Seattle Rentals

Survey Indicates Renters Are More Optimistic About Buying

noreply@blogger.com (KTiernan) — Wed, 09 May 2012 16:44:00 +0000

Renters in today’s market may have seen the value of their parent’s homes sky rocket, then deplete, or they most likely know someone who’s home is up for foreclosure. According to a survey done by the PulteGroup, The hope of home ownership is still in the air for many who rent and want to buy. Survey results showed that 60% of renters who said they would like to buy a home in the future have increased their intent to buy a home in comparison to a year ago. 61% of those folks also said they planned to purchase a home within the next two years.
When asked if they thought buying a home was a good investment, 44% of those poled said yes. According to Builderonline.com, the PulteGroup’s responded to the overall survey results with “We are seeing a renewed sense of optimism, especially from young professionals and young families visiting our communities nationwide,” Deborah Meyer, PulteGroup senior vice president. Many factors went into this survey and interestingly enough the pole also found that just over 1/4 of those poled believe that renting is cheaper than buying, and a little shy of a quarter are still worried about a stable job. For more information on Rentals and For Sale listings in the area, visit Craigslist.

Zillow Reports Rentals Continue to Outshine Housing Market

noreply@blogger.com (KTiernan) — Mon, 30 Apr 2012 17:43:00 +0000

According to Zillow’s Real Estate Market Report in February, the median price in rent had risen 2% since February 2011, and home values had continued to fall, dropping 4.5% during the same time period. Zillow’s Rent Index illustrated that the year over year gains for an estimated 68% of metropolitan markets measured by the ZRI, and only 8% of metro areas covered by the Zillow Home Value Indexsaw home values rise.

Seattle Rental in the Leschi Neighborhood

Today’s rental market is continuing to heat up, with an emphasis on areas where home values have consistently been declining. Foreclosures have been at the forefront in keeping home values down, with foreclosure re-sales making up an estimated 20.3% of all sales in the month of February. Zillow experts have said that we’ve made it through the worst of the housing market recession, but with the enormous inventory of foreclosures and unemployment are all still factors to overcome on the rise to recovery. For more information on rental listings in the Seattle area, visit Ewing & Clark and Craigslist.

Up and Coming Neighborhood for Renters & Buyers: Atlantic

noreply@blogger.com (KTiernan) — Tue, 24 Apr 2012 22:34:00 +0000

The Atlantic neighborhood in Seattle, nestled in between Beacon Hill and Mt Baker is gaining popularity with younger home buyers and renters in recent months due to it’s convenient location, and up and coming amenities.

Not even five years ago, we remember when this neighborhood was experiencing mass redevelopment and construction of the 2nd I-90 bridge, leaving the Atlantic area is rubble, covered in a film of dirt. Left in the midst was abandoned housing, sky high dirt mounds and 23rd Ave S was closed to traffic for quite a stretch. Today the neighborhood is home to trendy bars and restaurants like Dallas BBQ Soul Food & Catering and Farestart Cafe, has a light rail stop, is in close proximity to downtown and the Eastside, and has several trails for bikers and runners; even has it’s own dog park! The neighborhood started looking promising to buyers and renters a decade ago and today affordable pricing plays a huge role in the deciding factor. According to the Seattle Times, in February this year the median value of all single family homes in the area was estimated at $284,200, down 2.2% from the previous year. The median cost of rent in the neighborhood for a single family home was estimated at $1,674/mo, while apartments were estimated at $1,521/mo; up from the previous year, but significantly less than other areas around the city. If you’d like more information on for sale listings around the area visit Ewing & Clark, or find rentals around the neighborhood here.

Madison Park Rental - Available for $2,375 a Month

noreply@blogger.com (KTiernan) — Tue, 17 Apr 2012 18:29:00 +0000

The Madison Park neighborhood is praised for it's beautiful waterfront homes, views of the NW mountain ranges and short distance to several neighborhood amenities and parks. If you’re looking for a waterfront property to rent in the Seattle area, this gorgeous corner unit next to Madison Park beach and park is now up for grabs! This two bedroom one and a half bath unit is near several shops and restaurants in the area, including the Madison Park Conservatory, The Attic and Cactus eateries. The Madison Park neighborhood is said to be one of the best to live in around Seattle and if you’d like more information regarding this waterfront rental, please contact Ewing and Clark East.

