Zillow Reports Rentals Continue to Outshine Housing Market

According to Zillow’s Real Estate Market Report in February, the median price in rent had risen 2% since February 2011, and home values had continued to fall, dropping 4.5% during the same time period. Zillow’s Rent Index illustrated that the year over year gains for an estimated 68% of metropolitan markets measured by the ZRI, and only 8% of metro areas covered by the Zillow Home Value Indexsaw home values rise.

Seattle Rental In Leschi Neighborhood

Today’s rental market is continuing to heat up, with an emphasis on areas where home values have consistently been declining. Foreclosures have been at the forefront in keeping home values down, with foreclosure re-sales making up an  estimated 20.3% of all sales in the month of February. Zillow experts have said that we’ve made it through the worst of the housing market recession, but with the enormous inventory of foreclosures and unemployment are all still factors to overcome on the rise to recovery. For more information on rental listings in the Seattle area, visit Ewing & Clark and Craigslist.

Only One Unit Left in the Art Stable!

There is only one unit left for sale in the Tom Kundig designed Art Stable in the South Lake Union neighborhood! Check out this listing, along with others for sale/lease, that the folks over at Urbnlivn have compiled.

Looking for a Unique Rental? Live in a Church!

If you’ve been searching for a rental unlike any other around town, check out this converted home on Ballard that was once an actual church! This quirky 6,300 sf Ballard landmark, located at 2007 NW 61st St is partially renovated for residential living quarters, and has that spooky haunted house/old spirits lurking around the church feel to it.

Photo Courtesy of RedFin

This 6 Bedroom, 3.25 bath is equipped with a bell tower, abandoned tricycles amidst the entryway and a relatively large attic space and can be your humble abode for $789,000. Find other listings in the Ballard neighborhood here.

Up and Coming Neighborhood for Renters & Buyers: Atlantic

The Atlantic neighborhood in Seattle, nestled in between Beacon Hill and Mt Baker is gaining popularity with younger home buyers and renters in recent months due to it’s convenient location, and up and coming amenities.

Not even five years ago, we remember when this neighborhood was experiencing mass redevelopment and construction of the 2nd I-90 bridge, leaving the Atlantic area is rubble, covered in a film of dirt. Left in the midst was abandoned housing, sky high dirt mounds and 23rd Ave S was closed to traffic. Today the neighborhood is home to trendy bars and restaurants like Dallas BBQ Soul Food & Catering and Farestart Cafe, has a light rail stop, is in close proximity to downtown and the Eastside, and has several trails for bikers and runners; even has it’s own dog park! The neighborhood started looking promising to buyers and renters a decade ago and today affordable pricing plays a huge role in the deciding factor.  According to the Seattle Times, in February this year the median value of all single family homes was estimated at $284,200, down 2.2% from the previous year. The median cost of rent in the neighborhood for a single family home was estimated at $1,674/mo, while apartments were estimated at $1,521/mo; up from the previous year, but significantly less than other areas around the city. If you’d like more information on for sale listings around the area visit Ewing & Clark, and find rentals around the neighborhood here.

Looking Into Being a Landlord? Pick a College Town!

Have you been looking into the perks of being a landlord? Purchasing properties in college towns will typically convert into a rentable unit, no matter how the economy is doing in any particular area. College towns generally provide a steady flow of jobs for locals and school enrollments are on the rise with the unemployed going back to school to seek new job skills.

Along with the increased demand for available units, according to CNN Money, the cost of rent has continued to rise by 5% over the past 12 months, and we can expect the cost to continually increase. For buyers in the college town market, there are plenty of bargain deals out there and the closer to the campus, the better. According to Coldwell Banker’s College Home Listing Report for 2011, the typical 3 bed 2 bath home sold for less than $200,000 in nearly two-thirds of the college markets in the US, and in 1/4 of the towns, the same size home sold for under $150,000. For more information on this article visit CNN Money.

