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Monday Mortgage Update
2008-06-30 16:32:00
There’s a holiday shortened week ahead, as the financial markets will be closed on Friday in observance of Independence Day. But…there could still be lots of action this week, particularly with the Department of Labor’s Jobs Report scheduled for Thursday, just ahead of the long weekend. A positive report could be good news for Stocks, but bad news for Bonds and home loan rates, so it will be especially important to watch all the fireworks that follow the headlines. Remember when Bond prices move higher, home loan rates move lower…and vice versa. The chart below shows how the action in the Bond market improved last week, helping home loan rates to improve as well. So as always, I will be watching closely during the coming week. If inflation continues to shake up the markets or if the news on employment is surprisingly good…the action for Bond prices and home loan rates could change direction and worsen. Patrick Dunn, Westwood Mortgage Inc. & MMG W...
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AvalonBay Communities to Build Apartment Complex in Lower Queen Anne!
2008-06-28 20:03:00
Come spring 2009, AvalonBay Communities will begin building an apartment complex on the west side of Lower Queen Anne between Harrison and West Thomas St. on 3rd Ave W- Avalon Queen Anne.  The building is slated to accommodated approximately 200 units, 247 parking stalls, 5,000 SF of retail space and will be designed by GGLO. After construction starts the building will take about 18 months to be completed and cost about $60 million to build. AvalonBay had been building about one apartment complex in the Northwest every three years, but are wanting to create a larger presence in our market.   Avalon Queen Anne is one of 3, possibly 4 apartment buildings that will be built in the next two years…the others will be built in Kirkland, Bellevue and Ballard!  Click here to read more.
More About: Complex , Build

Monday Mortgage Update
2008-06-03 03:43:00
This coming week, one economic report in particular bears inflated significance…Friday’s release of the infamous monthly Jobs Report. It will reveal, among many other things, the number of jobs lost or gained during the month of May. Last month’s Jobs Report indicated that 20,000 jobs were lost in April, and while this was better than the expected job losses of 75,000, it is possible that the reported number understated the actual number of jobs lost, due to how the Department of Labor averages their count. And part of each month’s report is “revisions” to the several prior months’ numbers…which this could be quite a wild card for Bonds and home loan rates. Last month’s Jobs Report, which was indeed more positive than expected, caused Bonds to fall a whopping 134bp in a matter of minutes, and home loan rates worsened quickly. Why? Because even though the news wasn’t great, it sure was better than anticipated…and t...
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Waterfront Rental in Medina!
2008-05-30 21:06:00
  Evergreen Point Estate- Medina 4 bedroom + library/ 5 bathroom 4,830 SF- $15,000 per month http://www.seattlerentals.com/9987 Situated in one of the northwest’s most prestigious communities, this waterfront jewel offers a truly unique and unimaginable lifestyle. With over 70 feet of private sandy beach accompanied by a hundred foot dock and boat lift, Lake Washington is your playground. Lush landscaping creates a very secluded atmosphere and the spacious outdoor terraces are perfect for entertaining guests or enjoying the beautiful sunsets.  The floor plan is just as exquisite as the views seen throughout offering a massive master suite with a fireplace, sitting area and five-piece bathroom, Jack & Jill bedrooms that share a large veranda, a separate guest/nanny quarters, formal dining and living rooms as well as a library/media room. Contemporary craftsmanship includes marble countertops, hardwood floors, mosaic tiling, top-of-the-line appliances, delightful architectural...
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Our Rental Market- Strong Outlook!
2008-05-30 00:57:00
Low vacancies, rising rents and a cooling condo market has made Seattle’s apartment market more appealing to out-of-state investors, according to a report just released by Marcus & Millichap. - Over 34,000 jobs are expected to open in 2008 - Vacancy rates are expected to be at 4.7% by the end of the year - The average rental rate is expected to reach $1023 per month- a 6.2% increase from last year Click here to read more! Also, check out the National Apartment Association’s Housing Survey on how renter’s feel about our real estate market- 69% of renters plan on continue renting for as long as 5 more years!
More About: Market , Rental , Outlook , Strong

