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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!

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!

 

We are halfway through the year and the Seattle real estate market is still the talk of the nation. Inventory is still low and prices are still high throughout King County. The real estate market in Madison Park & Washington Park is still strong compared to the first half of 2016. The median cost for a single-family home as jumped from $1,430,000 (2016) to $1,800,000 (2017) and the lowest price has gone up from $656,000 to $885,000. The average list price has increased from $1,628,767 to $1,810,310, as well as the sold price that saw a climb from $1,662,492 to $1,818,759. There were 2 fewer sales these last 6 months, but all sold in the same time frame of about 35 days. There are currently 22 active single-family homes in the Madison Park & Washington Park neighborhood and 11 pending.

Condominium in the area are also rising in price. The median price for a condo has gone up from $545,000 to $622,000 and the lowest has increased from $255,000 to $310,000. The average sold price for a condo is now $787,200, last year’s price was a bit lower at $722,814. There is currently 3 active condominium listing and 2 pending.