Upcoming Capitol Hill or LQA Townhome Developments? (Seattle: apartments, renting)

[NTATL]

We are moving to Seattle in late June and are interested in a new development on E. Marion, but given our timeline those homes will most likely be gone by the time we get there and the developer isn't willing to be flexible with the closing. I was wondering if anyone knew of any upcoming townhome developments in Capitol Hill or Lower Queen Anne? We will be out there in a few weeks to look at properties and are looking in the mid 800 range.

[GatsbyGatz]

Seattle city government put together this awesome map with all development in the city at all stages of development:

Shaping Seattle: Buildings - Seattle Department of Construction & Inspections (SDCI)

My two cents: Cap Hill and LQA primarily have apartments going up. You see more townhomes going up in the more residential parts of the city and not so much in the hot urban neighborhoods.

[homesinseattle]

Yes NT, I think best to wait until you get here, as things are selling very quickly. Hopefully you have your financing in place and have a good strategy, that's a very competitive area and price point. Many new home builders are doing review periods for new places after they are completed and listed, versus locking them up during the construction process at a predetermined price. Often, as you have probably seen, places sell for more (sometimes considerably more) than list price.

[hellopity]

Originally Posted by NTATL

We are moving to Seattle in late June and are interested in a new development on E. Marion, but given our timeline those homes will most likely be gone by the time we get there and the developer isn't willing to be flexible with the closing. I was wondering if anyone knew of any upcoming townhome developments in Capitol Hill or Lower Queen Anne? We will be out there in a few weeks to look at properties and are looking in the mid 800 range.

That is a very in-demand price range. If at all possible, cash and be prepared to go above asking. I heard 1/3 of buyers are cash buyers these days.

- Isola built some on cap hill around Madison and 21st, I think...look on Redfin. Those should be in your price range. A block or two from there on E Denny also some new condos but they may be slightly over your price range by about 100-200k. None of these will probably be around by the time you get here, but just in case. If you are willing to go further north in QA/interbay, I think Solo 51 is building some townhouses there.

- Agree with above, worry about buying after you've moved.

[NTATL]

Thanks for the advice guys, though what I'm hearing is not very encouraging. It sounds like we'll have to settle for corporate housing when we get there, and then look for a place, or consider renting until we see something we like. We won't be able to make a cash offer at that price point. Who are all these people and what do they do that can do that?? We're in our early and mid 30s and thought our price point was pretty competitive given the younger demographic (?) in Capitol Hill?? Btw, neither of us work in tech, will it be easy to meet both tech and non-tech friends in these neighborhoods?

We plan to put 30% down for a home priced up to $1M, but our sweet spot is in the mid 800s. Buying a home is as much an investment as investing in the money market for us, and we want to be diversified and not put all our eggs in one basket.

Originally Posted by GatsbyGatz

Seattle city government put together this awesome map with all development in the city at all stages of development:

Shaping Seattle: Buildings - Seattle Department of Construction & Inspections (SDCI)

My two cents: Cap Hill and LQA primarily have apartments going up. You see more townhomes going up in the more residential parts of the city and not so much in the hot urban neighborhoods.

This is a pretty nice tool! Looks like there are new townhome developments in the works. We prefer a townhouse over a condo because we have a dog and would love to have even just a tiny yard space/dog run. Also, most of the townhomes we've looked at has had a rooftop deck, which would be ideal for entertaining!

[homesinseattle]

NT, there are ways for a financed buyer to beat cash. Be ready, be decisive, have a strong earnest money, many Seattle financed buyers are waiving the finance contingency altogether (a personal decision) or offering to cover a potential appraisal gap. There are some other way but I can't give you all the secrets . Don't lose hope, people secure homes every day.

[NTATL]

Originally Posted by homesinseattle

NT, there are ways for a financed buyer to beat cash. Be ready, be decisive, have a strong earnest money, many Seattle financed buyers are waiving the finance contingency altogether (a personal decision) or offering to cover a potential appraisal gap. There are some other way but I can't give you all the secrets . Don't lose hope, people secure homes every day.

Thanks. We just need to have faith in our relocation company that they will be able to help get us settled in!

[homesinseattle]

NTA, good luck with the move!

[hellopity]

Originally Posted by NTATL

We plan to put 30% down for a home priced up to $1M, but our sweet spot is in the mid 800s. Buying a home is as much an investment as investing in the money market for us, and we want to be diversified and not put all our eggs in one basket.

So happy to hear you say that. I am not a fan of people stretching their budgets to purchase their primary residences, because being "house poor" sucks. I understand it may not be possible for some buyers given the competitive market in Seattle, but it seems like you are in a position to exercise more discretion. There are other financial instruments out there that may have better return on investment than real property in the long run, and you can also add an investment property to your portfolio if that is your cup of tea.

Wish you the best of luck in this crazy market. Ask your professional colleagues for recommendations on realtors after you move to Seattle - I think that's still the best way to find a realtor.

[leastprime]

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