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September 2011

Is Belltown Crime Affecting Condo Buyers?

I saw a recent news story on Komo regarding Belltown crime.  Apparently there are 50 frequent crimers who have been arrested 2,500 times in total.  

 

I was curious if the crime in Belltown is making it less desirable for buyers?  Having lived there for a few years myself, I never found it to be an issue.  I was more annoyed by the drunk people relieving themselves on our building but chalked it up to urban charm.

It sounds like things have gotten a bit worse, at least enough for the Mayor to start a special initiative.  What are your thoughts?  Does Belltown crime make rule it out for you?  Vote in the poll below!

By Wendy Leung with Seattle Condo Review. A guide to Seattle condos exclusively for buyers and sellers.


Cosmopolitan's Views Under Attack (again)?

2030 8th Ave (Apartments)

Looks like the Cosmopolitan, which suffered from a loss of views by a taller project a couple of years ago, may be affected yet again by another construction project.  The Department of Planning and Development recently approved a proposed 400 foot tower in the Denny Triangle. The new project, designed by Weber Thompson will be on the corner of Lenora St and 8th Ave (2030 8th Ave). The current site is a two story commercial building while the proposed new structure calls for a 39 story high rise with 350 apartment units. Read more here.

There are several high rise condos located within a two blocks radius of the new project: Cosmopolitan, 2200 Westlake and Enso. If the giant building goes up, it will probably have the biggest impact on Cosmopolitan.  A couple of years ago, soon after Cosmopolitan was built, it had an office project going up on its western side. The plan initially called for a lower building (13 stories) with smaller impact on the Cosmo but the plan was later on revised to go much higher (33 stories). After the completion of that project, the new height affected Cosmopolitan residences living on the higher western floors.  

This latest new proposed project is probably something Cosmo residences won't be looking forward to either.  According to the spoke person representing the new project's owners, there is no plan to start construction yet. The building permit is good for 6 years. So, we might not see this new building coming up for a while (or at all) but it's worth keeping an eye on.

Related posts:

Cosmopolitan View
Cosmopolitan
2200 Westlake
Enso Update

 

By Wendy Leung with Seattle Condo Review. A guide to Seattle condos exclusively for buyers and sellers.


Seattle's August Condo Sales Bump Up after Dip in July

  •  NWMLS reported 172 condo sales in August, a gain of more than 20% from the same period last year and 26%  higher than the previous month. The neighborhood with the biggest gain in condo sales is in Belltown/Downtown with 50 condos closed, twice the amount than last year.
  • The median price for closed condos was at $246,000, This is down by 17.17% from tweleve months ago and staying around the $250,000 level for the last three months. Interestingly, If we look at June, July and August 2010, median price was staying at around $290,000 level.
  • We had 244 new units of inventory added to the market last month totalling 1,048 condos on the market, a drop of 29.76% from a year ago and 3.5% from the previous month. August was the 2nd lowest inventory level for this year. January 2011 was the lowest level with 1041 condos on the market.
  • Months of inventory (how long it would take to consume all the available units based on current run rate) is showing improvement from August 2010.  Last month, we had about 6 months of inventory on the market based on closed sales and 5 months based on pending sales. Compared that to a year ago, it was at 10 months and 8 months respectively.

Seattle Condo Sales M-O-M

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