Where to invest next in Seattle/Eastside neighborhoods? I’ve been thinking about the list Seattle Metropolitan Magazine came up in April (see below). With gas prices up, rapid transit going in, I think the next hot spots will be along those rapid transit routes like what happened in San Francisco and Portland.
Here are 2 lists, one from last month and one from 3 years ago. My clients usually make a decision where to buy based on either the commute or schools, sometimes as specific as a certain grade school. What about home age and style. It has been suggested that buyers like the homes their grandparents lived in, not the ones they grew up in, so Will the next batch of buyers want the 50’s and 60’s houses as has been suggested and if so, should we be buying in those areas? There was supposed to be a trend away from large homes, and that’s probably the case considering home prices are so high most can’t have the size home the buyers of the 90’s did.
Here is the Seattle Metropolitan Magazine list of 15 of the hottest neighborhoods in it’s April issue.
[photopress:bill_gates_residence.jpg,full,aligncenter]
Grandes Dames: established and well rooted neighborhoods:
- Medina: (recognize the house above?)
- Madison Park
- Admiral
The Rock Stars: fast rising districts surging with glamour and vitality.
- Ballard
- Pike/Pine Corridor
- Moss Bay, Kirkland
Cinderellas: Formerly neglected areas now traipsing to the ball
- South Lake Union (courtesy of Paul Allen)
- Columbia City
- Georgetown
- Westwood
Sleeping Beauties: Location, economy and neighborliness drawing overdue attention
- Upper Rainier Beach
- North Greenwood
- Monroe
- Stadium district, Tacoma
- Cape George Colony, Port Townsend
This is a dramatic change from 2003, when SeattleMagazine.com had their list of hot neighborhoods
- Bryant
- Montlake
- Sunset Hill
- North Beach
- Blue Ridge
- Olympic Manor
- Phinney Ridge
- Greenwood Manor
- North Admiral
- Westwood
Almost all of these were north of the U District.
Does this mean that our citizens are fickle and don’t have favorites more than 3 years in a row? Or was it this kind of story that drove the prices up in those neighborhoods so that they are now not affordable? Is it possible in 3 years that even Georgetown will be sizzling? I’d love to tap into the collective minds of RCG bloggers and see what you think.
I think Burien is an up-and-coming area and it’s not on either list. Any other hidden gems out there?
Eileen asks: “Any other hidden gems out there?”
Sorry, Eileen. Have to save those “hidden gems” for my clients, don’t I 🙂 If I tell you, the prices will go up before my clients can get them, at the currently lower than the rest of market prices.
It’s like telling people about my great handyman or cleaning lady…not a good idea, or they will soon be too busy when my clients need them.
Ardell DellaLoggia
Eileen asks: “Any other hidden gems out there?”
Sorry, Eileen. Have to save those “hidden gems” for my clients, don’t I 🙂 If I tell you, the prices will go up before my clients can get them, at the currently lower than the rest of market prices.
It’s like telling people about my great handyman or cleaning lady…not a good idea, or they will soon be too busy when my clients need them.
Ardell DellaLoggia
Eileen; I think you spaced out and missed one. It certainly isn’t hidden. Issaquah Highlands is probably the number one neighborhood in many ways: Sales, Dollar volume of sales: speed of sales; waiting lines for homes; environmentally friendly; green construction; ease of access to the freeways, its own park and ride center – even a good looking one. It has walking trails, bike trails, parks and playgrounds, shopping within the village, with a mall in planning similar to U Village. It has low income pieces, I think low income in issaquah is 159,999 annual. It even has its own trained bears. Well sorta trained. They only eat the food from the garbage bins and the bird feeders. They leave the girls playing soccer alone, just pass by. They don’t get upset when the girls scream and head for the toilet building.
It’s actually well planned and nicely developed.
Eileen; I think you spaced out and missed one. It certainly isn’t hidden. Issaquah Highlands is probably the number one neighborhood in many ways: Sales, Dollar volume of sales: speed of sales; waiting lines for homes; environmentally friendly; green construction; ease of access to the freeways, its own park and ride center – even a good looking one. It has walking trails, bike trails, parks and playgrounds, shopping within the village, with a mall in planning similar to U Village. It has low income pieces, I think low income in issaquah is 159,999 annual. It even has its own trained bears. Well sorta trained. They only eat the food from the garbage bins and the bird feeders. They leave the girls playing soccer alone, just pass by. They don’t get upset when the girls scream and head for the toilet building.
It’s actually well planned and nicely developed.
Larry, I totally agree and love Issaquah Highlands and have landed many of my clients there, including one with a phenomonal view at the very top. I look at it from my front door and really love Issaquah.
However, when I posted the list, I was thinking of examining neighborhoods that would have a more than normal increase in value, sort of path of progress investment potential. That’s why I mentioned communities that would be served in the future by rapid transit. In Oregon’s Hillsboro neighborhoods, for instance, there was a jump from 265000 in May 2005 to 350-400,000 for the cheapest new homes this summer.The Portland agents say this is mostly due to the rapid transit connecting communities with jobs. Contrast that with a 16% increase on the Eastside last year. My house on Squawk Mountain is going up about 100,000/yr too, but I’ve done better in some of the areas that aren’t perfect and pristine as The Highlands.
Don’t forget about the fiber optics in the Issaquah Highlands. If I didn’t already live there, I’d move there. If I made double my current salary, I’d only move higher up the hill and stay in the neighborhood.
Ahah Eileen, I understand. To the point of future value I think our best bet is in Pocatello, Idaho. Seriously, my observation is there is a ripple affect. The ripple starts around the microsoft campuses and the U. They then start heading North, South, and East. In three years everything has gone up. So if Maple Valley is similar to Renton, buy in Maple Valley. If Renton is similar in value to Bellevue or Seattle, purchase in Bellevue or Seattle. Of course in homes, often it is I want to live with the wonderful views of Squak Mountain, the heck with everything else, its going to be Squak Mountain. Unless of course there is a home I like in Issaquah Highlands. Cheerio. You have a great blog here. Of course you know it. Larry
PS I was relieved your weren’t offended by my lead statement yesterday of, “spaced out”.
We live in Mt. Baker and from what I can tell, it’s quite popular… anything that is remotely cute [or ‘has potential’] & priced correctly seems to be snapped up within 1-2 weeks of listing. I’m sure there are plenty other neighborhoods with similar RE scenes but things just seem particularly quick to move here.
I can’t believe Madrona and Leschi aren’t mentioned as hot areas. They both afford an easy walk down to Lake Washington, offer astounding views of the Cascades and the Olympics, have lots of city park space and are only 1.5 miles from downtown, Capitol Hill, etc.
What’s more, Madrona has a pretty upscale restaurant and retail scene between Union and Cherry on 34th. Factor in the quality of the housing (lots of early 20th century architecture) and prices that are probably 15-30% less than those of neighboring Madison Park and it would seem to be a no brainer.
Hopefully word of mouth will catch on. They’ve both been ignored too long!
I can’t believe Madrona and Leschi aren’t mentioned as hot areas. They both afford an easy walk down to Lake Washington, offer astounding views of the Cascades and the Olympics, have lots of city park space and are only 1.5 miles from downtown, Capitol Hill, etc.
What’s more, Madrona has a pretty upscale restaurant and retail scene between Union and Cherry on 34th. Factor in the quality of the housing (lots of early 20th century architecture) and prices that are probably 15-30% less than those of neighboring Madison Park and it would seem to be a no brainer.
Hopefully word of mouth will catch on. They’ve both been ignored too long!
Seward Park right now is where Magnolia was five or six years ago. You should take a look at it. Opportunities abound.
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