It’s been fifty years since our city hosted the planet at Seattle Center during the 1962 World’s Fair. Positioned as a “world of tomorrow”, Seattle was a showcase for modern living concepts such as the futuristic Space Needle, Seattle Monorail and an exhibition of arts, culture and new age sciences. Now fast forward half a century and downtown Seattle has emerged as a leading world-class city. Whether it’s to work, live or play, downtown Seattle is the envy of its peer cities. Consider the natural seaside beauty, diverse and international cultures, regional shopping destinations, dynamic sports and entertainment venues and thriving arts community; along with hundreds of restaurants, coffee shops and scores of festivals and events – it’s all here. Global companies and major business sectors have set their sights on downtown Seattle. So what might this growth beg of the in-city housing market ahead? More demand for apartments and condominiums, of course. As the markets recover, it’s become clear that the real estate idiom “location, location, location” is now synonymous with “jobs, jobs, jobs”. Nearly half of all the employees in the city of Seattle, and 20 percent of those in King County, already work downtown. And with millions of square feet of proposed office space producing thousands of jobs, housing demand is back in gear. For many, the prospect of commuting to work each day just isn’t an option, especially with rising fuel costs, recent tolling on major routes and looming infrastructure projects like the Highway 99 tunnel construction. Urban living is a growing trend. Since 1990 the center city population has grown a remarkable 77 percent compared to only 19 percent citywide for the same period, according to the Downtown Seattle Association. Some 60,000 people now live downtown. And the demographics are evolving now that there’s greater product diversity ranging from affordable apartments to tony sky-villas worth millions. In fact, according to the NWMLS, 15 of the top 38 homes sold in Seattle that closed above $4 million since 2008, were high-rise condominiums. And the sales volume of million dollar-plus condominiums in downtown Seattle actually accelerated from 2009 through 2011 compared with the prior three years despite the national downturn in the economy. In the last development cycle, approximately 2,797 condominiums and 5,445 apartment units were developed in downtown since 2005. Of this new inventory, only 7.5% or about 210 condominiums remain unsold today (down 50% from 2010). Pundits agree it could be many years before another condominium tower is delivered. So with no new inventory, the median home price of downtown condominiums has stabilized in 2011 and actually increased 6% to $395,000 over the prior year. The performance of in-city condominiums reminds consumers that real estate is local and there are microclimates within each marketplace. Every community is distinctive and downtown Seattle is faring far more favorably than the outlying neighborhoods and most other major metropolitan markets. It’s truly a city on the rise. ON THE RISE DOWNTOWN SEATTLE Surrounded by mountains and water much of the growth in the region has centered on downtown Seattle – quickly evolving the city as a modern day metropolis. DID YOU KNOW? The credit crunch dried up construction financing for high-rise condominiums so only new apartment buildings are being developed. Source: Realogics Sotheby’s International Realty MARKET SPOTLIGHT 24 I REALOGICSSOTHEBYSREALTY.COM
Seattle, On the Rise
Mar 23, 2016
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COMPLETE LIVING. COMPELLING VALUE.1 BD / 1 BA from $425,000 or $1,480 / MO.*2 BD / 2 BA from $799,000 or $3,100 / MO.*PENTHOUSES (ONLY TWO REMAIN)
VA L U E . D E L I V E R E D .
N O T A l l c O N D O M i N i U M S A r E c r E A T E D E q U A l . Only Olive 8 delivers sky-high living atop a
full-service hotel in the heart of downtown
Seattle’s retail and entertainment district.
Priced for today’s homebuyer, discover
sustainable resort-style living and consumer
confidence with established HOA dues
and 30-year financing available from just
3.25% (3.47% APR) for a limited time. Now
more than two-thirds sold, Olive 8 offers a
matchless lifestyle investment and stands
alone in its class. Make it yours, today.
