Rentals | UrbanCondoSpaces | Seek. Live. Urban.

The Next Housing Bubble In Seattle – Apartments?

January 18, 2012 By admin 1 Comment

I just read a great article today about apartment developers who face a potential supply bubble. It highlighted some very important points that are worth considering as we examine the next 5-7 years in the Seattle market. We are in massive cycle of apartment development. Just this last year, we’ve seen an incredible amount of new projects get underway. Developers, builders and investors are trying to take advantage of the rise in rental rates and the current demand for rental units in Seattle.

The question for our market is, with all the new apartments projected, when will we begin to see an over-supply? With an improving housing market, investors and banks have to be worried about finishing their projects right when the housing market has picked up steam. It seems logical that if the employment conditions continue to improve in Seattle, then the increase in income per household will follow. Seattle has a healthy job market right now. We have a young educated workforce who are taking advantage of high paying jobs. In my opinion, it is only a matter of time before we see more demand for purchases fuled by a limited-supply of condos. So the real question is – Are we creating a new kind of housing bubble? Will an over-supply of apartments be the next cycle that banks, developers and builders wish they could forget?

My opinion:

As rental rates continue to rise, a natural condition in the housing market begins to take shape. High rent influences home purchase demand when leasing begins to exceed the cost of owning a home. As rents rise and developers continue to take advantage of the situation, it will encourage buyers to give home ownership a try. Inversely, if apartment supply comes quickly then rents have a likely hood of decreasing due to excess supply and competing projects. In my opinion there will be a steady cycle of home ownership demand due to high rents. This will come before we reach an over-supply of apartments. What do you think?

If you want to participate in our recent survey, tell us where you think the next Seattle condo project will come from – What Will Be Seattle’s Next Condo Project?

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Filed Under: City of Seattle, Downtown Seattle (MLS Area 701), Home, Market News/Trends, National, Puget Sound Region, Rentals Tagged With: Apartments, Apartments Starts, Housing, Housing Starts, Multi-Family, Rental Demand

Downtown Seattle Rental Market Update

October 24, 2011 By admin Leave a Comment

I’ve been getting emails from readers about the lack of condo inventory for rent. So I thought it might be interesting to see whats actually on the market. I don’t always track the inventory on Craigslist, but I do watch the available properties on the MLS. I was surprised to see that there are only 28 total units in downtown Seattle for rent. I know most of you prefer visuals, so I decided to put the inventory into a pie chart (see below). Pretty interesting to see how few properties there are under $2,500 per month.

Are you in the market for a rental? Is the inventory stale or limited?
Want to see the 28 units?
Click Here

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Filed Under: City of Seattle, Downtown Seattle (MLS Area 701), Home, Market News/Trends, Puget Sound Region, Rentals Tagged With: Condos for rent, Rentals, Seattle, Seattle condos for rent, Seattle Rentals

Downtown Bellevue Rental, 2 Blocks From Bellevue Square

July 28, 2011 By admin Leave a Comment

If you are looking for vertical living in Downtown Bellevue, you might check this place out. The project is refered to as 1200 Bellevue. They are zero lot-line homes, built in 2007. I’ve been in a number of these units and they are a great alternative to a condo rental. This particular unit (#106) has 2 bedrooms, 1.75 baths and is 1,575sf. It features granite counters, hardwoods and a upstairs loft that can be used as an office. The asking rent is $2,300.

Check out the listing here:

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Filed Under: All Townhomes, City of Bellevue, Downtown Bellevue (MLS Area 520), Home, Market News/Trends, Rentals, Townhome Posts, Vertical Living Tagged With: Bellevue, Rental, Rentals, Seattle, Townhomes, Townhouse

Downtown Seattle Rental Analysis

April 24, 2011 By admin Leave a Comment

Are any of you as surprised as I am about the lack of condo rental inventory in Seattle? I typically check the availability once a day. Good units that are priced well rent very quickly. Just out of curiosity, I thought I would look into what the Downtown Seattle inventory looks like as of today.

Before I get started, remember that rentals are not all listed in one place. In fact, some buildings don’t list any of their inventory at all. If I were to look for a rental in Seattle I would probably search in the following way:

-Sites like UrbanCondoSpaces.com, Seattle Rentals, rent.com and other online portals showing inventory.
-Craigslist
-Driving around the city to explore buildings with available inventory.

