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 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!

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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.

Former Value Village Could Become an Open Public Market

 

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Legacy Commercial and architecture firm Ankrom Moisan released their plans for the redevelopment of the Kelly Springfield Building (formally a Value Village) to the Pike / Pine Neighborhood Council on Monday.

The project aims to create 65,000 square feet of new office space, which will be split between a proposed three-story addition atop the Kelly Springfield Building, and a new, narrow, five-story building.  This new building will be built directly south of the Kelly Springfield Building on what is now a sunken parking lot.

Due to the Kelly Springfield Building status as a Seattle City Landmarks, Legacy Commercial, and Ankrom Moisan must have all of their plans approved by the city’s Architectural Review Committee.  The committee is instant upon the preservation of the building’s brick façade and also committed maintaining a public, retail ruse on the building’s ground floor.  Taking this into consideration, developers from Legacy Commercial are exploring the possibility of transforming the 12,000-square-foot ground floor into an open, food and retail destination, similar to Melrose Market.

Ankrom Moisan and Legacy will be providing its latest design proposal to the Early Design Guidance Review Board (EDG) on Wednesday, June 8, in the Student Center 210 Multipurpose Room of Seattle University, 1000 E. James Way.

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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North Capitol Hill Condo Available: $1,595,000

Capitol Hill Condo

This 4 bed 3 bath convenient urban condo in the North Capitol Hill neighborhood is now available, and has much to offer prospective homeowners! Gated entryway in a boutique complex, with expansive western views including Lake Union, the Space Needle, Puget Sound, Queen Anne and the Olympics. Features include walnut flooring, fireplace, breakfast/reading room, master suite + two additional bedrooms, and an additional full bath. This listing includes a 1,289 sf, one bedroom garden level condo full of natural light, hickory floors, and living and dining areas. Gorgeous grounds, outdoor pool, an urban oasis!

Status: For Sale
Bed/Bath: 4&3
Price: $1,595,000

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