UrbanAsh

Madison Lofts Announces Over 600 Property Tours in the Last 2 Weeks!

Ashley — Mon, 14 Jul 2008 15:56:05 +0000

In the past two weeks, Madison Lofts have apparently had over 600 people tour the property during their Grand Opening event. I guess the King5 interview really created some exposure…I wonder how many have sold? I will have an update shortly!

Click here to read the Madison Lofts newsletter.

Monday Mortgage Update

Ashley — Mon, 14 Jul 2008 15:40:53 +0000

We could be in for another explosive week, as several reports will show the impact inflation continues to have on the economy. Tuesday will bring the wholesale inflation measuring Producer Price Index as well as the Retail Sales Report, which measures the total receipts of retail stores. Since these numbers reflect consumer spending patterns, this report will show how much of an impact inflation and high oil prices are having on consumer pocketbooks.

On Wednesday, the Consumer Price Index report will be released, and this widely-watched report will reveal the level of inflation at the consumer level since it shows how much more expensive goods and services are this month over last month. Also, on Wednesday, we’ll get to see the minutes of the Fed’s last Federal Open Market Committee meeting. These minutes could cause some sizzle in the markets especially if they give any indication of what the Fed will do about its benchmark rate, the Fed Funds Rate, at the next meeting.

Thursday we will see a read on the housing market via the Housing Starts and Building Permits Report. We’ll also learn how much of an impact inflation has had on manufacturing via the Philadelphia Fed Report, which is a monthly survey of manufacturing purchasing managers conducting business around the tri-state area of Pennsylvania, New Jersey, and Delaware.

Remember when Bond prices move higher, home loan rates move lower…and vice versa. The chart shows how the rally for Bonds and home loan rates fizzled late last week. And since inflation also tends to stop rallies for both Stocks and Bonds, I’ll be watching closely as always. If this week’s reports indicate inflation is heating up, this could cause Bond pricing and home loan rates to worsen in response.

Patrick Dunn, Westwood Mortgage Inc. & MMG Weekly
patrick@westwoodmortgage.com / http://www.certifiedplanning.com

Something New…

Ashley — Thu, 10 Jul 2008 00:26:50 +0000

I decided to take a different (fresh and fun) approach to marketing some of my listings- this is the first of many so let me know what you think!

I am hosting a series of fashion shoots in a select group of properties changing themes and styles to match each home. This particular shoot was at the home I have listed for lease in Magnolia- click here for more details!

Fashion photographer, Michelle Moore, coordinated the models, hair and makeup, while the clothes were provided by Fremont’s MERGE. Thanks to everyone involved for your help and participation!

You might catch a better look of the spread in this month’s DLIST Magazine or Belltown Messenger!

Two Tower Condo Project on 5th Ave- Officially Postponed!

Ashley — Wed, 09 Jul 2008 23:55:02 +0000

Multi Capital Group is delaying construction on their two-tower development right across from the Westin known as Pagoda and Heron towers.

The plan was to build 400 condos, a 200-room hotel and 312,000 square feet of commercial space (office and retail) but due the current market/economic conditions and the lack of financing for the project, they have decided to postpone.

For how long? Alex Carlin, the senior project manager says “We’re still trying to decide when is the best time to move forward,” with the prediction that in 2011/2012 there will be a shortage of condos in the downtown area. Click here to read more!

Seattle’s Lowest Vacancy Rate-2.6% in First Hill

Ashley — Sun, 06 Jul 2008 07:25:17 +0000

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.

4 Units Left at Trace Lofts!

Ashley — Thu, 03 Jul 2008 00:35:39 +0000

#403
2 bed/ 2 bath
1154 sq ft
MLS# 27070450
$850,000

City skyline views
368 sq ft terrace

#406
1 bed/ 1 bath
789 sq ft
MLS# 27070439
$495,000

Mt. Rainier views
Original quilted salvage door
Breakfast counter bar
139 sq ft terrace

# 407
Open 1 bed/ 1 bath
703 sq ft
MLS# 27070452
$485,000

*Featured on HGTV’s “Househunters”
Mt. Rainier views
116 sq ft terrace
Designer accent paint

#506
1 bed/ 1 bath
787 sq ft
MLS# 27070893
$595,000

13 ft ceilings
Original quilted salvage door
Lofted bonus space
137 sq ft balcony

Sprinkler Fitters LOCAL 699- ON STRIKE at 1521 2nd Ave!

Ashley — Wed, 02 Jul 2008 17:47:26 +0000

I had to snap a few shots of the picketing outside 1521 2nd Ave this morning…looks like the Sprinkler Fitters are ON STRIKE!

On Monday the members of the Sprinkler Fitters Union Local 699 presented an offer to raise wages $14 an hour over three years. The union rejected the proposal and will be waiting for a meeting to be called for further negotiations.

According to their website and the Tacoma News Tribune, a full time union member can make up to $100,000 a year and this particular union represents more than 500 workers in seven counties.

Capitol Hill’s First Church Condominiums- UPDATE

Ashley — Tue, 01 Jul 2008 23:24:22 +0000

First Church Seattle and the Thompson Team have just announced an update on their landmark project at 1519 E Denny Way. With construction under way, foundations are currently being poured for the 12 luxury town homes within the historic structure and the projection completion date is right on track for Spring 2009.

The First Church website has been updated with interactive floorplans, interior design concepts, custom upgrade opportunities, project images, current news and pre-sale information. If you reserve your home now, you can be apart of the design process in creating your new home!

Monday Mortgage Update

Ashley — Mon, 30 Jun 2008 14:32:48 +0000

There’s a holiday shortened week ahead, as the financial markets will be closed on Friday in observance of Independence Day. But…there could still be lots of action this week, particularly with the Department of Labor’s Jobs Report scheduled for Thursday, just ahead of the long weekend. A positive report could be good news for Stocks, but bad news for Bonds and home loan rates, so it will be especially important to watch all the fireworks that follow the headlines.

Remember when Bond prices move higher, home loan rates move lower…and vice versa. The chart below shows how the action in the Bond market improved last week, helping home loan rates to improve as well. So as always, I will be watching closely during the coming week.

If inflation continues to shake up the markets or if the news on employment is surprisingly good…the action for Bond prices and home loan rates could change direction and worsen.

Patrick Dunn, Westwood Mortgage Inc. & MMG Weekly
patrick@westwoodmortgage.com / http://www.certifiedplanning.com

AvalonBay Communities to Build Apartment Complex in Lower Queen Anne!

Ashley — Sat, 28 Jun 2008 18:03:44 +0000

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.