This is a genuine one-of-a-kind property: 48 feet of Puget Sound waterfront with tidelands in Magnolia's Lawton Park neighborhood, sitting between the Chittenden Locks and Discovery Park. Vaulted ceilings, panoramic water views, 5 bedrooms, a 2-car garage, and a large 7,858 sqft lot check nearly every box โ except sqft (2,660 vs the 2,800 threshold) and price. At $2,389,000, the ask reflects a significant waterfront premium that puts it well above even Scenario A range, and 89 days on market signals the market isn't accepting it. The ADU split configuration (currently requires an interior stair addition to function as true single-family) adds layout uncertainty that only a tour can resolve.
Verdict: Worth a look if you're serious about waterfront โ there's nothing else like this in the search. But at ask price, the sqft-to-dollar ratio is unfavorable. Monitor for a price reduction toward $2.0โ2.1M before pursuing seriously; at that level the unique waterfront setting could justify a tour.