Zillow Reports Rentals Continue to Outshine Housing Market

According to Zillow’s Real Estate Market Report in February, the median price in rent had risen 2% since February 2011, and home values had continued to fall, dropping 4.5% during the same time period. Zillow’s Rent Index illustrated that the year over year gains for an estimated 68% of metropolitan markets measured by the ZRI, and only 8% of metro areas covered by the Zillow Home Value Indexsaw home values rise.

Seattle Rental In Leschi Neighborhood

Today’s rental market is continuing to heat up, with an emphasis on areas where home values have consistently been declining. Foreclosures have been at the forefront in keeping home values down, with foreclosure re-sales making up an  estimated 20.3% of all sales in the month of February. Zillow experts have said that we’ve made it through the worst of the housing market recession, but with the enormous inventory of foreclosures and unemployment are all still factors to overcome on the rise to recovery. For more information on rental listings in the Seattle area, visit Ewing & Clark and Craigslist.

Construction Scheduled for Mercer Street Next Week

This week the Seattle Department of Transportation issued a statement indicating that there will be nighttime lane closures for the East end of the Mercer project beginning next week. Drivers can expect delays starting Monday evening, and here is the scoop on whats happening:

One Northbound turn lane  onto Fairview Ave N will shut down at 8PM Monday April 20th, and Crews will work through the night until 6:00am Tuesday morning. The closure will give construction crews the opportunity to install an underground pipe across Valley Street at Boren Ave N.

On May 2-3 closures will happen between 9th Ave N and Westlake Ave N, ad westbound Broad st will be closed at night again, between 8:00pm-6:00am. Commuters traveling West on Valley street will be detoured North on Westlake to 8th Ave N then South on 9th Ave N to reconnect with Southbound Broad St. Be prepared for delays next week, and please find the full construction report here.

Prime Madrona Real Estate For Sale

Madrona HomeA gorgeous 1920’s Dutch Colonial on prime Madrona real estate with fantastic views of Lake Washington, Bellevue skyline, Mt Rainier & Cascades recently came on the market.  The completely remodeled Madrona home presents a modern, open floor plan, with pretty entry gardens and front porch open to the oak floors and crisp lines of the interior. Fir windows and doors, with two sets of French doors opening to spacious deck. Kitchen with impressive limestone island and high end appliances. Huge master bedroom suite fills the entire 2nd floor with two additional bedrooms in lower level.

Click the link to see more pictures, details and location of this fabulous Madrona home.

Status: For Sale
Bed/Bath: 3/2.25
List Price: $1,365,000

Up and Coming Neighborhood for Renters & Buyers: Atlantic

The Atlantic neighborhood in Seattle, nestled in between Beacon Hill and Mt Baker is gaining popularity with younger home buyers and renters in recent months due to it’s convenient location, and up and coming amenities.

Not even five years ago, we remember when this neighborhood was experiencing mass redevelopment and construction of the 2nd I-90 bridge, leaving the Atlantic area is rubble, covered in a film of dirt. Left in the midst was abandoned housing, sky high dirt mounds and 23rd Ave S was closed to traffic. Today the neighborhood is home to trendy bars and restaurants like Dallas BBQ Soul Food & Catering and Farestart Cafe, has a light rail stop, is in close proximity to downtown and the Eastside, and has several trails for bikers and runners; even has it’s own dog park! The neighborhood started looking promising to buyers and renters a decade ago and today affordable pricing plays a huge role in the deciding factor.  According to the Seattle Times, in February this year the median value of all single family homes was estimated at $284,200, down 2.2% from the previous year. The median cost of rent in the neighborhood for a single family home was estimated at $1,674/mo, while apartments were estimated at $1,521/mo; up from the previous year, but significantly less than other areas around the city. If you’d like more information on for sale listings around the area visit Ewing & Clark, and find rentals around the neighborhood here.

Looking Into Being a Landlord? Pick a College Town!

Have you been looking into the perks of being a landlord? Purchasing properties in college towns will typically convert into a rentable unit, no matter how the economy is doing in any particular area. College towns generally provide a steady flow of jobs for locals and school enrollments are on the rise with the unemployed going back to school to seek new job skills.

