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!

 

North Capitol Hill Home New to the Market!

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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.

Central Co-op Announces Interest in Upcoming Capitol Hill Station development

A preliminary rendering of the future Broadway development flanking the new Sound Transit stop.

A preliminary rendering of the future Broadway development flanking the new Sound Transit stop.

During its annual owner meeting Sunday evening, Central Co-op announced that is pursuing the anchor tenant space in the Capitol Hill Station’s four-site, mixed-use project that will surround the recently opened transit station. Dan Arnett, the cooperative’s president and CEO believes that Central Co-op is “not only the best option for the site but [that] there’s a cultural link.”

Central Co-op’s upcoming formal proposal for the site pits the co-op against New Seasons, a Portland-based grocer that announced its interest in the location earlier this year. While both stores emphasize regional and organic food, Central Co-op’s workforce is unionized while New Season’s is not.

New Seasons’ interest in the Capitol Hill Site sparked dissent from labor advocacy groups earlier this year. Several groups sent a letter to the Sound Transit board, opposing New Seasons as the anchor tenant for the development. The groups argued that “access to jobs for low-income communities and opportunities for locally serving businesses” should be high priorities for the development project. Sound transit, however, does not involve itself in tenant selection which is being left to Gerding Edlen, the developer of the project.  Gerding Edlen, the developer of the property, confirmed that, in addition to New Seasons, “we have received interest from other potential anchor tenants. We have not determined our anchor tenant yet.”

A potential grocery store is far from the only tenant going into retail spaces. Along with more traditional shops, Gerding Edlen envisions a large “bazar” called “The Market House”, which will include a mix of retailers housed in booths of varying sizes to accommodate start-ups as well as more established retailers.

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

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Melrose Promenade Plan Taking Shape, Set For 2017 Completion

Melrose PromenadeMelrose Avenue East runs along the western edge of Capitol Hill, and though it provides some of the best views in the city of the Olympic Mountains, the street itself is unwelcoming and often the site of robberies and other crime. A greenway at its north end that should be a perfect place to sit and watch the boats on Lake Union is overgrown and isolated from the rest of the neighborhood.

A group of neighbors has been working since 2010 to transform the street into an inviting promenade that will serve as Capitol Hill’s “front porch”, proposing wider sidewalks, benches, trees and new landscaping (including creation of Bellevue Place Park north of Roy Street), and public art. Aided by a $20,000 Neighborhood Matching Fund grant from the City of Seattle, the Melrose Promenade planning group released a Visioning Project Report in September 2013, outlining the group’s proposed design for the corridor. The planning process took a big step forward this October, as the City announced it would incorporate the promenade project in its citywide network of greenways, and set a project completion date for 2017.

While this is a major victory for the community members who have been working to see this project through, they still need public support, and there will be an extensive public engagement process throughout the planning stage in 2015. So, keep up to date on the project’s website, and if you would like to help fund the project you can do so through the Seattle Parks Foundation.

Support Local Businesses At Shop The Hill This Weekend

Shop the HillIf you are brave enough to hit the stores on Black Friday this year, consider staying a little closer to home and doing your holiday shopping at Capitol Hill’s many independent merchants. More than 50 shops will be running discounts and giveaways on Black Friday, November 28, as part of the “Shop the Hill” event, and on November 29 and 30 to celebrate Small Business Saturday and Sunday.

Capitol Hill’s wide range of shops means you will likely be able to find a gift for everyone on your list, from kids to grandparents. Head to The Red Balloon Company on 15th Avenue East for 15-20 percent off select toys; enjoy 10 percent off all blankets, candles, and housewares at NuBe Green for the home decorators in your life; storewide discounts at Dr. Jen’s House of Beauty; 20 percent off 5-class cards at 8 Limbs Yoga Boutique; 25 percent off any one item at LTD Art Gallery; and many, many more (click here for a full list of participating shops). While you’re at it, get yourself the gift of 50 percent off all nail services at Bang! salons.

If you’re looking for unique gifts for your loved ones and you want to avoid the crowds and overflowing parking garages you’re sure to find downtown, make a day of walking around the Hill and visiting the shops that give our neighborhood its character. Happy shopping!

Halloween Pub Crawl On 15th Next Saturday 10/25!

15th Ave Pub CrawlThink of next Saturday’s 1st Annual 15th Avenue Halloween Pub Crawl as trick-or-treating for grown ups, except instead of candy you’ll be collecting delicious beers and prizes at bars and restaurants up and down 15th.

Put on your costume and start the night off at Smith at 5:00 p.m. After that, the crawl will move every 45 minutes, starting with Coastal Kitchen (don’t forget to eat a few oysters…or a dozen), followed by stops at the Hopvine, Liberty, Harry’s Bar/Olympia Pizza, and the Canterbury. The person with the best costume will get a special prize, so make sure to stick around until the end!