Cosmopolitan Penthouse Madness!
2008-05-27 07:06:00
I wouldn’t have caught the insane Penthouse price drops over at the Cosmopolitan if it wasn’t for a good tip (thank you!)…check out the new pricing: #3306 (1 bedroom/ 1.5 bathroom, 1100 SF)- WAS $699,950 in 2007, NOW offered at $499,950…$454.50 per SF #3303 (2 bedroom/ 1.75 bathroom, 1400 SF)- WAS $1,249,950 in 2007, NOW offered at $899,950…$642.82 per SF #3405 (2 bedroom/ 2.5 bathroom, 1858 SF)- NEW ON THE MARKET offered at $999,950…$538.18 per SF There are a total of 17 condos on the market for sale in the building, but these price drops make the Penthouses by far the best deal in town!
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Queen Anne’s Counter Balance Condominiums- Update
2008-05-27 06:01:00
First Galer Now Selling on Queen Anne ! Queen Anne’s Counter Balance Condominiums (First Galer & Marc Anna) are now being marketed by MCM Group!  Last October Marc Anna had its Grand Opening but now First Galer is nearing completion and will be offering 18 one-, one-plus-den and two-bedroom homes by the end of June. Located just one block off of Queen Anne Ave, on the corner of 1st Ave N and Galer Street, neighborhood amenities and services like The 5 Spot, Café Appassionato and Trader Joes are all within walking distance…the perfect Queen Anne location! This entire building from sidewalk to rooftop was redesigned including the electrical, plumbing, brick exterior, windows and interior finishes.  Each home features mahogany picture molding, glass doorknobs, black & white-checkered bathroom floors, faux fireplaces, oak flooring, dark slab granite countertops and stainless steel appliances. Prices start at $349,900 and the sales office is open Friday through Tuesday ...
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Vulcan’s New Workforce Housing Development in SLU
2008-05-27 04:40:00
Just across the street from the Pink Elephant Carwash on Denny and Dexter (109 Dexter Ave N), the Borealis Apartments are approaching completion as announced by Vulcan last week.  This new workforce housing project will soon provide affordable apartments for individuals and families earning less than 80% of the median household income for King County. The 33,000-square-foot, six-story building includes 53 apartments with studios, one-bedroom, and two-bedroom units ranging from 400 – 850 square feet with approximately 3,600 square feet of retail space. As defined by the U.S. Department of Housing and Urban Development , 2008 median incomes for 80 percent are $43,050 or less for a one-person household and $61,500 or less for a four-person household. Rental rates at Borealis Apartments will start at $875 for a studio, $1,052 for a one-bedroom and $1,244 for a two-bedroom unit. As an environmentally friendly development, Borealis Apartments is designed to qualify for three-star Built ...

The Lakeview Residence
2008-05-27 03:59:00
About two weeks ago I toured one of the newest additions to Capitol Hill’s Lakeview Boulevard- The Lakeview Residence. This 6-unit luxury condominium building features 2 bedroom/ 2.5 bathroom floorplans ranging from 1,380-1,711 square feet, each with panoramic views of Lake Union and the downtown skyline, private elevator access, 2 secure parking spaces, timeless luxury finishes and share a common rooftop deck. The developers, Hunters Capital Development Company, have an extensive portfolio of historic residential and commercial properties and with each project place a strong emphasis on preserving character of the neighborhood.  The Lakeview Residence is a perfect example of this- from the brick and natural wood exterior to the expansive balconies and private backyards, this building provides the perfect alternative to highrise living in one of Seattle’s most desired locations (1114 Lakeview Boulevard East). Visit The Lakeview Residence website for additional details&h...

NEW Luxury Rental!
2008-05-24 04:17:00
  Crestmont Place 5 bedroom+ office/ 7 bathroom 5,700 SF - $12,000 per month http://www.seattlerentals.com/9977 - Offered at $3,990,000 Located just minutes from Magnolia Village, this brand new custom built 5 bedroom/ 7 bathroom home is the pinnacle of contemporary design and modern elegance offering over 5700 sq. feet of immaculate craftsmanship and extravagant detailing. Panoramic views of the downtown skyline, Olympics, Cascades, Mt. Rainier and Elliott Bay are showcased through large picturesque windows in every room and absorb all realities from the 360 degree viewpoint on the 2000 sq. foot rooftop deck. The open and alluring floor plan is perfect for entertaining while featuring double French doors that open out to the private heated pool, a massive kitchen with a chef’s island and breakfast bar, two graciously sized living and sitting spaces separated by the formal dining area, lofted cathedral ceilings, several balconies, a large backyard, downstairs family/recreational ...
More About: Luxury , Rental

