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October 2015

September 2015

Condo Review - Hjarta

Hjarta Condominiums in Ballard
1530 NW Market St

1530_nw_market_st_01 1530_nw_market_st_02

Pronounced (h-YARta) this condo building was named by the developer after the Scandinavian (old Norse) word for heart.  Maybe because it’s in the heart of Ballard!  Built in 2008, Hjarta was one of the Seattle’s first LEED Silver certified condo projects and offers energy efficient building systems.  Located on Market Street, it is very close to the activities and vibrancy of the hip and growing part of Seattle.

The stats:

  • 79 units –one and two bedrooms (and 1 three bedroom) ranging in size from 685 to 1,909 square feet
  • Built in 2008
  • 8 stories
  • All units have at least 1 parking space and most all units have a storage unit
  • 3 units have sold in the last 6 months ranging in price from $367,500 to $500,000; at the time of this post there are 2 units pending priced from $329,000 to $365,000 and there are no active units on the market
  • HOA dues include: garbage, water, sewer, central hot water, building maintenance, professional property manager, earthquake insurance
  • Amenities: Party room with terrace, gym, yoga room and a roof top deck

Continue reading "Condo Review - Hjarta" »


This Weeks High and Low and Everything in Between

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for the week of September 14th through the 20th.

The High:
#3805S in Insignia - 588 Bell St in Belltown
High 9.14.15

  • List Price: $1,352,200
  • Sold Price: $1,352,200
  • 2bd 2ba
  • 1,269 square feet
  • Price/Sq Ft: $1,065.56
  • Built 2015
  • Days on Market: 0

Continue reading "This Weeks High and Low and Everything in Between" »


Curious About Your Condo's Assessed Property Value? – Here is your chance to hear it from the source

KC Assessor
Ever been curious about how your condo property taxes are established, are they linked to your condo’s market value, or what about how often they are calculated and re-assessed?? Here is your chance to hear it right from the source.

Join King County Assessor Lloyd Hara who is hosting Seattle Condo Owners at an educational event on Capitol Hill this weekend.

The Assessor and representatives from the Department of Assessments will be on hand to provide a condo real estate market update, explain the property assessment process, and answer questions.

Date: Saturday September 26, 2015
Time: 11:00AM – 12:30PM
Location: 12th Avenue Arts - 1620 12th Ave, Seattle WA, 9812

Continue reading "Curious About Your Condo's Assessed Property Value? – Here is your chance to hear it from the source " »


This Weeks High and Low and Everything in Between

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for the week of September 7th through the 13th.

The High:
#4004S in Insignia - 588 Bell St in Belltown
High condo

  • List Price: $2,649570
  • Sold Price: $2,649570
  • 2bd 2.5ba
  • 2,284 square feet
  • Price/Sq Ft: $1,160.06
  • Built 2015
  • Days on Market: 0

 

Continue reading "This Weeks High and Low and Everything in Between" »


Seattle's Population is Booming

Population GrowthThe Seattle Times article, Seattle's population boom approaching gold rush numbers, is pretty telling noting that, according to census data, since 2010 our city has grown at an average rate of 14,511 people per year. One would have to go as far back as the Klondike Gold Rush to see numbers this staggering.

To break it down even further, between 2012 and 2013 Seattle gained 18,000 people and was the fastest growing big city in the country during that time. In comparing this boom to others we have had, it appears to be the largest in-migration of new arrivals the city has seen, due to the gold rush era boom numbers including annexing unincorporated areas into the city.

Where have all these people landed? Well, South Lake Union and the Denny Triangle mostly. But Ballard, the University District, the Central Area and Rainier Valley also saw a bump.

What does this mean for real estate? Population increases are always a direct indicator to where real estate is heading. If there are an average of around 14,500 people moving here each year, the demand for housing will be greater. And the prices will respond to the increase in demand with an increase of their own. Of course, some of our new arrivals will rent, pushing up rents across the city as well.

Those are my thoughts and if you have any thoughts or comments, we would love to hear them.

Source: Seattle Times; Photo: courtesy of the Seattle Times

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


This Weeks High and Low and Everything in Between

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for the week of August 31st through September 6th.

The High:
#3706S in Insignia - 588 Bell St in Belltown
High condo

  • List Price: $1,590,540
  • Sold Price: $1,590,540
  • 2bd 2ba
  • 1,523 square feet
  • Price/Sq Ft: $1,044.35
  • Built 2015
  • Days on Market: 0

Continue reading "This Weeks High and Low and Everything in Between" »


Condo Review – Meridian in Downtown

Meridian in Downtown
1420 Terry Ave

MeridianMeridian 2

The Meridian Condominiums is a concrete and steel high rise sitting right between Downtown and Capitol Hill near the Convention Center. It was built in 2002 by Taliesen Corp. It has a dramatic 2 story lobby with a 24 hour concierge. It has a nice amenities package

The stats:

  • 158 units –one, two and three bedrooms ranging in size from 557 to 2,657 square feet
  • Built in 2002
  • 27 stories
  • Most units have 1 or 2 parking spaces
  • 7 units have sold in the last 6 months ranging in price from $330,000 to $1,100,000; at the time of this post there is 1 unit pending that is priced at $500,000 and there is 1 unit active that is priced at $500,000
  • HOA dues include: garbage, water, sewer, central hot water, building maintenance, concierge, professional property manager, earthquake insurance
  • Amenities: Party room, gym, guest suite, business center, sauna/hot tub and 24 hour concierge

 

Continue reading "Condo Review – Meridian in Downtown" »


Condo Prices Climb in King County

August 2015 Stats
The Seattle Times article, Condo Prices Climbing Even Faster than Houses, indicated that both home and condo prices saw gains in August but condo prices climbed at a higher rate than homes.

According to NWMLS data, in King County median condo prices increased almost 20% year over year in August. In Seattle specifically, median condo prices  rose 32% over last year. Pretty incredible numbers. Though these numbers are likely heavily influenced by all of the closings that took place in August at Insignia in Belltown, the new construction tower. There were 101 closings in Insignia in August, which accounted for 31% of all closed condo sales in Seattle in August. The median price of Insignia closings was $710,200, whereas the median sales price of all sold condos in Seattle was $395,000.

Seattle also showed a 37% increase in closed condo sales and a 35% decrease in listed inventory in August, year over year, pointing to the type of demand that is brewing.

Why the increase in prices and demand? The same old reasons, migration of workers into our region, super low inventory, and the fear that interest rates will soon increase.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.