May 11th

Belltown Restaurant Owner Moves to Four Seasons

Categories: Real Estate News, Nightlife/Social Events, Four Seasons, Belltown, Downtown

Kerry Sear, the owner and chef of Cascadia Restaurant in Belltown is selling the space where the restaurant is located (2328 First Ave- 1st between Bell and Battery) and transitioning to the Four Seasons Hotel and Private Residences to become the executive chef of the hotel and director of food and beverage for the hotel and residences.

The restaurant is listed for $1.25 million but Sear is not interested in selling the name or menu.  Prior to owning and operating Cascadia, Sear spent 15 years working with Four Seasons in Vancouver B.C, Toronto and Seattle, and will continue to focus on Northwest cuisine with ingredients from local markets, ranchers and farmers.

Cascadia will remain open until the space sells so if you are looking forward to their awesome Happy Hour (mini-burgers, my fav) on a beautiful summer evening…you better not waste anytime!

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May 11th

UrbanCondominiums.com: Experts Say Supply & Demand Curve May Soon Favor Sellers

Categories: Real Estate News, Market Trends, Downtown


In the most recent news, UrbanCondominiums.com shared their optimism in our thriving downtown market and projected that the downtown core will continue to top nationwide trends moving forward.

Agreeing with all they have to say, experts sited that with local job growth, limitations on sprawl, commuter traffic congestion and increasing gas prices makes the condominium lifestyle even more viable than ever before.  Click here to watch the May 5th interview!

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May 7th

The Wall Street Journal’s Quarterly Housing Survey- Seattle Remains Strong!

Categories: Real Estate News, Market Trends, Other Real Estate Markets

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May 6th

Seattle’s Clise Family Pulls 13-Acre Property off the Market in Belltown!

Categories: Real Estate News, Belltown, Commercial Space

Temporarily, The Clise family has pulled a major development off the market due to the credit crunch and a recent reevaluation of the economy.  The square footage for the property would have totaled that of 5 Empire State Buildings costing the family nearly $7 billion dollars!  The story received a lot of media attention last week but I thought this rendering was worth passing on.  Thanks Pablo!

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May 6th

Carbon56-NOW LEASING??

Categories: Real Estate News, Condo Conversions, South Lake Union, Lofts, Carbon56


Today was the first day I noticed the Carbon56 sign on Aurora and I have to admit that I was pretty shocked! Being that there are several listings on the MLS for sale and homeowners that are already living in the building, it will be interesting to hear how this project moves forward with a substantial mix of condos and apartments under one roof.

I heard that their website will be launching this coming weekend with additional information and for now more details can be found on SeattleRentals.com. Looks like there are 20 units available and studios/1 bedrooms are priced between $1675 & $2275 for 667 to 1,142 square feet. If anyone out there has the scoop on how this untraditional conversion will operate, please share!

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May 5th

Escala Update

Categories: Real Estate News, New Construction, Escala, Midtown

Escala Update: Summary of important and exciting news as of 5/5/08-

- Having sold more than 50% of the total inventory, LEXAS Companies has announced the release of new the new home inventory on floors 9, 28 and the sub-penthouse level.

- Come June 5th, prices on all previously released homes will be increased by 3-7% to balance the phased inventory.

- The second level that accommodates Club Cielo has recently been completed and they are currently working on the first residential floor- Yay!

- Club Cielo’s website is now up and running!

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May 5th

Live Historic’s Latest Conversions

Categories: Real Estate News, Condo Conversions, Vintage Condos, Capitol Hill, The Marlborough, Live Historic

If you haven’t already seen the bright green signs on Boren Avenue, Live Historic is back at it again. The two most recent projects being The Marlborough (First Hill) and the De Lorges (Capitol Hill)- check them out!

The Marlborough
1220 Boren Avenue

This 13-story tower dominated First Hill’s skyline for decades and was once home to a member of the British royal family. The Marlborough features 83 fully restored homes including two penthouses, an elaborate lobby, rooftop deck, onsite parking and preserved marble floors, terra cotta carvings and arched windows throughout.Studios, 1, 2, & 3 bedrooms start at $225,000 while square footages range from 516 to 2,184 square feet. Click here for more details!

