Rezoning Plan Released For SLU

Monday evening, Seattle officials released their plans for rezoning in the South lake Union area, with the anticipation for the influx of residents and workers coming to the area. The plan estimated 12,000 people moving to the neighborhood with over 22,000 jobs over the next ten years provided by amazon and other local companies.

The proposal includes an array of requirements listed below but not limited to:

  • Increasing the current building height restrictions
  • Preserving the current Cascade Neighborhood (one of the oldest in Seattle) and creating a new residential community along 8th Ave North of Denny Park
  • Establishing new development standards to ensure new towers are spaced to preserve public views through the neighborhood
  • Strengthening incentives to preserve landmark properties and existing open spaces
  • Creating a new incentive to build a new public school to serve the city center

For an extensive overview of the South lake Union rezoning proposal, and incite from Mayor Mike McGinn visit Seattle.gov.

How is Your Cost of Rent Determined?

There are several factors that come into play when owners, landlords, and housing boards decide how much to rent a particular space for. In Seattle it can be assumed that since inventory is low, the cost of rent is rising and will continue to do so for the next few years. The Seattle Transit Blog has an interesting take on how your rental price is determined, and why that price was decided maybe even before your apartment was built!

According to Seattle Transit, construction costs, and debt accumulated are taken into consideration, as well as what the market will hold when determining the set rent. They suggest that the cost of rent is decided before the unit is finished being built. There is a supply and demand factor in the housing price decision. If inventory is low, rent is high, but if there is a surge in construction maybe the quality of housing will decrease and renters will wind up eating extra costs. Seattle Transit suggests that if all goes well in the construction process, and attracts prospective tenants, we should be seeing an increase in supply and lower costs in housing production. Read the full story to gain a better understand of all the bells and whistles that come into play when deciding that final rental rate. Understanding that there are many factors at hand and wrapping your head around what those factors are should open the flood gates for new ideas to cut costs for renters and builders alike.

Curious How Much Your Rent Has Risen? Rental Prices: Past and Present

Do you find yourself wondering what your rental cost would have been, had you moved into your basic one bedroom apartment 3 years ago? Me too! The cost of rent in the Greater Seattle area has steadily risen over the past few years without inventory changes, although builders are starting to pick up where they left off, and apartment building construction is now on the rise all over the city. If you were to take a look at the cost of living in your neighborhood, say in 2007, how much do you think your overall cost of living would change? Well we’ve got the results! Seattle Metropolitan has the stats and the changes might make you resent your non waterfront view home. For instance, the average cost of rent in the Ballard neighborhood back in 2007 was $755, and today the same unit costs around $1,188. Ouch! Take a peak at your neighborhood, you might wish you could rent a time machine.

Pioneer Square Board Gives the OK On 25 Story Apartment Building

If you’ve heard, the rumors are true; the city board, who has been in charge of keeping the historic presentation of Pioneer Square alive, cast their votes and approved the modern sleek design of a 25-story apartment high rise just north of the Sodo stadiums. The all glass and steel tower will be sectioned into 2-4 story boxes, that will be positioned at varying angles. The building is part of a larger project named Stadium Place, in what previously was the North Parking Lot of Century Link Field.

Photo Courtesy of the Seattle Times, ZGF Architects

 

The collaborative developers Daniels Real Estate and R.D. Merril presented the design back in December, and were met with mixed reviews, some stating that the design was far too modern to fit in with the historical appeal of Pioneer Square. But most members of the Pioneer Square Preservation Board actually had positive reviews of the design, and were all in agreeance with the new construction. The “South Tower” would be just a little shorter than the stadium, at 240 feet tall, and will have 333 units. Other projects are in the planning stages for the first phase of Stadium Place, such as a 20 story condo tower, and an office and hotel tower as well. For more information on these apartments, visit the Seattle Times.

Holland Development Plans Huge High Rise on 9th & Pine

If you’ve always dreamed of living in the highest high rise apartment building in Seattle you’re in luck…. Holland Development is planning the construction for your new humble abode right now! According to a report today in the Seattle Daily Journal of Commerce,  Holland is preparing to start construction on what will soon be noted as Seattle’s tallest apartment tower. The building will sit on the Southwest corner of 9th & Pine just West of the Paramount Theater and will stand nearly 40 feet taller than the nearby Aspira building. The building is planned to be 440 feet tall, with 386 units and 269 parking stalls. While this might seem like a hefty project for Holland Development by itself, they also have 6 other projects in the works and will be responsible for putting 1,400 new apartment units downtown. For more information on the project please visit the Daily Journal of Commerce.

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.

New Scam in the Seattle Apartment Market

According to the Seattle Times, there’s a new scam in the housing market. Online scammers advertise listed homes and foreclosed properties as for rent on popular rental websites such as Craigslist, with potential renters sending a deposit before receiving the keys. Be wary if the deal looks to be good to be true and/or the “property manager” asks you to wire funds through Western Union or Moneygram without letting you see the rental unit. For more details and tips, please read the article here.

Seattle Apartment Construction Improving Seattle Housing Market

Due to the influx of apartment construction, 2011 will be the first year since 2007 where housing construction will help the economy grow. There has been a surge in apartment construction, as signaled by the cranes in Ballard and South Lake Union, as well as an increase in permits, signaling future construction in Seattle.

For every new home that is built, it creates three jobs and adds $90,000 in taxes. For more details, read the Seattle Times article.

Seattle Apartment Construction Improving Seattle Housing Market

Due to the influx of apartment construction, 2011 will be the first year since 2007 where housing construction will help the economy grow. There has been a surge in apartment construction, as signaled by the cranes in Ballard and South Lake Union, as well as an increase in permits, signaling future construction in Seattle.

For every new home that is built, it creates three jobs and adds $90,000 in taxes. For more details, read the Seattle Times article.

Four Seasons Glass Panels Fall

After several incidents of falling glass panes, a general contractor for the Four Seasons Hotel and Private Residences building in downtown Seattle is removing the remaining pieces of glass that line the residence balconies. On Sunday, the piece fell onto a glass awning over the sidewalk. The awning cracked but didn’t break, and no one was harmed. There are 300 glass panels in the building that will be removed. In the meantime, the building’s owners will work on a new railing concept for the residence balconies. For more information, see the full Seattle Times article.