Most Expensive Home for Sale -- Just for fun!

Ever been curious as to what the most expensive home on the market might be? Well, after reading an article in the Seattle Times entitled "The New Luxury in Real Estate", I became curious myself.
The most expensive single family home currently listed in the MLS is this beautiful waterfront home on Mercer Island for a mere $40 million! It's listed with Wendy Lister of Coldwell Banker Bain and has almost 23,000 sqft, with multiple pools (indoor and out), and an elevator!
Anyone know what the monthly mortgage payments are on $40 mil? :-)

Ranches More Popular than Bungalows?

Perhaps it has something to do with the Baby-Boomers getting older and wanting 1-story homes, or perhaps we are just seeing a new trend in popularity of midcentury modern architecture, but homes built between 1940 and 1969 are selling quite well right now. They might even be edging out our beloved Seattle Craftsman Bungalows?!?!
While these classic-modern homes have historically not been the most desireable style of home, we have seen a resurgence in their popularity the last few years. These homes generally include large open spaces, flat or low-pitched roofs, large windows, and little adornment.
Perhaps it is just the natural repetitive cycle of trends and style. Are we seeing the 50's and 60's back in "style" in other ways too?

Seattle Home Appreciation Leads the Way!

Exciting news for homeowners in the greater Seattle area!
According to recent predictions in Forbes Magazine, the median home value for the Seattle area will continue to increase over the next 10 years. Currently the median home price in the Puget Sound is $384,543. Predictions place this value to be $612,383 in the year 2016. To read more information about other major cities click here.

Backyard Apartments?

A pilot program to create more affordable housing in the Southeast portion of Seattle is being considered by City officials. The program would allow property owners to create "detached accessory dwelling units", or DADUs.
These DADUs differ from "mother-in-law apartments" in that they are not connected to the main property. They can be located in garages, servants' quarters, or be built from scratch. These structures cannot be more than 23 feet tall or have more than 1000 sqft of living space. One stipulation though is that the property owner must live in either the house or the detached apartment and supply an off-street parking space for the apartment.

In Seattle, 70% of the land is zoned for single-family use, so this proposal is supported by neighborhood groups as a means of providing affordable housing. It may also help homeowners who are struggling with high mortgage payments by providing an additional source of revenue.

Critics of this proposal are worried about additional traffic and parking problems, and the increase of duplexes in nice neighborhoods once comprised of mainly single-family homes which could lead to lower property values.
What do you think?

Seattle Neighborhood Spotlight -- Pike Place Market

In the last few weeks, I have been previewing at a lot of condos downtown near Pike Place Market for an out-of-state buyer. I recently viewed a great historic Loft unit complete with a private rooftop deck with views of the Puget Sound.
What a great place to live -- and right across the street from the Market! Every time I am in this area I am reminded about what a wonderful bustling neighborhood it is. Fresh produce out your front door, views of Puget Sound and the Olympic Mtns, the smell and allure of gourmet restaurants, theater, and live music, the sights and sounds of all the outdoor performers, vendors, and eclectic shops. Ah, what a great place to live! But don't take my word for it, here's another video (thanks to www.turnhere.com) about Pike Place Market -- and of course -- the flying fish!



Links for more info:
Pike Place Market
Pike Place Fish Market
Market History
Unexpected Productions

Homes currently for sale near Pike Place Market (as of 4/19/06)

Seattle Rental Market Tightening

Apartment hunters beware! Rentals in the Puget Sound region are getting tougher to find, and prices are going up! According to a recent article in the Seattle Times, Puget Sound regional vacancy rate is 4.6% - down from 6.5% a year ago. Average rents have climbed 4% in this past year.

There are a number of factors causing this trend. One is the growing economy -- 50,000 jobs added last year and potentially as many this year -- continues to fuel the demand for rental homes.

Increase in home prices is another factor. Many potential home-buyers are opting to stay put and rent an equal or better home for much less than the cost of a mortgage. Also, the high demand and increase in home prices has caused a tremendous surge in condominium conversions. Last year alone we saw 4,000 apartment units converted to condominiums. This decrease of available apartments puts the squeeze on renters looking for affordable space.

With home prices continuing to rise and the slow but constant rise in interest rates, many would-be homebuyers may soon be priced out of the market. The rental market will likely continue to tighten....with prices getting higher and more competition for renters.

$405,000 -- Median Home Price in King County!

Here's a recent article from the Seattle Times that talks about current market conditions in our area. March home-sales numbers were released last week by the Northwest Multiple Listing Service. They show the median closed price of King County single-family homes has shot up almost 12 percent in the past year, reaching $405,000 last month (and up from $392,950 in February.) The median price of a condo in King County rose 21% to $249,950.

Downtown Seattle to get Taller?

Last week Seattle City Council unanimously approved a measure that will allow building heights to rise in much of downtown Seattle.

"It is a milestone today, and it is an important turning point," said city councilman Peter Steinbrueck, who crafted changes to a proposal advanced by Mayor Greg Nickels last year. "We will do more with this legislation than change the look of downtown. ... We're going to change the feel of downtown and some of the dynamics of downtown."
The measure also included requirements for affordable housing, green buildings, and underground parking. City Council is also working on other issues to improve downtown livability. In the planning stages are: a major park in Belltown, providing tax-breaks to developers targeting moderate-income residents, preserving historic buildings, and a possible elementary school in the city center.
Read more about Seattle City Council's Downtown Zoning and Livability Plan. Here's is another link to the downtown zoning changes.