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Belltown Real Estate

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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!

 

 

belltownReal Estate in Belltown/Downtown is continuing to show growth month by month. The numbers also show us that summer has been a busy buyer’s market. The number of sales as increased slowly up throughout spring into summer. Between March and May, the number of sales climbed in small increments March 38, April 44, May 53. At the end of June, we saw 164 residences sold with 93 left pending. The astronomic increase was due mainly to pre-sales for the Insignia building, but still shows the demand for condos continues to grow.

The general downtown area only saw 10 more sales this July than July of 2015, but the average prices increased. The lowest average price has gone up by $12,500, the median price increased by $169,450, and the highest jumped $1,520,000.  There are currently 63 active listings and 101 pending. We will have to see what this crazy neighborhood market has in store for us next month!

downtown seattleAs some of you may know, real estate in Belltown is booming! But do you know by how much? With all the new buildings going up in the neighborhood one can just assume how many people are attracted to the hip and trendy area. There are currently 93 pending listings, 45 of them being in the Insignia building. According to the NWMLS, last June (2015) there were 35 sold listings. This June there were a total of 164 sold listings, 102 of them being, once again, the Insignia Building. The cumulative days on the market dropped from forty days to fourteen.

Surprisingly, it seems prices aren’t jumping as much as you would think. The highest price for a home has dropped from $1,615,000 to $1,272,000, the lowest going from $219,000 to $210,000. But on the other hand, the median sales price is up from $557,800 to $414,950. According to the Development and Construction Projects on www.downtownseattle.com, there are currently more than 18,00 residential units in pre-development downtown. Looks like there will be a lot of inventory for next June!

seattlesunsetIt looks as though Seattle’s high hopes are dashed, for now at least. The Federal Aviation Administration has sent a “notice of presumed hazard” to developer Crescent Heights Inspirational Living in regards to a proposed development on Fourth Avenue and Columbia Street in Downtown Seattle.

The Miami based developer has planned to construct what would be the West Coast’s tallest building, at 102 stories and 1,117 feet above ground level.  The notice from the FAA states that “Initial findings of this study indicate that the structure as described exceeds obstruction standards and/or would have an adverse physical or electromagnetic interference effect upon navigable air space or air navigation facilities,” causing the tower to interfere with Boeing Field operations and potentially helicopter flights in and out of Harbor View Medical Center.

The FAA has given the developers the choice of lowering the height of the building to a maximum height of just 965 feet, or abandoning the project altogether. The lowered maximum height would put the project, currently called 4/C, at two feet shorter than the city’s current tallest building, The Columbia Center.

FAA Spokesman Allen Kenitzer has said that discussions between the FAA and Crescent Heights are ongoing and “probably will be for some time”, while officials from Crescent Heights have declined comment.  For now, it seems, a start date for construction remains unclear, as the developer awaits an OK on the design of the building from the city in order to proceed with further permit applications. Crescent Heights had initially noted that they would like to begin the project in 2017.

Seattle based architecture firm LMN has been designing 4/C ,which, if all goes according to the current plan would have 1,200 apartments, 150,000 square feet of office space, a 150-room hotel and retail and restaurant space.