Low vacancies, rising rents and a cooling condo market has made Seattle’s apartment market more appealing to out-of-state investors, according to a report just released by Marcus & Millichap.

- Over 34,000 jobs are expected to open in 2008
- Vacancy rates are expected to be at 4.7% by the end of the year
- The average rental rate is expected to reach $1023 per month- a 6.2% increase from last year

Click here to read more!

Also, check out the National Apartment Association’s Housing Survey on how renter’s feel about our real estate market- 69% of renters plan on continue renting for as long as 5 more years!

I wouldn’t have caught the insane Penthouse price drops over at the Cosmopolitan if it wasn’t for a good tip (thank you!)…check out the new pricing:

#3306 (1 bedroom/ 1.5 bathroom, 1100 SF)- WAS $699,950 in 2007, NOW offered at $499,950…$454.50 per SF

#3303 (2 bedroom/ 1.75 bathroom, 1400 SF)- WAS $1,249,950 in 2007, NOW offered at $899,950…$642.82 per SF

#3405 (2 bedroom/ 2.5 bathroom, 1858 SF)- NEW ON THE MARKET offered at $999,950…$538.18 per SF

There are a total of 17 condos on the market for sale in the building, but these price drops make the Penthouses by far the best deal in town!

First Galer Now Selling on Queen Anne!

Queen Anne’s Counter Balance Condominiums (First Galer & Marc Anna) are now being marketed by MCM Group! Last October Marc Anna had its Grand Opening but now First Galer is nearing completion and will be offering 18 one-, one-plus-den and two-bedroom homes by the end of June.

Located just one block off of Queen Anne Ave, on the corner of 1st Ave N and Galer Street, neighborhood amenities and services like The 5 Spot, Café Appassionato and Trader Joes are all within walking distance…the perfect Queen Anne location!

This entire building from sidewalk to rooftop was redesigned including the electrical, plumbing, brick exterior, windows and interior finishes. Each home features mahogany picture molding, glass doorknobs, black & white-checkered bathroom floors, faux fireplaces, oak flooring, dark slab granite countertops and stainless steel appliances.

Prices start at $349,900 and the sales office is open Friday through Tuesday from noon to 6pm- 1501 1st Ave North. Click here for more information!

Previous Post on the Counter Balance Condominiums

Just across the street from the Pink Elephant Carwash on Denny and Dexter (109 Dexter Ave N), the Borealis Apartments are approaching completion as announced by Vulcan last week. This new workforce housing project will soon provide affordable apartments for individuals and families earning less than 80% of the median household income for King County.

The 33,000-square-foot, six-story building includes 53 apartments with studios, one-bedroom, and two-bedroom units ranging from 400 – 850 square feet with approximately 3,600 square feet of retail space.

As defined by the U.S. Department of Housing and Urban Development, 2008 median incomes for 80 percent are $43,050 or less for a one-person household and $61,500 or less for a four-person household. Rental rates at Borealis Apartments will start at $875 for a studio, $1,052 for a one-bedroom and $1,244 for a two-bedroom unit.

As an environmentally friendly development, Borealis Apartments is designed to qualify for three-star Built Green certification from the Master Builders Association of King and Snohomish Counties, and is also participating in Seattle City Light’s Built Smart program. Sustainable features include low-flow fixtures, Energy Star appliances, low VOC finishes, increased natural daylight, green screens and bike storage lockers.

Click here to visit the Borealis Apartments website for additional details!

About two weeks ago I toured one of the newest additions to Capitol Hill’s Lakeview Boulevard- The Lakeview Residence.

This 6-unit luxury condominium building features 2 bedroom/ 2.5 bathroom floorplans ranging from 1,380-1,711 square feet, each with panoramic views of Lake Union and the downtown skyline, private elevator access, 2 secure parking spaces, timeless luxury finishes and share a common rooftop deck.
The developers, Hunters Capital Development Company, have an extensive portfolio of historic residential and commercial properties and with each project place a strong emphasis on preserving character of the neighborhood. The Lakeview Residence is a perfect example of this- from the brick and natural wood exterior to the expansive balconies and private backyards, this building provides the perfect alternative to highrise living in one of Seattle’s most desired locations (1114 Lakeview Boulevard East).

Visit The Lakeview Residence website for additional details…prices are expected to be starting around $1M+ and all will be on the market, ready to move-in this summer!

Just released today….

“Recent information indicates that economic activity remains weak. Household and business spending has been subdued and labor markets have softened further. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters.

Although readings on core inflation have improved somewhat, energy and other commodity prices have increased, and some indicators of inflation expectations have risen in recent months. The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization. Still, uncertainty about the inflation outlook remains high. It will be necessary to continue to monitor inflation developments carefully.

The substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidity, should help to promote moderate growth over time and to mitigate risks to economic activity. The Committee will continue to monitor economic and financial developments and will act as needed to promote sustainable economic growth and price stability.”

Click here for more details!