Capitol Hill Real Estate Report – July 2017

 

Past Sold Listing in Capitol Hill

Just like Seattle’s weather the real estate market in Capitol Hill continues to stay hot. There were 23 single-family homes sold last month and 38 condos. The average list price for a single-family home climbed from $975,595 (7/2016) to $1,052,900 (7/2017). The highest cost for a home jumped from $1,925,000 (2016) to $2,550,000 (2017), the lowest as also spiked from $500,000 to $645,000. There are currently 17 active listings and 24 pending.

Past Sold Listing in Capitol Hill

Condos have also shown growth in the Capitol Hill, Seattle area. The average list price for a condo in the Capitol Hill neighborhood has jumped from $432,094 in July of 2016 to $533,034 this past month (July 2017). The highest sold price was $3,050,000, $1.45 million more than July 2016. The median price for a condo has gone up from $392,000 to $510,000. There are currently 12 active listing and 34 pending.

 

The Greenest Commercial Building on Earth

The Bullitt Center, the world’s only fully self-sustained office building.  Photo: Joe Mabel

To be called the world’s greenest office building is no easy feat, but the 6-story Bullitt Center at 1501 East Madison Street between Capitol Hill and the Central District has attained that status. Completed in 2013, it has won numerous environmental awards and received much media coverage since then, due to being completely self-sustaining, like a forest, thus not contributing to global warming. It’s considered a “Living Building”, mimicking how nature reuses, stores, and filters materials in a productive way. The Bullitt Center was built to last 250 years, and is so effective at generating energy that it has an excess during the summer months.

Created as part of the Living Building Challenge, this building produces its own energy through solar panels on the roof, processing its own rainwater for reuse, composting toilets, a bike garage + showers, rare triple-pane windows, completely non-toxic and locally-sourced building materials, automatic blinds adjustment according to sun position, heat pumps processing at 400 feet below the soil, and lots of natural light and wood throughout. The building is purposely situated near various public transit and has the best walking score possible: 100 out of 100. Tenants are given an energy allotment according to how much space (ranging from 2,000 to 8,000 square feet) they occupy in the building. If they stay within those parameters, they receive a financial incentive at the end of the year.

Denis Hayes, who has an incredible environmental resume (including being the organizer for the very first Earth Day in the 1970s, then bringing it to the global stage) is now president of the Bullitt Foundation, which owns the building. In critical upcoming years, as urban populations continue to grow, Hayes hopes that the Bullitt Center will serve as an example of what’s possible, and will promote future construction of other living, sustainable buildings.

Photo: Joe Mabel

Tips for Spring Sellers!

 

The flowers are starting to bud, and the sun is peaking through the clouds (on some days); Spring is in the air and For Sale signs are emerging around Seattle. How do you stay ahead of the game? As the housing market begins to heat up, sellers can take these extra steps to help stand out among the rest. At first glance, potential buyers are scrutinizing your property before they even step foot in the door, and having a clean entrance and yard can make a big difference for first impressions.  Adding a beautiful potted plant to the front porch, or staining the front deck could be relatively small projects that could add generous appeal to your home.

Staging your home is another great way to entice buyers to choose your home. Hiring professionals to arrange your home to appeal to a broad array of buyers could be the difference between a buyer choosing your home, or choosing one just down the street. Removing personal belongings helps buyers envision themselves living on the property- not you. Also remember to give your home a good cleaning before showings; a clean home feels bigger and more inviting.

For more information on Seattle real estate, contact your local real estate agent today.

“Little Big” Yum Headed To Capitol Hill

A Portland favorite is heading our way this Spring!

Portland’s native Little Big Burger has big plans for its sister city to the north, with intentions to open several locations in the greater Seattle area, including one right here in Capitol Hill.

The Oregon chain intends to keep its delicious reputation in tact when it expands up north, featuring root beer floats made with creamy Tillamook ice cream, scrumptious truffle oil fries and their signature burgers made with 100% natural Cascade Natural Beef, stacked high and full of flavor.

All this locally sourced goodness, and with prices to boot! If you haven’t made the trip to one of the original locations in Portland, you’ve been missing out on some grade A taste and quality at incredible prices, with a savory cheeseburger coming in at under $5, including your choice of cheese, brioche bun, ¼ lb of natural beef and all the traditional toppings, Not to mention a generous portion of truffle fries for under $3!

In case you’re not sold on the exceptional quality and value of LBB, read this from their website:

“lbb burgers are made with a 1/4 lb. of cascade natural beef, brioche buns, local cheeses, fresh veggies and camden’s catsup.  everything is delivered fresh daily, and cooked to order in an open kitchen. please note that all burgers are cooked to traditional medium unless otherwise requested”!  

