Bloomberg Business Week recently published an article on the most expensive neighborhoods in the nation, and one Bellevue community made the list-Medina. More specifically, the list pinpoints the most expensive blocks, identifying the area from 84th Avenue to the waterfront at Lake Washington. These homes have a median value of $1,452,523 and the Lake Washington waterfront homes average a price point of about $3,000,000. The article features data from Neighborhood Scout Reports website, which regularly reports the data taken from neighborhoods across the U.S. Bellevue luxury real estate can also be found in nearby communities Yarrow Point and Hunts Point. Follow the link to search for Bellevue luxury homes for sale.
Seattle Commercial Real Estate News:
As of March 22nd, Vulcan Real Estate reported that 10 of 11 buildings of the Amazon.com development in South Lake Union are completed. The buildings are comprised of office, commercial and residential spaces providing housing for employees and locations for new Tom Douglas restaurants.
Property management company Equity Residential, who owns over 30 Seattle properties, purchased a 93 yr old Seattle waterfront building on Western Avenue and University from seller Goodman Real Estate this week for $11.75 million. Equity plans to redevelop the property to “compliment” Harbor Steps, one of their buildings which sits on First Ave in Downtown Seattle.
The Russell Investments Center in downtown Seattle is the newest hot spot for office space, and online real estate company Zillow wanted in. Zillow leased 66,000 sf of office space in the building this week. Zillow has taken up 3 floors of the 42-story building.
Seattle Residential Real Estate News:
Australian Developer Henley Properties is planning to build 500 homes in the greater Seattle area. Henley Properties estimates to finish construction by the end of 2012, when the market should be better.
Seattle Commercial Real Estate News:
Office space leasing is picking up in Seattle, from the Dendreon deal in the Russell Investment Center to Amazon.com’s transaction of 460,000 sf in the 1918 Eighth office tower. The space leased by big tech companies in downtown Seattle has made for some of the biggest commercial lease transactions of 2011.
Seattle Real Estate News:
The owners of a Leschi home that was injected with tear gas canisters, after police mistakenly thought it to be the location of police-shooter Maurice Clemmons, is getting or over $900,000 in damages from the city of Seattle. About $250,000 of will be attributed to home repairs.
Rent demands are on the rise and the people of Seattle shall be heard. Some, like the Schuster Group hear loud and clear. The Schuster Group recently changed a condo building proposal to an apartment building proposal set for Belltown as a result.
Developer Avalon Bay Communities has proposed a new apartment complex to be in the U District near University Way N.E. The two buildins will have a combined 385 units and 12,000 sf of retail.
Real Estate and Construction
Demand for housing in the District appeared to be little changed from the previous reporting period, and demand for commercial real estate remained at very low levels. The pace of home sales continued to be feeble throughout the District. In response to sluggish sales, new home construction has remained at depressed levels, although a few reports pointed to tentative signs of a pickup in the planning phases for new construction. Demand for rental space continued to expand in some areas, eliminating prior downward pressure on rents in some cases. Conditions in commercial real estate markets generally remained weak, as vacancy rates stayed at elevated levels in many parts of the District. However, further improvements in leasing activity, with tenants increasingly committing to longer-term leases, were noted for some of the District”s major markets.
As the link above shows, the 12th District covers 9 western states as far east as Utah and Arizona as well as including Alaska and Hawaii.
Local Seattle News: The local Bingham family, heirs to the Fisher fortune, won a round in their legal battle against Key Bank. The Bingham family is suing Key Bank for $231 million for failing in the bank’s fiduciary duties to protect the family’s financial interests. The Binghams lost much of their family fortune in real estate deals when the market went down the last couple of years. The claim is Key Bank unfairly swept the Binghams’ account of $83 million which caused the family to default on other loans. The most recent ruling in the Binghams’ favor merely says that the Bingham’s had not previously settled with Key Bank. Read more details on the Puget Sound Business Journal.
National and Seattle Real Estate: Agents are optimistic, but King County pending sales in January fell 5% from the previous January as reported by the Seattle P.I. Nationally sales were down 1.5%. Last January there was a tax credit available so many explain the drop from the lack of a similar credit this year. Despite the lower pending sales, according to the same P.I. article cited above, January sales are on pace for an annual increase of 8 percent.
Seattle Banking News: Seattle Bank has recovered and the order has been reportedly lifted after the FDIC cited Seattle Bank in January on concerns that they were not properly capitalized. Click link to read more about Seattle Bank and the order.
Seattle Commercial Real Estate News: As we blogged on our Seattle Real Estate Website earlier, it is looking even more an more likely that Amazon will be leasing space 300,000+ square feet in 1918 Eighth Avenue, a Denny Triangle tower that was completed nearly two years ago and has remained mostly empty. According to the Seattle Times, a contractor has filed a permit application for tenant improvements on behalf of Amazon.