$21.5M Bellevue estate relisted after 30% price reduction

A waterfront mansion in Bellevue was relisted for sale in October with a $10 million price cut from its original asking price.

The home at 415 Shoreland Drive S.E. was owned by the late Jim Voelker, a longtime tech executive who acted as president of Nextlink and CEO of Infospace, according to The Puget Sound Business Journal.

Bellevue mansion relisted on the market with $10M price reduction

In 2023, the 8,980-square-foot home was originally listed for $32.5 million in July, but was pulled from the market in March 2024. The mansion was relisted more than 18 months later on Oct. 15 with an updated price tag of $21.5 million.

“The unique intersection of traditional and modern design encapsulates the essence of true architectural innovation, reflecting a profound respect for natural materials and their inherent beauty. It’s more than a home, it’s a timeless legacy,” Zillow stated.

Built in 2002, the five-bedroom, six-bathroom home is situated on the Lake Washington waterfront and equipped with a boat house, gazebo, and a hot tub and spa.

The Bellevue home was designed by Tom Kundig, a University of Washington (UW) graduate who has spent four decades designing award-winning architecture, including the Burke Museum in Seattle, the LeBron James Innovation Center for Nike, among various other restaurants, residences, and wineries across six continents.

“Inside, find Art Deco elegance with book-matched Honduran mahogany walls and elegant African mahogany floors throughout. This unique marriage of materials radiates warmth, sophistication, and timeless appeal throughout the residence.”

The nearly two-acre plot of land includes 135 feet of west-facing waterfront views, a five-car garage, a wine cellar, and a media room.

Seattle’s cooling housing market

In May, Seattle’s median home price reached an all-time high of nearly $900,000, surpassing the previous peak in 2022, according to John Manning with Remax Gateway Seattle.

“We had enormous price growth just in the last two months,” Manning stated in May. “King County, for example, has gone up 3.1% in the last month, but Seattle has gone up almost 5% at the same time.”

Despite Seattle’s housing market reaching all-time highs, experts believe that the market may be cooling off.

A real estate broker with Coldwell Banker, Darius Cincys, claimed that luxury home sales have been less frequent since the home was listed in 2023, contributing to the steep $10 million price cut.

“The ultra-luxury market has softened since the property was last listed — buyers are more selective and record-level sales are fewer — so pricing at the top end has adjusted,” Cincys told The Puget Sound Business Journal. “This home itself has always been an extraordinary offering, but at today’s price, it truly stands out as one of the best opportunities on Lake Washington.”

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