Seattle Condo Market Real Estate Recap 2014

Downtown Condo Market is off to a good start in 2014.  There were 41 active listings in January and that has increased to 43 for February.  There have been 26 listings that have sold, and February was a better month in terms of sales with 19 units closing versus 6 in January.  So far there is 1 unit sold for March. 98 union front

Belltown is a booming neighborhood with slightly more listings in 2014 than the Downtown corridor.  There were 46 listings in January and 52 in February.  There were 12 sales in January and 14 in February so even though there were slightly more listings in this area, the same number of units as Downtown were sold.  March is off to a better start with 4 units sold thus far.

Heading a bit North to Queen Anne there were 56 listings in January and 52 in February.  Of those listings, 17 sold in January and 16 in February.  Currently there are 48 units on the market to start the month of March. In the smaller neighborhood of Magnolia, January was off to a slow start with only 2 condo listings.  February increased to 7 active listings and March currently has 6 active condo listings.  There was 1 unit that sold in January and 2 in February.

For more information on buying or selling a condo or in regards to Condominium Association Management please contact  me today!

Another Downtown Apartment Planned; Inspired By Viaduct

The Alaskan Way Viaduct isn’t scheduled to be completely torn down well into 2016, but plans for the waterfront redevelopment for City officials and businesses are already in the works. According to the Seattle Times, city permit records indicate that Harbor Urban has approached Seattle planners to discuss building a 16-story apartment or condo tower on property that’s now under viaduct soil. This is the first big development proposal to leak in the viaduct corridor thus far, since the tunnel was approved last year.

The Harbor Urban site is located on University between Alaskan Way & Western, which is currently a parking lot near the Harbor Steps but when they demolish the viaduct, the property has potential to gain significant value. Any particular property there has the potential to gain unobscured views of Elliot Bay and the Olympics. City and business leaders are already constructing and planning improvements to the waterfront boulevard and devising a $400 million dollar plan that includes parks, a beach and a public swimming pool. Harbor Urban is planning for 165 apartments or condos with 8,000 sf ground floor retail, and room for 130 parking stalls, and their building would ideally comply with current zoning and building limits, (which limits the building height to 160 feet). For further information on plans for the waterfront and future downtown waterfront living, visit the Seattle Times.

Western Avenue Condo For Sale: $314,000

This lovely condo on Western Avenue, located at The Vine is located is close proximity to the Pike Place Market,  the Olympic Sculpture Park, and other shops and restaurants downtown. Built in 2002, the building was structured to include modern amenities in all units, including granite counter tops, stainless steel appliances, and a gas stove and fireplace; not to mention the 150 sf deck overlooking the Sound, and out to West Seattle!

This 1 bed 1 bath unit has beautiful huge windows over looking the city and Sound, and a great little build out in the kitchen separating the space from the living room. The building amenities include a 24 hr concierge, garage parking,  a fitness room, and ample storage space. For more information on unit or others in the Seattle area contact Ewing & Clark Inc.

Status: For Sale
Bed/Bath: 1,1
Price: $314,000

King County Home Prices Have Double Digit Rise!

This has been the third straight month in a row that we’ve seen a year over year price increase in King County, and it’s definitely the largest! According to the Seattle Times, for the first time in five years, we’ve seen a double digit increase, with the median value in homes estimated at $380,000, a 10.1% rise since June of last year. The last time there was a year over year double digit increase was back in 2007, when the median also hit an all time high of $481,000.

Denny Blaine Home listed for $3,895,000

After the high, the inevitable countrywide median housing drop occurred, falling nearly 36% nationwide, dropping down to $308,125  this past February. According to the Times, this June was a jaw dropper, with 23 or 29 King County areas experiencing a year over year increase, with 13 of them in the double digits! While not as impressive as King County, Snohomish and Kitsap County also saw slight increases, and condo prices in King County went up nearly 5% as well. For more information on the price of homes in King County, visit Ewing & Clark Inc.

Bosa Starting Construction Soon On 2 Condo Towers

photo courtesy of the Daily Journal of Commerce

Bosa Development Corp is planning on beginning the first construction phase of a gigantic condo project within the next two weeks. There will be two 41-story, 335 unit condo towers in the Denny Triangle Regade, just a block or so away from where Amazon plans to build three office towers. According to the Daily Journal of Commerce Bosa’s president Natale Bosa said “construction will be done in two phases on a  full block site between Battery and Bell streets and Fifth and Sixths avenues.”

