Real Estate Development in Madrona

Posted on June 1, 2012 by Michelle Ellsworth

There has been signs of a stronger real estate market for months and the numbers have proven that Seattle’s real estate market is improving. In addition to the strong sales numbers, I have noticed that construction has picked up in Madrona. Everyone in Madrona is aware of the Pike Station project on the corner of 34th and Pike, but that is not the only Madrona real estate project. For example, there are two new homes being built on separate lots on one square block in Madrona in between 30th and 31st Avenue and East Olive and East Howell Street.

On the corner of 30th and Olive an old blue home was torn down and a new larger single family home is being built while in the middle of the block on 31st a new modern home is being built in what once was the backyard of another Madrona home.

In another part of the Madrona neighborhood on 35th Avenue between Union and Spring, another old home was torn down and it will be replaced with two new view homes. One house will be 1120 35th Avenue and the other will be 1124 35th Avenue.

The Madrona real estate market is strong, if you want more information feel free to contact me with any of your real estate questions.

CORRECTION: Two Madrona view homes are being built on 35th rather than just one as previously reported.

Prime Madrona Real Estate For Sale

Posted on April 25, 2012 by Michelle Ellsworth

A 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

Madrona Home Featured in Pacifc Northwest Magazine

Posted on April 16, 2012 by Michelle Ellsworth

A 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.

Building Stories on 6th and Lenora; Via6 Complex Unveiled

Posted on February 7, 2012 by

Pine Street Group has unveiled the new name for it’s current project on 6th and Lenora: Via6. The $200 million dollar apartment complex began construction last spring, with 100 workers currently on site. Production will increase to 350 workers this summer, and pre-leasing is said to begin in the fall. Designed by GGLO, and in collaboration with MKA, Via6 is a single structure unit with sister 24 story towers, connecting to a 6 story base. The complex will house 16,000 sq ft of retail space, that is proposed to include a bicycle club with storage space and shower units for commuting tenants. Via6 will be ready for tenants to move in Spring of 2013.

Seattle Commercial Property Market Improving

Posted on February 2, 2012 by

This past week, Seattle and the surrounding region has seen an improvement in the commercial real estate market, with the sales of three big properties.

First, Continental Properties, Inc. sold 131 apartment units at the Aqua View and Carillon Heights apartment complexes to Archstone. It sold for $47.46 million.

Arden Realty LP sold West Willows Technology Center to Griffin Capital New Lease REIT Inc. for $40 million. The office park is over 155,000 sq. ft and is located at 14500 and NE 87th St. in Redmond. AT&T is the current tenant and uses the space for network operation and R&D.

Finally, Redhill Realty Investments sold the Kent-located Hampton Bay Apartments to Hampton Bay located in Vancouver, WA. The 304 apartment units sold for $31.4 million.

For more information, please read the original PSBJ article.

Seattle Home Prices Up 32% Since 2000

Posted on February 1, 2012 by

According to the Case-Schiller home-price index posted in the Seattle Times, home prices in Seattle are up 32% since 2000. However, the home prices are the lowest since 2004. The strongest price decline this year occurred in November, most likely due to sales of foreclosed homes. For more details, please visit the Seattle Times article.

Seattle Roosevelt Neighborhood Will See Higher Buildings

Posted on January 31, 2012 by

Last month, I wrote about the Roosevelt neighborhood potentially seeing a commercial rezone. On Monday, the full Seattle City Council approved six-story building heights in the Roosevelt commercial area. According to the Seattle Times article, it spans about 40 blocks of the commercial core. The 85-feet high buildings are designed to add density. However, the buildings around Roosevelt High School are restricted to a 40-foot height restriction, so as to preserve views of the school. Final projects are still subject to the design review board. For more information, please visit the Seattle Times article.

Downtown Seattle Aspira Tower Will Wait to Sell

Posted on January 27, 2012 by

According to the Seattle Daily Journal of Commerce, the owners of the 37-story Aspira Tower, located in downtown Seattle at 1823 Terry Avenue, will wait to sell. Investors are eager to bid on it, as Seattle has the third strongest apartment market in the country; however, the owners of the 325-unit tower will sell at the time when leasing and the capital markets are stronger.

Currently, the Aspira Tower has an occupancy rate of 82%, with 6-7 leases per week. The average price of a unit is $2.85/sq.ft.

South Lake Union Attracting Universities

Posted on January 26, 2012 by

Along with attracting business headquarters, South Lake Union is attracting universities, due to its high-tech job growth. City University is moving its headquarters from Bellevue to South Lake Union at 6th and Wall. Boston-based Northeastern University is looking at South Lake Union as a place for its graduate program. Finally, University of Washington is already working on three buildings in the SLU neighborhood.

It makes sense that South Lake Union is attracting universities. According to the Puget Sound Business Journal, South Lake Union has seen 6.35 million sq.ft in new development from 2004-2010, at an assessed value of $1.1 billion. It’s expected to generate $6 million in tax revenue, not including the added amount of property value increase. Unfortunately, South Lake Union is facing the problem of a lack of office space available over 10,000 sq. ft.

Seattle May See Rehab-To-Rent Pilot Program

Posted on January 25, 2012 by

According to a Fast Company blog, Seattle may be one of the first cities in the United States to launch the pilot program, Rehab-to-Rent. Proposed as a way to handle the steady stream of foreclosures being released on the market in the future, Rehab-for-Rent would convert foreclosures into Seattle energy-efficient rentals. Suggestions include ensuring bidders have a decent track record, encourage local community organizations to bid, and offering incentives to the bidders to renovate. The full CAP report is here. An idea like this has the potential to stabilize the housing market, create jobs, and raise the current apartment inventory level; it’s certainly an upside to the housing situation we face. What are your thoughts on it?

For more details on the report, please click here.

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