Feds Reduce the Federal Funds Rate to 2%
2008-05-22 00:35:00
Just released today…. “Recent information indicates that economic activity remains weak. Household and business spending has been subdued and labor markets have softened further. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters. Although readings on core inflation have improved somewhat, energy and other commodity prices have increased, and some indicators of inflation expectations have risen in recent months. The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization. Still, uncertainty about the inflation outlook remains high. It will be necessary to continue to monitor inflation developments carefully. The substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidit...
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Trace North Rooftop Party- May 31st 2-7pm
2008-05-21 22:30:00
From the looks of things, Trace North is on the home stretch!On May 31st from 2-7pm, there will be an Open House Rooftop Party with music, food and drinks for all to enjoy. This would be the perfect opportunity to check out the penthouses, new-to-market releases and the neighborhood. Please don’t forget to RSVP and click here for more details!

Excavation Update- Aspira Apartments
2008-05-12 08:34:00
DBM Contractors just completed a $700,000 excavation for the 37-story Aspira Apartments on the corner of Stewart and Terry (1823 Terry Ave). Aspira is set for completion in 2010 and will have 325 apartments and more than 6,000 square feet of retail space.  More details will be posted on their website soon!
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Monday Mortgage Update
2008-05-12 08:10:00
After last week’s thin economic calendar, where Stock market action and technical factors had a big impact on Bonds and home loan rates, this coming week brings a much juicier economic report agenda. Retail Sales for April will be reported on Tuesday, followed by Wednesday’s Consumer Price Index (CPI). This widely watched measure of consumer inflation will take special significance, now that the Fed has signaled their current rate cutting cycle may be at an end. On Thursday comes a read on the new construction housing market, with Housing Starts and Building Permits. We will have to see if these reports can keep Bonds above their 50- and 100-Day Moving Averages…as seen in the chart below. If the reports are economically weak or negative, Bond prices and home loan rates should hold their ground, and perhaps even find some improvement. Remember when Bond prices move higher, home loan rates move lower…and vice versa. And right now, there’s an important s...
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Belltown Restaurant Owner Moves to Four Seasons
2008-05-12 02:09:00
Kerry Sear, the owner and chef of Cascadia Restaurant in Belltown is selling the space where the restaurant is located (2328 First Ave- 1st between Bell and Battery) and transitioning to the Four Seasons Hotel and Private Residences to become the executive chef of the hotel and director of food and beverage for the hotel and residences. The restaurant is listed for $1.25 million but Sear is not interested in selling the name or menu.  Prior to owning and operating Cascadia, Sear spent 15 years working with Four Seasons in Vancouver B.C, Toronto and Seattle, and will continue to focus on Northwest cuisine with ingredients from local markets, ranchers and farmers. Cascadia will remain open until the space sells so if you are looking forward to their awesome Happy Hour (mini-burgers, my fav) on a beautiful summer evening…you better not waste anytime!
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UrbanCondominiums.com: Experts Say Supply & Demand Curve May Soon Favor
2008-05-12 01:24:00
In the most recent news, UrbanCondominiums.com shared their optimism in our thriving downtown market and projected that the downtown core will continue to top nationwide trends moving forward. Agreeing with all they have to say, experts sited that with local job growth, limitations on sprawl, commuter traffic congestion and increasing gas prices makes the condominium lifestyle even more viable than ever before.  Click here to watch the May 5th interview!
More About: Experts , Curve , Demand , Favor

The Wall Street Journal’s Quarterly Housing Survey- Seattle Remains S
2008-05-08 02:29:00
   Click here to read more…
More About: Seattle , Journal , Wall Street , Survey , Street

Seattle’s Clise Family Pulls 13-Acre Property off the Market in Bellt
2008-05-07 08:41:00
Temporarily, The Clise family has pulled a major development off the market due to the credit crunch and a recent reevaluation of the economy.  The square footage for the property would have totaled that of 5 Empire State Buildings costing the family nearly $7 billion dollars!  The story received a lot of media attention last week but I thought this rendering was worth passing on.  Thanks Pablo!
More About: Family , Seattle , Market , Property

Carbon56-NOW LEASING??
2008-05-07 08:30:00
Today was the first day I noticed the Carbon56 sign on Aurora and I have to admit that I was pretty shocked! Being that there are several listings on the MLS for sale and homeowners that are already living in the building, it will be interesting to hear how this project moves forward with a substantial mix of condos and apartments under one roof. I heard that their website will be launching this coming weekend with additional information and for now more details can be found on SeattleRentals.com. Looks like there are 20 units available and studios/1 bedrooms are priced between $1675 & $2275 for 667 to 1,142 square feet. If anyone out there has the scoop on how this untraditional conversion will operate, please share!
More About: Leasing

