Seattle Condo Review: Blog with News & Advice about Seattle Condos

Conversions and Rental Market Report

Dupre + Scott Apartment Advisor has reported on the rental market for King County and Seattle for March 2008. Here are some interesting highlights from their report.

1. In March, 4.1 percent of King County apartments and 3.1 percent of those in Seattle were vacant, only up a smidgen from March 2007 when vacancies were at 3.9 percent in the county and 2.8 percent in Seattle and still less than half of the 2003 vacancy rates.
2. One big reason vacancies have started increasing is that the housing slump has dramatically slowed down new conversions of apartments into condominiums.
3. 2006 conversion bonanza: conversions hitting the market went from 900 in 2003 to 1,800 in 2004; 3,600 in 2005 and more than 6,000 in 2006 -- fueled the drop in the vacancy rate during those years. But conversions fell to 2,800 last year (subtracting 1,200 units that started to convert, then reverted to rentals) and just 168 units have converted or are scheduled to convert so far this year.
4. Conversions in the past three years outpaced new development by a total of 5,400 units.
5. Apartment rents averaged $1,026 in King County and $1,071 in Seattle in March 2008, up about 8.5 percent in both cases from March 2007.

Overall, this is good news for condo owners who are already renting out their units or considering renting them out in the near future.  For renters, it appears that while rents won't be going down anytime soon, they are not likely to be continuing to increase as much as they did last year.

-Wendy

The Standoff Continues as Sellers Refuse to Roll

Here's a good article in the Seattle Times describing "sticky pricing" and the fact that Seattle sellers are largely refusing to make giant price reductions -- even as most buyers refuse to pay 2007 prices. 

As most SCR readers know, I happen to believe that we are more likely to be in a balanced market by the end of this year than an all-out buyers' market.  In fact, it seems to me that the biggest factor will be if the rest of the country's economic jitters drag Seattle down since the local fundamentals (job growth, interstate immigration, foreign investment / weak dollar, baby boomer downsizing, etc.) bode well for demand keeping up with the supply.

Of course, I suppose I'd be retired in the south of France if predicting prices were easy and can see why others feel prices will drop further.  There certainly is no shortgage of lively discussion -- if you didn't see it, check out a recent SCR reader exchange here.   

-Wendy

Elektra- Does your condo building come with VRUs?

In recent news, owners at Elektra condominiums are getting upset over VRUs (Vacational Rental Units) in their building which they believe violate the city's zoning law and have enlisted the city help.  Even though VRUs are mentioned in the Elektra ownership agreement, the Department of Planning and Development's (DPD) position is that the city codes override anything in the owners' contract.  Now, VRU owners are appealing the DPD's decision.  A decision will be made by DPD in a few months.

Personally, I think it's reasonable for owners to rent their property for longer periods like 6 months to a year.  However, if the units become a high turn-around accommodation for non-residents, it changes the dynamic of the condo.  I can totally understand Elektra owners' concerns.  I would prefer to know who my neighbors are instead of meeting random people in the elevator all the time.

More about Elektra Condominiums:

Elektra is one of the older high-rise condominiums in downtown Seattle (1400 Hubbell Place).  Built in the late 1950's, the building comprises 200 units with studio, one bedroom and two bedroom floor plans.  Studios start at a little over 300 square feet, one bedrooms range from 400's-900 square feet and two bedrooms are from 660 to as high as 1,400 square feet for the penthouse units.  One bedroom's start in the low $200,000's and two bedroom's start in the low $300,000's.  Due to its accessible price point and location, this building is one of the top choices for first-time home buyers and investors.  However, the unattractive part for this building is the the exterior and interior common areas.  They look dated and apartment like.

-Wendy

South Lake Union Park Grand Opening

South Lake Union Park phase 1 will be open to the public on April 30th, Wednesday from 11.00am-1.00pm. This 1.6 acre parcel of green space is part of a 12-acre waterfront park development plan. The Seattle Parks Foundation is completing its campaign to raise $20 million in private contributions to develop the SLU park. During the grand opening, the public can enjoy a free salmon bake, live music, boat rides, historic vessels, educational activities, demonstrations, and prizes. You will also be able to see the plans for the entire 12-acre park which will be open in 2010.

