Downtown Rental Market Update

The rental market has continued its hot trend as we head into the start of spring. Downtown condo’s are renting fast and at a premium rate. With companies continuing to expand in the Downtown area it is becoming more attractive to move back into the city after years of growth in the suburbs. Within the last 30 days Ewing and Clark Inc. has assisted our clients in leasing out their units to quality tenants at competitive prices.

 Recent units that we have leased:
2000 Alaska Way #335
1415 2nd Ave #2401
1240 Terry Ave #1702
If you are considering leasing your property but need assistance with the process, contact one of our leasing experts who can assist you throughout the process.

Bellevue Rental Home: $2,950

bellevue rental

Apple Valley on the Eastside is the site of this charmingly remodeled home, now available for rent! This home features high ceilings ,hardwood floors, and an abundance of natural light! A den is off the large living room and the dining room opens to the gourmet kitchen. This home was recently remodeled by an architect with much care for comfortable living. The master suite has ample closet space and a beautiful bath. The other bedrooms are nice in size and all on the same floor. The back yard is completely fenced, and there is a 1 car garage attached. For more information on this or other Seattle rentals, contact your local real estate agent today.

Status: For Rent
Bed//Bath: 4//2
Price: $2,950

Tech Cities See Rise in Rent and Residential Costs

Madison park rental

Madison Park Rental

If you rent in Seattle, your pockets have certainly felt the rise in rental rates over the past few years. According to a report by Trulia, so have renters in other large tech cities. After dissecting housing reports Trulia found that prices were generally 82% higher in big tech hubs compared to other large metro cities. While engineers and and highly paid coders are well paid in the industry, the cost of living increase is still making it difficult to afford to live in these cities and bridge the affordability gap. According to the report, 48% of homes listed in these tech cities were affordable to the middle class based on the median household income, compared to 63% listed in other metro areas.

There are also huge variances even in affordability among the big tech hub cities: 14% of homes in San Francisco compared to over 60% in Washington DC and Raleigh. The big year over year increases in asking price were up in the top 10 tech cities, with a high rise of 24.4% in Oakland, and a low of 6.5% in Raleigh. Seattle’s asking price was up 16.6%, which was above that is San Francisco and San Jose. The rise in rent has also been prevalent in these tech hubs, with a standard 2 bedroom renting for over 37% more than in metro cities, and a year over year rise in Seattle has seen a 9.2% increase. If you’re looking for affordable housing in the Seattle area, contact your local real estate agent today.

Perks and Downfalls of Keeping old Facades in New Construction

A number of the architects and developers involved in planning new apartment and condominium buildings around the city have voluntarily kept old facades from previous structures to incorporate in their new designs, but most often just divert the decision to the city’s landmark board for the final decision. Many seattleites have almost come to expect historical structures to be saved with all of the new development and future project plans, but why would a developer want to keep a facade when the landmark board deems the older building not historically significant? There was an interesting article today in the Daily Journal of Commerce, that pinpointed similar projects like the 1915 Terminal Sales Annex building on 2nd and Virginia, which will integrate the front of the annex in the base of a 38 story building that has plans to possibly include 190 condos, 154 hotel rooms, and 6,100 sf of ground floor retail space.

Location if the 1915 Terminal Sales Annex Building

Location if the 1915 Terminal Sales Annex Building

In the past 20-30 years, there hasn’t been alot of interest in saving the older buildings, but within the last few years, there has been recent changes to city rules, allowing developers to build larger projects if they preserve the facades of their previous historical structures, that are at least 75 years old. In turn, alot of the new apartment developers trying to take advantage of the rule could run into extra costs, as keeping some of the older facades that aren’t as structurally sound as the new construction could pose issues. For more information on those new apartment projects incorporating historical structures, visit the DJC.

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.

Apartments Sold on Greyhound Station Block to Become Mega Hotel

Last week there were some notable commercial sales in and around Seattle, including one in the Denny Triangle that is staged to make way for a Mega Hotel downtown!

