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February 2018

January 2018

2018 Housing Forecast by Matthew Gardner

Windermere's Chief Economist is the renowned Matthew Gardner. He put together his annual forecast of the real estate market for 2018 and we are summarizing what he sees in his crystal ball for the future of our market this year.

The Main Takeaways from Matthew Gardner's 2018 Housing Forecast:

  • The number of millennial home buyers will expand and they will be big influencers in the market
  • Interest rates will rise modestly to an average of 4.4%
  • New home sales will rise by 8%
  • Existing home sales will increase by 3.7% and this modest increase will take some heat off of the market meaning home prices will rise by 4.4%
  • We are not in a housing bubble but he is concerned about affordability as it relates to the long-term health of the housing market but he thinks that price growth will begin to taper and provide some relief

Much of Mr. Gardner’s numbers in his annual forecast are based on regional and national numbers, so I do predict that Seattle will see slightly higher price growth and less new home sales than these national numbers.

Matthew Gardner 2018 Forecast

 

 


One88 - First New Condo in Downtown Bellevue in Nearly a Decade

20180111_140516Bosa Development has done it again. Their condominium project in Bellevue will be the first building coming out of the ground in Bellevue in a nearly a decade. They did the same with their Seattle project, Insignia, which was the first new construction condo tower to be built after the recession.

One88 had a Broker Preview Event yesterday at which we learned more about the unit makeup, design, amenities and basic price ranges.

Our Insights:

  • The pricing is not for the faint of heart but based on demand and the lack of available options in Downtown Bellevue, the developer feels that the price point will be well received. We had this same sentiment when the Insignia pricing was released but those units were well received and sold fairly quickly leaving the buyers who purchased as pre-sales with a ton of equity once the building closed.
  • One main benefit is that all of the units have outdoor space. There are several units with large patios and due to the design of the building some decks are more exposed and some more private so buyers will have options when it comes to the level of privacy/openness when it comes to deck spaces.
  • All of the floorplans we have seen so far have interesting angles and layouts that are not typical to other projects we have seen.
  • Another uniqueness is that overall most of the homes are larger floorplans with only 20% of homes being 1 bedrooms with the remainder being larger 2 and 3 bedroom floorplans.

The Basics of One88:

  • The price ranges start in the low $800’s and of course go up from there (there are very few homes below $1M)
  • HOA Dues will range from approximately $600/month up to $2,450/month
  • The building is mostly 2 and 3 bedroom homes with only 20% being 1 bedroom homes
  • 143 units on 21 floors
  • There are two color/finish palettes to choose from (they are not allowing customization)
  • Units finishes/features: 9.3 foot ceilings, solid core doors, hardwood flooring, Caesarstone countertops with angular waterfall edge, high-performance Gaggenau stainless appliances, gas cooking, Nest thermostats, built-in USB ports in kitchen and master bedrooms, Kohler fixtures
  • Amenities: 24 hour concierge, lounge with kitchen and outdoor terrace area, yoga studio, fitness center, golf simulator, pet retreat, and indoor pool with steam room and sauna
  • Earnest Money deposit will be 5% of the purchase price at signing and 5% of the purchase price on August 31st

Continue reading "One88 - First New Condo in Downtown Bellevue in Nearly a Decade " »


Our New and Improved Seattle Condominium Building Map

Seattle Condo Map (2)Since our blog's inception back in 2006, our Seattle Condo Map has been a place where our readers could go to find information about the various buildings in and around the Downtown Seattle core.

We decided that it was time to revamp SCR's Seattle Condo Map, expanding it to include all buildings in Seattle, to include more detailed information about each building and to create it in a format that allows our readers to search it for information important to them that might not be readily available either online, or within other real estate sites that rely only on information from the MLS.

We are very proud to announce that our new and improved Seattle Condo Map has launched!!!

Our new map contains information about all condominium buildings in the city of Seattle! It is a constant work in progress as condo buildings go through updates, condo buildings become apartment buildings, apartment buildings become condo buildings, new condominium buildings are proposed and new construction buildings are completed. The information contained in our Seattle Condo Map will continue to be updated so please make sure you check back in with the map often. We intend to add links to our Condo Review articles to each building as we review them so our write ups with pros, cons and stats about the building will be available via one click from the map listings. This is something we are actively working on and think will be an amazing resource tool for those looking to buy or sell their condo. 

A couple things to know about our new map:

  • There is a directory of buildings that is organized by area - Downtown Area, Northeast Seattle, Northwest Seattle, Queen Anne & Magnolia, South Seattle, Central Seattle and West Seattle
  • The buildings are also color coded to denote the following categories - luxury, proposed, under construction, historic or co-op
  • You can search the map if you open it up - for example, you can search 'concierge' and see all of the buildings in Seattle with concierge services

Since this map will forever be dynamic, we encourage you, as our readers, to let us know if any buildings are missing or if any of our information is incorrect. We want to do our best to provide the most accurate information we can and we need you all to make that happen!

We hope you find the map interesting and helpful and we hope it is a tool you will bookmark and enjoy using for many years.

Check the map out here! Or from the navigation bar on our website.

Cheers-
Marco and Loren Kronen


Trinity Parish Tower in First Hill Will be Condos

Trinity Church Residential TowerAs we announced back in August, Trinity Parish on First Hill sold the development air rights to the north half of their lot to Caydon Property Group of Australia for the development of a residential tower. According to PSBJ, the tower will be condominiums and will contain 204 units in a 28 story 300 foot tower with 220 parking spaces if the preferred design is approved by the city.

The tower will be located at 615 8th Ave, on the corner of 8th and Cherry. Trinity Church will remain on the site but the ancillary buildings will be demolished to make room for the tower. The pedestal of the tower will contain the residential lobby along with a retail space and the parish hall and meeting and support spaces for the church. Units will consist of studio, 1 bedroom and 2 bedroom units. There will be a roof deck and amenities on the top floor.

There is no development timeline yet but we will continue to keep you posted.