No doubt, this is an exciting development for South Lake Union. It's great to see more green space in the city especially with so many new construction projects coming up over the last few years and probably more developing moving forward. Retaining some land for green space will definitely enhance the area's appeal as it attempts to evolve from its more commerical vibe.

-Wendy

New Bill to Protect Renters

Finally, after many months of talks on a bill to protect renters from conversion projects, a new bill will be passed requiring apartment owners to give tenants a 120-day notice of conversion (up from 90 days). The bill will also allow cities and counties to require owners to pay relocation assistance of up to three months' rent to low-income tenants (up from the current $500) and bar interior conversion work during the notice period. I think this is a fair arrangement for tenants.  If apartment owners are going to profit from the sale of the building, renters shouldn't be penalized to move out earlier or go through the inconvenience of the conversion work while looking for a new place if they had a lease.

Read more

-Wendy

Zoning News

If you missed yesterday's Kiro 7 News regarding downtown zoning and how it is affecting the views of some condo owners, particularly for Cosmopolitan, watch their video here and read more on related issues.

Other Condos that are expected to be affected under the new zoning regulations:

Condominium                  Affected by

Cristalla                        2015 2nd Ave- Mixed-use Building

Escala                         1913 5th Ave- Hotel/Condo

Fifteen-Twenty One      120 Pike St- Mixed-use building

   

Sometimes even after due diligence on the homebuyer's part, the city can still change the zoning. I think the question that homebuyers ultimately have to ask themselves is assuming that the view may be affected by possible future plans, how much of a premium are they willing to pay for that particular view unit.

-Wendy

1913 Fifth Ave: Billion Dollar "Out There" Hotel Condo

It seems like yesterday that the hotel-condo concepts imported from more trend-setting condo cities were still testing the waters here in Seattle.  Based on the new 1.2M square foot project set to break ground next year, it would appear hotel condos are here to stay.

Some highlights from this new project:

• *Located across from Westin (current residents include the Icon Grill and Avis)
• *High-end hotel (185-200 rooms), retail, office, and 22 floors of condos (400-500 condos)

*Twin, 43 story towers (North Tower-Pagoda, South Tower-Heron)

*Wind and solar will provide 7% of the building's electricity

*7 underground floors of parking

*Design that says Seattle looks not toward Vancouver but toward Chicago and New York.  (Personally, I find it a lot to take in and a bit Robocop as far as first impressions goes but that may be due to the lack of color in the rendering.)

The project is still in the early design guidance phase. Additional information will be presented, and public comments taken, at 7 p.m. Tuesday in Room L280 at City Hall.

More info from the PI article here.

-Wendy

New Law Expected to Pass to Assist Renters

A new law is being discussed to assist renters displaced by conversions.  The present law requires developers to give renters 90 days' notice and in some cases, $500 relocation assistance. The new law could require developers to pay tenants up to three months rent, provide longer notice, and ban construction work during the notice period.

Also being discussed is the government capping the number of allowed conversions.  Overall, it seems like this discussion is solving a problem that has already runs its course.  Nevertheless, giving people long notice, helping them relocate, and making sure they don't disrupt renters while they're there sounds reasonable.  Capping the number of conversions seems a bit over the top in my opinion.

Read more on the Seattle Times.

-Wendy

Condo Pricing and Volume Stats

Seattle Times reported King County's condominium prices appreciated 12.4% for 2007 but volume was down 3%. Read more.

SLU Street Car

The Streetcar has been up and running since last month and I have to say it looks really nice. Residents working in downtown and living in South Lake Union can enjoy the convenience of hopping on the nice shiny new streetcar for $1.50 or use a metro transfer or pass (thanks to reader MM for pointing this out). If you are tech savvy, you can even configure your phone to get actual arrival information. The ride stretches from Westlake Ave and Olive Way to Fairview Ave N (between Ward St and Yale Ave). Anyone buying in the neighborhood may want to give some preference to buildings along that green line below.

.

-Wendy         

Escala receiving 22 Real Estate Awards

Escala announced recently that they have been selected to receive 22 real estate awards on February 13 from the National Association of Home Builders. Here is a list of the awards. Read more here.

