Real Estate News from Ewing and Clark

The heat is really rising this month and the inventory in the real estate market is still low. For the first time in the King County area, the median home price has increased over $100,000 in just one year. The country had its hottest month of July in the last 17 years, with prices rising 18.6 percent from a year ago. Seattle and the Eastside did show a slight drop in median prices compared to our record-setting June, but were still up 15 percent from last year. Seattle’s median home price is $749,000 and the Eastside is $860,000. Condo median price in Downtown Seattle actually saw a slight drop compared to the prior year ($462,000 vs $465,000).  The condo price drop in Downtown Seattle was due to the Insignia condo which was completed in 2016.  In July 2016, the Insignia accounted for over 25% of the condos sold (105 units) at a median price of $695,900.

Check out our new listings all over Washington State. Click on the photos below to see more!

Extraordinary, sweeping panorama of City skyline, Space Needle, Mt Rainier, Elliott Bay, and Alki Point. MLS#1158119

Newly refreshed 3 bedroom and 2.5 bath 2 story home in Auburn. New paint inside and out, new carpets and appliances. MLS# 1175853

Stuart Silk designed modern residence on the shores of Lake Washington in Washington Park. Sublime, meaningful design exudes serenity & sophistication. MLS# 1176637

Remarkable low bank architectural residence w/sandy beachfront on 3.5+ acres in Anacortes. MLS# 1174896

A boater’s paradise: new dock, boathouse, sandy beach & ramp! Just outside the Locks on Shilshole Bay offers gorgeous views of the Bay, Locks, boating activity & wildlife. MLS# 1173593

Sophisticated, open design- a modern longhouse, w/cathedral ceilings, beautiful wood carpentry, huge windows taking in peaceful, breathtaking views in Sequim, WA. MLS# 1142395

Contact Ewing and Clark for any of your real estate needs.

 

 

Homes for Under a Million

The Seattle real estate market continues to be one of the hot topics in the nation.  As prices rise and inventory remains low, many first-time home buyers are in bidding wars for their dream home (or close to their dream home). Queen Anne has become Seattle’s first neighborhood to have a median home price of $1 million dollars and Capitol Hill is not far behind at $890,000. Condominium sales are also struggling with inventory, down 24 percent from a year ago. The median sales price for condos last month was $328,675, which is an increase of 9.6 percent from a year ago. Some think there is no chance of finding a home under a million dollars, but here are some for you to consider!

3030 80th Ave SE, Mercer Island

Available for $499,950

20012 27th Dr SE, Bothell

Available for $700,000

2721 1st Ave, Belltown

Available for $309,000

3116 164th St SW, Lynnwood

Available for $255,000

Ewing and Clark is Seattle’s oldest real estate company. Our agents are experts in the market and have been for many years. Contact us today and we can make the home buying process feel like a breeze.

Seattle Commercial Property Market Improving

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

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

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

Magnolia ApartmentAccording 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

WalkabilityAlong 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

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.

Washington Commercial Construction Firms Optimistic

According to a Seattle Times article, Washington commercial construction firms are more optimistic than the rest of the country. According to a survey, the Washington firms boasted more positive numbers on various levels. 40% of Washington firms plan to hire new workers, while only 32% nationwide feel the same way. 2% of Washington firms plan layoffs, while 9% plan nationwide plan layoffs. Finally, 57% of Washington firms believe construction market will grow again in 2013-2014 versus 39% nationwide who feel the same way.

Is Washington State in positive economic health and likely to rebound quickly in commercial construction or do the Washington State construction firms simply wear rose-colored glasses?

Seattle Residential Real Estate: Pay Attention to the Neighbor

Seattle Real estate backyard cottageIn a buyer’s market, there’s many various factors that can affect the price; one of them is who lives by your home. A recent Seattle Time article reports that a bad neighbor can cause more than just a nuisance; it can also drive down the sales price, up to a 10% reduction! However, it is difficult to quantify, as one man’s bad neighbor may be another man’s best friend.

If you’re looking for a way to handle a bad neighbor, there are a few options available. Some include contacting the King County Dispute Resolution Center, joining forces with other neighbors, mitigating the problem, and more. The full list is located at this Seattle Times article. Read through and maybe you can get some ideas on how to have a healthy, harmonious living situation, even with a bad neighbor.