I spent a couple of days this week looking at land in and around Sequim with some out-of-state clients.  It was not only fun, but there is much to be learned from looking at land now in light of the history of land in Sequim.  In our peak year of 2005, we had a hundreds of lots on the market.  If I remember correctly, there were over 500 lots for sale in the county.  Developers and builders were subdividing land in 2005 with a lust that would have matched that of the gold miners in the 1897 Klondike Gold Rush.  As we all know now, some of those developers crashed hard.  And the prices of land in Sequim have come down dramatically as you can see in this comparison.

Prices of Land in Sequim Crashed

Land in Sequim at Basement Prices – Sort Of

In 2005 there were 169 lots sold in Sequim compared to 58 in 2011.  The average price of sold land in Sequim in 2005 was $149,667, and the average selling price in 2011 was $97,297.  But this doesn’t tell the whole story. 

Land in Sequim Garage Sale Prices

I showed lots on Bell Hill, and there are some nice water view lots, but at extraordinarily high prices, like close to $300,000.  Then there are lesser lots with a peek-a-boo water view, or lots that sit down in a gulley with no view except the sky straight above.  These lesser lots are going for less than $50,000, but for $60,000 you can buy one heckuva lot in an open sunny area with a view of the Olympic Mountains.  This $60,000 lot was $130,000 just three years ago.  That’s more than a 50% price reduction.  The seller’s cost of developing probably means this seller will actually take a loss at this price.  For an extraordinary lot with a beautiful mountain view in an open area of fields and sunshine, this is why I call this a garage sale price.

You can look at all the land in Sequim currently for sale at Sequim Land for Sale in the MLS.

Housing prices are down for sure, but the price of land in Sequim is dramatically down from the peak of the market.

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Sequim land for sale has not been selling much in 2009, 2010, and thus far in 2011.  That’s not front page news, but if you wondered how land has been selling in Sequim and how many people plan to build their own homes, here is the answer.

Sequim Land for Sale

Sequim Land for Sale

In our peak year of sales (Sequim land for sale that closed), which is 2005, 306 lots sold in the Sequim area.  As this line graph shows, 148 lots sold in 2006 and that declined to 54 in 2010.  In 2011 we have had a little bit of an up-tick with 65 lots sold, and we still have three months in the calender year.

Sequim Land for Sale

Why have we sold more lots in 2011 than in 2010?  I believe there are two primary reasons.  First, retirees put many of their plans on hold in the summer of 2010 as they watched the economy implode and as they observed the political dissension, all creating great tension and uncertainty.  We still have uncertainty, but the majority of retirees have told me that they have weathered the storm and their plans to retire and move to Sequim, Washington, cannot be put on hold forever.  Their time for retirement is here, and they have been planning this transition for a long time.  They’ve looked at Sequim land for sale and at the exiting inventory of homes in the MLS.  They also have come to some resolution in their own minds that economic and political concerns may be the new normal.  Many retirees have decided to make their move this year.  As several couples have told me, “We’re not getting any younger.”

Second, many retirees have not been able to find the ideal existing home in the MLS, so they have opted for buying a lot and building their own home, even though it will cost a little more.  As I have written elsewhere, the best homes in the best areas at the best prices have been selling, even in this market, and those home are gone forever.  That means the ideal homes that so many retirees would want are disappearing from our small inventory, and building one’s own home becomes more essential.  But the other reason retirees have decided to build their own home is because many have a very specific ideal of what they want their retirement home to look like.  Some call this their last home.  What price do you put on your last home?  In other words, if you could buy an existing home that “would work,” but the ideal home you could retire in for the rest of your life could be built and cost you $10,000 or $30,000 more, would it be worth it?   This is why so many have been looking at Sequim land for sale.

Here is a link to looking at Sequim land for sale in the Sequim MLS:  Sequim land for sale

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Sequim land for sale is getting more attention lately as home buyers are examining their options.  Not everyone is able to find the perfect retirement home in the existing inventory, and that means looking in the MLS for Sequim land for sale.  Most people know that in this market it is hard to buy a lot, get building permits, excavate, bring in utilities, and build a home at $125 per square foot, plus or minus, and compete with the depressed prices of existing homes.

Sequim Land for Sale

If you’re comparing buying an existing home to buying a lot and building, here are some general parameters that will help you make the comparison.  I share these numbers with a couple of reservations.  These estimates are general estimates that apply to most retirees plans, and the costs of Sequim land for sale, and the estimates that Sequim home builders have given me.  Obviously, the comparison also depends on the existing home you may be looking at and how motivated (or desperate) the seller may be, how much they owe on their home, and how negotiable they are.  With all those obvious qualifications, here are some parameters that may help you to decide whether to buy or build.

Sequim Land for Sale – The Cost

It is hard to find cheap Sequim land for sale.  A good lot here in a better market would have been $80,000 to $200,000, depending on the view and location.  There are lots on the market now that have been deeply discounted to $50,000 to $60,000.  These are small city-size lots, and generally do not have a water view or a grandiose mountain view.  Larger lots (with and without a view) or typically $80,000 plus, and a good five acre parcel with a water view can still be $150,000 plus.  Add roughly $25,000 for excavation and bringing in utilities, unless the lot is on a steep slope and needs more preparation, and add $25,000 for building permits if you are in the city of Sequim or $5,000 if you’re outside the city of Sequim.

