602 W Highland Drive
6bd/7.5ba (7000SF)
FOR LEASE- $15,000 per month, fully furnished

Located on Seattle’s most coveted West Highland Drive, surrounded by heritage homes, manicured lawns and well-established estates, this fully furnished 6 bedroom, 7.5 bathroom 7000 SF home is poised on private corner lot adjacent to a dedicated drive circle with iconic views of downtown Seattle, Elliott Bay and surrounding mountain ranges. It is within walking distance of Queen Anne’s most famous view parks and play areas, as well as several residential amenities such as Metropolitan Market, Trader Joe’s, Top Pot Doughnuts, Via Tribunali and local coffee shops. 
 
Completed in 2006, this grand residence is a blend of traditional French provincial architectural design with transitional aesthetics and modern conveniences. The formal home plan is designed for entertaining flexibility and features five terraces including a roof top terrace with a fireplace, adjacent wet bar and full bath; a view terrace with a Blackpine™ eight-person hot tub with audio/visual system; and an expansive main level terrace with a NanaWall™ window wall system that opens to the living room- perfect for those warm summer days! The double height entry, interior Juliet balconies and voluminous ceilings (10’ main level and 9’ second level) create a very open, bright and inviting ambiance that magnify the commanding vistas of the city, Elliott Bay, Mount Rainier and Olympic Mountains throughout.

For the culinary entertainer, French doors off the main entry lead to the formal dining room with an oversized gas fireplace, seating for up to twelve guests, chocolate-stained solid cherry hardwood floors, vaulted ceiling with indirect valance lighting accented by silver leaf ceiling, custom-designed chandelier and wall sconces on dimmer controls. There is also an adjacent wet bar with wine chiller and direct access to kitchen.

The kitchen features chocolate-stained cherry hardwood cabinets with frosted glass doors and under cabinet lighting, knife-mitered slab onyx island surrounded by double-edge slab granite countertops, self-closing drawers with Valli & Valli™ cabinet hardware, Kohler™ Professional Series™ 48-inch three basin stainless steel sink, chef’s choice overhead faucet with ½ hp disposal, 8-foot+ kitchen island with bar seating for four, 48-inch, Dacor™ six-burner gas range and oven, Viking™ stainless-steel range hood with variable speed and direct venting, KitchenAid™ vented trash compactor, Sub-Zero™ under-cabinet refrigerator, two built-in Bosch™ dishwashers adjacent to kitchen sink, Viking™ 48-inch side-by-side refrigerator / freezer with water / ice dispenser, Dacor™ wall oven, two microwaves, Miele™ espresso machine and integrated Sony™ TV.

The generous master retreat showcases panoramic views of city lights and Elliott Bay with south facing exposure and a wrap-around terrace. Offerings also include an expansive custom walk-in closet with a built-in safe, options for additional his-and-hers closets, a gas fireplace with limestone surround featuring an integrated 50-inch Pioneer™ flat screen TV and a large master bathroom with private his-and-hers water closets, ebony wood and silver leaf vanities with separate make-up area, an oversized Kohler™ jetted bathtub with ceiling-mounted tub filler and a custom glass shower featuring Kohler™ “body spa” systems and steamer.

This home is complete with a home audio system with multi-room sound controls, custom furnishings by Garret Cord Werner, radiant in-floor heating, multiple-zone air conditioning throughout home and a Honeywell™ security system with video camera pre-wire. 

View more details at www.602WestHighland.com or www.seattlerentals.com/13514

Courtesy of WMFHA & Landlord Solutions Inc …

HB 2484:  TERMINATION NOTICES: 
This is a new bill and it was given a hearing in the House Judiciary Committee on January 13.  The bill would require landlords and tenants to give 30-days notice to terminate a month-to-month tenancy.  It would also require a landlord to give 60 days notice if the tenancy has been in existence more than one (1) year.  The termination date could be any day of the month.  The bill also requires a refund of any prepaid rent and provides that a tenant who gives notice but fails to vacate is guilty of unlawful detainer and can be evicted.  Landlords testified in opposition to the bill but stated they would support a bill providing for a change in the law to require 30-days notice so long as the notice could be effective on any day selected by the landlord or the tenant.