That’s right, not only are these burgers affordable and tasty, they are made fresh to order, with locally sourced ingredients delivered fresh daily. Unlike most burger joints, LBB offers you choices to really customize your burger, many available at no additional charge. Not a fan of cheddar? That’s cool, they’ve got swiss, chèvre, bleu or pepper jack on deck to make your burger just the way you like it. Watch the crew make your burger fresh, right in front of you in an open kitchen, well within view of the dining area. With quality, fresh ingredients, they’ve got nothing to hide.

Little Big Burger will be a perfect addition to the Capitol Hill scene, joining other burger biggies such as 8oz Burger Bar, Lil’ Woodies and LBB will be just up the street from the Japanese Burger Phenomenon Katsu Burger. The Hill seems like the perfect location for LBB to land, as it has become kind of the center of trendy dining in the city of late. But, as mentioned previously, they will be putting in locations across Seattle. They’ve even signed a lease in Green Lake, making that 2 LBB sites slated to open here this spring.

Most of the details pertaining to the Green Lake LBB location remain to be seen, but the Capitol Hill location is expected to be the PDX exports Seattle Flagship location. Coming in at about 2,500 square feet and located right on the corner of 12th and Pike (in the New Beryl Apartments) the Cap Hill location is set to be one of LBB’s biggest locations to date.

Look forward to more information about PDX’s Seattle take over and learn more about Little Big Burger here

Capitol Hill Real Estate – 2016 in Review

Capitol Hill HomesCapitol hill real estate, like Seattle real estate, continued to be strong in 2016.  Capitol Hill home market in 2016 seemed uninterrupted from 2015.  Prices were up in total ($983,591 average vs $981,161) and cost per square feet ($460 average vs $439), days on marketed decreased (25 vs 32), and the number of sales increased (221 vs 204).

Capitol Hill condos still attracted Seattle buyers in 2016 like they did in 2015.  While the number of condos sold reduced (349 vs 365) nearly all other numbers improved. Median sales price ($399,000 vs $355,000) and average price per square foot ($552 vs $492) went up.  The numbers of days on market tightened with condos staying on for only 18 days in 2016 versus 23 days in 2015.

Maybe the most astonish number for the previous two years is both the Capitol Hill homes and Capitol Hill condos on average sells for over list price.  In 2016, the average Seattle home on Capitol Hill sold for 103.1% of list price in 2016 and 103.6% in 2015 and the average Seattle condo on Capitol Hill sold for 104.2% of list price in 2016 and in 2015 it was 102.7%.

The Capitol Hill real estate market is similar to Seattle and the surrounding counties.  The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 Washington State counties) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year.  For the 23 counties, the median sales price increased 8.9 percent from $310,000 in 2015 to $337,500 in 2016.  Condos, which make up a smaller share of the market, were actually up 12.6% while single-family homes increased 8.7%.

Inventory was tight throughout the year, there was an average of 1.86 months of inventory in 2016, compared to 2.4 months in 2015.  King County was the tightest with only 1.1 months of supply.  A balanced market is generally considered to be between 4 and 6 months of inventory.

2017 seems to be taking over where 2016 left off.  Low inventory remains and prices remain strong.  As always, to maneuver the market, reach out to your local real estate agent to navigating the Seattle real estate market.

These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.

Pictured: Capitol Hill Home sold in August 2015 for $2,550,000.

Capitol Hill Station Development Update

12-06_openhouse

Photo by Brandon Marcz, The Capitol Hill Times

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. capitolhillstationsite

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
  • rooftop deck
  • underground parking
  • 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.

Capitol Hill Real Estate Report – October 2016

capitol hill real estateAs with the rest of Seattle, Capitol Hill real estate continues to perform well.  In October of this year, there were 13 Capitol Hill homes sold for an average of $926,000 and 28 Capitol Hill condos for an average of just over $446,000.  The highest price in October was $1,500,000 for a home on 16th and Republican and $1,150,000 for a condominium on the 700 block of Belmont Ave.

The Central Seattle area (between I-90 and the Montlake cut and I-5 and Lake Washington) saw the average price of homes up from October 2015 of $882,720 to $990,258 in October 2016 while condos rose from $507,567 last October to $593,872 in October this year.  The number of sales of area’s homes decreased from 83 in October last year to 64 this year, whereas the number of condos sold rose from 52 to 79.

While prices of real estate on Capitol Hill and in Central Seattle are significant, they are still dwarfed by other local areas.  For example, the average price on Mercer Island this October was just under $1.5 million and the Bellevue area west of 405 was nearly $2 million.

North Capitol Hill Home New to the Market!

klosh1115-60

This quintessential North Capitol Hill Tudor sits privately above the street on coveted 22nd Avenue East, one of Seattle’s finest blocks. Generosity and flow of space are the key elements making this home both luxurious and functional.