Sequim Land for Sale – The Building Cost Per Square Foot

A medium level custom quality home in the Sequim area will cost about $125.00 per square foot.  You can reduce that cost by using lesser materials, and you can increase it to $175.00 or more per square foot for the best countertops and cabinets and hard wood floors and so on.

As of this writing, there are 155 Sequim lots for sale priced from $20,000 to $60,000.  You can also look at Sequim land for sale priced from $60,000 and above, and since there are over 250 lots in this segment of the inventory, you will have to break down your search with more specific parameters, which you can do on this site as you look at these lots.

I should point out that banks are not lending on raw land.  That means the purchase of land is a cash purchase, unless you get lucky and find a seller who will carry the contract.  Sequim land for sale is getting more attention lately, and even today I will be out showing lots to clients.

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Sequim Land for Sale.  Chuck Marunde and eXp Realty are pleased to announce the sale of another property, a beautiful mountain and water view lot on Marine Drive in Sequim.  Many of my clients tell me they would prefer a mountain view over a water view, but the ideal scenario is to have both.

Sequim Land for Sale with Views

This lot is a little over two acres and surrounded by similar sized lots.  This is an agricultural community, so open fields and valleys like this are common here.  But this lot is not common.  Even with hundreds of lots in the inventory, it is still hard to find a beautiful lot with a gorgeous mountain or water view lot, or both.  They’re not making water view lots anymore, so when they are sold, they are not typically available for many years.

Sequim Land for Sale Feasibility

This lot was listed at $218,000 and sold for less.  I represented my clients as a Sequim Buyer’s Agent.  This lot is subject to a full feasibility study and several contingencies.  I am currently assisting my clients in doing their due diligence on the irrigation system easements, the conditions in the restrictive covenants, septic system requirements, community well terms, and building site planning.

This Sequim land for sale (and now sold) also is a short walk to the beach.  How cool is that?

Here’s a Sequim MLS site that will allow you to search for all Sequim land for sale listings at:  Sequim Land for Sale.

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Sequim lots are selling.  Chuck Marunde is pleased to announce the sale of another property, a gorgeous lot with a panoramic water view of Sequim Bay and the Strait of Juan de Fuca.  While it is true that building new homes has slowed in this real estate market, many retirees are still buying a lot and hiring a Sequim home builder to build their custom home.  This photo is taken from this lot with Protection Island in the middle.

Sequim Lots – Sold

Sequim Lots

There are 465 Sequim lots for sale, ranging in price from $28,000 to $995,000 (not counting a few subdivisions for sale) with an average price of $142,587 and a median price of $129,000.  The average listing time known as DOM (days on market) is 427 with the longest one being 1,631.

When I narrow the search parameters down to vacant lots with salt water views, we only get 17 Sequim lots.  It’s hard to believe we only have 17, isn’t it?  Perhaps some listing agents have neglected to check the box for “salt water.”  While that may be true for a couple of listings, it still is amazing we only have less than two dozen salt water view Sequim lots for sale.  The average price of a salt water view lot is $379,105, and the median price is $359,000.

So when I tell you the lot in this photo just sold for $100,000, you might wish you had purchased it if you are looking for a water view lot.  Some of my clients who are looking for this kind of water view want a larger parcel with more acreage.  This lot is a small lot in a nice development.  It is 129 feet x 132 feet.  Still, this same lot and surrounding lots sold for as much as $250,000 or more when the market was at its peak.

Sequim Lots

You can look at Sequim lots and all the listings in the MLS at SearchSequimMLS.com.  You’ll see pull down menus to narrow your search and a lot of options to filter through the entire Sequim MLS.  I do have a video which will help you use this online search tool efficiently, and you can watch that video at Sequim MLS Video Guide.

You can look at Sequim custom home builder Rick Anderson’s website for home plans and photos as well as testimonies at RickAndersonHomes.com.  If you’re looking at Sequim lots, I’d love to help you as your Sequim Buyer’s agent.

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I’ve compiled data on lots sold for Sequim and Port Angeles going back to 1997.  This chart tells a fascinating story.  Lot sales are a leading indicator of new construction, and lot sales are a close companion of existing home sales.  The chart shows us the peak years for lot sales, but what is surprising is how early the peak occurred in Sequim.  Most of us think of 2005 as the peak year.  The peak year for lot sales in Sequim was 2003 with 459 lots sold, and the first big year starting the retirees’ land rush to Sequim began way back in 1998.  For Port Angeles 2005 was the peak year with 333 lots sold.  What I also found interesting is that you have to go back to 1997 to see when lot sales really took off.

2009 Lot sales are almost the same as 1997.  How’s that for turning the clock back?  There are signs of an increase in lot sales nationally and in Clallam County, but it will take a while to thin out a large inventory of lots for sale and that means there will be price adjustments as the market finds balance again.

[Source of data:  Olympic Listing Service]

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