Like the rest of Seattle, Capitol Hill real estate market continues to be very strong. This past month (November), Capitol Hill had 37 sales. While not a lot of sales, the details are interesting. Last month, the traditional Seattle home was listed for $849,880 and sold above asking price: $1,136,000. Another home was listed for $1,375,000 and sold for $1,510,000. With limited inventory, buyers are competing and raising the prices even higher than asking. The median average sale price has gone from $447,500 (November 2015) to $567,500 (November 2016). The average highest price has jumped by $204,000 and lowest going up by $55,000. A couple sales can change the average quite a bit, for example Capitol Hill had several small condos sell in, what a difference a year makes!
On December 6th, a community openhouse was held at 420 E. Pike Street to show ideas and preliminary design proposals for development around the Capitol Hill light rail station. Input from the general public was encouraged. Hosted by Capitol Hill Housing and Gerding Edlen, (the latter is developing the site), members of the design team were on-hand to answer questions.
There appear to a number of goals surrounding the development, mostly having to do with creating a centric, community-based environment which promotes easy accessibility, while incorporating affordable housing in the mix. There are four sites that will be developed around the transit station at 140 Broadway East on Capitol Hill, some with resident-friendly features, such as a daycare center.
Here are a few of the ideas being proposed:
a blend of housing and retail, including potentially a restaurant
ground-floor daycare center, including an adjoining outside play area
large anchor retail store
twice-weekly, year-round farmers market on the plaza (adjacent to Cal Anderson Park)
great accessability and an easy walk to the transit station
20-100% affordable housing, depending upon the building site, based on average median income
“festival street” that would close to vehicles during special events
library amenity on a 2nd floor
urban agriculture (they are currently looking for a farming partner)
The Capitol Hill Link Light Rail station links the University of WA to Downtown Seattle on a 3.15 mile-long line, and greatly reduces the normal car commute. The station is located on the surface as well as underground, and was newly opened this year. Construction around the station will begin in the spring of 2018 and last for 18 to 24 months.