Real estate in the Madrona neighborhood is moving briskly, with short sales times and multiple offers on many of the homes when they're for sale.
However, the neighborhood, despite its acknowledged desirability, has a diversity of home prices that is unusual.
Part of the reason for that is the age, size and diversity of the area identified as Madrona. At least the eastern boundary of the neighborhood is definite: Lake Washington. The other boundaries are more difficult to pin down.
It is bounded on the north by the Denny-Blaine neighborhood, which puts the northern boundary about East Denny Way.
On the south, the neighborhood meets Leschi, but where that happens could be anywhere from East Cherry to East Jackson streets.
On the west, Madrona borders Madison Valley. It may end at 31st or 32nd avenues East, or the boundary may be Martin Luther King Jr. Way.
A north-south ridge running through the neighborhood separates the Lake Washington view property from more inexpensive offerings, but does not appear to separate the neighborhood itself.
Neighborhood draws
The Madrona community has built a reputation for citizen involvement with a variety of undertakings, most notably work on the Madrona Playfield in the center of the neighborhood.
Madrona Park is more than 31 acres along the Lake Washington waterfront.
"People like Madrona because of the convenience to downtown," said Loren Chotzen, owner and broker of the Landmark Group in Madison Valley.
He cited the community feeling, shops, convenience to the freeway and parks, among other things.
"There are walking paths on street ends that take you right to the lake, and then miles of running trails," Chotzen said.
Anne Willoughby Nelson, of Madison House in Madison Park, compared Madrona to Madison Park in the way it has become more and more desireable.
"It's just another great community," she said, citing the revived retail area on 34th Avenue with attractive shops and restaurants.
There is also a public school serving kindergarten through eighth grades and a public library branch.
"There are a lot of older homes that have a lot of chracter," Nelson said.
Many people are seeing potential in these homes for upadating and then resale, or keeping them for themselves, so there is a lot of renovating going on in Madrona, both by do-it-yourselfers and hired contractors.
"They definitely feel they will get out what they put in when it does come time to sell," Nelson said.
Varying home prices
John Brian Losh, owner and broker of Ewing & Clark Real Estate in Madison Park, said the prices of homes in Madrona range from the $200,000s to the multi-millions, depending on the house and location.
Views of Lake Washington and large properties are in the higher range, but cottages on small lots that show potential for renovation or restoration are a way for first-time homebuyers to get into Madrona.
"It's an old neighborhood, and that's about the only way to go - restore the old inventory," Losh said.
He said in some areas, such as Madison Park, you see the property be much more valuable than the house on it that buyers will tear down the existing structure and build new, but there have not been a lot of tear-downs in Madrona.
"It hasn't quite reached that level, so there are a lot of restorations of older homes," he added.
Chotzen said that Madrona house sales tend to get multi-offers in the $400,000 to $600,000 range and even some in the $700,000 range.
Nelson said she has seen homes start in the mid-$300,000 range, mostly above $350,000. Those are smaller homes on smaller lots in the western part of Madrona, without views of Lake Washington.
She said it is possible to find a three-bedroom, one-bath home in good condition in the $400,000s.
Conversely, homes on the east side of the ridge that runs north and south through Madrona, if they have views of Lake Washington "can be in the millions," she said.
"It's a desirable, close-in neighborhood, with great houses and great views," Losh said.
He cited the charm of the neighborhood, paroximity to Downtown Seattle, good transit availability and the price comparisons to Madison Park and Capitol Hill to keep demand high in Madrona.
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