April Condo Recap: Condo Market Looking Hot

The Condo Market is very hot right now.  We are seeing condos go on the market and if priced right they are receiving offers within days.  Well maintained buildings with a healthy reserve fund have received top dollar for their units in the past month. condo pic

The most sales for 2014 occurred with prices in the $200-300 range but the $300-400 range is a very close 2nd!  The average list price for the past 3 months is around $355,000.

With May just getting underway, the Magnolia and Queen Anne neighborhoods already have a combined 79 units that have gone on the market.  The Downtown and Belltown areas have a combined 122 listings so far for the month of May.

There are 8 units that have closed already in Belltown & Downtown, and there are 6 listings that have already closed in the Magnolia/Queen Anne Neighborhood.  So there are still plenty of units to view but be quick as they are selling fast! If you’re interested in learning more about the Seattle condo market, feel free to contact me at anytime.

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.