Rent Continues to Rise as Home Prices Take a Dip

noreply@blogger.com (KTiernan) — Tue, 10 Apr 2012 16:21:00 +0000

Remember the days when renting was cheaper than buying? While rental rates continue to soar, in many states across the country, home prices are starting to level off. According to CNN Money, home prices have declined 0.7% over the past 12 months, and the median rent for all types of homes was set at $1,350/mo in March. Several metro areas are raising their rents into the double digits across the nation. For example, in Sarasota, FL the average rent rose 12.9% year-over-year, making it the largest jump out of the 100 largest metro areas according to real estate site, Trulia.
Metro neighborhoods where prices skyrocketed were able to do so because of a few similar factors, including a rising demand for a limited supply of rental units. The overall national vacancy rate for apartment complexes, fell 0.3% during the first quarter, dropping to it’s lowest rate since 2001. In contrast, the cost of buying a home has decreased in several areas over the past 12 months, and mortgage rates are at an all-time low. If you’re looking to buy in the Seattle area, here is a list of exceptional homes in the Seattle luxury real estate market. Many are still skeptical of the optimistic outlook, because there is a high percentage of Americans who aren’t able to look into buying a home at this time due to unemployment, low credit scores, etc and rental rates could continue to climb because of this factor. For an extended article, please visit CNN Money.

Scams in Seattle Rental Market

noreply@blogger.com (KTiernan) — Mon, 12 Mar 2012 22:33:00 +0000

The Seattle Times has announced that there are currently scams in the housing market to be aware of when browsing for your new home. Online scammers are advertising listed homes and foreclosures as "For Rent" that they most likely do not own, and very likely have never even seen before. These homes are usually For Sale, or currently being foreclosed, and scammers are taking advantage of the new vacancies right and left. Potential renters are asked to send a deposit before receiving their keys. This scam may seem like an obvious one, but these kinds of scams have been on the rise along with unemployment and desperate apartment seekers looking for a low price ticket. Be wary if a manager asks for wired funds through Western Union or Money gram without letting you into the Unit first. For a detailed description, read the extended article here.

Seattle Rentals on the Rise

noreply@blogger.com (KTiernan) — Mon, 05 Mar 2012 23:43:00 +0000

According to Bloomberg.com, U.S. apartment and rental vacancies have decreased over the last few months, which have allowed landlords and apartment buildings to increase their rental rates. There has been an increase in the number of families relocating to Seattle with companies such as Amazon, Fred Hutchinson, local hospitals, and other companies going through hiring frenzies. Many of these families aren't in a hurry to purchase, since they aren’t familiar with the Seattle neighborhoods, and aren't sure which would best suit their needs; almost all also have the luxury of temporary housing. Larger companies tend to offer temporary housing which allows tenants the time to learn more about which neighborhoods they would prefer to live in, while simultaneously leading to a decrease in Seattle apartment vacancies. Owners of single family rental homes throughout the Puget Sound area have benefiting from those wishing to find their dream home, and opting for a house instead of an apartment. These owners benefit due to a lack of inventory and a large amount of people searching, which consequently has allowed landlords to obtain higher rental rates. To find more about Seattle Rentals, check out some current listings here.

Seattle Makes List of "Cities Where Rents are Rising the Most"

noreply@blogger.com (Sarah Hill) — Mon, 23 May 2011 22:02:00 +0000

The folks on MSN Real Estate published a list of U.S. "cities where rents are rising the most", and not surprisingly, Seattle made the cut. Seattle was given the No. 9 slot, and it’s no wonder considering how hot the rental market currently is. The weak housing market coinciding with a decreasing (albeit slow) unemployment rate is forcing Seattleites into renting. If I remember the concepts of my microeconomics class correctly, then yes, it’s likely a large majority of renters will be seeing rent increases in the coming year(s). A recent Seattle Times article published in March revealed that vacancy rates fell to 4.9 percent, the lowest since 2007. Developers are also taking advantage of the trend with proposals for apartment buildings and complexes in multiple Seattle neighborhoods. For example, the Pine Street Group is planning a twin-tower complex in Denny Triangle, Schuster Group changed condo proposal plans to an apartment proposal set for Belltown, and Avalon Bay Communities plans to have two, seven-story apartment buildings in the U-District-just to name a few. Don’t fret, renters. If you’re phased by the increasing rents, consider finding rentals from private parties through agents or a listing database. Not to say their rates won’t reflect the current market, but they could be less likely to systematically raise rents which can often happen with large apartment buildings. Please follow the link if you’re a renter and searching for your perfect Seattle rental.

