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.

November Real Estate Report!

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!

 

Capitol Hill Station Development Update

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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.

Ride The ‘New Wave’ At CoCa’s 24th Annual 24-hour Art Marathon & Auction

This Thursday marks the start of an artistic event unlike any other, The Center On Contemporary Art’s (CoCa)  24th Annual 24-hour Art Marathon and  Auction Gala.

This event is a spectacular three-day contemporary art extravaganza, in which over 20 local artists will draw, collage, paint, spray, wax, photograph, cut and sculpt to create over 100 new works of original art, before their freshly minted works are auctioned off at this year’s gala and auction.

The celebration begins on Thursday, November 10th at 10 AM, when the artists will converge on the Summit Building in Seattle (420 E Pike St) and begin their 24-hour long journey of creating new and inspired works of art. The public is invited to view the marvelous display of imagination and controlled chaos during the marathon.

On the evening of November 10th, join the ongoing bedlam at the Art Party from 6-9 PM, happening during the Capitol Hill Art Walk. Grab a sneak peek of the art in progress and the meet the artists, in motion, no less!  Admission is by donation to the art party.
The spectacle culminates on Saturday, November 12th with the Auction Gala. To celebrate CoCa’s 35th anniversary, the theme of this years’ gala is taking it all the way back to the year CoCa debuted on the Seattle arts scene, 1981, with a fun and funky New Wave theme, dubbing it the New Wave Ball. Guests are encouraged to glam it up for this event, in true 80’s style. So, bust out those studded cuffs, rubber bracelets and neon everything! (Bonus points if you dare to rock a A Flock Of Seagulls haircut!)

Doors open at 5:30 PM for the ever popular silent and live auction portion of the evening, with renowned auctioneer and MC, Laura Michalek at the helm, for what is sure to be a fabulous time.

While deciding how to place your bids, sip on complimentary local beverages provided by Elysian Brewing and Columbia Winery, or skip straight to the hard stuff at the cash bar, featuring Sparkle Donkey Tequila from Seattle’s own Black Rock Spirits.

Gala guests will then be treated to a delectable sit down dinner, provided by Underwood Stables and New Roots Organics, before heading out to the dance floor to cut a rug to the sweet new wave beats played by DJ Jesse Milden.

CoCa gathered an extraordinary group of artists to participate in this event, including, Leslie West, Crystal Barbre, Zeynep Banu Aley, CASH, Juli Adams, Casey Curran, Jessica Dodge, Julie Devine, Galvanic Games, Aaron Haba, Gabriel Marquez, Braden Duncan, Kemba Opio, Kyle Rees, Junko Yamamoto, Erika Rier, Sara Takako-Skinner, Casey Weldon, Mackenzie Stratton, Robin Walker, Hanna Myers, and Daniel John Williams.

CoCa’s main mission is to support and encourage the creation of contemporary art and gives 50% of the auction proceeds back to these artists. Your bid makes a big difference to these artists and the art community, so bid high and help them thrive!

If you’re passionate about art or just curious to see what’s happening in the local arts scene, this event is just your style! See how the art you love is made, meet the artists, and maybe even take it home, all the while supporting the local art community and the people who use their talents to make it fantastic!

 

Details-

November 10th and 12th, 2016

CoCA 24-hour Art Marathon Artist Preview Party
November 10, 2016, 6:00pm

CoCA New Wave Ball & Auction
November 12, 2016, 5:30pm

Location: Summit Building 420 E. Pike Street

Get your tickets here and more information here

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.

Hammershøi and His Contemporaries Lecture Series Begins August Second

800px-Vilhelm_Hammershoi_-_Interieur_mit_Rueckenansicht_einer_Frau_-_1903-1904_-_Randers_Kunstmuseum

Interior with Young Woman from Behind (1904)

In tandem with the Frye Art Museum’s current exhibition, Chronicles of Solitude: Masterworks by Vilhelm Hammershøi from SMK—The National Gallery of Denmark, the Nordic Heritage Museum and the Frye Art Museum are collaborating on a public lecture series titled Hammershøi and His Contemporaries. Comprised of four lectures, the series examines the four major genres represented in Hammershøi’s oeuvre: portraits, interior spaces, landscapes, and cityscapes.

Vilhelm Hammershøi (1864-1916), whose work was much admired by his contemporaries both in Europe and the United States, is best known for his paintings of sparse, light-filled interiors. Rendered in a strict palette of colors, Hammershøi’s canvases are reminiscent of Dutch Baroque paintings in their handling of light and subject matter. Owing to this mastery, German critic Georg Biermann described Hammershøi in 1909 as a “modern Nordic Vermeer.”

The first lecture in the Hammershøi and His Contemporaries series will be held August Second at 9:30 am in the Frye auditorium.

Cost for series: $110 for NHM and Frye members, $170 general admission

Register Here

Seattle Asian Art Museum Renovation

Seattle Asian Art

Beginning in the spring of 2017, the Seattle Asian Art Museum will close to undertake a major renovation that is slated to cost in the neighborhood of $45 million dollars.  The renovation, which will be the first the museum has undergone since its construction in 1933, will modernize the facility while preserving the integrity of the historic building.

In 1990 the Seattle Art Museum moved from its original building in Volunteer Park to downtown Seattle. The museum’s original building was converted to house the museum’s vast collection of Asian antiquities and opened to the public under the name the Seattle Asian Art Museum in 1994.

The Volunteer Park museum building was designed by architects Carl F. Gould and Charles Bebb in the Art Moderne style and opened to the public in 1933.  As a conscious reaction to Art Deco, with its exuberantly decorative historicism, Art Moderne was optimistically modern. Designers abandoned ornament and instead took inspiration from the smooth surfaces of the machine. With its bold horizontal massing and smooth, limestone facades, the Seattle Asian Art Museum fits well within the canon American Art Moderne architecture and due to this the building was declared a Seattle City Landmark in 201

The first in a series of community feedback sessions is set to occur at the Seattle Asian Art Museum 10:30 a.m. to noon Saturday, July 16, in the Alvord Board Room, which will include updates on the design process. LMN Architects has been hired on to the project.

Capitol Hill Real Estate: May Report

Capitol Hill is one of the most popular neighborhoods in Seattle. The real estate is always booming in the area. Last month there with fifty sales, 37 of them being condos. There are currently 48 active listings and 82 pending. The lowest year-to-date sales price is up from $141,000 to $203,000 and the average year-to-date sales price is up from $567,000 to $609,350.

For similar information on Denny BlaineMadison Park, or Madrona real estate please click the previous links to each of these Seattle neighborhoods.

Capitol Hill is a part of “Central Seattle” as defined my Seattle real estate agents. Central Seattle real estate basically includes the area from the Montlake cut to I-90 and from Lake Washington to I-5.  The start of the year shows home prices are up across the city and sales for the first two months are down with 165 sold in 2015 versus 158 in 2016.  Currently, in this central Seattle area, there are 177 active listings.

If you have any questions about the Seattle real estate market, please feel free to reach out to a local Seattle real estate agent.