North Elevation drawing
2105 5th Ave Condo Project
The final design review for the project at 5th and Lenora was completed last night. This project will be 24 stories with 172 residential units. There will also be about 4310 sq ft of retail at ground level. Above and below grade parking for 191 vehicles will be provided.
Thinking of remodeling your home? Need to find a good contractor?
We recently found a great resource by the Washington State Department of Labor and Industries. They have put together a website for people to find a good contractor to hire (see link below). You can check with they are registered with a bond and insurance, check to see if a contractor has had any recent infractions, and verify if they are up to date on their workers compensation premiums. There are guides and checklists to help you make a informed and good decision about who you should hire.
1608 2nd Ave Condo Project
Application for a 23-story 88 room hotel with 105 apartments/condos above 4 floors of retail space was made. This will be an exciting project in a great location. More to come later.
2006-2007 Regional Expectations
Summary: We believe that the real estate market nationally, regionally and locally will continue to appreciate in value and increase in units listed and sold for the rest of this decade.
- Interest rates will remain relatively stable during 2006 probably in the mid 6% range for 30 year FRM perhaps edging toward 7% by year end.
- We will continue to experience significant “net new jobs” in the 4-county region during 2006
- The impacts of the Growth Management Act and increased land use regulation (CAO) will result in fewer and more expensive new building lots. There have been no significant plat applications in King County for more than 3 years. Apparently when Snoqualmie Ridge, Redmond Ridge, Talus and Issaquah Highlands are built out, any major housing developments (more than 200 lots) will be outside King County. The notable exception will be condominium developments
- We will continue to see fewer building permit applications than we have net new jobs in the region.
- Net in-migration will increase especially in the areas of technology and bio-tech throughout the region
- The non-English-as-a-first-language Market will accelerate in market presence and purchasing power
- Gen Y???ers (15-25 years) and Gen X???ers (25-35 years) will begin their first- and second-time home purchases. The combined X/Y group has more people than the touted Baby Boomer generation and will have more impact as they begin their home purchasing and home changing. The average sales price of their first time homes will be greater than any other generation at least in part because their parents (Baby Boomers) have no other better place to invest their savings than in the homes their children are buying.
- Baby Boomers will continue to lead the charge as they purchase or sell their last “big” home
As a result we expect prices to continue to increase throughout the region as supply fails to meet demand although we expect the price increases to be less as a percentage than 2005. Units closed should be about the same as 2005.
Mike Grady, CRB
President and Designated Broker