How much have Seattle prices fallen since the July ’07 peak?

Comparably, Seattle prices have fallen much less than the rest of the nation–a fact that may raise eyebrows for investors once the dust has settled.  But by how much?  Since the market peaked in ’07, Seattle prices have fallen 20.9 percent.

According to the Standard & Poor’s/Case-Shiller index, February was the first time in 25 months that price declines did not set a new record low.

Rollin Street goes Rental

Matt Goyer at Urbnlivn.com posted it first.  Please review the information on his site if you’re interested:

With Pre Sales At 25%, Rollin Street Going Apartments

Heron & Pagoda Facing Foreclosure

The signs were all there. Heron and Pagoda was a “NEW YORK” style, 46 floor (550-feet) twin towers project.  However, New York developer Multi Capital Group is facing foreclosure on only an approximate half of the project, which is reported to hit the auction lot  in June.  Alec Carlin, of Hummingbird Advisors was quoted saying that he only found out about the foreclosure last week and that the project has been on the back burner.  The article also stated that Carlin said, “still on hold, waiting for the economy to change.”

A spokeswoman for Washington Secretary of State Sam Reed said ZRMBH (a Multi Capital affiliate that owns the three parcels) no longer is a legally recognized corporation. It failed to file a required annual report last October and was administratively dissolved in February, she said.

King County Weekly Condo Sales Ratios for April 22nd, 2009

Condo Only, NWMLS Area 701 (Belltown & Downtown Seattle)

Amazon Still Moving Along with 11 New Buildings in SLU

Construction has been underway for some time, and Amazon has recently reported that they’re not making any plans to get out of thier lease with Vulcan.  A spokesperson for Amazon confirmed that the company is looking forward to the move, making mention that it should be a good move for the company and its customers.  Mayor Greg Nickels predicted that there will be an approximate 20,000 people working in the South Lake Union neighborhood by 2012–double today’s number.  That can mean huge profits for those who have currently invested or plan on investing in downtown real estate.  It could also mean the opposite for those waiting to see if it actually happens.

New $3.5 Million Housing for the Homeless on 1st & Cedar

A resident at Harbour Heights provided us with a rendering of a new project supposedly holding a groundbreaking ceremony on May 14th, beginning a projected 15-month construction timeline on the corner of 1st and Cedar beginning June 1st. Ironically, it’s currently a vacant parking lot believed by many to be unbuildable.  Not much information has circulated about the project since the news originated from the Real Change newspaper (a program to get homeless off the streets by putting them on the streets asking for spare change to buy the Real Change paper).  Designed by SMA Architects, the 7-story building will provide 84 units with full bathrooms and kitchens, with each studio unit averaging 250 square feet.  One of the reasons we believe the building is being approved for construction is because there will be no parking provided.  The first floor of the building will primarily be for the care facility and staff, with another 2,000 square feet of retail space.

Applicants do not need to have clean criminal records, a stable renter’s history, or proof of freedom from drug or alcohol addiction. “You take a person where they are, and then you provide the level of services they need to succeed,” (Joanne) LaTuchie (Seattle Office of Housing) says.

We have yet to find out why Plymouth Housing Group is pushing for that particularly high-priced location (Belltown being some of Seattle’s most expensive real estate) over other areas, or information as to the need of such a facility on 1st Avenue in Belltown.  Also, based on the location, a long waiting list is likely to develop.  At the same time, a comment left on the SLOG made mention that the new affordable housing could provide downtown with a lower-income based workforce.

How and why the deal was made

Open Houses for Sunday, April 19th

If you’re in the market for a Belltown studio, a more spacious unit closer to the market, or prefer to be on the outskirts, the take a look at our open houses this weekend.

From 1 to 4 on Sunday, the following listings will be open:

Bellora
2716 Elliott Ave #604
Seattle, WA 98121
$290,000 0 Bed 1 Bath 494 sq. ft.

Cristalla
2033 2nd Ave #703
Seattle, WA 98121
$785,000 2 Bed 2 Bath 1,408 sq. ft.

Tavona x 4
3333 Wallingford Ave N #103 , #214, #314, & #305
Seattle, WA 98103

$598,950 2 Bed 2  Baths 1,079 sq.ft.
$460,000 2 Beds 2  Baths 1,216 sq.ft.
$430,000 2 Beds 1.75  Baths 1,216 sq.ft.
$424,950 2 Beds 2  Baths 1,079 sq.ft.

Visit our Featured Listings page for more details and directions.

King County Weekly Condo Sales Ratios for April 15th, 2009

Condo Only, NWMLS Area 701 (Belltown & Downtown Seattle)

Open House at the Cristalla Saturday afternoon

$785,000 ($558/Sq.Ft.)
MLS# 29030500

2033 2nd Ave #703
Seattle, WA 98121

Interior Size: 1,408 Sq.Ft.
Beds: 2   Baths: 2

Immaculate 2 Bedroom 2 Bath corner unit in the Cristalla. Huge windows capture Sound views from master suite and open living room. Gourmet chef’s kitchen with stainless steel appliances, gas cook top, large wine case, and cherry wood cabinets. Master suite boasts spacious bathroom, soaking tub, and walk in closet. Located in the heart of downtown and close to shopping, restaurants, and the market. Don’t let this one get away!

Come take a look Saturday afternoon from 1 to 4:00 p.m.!

VIEW MORE DETAILS

Stroupe Scoop is Back! February 2009 Sales Stats

It’s been some time since we’ve put out an edition of the Stroupe Scoop.  It’s proven to be one of the top print publications for downtown real estate, featuring an overview of sales stats, highlighting a featured building, and additional recognition for our featured listings.  Now back by popular demand, we encourage you to sign-up and download the monthly Scoop by either subscribing to our “eNews and Updates” located in the top right area of our blog (sends automatic emails everytime we post).  Or, if you would just like to get the Scoop by email, subscribe here.

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