The activity with luxury waterfront properties really picked up in the month of July and has continued to be strong through the whole summer. There have been four sales above $5 million this season. Two of these have been on Mercer Island. One estate sold above $15 million and one sold at $5.950 million (http://www.fosterrealty.com/scripts/property_detail.cfm?id=684&Nav=sold). We believe given the current showing activity, we will see a few more luxury sales before the end of the year.
We have seen an increase interest in our luxury waterfront from our neighbors from the Pacific Rim: China, Japan and Korea. These buyers generally have business or family connections with the Seattle area. They seem to be especially interested in our luxury waterfront properties and the lakeside lifestyle.
The Pacific Northwest has been blessed with an abundance of waterfront: lakes, Puget Sound and island properties. The area is cherished by boaters – we have the highest boat ownership per capita and luxury yachters from all over the world because of the protected waters of the Puget Sound.
