Consider The School District When Buying

As you begin your home search, there are plenty of things you already know to factor in the decision: price, neighborhood attributes,  beds and baths, square footage, and proximity to work. But have you considered looking into which school districts are round the neighborhood you’re searching? In Seattle as we know many new homeowners aren’t planning on having children anytime soon or maybe not at all, but this doesn’t mean that you should cast the school district factor aside; even if you do not have children or do not plan to, the quality of education nearby can greatly affect how much you pay for your home, and how much you can expect to sell it for in the future. You’ll pay more for your home if it is within a good school district. Parents of school age children are always searching for high school ratings, and often will pay more to live in a zoned neighborhood within a highly rated district. A good school district can also protect you from the ups and downs of the real estate market; even in an unpredictable market, a home in a great school district will likely see nearby home values staying consistent or above the median. This will protect you when it comes time for the resale, and although there are no guarantees, you can rest assured parents will always be looking to move to the best neighborhoods with the top schools. For more information on Seattle real estate, please contact your local agent today.

Check out our “Neighborhood Schools” tab above for more information on the schools in the Capitol Hill neighborhood!

Capitol Hill Real Estate Report – July 2017

 

Past Sold Listing in Capitol Hill

Just like Seattle’s weather the real estate market in Capitol Hill continues to stay hot. There were 23 single-family homes sold last month and 38 condos. The average list price for a single-family home climbed from $975,595 (7/2016) to $1,052,900 (7/2017). The highest cost for a home jumped from $1,925,000 (2016) to $2,550,000 (2017), the lowest as also spiked from $500,000 to $645,000. There are currently 17 active listings and 24 pending.

Past Sold Listing in Capitol Hill

Condos have also shown growth in the Capitol Hill, Seattle area. The average list price for a condo in the Capitol Hill neighborhood has jumped from $432,094 in July of 2016 to $533,034 this past month (July 2017). The highest sold price was $3,050,000, $1.45 million more than July 2016. The median price for a condo has gone up from $392,000 to $510,000. There are currently 12 active listing and 34 pending.

 

Tips for Spring Sellers!

 

The flowers are starting to bud, and the sun is peaking through the clouds (on some days); Spring is in the air and For Sale signs are emerging around Seattle. How do you stay ahead of the game? As the housing market begins to heat up, sellers can take these extra steps to help stand out among the rest. At first glance, potential buyers are scrutinizing your property before they even step foot in the door, and having a clean entrance and yard can make a big difference for first impressions.  Adding a beautiful potted plant to the front porch, or staining the front deck could be relatively small projects that could add generous appeal to your home.

Staging your home is another great way to entice buyers to choose your home. Hiring professionals to arrange your home to appeal to a broad array of buyers could be the difference between a buyer choosing your home, or choosing one just down the street. Removing personal belongings helps buyers envision themselves living on the property- not you. Also remember to give your home a good cleaning before showings; a clean home feels bigger and more inviting.

For more information on Seattle real estate, contact your local real estate agent today.

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.

Capitol Hill Home For Sale: $1,275,000

This beautifully restored Capitol Hill home is newly on the market, and sits directly across from Volunteer Park. The lovely designed home has been featured in Seattle Homes & other local magazines, for it’s fine craftsmanship, and beautiful mill work, with beamed ceilings and built-ins. The expansive kitchen gets a hearty amount of natural sunlight, with top of the line appliances and finishes. The master bathroom is enormous, as is the closet, and the 3rd floor even has a media room for entertainment! If you’d like more information on this wonderful Capitol treasure, with 4 bedrooms, and 2.75 baths click here.

Status: For Sale
Bed/Bath: 4/2.75
List Price: $1,275,000

New Apartment Building on First Hill

Construction on a new, high-rise apartment tower in First Hill Seattle began last week, called 1200 Madison.  The building is at Minor Avenue and Madison Streets, near to Capitol Hill Seattle.  The site was previously occupied by USBank which was relocated to Boren and Madison Street.  The developer, Holland Partner Group of Vancouver gained city approval for the project in 2008, from a 2006 permit application.  The building will have 237 units.