Seattle + Real Estate News

Downtown Seattle

I noticed a lot of interesting news about the Seattle real estate market.

Seattle Commercial Real Estate News:  Saw this article in the Puget Sound Business Journal.  There is a crunch for lab space in the Seattle real estate market.  This flies in the face of Downtown Seattle having been over built commercially, but as the article explains that Lake Union is really desirable for this type of user, and the renters are looking for smaller spaces (5,000 to 10,000 sq ft) which is hard to find.  One building mentioned is the Gates Foundation building that will be vacated when the Gates Foundation moves into their new buildings across from the Seattle Center.

Residential Real Estate News:  I saw this short article on Business Week about home prices falling in major cities.  The article said the prices dropped from October to November in 19 out of 20 cities in the Standard & Poor’s/Case-Shiller index.  They mentioned Seattle home prices were at a low since the bubble, but I hope to write a blog later about Seattle real estate still being in better shape than most cities.

Federal Way Property Management News:  Interesting story about Wild Waves.  The former owner of Wild Waves and Enchanted Village, Jeff Stock, who sold the parks in 2000 will manage the property and business under his company NorPoint Entertainment for the current owners, CNL Lifestyle Properties.   Mr. Stock sold the property to Six Flags in 2000 who sold the property to CNL Lifestyle Properties in 2007.

New Building Near ZymoGenetics

Developer Alexandria Real Estate Equities has recently submitted plans to build a six-story biotech building near ZymoGenetics in Lake Union, Seattle, who sold the 150,000 space to Alexandria in 2008.  The space is at 1150 Eastlake Ave. E., where a small building and parking lots now remain.  Alexandria owns over 12 million sf of life science space in the county, and 1.1 million sf of Seattle real estate.  Alexandria also hopes to gain a dead-end space on the north side of the property, so the building can be larger.  Read more about the story in this Seattle Times Article.

Ray Allen’s Home For Sale

Former Seattle SuperSonics player Ray Allen and current Boston Celtic recently put his Washington State home on the market. Allen’s home in Carnation, WA has been co-listed for sale by Ewing and Clark agent Nate Pearson The 10,000 sf estate is located in the Blakely Woods community. The 5 bedroom, 5 bathroom home sits on 4.5 acres and is the epitome of luxury living. The home’s amenities include a sports court, a pool, a putting green and a Jacuzzi. The home is offered for $3.7 million. Click the link to see more details on this beautiful home.

Satus For Sale
Price                                                                                                $3,700,000
Bed/Bath 5/6.75

Red Lion Hotel Up For Sale

The Red Lion Hotel on Downtown Seattle’s 5th Avenue is now up for sale,
but will remain operated and managed by the Red Lion brand.  The goal of
the sale is purely financially and CEO of Red Lion Hotels wants to
“increase shareholder value”.  Red Lion Hotels hopes to pay off debts and
create a window through which they will be able to more easily refinance.
The sale of the Seattle real estate will be handled by CBRE-CB Richard Ellis
Hotels.  The Seattle hotel isn’t the only Red Lion going up for sale.  It
will join a Denver location which will also continue (hopefully) to be
managed by the brand.

This Year’s First Home Sale in Seattle’s Broadmoor Neighborhood

Broadmoor Seattle

Living Room of Home that Sold

According to the Northwest Multiple Listing Service, there are currently 15 homes available for sale and 3 houses under contract in Broadmoor.  The first home has sold in Seattle’s Broadmoor neighborhood in 2011.  Click “1129 Parkside” to read more details, but the basics are:

Status Sold
List Price 1,695,000
Bed/Bath 3/2.75

Statistics not compiled or published by the Northwest Multiple Listing

Western Building to be Demolished

The Highway 99 Tunnel project is going to result in a number of changes Downtown, and we’re not just talking about street closures.  Yesterday, the Seattle Times released an article about Pioneer Square’s Western Building’s demolishment-a now confirmed project effect.  The 100-year-old-building, which sits at 619 Western Avenue, will be leveled because retrofitting the weak structure will cost a hefty fee of around $30 million.  The Western Building provides work space nearly 100 Seattle artists who will be forced to move out before March of 2012.  The threat to the building was recognized last May, so it did not come as a surprise.  Some artists have banded together to delay construction near the Western Building until a comparable building to replace it can be found.  We wish the artists luck in finding a new space, and hope building demolishment remains at a minimum.

Queen Anne Condo Available for Purchase

Queen Anne Condo

Superb Schultz Miller studs out remodel of this premier South Slope Queen Anne Hill condominium. Rare opportunity in one of Seattle’s best buildings. Extraordinary craftsmanship includes Pecan millwork & parquet floors, gorgeous paneled library, marble bathrooms & excellent kitchen. Sweeping views from Cascades to Olympics, sunrise to sunset, plus front and center vista of Mt. Rainier, the Space Needle and Seattle skyline. Truly one of the most luxurious condominiums on Queen Anne.

Status For Sale
Area Queen Anne
List Price $4,950,000
Bed/Bath 2/1.5

Seattle Luxury Real Estate: Millennium Penthouse for Sale

Seattle Condo

View of Seattle Downtown Real Estate from Penthouse

Once in a life time opportunity to own an entire top floor penthouse in Seattle’s best condominium. Huge shell with high ceilings, fantastic 360 degree downtown views and endless potential. Mount Rainier, Elliott Bay, downtown skyline and Olympic Mountain views afford every great vista in Seattle. Also the roof top deck belongs solely to this home. Well located building in Seattle’s Central Business district. Close to the stadiums, restaurants, art venues, without the crowds.  One of the most prestigious condominiums in the Greater Seattle Area.

Status Condo For Sale
Area Downtown
List Price $8,000,000
Bed/Bath Shell

Kirkland Condo for Sale

Kirkland Condo1+1+1=1 fabulous one of a kind Kirkland condo created with functionality in mind. For those moving from a home and unwilling to sacrifice space this is perfect luxurious condo. Three units were architecturally changed into one two bedroom unit with three baths and an ADU. Extensive office space, large cooks kitchen, dining and living rooms for entertaining, his and hers baths in the master. Built-in wet-bar, flat screen TV’s, sliding doors to HUGE view of Lake Washington and Seattle.  Condo includes moorage! West facing Lakeside stretches the width of the building.

Status Condo For Sale
Area Kirkland
List Price $1,995,000
Bed/Bath 2/3.75

Seattle’s Millennium Tower – Condo for Sale

Downtown Seattle CondoThis is rare and desirable Millennium Tower condominium.  The unit is at the southeast corner of the building which was designed by Olson-Sundberg-Kundig-Allen architects. The interior is beautifully finished with rift-cut mill work, limestone bats, and Venetian plaster walls. The home features a  captivating urban vista that is a beautiful tapestry of architecture. Seattle’s Millenium Tower is a unique and desirable condominium building in a quiet downtown location, offering stunning views of Mr. Rainier.  The condominium is in a private 20-unit building with a concierge.

Status Condo For Sale
Area Downtown
List Price $1,695,000
Bed/Bath 2/2.5