The expansive but private front porch is a room of its own–a great spot for breakfast or an evening read. The large, sun-filled living room boasts classic Tudor-style details: original stained glass and leaded windows, beamed ceilings, and a wood burning fireplace framed by a substantial mantel and built-ins. Off the living room is a cozy study with a gas fireplace.

Perfect for entertaining, the spacious dining room is conveniently open to the living area, kitchen, and breakfast room. The chef’s kitchen is well equipped with a commercial range combo–6 burner gas cooktop, double oven, broiler, and griddle–plus ample counter and storage space, counter eating, and a cook’s desk. Just off the kitchen and breakfast room, a decked garden space is lush with mature shrubs, trees, and vines.

The 2nd level features the bright and spacious master suite with walk-in closet, finished sunporch, and full bath; two more bedrooms, one with in-suite bathroom; a stately office with gas fireplace; a 3rd full bath; and hall closet space.

The 3rd level is complete with two large bedrooms, both with a pair of built-in single beds; a full bathroom; craft/work room; large storage room; and another large closet. In keeping with this home’s spacious overall feel, the basement level hosts a sizeable recreation room warmed by a wood burning fireplace; a huge, open laundry area with laundry chute and closet; and, of course, plenty of additional storage space.

Nearby shops and restaurants, parks, excellent schools (both private and public), 10 minutes to downtown, this home meets all your needs and more. Make this your forever home.

99-Year Deal Advances Plans for Multi-Use Light Rail Complex

Gerdling plaza

Sound Transit recently agreed to sign Portland-based Gerding Edlen to a 99-year contract to develop the area around the Capitol Hill Transit Link Light rail station, according to Curbed Seattle. The area will be multi-use with a strong community-based approach, including apartment living, Broadway Farmers Market, daycare center, and other smaller businesses. A larger anchor store has yet to be determined.

A large appeal for the complex is easy access to popular areas of Seattle, due to the complex’s location over the new 8-story underground Capitol Hill Transit train station, which opened on March 19th, 2016, and is located at 140 Broadway East. In under 4 minutes, riders are able to reach the University of WA. During rush hour, trains leave the station every 6 minutes, and every 10-15 minutes during non-rush hours. Seattle Central Community College, Group Health Medical Center and other locations are also accessible.

Developer Gerding Edlen plans to move ahead with construction in spring of 2018 and potentially will be completed in late 2019.

The Gaffney House Hits the Market

1604 17th Ave Gaffney House-5The Gaffney House, facing east on the corner of 17th Avenue and Madison Street, has just been listed for sale by Ewing and Clark Inc. The current owner, Full Life Care, a not-for-profit organization, has owned and operated a memory care home out of the property for the last 12 years.

“For persons living with dementia,” says Nora Gibson, Full Life Care’s executive director, “our small-scale assisted living is a fantastic model. But the reality is it’s cost-prohibitive for us to continue at this location. We’ll invest the property’s equity into our other memory care home in Columbia City and our adult day health centers throughout King and Snohomish counties. We are committed to providing fiscally-sound solutions for the long-term care needs of our most vulnerable populations.”

1604 17th Ave Gaffney House-2Prior to the establishment of Gaffney House in 2004, the property had served many purposes. In the 20th century it had numerous incarnations: hospital, mental health facility, a venue for weddings and other large parties. At one point, it was even configured into a warren of non-profit arts organizations. Most recently, the stairwell was encased, a large elevator was added, and extra-large bedrooms were re-sized.

Gibson emphasizes that Gaffney House will continue to provide high quality of care during the sale. “We expect the process to take many months,” she says. “And our residents’ quality of life will always be our paramount concern. When the sale approaches, we’re committed to helping families make a smooth transition for their loved ones.”

“Our residents and their families have loved what we’ve accomplished at Gaffney House,” Gibson says. “And it is at a very special location in the heart of a mixed-use area. It’s even conveniently sandwiched between two incredible markets: Trader Joe’s and the Central Co-op. Like Gaffney House, I’m sure a new use will develop from the sale that will be of great benefit to the Capitol Hill community.”

1604 17th Ave Gaffney House-3The stately 1906 house was originally built for Caroline Kline Galland and was completely renovated in 1990 and again in 2003. The elegant and palatial property sits atop Capitol Hill, one of Seattle’s most dynamic & vibrant neighborhoods. The Gaffney House is equipped with handicapped and elevator access to all four floors, two full staircases, fire sprinklers, fire rated doors, & other life safety improvements and is currently approved for 16 residents, while operating as Full Life. This property provides a unique high profile investment opportunity in a NC365′ zone.

For more information about Full Life Care programs, contact Doug Harkness at 206.224.3757. To inquire about the sale, contact Ewing & Clark, Inc.: Tom Graff at 206.295.1445 or Jane Powers at 206.322.2840.