Bellevue Boardwalk Posts: Washington: Bellevue: Lochleven

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'.  

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 8^th Street) on the north, MEYDENBAUER BAY on the south, MEDINA to the west, and DOWNTOWN BELLEVUE (100^th 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.