BALLARD BLOCKS – #2

What is going into this space, just east of the Ballard bridge? Read on.

So what’s happening with that empty lot south of the Ballard Blocks? A second Ballard Blocks complex is planned, and some businesses have already signed on. A couple different theories as to why the space development for that block was previously put on-hold include the financial strife of the former recession and another, the drainage problem the area is reportedly plagued with.

Looking east from the Ballard bridge at the current Ballard Blocks complex. New development will be to its right.

PCC Community Markets will almost certainly be the anchor business located at 1451 NW 46th Street, on the west end of the block next to the Ballard bridge. Permits have not been issued yet, but last year the city conditionally granted approval for this building project to move ahead, although the decision can be appealed through January 25th. A new 25,000 square foot co-op is planned to open in spring 2019, with a projected 100 unionized jobs. It will be interesting to see how this store melds with our many other nearby grocery options: Ballard Market, Safeway, QFC, Fred Meyer’s food section, a New Seasons store under construction, and right across the street, Trader Joe’s. This PCC store will not replace the Fremont store, which will receive an upgrade.

The proposed new site, look west.  Renderings: Weber Thompson

A walkway and seating area will lead from PCC between two businesses on the east end of the block, which will include West Marine. The all-things-marine/boat store will be located on the southeast corner and will also have about 25,000 square feet in their 2-story building. West Marine has two other established stores in Seattle as well: Shilshole Bay and Interbay. The future 12,000 sq. foot 3rd floor in the 5-story building on the northeast corner of the block is reserved for Bright Horizons childcare center, according to the leasing company, Real Retail. A fun feature of Bright Horizons’ space is a planned skybridge that will lead to West Marine’s roof to access an area for kids to play outside.

At the time of this writing, some spaces were still open for lease. There’s a retail kiosk space with about 950 sq. feet available near the southeast corner. In the northeast building, floors 1 & 2 would work for retail, and floors 4-5 are set up for office spaces, with a large rooftop deck. Total parking around or underneath the entire south Ballard Blocks will be approximately 300 stalls.

February Real Estate Recap

This February we saw another unbalanced month of real estate in the northwest Seattle market. It continued the trend of last year of being a very strong sellers market as home prices jumped when compared year over year. With less homes coming on the market it is forcing the many buyers in the market to pay more, be aggressive with their offer, and compete in a multiple bid process, where often times the final sales price will end up well above the asking price. Below are some stats that will reinforce these points.

Blue Ridge

For February 2015

  • 10% fewer homes came on the market than in February 2014
  • 7% fewer homes sold than in February 2014
  • The median home sold went for 16% more than in February 2014
  • There is currently less than a 1 month supply of inventory (which is lowest in King County)
  • Average days on market is 34 days (lowest in King County)

If you have any questions about the northwest Seattle real estate market feel free to reach out and we would be happy to assist.

*Statistics not compiled or published by the Northwest Multiple Listing Service

 

Ballard Real Estate Recap

September was another strong real estate month in the Ballard market. During that time we saw an 8% increase in the number of new listings that hit the market but at the same time there were 20% fewer active listings available for purchase when compared to September 2013. While more homes came on the market this past September than the previous year, it still did not make up for the overall low inventory of homes that has plagued the Ballard area. Inventory levels are at a one month supply which is the lowest level in King County. As a result, we saw the median home price rise this past September in part due to fewer homes available to purchase. The median single family home price on closed sales in Ballard was $524,500 last month. That is a 12% increase when compared to September of 2013 where the median home price of a sold home was $468,500. With interest rates still at historic lows and Ballard attracting a lot of buyers, this trend of low inventory and high prices is set to continue. If you would like more information on the Ballard real estate market, please feel free to reach out.

 

*Statistics not compiled or published by the Northwest Multiple Listing Service

 

Looking for a Unique Rental? Live in a Church!

If you’ve been searching for a rental unlike any other around town, check out this converted home on Ballard that was once an actual church! This quirky 6,300 sf Ballard landmark, located at 2007 NW 61st St is partially renovated for residential living quarters, and has that spooky haunted house/old spirits lurking around the church feel to it.

Photo Courtesy of RedFin

This 6 Bedroom, 3.25 bath is equipped with a bell tower, abandoned tricycles amidst the entryway and a relatively large attic space and can be your humble abode for $789,000. Find other listings in the Ballard neighborhood here.