Escala Update
2008-05-06 03:39:00
Escala Update : Summary of important and exciting news as of 5/5/08- - Having sold more than 50% of the total inventory, LEXAS Companies has announced the release of new the new home inventory on floors 9, 28 and the sub-penthouse level. - Come June 5th, prices on all previously released homes will be increased by 3-7% to balance the phased inventory. - The second level that accommodates Club Cielo has recently been completed and they are currently working on the first residential floor- Yay! - Club Cielo’s website is now up and running!

Live Historic’s Latest Conversions
2008-05-06 03:02:00
If you haven’t already seen the bright green signs on Boren Avenue, Live Historic is back at it again. The two most recent projects being The Marlborough (First Hill) and the De Lorges (Capitol Hill)- check them out! The Marlborough 1220 Boren Avenue This 13-story tower dominated First Hill’s skyline for decades and was once home to a member of the British royal family. The Marlborough features 83 fully restored homes including two penthouses, an elaborate lobby, rooftop deck, onsite parking and preserved marble floors, terra cotta carvings and arched windows throughout.Studios, 1, 2, & 3 bedrooms start at $225,000 while square footages range from 516 to 2,184 square feet. Click here for more details! De Lorges 325 Harvard Avenue East Located one block off Broadway, the 4-story De Lorges was built in 1928 and offers 27 completely restored homes with tons of character and charm. Studios, 1 bedrooms and 2 bedrooms are priced from $235,000 to $430,000 and squar...

South Lake Union’s 4th Annual Block Party- August 8th
2008-05-06 01:54:00
We are a little far out but for those definitely living or working in SLU, put this in your planner! For a full day of outdoor fun and entertainment for all, the South Lake Union ’s 4th annual Block Party is back this year on Friday, August 8th from noon to 11pm.  It will be held on the SLU Discovery Center lawn located at the NW corner of Denny and Westlake and will be the perfect opportunity to relax, meet your neighbors, sample food from several SLU restaurants, watch local chefs battle it out in the Whole Foods Audacious Burger Challenge, listen to local bands, watch a movie (Juno) and participate in the 2nd annual Muttmazing Race. Click here to visit the official Block Party website for additional information.
More About: South Lake Union

Monday Mortgage Update
2008-05-06 01:20:00
“KNOWLEDGE IS POWER.” It’s a phrase used by many, and last week was an important one to be in the know, as Bonds and home loan rates were affected by many big newsmakers and market shakers. Bonds and home loan rates found some improvement in the early part of the week, leading into the Fed’s big announcement on Wednesday of another .25% cut to the Fed Funds Rate. Typically, Bonds and home loan rates react poorly to Fed cuts, due to the increase in economic activity that lower Fed rates can cause, which turns into higher inflation. However, the Fed’s Policy Statement hinted that the present rate-cutting cycle may be nearing an end. As a result, Bonds and home loan rates reacted favorably to the Fed’s action. However, speaking of inflation, the Fed’s most favored measure of it - the Core Personal Consumption Expenditure Index - arrived on Thursday, showing core inflation at 2.1%, just a whisker above the Fed’s desired range for inflation...
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Discovery Center at SLU- One of the Top 10 Green Projects in the U.S.
2008-04-24 02:00:00
The American Institute of Architects Committee on the Environment announced their picks for the Top 10 Green Projects in the country for 2008 and Seattle’s Discovery Center in South Lake Union was one of the projects selected. The Discovery Center was designed by Miller/Hull Partnership, constructed with more than 80% of environmentally friendly and recycled materials and completed in 2005.  If you haven’t visited the center it is located on the corner of Denny and Westlake (101 Westlake Ave), houses the sales offices for Rollin Street Flats, Veer Lofts and Enso, and also has tons of information about the future of South Lake Union.