Top Honors

Attached Community of the Year (Urban)
Best Attached Home Plan – Condo or High-Rise Residence
Sales Team of the Year

Regional Awards

Best Graphic Continuity
Best Brochure for a Community Priced Over $1 Million
Best Direct Mail
Best Black & White Advertisement
Best Color Ad for a Single Project
Best Radio Commercial
Best Television Commercial
Best Overall Ad Campaign
Best Special Promotion
Best Signage
Best Interior Merchandising of a Model Priced Over $2 Million

Silver Awards

Best Graphic Continuity
Best Brochure for a Community Priced Over $1 Million
Best Color Ad for a Single Project
Best Overall Ad Campaign
Best Website for a Community
Best Signage
Best Attached Home Plan – Condo or High-Rise Residence

Individual & Council Awards

Marketing Director of the Year

The Vine and Fifteen Twenty-One were also the winner for "Attached Community of the Year" in 2003 and 2006 respectively.

-Wendy

Belltown Recovery?

It's still very early but I noticed there was a slight uptick in activity in the core Belltown resale market in December. 

In November, there were only two 2BR units in the $400-600K range in Belltown that went from Active to Contingent. In December, there were four units that went from Active to Contingent status (note: Decembers are historically a slower month than Novembers).

Perhaps this is an early indicator that some buyers, who seemed to be price inelastic over the last few months, are starting to pull the trigger once again. 

Stay tuned.

-Wendy

Seattle Condo Market Update - December 2007

It's time for the December 2007 SCR market update. So how did the November numbers look? Bears will be reassured to see closed sales dropped by ~16% in November 2007 compared to October 2007; nevertheless, this is not completely unexpected due to seasonal effects from Thanksgiving and Christmas. However, comparing November 2006 and November 2007, we find that year over year sales increased by 15.25%. Median closed prices for November showed 2.53% growth versus same time last year. In short, these indicators show a normal seasonal slowdown and prices stable in most neighborhoods.

One interesting observation is that in the fall of 2006, buyers were concerned about a potential housing bubble. They decided to sit out of the market in November/December. By late January, we saw a surge in sales and pricing strength as nervous buyers realized the bargains were not to be had and all came back at the same time. This time around, the sub-prime mortgage news has created the same wait and see market sentiment for homebuyers. Will history repeat itself and will everyone come back into the market at the same time? It is quite possbile that we will see another surge in buying activity after the new year. Anecdotally, I personally have started hearing from a lot more buyers in November than I did in October.

With the low interest rates and high inventory, this month presents a great opportunity for homebuyers who are ready to pull the trigger. Most sellers will be very flexible and motivated to have a contract signed before the new year. Here are a couple of incentives that I have come across. Come next year, if deferred buyers decide to re-enter the market, the power will start to shift once again.

1.) Price reduction 

2.) 2/1 buy down loan program- Seller paying down buyer's interest rate which help home buyers to reduce their monthly payment for the first 2 years

3.) Credit at closing- for appliances, homeowner dues and closing costs

4.) Finishes upgrades- New construction and conversion

October Update

-Wendy

Where is my view?

One of the risks of buying a view condo, especially in the downtown area, is you never know what projects could come up around your building. Even after you or your Realtor does due diligence to research the neighboring lots, there is always a chance that a taller building might be constructed right next to you and block your views, sunlight, and mojo. If you are buying in the densest downtown zone, there is no required separation between your tower and your new neighbors. This can be an unpleasant surprise for many homeowners; just ask some of the residents of the Cosmopolitan. Read more.

  -Wendy

Seattle Largest Condo Project- Insignia

The site of Teatro Zinzani will soon become home of Seattle's largest condominium project. Occupying the whole lot between 5th and 6th Ave and Bell and Battery Street, Insignia condominiums will begin construction next year. The twin tower condos will feature a whopping 643 units ranging from one to three bedrooms and from about 763 sf to 2,650 sf. Read more.

Seattle Condos 2.0

-Wendy

Seattle Condo Market Update

As we move into the last quarter of the year, let's examine the numbers. Overall for the month of October, inventory in Seattle remains higher than same time last year by 76.15% with a total listings of 1,573 condos. Median closed price is still holding up at 10.61% higher than Oct 2006.

