King County Rental Update: October

shorewoodAvailable rentals this fall are dropping like the temperature outside as we take a look at the housing market in Seattle’s King County. As expected people are likely settling in for the winter months and not in search for a new place. With a significant drop in rented properties, Seattleites are seeing a whopping 47% decrease in October compared to the previous month according to data from the Northwest Multiple Listing Service. It’s typical to see this kind of change in the market throughout the season but what will that mean for the prices of rentals for those who are still in the market to rent? Are rental increases going to halt with less demand or will they continue to stay up? The MLS shows us that in October the highest priced rental property was a 4 bedroom, 3.5 bathroom home with 4,250 square feet of luxury living space. Stay tuned-in to Seattle Luxury Rentals and keep an eye on this rental market. Questions? Call a local agent today to take advantage of rentals or investment opportunities that could be available to you.

Featured Rental: 1920’s Broadmoor Home

1212 Broadmoor Dr. ELiving in Broadmoor offers residents the best of two worlds: in-city living within a quiet, secluded atmosphere. Just blocks from the shops and restaurants of Madison Park and Madison Valley, and in walking distance of the Washington Park Arboretum, Broadmoor is the ideal location.

This 1928 home available for rent is situated on the fairway of the Broadmoor Golf Course and offers a peaceful green view. Many of the 1920′s details are still intact, and this home is attractively decorated with pretty oak floors, classic rooms, and a covered porch. A one-car garage and basement offer plenty of storage.

This is a great opportunity to live in one of Seattle’s most sought-after areas! Please contact listing agents Betsy Terry and Jane Powers at Ewing & Clark, Inc. for more information on this home.

The Details

Bedrooms: 3  |  Bathrooms: 1  |  Sq. Ft.: 2,230  | Available for: $3,900/month

Broadmoor Living room

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??

Queen Anne Rental Condo: $2,295

Capture

This beautiful Queen Anne condo with stunning downtown skyline and Space Needle views is now up for rent. Located on the East side of Queen Anne Hill just steps from Bhy Kracke park, this condo provides the quiet environment of a residential street while being central to downtown and all Seattle has to offer. Included in the unit’s 1,100 square feet are a lavish master bath, walk-in closet, fireplace, and a wonderful terrace overlooking downtown. As an added bonus, secure parking is included with this unit. For more information on this condo or on other Seattle rentals, contact your local real estate agent today.

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.

Leschi Rental – Available

Seattle RentalRemodeled Leschi cottage available for lease starting December 1st. The Leschi home has been updated with double-pane windows, new electrical, plumbing, and A/C to cool both up and downstairs.  Upstairs the property includes two bedrooms, a bathroom featuring a granite, tile & heated floors, and French doors opening to a deck with garden views. On the main floor, oak floors and crown molding in living and dining rooms.  The kitchen has heated tile floors, granite counters & added storage. French doors off the back of the house lead to a deck drenched in Wisteria. The daylight basement includes a third bedroom, another bathroom and laundry room. The outside includes a fenced back yard and parking for up to four cars.

The Leschi rental is located just above Leschi Park and just north of Frink Park.  Strolled down the old cable car trail through Leschi Park to Lake Washington and the Leschi business district or travel to Downtown Seattle within 15 minutes.

Address: 112 32nd Ave South
Status: For Rent – Available December 1st
Bed/Bath: 3/1.75
List Price: $2,250

Please contact Nate Pearson if you are interested in this Seattle rental.

Estimating Apartment Utility Costs

When you’re searching for a new rental, utility costs aren’t always the first thing that comes to mind when configuring your financing.  You’re aware you need to plan for them, but the costs aren’t always clear, so before you sign the lease, be sure to account for extra rental expenses. During the winter months, you can expect to pay between $30-50 a month for electricity, largely depending on how much you’re at home, how careful you are about turning off the lights, and how energy efficient your appliances are.

Photo courtesy of Movingtoday.com

If you live in a multi-unit building, there is a chance there will be no extra costs for heat, and the Landlord will have added the additional costs for heat into the cost of rent. If you’re renting a house, and have gas or forced air heating you could be paying at least $100 a month in the winter time, but the best way to determine the costs would be to ask the landlord or a previous tenant. If you don’t want to spend time trying to connect to your neighbor’s Internet for free, you’ll need to plan for $30-45 a month for Internet costs, which can be cheaper if you’re bundling with cable or a phone line. It’s also never a bad idea to look into getting renter’s insurance, especially if you’re a first time renter. You never know what can happen, and planning ahead to be safe is actually very affordable, sometimes around $150 a year. For a general rule of thumb if you leave out the cable, you can expect to pay roughly 20% of your rent in utilities if you live alone, and 10% if you’re living with a roommate.

Zillow App Updates New Features!

As we’d mentioned earlier this month, Zillow launched their new rental app for the iphone, making it a little easier for potential renters to keep inventory of their favorite listings handy when they’re on the go. Now the Zillow Android and iPhone apps have new features that will utilize uploading photos of properties, and using them to best document users’ favorite listings. Users are now able to use their device’s camera to take a photo while out touring the home and upload it to their favorite listings, and see those photos right there on the Zillow listing a minute later. Potential renters will also have enhanced features such as viewing the property location on a map right from the listing, or pull up driving directions synced from Google maps! For more information, download the app for yourself, and check out the new rental features!

Queen Anne Rental Home: $2,550

The 4 bed 2 bath home in the Queen Anne neighborhood is just one block away from the bustling Queen Anne Ave, seconds away from restaurants,  shops, grocery stores, and Seattle nightlife. This home has an expansive living room with a gorgeous wood burning fireplace, and ample natural light. The spacious dining room has a drop down chandelier and the kitchen opens up right into the private fenced backyard. The upper level has 3 large bedrooms, and one bathroom, and the master has a small view! The basement in this unit in completely finished and has a cozy family room, bedroom, bathroom and a utility room attached. For more information on this rental, visit Ewing & Clark Inc.

Status: For Rent
Bed/Bath: Four/Two
Price: $2,550

Tips For Choosing the Perfect Rental

The Rental market has become quite competitive in recent months, with long time homeowners swiftly switching back into the renting along with prospective renters, all in search of the perfect rental. While everyone seems to be scrambling to find a home, there are a few things to keep in mind while searching for the right rental for you, before you sign the lease.

Make sure you know what you want before you go shopping. What are your personal requirements for renting? Do you need covered parking, a good pet policy, or washer and dryer in the unit? What are your wants vs needs? Make sure that you’re open to different options, and that you don’t expect the landlord to add additional amenities just for you. It’s also important to connect with the landlord; you don’t have to be best friends, but you want to make sure you’re able to have a working relationship with them. Being aware of possible scams is a good thing to keep in mind when you’re searching rentals on Craigslist, Zillow, other sites where anyone can post a listing. Don’t give financial information to just anyone, or even personal information if you don’t have legitimate information on the company or landlord first. For more information on rental listings, visit Ewing & Clark Inc.