Home Selling in Concrete>Question Details

Ajay, Home Buyer in Surrey bc

How are the riverfront home prices doing in Concrete WA in the last one year?

Asked by Ajay, Surrey bc Sun Aug 10, 2008

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Ajay,

The answer to this question varies significantly. I have sold a dozen or so river front homes and lots in the area in the last few years. Concrete has neighborhoods that are vastly different in desirability. An example is a multi lot subdivision that has issues with flooding or a lot of older manufactured homes in comparison to conventional stick built construction.
I have sold a home on five acres along the Skagit in Concrete for $835k and a home on two acres for 219k as just a couple of examples.
I consider any buildable lot with services along the river with a large portion of the property outside the flood plain from half an acre to several acres to be worth $100k to $175k. Larger acreage parcels would obviously increase in value depending on the amount of usable land or timber value.
With the land established you can then move to structure value. Leaving manufactured homes out of this equation currently mid quality existing construction would be around $80 per square foot. Upper end custom construction will usually land around $175 per foot. Existing stick frame garage type structures will be about $50 per foot and pole building type structures will be around $30 per foot.
So, a 2 acre lot in Pressentin Ranch is probably worth around $145k with the septic system in place. Build a modest 1,500 square foot home with an attached garage and you would probably spend $225k in construction costs. So the combined value would be $370k for new construction.
Sales in Concrete overall have recently stalled due to the lending crisis and the price of gas. The price of gas specifically affects those that would choose to live in the area and drive daily to Mt Vernon for work as an example. Concrete's market is the strongest when there are lower inventories in the Mt. Vernon, Burlington, and Sedro Woolley. Currently those markets have a roughly an 11 month supply of inventory with some variation. This means that buyers have more options to find what they are looking for closer to the I-5 corridor.
If you have a property in the Concrete area or if you are looking to buy a property, give me a call. I consider myself to be an expert in the area with over 50 recent home and land sales.

KC Coonc - Associate Broker -
Windermere Real Estate/Whatcom Inc.
Fairhaven Branch
1200 Old Fairhaven Parkway, Suite 106
Bellingham, WA 98225
360.305.9977 Mobile
360.296.7365 Office
kc@SolutionsTeam.net - http://SolutionsTeam.net
1 vote Thank Flag Link Mon Aug 11, 2008
Hi Ajay,
Unfortunately, there's no simple answer to your question, but here's some information I hope you'll find useful. Since January of 2007, the average selling price per square foot for waterfront homes in Concrete was $165.63. However, the actual price per square foot varied WILDLY, anywhere from less than $43/square foot up to over $460/square foot. The average days on market for these properties to sell was 140 days, and the median sales price was $204,000. (Source: Northwest Mutliple Listing Service)

There are several reasons there's no "one size fits all" answer to your question. First, the wide variety of home types available along the rivers - from tiny, rustic one-room cabins to 3000+ square foot dream homes complete with outbuildings and park-like landscape. Clearly, an old single-wide manufactured (mobile) home cannot command the same sales price that a custom cedar home will. Additional considerations include proximity to the river (is the home prone to flooding? Does it need to be moved back from the river?), and the availability of financing for the area (lenders are hesitant to finance a home that floods, or may flood).

If you're looking for a riverfront home, I recommend you enlist the help of an agent familiar with the "upriver" area of the Skagit Valley. And if you're selling, even more so.

Best,
Megan O'Bryan
Windermere Real Estate/Skagit Valley
0 votes Thank Flag Link Sun Aug 10, 2008
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