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!

 

Former Value Village Could Become an Open Public Market

 

Cap Hill MArket 5-18

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.

Legal Battle Over Convention Center Expansion Continues

 

A rendering of the proposed convention center expansion.

A rendering of the proposed convention center expansion.

The massive expansion being undertaken at Washington State Convention Center remains in limbo as a heated legal battle between the convention center and Skanska-Hunt continues. The conflict between the two parties originated in March, when Skanska-Hunt, the construction company the Washington State Convention Center Public Facilities District hired in 2015 for the $1.4 billion expansion, was dropped from the expansion project. In response, Skanska-Hunt filed a lawsuit in King County Superior Court, which aims to stop convention center officials from beginning another contractor selection process.

On Wednesday King County Judge Beth Andrus denied Skanska-Hunt’s appeal to be reinstated as the contractor. The larger issue of whether the convention center authority wrongly terminated Skanska-Hunt, will be decided in a trial to take place within the next four months. During the trial, Judge Andrus has granted Skanska-Hunt’s request to stop the convention center officials from finding a new contractor.

The grounds of Skanska-Hunt’s termination are at the center of this case.  The construction company called the dismissal “shocking and tremendously disappointing.” Arguing further that:

“We have operated in a professional manner consistent with our corporate values and in the best interest of the Washington State Taxpayers who will ultimately fund this $1.4B project, the statement said. The services, which we have provided WSCC, are consistent with the manner in which we have delivered similar projects for the cities of San Francisco, Phoenix, San Antonio, San Jose, Seattle and others over the past decade.”

Pine Street Group, which is serving as the expansion’s project manager, believes that Skanska-Hint is perhaps “not the right fit for the project.”

Despite the common process for publically funded projects to select contractors based on price, the convention center chose Skanska-Hunt for a variety reasons.  According to Judge Andrus’ ruling, the convention center dropped Skanska-Hunt in order to peruse a cheaper option.

The Washington State Convention Center expansion is expected will increase the center’s exhibition and meeting space to 1.2 million square-feet.  A 30-story residential tower, a 16-story office building, and new retail and public spaces are also part of the project. Despite the legal issues currently playing out, the project is still slotted to break ground in 2017.

Capitol Hill Real Estate: Steady as She Goes

Capitol Hill SeattleCapitol Hill Real Estate is pretty steady as compared to last year.  This July there was 51 sales, the average days on market for a Capitol Hill property was 35 days, and the average sales price was just over $500,000.  Comparing this to last July there was 57 sales, the average was 32 days on market, and the average sales price was slightly over $525,000.  All the numbers are very similar to the previous year.  For example, the above pictured North Capitol Hill home sold twice in the past year and half.  Both times the home sold for essentially the same price indicating the market has been relatively steady over that time.

Capitol Hill real estate market has a small sample size so the statistics have to be tempered because a few sales can make a huge difference.  Looking at both residential and condo sales in the Central Seattle real estate market (east of I-5 to the lake; south of the Montlake Cut to I-90) the number of sales increased (last July 146 sales vs 153 sales this July) but the average sales price decreased slightly from $650,977 to $644,454.

While numbers were gathered from the Northwest Multiple listing Service; Statistics not compiled or published by the Northwest Multiple Listing Service.

Feel free to contact me if you want a complimentary price opinion of your home:  Kristine Losh, Ewing & Clark Real Estate.

North Capitol Hill Craftsman Home: $685,000

cap hill blog home

This lovely 4 bed, 2.25 bath North Capitol Hill Craftsman home is now available! Features of the home include beamed ceilings, oak flooring, wainscot paneling, large windows, cheerful garden, covered porch and an upper deck. The home is located in close proximity to shops, restaurants, Volunteer Park, schools and also a short distance to the University of Washington, downtown Seattle and freeway access. The home is currently leased through February 2015, if you are interested in this or other Capitol Hill neighborhood homes, contact your local real estate agent today!

Status: For Sale
Bed/Bath: 4/2.25
Price: $685,000

Restaurant Marron Opening in Olivar’s Old Location

After 6 years on the hill, Olivar’s will close its doors at the end of April. According to Seattle Met, Eric and Zarina Sakai are bringing “fine dining without the fluff” to this historically unsuccessful restaurant spot, and we certainly hope they break the dryspell. This dynamic duo is bringing their culinary expertise to the hill to tease our palates with a culinary journey of a steadfast European tradition; Restaurant Marron will serve a 16 course, hours-long tasting menu of french inspired dishes with modern flavors, and the Seattle twist in this establishment is eating like Kings in a casual setting. Olivars

Eric Sakai has pledged to keep the atmosphere casual, and the dishes unique and tasty. Opening sometime this summer, diners will have the option of the 16 course tasting bites menu or choose a four course menu option if they’re not up for the commitment. Stay tuned for future updates on the opening date.

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