Foreclosures in Madrona on SeattleHome.com are homes that are owned by a bank or lender. These are sometimes referred to as REO (Real Estate Owned), ORE, or bank-owned homes. Other foreclosures are sold at county auctions, which are riskier and require all-cash buyers.
In contrast, these bank-owned foreclosures are fairly straightforward and allow for bank financing. Even inexperienced buyers have access to bank-owned foreclosures. Our buyers have the option of an inspection period before closing the contract on a foreclosure. This allows the buyer a short-term "grace period" in case the property doesn't live up to their expectations.
If there are no foreclosures available today in Madrona, check back daily for new listings.
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Madrona, nicknamed "The Peaceable Kingdom", is located between a wide mix of luxury, waterfront, and urban neighborhoods in Central Seattle. The mix of influences can be seen in the range of homes and residents within Madrona's borders. Beautiful historic homes can be found more often on the East end of Madrona near Lake Washington, while more affordable homes and a commercial center are located inland.
Madrona is a mostly residential neighborhood in east central Seattle, Washington. It is bounded on the east by Lake Washington; on the south by E. Cherry Street, beyond which is Leschi; on the west by Martin Luther King, Jr. Way, beyond which is the Central District; and on the north by E. Howell Street, beyond which is Denny-Blaine.
The neighborhood's main thoroughfares are E. Union and E. Cherry Streets (east- and westbound), Madrona Drive (northwest- and southeast-bound), and 34th Avenue and Lake Washington Boulevard (north- and southbound). It is home to Madrona Park and the 34th Avenue and E. Union commercial area.
The neighborhood was named by John Ayer, who contributed the land for Madrona Park, after a species of tree (Arbutus) common to the area.
Madrona's motto, "The Peaceable Kingdom," reflects its racially mixed heritage. In the early 20th century, the coal mining industry brought Chinese immigrants to Madrona. Later, the shipbuilding boom brought an influx of African Americans. For most of the second half of the 20th Century, 34th Avenue divided the neighborhood between mostly middle-class African American (to the west) and upper-class Caucasian (to the east). The Black Panthers used the Madrona Playfield on Spring Street and 34th Avenue as its marching drill location in Seattle.
In more recent years, as the neighborhood has gentrified, Madrona has seen a steady decline in its Black population. The 2018 American Community Survey 5-Year Estimates notes that, of the 5,675 residents in King County Census Tract 78 (covering Madrona east of 31st Avenue), 75% are White Non-Hispanic (up from 65% in 1990), 6% are African American (down from 29% in 1990), 4% are Asian (4% in 1990), 11% are Mixed race, and 4% are Hispanic. Census tract 77 with 5,382 residents, two-thirds of which is in the Central District, is 67% White Non-Hispanic, 13% African American, 7% Asian, 8% Mixed race, and 5% Hispanic.
Our exclusive Local Market Research helps you make more informed decisions. Each week we publish market updates for Madrona. You can see the latest trends in pricing, affordability, supply and demand. We invest in this research so our clients always have the latest insights to make the best decisions with confidence. Below are the latest home pricing trends for Madrona based on zip code 98122.
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