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Madison Park Real Estate

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Seattle has been ranked the hottest housing market of the year 2017 for 16 months in a row. Many neighborhoods have reached median home prices over one million dollars. Though the inventory remains low, prices are expected to continue rising. According to Zillow, home values will increase another 5.4 percent in 2018. Madison Park and Washington Park saw less sales this month and small price decreases.

Madison Park had 38 sales in total in both 2016 and 2017. The median price for a home sold for $1,528,000 last year compared to $1,262,500 in 2016. The highest single-family home sale in the Madison Park area was $3,200,000. There were ten less condo sales in 2017 compared to 2016 (37 vs 27).  The median sale price jumped from $490,000 (2016) to $639,995 (2017). The highest sale for a condo was $2,155,000. There are currently 2 active listings in Madison Park, one single family home and one condo. There are 0 pending.

Washington Park had 24 sales last year, compared to 19 in 2016. The median sales price for a single-family home dropped to $1,876,250 from $1,998,000. The highest single-family home sale was $4,000,000 and the lowest was $770,000. There were 0 condominium sales last year, compared to 2 in 2016. There are currently 5 active listings and 0 pending.

With such a highly competitive market, professional knowledge and guidance is crucial when you’re looking for your new home in Seattle. Our team of experienced, customer-focused brokers and leasing agents can help you navigate the process and find your next dream home. Contact us to get started!

By Ryan Murray

The city of Seattle’s Mandatory Housing Affordability policy has been controversial from the start, but the tenor of the debate was ratcheted up Monday as 24 groups from around the city rallied at City Hall, vowing to stop the plan.

Several groups, including Madison-Miller Park Community and Save Madison Valley, stem directly from Madison Park.

These largely neighborhood-based groups seek to use Washington’s environmental review process to stop the proposed upzone of 27 areas of Seattle, claiming the plan will make the city less affordable, not more.

Ravenna resident David Ward, president of Seattle Coalition for Affordability, Livability and Equity, derided the plan in a press release.

“It will make Seattle far more unaffordable and also make it more difficult to live here due to more traffic, not enough schools, more pollution, fewer trees and a loss of the diversity of residents we currently have,” he said.

The Mandatory Housing Affordability plan seeks to increase density in various parts of the city and intends to include a affordable housing mandate for future development. According to city documents, the plan will add “at least 6,000 new rent-restricted homes for low-income people.”

Downtown, South Lake Union and the International District already fall under the rules of the Mandatory Housing Affordability plan. The new zoning plan, which Seattle City Council will consider in 2018, would nearly quadruple the square milage of the city under the plan.

Interim Mayor Tim Burgess said the plan would take an important step in making Seattle more affordable for poorer residents.

“Today we continue our push to address Seattle’s housing affordability crisis,” he said. “With this plan, we will extend our requirement that new developments contribute to Seattle’s affordable housing supply. We’ve already implemented this requirement in the University District, downtown, and elsewhere. Now it’s time to bring this requirement to other high-opportunity neighborhoods so that we can hasten our progress in building a more inclusive and equitable city”

Developers in the swath of city under the Mandatory Housing Affordability plan would be required to create a certain percentage of subsidized-rent housing for lower income Seattle residents. They could alternatively pay a fee to the city which would then go to establishing housing elsewhere.

Under the housing requirements, “the cost of a rent-restricted two-bedroom apartment for a family of four earning $57,600 would be $1,296. For an individual making less than $40,320, a one-bedroom would cost $1,008,” according to a press release.

In the preferred environmental study plan, “urban village” parts of Ballard, Fremont, Greenwood, Northgate, Ravenna, Eastlake, Capitol Hill, Central District, Magnolia, West Seattle, South Park, Georgetown and essentially the entire Rainier corridor would have a change in their zoning. Additionally, a swath of land from McGilvra to Madison Beach currently designated as Lowrise 3 would add the “M” suffix of the affordable housing contribution.

Urban Villages are a City of Seattle designation for places where new development is largely directed.

Several blocks along East Madison Street would increase in density as “neighborhood commercial” with the M suffix. Smaller parcels of land near Madison would also add the M.

The requirements for developers take place when the city council rezones areas that allow for more development capacity.

It’s the latest in an ongoing fight between those who say Seattle needs more density and those who think too much change will damage the city’s livability.

Not everything would be impacted. Neighborhoods zoned for single-family housing remain largely unaffected, as well as historic districts.

