Comments on: Apartments Up, Deano’s Down http://blog.redfin.com/seattle/2008/06/apartments_up_deanos_down.html Redfin Seattle Sweet Digs Sat, 04 Feb 2012 08:50:47 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Central District Development: T-Minus 20 Months | Redfin Seattle Sweet Digs http://blog.redfin.com/seattle/2008/06/apartments_up_deanos_down.html/comment-page-1#comment-4694 Central District Development: T-Minus 20 Months | Redfin Seattle Sweet Digs Thu, 18 Sep 2008 01:21:00 +0000 http://blog.redfin.com/seattle/2008/06/apartments_up_deanos_down.html#comment-4694 [...] been following developer Jim Mueller’s movements for a few months here at Sweet Digs, and now it appears his [...] [...] been following developer Jim Mueller’s movements for a few months here at Sweet Digs, and now it appears his [...]

]]> By: Allison Arth http://blog.redfin.com/seattle/2008/06/apartments_up_deanos_down.html/comment-page-1#comment-2250 Allison Arth Sun, 15 Jun 2008 19:11:06 +0000 http://blog.redfin.com/seattle/2008/06/apartments_up_deanos_down.html#comment-2250 That would be my guess, as well, given Jim's history. Just yesterday, at the kickoff of the Capitol Hill Community Garage Sale, Jim talked about his plans for the site; while he didn't go into detail about plans for affordable housing, he did say that he plans to make the Deano's site a "European-style," pedestrian-friendly area, with streetside cafes and shops, which certainly bodes well for property values in the surrounding area, don't you think? And, if not, it a least raises the vicinity's <a href="http://blog.redfin.com/seattle/2008/05/i_walked_five_miles_uphill_through_the_snow_barefoot.html" rel="nofollow"><b>Walk Score</b></a>, right? That would be my guess, as well, given Jim’s history.

Just yesterday, at the kickoff of the Capitol Hill Community Garage Sale, Jim talked about his plans for the site; while he didn’t go into detail about plans for affordable housing, he did say that he plans to make the Deano’s site a “European-style,” pedestrian-friendly area, with streetside cafes and shops, which certainly bodes well for property values in the surrounding area, don’t you think? And, if not, it a least raises the vicinity’s Walk Score, right?

]]> By: Michael P Lindekugel http://blog.redfin.com/seattle/2008/06/apartments_up_deanos_down.html/comment-page-1#comment-2242 Michael P Lindekugel Fri, 13 Jun 2008 19:44:45 +0000 http://blog.redfin.com/seattle/2008/06/apartments_up_deanos_down.html#comment-2242 I don't know specifics of this particular project. I am going to speculate that part of the development is designated "affordable housing". most large developments have to pay fees, taxes, whatever you want to call it in support of affordable housing to get a project approved. some are required to build a certain percentage of affordable housing units. I don’t know specifics of this particular project. I am going to speculate that part of the development is designated “affordable housing”.

most large developments have to pay fees, taxes, whatever you want to call it in support of affordable housing to get a project approved. some are required to build a certain percentage of affordable housing units.

]]> By: Allison Arth http://blog.redfin.com/seattle/2008/06/apartments_up_deanos_down.html/comment-page-1#comment-2226 Allison Arth Wed, 11 Jun 2008 19:10:17 +0000 http://blog.redfin.com/seattle/2008/06/apartments_up_deanos_down.html#comment-2226 I wasn't aware that the number of rental-to-condo conversions totaled 5,000. That <i>is</i> a huge number to offset. If this new construction fills up, as you predict, Michael, I do wonder what the economic makeup of its renters will be. Will they be high-rent places, as you suggest? Or will they be wrapped into the City's proposed <a href="http://seattle.gov/housing/pubs/HWRflyer11x17.pdf" rel="nofollow"><b>Homes within Reach</b></a> [PDF] program? I wasn’t aware that the number of rental-to-condo conversions totaled 5,000. That is a huge number to offset.

If this new construction fills up, as you predict, Michael, I do wonder what the economic makeup of its renters will be. Will they be high-rent places, as you suggest? Or will they be wrapped into the City’s proposed Homes within Reach [PDF] program?

]]> By: Michael P Lindekugel http://blog.redfin.com/seattle/2008/06/apartments_up_deanos_down.html/comment-page-1#comment-2223 Michael P Lindekugel Wed, 11 Jun 2008 13:18:55 +0000 http://blog.redfin.com/seattle/2008/06/apartments_up_deanos_down.html#comment-2223 yes, they will fill up quickly. those units coming online are not enough to make a significant impact on the supply shortage. Some conversions are reverting back to apartments. The return on capital or discount rate as a long term rental property is higher than for resale as condos. We are continuing to see quite a bit of institutional multifamily investment. New apartment construction to fill the loss of 5000 rental units to condo conversions since 2003 and the reversions of new condos back to aprtments is not enough to meet demand. Expect high rents and low vacancy to continue through the end of 2009. yes, they will fill up quickly. those units coming online are not enough to make a significant impact on the supply shortage.

Some conversions are reverting back to apartments. The return on capital or discount rate as a long term rental property is higher than for resale as condos. We are continuing to see quite a bit of institutional multifamily investment.

New apartment construction to fill the loss of 5000 rental units to condo conversions since 2003 and the reversions of new condos back to aprtments is not enough to meet demand. Expect high rents and low vacancy to continue through the end of 2009.

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