Seattle Ranks #2 in Cities Where Renters Rule!

While renting might sometimes feel like you’re flushing a hefty portion of your income down the drain, as it turns out, renting might make the best financial sense for a few years. According to a reporting from Zillow’s break even horizon metric, (a system measuring the number of years it takes after buying a home is more financially beneficial than renting) Seattle ranks # 2 in the top 10 cities where renters actually might have the financial edge over homeowners.

Zillow’s results were found by taking the period of time calculated with the net cost of buying a home, and also the costs of renting that same home. The results show the average and median break even points at the city and metro areas. Seattle ranked 2nd only to NYC, and advised renters in New York City need not feel rushed into buying, unless you’ll be staying for at least 5 years, as it generally makes more financial sense to rent a flat within the city limits. The average break even point for Seattle homeowners is 4.3 years, so renting for the short term, might be the best financial option. More information on Seattle Rentals can be found here.

Two New Developers Begin Apartment Construction this Summer on 14th & Republican

There is a new apartment project being planned on Capitol Hill, on the corner of 14th Ave E & E Republican Street, that is said to be for renters looking for a boutique building to live in, with retail and a great walkable score. According to the Daily Journal of Commerce, new developers  John Schack and Dugan Earl have formed a development and consulting  company in the Seattle area called Revolve, and will begin construction on their first project this summer. Finding the perfect site for the proposed 35 unit 4 story apartment complex wasn’t easy. The dynamic due apparently spent 6 months analyzing  some 150 sites on Capitol Hill, Fremont, Ballard, Columbia City and West Seattle; all urban areas predicted to continue blossoming with renters.

While they were knee deep in the search, they ran into a road block, and a big one at that. According to Schack, “once a property is listed, it’s blood in the water for piranhas.” They found themselves coming in second, and being beat to the punch when expressing interest in any given project, so they found an alternative option. They approached sites that were of interest to them that were off-market, and purchased a 10,183-square-foot Capitol Hill site in November 2011 that is soon to be the home of their first project. The building will have 33 one bedroom units, 2 studios, and 19 stalls for below ground parking, a courtyard for entertainment, and a roof top deck. For more news to come on when the project will be leasing units, visit Revolve’s news blog.

Shoreline Rental Available: $1,799

 

This lovely 2 bed, 1 bath rental home in Shoreline is now available! Located in a quiet neighborhood in a cul-de-sac, this rental is in a great location near shops, close proximity to a bus line, Shoreline Community College, Ronald Bog Park, among other attractions. The home sits on a large landscaped lot, with a fenced backyard, with a new deck, and hot tub! Inside the home, there are two fireplaces, hardwood flooring throughout, new tiling, and a recently updated kitchen and bathroom. This is a first time rental, and you can definitely see! For more information on rentals around the Seattle area, visit your local Real Estate Agent.

Status:	For Rent
Bed/Bath:	2&1
Price:	$1799/mo

Walton Loft Apartments Coming to Belltown

The Schuster Group has scooped up land on the corner of First and Vine, and is planning a 132 unit 12 story apartment complex, with 75 underground parking stalls. Walton Lofts will be right across the street from the Millionaire’s Club, Bang Bang Cafe, and a hop skip and a jump to the Belltown Cottage Park (which played a role in the building’s design process) and Rudy’s Barber Shop.

Photo courtesy of the Schuster Group

The land is currently a parking lot at the corner of Vine Street, and VIA Architecture and Shoesmith Architects are the building designers. Vine street has been designated a “green street” along with 16 others around town, non arterial roads that are designated to providing pedestrian gathering spaces, and more trees and landscaping than other city blocks. Walton Lofts is planning to have trees and shrubs on site, and wider sidewalks along Western to create more hang out areas. For more information on the project, visit the Daily Journal of Commerce.

Winter Causing a Spike in Your Energy Bills? Check These Spotty Areas for Air Leaks

The weather outside is frightful; dropping into the 30s and 20s this week in Seattle and surrounding areas! Now that winter is settling in nicely, you may have noticed a spike in your energy bills… and now you’re wallet is scarier than the snow flurries out your window! before you crank the thermostat, check out these nooks and crannies in your apartment, and see if there is any air leaking in, causing your home to lose heat. Your door is a great place to start. You use it to get in and out, so it’s going to cause some heat to escape throughout the day, but heat should not be escaping when the door is shut.
Door seals and weather strips can be damaged or outdated, so check with your landlord to see if this is something they will fix, or if you can solve to issue yourself. Your windows is another notorious place to cause issues, with heat escaping through the glass (especially in single pane windows) and through the casing around the glass. Window insulator kits are a great way to keep the heat in and cold air out, and can be found at most home improvement stores. If your rental has a fireplace that cannot be used, check to be sure it’s plugged and the flues are sealed, and if its a wood burning fireplace more heat will escape through the chimney than enters your house; so be sure the doors are closed if it’s not in use if possible. If you’re home still doesn’t seem to be keeping the heat in, you can check with your property manager to see if they have any further tips for keeping your particular unit nice and warm, and those bills down.

Magnolia Craftsman Home Rental: $3,200

This impressive 3 bed 1.75 bath Magnolia craftsman home is now available for rent, and features hardwoods throughout the main level, with a gas fireplace, and open floor plan for entertaining. It also has a great deck on the front of the home, perfect to oversee the neighborhood, sweeping bay and mountain views and great for entertaining. The lower level has a fully finished basement with custom built-ins and finishes, bedroom and recently updated bathroom. The home also comes with a 2 car garage, and is a first time rental; and it certainly shows! The home is just blocks away from Discovery Park, and in close proximity to the Magnolia Thriftway and the Magnolia Public Library.

Status: For Rent

Bed/Bath: 3/1.75

Price: $3,200/Mo

West Seattle’s Blake Apartments to Begin Construction Soon

According to the folks over at the West Seattle Blog, Indigo Real Estate Services has announced that plans for the 5020 California SW apartment complex are scheduled to begin construction in January 2013, and their aiming to be open for tenants the summer of 2014. That means for those West Seattleites who have anxiously been waiting for 5 or so years for  an update on the former Spring Hills project: the Blake Apartments are back on!
The Blake was named after the most visible island that can be seen from the building rooftop deck, the complex will also offer views of the Puget Sound and Olympic Mountains for its residents. The Blake will be an upscale, pet friendly establishment, with 101 units including two story town homes, studios, 1 bed 1 bath, and 2 bed 2 bath apartments. It will have 87 underground parking stalls, and a secure indoor bike storage, with a greater ratio for tenant parking than most complexes in the Junction. For more updates and information on the Blake, submit your contact information today.