So what does the inventory look like right now? In total there are only 38 units available. I’ve prepared a pie chart to show you rental rates:

What surprised me the most is that there are only 2 units that are less than a $1,000 dollars and only 13 that are less then $2,000. With rents expected to go up, affordability could get even further out of whack.

Here is a link to all the units seen above:

If you want to actually view these units, you can click the link below.
Click the following URL to see the report:
http://www.matrix.nwmls.com/Matrix/Public/EmailReport.aspx?ID=47842426

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Filed Under: City of Seattle, Downtown Seattle (MLS Area 701), Home, Market News/Trends, Rentals Tagged With: Condo, Condos, Downtown, Rent, Rents, Seattle

Want To Rent A Bellevue High-Rise?

March 28, 2011 By admin Leave a Comment

Looking to try high-rise living? Just this week Bellevue Towers and One Lincoln Tower have units that hit the rental market. These are my two favorite residential towers in Bellevue. They both have great amenities and soar among the other towers at 42 and 43 stories (24 hour concierge, spa, pool, game room, owners lounge, terrace, fitness facilities, hotel services etc….)

Bellevue Towers Unit #1205

2 bed, 2 bath (1,570sf) $2,750

One Lincoln Tower Unit #2301

2 bed, 2 bath (1,802) $3,800

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Filed Under: All Condos, Bellevue, Bellevue Towers, City of Bellevue, Downtown Bellevue (MLS Area 520), Home, Market News/Trends, One Lincoln Tower, Rentals Tagged With: Bellevue, Concierge, Condo, Condos, fitness, high-rise, high-rise elevators, pool, spa

For Rent At Cristalla, Great Corner Unit, One Floor Below The Penthouse

March 6, 2011 By admin 1 Comment

Project: Cristalla
Neighborhood: Downtown
MLS #189746

Looking for a sweet pad to rent in a downtown Seattle high-rise? I noticed this 22nd floor south facing unit at Cristalla. Cristalla is simply one of Seattle’s most beloved condo projects. It was designed by Weber-Thompson, developed by Murray Franklin and completed in 2005.

This particular unit is a 1 bed + den, one bath corner unit that sits just 1 floor below the penthouse. Other features include:

UNIT FEATURES	BUILDING AMENITIES
Big south facing views	24 hour concierge
Stainless appliances, granite counters, gas cooktop	Grand lobby
Custom bathroom vanity	Pool, sauna wet & dry
Contemporary layout	Owners lounge
Deck/Balcony	Multiple view decks
Floor to ceiling glass windows	Workout facility
5 piece master bath	Theatre room

[Show as slideshow]

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Filed Under: All Condos, Belltown, City of Seattle, Cristalla, Downtown Seattle (MLS Area 701), Home, Market News/Trends, Rentals Tagged With: Condo, Condos, Cristalla, Downtown, for lease, for rent, Rental, Rentals, Seattle, Views

2200 Westlake Rentals For Less Than $2,000

December 16, 2010 By admin Leave a Comment

Project: 2200 Westlake
Neighborhood: South Lake Union

For those of you interested in 2200 Westlake, there are (2) two units available for less than $2,000 per month. 1504 is located in the Pan Pacific or North Tower. It just hit the market today for $1,895 per month.

Unit #S503 is 858sf. A corner unit with good views and a wrap around deck.

Quick Facts About 2200 Westlake:

3 Towers
Aria has 33 units
Arte has 126 units
Azur has 102 units
South Lake Union Neighborhood
Class “A” retail and Amenities

Amenities include:

24 hour concierge
Spa
Gym
Media room
Rec room

2200 Westlake Walkscore

Some Photos courtesy of Ryan Raffeto and Davis Steinmetz

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Filed Under: 2200 Westlake, All Condos, City of Seattle, Downtown Seattle (MLS Area 701), Home, Market News/Trends, Rentals, South Lake Union Tagged With: 2200 Westlake, Condo, Condos, Rental, Rentals, Seattle, South Lake Union

Just Listed | 3 Bedroom Loft In Capitol Hill

December 6, 2010 By admin Leave a Comment

JUST LISTED

714 Bellevue | Capitol Hill | Seattle

Asking Price $2,395 Per Month

714 Bellevue Way E, #102
Seattle, Wa 98102

3 Bed | 3 Bath

1635 Square Feet

2 story loft, 20 foot ceilings & private patio!

