As the demolition work at the McGuire Apartment is pressing on layer by layer, a couple of new buildings are emerging in Belltown and the circle of life continues. Note these are not condos but rather apartments (my blog must go on).
One of them is located right across the street south of Mosler Lofts called Altos (2612 3rd Ave). Not so good news for Mosler owners who live on the south side of the building as most of their views will be blocked by this taller building. Altos is a 17-story, 184 unit building with an estimated completion date of Spring 2012. It looks like a nice building; perhaps, it would be a nice condo conversion towards the end of the decade?
Another apartment project will be built on 6th Ave between Lenora and Blanchard. Construction is already underway for this 654 unit luxury apartment complex which is comprised of two 24-story towers with retail space. This project is expected to complete in 2013. Read more on Sixth and Lenora Apartments.
According to Dupre and Scott Aparment Advisors' forecast model last year, rents will climb 2.3% in 2011. They expect rents to rise to 4.6% in 2012 and 5.1% in 2013. If all of this come true, it will be nice timing for Altos and Sixth and Lenora Apartments to enter the market.
I looked into some condo rentals on the MLS and landlords have a much better time renting out their condos these days than three years ago. The average days on market for condos in Belltown and downtown is 55 days as oppose to 91 days three years ago this same period. Hope everyone's enjoying 2011, it's the year of the rental units :-)
2010 Seattle Condo Market in Review
McGuire Building to be demolished
For the Data Junkies: Dupre and Scott Apartment Investor Report
Conversion and Rental Market Report
Seattle Rental Market
By Wendy Leung with Seattle Condo Review. A guide to Seattle condos exclusively for buyers and sellers.