SPRING 2015 MARKET UPDATE
As we head into summer, please enjoy my update on Seattle’s rental/sales market. Also, don’t forget to pick up this month’s Seattle Met Magazine (page 84)!
RENTALS: The rental market has remained strong despite a flood of new apartment buildings entering the market. Among the newest are Walton Lofts in Belltown, Cirrus in South Lake Union, Premiere on Pine downtown, and Cielo in First Hill/downtown. Rates for newer construction apartments are on average between $3.8 and $4.5+ per sq ft.
If you are an investor purchasing at Insignia Condos, we can provide you with a rental analysis now so you know what to expect when you close!
IMPORTANT REMINDER – Come June 30th, the first waive of landlords of 1-4 unit rental properties will need to register with the city. Seattle Rental Group will be offering guidance throughout this process so stay tuned! If you would like to learn more, click here.
SALES: Condo craze! Trailing close behind the competitive nature of single family home sales, we are now seeing multiple offers on condos downtown, particularly those priced in the $400k to $700k range. There are a lot of first-time buyers in this price range as well as cash investors.
Single family home inventory remains low and it is not uncommon to see 7-10 offers submitted during a review period. We are in an extremely competitive market and we are all hoping for a bit more inventory in the summer months.
The luxury market has also seen a spike in activity in both inventory and demand. Currently there is a shortage of appraisers certified to appraise luxury homes, so beware closing in 30-40 days could be tricky.
Click here to view the my recently closed condos and homes!
If you are looking for an updated rental/sales property evaluation, dont hesitate to ask I am sure you will be pleasantly surprised!
TOPIC OF CONVERSATION
Millennials. A few weeks ago, I was asked to join the ULI Northwest Housing Task Force and Young Leaders Group on a panel to discuss Millennial housing trends. It was an interesting and fun event to be a part of check out the recap!
FEATURED PROPERTY:
Escala 1920 4th Ave, 2bd/2ba, 1607 SF $1,200,000 – SOLD. $6,500 –FOR LEASE
FEATURED IN SEATTLE MET:
Click Here to View Our Recently Closed Properties!
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