Pending sales have slowed down for Capitol Hill/Madison Park/Central and Queen Anne/Lake Union/Magnolia areas by 9.52% and 38.71% respectively versus the same time last year. The Belltown/downtown area on the other hand is showing an increase in pending sales by 42.86% compared to a year ago with more than half of the pending sales coming from new construction condos. However, median closed price in Belltown/downtown area dipped by 19.66%, this is due to a higher number of lower price range condos sold last month compared to a year ago.

Many industry experts argue that with the low interest rates and the increase in the month of inventory, this last quarter presents a good opportunity for home buyers.

Moving into a the slower season with Thanksgiving around the corner and many buyers deferring their searches till next year, market activity will most likely slow down for the rest of the year.

September update

-Wendy

Seattle Real Estate news

If you're like many homebuyers sitting on the fence and wondering what is going to happen to the downtown condo market, here's an interesting article from the Seattle Post Intellingencer.

 

Some interesting data:

• 83 percent of the more than 1,200 new downtown condo units that came on line in 2007 have been sold.
• All of the more than 1,400 downtown units built from 2000 through 2006 have sold, according to market research firm Realogics.
• Half of the approximately 1,600 condos Gardner expected to hit the market in 2010 still are looking for financing.
• The state Office of Financial Management estimates the population of downtown Seattle -- the commercial core, South Lake Union, Belltown, the Denny Triangle and Pioneer Square -- grew by 31 percent from 2000 through April 1, 2006.

-Wendy

Seattle Real Estate Affordability

Many people were discussing Seattle's long term economic prospects on my recent market update thread (check out the lively comments at the end of the post).  Given the interest in debating if Seattle is a bubble or if there are real underlying drivers for the long-term property market here, I thought SCR readers might be interested in CNN's ranking of the top 30 metropolitan areas and their relative median home sale prices. 

We should take it with a grain of salt but still some encouraging data points on reasons why some folks move to Seattle from California. (Thanks to Mike D. for helping me clarify this post!)

Check out some more criteria our lovely city was praised for.

Seattle Condo Market Update

Numbers from the Northwest Multiple Listing are showing a total of 1,531 active listings on the market at the end of September. Compared to the end of the 2nd quarter, months of inventory on the market has increased from 3.5 to 4.2 months. While median prices continue to exceed the same time last year, the market has definitely glided to a slower pace with longer days on market than 2006.

Overall in Seattle for the month of September, we are seeing a 21.08% drop in pending sales versus the same time last year. We are most likely going to continue to see slower sales throughout the fourth quarter with the slower season, existing high inventory and buyers biding their time and hoping for prices to drop.

Even though pending sales have dropped, most sellers are refusing to slash their prices by more than a few percent resulting in median prices for the month of September in Seattle still showing a positive growth of 7.57% compared to a year ago.

Check out the lively discussion on my recent post discussing the buyer and seller standoff here.

-Wendy

Fed cut rates!

Great news for homebuyers. The Fed cut rates by 1/2%!

"The Fed announced a cut of .50% to the Fed Funds Rate and an additional .50% reduction to the discount rate.  In the statement the Fed indicated they are concerned about the recent problems in the credit markets stating "Today's action is intended to forestall some of the adverse effects on the broader economy that might otherwise arise from the disruption in financial markets".  Unlike the last meeting, it appears that the Fed is willing to take action to support the challenged housing market."

Read more: Stocks spikes after Fed surprise with half point cut

-About Wendy

Seattle Condo Market Update

August 2007 statistics came in from the Northwest Multiple Listing service. Last month's numbers show a reduction in closed sales compared to the same time last year. Pending sales went down for Queen Anne/Lake Union/Magnolia area by 34.21% compared to same time last year. Capitol Hill/Central/Madison Park are also experiencing a drop in pending sales by 19.31%. Belltown/downtown bucked the trend, showing an increase in pending sales by 11.29%.

Overall, in Seattle, pending sales went down by 7.25%. One of the big reasons is probably buyer hesitation as a result of the sub-prime mortgage news. Many home buyers are choosing to wait to play it safe and hoping prices will drop. So far, major price reductions don't seem to be happening too much, at least not in a big way. Looking at the median price for Aug 2007 compared to July 2007, prices are still holding up even though demand has decreased for the month of August. 

