In addition to this article, I thought I would highlight a few environmentally certified new construction projects and those under construction seeking some form of green building classification:

Trace North/Trace Lofts - Capitol Hill

Brix - Capitol Hill

Rollin Street - South Lake Union

Enso - South Lake Union

Veer Lofts - South Lake Union

Parc - Belltown

Mosler Lofts - Belltown

Cosmopolitan - Downtown Seattle

Olive 8 - Downtown Seattle

1521 - Downtown Seattle

5th & Madison - Downtown Seattle

220 West Highland - Queen Anne

Hjarta - Ballard

NoMa - Ballard

Florera - Greenlake

Bellevue Towers - Downtown Bellevue

Currently, these condominium projects are offering 2 bedroom homes ranging from $274,990 to $349,990.  In addition, Park Place condominiums in Edmonds is also offering this Zero Down program.  Park Place currently offers 2 bedroom homes begining at $220,999.

All of this negative news is actually positive for the local Seattle & Eastside markets.  The New Construction Inventory is shrinking, which will eventually start evaporating the oversaturation of resale inventory in the city.  Just under a year ago it was nearly impossible to keep up with all of the construction.  Suprisingly, rising gas prices and worsening traffic reports will continue to play a role in ”Urban Appreciation”.

Other Projects that are on hold or moving to apartments include:  Seneca, Icon Tower, AVA, Insignia, Candella, 1 Hotel & Residences, as well as Vida & Lincoln Tower 2 in Bellevue.   

On July 30, 2008 the Housing Assistance Tax Act of 2008 was signed into law offering a $7,500 Refundable Tax Credit to first-time home buyers purchasing a single family residence, condominium or townhome.  This is a great advantage to those first-time buyers who have or who are looking to purchase a home in the near future.   According to the law a “first-time home buyer” is defined as an individual who has not owned a principal place of residence for the last three years.   To be eligible for this tax credit, a home must be purchased on or after April 9, 2008 and before July 1, 2009 and used as the buyer’s principal residence. 

A first-time home buyer may qualify for the tax credit if their modified adjusted gross income (MAGI) is less than $75,000.  For married couples filing a joint return, the income level doubles to $150,000.  A buyer may also qualify for a partial credit if their MAGI is between $75,000-$95,000 or $150,000-$170,000 for joint returns.   

This incentive is not a deduction but a one-time tax credit.  It is essentially an interest-free loan, repaid over a 15 year period.  So if a buyer receives the full $7,500 credit, they would technically owe $500 per year for 15 years.    However, a buyer would not have to begin repayment until two years after the tax credit is claimed.  So if a buyer claims the credit in 2008, they would not begin repayment until 2010 taxes are filed. 

How does the tax credit work?  Let’s say a first time home buyer owed $5,000 in taxes for 2008.  The buyer would not write a check to the IRS, but would receive a check back for the remaining $2,500. If a buyer instead owes $10,000 in taxes, after taking the credit they would owe $1,500. 

For additional information and frequently asked questions check out: www.federalhousingtaxcredit.com.

To celebrate the completion of The Parc, the sales and development teams recently held an open house to showcase the new residential towers. More than 100 potential homebuyers came to The Parc to view the four new model homes, tour the building and the roof deck, and to visit the new sales center located on the street level.

The event and subsequent days resulted in 10 new home sales in just two weeks proving that the housing market is still going strong, says Hayes Olson, sales representative for The Parc.  People stop in to look and are astonished that they can still buy a top-quality home in downtowns most preferred neighborhood at an affordable price point, Olson says.

Located in the highly sought-after Belltown neighborhood, The Parc occupies some of the most coveted real estate in downtown Seattle. Its prime location just a short walk from the waterfront, the new Olympic Sculpture Park and Belltowns vibrant restaurant and nightlife scene means that many of the homes at The Parc offer stellar views of Elliott Bay and the Olympic Mountains, Mount Rainier, the Space Needle and the expansive city skyline. Even residents with territorial views can enjoy the panoramic, 360-degree vistas from the shared rooftop deck.

For those who want to wake up to a view every day, a number of luxurious two-bedroom and penthouse homes are available. Another feature unique to The Parc is the Terrace Homes. These spacious residences offer some of the largest private terraces in the city, with water and Space Needle views.

There are still units available in excellent price ranges.