Two new proposals for towers under review in Seattle’s downtown core. According to the Daily Journal of Commerce, design review meetings have been set for the towers, the first a 39 story residential tower located at 1613 2nd Avenue, and the second a 40 story mixed-use building at 970 Denny Way. The Wood Partners are interested in building the 39 story tower on 2nd Ave, and have listed 1,000 planned sq ft of street level retail space, as well as parking designated for 140 stalls, four levels below ground, and 6 levels above ground. An early review meeting is scheduled for this project on January 20th at 7pm, in Seattle City Hall.
The Real Estate market in Bellevue has continued to improve at a striking rate. Although the number of homes closed in February 2014 was nearly identical to February 2013, the median selling price rose 10.1% to $670,000. The average single family home sold for $909,494, and the average selling price for a condominium was $302,694 in Feb 2014. In February 2013 the average selling price for a single family home was $677,773 and for a Condominium was $399,002. The ratio for the listing price versus the selling price in 2013 was 99.6% and in 2014 it was 100.09% (according to the Northwest Multiple Listing Service).
The average days on the market for a single family home in February 2013 was 40 and for Condominiums was 71. In February 2014 the average for a single family home to be on the market was also 40 days and for Condominiums it was 55. For single family residences, homes containing 3 or 4 bedrooms sold in about 25 days, versus 37 days in February 2013 and homes having 5+ bedrooms taking around 3 months to sell versus 61 days in February 2013. Bellevue’s most expensive home sold in February was an Italian Style Villa that sold for a vast $4.8 million. The home rested on a half acre of Lake Washington Waterfront and was 7,606 square feet and built in 2003 and took 226 days to sell.
Bellevue continues to be extremely desirable right now which is highlighted by the increase in sales prices and the amount of home selling for above their asking price. The numbers discussed clearly demonstrate that it is a great time to sell in the Bellevue and King County areas. If you would like more information about the current value of your home in this strong real estate market, please contact me for a free market analysis and discussion about your home.
The much anticipated uber-green Bullitt Center Building will open today at 11am with a ceremony; how very green of them to coordinate the opening to happen on Earth Day! There will be guided tours happening this afternoon from noon-5pm, where the public is welcome to come check out the six story 50,000 sf space, which is designed to be one of the world’s greenest commercial buildings.
Governor Jay Inslee, and Mayor Mike McGinn will speak at the ceremony today. According to the Daily Journal of Commerce, Dennis Hayes, president and CEO of the Bullit Center Foundation, was the coordinator of Seattle’s first Earth Day in 1970. What a wonderful day for Hayes and his colleagues to celebrate!