Snag Island-Lake Tapps home sells for $ 6.25 million after multiple offers

While the anticipation and anxiety are exactly the same, a bidding war between people looking for a luxury property with millions of dollars at their disposal is very different from selling an average home. .

It’s “a lot of conversations with wealth management teams. That’s a lot of conversations with financial advisors, ”said Bryce Lee, a member of the real estate team at John L. Scott Real Estate, who oversaw the recent sale of a $ 6.25 million luxury home. in the community of Snag Island in Lake Tapps.

The house in the 21000 block of Snag Island Drive East appears to be the highest-priced sale of a residence that has yet to be redeveloped this year, based on a review of county sales data.

“We had to go through a lot of hoops and a lot of levels of approval between buyers and sellers, you know, to confirm or get that proof of funds. You have the funds to buy probably 15 of these homes, but you know, we need to talk to your financial advisor to make sure this is a sound and safe decision for your next investment, ”Lee said.

“A lot of people move out buying single-family homes or investment property, and then people buy homes for personal use as well,” he added.

The house has received several offers, according to Lee and her mother, Kimber, who also oversaw the transaction.

“We had this house on the market for five days and we had several offers right off the bat,” said Bryce Lee.

“I would say the average range, the average that you know, between $ 400,000 and $ 800,000, they usually have multiple offers in five days,” Kimber Lee said. “I was really shocked by the luxury market listing of $ 6 million in our region, that we had the same volume of activity. We just had the same revolving door.

In terms of potential buyers, “we had some that were out of state, people traveling on people coming from California. We had a couple on a plane from Idaho. And then we also had local buyers on the lake themselves who wanted to modernize and upgrade to different terrain.

Agents did not identify the local buyer, which the county’s public real estate registers have listed with the same Lake Tapps address as the property.

Pierce County saw an increase in luxury home sales as stocks tightened across the board and the luxury price cap increased. What was once considered the county’s $ 1 million to $ 2 million luxury market earlier this year is now $ 3 million and beyond.

Consider that in 2014, “homes priced at or over $ 500,000 were considered the starting point for high-end homes,” Dick Beeson, director of Re / Max Northwest Realtors, told the News Tribune. in 2019, when the price of luxury “startup” homes in the county had risen to $ 750,000.

There is nothing “starter” about the recent sale, which closed in late November and entered county records on December 1.

“It’s an area,” Kimber Lee said. “Definitely really one of a kind. This is something you would see in Medina and on Lake Washington. You can no longer rebuild this house.

“This home has 1,370 feet of waterfront all around,” said Bryce Lee, compared to an average of 70 to 75 feet for homes in this area.

Each of the five bedrooms has a seafront view, like almost every room in the house. The house has 6.25 bathrooms and more than 10,000 square feet of living space, a sports field, an in-ground pool and a garage that can accommodate at least seven cars.

“It took about an hour and a half to show this house; it’s so huge, ”Kimber Lee said. “I spent two weeks showcasing this property, buying the right pieces to show it off properly.”

According to Bryce Lee, the first owner of the house built the shell of the structure in 1999. The second owner then completed the house, with chandeliers imported from France, marble imported from Spain.

“There are just a lot of different features that resemble European themes throughout,” he said.

“There are travertine floors throughout this house, it cannot be rebuilt again,” he added.

While all of the unique features may have put it at the top of home sales for the year, at least two other residential real estate deals in the county have demanded even higher prices, but for redevelopment purposes.

According to information from the Pierce County Appraiser-Treasurer Information Portal, a parcel that included a residential structure in the 4100 block of 90th Avenue East in Edgewood was sold in March to Prologis for $ 16 million with plans for future industrial redevelopment.

Vacant land in the 12600 block of 90th Avenue East in Puyallup was sold in November to Century Communities of Washington for $ 7.1 million.

Kimber Lee noted that it was difficult to let go of the Snag Island home, even with the sale over.

“I feel an emotional attachment to it because we invest so much in it, to learn so much about it. It’s not just an ordinary field, ”Kimber Lee said. “It is a family house handed down from generation to generation, a heritage property.

Debbie Cockrell has worked for The News Tribune since 2009. She reports on business and development, as well as local and regional issues.

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