New Program Has Building Owners Tracking Their Energy Consumption

noreply@blogger.com (Sarah Hill) — Fri, 13 May 2011 18:33:00 +0000

The Seattle Department of Planning Development launched a new program this week to help commercial and multifamily residential business owners measure their building’s energy efficiency over long periods of time. Owners will use the U.S. Energy Star ratings and disclose these ratings to the city and other related parties like tenants, sellers and buyers annually and/or at request. The program is called the Seattle Building Energy Benchmarking and Reporting, and is aimed to reduce gas emissions and reduce energy consumption in Seattle’s buildings by 20%. Part of the program’s appeal is gaining results at a very low cost, and job creation in the green field. The “benchmarking” portion of the program calls for owners to calculate their rating based on actual utility bills, averaging them with number of tenants, building usage, etc. and comparing it with other local buildings. This process kind of reminds me of Microsofts Hohm website which I previously blogged about, encouraging homeowners to do the same sort of energy use tracking. This is a great way to expose owners to their building’s green footprint, and an easy thing to track. Although benchmarking for large buildings is considerably harder, utilities now have automatic applications to upload energy data to the EPA. All commercial buildings 50,000 sf or greater must comply with the program by October 3, 2011 and report annually every April 1st, and commercial buildings and multifamily building of 10,000 sf or greater must comply by April 1st of 2012, and annually report every April 1st. For more information on the Building Energy Benchmarking & Reporting program, please refer to the official website.

Twin Tower Apartments Breaking Ground Soon

noreply@blogger.com (Garrett McGuire) — Wed, 20 Apr 2011 21:36:00 +0000

According to the Seattle Times, a Seattle developer plans to start construction on a twin tower apartment complex in Denny Triangle. This apartment complex, Sixth & Lenora Apartments, will have 654 units available for rent and will also have approximately 18,000 sqft of ground floor retail available. This article is further truth to our last blog "Seattle Rental Market Is Hot". To get more details on the project, please click the link above.

Seattle Rental Market Is Hot

noreply@blogger.com (Garrett McGuire) — Wed, 20 Apr 2011 00:17:00 +0000

It's great new if you are landlord and not if you are in the market for a Seattle rental. The article, Hot Apartment Market Settles in For a While, in the Seattle Times gives details about what is going on with the Seattle apartment market. Basically with less people owning their homes, whether they are scared to buy (debate per the article), they lost their home, or if they are just moving here and do not want to commit until they experience Seattle, the demand is going up for Seattle apartments. And that applies to the luxury rental market as well. For example, The Bravern, the Bellevue 440+ unit building that was converted from condos to apartments, is already half full even though not all the units were on the market until past October. In addition, the supply for rentals is increasing slowly since there are not as many apartments being built as there were in the past. According to the graphs on the article vacancy in King county apartments is down to 4.3% from 6.8% two years ago. In the same time period, average rent has gone from $1,015 to $1,045.

To get more details, read the article by clicking the link above. It is an interesting article if you are looking for a Seattle apartment or if you are a landlord.

Seattle Real Estate News- March 18th

noreply@blogger.com (Sarah Hill) — Fri, 18 Mar 2011 20:04:00 +0000

Seattle Commercial Real Estate News:

Office space leasing is picking up in Seattle, from the Dendreon deal in the Russell Investment Center to Amazon.com’s transaction of 460,000 sf in the 1918 Eighth office tower. The space leased by big tech companies in downtown Seattle has made for some of the biggest commercial lease transactions of 2011.

