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November 2015

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 November 16th through November 22nd.

The High:
#B302 in Belltown Lofts - 66 Bell St in Belltown
High 11.16.15

  • List Price: $1,137,000
  • Sold Price: $1,100,000
  • 2bd 1.5ba
  • 1,781 square feet
  • Price/Sq Ft: $617.63
  • Built 1908
  • Days on Market: 389

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


Hendon Price Ranges Released

Hyde 5Updated: Hyde condominiums changed their name to Hendon Condominiums

Now that Hendon Condominiums in Phinney Ridge is available for presale they have released the starting points on pricing for their units.

  • Open 1 Bed /1 Bath- starting at $369,950 + 
  • 1 Bedroom/1Bath- starting at $449,950 + 
  • 1 Bedroom/1.5 Bath + Den- starting at $494,950 + 
  • 1 Bedroom/1.5 Bath- starting at $504,950 + 
  • 2 Bedroom/1.75 bath starting at $569,950 + (up to $769,950 on 4th floor)

If you have any interest in Hendon these price starting points should help you decide whether or not any of the layouts in the building are within your comfort zone price-wise and if you should move forward with a presale. Of course, prices are always subject to change so keep that in mind.

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


Hendon Condominiums in Phinney Ridge Available for Presale

Hyde 4Updated: Hyde condominiums changed their name to Hendon Condominiums

Hendon
Condominiums (which we first blogged about in June), Isola's first condo project, in Phinney Ridge is now available for presale. The last new construction condominium building constructed in Phinney Ridge was Fini in 2007, and which happens to be directly across the street from where Hyde will be built.

A little more on Hendon:

  • 32 total units on 4 floors
  • Studios, 1 bedrooms and 2 bedrooms
  • Ranging in square footage from 556-1,050
  • 4 main level studios on the alley side of the building will have yards, short lofts for storage and no parking
  • Levels 2 and 3 are the same floor plate and there will be no decks on these floors
  • Level 4 units will have large patio spaces, 2 of the units have same floor patios and the others have private roof top decks accessed from interior staircases
  • Level 4 units facing east will have Green Lake views
  • Brick facade
  • Solar panels to improve building efficiency and lower operating costs
  • Features: mini-split heating and cooling, hardwood flooring, slab Quartz counters, Bosch appliances, heated tile flooring in baths
  • Rooftop deck space called the Hyde Out
  • 4 commercial spaces on main level facing Greenwood Ave
  • Shooting for a January 2017 completion

The condos at Hendon are now available now for pre-sale so let us know if you want to take a look at the their sales center and walk through the pre-sale process together. If you have interest in the 4th floor units with the large private decks it might be best to get in a pre-sale early to secure the unit you love most. According to their website, one of those units is already sold.

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


1521 Second Ave Condo’s Ugly but Beautiful Eyesore Neighbor Finally Gets New Lease on Life

1521 2Fifteen Twenty-One Second Avenue Condominium owners, as well as potential buyers looking at buying in this building, finally have some peace of mind about the future of the southern views from this high end luxury condo tower. The famous but dilapidated Eitel Building, located right near the Pike Place Market in the heart of the Market District, is the southern neighbor to 1521 and has been a long time concern of some who have tried to sell their SE corner units, as well as those who have considered buying.

It appears that after many years of several different developers going in and out of purchase contracts on the old building at the corner of 2nd Ave and Pike Street, that a developer has purchased the building. According to Marc Stiles of the PSBJ, Lake Union Partners is the buyer and they have announced that they will turn it into a Hotel with a street-level bar and restaurant. This is awesome news, and I’m so excited to finally see something great being done with this building.

Aside from personal delight, this might be some much celebrated relief for the condo owners of the SE corner unit of the 1521 Second Avenue condos as well as might also present some opportunity for those owners who have been considering selling, or buyers who might have also been considering the building but the ‘unknowns’ about what could be built might have caused some hesitation. While most folks in the know have known all along that the likelihood of a taller building every being built on the site was all but a remote possibility, this will help close that door, and open a new door for something great on the corner of Pike and 2nd Ave.