Freshly cleaned, 2 story corner unit with views! Truly a unique space with over 1600sf. Expansive floor plan, wall of windows and incredible master suite. 2 decks and private out-door patio perfect for entertaining. Remodeled kitchen and baths. Ample lighting with a real fireplace. Well managed modern concrete & steel building that is beautifully landscaped. 2 deeded parking spaces, large storage space and bike storage. Enjoy the quiet street and incredible neighborhood. Good handicap access. Walkscore of 97. 1 yr. lease preferred.

Please us on Facebook!

See More Pictures Here:

714 Bellevue Way E, #102
Seattle Wa, 98102

The UCS Blog:

www.UrbanCondoSpaces.com

View this property profile: 714 Bellevue

or follow us on Facebook!

Windermere Real Estate Yarrow Bay

Jeff J Reynolds 206.794.1118
jreynolds@urbanimg.com

Do you know of anyone looking to Buy or Sell real estate? E-mail us at jreynolds@urbanimg.com!

UrbanCondoSpaces.com and Jeff Reynolds just listed this property in the Capitol Hill neighborhood of Seattle. This is something we do for our clients each time we list or sell their home. If you are interested in receiving our “Just Listed” or “Just Sold” e-blasts you can sign up here:

View More Listings In Capitol Hill

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Filed Under: All Condos, Amenities, Capitol Hill, City of Seattle, Elevator, Lobby Entrance, Market News/Trends, Rentals, Secure Parking, Storage Tagged With: Capitol Hill, Condo, Condos, lease, loft, Real Estate, Rent, Rental, Seattle, Views

If You Don’t Have Professional Photos, Fire Your Agent

December 3, 2010 By admin 2 Comments

704 Exterior 199x300 If You Dont Have Professional Photos, Fire Your Agent IMG00075 20101126 1248 300x225 If You Dont Have Professional Photos, Fire Your Agent

Are you ready? I’m going to put the professional photography discussion to bed. I’m calling my experiment the “The Great Picture Debate”. Continue reading.

Over the last decade, the debate over professional photography has heated up. In may opinion, it should not even be a discussion. If you broker doesn’t use professional photos, I would encourage the following:

Step One

Show them this blog post

Step Two

If they still don’t use professional photos, follow the instructions in step three.

Step Three

FIRE them!

The pictures below tell a very real story. The unit featured is a rental that I am bringing on the market over the weekend. Located in Capitol Hill at 714 Bellevue East. It is a 1600sf + condo with 3 bedrooms, 3 baths, 2 decks, a patio and a wall of windows. For experimental purposes, I followed my incredibly talented photographer (Aimee Chase of Vista Estate Imaging) everywhere that she went. I took a picture at the exact location that she did. My goal was to make sellers, buyers and brokers aware of the disservice that occurs when a seller or a landlord does not have access to professional photos. It is impossible for me to truly express the need for professional photography. In a day and age where all buyers, lessors and investors start their search online it is imperative to have listing photos that will accurately portray the real condition of a unit.

In this real estate market, the demand for purchases remains low. Great photography is one of the tools in your control that you can use to get people “in the door!”. Don’t just take my word for it. If you go online and look at the existing inventory, much of the condos/homes that don’t sell are either over-priced or poorly displayed. I tend to believe that many units could sell in this market with better photography.

I hope you find my efforts below useful. It truly paints the picture. Good photos are worth their weight in GOLD!

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Filed Under: City of Bellevue, City of Seattle, Downtown Bellevue (MLS Area 520), Downtown Seattle (MLS Area 701), Everything Urban, Home, Home Improvement, Market News/Trends, Puget Sound Region, Rentals, Renting/Leasing Tools, Renting/Leasing Tools, Should I Take Professional Photos? Tagged With: Capitol Hill, Condo, Condos, Home, Lofts, photo, Photos, professional photography, Townhomes

Seattle Rents To Rise 25%

October 24, 2010 By admin 1 Comment

A couple of interesting notes on the Seattle rental market:

Seattle Rents to Rise 25%

In an article by Marc Stiles of the Daily Journal of Commerce. He noted that Seattle Rents are expected to rise by 25%.