Madison Park Rental – Available for $2,375 a Month

The Madison Park neighborhood is known for their waterfront homes, views of the NW mountain ranges and short distance to several neighborhood parks. If you’re looking for a waterfront property to rent in the Seattle area, this gorgeous corner unit next to Madison Park beach and park is now up for grabs. This two bedroom one and a half bath unit is near several shops and restaurants in the area, including the Madison Park Conservatory, The Attic and Cactus eateries. The Madison Park neighborhood is said to be one of the best around Seattle, and if you’d like more information regarding this waterfront rental, please contact Ewing and Clark.

US Goverment Proposes New Mortgage Rules

The US government has proposed some new mortgage lending rules that could help many homeowners avoid foreclosure. The Consumer Financial Protection Bureau‘s proposed the rules this morning that would require mortgage companies to to offer all borrowers standard monthly statements, and inform customers of any interest rate or insurance changes. Companies would also be responsible for certain “good faith efforts” to inform borrowers at risk of foreclosure, and find options for them to salvage their homes.

An estimated 8 million Americans have faced foreclosure since the housing  market began to sank in 2006. Many homeowners have pledged that mortgage companies failed to inform them of foreclosure threats, or verify information on important foreclosure documents. For more information on the foreclosure proposal, visit the Seattle Times.

Rent Keeps Rising as Home Prices Plateau

Remember the days when renting was cheaper than buying? While rental rates continue to soar, in many states across the country, home prices are starting to level off. According to CNN Money, home prices have declined 0.7% over the past 12 months, and the median rent for all types of homes was set at $1,350/mo in March. Several metro areas are raising their rents into the double digits across the nation. For example, in Sarasota, FL the average rent rose 12.9% year-over-year,  making it the largest jump out of the 100 largest metro areas according to real estate site, Trulia.

Metro neighborhoods where prices skyrocketed were able to do so because of a few similar factors, including a rising demand for a limited supply of rental units. The overall national vacancy rate for apartment complexes, fell 0.3% during the first quarter, dropping to it’s lowest rate since 2001. In contrast, the cost of buying a home has decreased  in several areas over the past 12 months, and mortgage rates are at an all-time low. If you’re looking to buy in the Seattle area, here is a list of exceptional homes in the area.  Many are still skeptical of the optimistic outlook, because there is a high percentage of Americans who aren’t able to look into buying a home at this time, due to unemployment, low credit scores, etc and rental rates could continue to climb because of this factor. For an extended article, please visit CNN Money

Rent Keeps Rising as Home Prices Plateau

Remember the days when renting was cheaper than buying? While rental rates continue to soar, in many states across the country, home prices are starting to level off. According to CNN Money, home prices have declined 0.7% over the past 12 months, and the median rent for all types of homes was set at $1,350/mo in March. Several metro areas are raising their rents into the double digits across the nation. For example, in Sarasota, FL the average rent rose 12.9% year-over-year,  making it the largest jump out of the 100 largest metro areas according to real estate site, Trulia.

Metro neighborhoods where prices skyrocketed were able to do so because of a few similar factors, including a rising demand for a limited supply of rental units. The overall national vacancy rate for apartment complexes, fell 0.3% during the first quarter, dropping to it’s lowest rate since 2001. In contrast, the cost of buying a home has decreased  in several areas over the past 12 months, and mortgage rates are at an all-time low. If you’re looking to buy in the Seattle area, here is a list of exceptional homes in the area.  Many are still skeptical of the optimistic outlook, because there is a high percentage of Americans who aren’t able to look into buying a home at this time, due to unemployment, low credit scores, etc and rental rates could continue to climb because of this factor. For an extended article, please visit CNN Money

Denny Blaine Rental – Available for $18,000 per Month

Seattle Waterfront

There may be no better place to live in Seattle than in a Denny Blaine waterfront home.  This beautiful home sits on a little less than a half-acre lot surrounded by Lake Washington with views including Mt Rainier to Mt Baker.  The waterfront estate includes 5 bedrooms and 6 full bathrooms and the grounds feature a private dock, a boathouse, tennis court, and hot tub.  The list price for this luxury Seattle rental was just reduced from $20,000/month to $18,000/month.  Contact the Madison Park Ewing & Clark for more details.

Status: For Rent
Bed/Bath: 5/6
List Price: $18,000/mo