This Week on Mercer Island: Waterfront, Fresh Inventory and a New Way to Launch a Home

This week brings three very different Mercer Island listings, from a trophy Faben Point waterfront estate to extensively updated homes in First Hill and the South End. Together, they give a good snapshot of the range of properties coming to market right now.

There is also something new happening behind the scenes. Northwest MLS recently introduced a status called First Look, and several homes I have been watching have used it. We have also been using First Look at Real Residential. Since buyers and sellers are going to start seeing the term more often, I thought it was worth explaining what it means and why it can be useful.

Market Note: What is First Look?

Northwest MLS introduced First Look in September as a new option for sellers before the traditional Active launch. A property can remain in First Look for up to 21 days, while still being entered into NWMLS and available to all of its member brokers. Sellers can choose whether to allow showings during that period and whether the home is distributed broadly to public real estate websites.

For sellers, I think this is a really useful option in the current market. It gives you a chance to begin advertising a property, build awareness, potentially show the home, and get early market feedback before going fully Active. That can be especially helpful for sellers who want to test the market and generate interest before the traditional Active market clock begins.

For buyers, First Look can create an earlier opportunity to discover a property and, when the seller allows showings, potentially see it before the traditional Active launch. It is another reason to have someone actively watching the MLS rather than relying exclusively on the major public home search sites where these homes might not show up.

A Trophy Faben Point Estate With Beachfront and 180 Degree Views

5904 SE 20th Street · View listing

$21,900,000 · 6 Beds, 6.5 Baths, 7,864 SQFT, Built in 2007

Built in 2007 by Saad Custom Homes, this estate sits at the very tip of Faben Point, where the setting immediately separates it from almost everything else on the market. The half acre parcel wraps around the point with 173 feet of waterfront, substantial beach frontage, a broad lawn and panoramic views toward both the Seattle and Bellevue skylines. The private dock offers approximately 75 feet of yacht moorage along with room for a float plane, ski boat and jet skis. The home has a grand European influenced feel, with soaring ceilings, arched openings, stonework, extensive millwork and detailed ceilings throughout.

Things to note: The scale of the house is matched by the amount of specialty space. There is a main floor primary suite with waterfront access, an entertaining kitchen with hidden scullery, wine cellar, sauna, library, expansive rec and media room, dual offices, gym, elevator and a full guest apartment with its own kitchen. Outside, a covered and heated outdoor room with its own kitchen and fireplace extends the living space toward the water. Faben Point has always been one of Mercer Island’s most distinctive waterfront enclaves, and the combination of location, frontage, beach, views and boating access makes this a true trophy property.

A Fully Reimagined First Hill Home That Feels Nearly New

3204 72nd Avenue SE · View listing

$3,350,888 · 4 Beds, 3.75 Baths, 4,187 SQFT, Built in 1955

Originally built in 1955, this is one of the more complete renovations I have seen recently. Nearly every part of the property has been touched, and the result feels much closer to a new home than a traditional remodel. The curb appeal is excellent, with updated landscaping, fencing, beautiful rock work and a distinctive driveway on a prominent First Hill corner lot. Inside, the kitchen is a standout, with high end appliances, a large island, beautiful cabinetry, vaulted ceilings and substantial real wood beams that add warmth and character. The main floor also has heated floors, beautiful trim and tile work, multiple living areas and two bedrooms, including a large ensuite that works very well for guests or main level living.

Things to note: The entire upper floor is devoted to an impressive primary retreat with a large bedroom, sitting area, private deck, western views, a substantial walk in closet with laundry and a beautifully finished bath with an oversized shower, soaking tub and dual vanities. A separate mini split gives the upper suite its own temperature control. Downstairs, there is another bedroom, a large theater and rec room, game space, workout room, full bath and several additional flexible areas. The backyard is flat and usable with an outdoor cooking area, and the First Hill location gives you quick access to the North End and I 90. At roughly $800 per square foot, you are getting a near new feel, strong family functionality, a standout primary suite and a very convenient First Hill location.

Fresh South End Living With an Exceptionally Flexible Lower Level

7070 94th Avenue SE · View listing

$2,598,000 · 4 Beds, 2.5 Baths, 3,700 SQFT, Built in 1968

Originally built in 1968, this South End home keeps the character of its original architecture but has been comprehensively refreshed for 2026. Inside, the light wood floors, white cabinetry, fresh paint, new carpet and completely updated bathrooms make the house feel bright, clean and move in ready. The main level is particularly functional, with the primary suite and two additional bedrooms all on the same floor, along with the kitchen, living and dining spaces. There are also peekaboo lake views from the main level and deck, along with a wooded setting behind the house.

Things to note: The lower level is what really makes this house interesting. There is a large second primary or guest suite with walk in closet, dual vanities, oversized shower and private sauna, plus a huge rec room with a dramatic fireplace feature. Beyond that is an expansive open flex area with a wet bar and kitchenette that could accommodate a gym, game room, pool table, media space or several uses at once. Outside, the wooded backyard provides privacy along with some usable lawn and a firepit area. For buyers looking for a move in ready South End home with enough separation for kids, guests, hobbies or multigenerational living, there is a tremendous amount of flexibility here.

What stood out to me this week is how different the opportunities can be even within one relatively small market.

At 5904 SE 20th, you are looking at one of Mercer Island’s premier waterfront settings, with tremendous frontage, beach, views and boating access. At 3204 72nd, the story is an exceptionally complete renovation in a convenient First Hill location. And at 7070 94th, it is bright, updated South End living with an enormous amount of flexible space.

The other takeaway this week is how the market itself is evolving. First Look gives sellers another way to introduce a property and start building exposure before the traditional Active launch, while giving buyers another reason to work with someone who is actively watching the MLS.

If one of these homes catches your eye, or if you are thinking about buying or selling on Mercer Island, I’m always happy to talk through what I am seeing in the market and how the different options might apply to your situation.