San Francisco’s Stanford Hotels Corp. is buying a downtown Seattle development site for a whopping $16.75 million dollars! According to the Puget Sound Business Journal, the price that the Hotel folks are forking over is significantly less than the $30 million that the previous New York Group had paid for it back in 2007 (and has since lost in foreclosure) but is also almost twice the offer another company previously offered for the lot. The lot is located at 1903 Fifth Avenue, across from the Westin Seattle, and Stanford has declined to comment on any future plans for the lot at this time. According to the PSBJ, Stanford is also planning a 15 story hotel at 300 Terry Ave N in South Lake Union. There were a number of offers for the property which was originally listed in 2012 at $7.5M, but the finally selling price clearly indicated that Seattle is a highly sought after marketplace for development sites.
It’s been a long grueling few years for Seattle Bubble and Redfin pioneer Tim Ellis and CEO Matt Ellrilchman, but the launch of Porch, the new home improvement index has finally arrived! Curious what your neighbor paid for the kitchen remodel? Who designed the new building across the street, and which contractors are top rated in the area? The Seattle based startup Porch has a long list of data compiled to answers questions such as these, and will allow homemakers to access many home improvement projects and contact information for professionals in the area, making it simpler for homeowners to tackle huge home projects.
According to Seattle Bubble, the team at Porch has compiled their data through a variety of partnerships Nationwide, and developers are working hard to add more data and update new features in upcoming months after the site’s launch. The site allows you to do a map search of project completed in your surrounding area, view photos of those projects, and find professionals in your area. If you’re already a member of Porch, or plan on checking out the site, we’d love to hear your feedback!
Amazon is expanding – and they’re paying top dollar to do it! According to the Puget Sound Business Journal, on Tuesday the new 202 Westlake office building sold for a record breaking $749 per square foot, shelling out a total of $97.4 million. GLL Westlake 202 LLC bought the building which is leased by Amazon. Seattle based companies First Western Development Services and Stephen C. Grey & Associates and San Francisco’s Spear Street Capital developed the building.
The previous record was the sale of the City Center Plaza in downtown Bellevue, which sold for $642 per square foot in 2011. For more information on commercial real estate sales, visit the Puget Sound Business Journal.
Last months statistics are in, and August has shown a slight increase in homes hitting the market than there was noted in July. According to the Seattle Pi, in August Seattle had listed 1.6 months worth of homes for sale, up slightly from 1.5 months in July. King county listed 1.9 months of inventory last month, up from 1.7 months in July. Both of these numbers are down from a year ago, when there was over 2 months inventory listed, and are considerably lower than what is noted as a balanced market between supply and demand (between 4-6 months).
There is still high buyer demand for home in Seattle and the surrounding Puget Sound, and even though interest rates are slightly increasing and the average home sale is slightly higher in comparison to the rest of the country, Seattle home buyers are not put off. Home are still more affordable in the area than they have been in years. If you’re looking to buy or sell your home, contact your local real estate agent today.
Even if you’re an experienced buyer, buying real estate takes time and patience, and hard work to find the right home. Is it an investment home you’re after, or your first home? Zillow has compiled a list of things all buyer should keep in mind when thinking about buying real estate, and here is the synopsis:
Even though mortgage interest rates have slightly risen, they are still at historic lows. This has caused many people to put a pause on their home search, scared by the recent change in rates, but that could be a mistake, as rates will likely continue to increase over the next few years. Buyers should also keep in mind that while you’re real estate agent can give you guidance,it is your job at the end of the day to make every decision. Be sure that the home your purchasing is a smart financial investment for you, and review the title documents, mortgage loan documents and disclosures, etc. Do your research to avoid any problems down the road. Generally speaking, shopping around for 4-12 months is a good time frame to give yourself to look at dozens of properties before zoning in on the right one. Drive around the neighborhoods you think you’d like to live in regularly, and be realistic about the price range. No home is absolutely perfect, so do your research and shop around before you choose the right home for you. For more information on Seattle real estate, contact your local real estate agent today.
For the past six months the Seattle housing market has experienced price gains but in August the median price for single-family homes dropped to $430,000, $3,000 less than in July. 2,560 homes were sold in August, 88 less than July. It is not known if this is the start of a new pattern or simply just a hiccup. Rising interest rates might have deterred buyers from choosing to purchase last month. According to Freddie Mac the average interest rate on a 30 year fixed mortgage was 4.46 percent in August which is up from 4.37 percent in July and 3.35 last December.
If you’re looking to buy, there is something very special and enticing on buying brand spanking new. The new home industry has a great market to target here in Seattle, and most clients begin to factor in location, commute to and from work, school districts in the area and of course the asking price, but there are some other factors that one should also consider. An older home can come with the inevitable headache of old pipes, older roof, and appliances that are outdated. Buying new might give you the opportunity to customize your home, to include everything you might want in a home. If you want to build a rooftop deck, or expand the family room out and add a larger deck, you’re now able to do that all within the building permits. Newer homes are also designed with modern concepts such as incorporating green components that will also be cost efficient. Insulation in the walls, ceiling and floors as well as dual paned windows retain more heat in winter, and keep the space cool in the summer. Are you considering buying new? Please share your thoughts on the process of design concepts, cost and other factors to consider.