The construction plans include 36,000 sf of retail space below the two towers, a swimming pool, lounge area and exercise room, and 900 parking stalls. The project will cost roughly $350-$400 million, and the first tower is scheduled to open at the end of 2014. If the market turns around, and the first tower fills, the second tower will begin. The is the first condo development to be built downtown in five years! For more information, visit the Seattle Times.

Downtown Seattle Condos Starting to Fill Up

Downtown Seattle Penthouse Condo Available

The past two years have not been promising for the Seattle Condo Market, and condo developers are finally starting to see a turn around in the Downtown area. According to the Seattle Times, roughly two dozen new projects were at work between 2007-2010 during big the real-estate crash. Many of those who bought the pre-sale backed out and several developers ended up converting their buildings to rental units to cater to the economy. Those who stuck it out had to slash prices, and in many cases had to lower the costs by up to 40 percent.

Today the market is starting to look more appealing and beginning to have the first signs that it will bounce back. A few good indicators include Escala raising  some of their prices; one of the largest downtown projects to date, Escala did so quietly, with the majority of their condo units selling for 99% of the asking price, they’ve begun upping the anty as their inventory gets smaller. Also of the 2,500 condo projects that have been built in downtown and surrounding areas, fewer than 250 units is left unsold. There are currently no new projects in place; most developers and lenders have put condos on hold to allow the market to recuperate. If you’re interested in learning more about finding a condo in the Seattle area, here is a list of available units.

Four Seasons Glass Panels Fall

After several incidents of falling glass panes, a general contractor for the Four Seasons Hotel and Private Residences building in downtown Seattle is removing the remaining pieces of glass that line the residence balconies. On Sunday, the piece fell onto a glass awning over the sidewalk. The awning cracked but didn’t break, and no one was harmed. There are 300 glass panels in the building that will be removed. In the meantime, the building’s owners will work on a new railing concept for the residence balconies. For more information, see the full Seattle Times article.

One Pacific Tower

One Pacific Tower located at 2000 1st Avenue in downtown Seattle is 2-story luxury condominium building.   The building was developed by Vyzis Development Company and designed by Curtis Beattie & Associates.  The building was constructed in 1994, and is only a few blocks from the Pike Place Market.  This building is close to everything that downtown Seattle and Belltown have to offer.  Please follow the link to search Seattle luxury condominiums for sale. 

Building: One Pacific Tower
Address: 2000 1st Ave.
Yr. Built: 1994
Construction: Cement/Concrete
No. of Buildings: 1
No. of Stories: 27
No. of Units: 80
Views: City, Mountain, Water
Parking: Garage

Banner Building

The Banner Building is a luxury condominium building located in Belltown, Seattle.  The building is at 80 Vine St. and was built in 1994 and designed by Weinstein Copeland Architects.  Comprised of both residential and commercial properties, Banner was built with the concept of work/live spaces in mind.  The building won multiple AIA awards , and was one of the first work/live buildings in the city.  The 26 units are loft-style open shells with high ceilings and exceptionally large windows.  The interiors themselves are very industrial, with exposed beams and concrete floors.  There is currently only one condominium for sale in the Banner building, which is just over 1,000 sf and is on the market for $420,000.  Please follow the link to find full listing details or search Seattle luxury condominiums for sale

Building:
Banner Building
Address: 80 Vine St.
Yr Built: 1994
Construction: Concrete & Metal
No. of Buildings:  1
No. of Stories: 7
No. of Units: 31- 26 res. 5 com.
Views: City, Lake, Mountains
Parking: Common Garage
Pets: Sub. To Restrictions 

Open House at The Art Stable

The Art StableThere will be an open house at The Art Stable, Tuesday, May 3rd from 11 AM to 1 PM.    Only two condos are left in this award winning building building designed by iconic architect Tom Kundig.

Both units are shells giving you the ability to create your own dramatic and custom space. Floor to ceiling windows take in vistas of Downtown, Olympic Mountains, and Queen Anne Hill as well as the colorful urban fabric of vibrant South Lake Union neighborhood.

The commercially zoning allows the units to be used as live work spaces.  Click to read more about the 6th floor condo and 4th floor condo or come by the open house tomorrow to see the condos in person.

In addition, look for a more thorough blog about The Art Stable in the coming days.