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June 2014

New Construction on 2nd Ave and Virginia – View Alert & Potentially Condos

2nd and VirginiaContinental Properties, the Developer of the Cosmopolitan in Downtown and Canal Station in Ballard, have purchased the lot at 2nd Avenue and Virginia St, directly to the south of the Cristalla Condominiums. They plan to build a 400 foot tall 300 unit building on the lot according to PSBJ and Continental Properties website.

This post is two-fold. View obstruction alert for Cristalla and One Pacific Tower Condominiums and to potentially announce a new condo building being built.

With this building being built just south of Cristalla, the outlooks of all of the units facing south will be affected. Also, the units in One Pacific Tower with east facing windows will also be impacted.

On Continental Properties website, they list this building under their condo header, and not their apartment header so we do have reason to believe that this might be constructed as condos although nothing is for sure at this point. Claudio Guincher, the head of Continental Properties, said they will watch the condo and rental markets and make a decision on whether or not to be condos by the fall.

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


Client Question of the Week – How Difficult is it to Buy or Rent a 2nd Parking Space?

“How hard is it to purchase or rent a second parking space after you buy a condo with only 1 parking space?”

Dear needing a 2nd parking space:

19It does really depend on a few factors such as how many people in the building don't have a car (and therefore don’t need their space), or whether it's a building with a lot of two bedrooms that allowed owners to buy second parking spaces back when a building was built, and lastly if the condo is in a location where lack of street parking is even an issue.  And yes, having a larger building can help provide more possibilities but that also means that if the building you are buying in is in an area with slim pickings for street parking and/or has paid parking only (Downtown, Belltown, parts of Cap Hill, Fremont, etc.), than more people will also be looking for an extra parking space to rent or buy in that building too.

In general, I would say it’s a fairly small chance to find one right away when you buy a place and first move in, but if you’re patient, there is a pretty high likelihood that someone in the building will eventually have a spare spot they are not using that they would be open to renting or potentially even selling.

I hope that helps!

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

What is this Summer Looking like for Seattle Real Estate?

PriceIsn’t our market supposed to have more condos for sale by this time of the year?  I hear that question a lot these days, and in years past, the answer would be yes, but this is the new Seattle real estate market.

Over the past 18 months we have seen the level of on the market active properties steadily decrease (with the exception of some short bursts of new listings here and there). But we have seen the number of pending home sales slightly increase over the same period.  This demand is mostly fueled by job growth locally which is causing a growth in our population as well.  A recent report by the Census Bureau tells a story of Seattle being the fasted growing major populous city in the country from 2012 to 2013 at 2.8% growth which is roughly 18,000 people.  Yes, I typed that correctly Seattle was THE fasted growing city.  Our city also saw a growth of jobs by 15,000 during the same period according to Seattle’s Office of Economic Development.

So with pending sales up (fueled by population and job growth), and the number of new listings coming to the market down, it’s not hard to guess how the rest of our “busy season” will go this summer.

My prediction for the rest of 2014?
Hold on for a fun ride if you are a seller, and get your boxing gloves on if you are a buyer.

Continue reading "What is this Summer Looking like for Seattle Real Estate?" »