MODEL HOMES OPEN DAILY 12-5PM737 Olive Way I Seattle WA(Complimentary Valet Parking at the Hotel Entrance on 8th Ave)
206.382.4820 | Olive8.com
7th Ave 7th Ave
Freeway Park
6th Ave 6th Ave
5th Ave 5th Ave
PACIFIC PLACESHOPS & RESTAURANTS
WESTLAKE CENTERSHOPS & RESTAURANTS
MACYʼS
CITY CENTRESHOPS & RESTAURANTS
WA STATECONVENTION &TRADE CENTER
4th Ave 4th Ave
3rd Ave To Belltown
STEWART ST
STEWART ST
8th Ave 8th Ave
9th Ave
Howell ST
OLIVE
WAY
PINE S
TPIN
E ST
PINE S
T
PIKE S
TPIK
E ST
PIKE S
T
UNIO
N ST
UNIO
N ST
UNIO
N ST
WESTLAKE AVE
OLIVE
WAY
TRANSIT CENTER Light Rail ToSeatac Airport
To Whole Foods
NORTHi -5
Monorail to Seattle Center
To South Lake UnionTo South Lake Union Street Car
M
THE SKY cOllEcTiONLevels 27-39NOW SELLING!
THE ciTY HOMESLevels 18-27SOLD OUT!
OWNEr’S lOUNGELevel 18Media Room, BBQ Terrace, Dog Run
THE HYATT AT OliVE 8Levels 1-17Valet, Lobby Bar & Restaurant,Fitness Center, Lap Pool & Day Spa
*Promotion requires full price offer. Conforming loans assume 20% down payment (5% options available) on 30 year fixed (3.47 % APR). Jumbo loans assume 20% down payment on 30 year fixed (4.39% APR). Requires approved credit (740+ credit). Monthly payments include P&I (as well as MI on conforming loan). HOA dues, estimate for real estate taxes and club membership fees are not included. Furnished home offer subject to terms and conditions - see agent for more details. This is not a commitment to lend. Seller reserves the right to change the product offering without notice. E&OE.
Spr12RealogicsMiscPages 10 3/3/12 8:43 PM
It’s been fifty years since our city hosted the planet at Seattle Center during the 1962 World’s Fair. Positioned as a “world of tomorrow”, Seattle was a showcase for modern living concepts such as the futuristic Space Needle, Seattle Monorail and an exhibition of arts, culture and new age sciences. Now fast forward half a century and downtown Seattle has emerged as a leading world-class city.
Whether it’s to work, live or play, downtown Seattle is the envy of its peer cities. Consider the natural seaside beauty, diverse and international cultures, regional shopping destinations, dynamic sports and entertainment venues and thriving arts community; along with hundreds of restaurants, coffee shops and scores of festivals and events – it’s all here.
Global companies and major business sectors have set their sights on downtown Seattle. So what might this growth beg of the in-city housing market ahead? More demand for apartments and condominiums, of course.
As the markets recover, it’s become clear that the real estate idiom “location, location, location” is now synonymous with “jobs, jobs, jobs”. Nearly half of all the employees in the city of Seattle, and 20 percent of those in King County, already work downtown. And with millions of square feet of proposed office space producing thousands of jobs, housing demand is back in gear. For many, the prospect of commuting to work each day just isn’t an option, especially with rising fuel costs, recent tolling on major routes and looming infrastructure projects like the Highway 99 tunnel construction.
Urban living is a growing trend. Since 1990 the center city population has grown a remarkable 77 percent compared to only 19 percent citywide for the same period, according to the Downtown Seattle Association. Some 60,000 people now live downtown. And the demographics are evolving now that there’s greater product diversity ranging from affordable apartments to tony sky-villas worth millions. In fact, according to the NWMLS, 15 of the top 38 homes sold in Seattle that closed above $4 million since 2008, were high-rise condominiums. And the sales volume of million dollar-plus condominiums in downtown Seattle actually accelerated from 2009 through 2011 compared with the prior three years despite the national downturn in the economy.
