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!

 

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.

Just Listed! Stunning North Capitol Hill Tudor

954 17th FrontJust listed, this North Capitol Hill home is lovely in so many ways. This stunningly updated and cared for Tudor sits on a pristinely landscaped corner lot, anchored by an 80+-year-old Atlas Cedar. This home checks every box: formal and sophisticated entertaining spots; beautiful and functional eat-in kitchen with attached family room; and chef’s kitchen fully equipped with stainless steel appliances and granite counter tops. This home features beautiful hardwood floors and leaded windows throughout; designer fabric window coverings; and Barbara Barry fixtures.

Hardwoods continue on the upper floor, and a full bath serves three comfortable bedrooms with generous closet space. It is easy to take respite in the master suite with its soft grey walls. A walk-in closet and full bath, adorned in Carrera marble and two pedestal sinks, in keeping with the homes era, complete this grown-up space.

The garden is serene and private. Landscaping by Beers-Withington, it is completely in touch with its environment; the native plantings designed to create a purposeful and tailored effect with a smidge of whimsy. There are three cedar decks: one directly off kitchen/family room for outdoor dining, one tucked privately along the side of the house to escape the heat and nap in a hammock, a third at the lawn’s edge to catch the last rays of sunlight.

For more information or to make an appointment to see this fabulous home, or to learn more about Capitol Hill real estate, please contact the listing agent: Kristine Losh.

The Details

Bedrooms: 4+ | Bathrooms: 4 | 4,050 sq. ft. | Year Built: 1928

Available for $2,100,000

   Bathroom    954 17th Living Room

KLosh954-17thAveE-71

Capitol Hill William Bane Home-For Sale

This Capitol Hill home for sale is a William Bain residence with glorious views of Lake Washington, the Cascades and the Arboretum.  The three bedroom, two bathroom home has been remodeled throughout, and has many delightful features including a granite entryway.  The gorgeous kitchen has high-end appliances, pretty moldings and millwork, and oak floors.  The home also has newly insulated windows and two walk-out decks.  Enjoy surround sound, recessed lighting, and air conditioning throughout this unique Capitol Hill home.  Please follow the link to find full listing details and photos or click here to search for other Capitol Hill homes for sale. 

Status: For Sale
Listing Price: $939,950
Bed/Bath:  3,2

Capitol Hill Home-SOLD

This stunning Capitol home sold in January has commanding wrap-around views of Lake Washington, University of Washington, and the Cascade Mountains.  This home is a picturesque William Bain residence with eight bedrooms and seven and a half bathrooms in over 7,000 sf feet. It has gracious rooms and fine millwork including walnut floors and lovely moldings, making for a romantic outlook.  The home also features a large living room, pretty library, dining room, and a big kitchen with commercial appliances. The home’s exterior has private terraces with lovely plantings and a Tsutakawa fountain in the entry courtyard. The unusual loft style 2nd floor family room with soaring ceilings is something not to miss.  The home located on E. Boston Terr was listed at $1,995,000.  See more details on this Capitol Hill home here or find more Capitol Hill homes for sale.

Status: Sold
Listing Price: $1,995,000
Bed/Bath: 8/7.5

Stuart Silk Capitol Hill Home

Stuart Silk Capitol Hill Home Stuart Silk designed the flawless remodel of this beautiful, classically styled home, sold in 2005. New additions include a gourmet kitchen with slab granite counters and a large family room addition with built-in speakers throughout.  There is also a luxurious master suite addition, a new media room, and rec room with exquisite millwork and moldings and wainscot throughout.  The arched doorways both inside and out add to the style of the home.  The exterior features a courtyard with fountain, a brick BBQ patio and romantic, pretty gardens.  The home has a new tile roof, new systems and new furnace.  Outside of the home is a 200 sf heated studio and a new two-car garage.

Satus                Sold
Price $3,295,000
Bed/Bath                  5/4.25

English Capitol Hill Home

English Capitol Hill HomeThis early century, English residence in the historic Capitol Hill neighborhood was sold in 2005. The home has a one-of-a-kind design including a large formal dining room with a barrel vault ceiling.  The home has many unique characteristics such as wainscot, stained glass, sconces, 1/4-sawn oak finishes, oversized windows, stained glass, and high ceilings.  The home has over 5 bedrooms and a third floor art studio.  It also features a sun room and state-of-the-art kitchen.  This Capitol Hill home is truly rare and distinctive-it’s a must see!

Satus                     Sold
Price                    $1,295,000
Bed/Bath                     5,3

Historic Capitol Hill Home

Historic Capitol Hill HomeThis beautiful 1905 Victorian Seattle jewel was sold in 2007.  The Capitol Hill home has grand rooms, great millwork, high ceilings, bay windows and plenty of space. The quiet, in-city location just off Millionaire’s Row is ideal.  The home lies on a level lot featuring many colorful plantings. The home’s spacious floor plan provides flexibility and room for adding value. You won’t be disappointed with this pretty home! There is a garage off of the alley and the home resides in a friendly neighborhood.  The home is a mere two blocks from the historic Volunteer Park as well as 15th Avenue trendy shops, restaurants and services. Easy access to downtown and freeways make it a quick trip to to anywhere you have to commute. 
Satus                      Sold
Price                      $1,175,000
Bed/Bath                      4/1.5