Seattle Real Estate News:

The owners of a Leschi home that was injected with tear gas canisters, after police mistakenly thought it to be the location of police-shooter Maurice Clemmons, is getting or over $900,000 in damages from the city of Seattle. About $250,000 of will be attributed to home repairs.

Rent demands are on the rise and the people of Seattle shall be heard. Some, like the Schuster Group hear loud and clear. The Schuster Group recently changed a condo building proposal to an apartment building proposal set for Belltown as a result.

Developer Avalon Bay Communities has proposed a new apartment complex to be in the U District near University Way N.E. The two buildins will have a combined 385 units and 12,000 sf of retail.

Mercer Island Home- Available

noreply@blogger.com (Garrett McGuire) — Tue, 15 Feb 2011 22:44:00 +0000

Our Mercer Island office has a home on Mercer Island's popular First Hill neighborhood for rent. The home features breathe taking views of Lake Washington, Downtown Seattle and the Olympics. This residence was built in 2001 and is 5,200 sqft with 5 bedrooms and 5 bathrooms. Several perks can be found through out the home, which include a Chef's kitchen with top of the line appliances, formal dining room, a guest suite and an executive office. The multiple decks are great for BBQ's and watching the sunset over the Seattle skyline. To find other Luxury Rentals, pleas click here.

Redmond Apartment Complex Fire

noreply@blogger.com (Sarah Hill) — Tue, 04 Jan 2011 19:14:00 +0000

This past weekend, in the early hours of New Year’s Day, a fatal fire in a Redmond Apartment complex killed a father and four children. The fire, at Sammamish Ridge Apartments on Redmond Way, apparently began around 2:30 in the morning after New Year’s celebrations had ended and the children were put to bed. Lily Reasor, the mother of three of the children and step-mother of one, escaped the blaze and was held back by fire fighters from re-entering the building. Although the cause of the fire is under investigation, police are considering the possibility that the fire was accidental caused by smoldering ashes. A witness told police that Reasor had been flicking her ashes into a bathroom garbage can earlier in the night. The building had smoke detectors which were working, according to surrounding residents, yet the complex did not have a sprinkler system installed. Sprinkler systems were not required when the building was built. We offer our condolences to the victims’ families in this tragic accident.

New Apartments Near Fremont

noreply@blogger.com (Sarah Hill) — Fri, 17 Dec 2010 22:46:00 +0000

Today, Prescott Homes of Kirland, a development LLC, purchased property between North 39th and 40th Streets in Seattle from Quality Food Centers (QFC). The property, which sits between Fremont and Wallingford on Stone Way, is essentially a giant hole. QFC had plans to develop, but trashed those because of the current economy. The property sold for $8 million and Prescott Homes plans to develop an apartment building after opting out of building a condo portion for QFC’s original plans. Last year, Prescott received a land-use permit for the apartments and last month, a permit for the foundation and garage. The proposed building will be 5-stories and house 150 apartments.

Colman Tower Design Approved

noreply@blogger.com (Sarah Hill) — Fri, 17 Dec 2010 22:35:00 +0000

The Weber Thomson design proposal for the new Goodman Real Estate project, The Colman Tower Apartments, was unanimously approved this week by the Seattle Downtown Review Board. The proposal for a 6-story, 208-unit mixed-use apartment complex came earlier this year and is geared towards young, urban professionals. The building will feature rooftop amenities such as a terrace, dog run and common barbecues. The building’s interior will include a gym, lounge center, theatre room and game room. Goodman Real Estate has owned the property the tower will sit on for 10 years, and plans on developing 2,000 apartments in the Seattle area. These first 208 will be loft-style and an average of 700 sf in size. This is a good time for development as renters are on the rise. We hope this will help boost the real estate rental market in Seattle. The new construction and beautiful (proposed) building and almost-waterfront location at 888 Western Ave. next to Colman Dock should only make the project more successful.