Four Seasons Milestone- Removal of the Tower Crane
2008-04-22 03:03:00
Today it was announced that the Four Seasons tower crane was disassembled and the project is right on track for fall 2008 occupancy.  Curious as to how they removed it? “To disassemble the tower crane, general contractor Lease Crutcher Lewis stationed one of the West Coast’s largest mobile cranes to the west of the building, along Western Avenue.  Transportation of the mobile crane’s parts to the site required 14 semi-truckloads.  Operators used the mobile crane first to remove the jib, counter jib, mast and operator’s cab, and then to dismantle sections of the tower crane from top to bottom, finishing with removal of the crane’s base. The tower crane’s components will be hauled away in 12 semi-truckloads.  The mobile crane reached 300 feet from lower Western Avenue to the top of the First Avenue building, making it the highest, longest “pick” in the area.  Lease Crutcher Lewis can now finish the interior spaces the crane had occupied on eight of the 21 floo...
More About: Tower , Milestone , Four Seasons

Monday Mortgage Update
2008-04-22 02:28:00
“THERE IS NOTHING WRONG WITH CHANGE, AS LONG AS IT IS IN THE RIGHT DIRECTION.” ~ Winston Churchill. And there were some big changes indeed for Bonds and home loan rates last week - but not necessarily all in the “right direction”. For most of the week, Bond prices were pummeled lower, causing home loan rates to rise - and even after a Friday afternoon rally, home loan rates worsened by about .25% for the week overall. One silver lining…some of the abuse that Bonds took was at the hands of somewhat positive economic news. Remember that positive or strong economic news tends to benefit Stocks, which in turn can pull money out of Bonds - which causes Bond prices to worsen and home loan rates to rise. So when news hit of a far better than forecast Retail Sales Report and much better than expected earnings reports from giants like Google, the financial markets responded by flowing money over into Stocks, and right out of Bonds, causing home loan rates to ri...
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McKean Condominiums in Queen Anne- NOW OPEN
2008-04-07 19:42:00
The McKean is an intimate vintage conversion featuring only eight 762 square foot one-bedroom homes encased in an original 1929 brick exterior.  While the building has been completely re-wired, re-insulated and re-plumbed, each unit features authentic original hardwood floors and window frames, as well as the original hex-tile bathroom flooring and refinished cast-iron tubs. Kitchens have been fully remolded with espresso-stained cabinets, slab granite counters, gas range, stainless appliances, tile floors and finished with crown molding detail.  Most homes enjoy spectacular views of Elliott Bay and the Olympic Mountains and the building itself offers reserved off-street parking and additional storage for each home! Pricing starts at $334,950 and the McKean is now officially open for weekend tours from 12pm-6pm.  For more information, visit their website or call 206-340-2287.
More About: Open , Queen Anne , Queen , Anne , Condominiums

Monday Mortgage Update
2008-04-07 18:44:00
“I KNEW THE RECORD WOULD STAND UNTIL IT WAS BROKEN.” ~ Yogi Berra A record was broken on the job front last Friday as the Labor Department reported a much worse than expected loss of 80,000 jobs in March - the greatest jobs loss reported in five years. In addition, revisions to both January and February’s Jobs Report delivered an additional loss of 67,000 jobs - that’s on top of the previously reported loss of 85,000 jobs for that two-month period. And…the story might be even a bit gloomier than it already appears. The Labor Department uses a lot of averaging to help it come up with its numbers more quickly, but this practice can skew the current picture significantly. Think of it this way - and because it’s now baseball season, here’s a Baseball analogy - let’s say that mid-way through the season, a red-hot hitter with a batting average of 340 declines into a bad slump for several weeks. While he now can’t even hit a basketball...
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NEW Listing!
2008-04-04 04:53:00
I have absolutely fallen in love with this house!  We have been preparing the house to hit the market for a little over two weeks now and every time I visit, I find myself walking throughout the rooms and ending up in the backyard thinking “what a great house!”  It has been very very well maintained, offers a great use of space, and the backyard is a perfect place to relax, work or play.  For a buyer who is looking to purchase a solid home with an opportunity to do a little customizing, this is the perfect investment and home.  -Ash   Click here for more details       
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Lake Union Park’s First Phase Grand Opening Celebration- April 30th,
2008-04-01 09:17:00
Join Seattle Park s Foundation, Seattle Parks and Recreation, and friends to celebrate the first public opening of Lake Union Park.  On April 30th, the public will be able to walk across the pedestrian bridge to 1.6 acres of green space embraced by Lake Union and relax on the terraced steps overlooking the water. Enjoy a free salmon bake, live music, boat rides, historic vessels, educational activities, demonstrations, and prizes.  Explore the first phase of Lake Union Park and see plans for the entire 12-acre park which will be open in 2010. Click here for more details!
More About: Celebration , Opening