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23709 147th Avenue SW
Vashon, WA

23709 147th Avenue SW

$2,000,000
2 bd • 2 ba • 1,089 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$2,000,000

Price/Sq.Ft

$1837

Year Built

2013

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This waterfront property on Vashon Island offers an exceptional blend of luxury, privacy, and natural beauty. Built in 2013 to high standards, the main house boasts 1,089 sqft of living space with premium features like vaulted ceilings, an Italian induction range/oven, and Bosch appliances. The property's $1,836.55/sqft value is justified by its prime waterfront location with western views of Colvos Passage and private beach access. Additional structures significantly boost the property's value and versatility: a 2018-built treehouse carport with a bedroom and bath, and a rare Airstream guest quarters (1 of only 50 made) with unique finishes. The property's minimal flood (1/10) and fire (1/10) risk scores are excellent for a waterfront location, potentially leading to lower insurance premiums. The home's energy efficiency is enhanced by a ductless heat pump system, which can reduce energy costs by 30-50% compared to traditional HVAC systems.

The Bad

The property's price of $2,000,000 represents a significant 345.4% increase from its 2011 sale price of $449,000, which may raise concerns about overvaluation. At 1,089 sqft, the main house is smaller than many luxury properties, potentially limiting its appeal to larger families. The estimated annual insurance cost of $7,200 is high, representing 0.36% of the property value, compared to the typical range of 0.15-0.3% for standard homes. The air quality risk score of 6/10 is concerning, with 8 bad air days per year potentially impacting outdoor enjoyment and health. The property's remote island location may present challenges for daily conveniences and emergency services, which could be a deterrent for some buyers.

The Ugly

The extreme price appreciation since 2011 (345.4%) far outpaces typical market growth, raising serious questions about long-term value stability. This could indicate a potential bubble in the local market, with a risk of significant price correction. The property's unique features, while attractive, may limit its resale potential to a niche market of buyers. The reliance on a ductless mini-split system for heating and cooling, while efficient, may struggle to maintain comfort in extreme weather conditions given the home's vaulted ceilings. The property's heavy dependence on ferry service for mainland access presents significant lifestyle and emergency response challenges. In case of medical emergencies, the limited on-island healthcare facilities combined with potential ferry delays could pose serious risks.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for high-net-worth individuals seeking a luxurious second home or vacation retreat. It's perfect for nature enthusiasts and those valuing privacy, with its waterfront location and private beach access. The multiple living spaces (main house, treehouse, Airstream) make it suitable for buyers who frequently host guests or extended family. Artists or writers looking for an inspiring, secluded workspace would find the serene environment conducive to creativity. The property would also appeal to eco-conscious buyers, given its energy-efficient features and minimal environmental risk scores.

Not For

This property is not suitable for families requiring multiple bedrooms or extensive living space in the main house. With only one bedroom in the main structure, it's impractical for large families or those needing dedicated office space. The high price point and substantial ongoing costs (insurance, ferry fees) make it unsuitable for budget-conscious buyers or those relying on traditional mortgage financing. The island location and ferry dependence make it impractical for those who need to commute daily to Seattle or Tacoma. Individuals with health conditions requiring frequent, rapid access to specialized medical care should consider the logistical challenges of island living.
Demographics
Area Median Income

$94,123

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Risk Assessment

Climate Risks

airMAJOR

8 bad air quality days per year

heatMINOR

7 extreme heat days per year

98th percentile: 87°F

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

The extreme price appreciation (345.4% since 2011) presents a significant risk of market correction or decreased liquidity in case of economic downturn. The air quality risk score of 6/10 could worsen over time due to climate change, potentially impacting long-term enjoyment and property value. The property's unique features (treehouse, Airstream) may require specialized maintenance, potentially leading to high upkeep costs. The high bank waterfront location, while scenic, may be subject to erosion over time, requiring costly mitigation measures. The reliance on well water and septic systems typical of island properties can lead to unexpected expenses and potential environmental issues if not properly maintained. Future increases in ferry fares or reductions in service could significantly impact the property's accessibility and value.
Insurance
Annual Cost

$7,200

$600 per month

Financials

Monthly Costs

Price History

Property Taxes

$10,273
2023 Tax Assessment
1.9%from previous year
Assessed Value$932,000
Tax Rate1.10%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$538,333

-73.1% below list price

Median Price

$660,000

Based on 3 recent sales

Price per Sq.Ft

$726

Comparable Properties

13415 Point Richmond Drive NW, Gig Harbor, WA 98332
Price: $705,000
Sq.Ft: 960
Beds/Baths: 2/2
$/Sq.Ft:
$73460.0%
Sale Date: 9/6/2024
13101 Point Richmond Beach Road, Gig Harbor, WA 98332
Price: $660,000
Sq.Ft: 920
Beds/Baths: 1/1
$/Sq.Ft:
$71760.9%
Sale Date: 9/6/2024
137 SW Reddings Beach Rd., Vashon, WA 98070
Price: $250,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 8/24/2024

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