The coalition of neighborhood groups said it will continue to fight the plan’s final environmental impact statement presentation to the city’s hearing examiner.

Syndicated from The Madison Park Times.

Sold several months ago, the dilapidated building located in the heart of Madison park’s commercial district that has been described by neighborhood residents as a “blight” has quite a few changes coming its way.

The historic building, located at 4114-4118 East Madison Street, was purchased in late July by the Losh family, owners of next-door neighbor Ewing and Clark Condominium Rentals. Constance Gillespie, the previous owner of the building, had held the property since her family purchased it in 1937. It was built in 1926.

Construction is ongoing on the rear of the building to change the structure.

“We’ve already torn down two-thirds of the back,” said Casey Losh, one of the new owners. “[Gillespie] had it in offices, with interior walls as support. We are getting the engineer to make just the exterior walls as supporting walls.” 

Losh said the building had been divided into three units. That won’t change for the time being, but with interior walls no longer load-bearing, it could change depending on the tenants.

The building was listed at $3 million, but the Losh family bid and won at just $1.39 million.

“I think that $3 million price tag scared off a lot of people,” Losh said. “We almost didn’t bid for it. But I think it reduced the people bidding. We went in an bid what we thought it was worth and were able to get it for less than half of asking.”

Losh has spent his entire life in Madison Park and said he is excited to be part of fixing up the crumbling building.

“We want to restore it to its former glory,” he said. “Constance had all the permits to fix it up, and we are using those. She’s been really good to work with.”

The limited liability company which bought the property was even named in honor of Constance and her family’s long history of owning the property. The Losh family bought it as JDLI Constance Court LLC, which has been admittedly confusing for the current tenant, but Losh believes it’s a nice nod to the previous owner.

The building currently has one tenant, Spa Jolie. The other two storefronts are currently vacant and have fallen into disrepair, entangling Gillespie with the City of Seattle’s Department of Planning and Development.

In 2014, the property was found to violate several codes for a vacant property, including insufficient protection from the elements, damaged eaves and fascia on the exterior and a decaying roof.

One of the notes from an inspector regarding the building reflected this succinctly.

“Secure the building against the weather, including but not limited to openings in the collapsed roof and walls,” it reads.

This was exacerbated in March of 2016 when an inspector found a large portion of the roof had collapsed.

Tim Blevins, a Seattle Department of Construction and Inspections structural inspector, wrote up a building code violation report.

“Approximately 1/3 of the roof has failed and the brick façade wall at NE property line is bowed due to the loss of the roof diaphragm,” Blevins noted.

The city found additional issues in February of this year, imposing penalties against Gillespie for not complying. As recently as last year, Gillespie had said she was not interested in selling.

The building is 2,787 square feet on a 4,900 square foot lot, or .11 acres. It is zoned NC1P-30, which means a buyer could build it up to 30-feet high with the option for a rooftop greenhouse if supplying a restaurant below.

“Some people think we are crazy for not building other units on top of this one,” Losh said. “And we might some time in the future, but not for a while.”

Losh said his family is working with Spa Jolie to keep them in the space. He said renovations are scheduled to finish in late winter or early spring of 2018. More than 50 potential tenants have called about the building, Losh said, but rates for leases have not yet been set.

Syndicated from The Madison Park Times

As the temperature starts to slowly drop, sale prices in Madison Park continue to rise. There were 4 single-family homes sold last month, compared to 3 in August 2016. The highest list price last month was $2,370,000 and sold for $2,368,000. In August 2016, the highest list price was $1,495,000 and sold for $1,545,000. According to the Northwest Multiple Listing Service, the median home price in Madison Park is at a high of $1,528,000, $243,000 more than August 2016.

Condominium sales are also showing strength in the Madison Park neighborhood. Like single-family homes, condos had one more sale last month than August 2016. The average sold price has jumped from $555,500 (2016) to $679,800 (2017). The median price for a condo is now up to $697,000, double than where numbers were in August 2016. The cumulative days on market have dropped from 28 days to just 13 days.

Washington Park is keeping up with Madison Park is the market with their rising prices! The highest list price last month was $4,330,000 and sold for $4,000,000. In August 2016, the highest list price was $1,750,000 and sold for $1,925,000. The median list price has increased from $1,860,000 (2016) to $3,035,000.

There are currently 11 active listings in Madison Park and 8 pending. In Washington Park, there are 4 active listings and 0 pending. For more information about real estate in Seattle contact Ewing and Clark or stop by our office at 4108 E Madison Street!