Previous month:
June 10, 2018 - June 16, 2018
Next month:
July 29, 2018 - August 4, 2018

June 17, 2018 - June 23, 2018

Downtown Area LID Assessment Information

We have received a ton of questions about the potential local improvement district (LID) assessment for the waterfront improvements that would affect some property owners in Downtown, Belltown and South Lake Union.

Since we live in the boundaries of the LID we received additional information on the proposed assessment and thought we would summarize what we know for our readers:

  • The Seattle City Council passed a Resolution declaring their intent to initiate the formation of the LID to construct certain elements of the Waterfront Seattle ProgramLID Info_Redacted_Page_2
  • The LID is a funding tool by which property owners are assessed to help fund the costs of a public improvement that they benefit from by way of a increased property value due to the improvement (special benefit)
  • The LID assessment cannot exceed the property's total special benefit
  • The LID only pays for a portion of the Waterfront improvements
  • It is the city's intent that the LID shall be a one-time assessment and shall not include any future supplemental assessments
  • There are still public hearings you can attend where you can submit your public comments in support of or objecting to the LID
  • The preliminary assessment percentage is 48.23% of the estimated special benefit of the LID improvements for each specific property
  • For example:
    • Our estimated special benefit of LID improvements to our condo: $823.50
    • Our estimated assessment for our condo: $397.14

What we heard from our readers and neighbors, who own residential property in the LID boundary, was that they anticipated having to be thousands, if not tens of thousands, of dollars for their LID assessment. This was causing a bit of panic for people and causing several of those concerned to sell or consider selling their properties to avoid having to pay the LID assessment. We were also hearing concerns voiced from potential buyers that they didn't want to buy a condo within the boundary of the LID not knowing what they would be on the hook for in terms of this LID assessment amount.

I would think that this information will help quell people's fears a bit as it is much less than we heard most people were anticipating. Hopefully this news, and the Head Tax being squashed, will help the Downtown area condo market to heat back up and maybe open the dam a bit on the buyers who were sitting on the sidelines fearing the Head Tax and LID assessment repercussions.

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


Tower Near Space Needle Will be Condos & Named Spire

Spire3Laconia Development, who is developing the triangle shaped lot located at 600 Wall St, has announced that they will be building condominiums and not apartments.

The 41 story building will be called Spire and they will break ground today. There will be 352 residences from studios to 3 bedroom plus den homes. They are indicating that pricing will range from $450,000 to over $5 million. This Developer will also allow units to be combined. Amenities will include 2 rooftop decks. They anticipate the construction to take 28 months due to the challenges associated with the small sized lot.

This switch from apartments to condos reflects the softening rental market due to the influx of new buildings being constructed and the condo price increases that we are seeing in our current real estate market.

Being located on the intersection of Denny Way, Wall St (the current off-ramp from Aurora) and 6th Avenue is a definitely a busy intersection to be located on. We will see if that location in Belltown can fetch prices near $5M.

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