HB 2438:  DEFINITION OF SERVICE ANIMAL:  
This bill would eliminate the requirement of training or certification for a service animal under our state laws regarding discrimination against the disabled in real estate transactions.  A committee hearing was held on January 13.  Landlords testified in opposition.

HB 2622:  TENANT SCREENING:  
This is a new bill and has some similarities to a screening bill introduced last year.  It requires that a tenant’s screening report be “portable” for 60 days after it was initially issued.  It also prohibits screening companies from reporting a filed eviction unless a final judgment was entered in favor of the landlord and against the tenant.  Finally, it requires a landlord who denies an applicant or requires a larger security deposit, a co-signer, or some other increased security to give the applicant a written statement setting forth the reasons for the “adverse action.”  There is a hearing scheduled for January 19 

SB 6459:  INSPECTIONS AND CIVIL SEARCH WARRANTS:  
Representatives for landlords, tenants and various cities have been meeting for the past 3 months to try and work out mutually agreeable legislation that would put reasonable restrictions on any mandatory inspection program that a city might adopt.  In return for these limitations, cities would be given authority to obtain a civil search warrant for rental property to look for housing code violations.  In order to obtain the warrant, the city would have to satisfy a judge that there was “probable cause” to believe that code violations existed.  The city would not be able to go on a “fishing expedition.”  There is a hearing set for January 19 on the bill in its current draft form.  The parties have also agreed to meet again on January 20 to continue their discussions in an attempt to resolve remaining disagreements.

HB 2618:  STREET UTILITY TAX:  
This bill authorizes cities to adopt a “street maintenance utility” to enable the city to charge property owners for street maintenance in relation to the burden that their properties put on city streets.  This would mean that multifamily property owners would be charged based on the number of units at their property.  A hearing is scheduled for January 20.

HB 2592:  PROHIBITING INCENTIVES FOR TOWING FROM PRIVATE PROPERTY:  
Several months ago a local TV station highlighted a local towing company that was offering rewards and gift cards to resident managers based on the number of tows authorized by the property.  This bill would make the practice illegal.  A hearing is set for January 18.

HB 2413 / HB 2414:  CRIMINAL STREET GANGS:  
These 2 bills are an attempt to deal with gang activities and the adverse affects that such activities can have on a community.  The first bill sets up procedures that allow law enforcement to seize, forfeit and sell real or personal property used in connection with gang violence.  The second bill authorizes occupants of a multifamily property and neighbors or any rental property to file a compliant seeking a declaration that the property is a nuisance.  If a court determines that the property is a nuisance, the property can be closed for up to one year.  This bill had a hearing on January 14.

SB 6261:  CLARIFYING MUNICIPALLY OWNED UTILITIES’ COLLECTIONS FROM OWNERS:  
This bill will make it clear that a municipally owned electric utility can only hold a rental property owner responsible for a maximum of 4 months unpaid bills if the tenant fails to pay.  Current law provides that the utility has a lien against the property for up to 4 months of unpaid bills.  However, some utilities have charged owners and required owners to pay more that 4 months of bill in order to continue, transfer or restore service.  A hearing is set for January 19.

HB 2469:  CANDIDATES ACCESS TO TENANTS:  
This bill provides that a landlord may not unreasonably deny access to the premises to political candidates or their agents or those who are advocating for or against ballot measures.  However, the bill would allow a landlord to provide in the rental agreement that the tenant authorizes the landlord to deny such access.  No hearing has been set. 

For additional information- visit http://www.leg.wa.gov

Sitting across the street from Olive8 Condominiums, The Olivian Apartments (809 Olive Way) have started advertising vacancies for their 1 bedroom, 2 bedroom and 2 bedroom + den floorplans.