Seattle Condo Tour

This month, Fisher Broadcasting has organized a Condo tour for homebuyers to check out a list of participating new construction and conversion projects in several neighborhoods. If you have just started the search process, this may be a good chance to make use of their map to get around to check out the condos. (You may also find my SCR Map useful.)  Fisher Broadcasting is providing a complimentary shuttle service to cart you around from sales center to sales center.

One thing to keep in mind is that if you plan on using a Realtor to represent you if/when you buy, be mindful when you register at the sales centers. Just fill in your Realtor's name when they ask if you are working with a Realtor, otherwise you risk needing to pay more out of pocket or getting limited service should you retain the services of a Realtor later.   

When: September 22nd & September 23rd (Saturday & Sunday)

Where :Shuttle service starts at Fisher Plaza (11.00am)

List of condos : visit www.SeattleCondoTour.com

Related posts:

Do you really need a buyer's agent?
Pre-construction purchase
Picking and working with a Realtor

-About Wendy

1,400 Microsoft employees in Seattle

Happy news for condo owners: Microsoft announced today that they will be expanding its office space in Seattle, eventually adding almost 1,400 employees in the area. The expansion will include a lease of a 126,000 square foot office in the Westlake/Terry Building in the South Lake Union neighborhood and two other new locations in Pioneer Square and 505 Union Station. 

Related news:

Microsoft setting up new office sites in Seattle
Microsoft moving into Paul Allen project in Seattle
Microsoft plans expansion into Seattle

-About Wendy

Mortgage Meltdown?

A month ago, American Home Mortgage, one of the nation's top 50 mortgage companies stopped funding loans leaving some homebuyers unpleasantly surprised at their closing appointments. Countrywide recently announced that they will be eliminating around 500 jobs nationwide as they try to ride out the liquidity shortage. Yesterday's news reported that Capitol One is shutting down their mortgage division GreenPoint which specializes in Jumbo loans (loan that are above $417,000).

So what is going on with the mortgage/lending industry? Is the sky falling? Should we all sell immediately and start renting? As a homebuyer, what should you know and prepare for? I had the chance to talk to Rick Davis, Mortgage Banker with First Horizon to get his insights and point of view:

1.) So what started this whole volatility in the lending/mortgage industry?

The real estate and mortgage industries have been partying for 5 years, and now it's time for the hangover. The pendulum has swung from one extreme to another. After making aggressive loans to marginally qualified buyers, we're now trying to restore some sanity to the lending process. The unfortunate fact is that things will likely get worse before they get better.

The secondary market has gone away for many types of loans, putting a shock wave through the industry and creating the "Liquidity Crisis." This crisis has forced the mortgage industry to retreat back to the old ways of doing things-full documentation loans with strict guidelines.

2.) What can buyers expect when they are applying for a loan?

The loan application process has not changed, but the levels of documentation required have become more stringent for almost every loan program. Buyers should expect to work with an experienced, professional lender who is capable and equipped to interpret the market for them, and discuss how it impacts their particular situation.

With loan guidelines changing weekly, buyers should expect to have an in depth discussion with their lender about their loan program and qualifications: Is their approval for a program that has been changing (e.g. stated income, interest only or 100% financing)? What is their time-line for buying a condo and what is the likelihood that their loan approval may change during that time frame? Begin with a strategy and plan not just for your home loan, but for your home buying process as well.

Seattle Condo Market Update

The numbers are in from the Northwest Multiple Listing service. In July, we saw major increases in inventory as well as significant increases in closed sales for most areas.  Queen Anne, Lake Union and Magnolia had a 18% dip in closed sales versus the same time last year - this followed a strong month in June 2007 with an increase of 23.33% of closed sale compared to June 2006 for Queen Anne.

As for Belltown and the downtown area, there has been consistently higher closed sales (ranging from 39.47% to 157.69%) for the last 3 months compared to same periods last year.  Nevertheless, active listings are increasing at a major clip with July inventory more than double last years while sales were up about 50%.  Over the next four months, we will start seeing major spikes in closed sales as new construction for projects like the Parc (Sep), Mosler Lofts (Sep), Trio (Nov), and 5th and Madison (Oct) come online.