According to the Puget Sound Business Journal, Seattle based R.C. Hedreen Co. purchased two high rise apartment buildings on the same block as the Greyhound bus terminal for $7 million, and they have plans to build a 1,200 room hotel. Hedreen hopes  to get traffic from the convention center, and has since met with city officials to discuss early design guidance, and a possible office tower could be constructed on 8th and 9th Streets along Howell & Stewart. For more information on this project, follow the Puget Sound Business Journal.

Apartments Sold on Greyhound Station Block to Become Mega Hotel

Last week there were some notable commercial sales in and around Seattle, including one in the Denny Triangle that is staged to make way for a Mega Hotel downtown!

According to the Puget Sound Business Journal, Seattle based R.C. Hedreen Co. purchased two high rise apartment buildings on the same block as the Greyhound bus terminal for $7 million, and they have plans to build a 1,200 room hotel. Hedreen hopes  to get traffic from the convention center, and has since met with city officials to discuss early design guidance, and a possible office tower could be constructed on 8th and 9th Streets along Howell & Stewart. For more information on this project, follow the Puget Sound Business Journal.

Will the City of Seattle Require All Landlords to Register Rentals?

Are you living in a run down rental? The City of Seattle is considering cracking down on older problem rental buildings by requiring all landlords to register their rental units for inspections. According to NPR, the non profit group Tenants Union of Washington State is working in collaboration with other groups, along with Seattle City Council to determine a new system of rental registrations. In the proposal, Landlords would have to register all units, pay an initial fee, and go under inspection for health and safety issues every 5-10 years.

There would be some exemptions in place, such as vacation rentals, and mother in law apartments, but overall if the proposal is approved, landlords will have to adhere to a new set of rules. As of now the city council committee may come to a vote before the full council meeting on October 1st. For more information on the issue, visit NPR online.

Influx of Hotels Planned for Downtown Seattle

The Downtown Seattle metro area has not seen any hotels break ground in the past two years, and there are no current plans for any to go under construction in the next upcoming months. But according to the Seattle Times, all that might change this year, with current hotels having successful bookings, with little trouble filling rooms, and they’re able to have consistently higher rates. Developers are feeling more confident with those statistics in place, and are moving forward by proposing more hotels pop up in the downtown area.

Downtown Seattle Sheraton, photo courtesy of destination360.com

According to the Times, one of those proposals includes a hotel with 1,200+ rooms, which is larger than any hotel in the area except for the Seattle Sheraton hotel. If all of the projects presented were to be built, the Seattle hotel industry would increase by more than 15%! Developers like Touchstone, Kauri, and Daniels Development among others all have projects in various stages of planning for construction, and Seattleites looking for hotel living should keep an eye out for upcoming hotel projects that have apartment rentals planned into the space as well. For more information on upcoming projects in the Downtown Seattle area, visit the Seattle Times.

Downtown Seattle Condos Starting to Fill Up

Downtown Seattle Penthouse Condo Available

The past two years have not been promising for the Seattle Condo Market, and condo developers are finally starting to see a turn around in the Downtown area. According to the Seattle Times, roughly two dozen new projects were at work between 2007-2010 during big the real-estate crash. Many of those who bought the pre-sale backed out and several developers ended up converting their buildings to rental units to cater to the economy. Those who stuck it out had to slash prices, and in many cases had to lower the costs by up to 40 percent.

Today the market is starting to look more appealing and beginning to have the first signs that it will bounce back. A few good indicators include Escala raising  some of their prices; one of the largest downtown projects to date, Escala did so quietly, with the majority of their condo units selling for 99% of the asking price, they’ve begun upping the anty as their inventory gets smaller. Also of the 2,500 condo projects that have been built in downtown and surrounding areas, fewer than 250 units is left unsold. There are currently no new projects in place; most developers and lenders have put condos on hold to allow the market to recuperate. If you’re interested in learning more about finding a condo in the Seattle area, here is a list of available units.