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5012 Balustrade Boulevard SE
Lacey, WA

5012 Balustrade Boulevard SE

$479,999
3 bd • 3 ba • 2,029 sf

This analysis was generated by artificial intelligence on 1/22/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$479,999

Price/Sq.Ft

$237

Year Built

2006

AI Property Analysis

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

The Good

The property at 5012 Balustrade Boulevard SE in Lacey, WA offers excellent value at $236.57/sqft, which is significantly below the area average. With 2,029 sqft, it provides ample space compared to many homes in the area. The home, built in 2006, is relatively new and features modern amenities like stainless steel appliances and an open-concept layout. Recent updates to bathroom flooring and toilets add value. The potential for a 4th bedroom or office on the main level, plus a bonus loft upstairs, offers flexibility for various lifestyles. The two-car garage and additional driveway parking are valuable assets. The property's location near schools (with above-average ratings), shopping, and easy access to I-5 enhances its appeal. Climate risk is generally low, with minimal flood (1/10) and wind (1/10) risks, reducing potential insurance costs.

The Bad

The property has been on the market for 138 days, which is significantly above average and may indicate some challenges in selling. The price has been reduced three times since listing, suggesting initial overpricing. The air quality risk is major (6/10) with 7 bad air days per year, which could be a concern for residents with respiratory issues. The home's appreciation rate appears to be slowing, with only a 33.3% increase from 2020 to 2024, compared to the 31% increase from 2007 to 2020. The presence of an HOA, while providing some benefits like front yard maintenance, also means additional monthly costs that aren't specified in the provided data.

The Ugly

The property's fire risk is moderate (3/10), which could lead to higher insurance premiums. The estimated annual insurance cost of $1,727.99 is relatively high for a property of this value. The heat risk is moderate (3/10) with 7 hot days per year, which could necessitate increased cooling costs. The multiple price reductions and extended time on market could give buyers leverage to negotiate a lower price, potentially impacting the seller's return on investment. The lack of information about HOA fees and potential special assessments is concerning, as these could significantly impact the total cost of ownership.

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 best suited for: 1. Growing families or those planning to expand, given the 3 bedrooms and potential for a 4th. 2. Professionals working in Lacey or commuting to nearby areas via I-5. 3. First-time homebuyers looking for a relatively new property with modern amenities. 4. Those who value low-maintenance living, with HOA-managed front yard care. 5. Buyers with household incomes around $120,000-$140,000, based on the property price and estimated costs. 6. Individuals or families who prioritize proximity to good schools, with nearby options rated 4/10 to 8/10.

Not For

This property is not ideal for: 1. Investors looking for high rental yields, as the potential rental income ($2,520 for 3-bed) may not cover the mortgage and additional costs. 2. Those sensitive to air quality issues, given the major air quality risk (6/10). 3. Buyers looking for a bargain or distressed property, as the price reductions have been modest. 4. People who prefer older, character homes or brand new construction. 5. Those on a tight budget, as HOA fees and potential increases in property taxes could strain finances. 6. Individuals looking for a home without any HOA restrictions or fees.
Demographics
Area Median Income

$94,038

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Risk Assessment

Climate Risks

airMAJOR

7 bad air quality days per year

fireMODERATE

Insurance: Recommended

heatMODERATE

7 extreme heat days per year

98th percentile: 88°F

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

1. Air quality concerns (6/10 risk) could impact health and quality of life. 2. Moderate fire risk (3/10) may lead to higher insurance premiums and potential evacuation risks. 3. The slowing appreciation rate could impact future resale value. 4. Unknown HOA fees and potential for special assessments could increase costs unexpectedly. 5. The property's extended time on market might indicate underlying issues not apparent in the listing. 6. Potential for increased property taxes, given the significant jump in value since 2020. 7. Moderate heat risk (3/10) could lead to higher cooling costs in summer months. 8. Possible market saturation in the area, given the difficulty in selling this property.
Insurance
Annual Cost

$1,728

$144 per month

Financials

Monthly Costs
Market Rent (3 bed)

$2,520

Get a detailed rental estimate on Zillow®
HOA Fee

$111

Price History

Property Taxes

$0
2024 Tax Assessment
100.0%from previous year
Assessed Value$430,200
Tax Rate0.00%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$535,833

11.6% above list price

Median Price

$515,000

Based on 6 recent sales

Price per Sq.Ft

$260

Comparable Properties

5101 Balustrade Boulevard SE, Lacey, WA 98513
Price: $515,000
Sq.Ft: 2,106
Beds/Baths: 3/3
$/Sq.Ft:
$2453.4%
Sale Date: 11/14/2024
4206 74th Avenue SE, Olympia, WA 98501
Price: $645,000
Sq.Ft: 2,149
Beds/Baths: 3/3
$/Sq.Ft:
$30026.9%
Sale Date: 11/7/2024
5651 56th Loop SE, Lacey, WA 98503
Price: $450,000
Sq.Ft: 1,947
Beds/Baths: 4/3
$/Sq.Ft:
$2312.3%
Sale Date: 10/29/2024
5205 53rd Avenue SE, Lacey, WA 98503
Price: $490,000
Sq.Ft: 1,978
Beds/Baths: 4/3
$/Sq.Ft:
$2484.7%
Sale Date: 10/5/2024
6942 Fairway Lane SE, Olympia, WA 98501
Price: $600,000
Sq.Ft: 1,960
Beds/Baths: 3/3
$/Sq.Ft:
$30629.4%
Sale Date: 10/4/2024
6641 Axis Street SE, Lacey, WA 98513
Price: $515,000
Sq.Ft: 2,246
Beds/Baths: 4/3
$/Sq.Ft:
$2293.1%
Sale Date: 10/24/2024

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