is only $800,000!

☀️ Meadowdale Beach Park and Estuary Restoration Complete

Driving the news: A $15.5 million project has preserved and protected a pocket estuary at Edmonds’ Meadowdale Beach Park, while also improving public access to the beach.

Details: Out of the project's $15.5 million cost, $3.5 million was federally funded. It began in 2021 and was finalized this year.

The initiative removed a 128-foot railroad embankment and a six-foot culvert and replaced it with a five-span railroad bridge.

The new 100-foot opening improves human access to the beach, addresses fish passage, flooding, and sediment delivery, and restores 1.3 acres of estuary habitat.

Why it matters: This project is a model for how federal, state, local, and private partners can work together to restore shore habitat along rail lines while keeping trains running and the economy going.

It is also a significant step forward in the effort to restore Puget Sound's salmon populations.

The big picture: The Meadowdale Beach Park & Estuary Restoration Project is part of a larger effort to restore and protect Puget Sound's shoreline.

Puget Sound is one of the most biodiverse ecosystems in the world, but the region has lost more than 90% of its historic salmon habitat, due to development, pollution, and other factors.

Between the lines: The Meadowdale Beach Park & Estuary Restoration Project is a significant investment in the future of Puget Sound. It is a model for how we can work together to restore and protect our natural environment for future generations.

What's next: The project is complete and the park is now open to the public. The Tulalip Tribes have set up a long-term monitoring camera to study the effects of the estuary restoration.

The bottom line: The Meadowdale Beach Park & Estuary Restoration Project is a major win in the effort to restore Puget Sound.

🏠 These Seattle-area homes are selling fast— some within 8 days

Driving the news: Around 63% of Seattle-area homes in July were snapped up in two weeks or less, according to Redfin data. That's far above the national average.

In July, homes in the Seattle-Bellevue-Everett metro area went off-market after a median of eight days.

Most of these homes are move-in ready. The homes that are taking longer to sell usually need significant updates or repairs.

Details: With interest rates at their highest in decades, buyers in the Seattle metro area are really stretching their purchasing power.

That means they don't want to be worried that they'll immediately have to shell out thousands of dollars or more for a new roof or other major project.

Self-identified fixer-uppers are typically selling for less — and more slowly — than expected, according to Zillow data.

Why it matters: Homebuyers already hampered by high prices and mortgage rates don't want to spring for a place that looks like an HGTV "before" photo.

The big picture: Buyers are becoming more price-sensitive and are less willing to overpay for homes.

However, this doesn't mean that fixer-uppers aren't selling. They are just sitting on the market a little longer. We are still in a very hot seller's market.

What's next: Sellers who don't want their place to sit on the market for weeks should spruce it up a bit. Most home buyers right now simply don't have enough money left over to invest in major repairs or remodeling.

Buyers who are looking for a deal in this market may be able to find properties that have been on the market for a while but have issues that they can live with or change over time.

The bottom line: The Seattle-area housing market remains competitive, especially for homes that are move-in ready.

📊 Our Current Local Market Data

The real estate market in Snohomish County, WA is currently cooling off with the fall weather. However, interest rates and lack of inventory have us locked into a seller’s market for the foreseeable future.

If you want to buy a home in this market, you’ll need a solid strategy for searching and making strong offers. Your home search could take a while, but you’ll have to move quickly when you find a home you like.

I’m staying on top of the market daily and there are even financing options that can help you purchase at a lower rate.

If you ever have questions, don’t hesitate to ask.