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According to the Seattle Times, a recent study by the University of Washington asked newcomers and long-term residents what they value most about the Seattle area. All answered “the natural beauty of the region”! So we can all agree we … Continue reading

Seattle Rents: High, But Not Highest In Washington State

It’s not a news flash that the real estate scene in Seattle has exploded in recent years. The Emerald City has gone from a town most people outside the state only associated with coffee and flannel, to the tech capital of the US (save for our friends in Silicon Valley). As home to some of the biggest tech names in the world and a booming job market to match, it’s fair to say there’s might not be enough housing to meet demand. Or, at least to meet demand AND your budget.

High rises, apartment buildings and condos are going up all over the city, and soon, our beloved skyline will be dotted with more and more buildings and towers, making the Seattle of just 10 years-ago look almost unfamiliar.

Seattle has recently made headlines as one of the most expensive places to live, get this, in the world. That’s right, recent data has placed Seattle’s rent rates at 5th highest in the nation and, supposedly 9th highest in the world! However, San Francisco and New York still dwarf us, tying for number one most expensive, world-wide.

Those of us who are Seattle Natives know that the average rental rate in Seattle has increased fairly dramatically in the last few years, but it’s interesting to note that, while Seattle’s rents have been on the rise, they don’t quite top the list of highest rents in the state.

According to recent data from Apartment List, Seattle ranks at number 5 in the state for highest rents, with the average monthly rent for a one-bedroom apartment at about $1,650.

Surprisingly, Mercer Island tops the list of cities in Washington for highest rents. A one-bedroom on Mercer Island goes for an average of a whopping $1,890 per month. No one said Island living was cheap, I suppose.

Filling in the gaps between number 1 and number 5 on the list are Bellevue at number 2 with an average of $1,860 per month for a one-bedroom (not a whole lot lower than their neighboring Island), Redmond at number 3 with an average of about $1,690 monthly rent for a one bedroom and Kirkland at number 4 with an average monthly rent of $1,660 for a one-bedroom.

Seattle and the Eastside are not the only places in Washington with rising rent rates. Tacoma tops the list nation-wide for fastest growing rent with a year-over-year growth rate of 7.7 percent. Seattle comes close, but not close enough to that figure with year-over-year rental rate growth at 5.3 percent.

Staggering growth aside, Tacoma is still a bargain in the rental market compared to Seattle, with a one-bedroom in Tacoma going for an average of $1,000 per month. For those of you keeping score, that’s a savings of $650 compared to Seattle.

But, proving that some things really don’t change, the cheapest places to live in the Evergreen State are still East of the Cascade Mountains. You can get a one-bedroom for only $600 per month in Walla Walla and it’s not much pricier in the State’s second largest city, Spokane, at around $630 per month.

What a difference a mountain range makes…

Nearly Half Of Seattle Homes Selling For Over Asking

Blue RidgeOnly four cities in the U.S. have a higher percentage of homes selling above their listing price than Seattle: San Francisco and San Jose, Calif. are seeing nearly 80 percent of homes selling above asking; Oakland, Calif. is not far behind at more than 70 percent; and Denver, Colo. is narrowly edging out Seattle with slightly more than 50 percent of homes going for more than list price. Seattle clocks in at just under 50 percent, according to Redfin Research. Despite home prices in Seattle being up 15 percent from this time last year, a recent report by the Puget Sound Business Journal showed that homes are not only selling for above asking, but FAR above asking. A home in Ravenna, where the buyers never personally set foot in the house before making an offer, sold for $1,175,000 – $200,000 more than its list price of $975,000. Similarly, a home in Magnolia listed for $699,000 ended up selling for $800,000. Underscoring the great lengths buyers are going to in order to purchase a home, even this home in Bellevue, which backs up to a 50-foot ravine instead of a backyard and was found to have cracks in its foundation, sold for $893,900 – 6 percent over asking.

Not only are homes selling for sky-high prices, but they’re selling in the blink of an eye. Seattle boasts the second lowest number of days on the market of any city in the U.S. at an average of nine days, according to Redfin. Only Denver is seeing its homes sell in a shorter period of time, at an average of just six days. With inventory down 27.5 percent over the year in Seattle and very high demand, it doesn’t look like this mad scramble for homes will let up in the near future.

If you have questions about buying or selling a home in Seattle, one of our agents would be happy to help you navigate this challenging market!

Is Everyone Moving to Interbay?

seattle sunset“Location, location, location,” has been said is the key to success in real estate. So on the heels of Expedia’s announcement to move to Interbay, Lennar Multifamily Communities couldn’t have been more on the mark in building a seven-story, 221-unit apartment project. Located just north of the new Expedia headquarters, which plans to house 4,500 employees, the apartment project plans to wrap construction in late 2017 or early 2018. Perfect timing to welcome Expedia to the neighborhood.

Lennar Multifamily wasn’t aware of Expedia’s plans to relocate when they took on the project late last year.  The complex will go up where the Quest Church currently resides, which is moving into the previously owned Mars Hill flagship church, located in Ballard. Brad Reisinger, of Lennar Multifamily, told the Puget Sound Business Journal that, “even without Expedia, we always thought Interbay had a lot of potential.”

The sentiment rings true for a number of developers and investors, as the Lennar complex is one of three apartment projects going up in surrounding area of QFC at 15 Avenue West and West Dravus Street. Beyond the development deals happening, it seems that the investment already shows promise as new apartment complexes in the area are already full.

Nestled in between Ballard and downtown, two neighborhoods that are growing at an exponential rate, it’s not surprising the Interbay neighborhood has piqued the interest of developers and investors alike. With dependable public transportation along the 15th Ave./Elliott corridor, the area offers a lot in terms of expansion and mobility. This area will be one to watch over the next few year, if it isn’t already.

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