Orcas Island Real Estate

Is a February flurry of activity a predictor of a busy summer selling season on Orcas?

Cassandra — Tue, 28 Feb 2012 01:30:10 +0000

It has been a long quiet winter on Orcas Island and in the Orcas Real Estate market. There have been an average of 7 transactions in escrow during the winter months. We have had plenty of time for grandchildren and sunny days in Las Vegas, but now I feel like maybe the tides are changing. The energy in our office makes me wonder if “the buyers are back” . When a lovely couple walked in last week I almost didn’t realize they were buyers and now they are actually buying something so that, plus several multiple offers floating around our office, makes me hopeful that the market on our tiny island is picking up. It has always been hard to predict real estate trends on Orcas Island because it is a second home market, but even the predictors we thought we could depend on have failed in recent times. So we wait and see. Inventory is down, interest rates are still down and many sellers have had their properties on the the market for more that 365 days. The 17 parcels of land that sold in 2011 sold between 20-80% less than the value established by the San Juan County Assessor in last assessment of home/land values. Homes sold were also below assessed values by 30-40%. Sounds like an excellent time to buy an island get away.

Fractional Ownership

Cassandra — Sat, 24 Sep 2011 21:36:53 +0000

We now have a fractional ownership listing. I think it is a great concept and probably the wave of the future. In the 12 years that I have been selling real estate on Orcas Island I have watched waterfront property increase in price to the point that many can no longer afford the luxury. Unfortunately we also do not have enough public beaches in the San Juan Islands. So the perfect solution is to have 2 , 3 or 4 families share ownership. Choose your dates, plan your vacations and enjoy the home when you are there just like it is yours. Leave your personal items in your owner’s closet, Everything else you will need is shared with the other owners. You and I have both rented the perfect vacation home and dreamed it was ours. Well now it can be; at least partially. I like it!

Interest Rate Still Record Low

Cassandra — Tue, 11 May 2010 17:20:25 +0000

March 30 came and went and real estate professionals held their breath as the Federal Reserve pulled back from mortgage-backed security purchases. Everyone waited to see what the effect would be on interest rates. Rates have been historically low for a long time and the perception was that this event would cause a rapid increase in rates and thus a slowdown in already sluggish home sales. Fortunately buyers still see 5% as a great interest rate on a 30 year fixed mortgage. The week of May 6^th 30-year fixed-rate mortgage (FRM) averaged 5.00 percent with an average 0.7 point, down from last week when it averaged 5.06 percent. The prediction is that rates will begin to rise. How much and how soon remains to be seen, but today is still a great day to invest in real estate.

So if you are thinking about buying on Orcas Island rates are good and many seller’s are reducing their prices. If you would like to keep an eye on our market you can set yourself up with a myWindermere account at windermere.com and they will forward properties to you by emailing listing that match your request.

First Baseball Game

Cassandra — Tue, 27 Apr 2010 09:03:19 +0000

Today was the first baseball game. My grandsons are young (5 and 9).on the same team, and the league is a little laid back, very Orcas. It took about 30 minutes to figure out who was going to show up to play and to get a mitt in every one’s hand. Meanwhile the pitching machine whirled and everyone had a great time waiting. Only on Orcas is it fine to show up to play ball in your mary jane’s and a party dress. But, that girl can really swing a bat! Somewhere between this age and high school things shift because the high school students are serious about their sports. I understand the girls softball team may actually make it to state this year and even though the boys team has only won three game they have ”a lot of heart”. And, yes, they do travel by ferry to play off island teams.

Earth Day Parade

Cassandra — Tue, 27 Apr 2010 08:41:34 +0000

I grew up as a military brat and in all my travels ( this is my Mom’s 31 house) I have never experienced anything like Orcas Island. Mild temperatures, community spirit and exciting waterfront adventures have made this the perfect place to have been nested for the last 12 years. We have grandchildren on Orcas and grandchildren in Las Vegas, Nevada and the contrast is always startling. Last week was Earth Day and my grandsons on Orcas were in a parade down Main Street. All the elementary school children were there as well as many parents dressed in various earth day regalia, marching through the middle of town, stopping traffic and entertaining the passers-by. I don’t think it could have looked anything like that in Las Vegas. It lasted 20 minutes and was perfect. I laughed out loud to see them so enthusiastic about saving their planet and couldn’t help but think that Norman Rockwell would have loved the scene. Even though Wal-mart is an all day off-island event I do know my daughter is grateful for Orcas’ safe and nurturing environment for her children.

Let the Blogging Begin

Cassandra — Tue, 27 Apr 2010 08:32:39 +0000

As I study to remain current on what’s happening in the Real Estate world I often I wish I had a venue to share what I learn with my friends /clients and family . Luckily today I am being dragged into the technology of the 21 century with the wonders of the blog. I’m excited and I hope I will be blogging as often as I think I will and also hope Michael will blog more often than he thinks he will. So much valuable information on real estate comes across my desk and now I can pass it along to you. The other question I am often asked is what’s up on Orcas Island. It is a wonderful place to live with the best of small island charm and I look forward to sharing those moments with you.