Along with the increased demand for available units, according to CNN Money, the cost of rent has continued to rise by 5% over the past 12 months, and we can expect the cost to continually increase. For buyers in the college town market, there are plenty of bargain deals out there and the closer to the campus, the better. According to Coldwell Banker’s College Home Listing Report for 2011, the typical 3 bed 2 bath home sold for less than $200,000 in nearly two-thirds of the college markets in the US, and in 1/4 of the towns, the same size home sold for under $150,000. For more information on this article visit CNN Money.

Madison Park Home – Available for $1,675,000

If you’re interested in moving to the Madison Park neighborhood, we’ve found this beautiful home nestled on a property surrounded by an expansive garden. This beautiful waterfront home is very close to several clubs and parks in the area, including the Broadmoor Golf Club, Madison Park Conservatory and Cafe Parco. It boasts beautiful views of the Cascade mountain range and has several sought after amenities such as oak floors, beautiful french doors and open sun filled rooms. The family room has garden access and the massive master bedroom suite has a marble bath tub, fireplace, sitting room and hot tub. For more information on the neighborhood and this lovely view home, please contact Ewing and Clark.

Status: For Sale
Bed/Bath: 3/2.5
List Price: $1,675,000

Federal Reserve Bank Ready to Ditch the Old Downtown Building

The Federal Reserve Bank of San Francisco was ready to sell it’s old Downtown Seattle office space back when they closed in 2008, but their intentions were halted by historic-preservation advocates who demanded the building stand as is. The Bank has now found an outlet to dispose of the building by transferring the property to the General Service Administration, another federal agency to take care of the building. The Federal Reserve decided to move it’s office to Renton in 2008, and agreed to sell the building to a developer after city officials decided it didn’t qualify as a historic landmark. But just because the Bank is transferring the building over to GSA doesn’t mean the building will be preserved. According to the Seattle Times, a GSA spokeswoman agreed that “at this point there are no restrictions on the disposal of the property.” The building could be sold if no government agency wants it. Historic advocates could also challenge the use of the building and it seems they are already taking steps to make sure the building is in tact, as the building was recently nominated for the National Register of Historic Places by the state Advisory Council on Historic Preservation. For more information on the status of the building, visit the Seattle Times.

Madison Park Rental – Available for $2,375 a Month

The Madison Park neighborhood is known for their waterfront homes, views of the NW mountain ranges and short distance to several neighborhood parks. If you’re looking for a waterfront property to rent in the Seattle area, this gorgeous corner unit next to Madison Park beach and park is now up for grabs. This two bedroom one and a half bath unit is near several shops and restaurants in the area, including the Madison Park Conservatory, The Attic and Cactus eateries. The Madison Park neighborhood is said to be one of the best around Seattle, and if you’d like more information regarding this waterfront rental, please contact Ewing and Clark.

Madrona Home Featured in Pacifc Northwest Magazine

Contemporary HomeA beautiful Madrona contemporary home was featured in the Pacific Northwest Magazine in this Sunday’s paper.  The home was built in 2009 after the owner noticed the real estate was for sale while jogging in the Madrona neighborhood.  Click the link to the Seattle Times to see more pictures and read more about this Madrona home.

Underwater Homeowners Promised Relief

There is now hope for homeowners who  have been left with a bigger mortgage than their home is valued; they might get the chance to refinance at a lower rate this year. The help aid the foreclosure surge, and complaints of foreclosure abuse, 4 of the top Banks in America – Bank of America, JP Morgan Chase, Citigroup and Wells Fargo have have reached an agreement of over $3 billion dollars worth of refis for customers with underwater mortgages still held by the banks. Qualifications for relief are still unclear, but two of the banks have released a list of criteria they’ll use in consideration.

If your mortgage is at least 5.25% and the balance is more than 100% of your home’s value, or the principal is less that $730,000 and closed before January 1, 2009, you might be eligible for a refi. For more information on the $25 billion dollar mortgage agreement, visit CNN Money.