Seattle Named 5th Most Expensive City In US, But Is Not Most Expensive City In Washington

It’s not a news flash that the real estate scene in Seattle has exploded in recent years. The Emerald City has gone from a town most people outside the state only associated with coffee and flannel, to the tech capital of the US (save for our friends in Silicon Valley). As home to some of the biggest tech names in the world and a booming job market to match, it’s fair to say there’s might not be enough housing to meet demand. Or, at least to meet demand AND your budget.

High rises, apartment buildings and condos are going up all over the city, and soon, our beloved skyline will be dotted with more and more buildings and towers, making the Seattle of just 10 years-ago look almost unfamiliar.

Seattle has recently made headlines as one of the most expensive places to live, get this, in the world. That’s right, recent data has placed Seattle’s rent rates at 5th highest in the nation and, supposedly 9th highest in the world! However, San Francisco and New York still dwarf us, tying for number one most expensive, world-wide.

Those of us who are Seattle Natives know that the average rental rate in Seattle has increased fairly dramatically in the last few years, but it’s interesting to note that, while Seattle’s rents have been on the rise, they don’t quite top the list of highest rents in the state.

According to recent data from Apartment List, Seattle ranks at number 5 in the state for highest rents, with the average monthly rent for a one-bedroom apartment at about $1,650.

Surprisingly, Mercer Island tops the list of cities in Washington for highest rents. A one-bedroom on Mercer Island goes for an average of a whopping $1,890 per month. No one said Island living was cheap, I suppose.

Filling in the gaps between number 1 and number 5 on the list are Bellevue at number 2 with an average of $1,860 per month for a one-bedroom (not a whole lot lower than their neighboring Island), Redmond at number 3 with an average of about $1,690 monthly rent for a one bedroom and Kirkland at number 4 with an average monthly rent of $1,660 for a one-bedroom.

Seattle and the Eastside are not the only places in Washington with rising rent rates. Tacoma tops the list nation-wide for fastest growing rent with a year-over-year growth rate of 7.7 percent. Seattle comes close, but not close enough to that figure with year-over-year rental rate growth at 5.3 percent.

Staggering growth aside, Tacoma is still a bargain in the rental market compared to Seattle, with a one-bedroom in Tacoma going for an average of $1,000 per month. For those of you keeping score, that’s a savings of $650 compared to Seattle.

But, proving that some things really don’t change, the cheapest places to live in the Evergreen State are still East of the Cascade Mountains. You can get a one-bedroom for only $600 per month in Walla Walla and it’s not much pricier in the State’s second largest city, Spokane, at around $630 per month.

What a difference a mountain range makes…

Most Expensive Active Seattle Luxury Rentals

Although we usually profile and feature “run of the mill” luxury rentals, today I’d like to feature some of the most expensive active rentals on the market in Seattle and environs. We’re talking like… top 10. Yeah, the big kahunas. Not that the other’s aren’t enviable to say in the least!

10. $8,500

Located in Belltown, this property boasts not only views of downtown, but also Puget Sound and the Space Needle. With a gourmet kitchen, floor to ceiling windows, touch screen sound system, garage parking and two storage units. Listed by Joseph Kelly of Soleil Real Estate of Seattle.

9. $8,500

This contemporary Lake Union home boasts a 270 degree view of the water, heated floors, top of the line kitchen appliances and marble bath. This 1,000 square foot house was built in 2011 and has been on the market for 139 days and is listed by Scott Wasner of Sotheby’s.

8. $9,800

Want a penthouse? Who am I kidding, of course you do. And nowone is up for grabs! For rent at least. This 26th floor, 3,081 square foot residence boats three bedrooms and enormous 290 degrees of skyline, mountains, and water. Oak floors, maple cabinetry, gas fireplace, and a chefs kitchen. On the market for 44 days, this property is listed by Julia Tsurusaki with Pointe3 Real Estate.

7. $10,000

Out next most expensive property calls Mercer Island home. Originally listed at $12,000, this 3,880 square foot gorgeous waterfront home features a newly remodeled kitchen with an ensuite deck and jacuzzi tub (uh, that’s awesome). 85′ of waterfront with moorage and dock, two jets lifts and a boat lift. Nicely settled near some parks, what could get better? Not much, that’s what. Listed by Anthony Yap of TAG Realty.

6. $10,000

Tied at $10,000, this Laurelhurst home has only been on the market for a month. Fully furnished with views of Lake Washington, this 4,660 square foot contemporary northwest home comes with Laurelhurt Beach Club access. Offering five bedrooms and four bathrooms, it’s listed by Timothy Lenihan of Windermere Real Estate.

5. $11,000

Now, this one has me drooling. This unit is within the Four Seasons Private Residences Seattle. Two bedrooms and a den, valet parking, 24 hour security and concierge, mile high views, this 2,082 square foot overlooks the Great Wheel through floor to ceiling windows. With a gas fireplace and an ultra modern kitchen, it’s enough to make anyone go gaga. Listed by Scott Wasner of Sotheby’s.

4. $11,000

Another beauty at $11,000, the stunningly designed Arthur Erickson Highlands home is a looker. Having seen this sumptuous property myself, the views and grounds as well as the guest house, I can say will all certainty that it. is. worth. it. Listed by our own Betsy Terry of Our Distinctive Home Shop in Madison Park, this 7,470 square foot masterpiece is constructed  from polished concrete, with a glass ceiling. Mountain and sound views, and a Pemberley-esque (We got any Jane Austen fans out there? No? Just me? Okay) park off the swimming pool.

3. $12,500

Located in Hunts Point and built in 1995, this home is nestled on prime waterfront with lake, city, and mountain views. Designed by Curtis Gelotte, the house is nestled between manicured landscaping and old growth trees. With moorage and a dock, this 3,710 square foot home is full of natural wood and stone details, evoking the architectural style of the pacific northwest. Listed by Anna Riley of Windermere Real Estate.

