It is important to hear it first hand from someone that lives on the lake.
Seattle’s floating homes are an iconic part of the city's waterfront living, offering a unique lifestyle surrounded by stunning natural beauty. These floating homes are not houseboats but more permanent residences moored on Lake Union and Lake Union’s Eastern arm Portage Bay. If you're considering purchasing a floating home in Seattle, here's what you need to know:
The Seattle floating homes community is vibrant and tight-knit. With around 520 floating homes in total, residents often know their neighbors well and partake in community events. Life on the water offers tranquility, incredible views, and direct access to boating, kayaking, and paddleboarding. However, it also comes with shared responsibilities, as floating homes are moored in a collective marina or dock, with shared maintenance costs. These can come in the form of shared physical responsibilities, monetary contributions, or a combination of both depending on the dock you choose to be a part of.
Owning a floating home involves unique costs compared to traditional homes:
Purchase Price: Seattle floating homes are highly sought after and can be expensive due to their rarity, prime location, and demand, but there are more affordable options as well. The purchase price is largely driven by a number of factors including location on dock, home condition, size, bedroom count, view, parking, boat moorage, and many people want a roof top as it is our little “yard” on the lake.
Dues or Moorage Fees: You’ll need to pay to be in your location. If you are a member of a coop or condo dock then you will pay this in the form of dues each month which usually cover water, sewer, and garbage as well as the prorated portion of dock expenses associated with your mooring space. If you purchase a floating home on one of the remaining privately owned docks then you will have moorage fees to dock your home. These can vary widely depending on location and the size of your slip but are a key part of the ongoing expenses.
Utilities: Seattle floating homes are connected to city utilities, including water, sewage, and electricity, which makes them more permanently moored to their spaces. There are also a handful of docks that have natural gas. Many homes are also able to hook up to refillable propane tanks for cooking and firepits.
Maintenance: Since your home is constantly exposed to water and weather, upkeep is crucial. Regular inspections of the float system, structural integrity, and exterior are necessary to prevent deterioration.
Financing a floating home is different from a traditional house. Many banks do not offer conventional mortgages for these homes. Instead, specialized lenders may provide financing with different terms, often treating the home more like a vessel than real estate. It's important to work with a lender familiar with Seattle’s floating home market. I happen to have my favorite one on text if you need a quick response.
Seattle has specific regulations for floating homes, including environmental rules, zoning laws, and mooring regulations. Ensure that your floating home complies with the City of Seattle and the Department of Ecology’s guidelines for water quality, environmental protection, and housing regulations. Working with a real estate agent experienced in this niche market can help you navigate the complexities of permits and legalities.
Owning a floating home offers an unparalleled connection to nature, but it also comes with some practical considerations:
Weather: While summers on the lake are picturesque, winters can be damp and chilly. It’s essential to prepare your floating home for cold weather and potential storms.
Privacy: Life on the water can offer both serene privacy and bustling activity. Your proximity to neighbors and water traffic will vary, but it’s important to consider how close other floating homes or boats may be.
Access: Some floating homes require boat access or long docks, which could be a factor when considering convenience for groceries, guests, or emergency services.
Insurance: Floating homes have unique insurance needs, often requiring specialized coverage to protect against risks like flooding, water damage, and structural issues.
Floating homes in Seattle are in high demand due to their exclusivity and waterfront location. These properties often appreciate in value, making them attractive as long-term investments. However, their unique nature means that resale may take time, and market trends can affect value differently than traditional real estate.
Owning a floating home requires knowledge of this specialized market. It’s essential to work with a real estate agent who understands the complexities of floating homes, from financing and insurance to regulations and maintenance. They can guide you through the process of finding the right property and ensure a smooth transaction. Choose a Seattle floating homes expert that actually lives on a floating home because you would be amazed at the information that we have that others do not. Courtney lives and works on the lake. It's an important distinction.
Owning a floating home in Seattle offers a truly one-of-a-kind lifestyle, blending the serenity of living on the water with the energy of city life. While there are added responsibilities and costs, the experience of waking up to waterfront views, the gentle rocking of the waves, and direct access to Seattle’s outdoor offerings makes it all worthwhile.
If you're ready to explore this unique market, contact me - I live and work in the neighborhood and I am a broker with expertise in floating homes to start your journey today.
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Lack of experience can be camouflaged with a partner if you don’t ask this important question. The book of knowledge that I have picked up by having decades of actual experience is very important when representing buyers or sellers with properties in general, but more so when they are this specialized.