Magnolia Townhome For Sale: $399,000

This new large three unit townhouse is now available in the Magnolia neighborhood! All three bedrooms in this unit have their own attached bathroom, and their is a powder room to boot on the lower level. The unit has a wonderful little garden out back, but the real beauty of this listing is where the cook slaves away; the kitchen boasts beautiful cherry wood flooring (as does the living room) and cabinets, and sleek granite counter tops with ample storage. This unit is in a great neighborhood in close proximity to Magnolia Manor Park and the Interbay Golf Center. For more information on this unit, visit Ewing & Clark Inc.

Status: For Sale
Bed/Bath: 3/3.25
Price: $399,000

Seattle Gets Stinky: Waste Management Strike Continues

As the waste management strike continues, commercial and residents are starting to feel the effects of the pile up, and so is Seattle’s Waste Management. According to the Seattle Times, Seattle Public Utilities has strong warned Waste Management that if could face very hefty fines if the contractual problems are not resolved by Wednesday afternoon. Fines can reach up to 1.25 million a day if the trash strike continues, and possibly more than that if problems continue throughout King and Snohomish counties. Last week 153 recycling drivers walked off the job as well, due to walk they called unfair labor practices.

SPU has since expressed that if all three waste services are being affected by the strike at the same time (recycle, garbage, and yard waste) and if one particular block has 3 or more containers on the same side of the street not being collected, they will begin issuing fines, and installing consequences. Waste Management has since hired replacement drivers for hospital, nursing homes, and day care pick ups. With the weather heating up, and garbage and waste bins piling high, a stinky city could create hostility from seattleites effected by the strike if an agreement doesn’t begin to to take shape this week. For more information on the strike, visit the Seattle Times.

City Target Opens Today Downtown

As many of you already know from walking by the corner of pike and 2nd avenue, Target has been moving into downtown Seattle. There has been some debate on whether the discounted retail store will be good or bad for small business owners downtown, or if it will help clean up the neighborhood’s drug problem; but that. The new Urban City Target opened it’s doors today at 7am, and shoppers may be a little surprised by what they find inside the 3 story retail store.

According to the Seattle Times, the City Target, which is 2/3 the size of an average target store is now carrying smaller sized items, like 8lb bags of dog food instead of the larger 20lb bags, and 8-12 rolled toilet paper packs instead of 24. The City Target has more of an urban feel as well, showcasing clothing displayed on mannequins, escalators lead you up and down the 3 floors of retail, and it felt like they had at least 1 sales person for every 5 people in the store. They’re everywhere! Th City stores are popping up in other cities such as Chicago and San Francisco. According to the Times, they chose Seattle as one of the first cities to start because of the influx of new downtown housing, as well as the tourism/number of office workers in and around the city during the day. For more information on the store’s opening, visit the Seattle Times.

New Arena Buzz: How Seattle Stacks Up Among Others

There is new buzz going around town on the proposed Seattle arena deal, and according to the Seattle Times, economists are suggesting that Seattle fits in with others around the Nation in terms of lower public financing, but the downfall might be that we’re not guaranteed to generate substantial funds to benefit the local economy.

Key Arena, photo courtesy of coachdollar.com

Economists have agreed that $200 Million from public funding for the arena is a great deal, and in line with new nationwide projects requesting less money from taxpayers. But they’re also concerned that the arena won’t generate much new revenue for the city itself. The cost of a pro basketball team for Seattle will obviously be more prominent than a college team, or smaller event center, and it’s unclear if Chris Hansen will be able to lock down an NHL team, which would be crucial to booking out the stadium year-round. For the full scoop on how economists think Seattle stacks up among the Nation, visit the Seattle Times.

FCPB Releases Simplified Mortgage Forms

If you currently have a mortgage, or have applied for one in the past, you know how difficult it can be to fully understand exactly what you’re signing up for. The Consumer Financial Protection Bureau has released redesigned forms that prospective borrowers will receive after applying for a loan, prior to closing on their home. These forms will be made available to folks at least 3 days prior to closing, and will be much more transparent than past forms.

According to the Seattle Times, the proposal aims to prevent costly surprises, and help consumers understand the actual cost of obtaining a loan. It also aims to protects consumers who’re taking out  pricier mortgages. Most of the changes that were made to these documents were required by Congress under the 2010 financial overhaul law, which aimed to protect Americans from unaffordable mortgage loans, and any hidden costs. For over 30 years, federal law has required two sets of disclosure documents to be filled out by lenders, who could become confused when explaining them to borrowers because the documents were very similar in verbage, but needed to be filled out by two separate agencies. CFPB has tried to bridge that gap with the redesign of these new documents; one will describe the mortgage, and one will outline the costs of closing the mortgage. For the full article, please visit the Seattle Times.

King County Home Prices Have Double Digit Rise!

This has been the third straight month in a row that we’ve seen a year over year price increase in King County, and it’s definitely the largest! According to the Seattle Times, for the first time in five years, we’ve seen a double digit increase, with the median value in homes estimated at $380,000, a 10.1% rise since June of last year. The last time there was a year over year double digit increase was back in 2007, when the median also hit an all time high of $481,000.

Denny Blaine Home listed for $3,895,000

After the high, the inevitable countrywide median housing drop occurred, falling nearly 36% nationwide, dropping down to $308,125  this past February. According to the Times, this June was a jaw dropper, with 23 or 29 King County areas experiencing a year over year increase, with 13 of them in the double digits! While not as impressive as King County, Snohomish and Kitsap County also saw slight increases, and condo prices in King County went up nearly 5% as well. For more information on the price of homes in King County, visit Ewing & Clark Inc.

Washington Park Home: $6,950,000

This remarkable private estate in the Washington Park neighborhood was recently listed for $6,950,000, and is noted for it’s stunning Colonial design, and unobstructed views of Mt Rainier, the Cascades and Lake Washington.

This 5 bed, 4.25 bath on E Prospect St has an open floor plan with excellent natural sun filled rooms, great exposure to landscape views and massive floor to ceiling french doors and walls of glass in the entryway. It has a large outdoor pool, a chef’s kitchen and luxury master suite for the Mr. and Mrs. The 3 car garage is a key feature all on it’s own, with an impressive 900+sf of space, so if you’re in the market for a new place in Madison Park, contact Ewing & Clark for more information.

Status: For Sale
Bed/Bath: 5/4.25
Price: $6,950,000

Eitel Building Could Become Boutique Hotel

Word has been going around that the historic Eitel Building might have plans to become a boutique hotel. According to the Seattle Times, the folks at Ariel Development have signed a contract to buy the 108 year old building, located on second and pike street. The sale should be closing by the end of the year, and when it does they plan on converting the office space into an 80 room hotel. The location would be ideal for a hotel, right in the heart of downtown, and within close walking distance to the retail shopping downtown.

Eitel Building Location

Ariel has been a part of several of downtown Seattle Hotel projects, including the Courtyard Marriott, and new Hyatt Place Hotel and towers. The Eitel currently has retail tenants in the lower level, but the upstairs floors have been vacant for sometime. The building was designated a historic landmark in 2006, and the previous owner had been trying to redevelop for years with little success because of disputes with the historic preservation advocates. For the Full scoop on the building’s future, visit the Seattle Times.