Seattle

Downtown Seattle Construction Boom

NWREporter March 2015

Downtown Seattle Construction Boom Includes Plans for Thousands of Housing Units

In case the cranes were not convincing enough, the Downtown Seattle Association just published a report that underscores Seattle's growth spurt.
Downtown is adding approximately 25 new jobs each day and netting 24 new residents every week according Jon Scholes, DSA president and CEO. To accommodate that growth, 15 million square feet of office space is under development.
Developers are also building around 3,000 housing units at 56 residential buildings. In all, data generated by the Metropolitan Improvement District's Business Development & Market Research team for DSA shows more than 13,600 units are in some phase of the planning process. That total does not include an undetermined number of units in the Yesler-Terrace projects beyond the initial phases of that development; some officials expect the overall project may ultimately add as many as 5,000 units.
In the State of Downtown Seattle report issued in February, DSA officials said Downtown's permanent population has increased 8 percent since 2010 to 65,000 people. That number is expected to increase 10 percent within five years. About 2,700 residents are children.
Measured by households, the Downtown area of Seattle has increased 9 percent since 2010. It is expected to increase another 10 percent over the next five years.
Including vacant units, and those recently completed or undergoing renovations, Downtown Seattle now has a total inventory of nearly 12,000 condominium units and 33,000 apartment units,
Other numbers the DSA highlighted to depict Downtown dwellers:

  • Families currently comprise about 17 percent of Downtown households.
  • About 4 percent of the Downtown households have children.
  • The population of children under age 18 living Downtown jumped 17 percent since 2010.
  •  Fifty-six percent of residents are male; elsewhere in the region, 50 percent of residents are male.
  • Nearly two-thirds of residents are between ages 18 and 54.
  • Sixty-eight percent of residents are in single-person households.
  • Most households (80 percent) are renter occupied; elsewhere in the city, the figure is 41 percent.

If one word describes the housing unit of the Downtown resident, it might be "compact."  
The average size of a Downtown apartment is 638 square feet. An average Downtown condo is 913 square feet. Nearly three-quarters (73 percent) of the Downtown housing inventory is either a studio or one-bedroom apartment. DSA suggested an influx of families could skew that toward larger floor plans. As an example, at Bosa Development's Insignia towers at 6th & Bell (the largest residential project under construction) 71 percent of the units are two bedrooms or larger.  
By far, the majority of occupied housing units are rentals. Downtown comprises 42,514 occupied housing units, which is about 14 percent of the city's total number all occupied housing units. Only 18 percent of the Downtown units are owner occupied, which compares to 46 percent citywide and 54 percent in the region. (Approximately one-third of condo units are renter occupied.)
Figures in the DSA report indicate a median purchase price of $409,500 for condos Downtown. That's about 40 percent higher than the citywide median of $292,500 and about 55 percent more than the countywide median of $262,900.
Between 2015 and 2017, more than 6,600 residences will be in some phase of construction, with more than 3,000 currently being built. Only two condo projects are in the mix, but more are anticipated, including vacant units, and those recently completed or undergoing renovations.
The DSA considers "Downtown" to be all neighborhoods from the waterfront to Capitol Hill and from Sodo to lower Queen Anne. Its 28-page State of Downtown report may be downloaded for free; the print version costs $35.


Seattle ninth-best U.S. market for home sellers and Sammamish friendliest city

Zillow reports that home sellers in only eight other U.S. cities have more leverage than Seattle home sellers while Forbes says Sammamish is the friendliest city in the United States.  Perhaps Seattle sellers should consider buying in Sammamish.  I can help them with that!

Seattle ninth-best U.S. market for home sellers: Report - Puget Sound Business Journal.

My favorite part of the Sammamish article is this quote.. “Wives in the suburban Seattle community have been known to swap recipes while their husbands borrow tools. Children play in the cul-de-sacs and walk to school by themselves if they live close enough,”   Hey wait a minute, isn't there a TV series based on this?  Anyone ever watch Leave it to Beaver?  OK, granted Sammamish is a GREAT place to live but is this really what they are basing this on?  How about low crime, great schools, affordable housing, proximity to jobs and amenities?

http://www.issaquahpress.com/2012/12/26/forbes-ranks-sammamish-as-friendliest-city/

So here is the question.. Why do YOU think Sammamish is America's friendliest city?  The best response to this question will receive a $20 Tully's gift card, that's right the NEW about to be owned by "McDreamy"  Patrick Dempsy.

 


Valentine's Day Newsflash! Cupcakes...the New Box of Chocolate

If you're looking for great Valentine's day ideas to love up that special someone here is a great list of idea to show the one you love how much they mean to you!

Cupcakes… the new box of chocolates. Cupcakes are all the rage… here are some local cupcake bakeries.

Bellevue has Cupcake Royale, www.cupcakeroyale.com; New York Cupcakes, www.newyorkcupcakes.com and Trophy Cupcakes, www.trophycupcakes.com.

Issaquah now has Confetti Cupcakes, www.confetti-cakes.com

Redmond has PinkaBella Cupcakes, www.pinkaliciouscupcakes.com

Renton has Common Ground Coffee & Cupcakes, www.commongroundcupcakes.com

In Seattle you can find several choices: Cupcake Royale, www.cupcakeroyale.com; Look Cupcake, www.lookcupcake.com; The Yellow Leaf Cupcake Co., www.theyellowleafcupcake.com and Trophy Cupcakes, www.trophycupcakes.com; Wink Cupcakes, www.winkcupcakes.com

If your sweettheart doesn't have a sweet tooth, check out these unique ideas to show your affection.
For the traveler or adventurer look to www.xperiencedays.com, www.kerdowney.com, www.cloud9living.com for great ideas.

For the foodie head to www.swinerymeats.com, www.homebrewers.com, www.tastebudsmarketplace.com for tasty ideas.

For the techie or science lover do some sleuthing on www.npowerpeg.com, www.thinkgeek.com or
www.x-tremegeek.com.