De Lorges
325 Harvard Avenue East

Located one block off Broadway, the 4-story De Lorges was built in 1928 and offers 27 completely restored homes with tons of character and charm. Studios, 1 bedrooms and 2 bedrooms are priced from $235,000 to $430,000 and square footages range from 475 to 898 square feet. Click here for more details!

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May 5th

South Lake Union’s 4th Annual Block Party- August 8th

Categories: Nightlife/Social Events, South Lake Union

We are a little far out but for those definitely living or working in SLU, put this in your planner!

For a full day of outdoor fun and entertainment for all, the South Lake Union’s 4th annual Block Party is back this year on Friday, August 8th from noon to 11pm.  It will be held on the SLU Discovery Center lawn located at the NW corner of Denny and Westlake and will be the perfect opportunity to relax, meet your neighbors, sample food from several SLU restaurants, watch local chefs battle it out in the Whole Foods Audacious Burger Challenge, listen to local bands, watch a movie (Juno) and participate in the 2nd annual Muttmazing Race.

Click here to visit the official Block Party website for additional information.

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May 5th

Monday Mortgage Update

Categories: Real Estate News, Mortgage News

“KNOWLEDGE IS POWER.” It’s a phrase used by many, and last week was an important one to be in the know, as Bonds and home loan rates were affected by many big newsmakers and market shakers. Bonds and home loan rates found some improvement in the early part of the week, leading into the Fed’s big announcement on Wednesday of another .25% cut to the Fed Funds Rate. Typically, Bonds and home loan rates react poorly to Fed cuts, due to the increase in economic activity that lower Fed rates can cause, which turns into higher inflation. However, the Fed’s Policy Statement hinted that the present rate-cutting cycle may be nearing an end. As a result, Bonds and home loan rates reacted favorably to the Fed’s action.

However, speaking of inflation, the Fed’s most favored measure of it - the Core Personal Consumption Expenditure Index - arrived on Thursday, showing core inflation at 2.1%, just a whisker above the Fed’s desired range for inflation of 1 to 2%. This read wasn’t great news for inflation-sensitive Bonds…but the resulting market action was nothing, compared to what happened when the Jobs Report arrived on Friday morning.

Talk about a real mover and shaker…the Jobs Report brought word of 20,000 jobs lost in April, which was better than market expectations of 75,000 jobs lost. Initially, Stocks rallied higher and Bonds worsened dramatically, as the headlines were so much better than had been anticipated. But when the details of the report were unpacked, showing prior months worsening revisions - as well as a sobering realization that 20,000 jobs lost is still lousy news - the markets quickly reversed direction, helping Bonds and home loan rates improve once again. Another ultra volatile week - and when the dust settled, home loan rates improved by about .125% overall.

Last week’s full economic news calendar led to some wild days, especially on Friday, as you can see in the chart. But this week’s economic calendar is significantly calmer, with only a few low to mid-impact reports in store, including the Institute of Supply Management (ISM) Report on Monday, Pending Home Sales on Wednesday, and Initial Jobless Claims on Thursday.

If the news of the week tends toward being negative for the economy, Stock prices may suffer in response, and money could flow right into Bonds, which would cause home loan rates to improve. Additionally, Stocks have been in rally mode lately, and might be due to take a breather. While the coming week’s economic reports aren’t expected to be movers and shakers like the headlines from last week, count on me to be keeping a close watch on the market and staying in the know on your behalf in this very volatile environment.

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

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Apr 23rd

Discovery Center at SLU- One of the Top 10 Green Projects in the U.S.

Categories: Real Estate News, Enso, South Lake Union, Green, Rollin Street, Veer Lofts

The American Institute of Architects Committee on the Environment announced their picks for the Top 10 Green Projects in the country for 2008 and Seattle’s Discovery Center in South Lake Union was one of the projects selected.

The Discovery Center was designed by Miller/Hull Partnership, constructed with more than 80% of environmentally friendly and recycled materials and completed in 2005.  If you haven’t visited the center it is located on the corner of Denny and Westlake (101 Westlake Ave), houses the sales offices for Rollin Street Flats, Veer Lofts and Enso, and also has tons of information about the future of South Lake Union.

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