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Belltown Real Estate

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Seattle CondoThe Downtown Seattle condo market in 2016 was strong as it was in 2015, and in fact, had increases in several key statistics.  The average Downtown Seattle condo sales price was up ($781,310 vs $667,959), price per square foot was up ($702 vs $626), and the days on market was less (29 vs 39 days).  So Downtown Seattle condos sold faster and for more money.  In addition, more of these Seattle condos sold in 2016 (934) than in 2015 (790).  While the numbers improved, sales in both years were dominated by the Belltown condo project, Insignia, on 5th and Battery.  In 2015, there were 299 Insignia sales and in 2016 it accounted for 406 sales.  That increase in sales at Insignia (107) accounts for 74% of the difference of the number of total sales of Downtown Seattle Condos (934 sales – 790 sales = 144 increase).  Insignia has been the exception, not the rule.  It is the only major downtown condo project in the last couple years, mainly because of the risk of lawsuits condo builders face and because the Seattle rental market has improved, making apartments the preferred choice for developers.  With limited new condo inventory and the improved overall Seattle real estate market, Seattle condos have seen increased in their prices.

The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 Washington State counties) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year. For the 23 counties, the median sales price increased 8.9 percent from $310,000 in 2015 to $337,500 in 2016. Condos, which make up a smaller share of the market, were up 12.6% while single family homes increased 8.7%.

Inventory was tight throughout the year, there was an average of 1.86 months of inventory in 2016, compared to 2.4 months in 2015. King County was the tightest with only 1.1 months of supply. A balanced market is generally considered to be between 4 and 6 months of inventory.

The luxury real estate market was strong in 2016, with over 3,251 home sales over $ 1 million compared to 2,676 in 2015: over a 21 percent increase. The number of condos over $500,000 also increased with 1,711 sold in 2016 versus 1,459 half-million dollar sales in 2015: also over a 21 percent increase.

2017 seems to be taking over where 2016 left off.  As always, to maneuver the Seattle condo market, reach out to your local real estate broker to navigating the Seattle real estate market.

These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.

By Sean Keeley, for Seattle Curbed

Earlier this year we heard that Richard Tsang of Tsang Enterprises had big plans for 2121 Fifth Avenue in Belltown. Turns out the project also includes 2115 Fifth Avenue and will end up as a 17-story hotel and condo tower. Caron Architecture is bringing the initial designs before the design review board for early guidance on January 3.

Caron Architecture

 

Plans call for approximately 136 residential units, 168 hotel rooms, and 120 parking spaces below-grade. Hotel parking will be off-site and limited retail parking will be accessed directly from the alley. Just off 5th Avenue will be ground-floor retail as well as a shared hotel lobby and residential lobby. There will also be separate amenity space for hotel guests and residents, though residents are expected to have access to some hotel amenities.

The tower is limited to 160 feet because of its proximity to the 24-story Martin apartment tower and the Potala Tower project.

 

In spite of the building boom in downtown Seattle, there have been limited options for buying a home, versus renting. Somewhat resembling a giant stack of glass Rubik’s cubes, a new condominium called Nexus Seattle at 1200 Howell Street in the Denny Triangle, will rectify this for a few. The building will feature 382 units, vary in size and price, ranging from $300,000+ to $3.5 million. Because sections of the building are twisted to face different directions, owners’ views will vary, depending which floor their home is located on.

According to the Nexus website, 80% of the units have already been reserved as of November 2016. Underscoring the market’s desire for permanent housing and the influx of people for high-paying tech jobs downtown, hundreds of buyers lined up to pay the $5,000 refundable deposit to be guaranteed a spot at a priority presales event on June 4th last year. Some people even camped out overnight to be first in line.

The Burrand Group, the Canadian company that owns the site, plans to break ground this month to begin construction. The building itself will rise 41 floors, and will be within walking distance of at least two large-tech work campuses in the South Lake Union area. An article with Puget Sound Business Journal states a fitness center, common co-working space, the option of renting a guest room, and a rooftop terrace will be some of the amenities available.

As of October 2016, the median price for a downtown Seattle condo was $650,000. The median price for a 1-bedroom rental is currently $1,820 per month here, reflecting the 40% hike in rent over the past 5 years. Our city is now in the top ten of most expensive apartment markets in the United States, as of April 2016. So having the option of choosing a smaller place for the option of a smaller price (or larger space at a higher price) at the Nexus will no doubt appeal to some in our current high-demand market.

Okay Belltowners, we all know we live in the BEST neighborhood in Seattle, right? Well, now’s our chance to make it known across the city!

The 2016 Curbed Cup is up for grabs and we’ve made it pretty darn far already.

Currently we are in the Final Four, and poised to make it to the final round of voting! But, we only have today, December 28th 2016, to make it to the final round.

The Final Four sees Green Lake facing off with Ballard for a shot at the final, and our lovely Belltown is going head to head with Columbia City for the other spot in the final. Voting ends tonight at midnight, so vote, vote, VOTE until the clock strikes 12!!

If we make it to the final round, we will have 5 (yes, F-I-V-E) days to vote for Belltown to take the title over either Ballard or Green Lake. That is, THE title, the whole shebang, The Curbed Cup.

Head over to Curbed Seattle to cast your vote (or click here and skip the extra typing) for our ‘hood before midnight tonight for it to count.

And don’t just stop there, share the link with your friends! Text, them, email them, bribe them into casting their vote, whatever you have to do, get others to join so we can come out on top!

The title is within our grasp, so close we can taste it, let’s not let it slip away! We all know Belltown is where it’s at, but now it’s time for all of Seattle to know!

 

Martin Selig Real Estate has long been a leader in luxury and class A commercial real estate in Seattle, and in 2016, the company has made its first foray into luxury residential real estate. Their first creation will be the 3031 Western Apartments. It’s located on the north end of the Olympic Sculpture Park.

Project renderings on the website show a beautiful modern building with two levels – the taller side of the building (east) being 14 stories high, with the shorter end being nine stories high with what appears to be a rooftop community area.

The website promotes the new apartment building as having “stunning views, a beautiful glass exterior, outside decks, a green roof and solar shading.”

Advantages to living at the 3031 Western Apartments include being walking distance to the shops and restaurants in lower Queen Anne as well as Belltown, being right next to the Olympic Sculpture Park and the adjacent Myrtle Edwards Park with its walking and cycling trails, and easy access to I-5, Downtown, Queen Anne and Ballard neighborhoods via Denny Way.