2. $18,000

Another jewel of Hunts Point, this residence boasts a stunning Chihuly glass chandelier hanging from a sky-lit ceiling. This 3,000 square foot west-facing residence features rustic timers, posts, and beams embodies pacific northwest architecture and art. Listed by Tere Foster and Moya Skillman of Windermere Real Estate.

1. $20,000

Topping our list is a mansion in Clyde Hill. At 6,000 this european designed six bedroom, eight bathroom masterpiece was custom built in 2007. With a gated entrance and a large pool in the backyard, a large up to date kitchen, and an indoor jacuzzi. Listed by Robert Radulescu with The Force Realty.

Well folks, which one is your favorite??

Walkability Score- What is it and why does it matter?

Pioneer Square Pergola

Pioneer Square Pergola

Walkability- it’s a word that some of you may be familiar with already, and one that real estate marketing often uses. But what exactly does it mean?

Used by Walkscore.com, it’s intended definition is to indicate how easily and readily connected a property is to the neighborhood and community around it. For instance, is the nearest grocery store within easy walking distance? Or would it be necessary to drive there?

The higher a property’s Walk Score (or Transit Score or Bike Score) on a scale of 1-100, the more connected the neighborhood is with the property. Take this chart example. But what makes a community walkable?

  • A center: Walkable neighborhoods have a center, whether it’s a main street or a public space.
  • People: Enough people for businesses to flourish and for public transit to run frequently.
  • Mixed income, mixed use: Affordable housing located near businesses.
  • Parks and public space: Plenty of public places to gather and play.
  • Pedestrian design: Buildings are close to the street, parking lots are relegated to the back.
  • Schools and workplaces: Close enough that most residents can walk from their homes.
  • Complete streets: Streets designed for bicyclists, pedestrians, and transit.

Now, why is this score important? It’s generally known that those who walk more, whether it’s just a few steps or hundreds of steps a day are generally healthier than those who don’t. By walking more, not only do you get outside, but you also use your car less, and thereby reduce your carbon footprint. If you were able to find a property in a highly walkable area, you might be able to forgo the car altogether!

And here’s some great news: Seattle is rated as one of the most walkable cities in the U.S.! With a Walk Score of 71, a Transit Score of 57, and a Bike Score of 64, Seattle is the 8th most walkable city, with it’s most walkable neighborhoods being Downtown, the Denny Triangle, and Pioneer Square.

How important is the walkability of the neighborhood to you when looking for a new property?

Average Rent In Seattle Area Nearing $1,300 Per Month

98121After rising by 6.8 percent in the first quarter of this year, the average rent for an apartment in the Seattle area is continuing to rise as the year progresses, and the average now stands at $1,284 per month, according to a report in The Seattle Times. Since this statistic includes not just the city of Seattle but the surrounding cities, as well, there is quite a bit of variation in the average price when broken down by city, and even by neighborhood. The average in West Bellevue tops the list at $1,912 per month, while the average in SeaTac is more than $1,000 cheaper at $901 per month. In the city of Seattle alone, the average is $1,445. There is also a significant difference in rental costs depending on when the unit was built. For units built after 2010, the average is $1,754, whereas the average for a building built in the 1970’s is $1,019.

Among Seattle neighborhoods, rents in Ballard have gone up by the highest percentage, having risen 12.3 percent over the quarter to $1,628. For a neighborhood that has historically been home to mostly single-family homes, the apartment-building boom is significantly changing the residential face of the neighborhood, and while rents are high, Ballard also posted the city’s highest vacancy rate of 8.6 percent in the second quarter. There are many units still under construction, and when they are complete apartment inventory will have quadrupled over the past six years. To go along with that, vacancy rates are expected to rise to 18 percent.

If you are interested in renting in the Seattle area, contact your local real estate agent today.

 

 

 

Ballard Lofts Design Review Board Meeting

Interested in learning more about the Ballard Lofts project? There will be a design review board meeting for the 72 unit apartment complex proposed for the corner of NW 65th and 24th Ave NW on January 28th at Ballard High School. In recent months, the project has been a  hot topic around the neighborhood, as it will be replacing the long standing Viking Tavern. ballard lofts

Bill Parks, the building developer will be leading the discussion at the meeting beginning at 6:30pm, and present the proposal to the community,  and will also go over priorities presented at the previous meeting. The proposal for the project includes 25 additional residential units, and 3,665 sf of ground floor retail space, as well as parking for 36 vehicles below ground. If you’d like to learn more about the project, or application of the design review process, visit the Department of Planning and Development for updates.

Is Ballard at Risk of Being Overbuilt?

According to the Seattle Times, there are 1,200 market-rate apartments in various phases of construction in Ballard, with hundreds more planned for the future. The question has come up for residents and those fond of the neighborhood: Is Ballard at risk of being overbuilt? Developers form Chicago and Virginia are building large high rise complexes where Jacobsen’s Marine and other longtime Ballard businesses once set up shop.

Sometime in 2014, when all of those building are completed, the number of units available in Ballard is projected to increase 70%, more than any other neighborhood in Seattle. And that doesn’t even include other projects that haven’t broken ground, another 750 or so that should be completed by 2015. During the recession few buildings were planned, and the last building completed in Ballard was built over two years ago. Developers are responding to the high demand for rentals today, with an influx of young adults who are looking for in-city living at a time when there’s little new inventory available. Analysts believe that in a year or so, when all of the new construction becomes available, supple and demand might be imbalanced, and the number of inventories might outweigh the demand. Rents will be lower and stabilize, and landlords might start throwing in bargains like a month’s free rent. For more information on the Ballard apartment boom, visit the Seattle Times.