Tom Cain of Cain Inc. recently reported that the average vacancy rate for properties of 50 units or more in the King and Snohomish counties are currently sitting at 4.44%- just a slight drop from last year.

The lowest vacancy rate found in both counties was in Seattle’s First Hill neighborhood at 2.6%.  This could be attributed to the new hirings at Swedish Medical Center, the limited availability of newer apartment buildings, very convenient access to the downtown core/freeways and reasonable rental rates.

Cain also sited over 7,613 new apartments are under construction, 3,124 of which are located in Seattle- a 32% increase over the last quarter!

Click here to read more.

Come spring 2009, AvalonBay Communities will begin building an apartment complex on the west side of Lower Queen Anne between Harrison and West Thomas St. on 3rd Ave W- Avalon Queen Anne.  The building is slated to accommodated approximately 200 units, 247 parking stalls, 5,000 SF of retail space and will be designed by GGLO. After construction starts the building will take about 18 months to be completed and cost about $60 million to build.

AvalonBay had been building about one apartment complex in the Northwest every three years, but are wanting to create a larger presence in our market.   Avalon Queen Anne is one of 3, possibly 4 apartment buildings that will be built in the next two years…the others will be built in Kirkland, Bellevue and Ballard!  Click here to read more.

Here is the latest from Lacie Doman, the Marketing Manager of AVA Hotel & Residences:

PROJECT SCHEDULE
With our Master Use Permit now in hand, the AVA development team is in the final design and entitlement process. As we prepare to submit for the final building permits from the City of Seattle, we continue to work closely with our contractor to secure the best possible construction pricing for our future owners. We anticipate receiving final project costing and entitlements by the second quarter of 2009, and will be in position at that time to finalize the construction schedule and occupancy date.

PRIVATE PREVIEW APPOINTMENTS
Later this summer, private preview appointments will be available for all interested homebuyers to tour the sales center. You will be among the first to preview the contemporary and sophisticated design palettes which have been custom created for AVA as well as explore home décor options. The sales center is located at the corner of 8th Avenue and Olive Way, just one block away from the AVA site (open by appointment only).

PRIORITY RESERVATION OPPORTUNITY
New homebuyers will be invited to entertain a Priority Agreement, which provides a preferred opportunity to select from the new release of homes once they are officially released for sale next year. Priority Agreements are offered in exchange for a fully refundable deposit of $10,000 and are a convenient way to secure your purchase position with preferred selection and introductory prices.

Click here to read more on AVA Hotel & Residences!

What once was Expo62 Condominiums is now Axis Apartments!  Located on the border of lower Queen Anne and Belltown at 123 2nd Ave, Axis is just steps away from the Key Arena, Seattle Space Needle, Pacific Science Center, The Experience Music Project, Boeing IMAX Theater, Marion Oliver McCaw Hall and the Pacific Northwest Ballet.  If you are looking for easy access to the waterfront-Myrtle Edwards Park, Olympic Sculpture Park, HWY 99, I-5 or downtown by bus- this location will be perfect for you!

Axis will soon be BUILT SMART certified by Seattle City Light and BUILD GREEN certified from the Master Builders Association. There are 7 stories and floorplans range from 459 square foot studios to 1,762 square foot 2 bedroom/2 bath penthouses.  Studios are priced starting at $1175, 1 bedrooms at $1450 and 2 bedrooms at $1810, most offering granite countertops, stainless steel appliances with gas stoves, hardwood floors and fireplaces.

The building itself offers a lobby with a mezzanine and library, a theater room, 24-hour fully equipped fitness center, business center and a rooftop garden with a pet care center!

Click here to visit the Axis Apartment website!

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!

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!