Apartment development is heating up and to understand why turn to page 4 of Dupre + Scott Apartment Advisors’ new report. The Seattle company says Puget Sound-area rents could climb almost 25 percent in the next five years and 50 percent between now and 2020.

Dupre + Scott bases its outlook on historic rents and incomes, and what economists Dick Conway and Doug Pedersen forecast for per capita income. Going back 30 years, Dupre + Scott found a remarkable correlation between incomes and rent. True, actual rents fell during the last two recessions, but not that much. And when the economy rebounded, rents bounced back quickly.

Supply and demand could throw the correlation off track, said Mike Scott. Currently, his company projects the supply of new units will remain extremely constrained. Squeezed between tighter lending standards and equity partners who want better returns, Dupre + Scott says the region will see only 2,000 units open next year, the lowest production level in 40 years.

Even 2012 will be slow, according to the company, which expects 3,000 units will open then.

Is Inventory Down?

I noticed something this weekend, pulling a list of rentals for a client of mine. She asked if I could send her a list of condos between $2,000-$4,000 in Downtown Seattle (MLS area 701). I was pretty surprised to see only 22 condos for rent. Many of them I recognized and have been on the market for weeks. With such little inventory to view, it seems like a good time for a landlords to take advantage.

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Filed Under: City of Bellevue, City of Seattle, Downtown Bellevue (MLS Area 520), Downtown Seattle (MLS Area 701), Home, Market News/Trends, Puget Sound Region, Rentals Tagged With: leasing, Rent, Rentals, Seattle condos, Seattle Rents

Before You Rent Your Condo, Read This

October 22, 2010 By admin Leave a Comment

There are a number of issues that can occur when renting your condo. You should watch out for these common pitfalls. If you don’t, you could be in for a nightmare experience. Try to follow this simple checklist as you prepare to rent out your property:

Check the credit, criminal and background of your tenant. Why would you let just anyone stay in your home for 12 months without knowing more about them. This is important. There are several local business’s that focus on these background checks. I would recommend using one.
Call at least two of their rental references. If your future tenant had a history of missing payments, noise complaints of rule violations, the previous landlord would be happy to share this info with you.
Emphasize that the monthly rental rate is firm. No execptions. Explain in great detail that they have to pay ($XXXX.XX) in rent and when then have to pay it. You have a right to designate a date on which the rental payment is due. It can be a specific date (every 15th day) or a specific time period (every last Saturday of the month)
Make clear that there are penalties for late payments. The financial penalties should be levied each time rent isn’t paid per the contract. You should give you tenants a grace period, but make sure it’s not too long. Just like any other financial obligation. Your tenant needs to be aware that you will enforce the lease (contract)

Discuss eviction. Make them aware that you will evict. Reasons for eviction include, vandalism, chronically late rental payments, mulitple rules violations and crime conducted on your property.

Add a lease cancellation clause. This should state that both you and your tenants have a right to cancel the lease before it expires. Should that happen, one party must notify the other ahead of time, no later then the period designated on the lease. If there is a cancellation, make sure there is a penalty. This helps to ensure that the tenant will remain in the lease for the term of the contract.

Renting your property takes time, effort and skill. You also need to take it seriously. There are rules and regulations that we must follow as landlords.

For more information or to inquire into the UCS Home & Condo Leasing Service, contact us.

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Filed Under: City of Bellevue, City of Seattle, Downtown Bellevue (MLS Area 520), Downtown Seattle (MLS Area 701), Home, Market News/Trends, Rentals Tagged With: condo leasing, leasing, Property leasing, Rentals

5 Steps To Leasing Your Condo

October 20, 2010 By admin Leave a Comment

Picture2 5 Steps To Leasing Your Condo

Renting your condo? Try these 5 steps to ensure you stand out when being compared to other units:

Set The Right Rents

Rents will vary depending on location, the building type and available inventory. The key is to “never” try to set your rents too high. You should try to rent your condo at similar rates to other condos of the same product type. A rental analysis is important. If you can determine what other “comparable” units are renting for, then you are taking the right approach to pricing.

