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May 3, 2015 - May 9, 2015

Distinctive Condo Alert- Capitol Hill Penthouse with Options to Grow

1111 E Pike Aerial
I love fun condos that are unique and depart from the ordinary so had to share this one.

Recently I took a look at the penthouse unit  at 1111 E Pike, the Tom Kundig designed building on Capitol Hill.

With a world class chef’s kitchen to die for, and huge open living and dining spaces, I thought it was very unique from the get go.  The other rare find for an in-city condo, is the large 400 square foot private roof top deck that I’d totally love to lounge on and sip some wine or enjoy a yummy summer Bloody Mary with friends.

And if it isn’t unique or rare enough for you, there’s more.  After meeting with the listing broker, Sam Cunningham from Realogics Sotheby’s International Realty, I learned the seller of this rare piece of Capitol Hill also owns the two adjacent one bedroom condos, which are soon to be available for sale as well.  Anyone interested in expanding the space and combining the units on this top floor could really have something special in this location right smack in the middle of the Pike Pine sub-neighborhood of Capitol Hill.  Thanks Sam for the tour and the information.

1111 E Pike Kitchen1111 E Pike Living1111 E Pike Living 21111 E Pike Patio
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

Seattle Condo Stats First Quarter 2015

Heading full steam into spring, it’s time for a quick look at the stats and performance of our Seattle condo market for the first quarter.  Will it give us some clues as to what to expect for the summery and fall?  Maybe.  

We first take a look at the whole city of Seattle to get a general overview of our area’s condo market and then we drill down by neighborhood using the MLS areas focusing on the areas that have the largest concentration of condos here in our city.  Those areas we closely track are:

  • Capitol Hill/Central/Madison Valley (area 390)
  • Queen Anne/Magnolia (area 700)
  • Downtown/Belltown/SLU (area 701)
  • Ballard/Fremont/Wallingford/Phinney (area 705)

We then use this data and information to make forecasts and to help our buyers and sellers make decisions on their real estate needs.

First Quarter Recap- Seattle City In General

As in previous reports, in Seattle overall, we saw a decrease in the number of listings on the market compared to the same periods last year.  28.5% less in January, 26.4% less in February and 23.9% less in March.  This is substantial and is an obvious clue, to me, that our city as a whole is not bringing on more inventory to help ease the upward pressure on pricing, nor calm the incidences of buyers competing for very limited number of condo options. Curiously, the month-over-month median prices did take a small dip in January and February (-1.1% and -3.8%), but then shot up by 11.2% in March. My guess is that in January and February there were some sales of inventory that languished on the market over the holidays and finally sold at lower prices in the new year, starting the year off slow, but March neutralized that slow down just based of this median price increase in March.

SCR Market Chart (First Q 2015)_Page_1

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