As of yesterday, the prices are being quoted at:

1 bedrooms: $1799 - $2552 per month (753 to 1042 SF) http://www.seattlerentals.com/11455
2 bedrooms: $2850 per month (1287 SF) http://www.seattlerentals.com/11456
2 bedroom + dens: $6000 per month (1916 SF) http://www.seattlerentals.com/11458

Here are some marketing comments:
With its monumental presence, high design and luxurious amenities, The Olivian caters to those who crave more from life. It’s easily the most anticipated luxury leasable residence to appear in downtown Seattle in years, taking high-rise living to new heights.

Select from a variety of floor plans, all with open layouts and expansive window walls. This 27-story modern tower features luxuriously appointed two bedroom + den residences as well as exclusive penthouse residences. You choose what best fits your personality!

I have yet to tour The Olivian, but will be visiting Rollin Street Flats (a neighboring condo-to-apartment conversion) tomorrow – stay tuned!

Last week I was interviewed by Angela King at Q13 about current rental market conditions and it looks like it surfaced this morning- click here for the entire clip!

I am glad the interview came up when it did because our rental market has been severely impacted by the decrease in sales activity and financial crisis.  Hundreds upon hundreds of owners in the Seattle area have recently taken their condos and homes off the sales market and placed them into the rental pool in hopes of benefiting from our “stellar” rental market…but only to find out they are about 4-5 months too late.

Every Monday morning, SRG agents get together to discuss market trends/experiences and for the past 3 months, we have all been feeling the pressure of an oversupply, decrease in demand, and the dreaded reduction in rental rates.  I personally started to feel this crunch in August when there were a couple properties that just wouldn’t move- properties that would have leased for $2500 months prior (and in mere weeks) were below $2000 and still sitting.

Here are a couple issues that come up during our discussions, please feel free to comment or contact me with questions.

Tightened Pocketbooks: Due to the financial strain and economic state, renters have definitely been paying more attention to their bottomline and planning for the worst.  The most common scenario is that people are trying to consolidate and downsize in order to rent a 1 bedroom + den instead of needing a 2 bedroom or a townhouse instead of a home.  Renters are more price sensitive than ever and in some cases lower rental rates are the motivating factor rather than quality of building or home finishes- could come down to a difference of $50!

Apartments vs Condos/Homes: We have two rental markets- the private market with individually owned condos and homes, and the apartment rental market.

One of the challenges the private market has in competing with the larger apartment buildings is the ability to offer specials like “1-2 Months FREE” or “waived security deposits.”  Private landlords have the flexibility to reduce the rental rates to compensate tenants for such specials but in no way should reduce standard security deposits as they take on more liability when renting their property.

Some advantages the private market has is that the monthly rental amount often includes utilities, parking and additional storage.  These items are covered in HOA dues and therefore passed down to the tenant in a lump sum or included in the monthly rental amount.  This is easily missed by renters when searching so be sure to clarify what is included!

Note: Over 6600 apartment units are supposed to come on the market in 2009 and even more in 2010- just one of the many items discussed at the IREM Forecast Breakfast last Friday.  One of the better Forecast Breakfasts I have attended!

Where Are All the Renters? What we could be experiencing right now is an extreme case of the cyclical blues in combination with all the above.  We are approaching the dead of winter and typically Spring and Summer are the most common months for moving- so lets just hope that activity bursts in March!  We are seeing signs of this and have been getting a lot of inquiries for Feb/March move-ins…just hoping that the properties available NOW, don’t have to wait that long.

So in short, we are advising all of our clients to be market sensitive and price aggressive.  Renters have been starting their searches a lot earlier than in the past (1-3 month prior to their desired move-in) and rental rate negotiations are occurring left and right.

I hate to be a total pessimist so I will depart on this note… although this all may sound grim, relative to other markets, Seattle is still amongst the top in the nation!

Thanks Em!

Vulcan plans a 330-unit apartment building on most of the block in South Lake Union between Harrison and Republican streets and Pontius and Yale Avenues North. The century-old Supply Laundry building, also on the block, will be preserved and renovated as part of the project.

Click here to read more from the Times and DJC!