Ex-Cons: Can They Rent?

noreply@blogger.com (Sarah Hill) — Wed, 01 Dec 2010 23:24:00 +0000

Landlords have, for a long time, understood the anti-discriminatory laws in Washington that come with the job. In accepting tenants who have applied for rentals, landlords are unable to discriminate on the basis of race, creed, color, national origin, sex, sexual orientation, marital status, familial status, disabilities, or honorably discharged vets. They can, however, discriminate on the basis of criminal history. In recent weeks, social-justice groups and offenders are hoping to change this. One of their main arguments is that ex-offenders who are denied housing only increase the homeless population in the city. The Seattle Times’ article on the subject profiled one woman who has been denied housing after being charged 4 years ago for second-degree robbery. Her then boyfriend robbed a bank, and after not calling the police, was sentenced and served 6 months in jail. The goal of activist groups is to have people convicted of nonviolent and nonsexual crimes put on a protected list, so as they cannot be discriminated against when applying for housing. The director of the civil rights office believes that although this type of discrimination won’t be banned outright, landlords will have some discretion based on the history. However, the Rental Housing Association of Puget Sound fears this outcome because it takes away the power landlords have in the selection of a tenant. The association’s president also made a smart comment on the fact that a criminal history often comes from choices a person has made, as opposed to traits such as race and age. Thus, it makes sense to consider any and every conviction the applicant has. Others who back the proposal believe that giving an ex-offender housing after time served provides them stability and proper settling, as 98% of prisoners are eventually released back into society. Some programs in the state make it easier for ex-cons to get housing like the Landlord Liaison Program, which pay some of the property damages and unpaid rent, if there is a lease default. Other states in the nation have already imposed laws that ban the discrimination, and Washington may soon be joining that list.

The Seattle Waterfront-A Future View

noreply@blogger.com (Sarah Hill) — Mon, 29 Nov 2010 22:03:00 +0000

The last time we posted an update about the Alaskan Way Viaduct Project was in September after the neighborhood meeting. The Viaduct is scheduled to come down in 2015, and discussions for its future are still underway. Today, the Seattle PI posted an online photo album of the current Viaduct and a number of simulated images that could be the new Seattle waterfront. The images were taken from and compiled by the Washington State Department of Transportation. The “future” images provide Seattleites with a little bit of hope, because the replacement will surely be timely and messy. If we have this to look forward to, it may just be worth the trouble!

Pnk Ultra Lounge-The Place to Be and Be scene!

noreply@blogger.com (Michelle McMahan) — Sat, 20 Nov 2010 01:00:00 +0000

Seattle’s newest lounge, Pnk has been the talk of the town since it first opened its door last month, Countless individuals, mostly young mid 20’s-30’s , go there from all over to get a piece of the new modern playground made for Seattleites and people alike. The lush Vegas atmosphere and hip ambiance creates a very trendy and certainly cool environment you sure won’t want to leave. This multi-million
dollar project was created with idea of “women” in mind. The owners Rob and Tammie Armijo created a perfect environment for the young urban professional women with 3 bars, 40 flat screens, 2 VIP areas, outdoor seating, and even a bar in the Women’s bathroom equipped with its own male bartender! Whether you’re male or female you’re sure to find a place at Pnk. Now open on the 4th floor of Pacific Place. Special thanks to our companies own, Erwin Park, for negotiating the lease. For more information about Pnk please visit their website www.pnkultralounge.com

New Apartments in Belltown

noreply@blogger.com (Sarah Hill) — Fri, 19 Nov 2010 23:08:00 +0000

Just as the McGuire Apartments are headed to demolishment, a new apartment project is proposed for Belltown. The 17-2tory apartment building, to be called “Alto”, will be located on 3rd and Cedar. The expected 184-unit building ‘s construction will be the first of multiple proposals in Central Seattle in the last three years to start. The building will also have 2,700 sf of retail space. The developer, Harbor Properties (who is well known for Downtown’s Harbor Steps project) bought the land in March of last year, but decided not to build until the financial market had improved. The high demand for rentals in Seattle, especially among the younger populations in Belltown, has increased substantially in the past few years. As many of the projects in Belltown are condos, it is a nice change of pace to see some new apartment buildings. This will be the newest among a number of other buildings including 2300 Elliot, The Avalon, and Archstone Apartments, to name a few. The apartments will be aimed at middle-income renters as well, which is a plus for the younger population. Looks like Belltown living is back on the rise, as we expect the residential project from Goodman Real Estate (located on Western) to start in the near future as well.