Take Great Pictures

Dark, dreary photos are the best way to ensure that your condo stays on the market for months. Bottom line is, we are a visual society. We trust that what we see is what we get. So with that in mind, doesn’t it make sense to take professional photos? There is a cost associated with it, but ultimately, if it saves you months of sitting on the market, it will seem like a minor expense. Many leasing services, like our own (UCS Leasing Service) will provide this as part of the contract. Photos are the most important element in establishing the level of traffic needed in order to find your perfect tenant.

Get Social With Your Advertising

Social media should be your focus when advertising your listing. Post your condo for rent on Facebook, Twitter and your blog if you have one. Don’t overdue it, but Social media is a powerful tool to get the message out. The more people that see your listing the better. Who knows, maybe a friend from college or a co-worker was looking for the exact place that you are trying to rent. Don’t get lost among the thousands of other condo rentals in your city. Get Social!

Syndication

Online syndication is the new classifieds in the rental business. For example, Postlets.com will help you build your ad, create a live link and will then syndicate your new listing to services like FrontDoor, Google Base, HotPads, Myspace, Oodle, Trulia, Twitter, Vast and Zillow. Why is this important? Why not. Advertising your listing on all these different sites might give you the edge over your competitors.

Be On The MLS

In the greater Seattle area there are over 26,000 MLS members. When renting your condo or home, I think its imperative to be listed on the MLS. Trusting Craigslist and other listing services simply is not enough. If you are looking for top dollar, make sure your home is seen by as many prospective tenants and brokers as possible.

Renting your condo can be stressful. If you take the time to follow these 5 simple steps, I think you will find success. Good luck!

UrbanCondoSpaces.com & Jeff Reynolds practice full service leasing. If you ever need assistance in renting your unit, take a look at our service and contact us.

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Filed Under: 5 Steps To Renting, Buyer Tools, City of Bellevue, City of Seattle, Downtown Bellevue (MLS Area 520), Downtown Seattle (MLS Area 701), Home, Market News/Trends, Rentals, Renting/Leasing Tools, Seller Tools, The UCS List, UCS Condo & Home Leasing Service Tagged With: 5 steps, Condo, condo leasing, lease, leasing, Rent, Renting

Your Questions About Seattle Condos, My Answers.

October 18, 2010 By admin Leave a Comment

What were Seattle condo buyers and sellers curious about this weekend? Well, I pulled a list search terms people used this weekend that ended up helping them find UCS. See below as I have answered each question (in red):

October 18, 2010	08:10:51	when was the olive 8 condos built (2009)
October 18, 2010	03:39:39	escala ave (These people were probably looking for Escala. I’ve build a profile page and website for Escala (see here: Profile & website)
October 18, 2010	00:46:08	mira apartments kirkland (I would keep a distance for now. Mira has both construction defects and a huge number of renters)
October 18, 2010	00:26:44	target downtown seattle (Yes, there is going to be a new Target. Read here: Target Acquires Retail Space In Downtown Seattle)
October 17, 2010	23:16:46	steps to rent out my condo (We have extensive resources on how to rent out your own condo. We also can help you see here)
October 17, 2010	23:11:25	how long does it take to rent your condo (This depends on your pricing and media strategy. Contact us for more details.)
October 17, 2010	23:05:33	mukilteo condo auction (Yes, there is an upcoming auction. Read here for more details.)
October 17, 2010	23:04:41	high-end leasing (We do all kinds of leasing. Read about our service here)
October 17, 2010	23:03:15	bellevue towers (Ask and you shall receive. Do you have questions? Maybe the impact the Bravern will have on Bellevue Towers?
October 17, 2010	22:53:10	address for brix condo (530 Broadway East, Seattle. See website here)

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Filed Under: City of Bellevue, City of Seattle, Downtown Bellevue (MLS Area 520), Downtown Seattle (MLS Area 701), Home, In the news, Market News/Trends, Puget Sound Region, Rentals Tagged With: 10 condo steps to leasing your condo, Answers, Brix, Escala, leasing, Olive 8, Questions, Rentals, Renting, Seattle condos, UCS

Reduce Your Rent With A Longer Lease

October 11, 2010 By admin Leave a Comment

In our market over the last 2-3 years, there have been a lot of people renting homes and condos as they wait for the market to recover. Others have been forced to rent due to short sales or foreclosure.

If you are a renter and plan to do so for an extended period of time, don’t be afraid to negotiate with your future landlord. There are a number of terms you can change. The goal is not to create animosity with the person collecting your rent, but to establish a common ground on a fair lease price and term.

