DPD Approves plan for 7-Story Mixed-Use Building in Capitol Hill

The Seattle Department of Planning and Development (DPD) has recently approved plans for a mixed-use building at 230 Broadway East.

The project will approximately 17,000 sq. ft. of retail space and 5,500 sq. ft. of office space on ground level. Above this will be 235 residential units.

The project received approval on the condition that several design elements were changed. Here you can view the approval of 230_Broadway_Conditions.

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Much Better to Rent Than to Buy in Seattle

According to a recent article in the Seattle PI, Seattle is the second worst city to buy a home in compared to renting.

The article compared the median cost of a 2-bedroom condominium or townhouse with the median rental rate of a 2-bedroom apartment. In Seattle the cost of owning a condo or townhouse was 24 times the median annual rent.

The great disparity between renting and buying in Seattle is a reflection of the strength of the local job market compared to other cities across the country.

Seattle defies the national trend with such a harsh difference between renting and owning right now, as 72% of the largest 50 cities in America offer a greater bargain in buying over renting.

What effects do you see on Seattle because of the difference in value between renting and owning? Speak up and be heard! Comment below, on our Facebook page or tweet us.

Low Multi-Family Housing Completions Means Low Vacancy Rates

According to CalculatedRisk, 2010 set a record low for single family, multi-family and manufactured home completion. Only 703,000 units were completed last year, a 17% drop from 2009’s completion statistic.

The previous record low was in 1982 at 1.244 million completed homes.

The number of completed units in 2011 is expected to drop even lower than last years record, however the number of projects started is expected to increase.

Multi-family housing projects typically take longer than a year to complete, which explains the disparity between those predictions.

What does this mean for landlords and apartment managers?

With vacancy rates also at record lows and no immediate supply of new units to satisfy the demands of the market, landlords and managers will have an opportunity to set stronger rental rates.

How do you see the scarcity of new apartments affecting the rental market locally? Chime in through the comment section below, on our Facebook page or tweet us!

And in Local News…

Things are hopping in the greater Seattle area! Buildings are going up and coming down, business are moving in and more!

Demolition begins soon at corner of 13th & Madison to make room for mixed-use building. The start of the 1222 East Madison project represents the increasing strength of the local real estate and rental market. The building will have over 6,000 sq. ft. of retail space, 106 apartments and 50 parking spaces.

619 Western is likely to be torn down to allow for the construction of tunnel. While the demolition is not completely certain, Washington State Department of Transportation is strongly encouraging its removal. A study is being conducted to decide the fate of the building.

HSBC, one of the world’s largest banks, is on schedule to open its first full-service branch in Bellevue next month. Located across the street from Bellevue Square, the bank plans to open on the 27th of February.