Seattle Condo News

The Smith Tower just got approval from the Pioneer Square Preservation board. The developer will continue to work with Seattle's Department of Planning and Development as well as the Landmarks Board and Pioneer Square Preservation Board on proposed architectural changes. Read more.

Another update -- this time in West Seattle.  While Ballard neighborhood has been getting building permits issued by the Seattle Department of Planning and Development for new resident units, Dupre and Scott has reported that there has been 412 apartment to condo conversions occuring over the last 18 months in West Seattle. Close to 1,000 permits for new residential units have also been issued in this neighborhood. Read more.

-About Wendy

Housing Demand in Ballard

Downtown Seattle is not the only neighborhood that has projects in the works. The Seattle Department of Planning and Development has been issuing building permits over the last 18 months for 1,550 new residential units in Ballard.

Judging from a lot of my downtown clients ultimately buying in Ballard and Fremont, many people seem to be starting their searches in Belltown, Queen Anne, and Capitol Hill but ending up writing contracts in more square foot per dollar neighborhoods just outside the downtown core.

Read more.

-About Wendy

How does your neighborhood stack up?

Great article by Seattle Times. Check it out.

-Wendy

Seattle Condo Market Update and Analysis

The figures for condos in Seattle came in from the Northwest Multiple Listing Service for the 2nd quarter 2007 with some interesting signs. 

Some takeaways from my point of view:

1. We are still seeing a fairly balanced market showing stable pricing and healthy sales activity.
2. Looking at specific neighborhoods or buildings, buyers looking for highly sought after neighborhoods or buildings will still pay top dollar but may not have to worry as much about escalation clauses and multiple offer situations. 
3. Looking at the overall Seattle numbers, buyers looking for more common or less popular properties will have more time to prepare their offers and will likely have some wiggle room if they find the list price too aggressive.
4. June year-over-year growth in new listings added to the market (a key driver in holding or even lowering prices) was far smaller than April and May year-over-year growth.  This suggests prices as they are now may remain stable or appreciate mildly for the foreseeable future.

The Seattle condo market seems to be expanding with both more buyers and sellers; we are seeing the volume of both new listings and closed sales outperforming first half of 2006.  By end of June 2007, the total active (existing and new) listings on the market was 1,332 (671 Resale condominiums + 661 new construction condominiums), just about double the first half of 2006 largely due to all the new projects launched this year.  Sold listings showed a more modest increase of a little over 25% from 2006 to 2007 growing from 1472 to 1853.  This should not be too worrisome given the extreme seller power we saw in the first half of 2006.   (See the chart below for Belltown condo pricing over the last 5 years courtesy of  Zillow).

   

Connecting communities

____________________

Most homebuyers will agree that commute time to work may be one of their top considerations when picking a condo. This would probably be a major consideration if you are or would like to use public transportation to get to work. For those who are already living in their new condo, how are the transit plans going to affect your resale value? Here are some updates:

1.) The newly retrofitted Downtown Seattle Transit Tunnel is reopening for weekday bus service Monday, Sept 24, 2007.

2.) Sound Transit Link light trains will join buses in the tunnels when the 13.9 mil rail line from Westlake Station to Tukwila international Blvd station opens in summer 2009, with a 1.7 mile extension to Seattle- Tacoma Internationl Airport opening by end of 2009.

3.) In 2008, light rail work is scheduled to begin on a 3.15 mile extension from downtown Seattle to Capitol Hill and the University of Washington.

4.) If the proposed East Link light rail project is approved this November, another 50 miles of light rail would extend to new destination on the Eastside, Pierce County and Snohomish County and connect the University of Washington with Safeco and Qwest Fields, downtown Bellevue, and Port of Tacoma.

-About Wendy

Technorati Tags: Seattle condos, Seattle Real Estate, Seattle condo real estate news, Seattle Tunnel, Seattle transit, Seattle Transit light rail

Seattle Condo Expo Update

Sponsored by the Seattle Times and The Seattle Post Intelligencer, the “Mega Open House”, Seattle Condo Expo and Realtor Symposium took place yesterday with approximately 2,500 visitors. The expo included exhibitors from many of the high profile new construction projects in the core of Seattle as well as Bellevue.

