Alcyone Apartments Gets a Makeover

In the next few years Vulcan Real Estate plans to do some renovating in the Alcyone Apartment complex in South Lake Union. According to the Daily Journal of Commerce, the 161 unit building built back in 2003 will receive several upgrades including new appliances, and new fitness equipment for the community gym. Kitchens will receive Energy Star refrigerators and dishwashers, which will be installed to improve energy efficiency, and outdoor furniture will also be added to the amenities of the complex.
Other upgrades are to include single stacked washers and dryers in units, quartz counter tops in both the kitchen and bathrooms, and new plank flooring in the kitchen and bathrooms, as well as new carpet in some additional rooms. Units will be re-painted, and some rooms will receive new sinks and faucets, new cabinet faces in the loft units, and updated bathroom lighting and hardware. In a press release, Vulcan has expressed that the upgrades should help the Alcyone stay competitive in the neighborhood, with all of the new building proposals, and developments already underway. For more information about the apartments or availability visit Alcyone today.

SCCC Makes Room For Student Housing on Broadway

Apparently Seattle University isn’t the only school with plans in the works to expand their student housing. Seattle Central Community College is also busy at work towards utilizing some of their Broadway property as student housing. Seattle Central’s President has told Capitol Hill Seattle president that the college has an interest in a partnership with Capitol Hill Housing, and is currently exploring new ways to expand their student housing.
The Seattle Community College District put in a mail center for the College on Broadway a few years back, and in a recent Capitol Hill Housing board meeting, plans for the building were brought to light. SCCC intends to partner with Capitol Hill Housing to develop that space into a six story student housing  building, with the first floor dedicated for commercial space. Stay tuned for future updates on the building’s progression!

King County Housing Inventory Extremely Low

The NWMLS just released the King County residential real estate statistics and the hot topic is inventory is extremely low. King County single family homes for sale (excluding condos) are down 43% since last year.  At the end of November there were 3,720 listings for sale in the county compared to 6,487 last November.

This lack of inventory is causing prices to increase, median prices are up 20% from last November ($424,900 vs. $355,000), and average days on the market to decrease 9% from this time last year (115 days vs. 126 days).

Most real estate experts believe the reason for the low inventory is rental rates continue to rise and even with the recovery in pricing home values are still only matching what the prices were in early 2005.  Thus if you bought your house any time the last 8 years, it is likely better to stay in your home if you can.

Questions about the Greater Seattle real estate market, contact Ewing and Clark.

Ace Hardware to Move into the Securities Building Downtown

If you live in and around downtown, you’ll be thankful to hear that the city is finally getting a downtown hardware store. The Myers Group announced that they will be opening an Ace Hardware in the Securities building on 4th and Stewart in the first quarter of 2013. The store will be spread across 7,500 sf of retail space, catering to the ever growing population of city dwellers as well as businesses, creating a convenient place to grab your essentials such as hammers, fasteners and tools on the fly.
The Myers Group has said they’ve been looking for the right location for years, and they’re pleased a hardware store will now be able to assist the downtown population.  “The location adjacent to Bed, Bath & Beyond is a very complimentary fit for a hardware store and the Myers Group and Clise Properties were equally eager to make the terms of the lease work,” said Tom Graff, president of commercial at Ewing & Clark, who leased the space to the Myers Group. “When Richard Stevenson came to me to seek a quality retailer of the space, Tyler Myers was one of my first calls. His store will be a tremendous asset to the area and satisfy a steady request from downtown residential focus groups.” For more information and updates about the space, visit the Puget Sound Business Journal.

Don't Lose Your Dream Home to Another Buyer

As a renter, it’s possible you’ve toyed with the idea of buying, browsed available homes in your price range, or taken advice from friends and family in Real Estate. A word of advice if you’re ready to take the leap; don’t let your dream home be the one that got away. In your home search, you want to have no regrets and be absolutely certain that you’re the perfect match, and you don’t want to lose the right one to another buyer because you clammed up at the last minute.

Make sure your financials are in order whether your paying cash or getting a mortgage, and be prepared to provide your real estate agent with your proof of funds right away so they have that information on file when you submit an offer. Be positive this is a home you’ll be happy in for the long haul, and although you’ll likely have to compromise on certain issues, do your homework and make sure it has everything you and your family will need. With low inventory in the Seattle Market and the Puget Sound area, know that you’re not the only one likely interested in your home. There is potential for bidding wars, so if you know the time is right make an offer when you’re ready.

Aspira Sells For $165.7 Mil

The Aspira apartment building Downtown near South Lake Union was bought by T-C Aspira LLC on Thursday November 1 for $165.7 million, according to the Puget Sound Business Journal. Urban Partners and O’Conner Capital Partners developed the 37 story building, which has 325 units, and 6,500 sf of retail space.
The price per unit of this building after the sale is far beyond anything in the Puget Sound area. Based on the availability,the price per unit has been configured to $509,760 per unit, not including the retail space. For more information on the sale and building, visit the Aspira Apartments website.

Seattle Ranks High in Best 2013 Real Estate Markets

The nation’s real estate market is slowly recovering after the long haul, and 2013 is said to be the year for a turn around. According to the Seattle Pi, San Francisco is predictably the #1 city, with Seattle trailing shortly behind with a secondary market. Investors are leaning towards Real Estate because despite the slow recovery they are still able to profit.
The Emerging Trends in Real Estate Report by the Urban Land Institute indicated that San Francisco landed the # 1 spot due to tech, trade, and quality of life in the city along with neighbor San Jose which ranked 3rd on the list. Seattle, along with Houston, was highly ranked because of the growing number of “echo boomers” or those 25-34 year olds. This group has increased by 20% in Seattle, and reflect the future homeowners in the area. Right now the statistics show that this group is currently willing to rent smaller apartments for higher prices as long as they have enticing amenities and close proximity to public transportation. When will the echo boomers make the transition to buyers? Predictably 2013. For more information on the Emerging Trends report, visit the Urban Land Institute.