In the last development cycle, approximately 2,797 condominiums and 5,445 apartment units were developed in downtown since 2005. Of this new inventory, only 7.5% or about 210 condominiums remain unsold today (down 50% from 2010). Pundits agree it could be many years before
another condominium tower is delivered. So with no new inventory, the median home price of downtown condominiums has stabilized in 2011 and actually increased 6% to $395,000 over the prior year.
The performance of in-city condominiums reminds consumers that real estate is local and there are microclimates within each marketplace. Every community is distinctive and downtown Seattle is faring far more favorably than the outlying neighborhoods and most other major metropolitan markets. It’s truly a city on the rise.
O N T H E R I S E
DOWNTOWNSEATTLE
Surrounded by mountains and water much of the growth in the region has centered on downtown Seattle – quickly evolving the city as a modern day metropolis.
DID YOU KNOW? The credit crunch dried up
construction financing for high-rise condominiums so
only new apartment buildings are being developed.
Source: Realogics Sotheby’s International Realty
MARKET S P O T L I G H T
24 I REALOGICSSOTHEBYSREALTY.COM
COMPLETE LIVING. COMPELLING VALUE.1 BD / 1 BA from $425,000 or $1,480 / MO.*2 BD / 2 BA from $799,000 or $3,100 / MO.*PENTHOUSES (ONLY TWO REMAIN)
VA L U E . D E L I V E R E D .
N O T A l l c O N D O M i N i U M S A r E c r E A T E D E q U A l . Only Olive 8 delivers sky-high living atop a
full-service hotel in the heart of downtown
Seattle’s retail and entertainment district.
Priced for today’s homebuyer, discover
sustainable resort-style living and consumer
confidence with established HOA dues
and 30-year financing available from just
3.25% (3.47% APR) for a limited time. Now
more than two-thirds sold, Olive 8 offers a
matchless lifestyle investment and stands
alone in its class. Make it yours, today.
MODEL HOMES OPEN DAILY 12-5PM737 Olive Way I Seattle WA(Complimentary Valet Parking at the Hotel Entrance on 8th Ave)
206.382.4820 | Olive8.com
7th Ave 7th Ave
Freeway Park
6th Ave 6th Ave
5th Ave 5th Ave
PACIFIC PLACESHOPS & RESTAURANTS
WESTLAKE CENTERSHOPS & RESTAURANTS
MACYʼS
CITY CENTRESHOPS & RESTAURANTS
WA STATECONVENTION &TRADE CENTER
4th Ave 4th Ave
3rd Ave To Belltown
STEWART ST
STEWART ST
8th Ave 8th Ave
9th Ave
Howell ST
OLIVE
WAY
PINE S
TPIN
E ST
PINE S
T
PIKE S
TPIK
E ST
PIKE S
T
UNIO
N ST
UNIO
N ST
UNIO
N ST
WESTLAKE AVE
OLIVE
WAY
TRANSIT CENTER Light Rail ToSeatac Airport
To Whole Foods
NORTHi -5
Monorail to Seattle Center
To South Lake UnionTo South Lake Union Street Car
M
THE SKY cOllEcTiONLevels 27-39NOW SELLING!
THE ciTY HOMESLevels 18-27SOLD OUT!
OWNEr’S lOUNGELevel 18Media Room, BBQ Terrace, Dog Run
THE HYATT AT OliVE 8Levels 1-17Valet, Lobby Bar & Restaurant,Fitness Center, Lap Pool & Day Spa
*Promotion requires full price offer. Conforming loans assume 20% down payment (5% options available) on 30 year fixed (3.47 % APR). Jumbo loans assume 20% down payment on 30 year fixed (4.39% APR). Requires approved credit (740+ credit). Monthly payments include P&I (as well as MI on conforming loan). HOA dues, estimate for real estate taxes and club membership fees are not included. Furnished home offer subject to terms and conditions - see agent for more details. This is not a commitment to lend. Seller reserves the right to change the product offering without notice. E&OE.
Spr12RealogicsMiscPages 10 3/3/12 8:43 PM
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