The Decatur: Cheaper to Own than Renting?

We’ve recently received a study claiming that it’s now more cost-effective to own at The Decatur Condominiums than it is to rent in the popular First Hill neighborhood.  This study compares one and two bedroom homes in The Decatur to comparable properties offered at nearby apartment buildings.  It considers variable market dynamics including lower selling prices, FHA financing, historically low interest rates, rising rents and tax advantages for homebuyers.  The chart they provided contains two scenarios tallied over a period of five years aggregating the total housing costs for both renting and owning, and you can tap onto it here– The_Decatur_Chart.

The study also referred to a recent Puget Sound Business Journal article headlined “Ascent of Rent” , which takes a look at rental rate increases, plus the lack of new condominium projects scheduled for development.  This article also covers the number of rental properties slated for construction–subject, as always, to funding availability.    

More than 80% sold, The Decatur has 146-units comprised of one and two bedroom homes starting from just $187,500.  Built in 1950, the concrete and steel high-rise landmark was substantially renovated in 2006 and 2007, and converted to condominiums before the market corrected.  Prices are now up to 40% below the original sales prices.  Take a look at the links we’ve provided and if you’d like more information or to schedule a private tour, just contact us at urgent@stroupe.com.

Seattle Heights: What Could be Coming to Your Backyard

SEATTLE HEIGHTS RESIDENTS, TAKE NOTE!  We came across a news item about the 2625 Third Avenue project which should be of great interest to you. 

Originally, the current site of the American Lung Association was slated to make way for a 18-story building with 204 residential units above 4,000 sq ft of retail space.  Now, however, the developers are petitioning to increase the height to 26 stories, with 310 residential units instead.  Retail size would stay the same, with parking for 160 vehicles in five below-grade levels.

To the left is the Preliminary Design, and we have also attached the current zone map and zoning context maps at the bottom of this article.

If you would like to make your voice heard on the changes in this project, especially those Seattle Heights residents whose views may be impacted, you can attend a Seattle design review board meeting on Tuesday, February 22^nd at Seattle City Hall, 601 Fifth Ave, Room L-280 at 5:30 p.m.  

Check out the February 22^nd section of this meeting link for more information. Click on the Design Proposal area to download the 33-page presentation to be made on Tuesday evening.  The contact for this project is Sean Sullivan at (206) 624-8154, and the planner is Michael Dorcy at (206) 615-1393.

Zoning Map

Zoning Context