The Value of the View by William Justen
A recent study has shown that condos with a view are of course more likely to sell, but by how much? Unfortunately there is no magic formula to accurately pinpoint the value of downtown Seattle view. However, it sure would make our jobs easier if it could be as easy as:
Former Planning Director and owner of 22 downtown Seattle properties, William Justen, has pointed out that buyers are attracted to views of Elliott Bay more so than amenities and/or finishes.
Today about 175 units remain unsold within four condominium buildings west of 2nd Avenue. This compares to 481 units remaining between 4th and 8th avenues to the east. These view premiums can range from 25% to more than 50% over a comparable home, especially if the view is protected. That’s why the West side of 2nd Avenue may soon look like Park Avenue – there are four permitted condominium towers planned between Pine and Lenora streets, and the City of Seattle recently extended all permit holders’ development rights for six years to maintain this trajectory.
A Value of View Flyer presented by William Justen’s project Fifteen Twenty-One, shows that many downtown addresses still have threatened views. This in turn threatens your investment’s value, and should be a well thought- out precaution before making a decision that could potentially cost you $10,000’s from something as simple as an application for a building permit. Although many of the proposed projects that have been postponed from 2006/07 may still not break ground for another couple of years, developers are still holding onto permits as Seattle continues to be one of the top cities people relocate to.
Over the past 18 months, 123 units have been sold within six condominium towers with an average purchase price of $2 million. The top property sale was more than $9 million. In 2009, the vast majority of King County’s condo sales valued at more than $1 million were located within a single address: Fifteen Twenty-One Second Avenue, just a half-block east and high above the Pike Place Market. What’s the secret to such success? Every home offers a protected view of Elliott Bay.
Have you seen our zoning map? According to specifications presented by the City of Seattle, we created an interactive map that shows how high a residential/commercial lot is allowed to go. You can find the map under the Search button, or click here to view it now.
By the way, William Justen and all those over at Fifteen Twenty-One would like you to know…
Open House This Weekend
March 27th & 28th
12:00pm to 4:00pm