Plans for the old Ballard Denny's lot.

noreply@blogger.com (Michelle McMahan) — Thu, 28 Oct 2010 18:53:00 +0000

The Ballard Denny’s once sat on the corner of 15th Ave NW and NW Market St. Back in 2008, after much controversy, the old “Googie” architecture that housed the breakfast chain was torn down to build a condominium complex. Due to the market crash of 2008, the lot continues to sit vacant-but not for long. On Monday this 1.38 acre lot sold for $12.5 Million to Chicago’s Equity Properties. The name may sound familiar as the company owns several other condominium projects throughout Seattle including Harbor Steps, Olympus, and the Centennial Towers, just to name a few. Equity Properties is the biggest openly traded apartment company in the nation. The plan is to build a mixed-use building with 288 units and up to 33,850 sf of street retail. Change is in the future for Ballard. A commencement date has not yet been released. For more info visit www.seattletimes.com

Pyramid Living

noreply@blogger.com (Sarah Hill) — Tue, 26 Oct 2010 23:58:00 +0000

Most of us have seen the Smith Tower located on 2nd Avenue in Pioneer Square. In the midst of many of the low rise buildings and condos in Pioneer Square lies the Smith Tower, a 1914 Seattle Landmark standing at 42 stories tall. It’s named after its builder, Burns Lyman Smith and it has a phenomenal observation desk on the 35th floor. What most of us in Seattle didn’t know until The New York Times brought recent attention to it was that a family currently lives in the pyramid-shape penthouse apartment near the top of the tower. The Lahaie family, Petra Franklin, David and their two daughters, have a long-term lease in the 1,750 sf, two bedroom, two bathroom downtown Seattle apartment. After the building was renovated in 1998, Ms. Franklin decided she wanted to live there-and that’s exactly what happened. Belltown and downtown Seattle living can be found where you least expect it. It just takes a little effort to find to find a rental or for sale property.

-Image courtesy of planetware.com

McGuire Apartment Tear Down

noreply@blogger.com (Sarah Hill) — Fri, 22 Oct 2010 18:10:00 +0000

In a previous blog, agent Michelle McMahan wrote about the McGuire Apartments in Belltown. Yes, that building on 2nd and Wall surrounded by scaffolding, you’ve seen it. In April of this year, the first demolishment announcement was made after reports of structural problems and cable corrosion. Debate (details here) over who was at fault ensued and in the meantime, tenants were asked to vacate with monetary incentives for prompt vacation. Well according to the Daily Journal of Commerce, issues have been resolved and the property owner Carpenter’s Tower LLC and contractor McCarthy Building Companies Inc. have come to a decision-McGuire is good to go. To the ground, that is. Settlement terms and a tear-down date were not disclosed, but Belltowners can be sure that the building will undoubtedly be demolished. We can only hope that construction closures and the like won’t be affecting the surrounding roads and businesses too much.

Bravern’s North Tower Converts To Luxury Apartments.

noreply@blogger.com (Michelle McMahan) — Thu, 21 Oct 2010 18:28:00 +0000

Due to the success of the south tower conversion last April, Schnitzer West, developer of Bravern’s Multi-use complex in Bellevue, made the decision to convert the north tower luxury condominiums to apartments to mimic its neighboring south tower. The south tower's conversion has been extremely successful with nearly 25 leases per month. In the last 6 months, occupany has reached 65 percent. Luxury Apartments are available in both towers for lease starting at $1,550.
Please see my previous blog about the Bravern Complex for more info.

Plans For a 16-Story Residential Building in Pioneer Square

noreply@blogger.com (Michelle McMahan) — Wed, 20 Oct 2010 20:20:00 +0000

Goodman Real Estate continues to move forward with its project proposal for the construction of a mixed use, multi-family building in Seattle’s historic Pioneer Square District. Land-use signs have been installed with plans to build a 16-story tower with 9,900 sq ft of commercial retail, 208 housing units and 124 parking stalls.

Goodman Real Estate will have to go through one more planning meeting with the Seattle Department of Planning and Development before the project is ready to erect.
Please refer to my last blog for more information.