One of the best ways you can reduce rent is by offering an longer lease term. For example, if the rent is $1500 per month for a 12 month lease, offer $1,250 for a 24 month lease. It doesn’t hurt to ask; they say “you can’t get what you don’t ask for”!

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Filed Under: Home, Market News/Trends, Puget Sound Region, Rentals Tagged With: lease, leasing, Rental, Rentals

UCS Condo & Home Leasing Service

August 14, 2010 By admin 1 Comment

Need to rent your home or condo?

Whether you are a first time owner or a savvy real estate investor the hassle of leasing your home can be overwhelming. Urban Condo Spaces makes leasing your home or condo hassle-free while saving you time, money and heartache.

Our condo and home leasing service includes the following, but keep in mind that it can also be tailored to meet your individual needs:

RENTAL ANALYSIS

Urban Condo Spaces will set an appointment with you to see your property and determine the best rental rate based on current market conditions. This process involves a CMA (competitive market analysis) as well as immense preparation to ensure your home is priced at market.

ADVERTISING

Urban Condo Spaces coordinates and books the placement of all advertising for your property. We are certified as relocation specialists and have deep relationships with indiviual owners, relocation companies and HR directors. These relationships allow us to place your property in front of prospective tenants from many of the local corporations in our area. Some of these companies include but are not limited too, Amazon.com, Costco, Microsoft, Nordstrom, Starbucks, Tommy Bahama, and many others.

SHOWING YOUR UNIT

Urban Condo Spaces will personally handle all of the showings when presenting your property to prospective tenants. We are online and social media experts and have put that experience to work when creating effective marketing campaigns. We will be timely in our follow up, aggressive with our selling of the property and will communicate with you throughout the process.

SCREENING YOUR TENANT

Urban Condo Spaces takes your screening very seriously. If you happen to have the wrong tenant your time as a landlord can be a nightmare. Every prospective renter must go through a thorough screening process to ensure that they will be a qualified tenant for your property. This background screening process includes credit and criminal checks as well as recent landlord references.

LEASE AGREEMENT

Once you decided on the perfect tenant, we meet with them to review and execute the lease agreement. At this time we go through many disclosures with them and prepare the payment schedule for your rental income. Having an experienced real estate firm handle this process is imperative.

MOVE IN AGREEMENT

Urban Condo Spaces will go over all necessary move-in information with the tenant. This includes providing current documents required by city, state and federal regulations. In addition, as we perform our initial walk-through, we will take pictures and ensure that the unit is in the same condition as it was when the tenant moved in.

FUNDS AND DEPOSIT EXCHANGE

Once all necessary paperwork has been executed we arrange to meet with your tenant and collect the security deposits and rent checks.

KEY EXCHANGE

When this is complete, we provide your tenant with keys to the property and provide you with a package that includes a copy of all necessary documentation and collected funds.

FOLLOW UP

After your tenant moves in, we will provide a final follow up to make sure that all parties are happy and comfortable in their new setting.

If you are interested in learning more about our program:

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Filed Under: City of Bellevue, City of Seattle, Downtown Bellevue (MLS Area 520), Downtown Seattle (MLS Area 701), Home, Market News/Trends, Rentals, Renting/Leasing Tools, Seller Tools, The UCS List, UCS Condo & Home Leasing Service Tagged With: Bellevue condo leasing, Bellevue home leasing, Condo, condo leasing, Home, seattle condo leasing, seattle condo rentals, seattle home leasing

Some Photos courtesy of Ryan Raffeto and Davis Steinmetz

JUST LISTED

RENTAL ANALYSIS

Urban Condo Spaces will set an appointment with you to see your property and determine the best rental rate based on current market conditions. This process involves a CMA (competitive market analysis) as well as immense preparation to ensure your home is priced at market.

ADVERTISING

SHOWING YOUR UNIT

SCREENING YOUR TENANT

LEASE AGREEMENT

MOVE IN AGREEMENT

FUNDS AND DEPOSIT EXCHANGE

Once all necessary paperwork has been executed we arrange to meet with your tenant and collect the security deposits and rent checks.

KEY EXCHANGE

FOLLOW UP

Work With Jeff

Advertise On UCS

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