It is not yet known when the refurbishment will begin, but a big congrats to 1521!

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


Canadian Developer Planning Condo Tower for Denny Triangle

1200 Howell TowerAccording to the DJC and PSBJ, the Burrard Group, out of Vancouver BC, has plans to construct a condominium tower in Seattle's Denny Triangle at 1200 Howell St. If this tower gets the green light, construction will begin in fall of 2016 on this group's first development in Seattle. The tower will be 41 stories and contain 364 condos with ground floor retail but only 275 parking spaces.

The building design from Weber Thompson is unique with blocks that twist as they go up the building. It is an interesting new building shape that Seattle has yet to see. It will allow for different view corridors that wouldn't be possible with the traditionally shaped building. In between the twisting blocks will be penthouses that will have large deck spaces, several of which would be lofts.

Why condos and not apartments? The Burrard Group feels that since the majority of buildings being constructed in our urban core are apartments and not condos there is a void in the market to fill by building a condominium tower. Also, with rents rising at a steady pace, they feel that high rents should lead to an increase in demand for purchasing condos in Seattle's urban core.

  1200 Howell Tower 2 20151112_091352

Source: DJC and PSBJ; Weber Thompson renderings


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 October 26th through November 1st.

The High:
#2706 in Escala - 1920 4th Ave in Downtown
High 10.26.15

  • List Price: $2,498,000
  • Sold Price: $2,400,000
  • 3bd 2.5ba
  • 2,442 square feet
  • Price/Sq Ft: $982.80
  • Built 2009
  • Days on Market: 13

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


Seattle Area Housing Marking Cooling Off or is It Just Taking a Breather?

I work in both the condo and single family markets here in Seattle and the answer to the question, “is the housing market cooling off or just taking a breather?”, is the talk of the town right now. But the answer is different depending on whether we are talking houses or condos so I wanted to weigh in on all the chatter about it.

According to a recent article in the Seattle Times, “The average price of single-family homes in King, Snohomish, and Pierce counties slipped 0.1% in July from June. July was the fourth consecutive month of slowing 12 –month price gains.  Still, over the year, the Seattle metro index posted a 7.3% gain.”

This might make one wonder if the market is cooling down and initially I personally was drawn to the fact that the velocity of the market appreciation has slowed down toward the end of the summer and likely will show the same numbers as we move through fall.  But when I think about the further information where we (Seattle Metro) are still above the average of the 20-City Case Schiller report, I am comforted and also not surprised, because it’s been largely discussed that our growth in value seems to be driven by job growth and economic recovery along with the shortage of housing inventory.

I further think the reason for the slowing in the value increases that are quoted from June and July, are also likely due to buyers themselves losing steam in Seattle’s hyper multiple offer environment and many buyers have decided to “take a breather” and let things cool off.  So I don’t think the market slowing is a wide spread economic warning or local market indicator of a general slowdown.  With job growth still occurring in Seattle, and overall economic recovery still in progress, including the fed obviously feeling confident enough to indicate that they may raise rates by year end, my feeling is that our buyers and sellers are still trying to find the new normal and adjust their expectations of the house or condo they can afford.

Lastly, this article does not chat about condos specifically.  That market tends to perform differently than the single-family housing market and historically has lagged behind the single-family market by about a year or so. Therefore my predication, based on this Case Schiller info discussed in this article, is that condos still have some steam left in them and some upward pricing pressure as buyers still try to live closer to the main employment centers that are hiring and seek lower maintenance in-city active lifestyles.

So while things may slow a bit from time to time this year, I feel that, overall, Seattle houses and condos are going to likely increase in value over time.  Even if a rise in rates happens this year. Buyers waiting for “things to cool off” may still find themselves paying more for the same house down the road even if the overall environment is less competitive at that particular moment.

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