The main highlight was the presentation given by Senior Principal and land use economist, Matthew Gardner, and Blaine Weber, principal from Weber + Thompson Architects.  Matthew touched on the inventory coming on the market as well as the outlook for the next few years. Here is some interesting data he presented (Here is my own analysis from May 12th):

• The average project size for new construction is around 150 units for 2007-2009 inventory and 300 units for 2010 inventory.

• Condos completing in 2007 are mostly sold out. 50% of 2008 inventory is reserved and 9% of 2009 inventory is reserved.

• In Seattle, the biggest portion of inventory, approximately 3500 units is proposed for 2010. However, these inventories may not all come through.

Seattle Condo News

The Seattle Times has an interesting report on how prices are driving single women from the downtown condo market. Read full article.

Here are a couple of statistics they mentioned:

• Half of downtown condo buyers are couples, a third are single men and the remaining 17 percent are single women.

• Seattle's downtown population has grown 61 percent since 1990.

• People in their 30s comprise the largest group of condo buyers, but baby boomers are gaining.

Other related news:

Apr 05- Single woman heat up real estate market
Jan 07- Downtown mainly a male domain

-Wendy

Technorati Tags: Seattle condo news, Seattle condos, Seattle real estate market, Seattle Condo Expo

Ballard Condo News

Ballard News Tribune ran a story about the Ballard Library demolition which appears to be delayed. Below is an excerpt, click here for the full article.

"Ballard's old library, now home to Abraxus Books, is safe from the demolition axe - at least for now.

Pryde Johnson Developments own the building at 5711 24th Avenue Northwest. It's sat empty for the last two years until the bookstore moved in March 1 from a warehouse on Seaview Avenue.

The developers had planned to build a mixed use, retail-residential building there with about 94 units and 120 below grade parking stalls. A design review meeting was held last spring, but the project was put on hold while other developments in the neighborhood are underway, including Pryde Johnson's own Hjarta Condominiums on Northwest Market Street."

-Wendy

Technorati Tags: Ballard condos, Ballard condo news, Seattle condos, Seattle real estate, Hjarta, Pryde Johnson

Seattle Condo Symposium

On May 19-20, there will be a 2 day symposium on the Seattle Condo market.  I'll be sure to do a quick write up afterwards but in case SCR readers want more info so they can attend as well, here's more info.  If you see me at the show, be sure to say hello!

Technorati Tags: Seattle Condo Expo, Seattle condos, Seattle Real Estate

Seattle Real Estate Update

According to data released by Dupre + Scott to the Seattle PI, a typical Seattle rental house now costs $1,604 a month, up 4.6% from a year ago. In general, the trend is similar to that for apartments. Apartment-to-condo conversions decreased the supply of rentals and an increase in local job growth are some of the reasons for the increase in rental prices. Read more.

Seattle Mayor Greg Nickels has plans for a $300 million “Civic Square” that will include a 32-story condo and office high-rise. Read more.

(Update 03/28/2008 :Civic Square will feature an open plaza with an amphitheater, water features, retail space, a Metro/Light Rail station and a 40-story office & residential tower. The curved lower 22-levels will house office space and the upper 17-levels will be condominium homes.)

-Wendy

Technorati Tags: Seattle condos, Seattle real estate news, Downtown Seattle condos, Civic Square development, Condos in Seattle

Seattle Condo conversions - Displaced tenant proposal gets stalled

The displaced-tenant proposal requiring developers to give tenants at least 120 days notice (up from 90 now) and hold off on construction until tenants move out was defeated on Monday. Read more.

Related articles
Condo conversion law
Condo conversion wave hits Seattle
Proposed condo legislation fails to passed at state level

-Wendy

Technorati Tags: Seattle condos, condo conversions, tenant displaced proposal, Seattle condo news

Trump eyes Seattle market

The Trump organisation has been "actively looking" in Seattle for a site to develop their next luxury project. Ivanka Trump, Donald Trump's daughter, described Seattle as a "young market" and one of the strongest in the country. Read more.

-Wendy

Technorati Tags: Donald Trump, Trump organisation, Ivanka Trump, Seattle real estate news, Seattle Luxury projects, Seattle luxury condos, Seattle condos