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Madison Lofts Announces Over 600 Property Tours in the Last 2 Weeks!
2008-07-14 17:56:00
In the past two weeks, Madison Lofts have apparently had over 600 people tour the property during their Grand Opening event.  I guess the King5 interview really created some exposure…I wonder how many have sold? I will have an update shortly! Click here to read the Madison Lofts newsletter.
More About: Weeks

Monday Mortgage Update
2008-07-14 17:40:00
We could be in for another explosive week, as several reports will show the impact inflation continues to have on the economy. Tuesday will bring the wholesale inflation measuring Producer Price Index as well as the Retail Sales Report, which measures the total receipts of retail stores. Since these numbers reflect consumer spending patterns, this report will show how much of an impact inflation and high oil prices are having on consumer pocketbooks. On Wednesday, the Consumer Price Index report will be released, and this widely-watched report will reveal the level of inflation at the consumer level since it shows how much more expensive goods and services are this month over last month. Also, on Wednesday, we’ll get to see the minutes of the Fed’s last Federal Open Market Committee meeting. These minutes could cause some sizzle in the markets especially if they give any indication of what the Fed will do about its benchmark rate, the Fed Funds Rate, at the next meeting....
More About: Monday

Something New…
2008-07-10 02:26:00
  I decided to take a different (fresh and fun) approach to marketing some of my listings- this is the first of many so let me know what you think! I am hosting a series of fashion shoots in a select group of properties changing themes and styles to match each home.  This particular shoot was at the home I have listed for lease in Magnolia- click here for more details! Fashion photographer, Michelle Moore, coordinated the models, hair and makeup, while the clothes were provided by Fremont’s MERGE.  Thanks to everyone involved for your help and participation!  You might catch a better look of the spread in this month’s DLIST Magazine or Belltown Messenger!    

Two Tower Condo Project on 5th Ave- Officially Postponed!
2008-07-10 01:55:00
Multi Capital Group is delaying construction on their two-tower development right across from the Westin known as Pagoda and Heron towers. The plan was to build 400 condos, a 200-room hotel and 312,000 square feet of commercial space (office and retail) but due the current market/economic conditions and the lack of financing for the project, they have decided to postpone. For how long?  Alex Carlin, the senior project manager says “We’re still trying to decide when is the best time to move forward,” with the prediction that in 2011/2012 there will be a shortage of condos in the downtown area.  Click here to read more!
More About: Tower

Seattle’s Lowest Vacancy Rate-2.6% in First Hill
2008-07-06 09:25:00
Tom Cain of Cain Inc. recently reported that the average vacancy rate for properties of 50 units or more in the King and Snohomish counties are currently sitting at 4.44%- just a slight drop from last year. The lowest vacancy rate found in both counties was in Seattle’s First Hill neighborhood at 2.6%.  This could be attributed to the new hirings at Swedish Medical Center, the limited availability of newer apartment buildings, very convenient access to the downtown core/freeways and reasonable rental rates. Cain also sited over 7,613 new apartments are under construction, 3,124 of which are located in Seattle- a 32% increase over the last quarter! Click here to read more.
More About: First Hill , Vacancy , Rate

4 Units Left at Trace Lofts!
2008-07-03 02:35:00
   #403 2 bed/ 2 bath 1154 sq ft MLS# 27070450 $850,000  City skyline views 368 sq ft terrace   #406 1 bed/ 1 bath 789 sq ft MLS# 27070439 $495,000 Mt. Rainier views Original quilted salvage door Breakfast counter bar 139 sq ft terrace  # 407 Open 1 bed/ 1 bath 703 sq ft MLS# 27070452 $485,000 *Featured on HGTV’s “Househunters” Mt. Rainier views 116 sq ft terrace Designer accent paint   #506 1 bed/ 1 bath 787 sq ft MLS# 27070893 $595,000 13 ft ceilings Original quilted salvage door Lofted bonus space 137 sq ft balcony     
More About: Units

Sprinkler Fitters LOCAL 699- ON STRIKE at 1521 2nd Ave!
2008-07-02 19:47:00
I had to snap a few shots of the picketing outside 1521 2nd Ave this morning…looks like the Sprinkler Fitters are ON STRIKE! On Monday the members of the Sprinkler Fitters Union Local 699 presented an offer to raise wages $14 an hour over three years.  The union rejected the proposal and will be waiting for a meeting to be called for further negotiations.  According to their website and the Tacoma News Tribune, a full time union member can make up to $100,000 a year and this particular union represents more than 500 workers in seven counties.     
More About: Strike

Capitol Hill’s First Church Condominiums- UPDATE
2008-07-02 01:24:00
  First Church Seattle and the Thompson Team have just announced an update on their landmark project at 1519 E Denny Way.  With construction under way, foundations are currently being poured for the 12 luxury town homes within the historic structure and the projection completion date is right on track for Spring 2009. The First Church website has been updated with interactive floorplans, interior design concepts, custom upgrade opportunities, project images, current news and pre-sale information.  If you reserve your home now, you can be apart of the design process in creating your new home!  
More About: Hill , Capitol Hill , Condominiums , Capitol

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...
More About: Monday

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...
More About: Mortgage , Update , Monday

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...
More About: Rental , Waterfront

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!
More About: Madness

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 ...
More About: Update

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...
More About: Reduce , Funds , Rate

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!
More About: Update

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...
More About: Mortgage , Update , Monday

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!
More About: Owner , Moves

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