Last week, mayor Tim Burgess and city councilor Rob Johnson released Seattle’s Housing Affordability Rezone Plan, which will loosen restrictions on the height and number of units a developer may build, in exchange for offering affordable housing options within the project or paying into a city-fund to support affordable homes. Curbed Seattle broke down the exhaustive document, which is set to go for review at the City Council over the next couple of weeks with possible implementation by this time next year.
Category: New Construction (4)
A new report on realtor.com was just released with a lot of hard data on what home styles, sizes, locations, floor plan options, and more affects your home’s appreciation. To gather this information, Realtor looked at millions of listings from 2011 to 2016 and compared features against each other. And, to preface, they also start by stating, “If the economy is strong, a home’s value generally increases 3% to 4% every year, driven by inflation and natural population growth.” Even better, they report that, “From 2011 to 2016, the national housing market was recovering from the bubble at a slightly higher speed: 6.3% a year, on average.”
It’s no secret that Seattle is a haven for the millennial-aged crowd. However, with the recent construction and real estate boom in the Puget Sound area, is the growth leaving this young crowd in the dust? A recent Seattle Times article would report a resounding “yes.” It states, “Local young adults ranked housing costs as their biggest concern…” and 45% of millennials in our area expect to relocate somewhere more affordable to live the life they want. What’s even more troubling is that they would all actually prefer to stay in the region! The potential impact of a mass-millennial-exodus is nothing to sneeze at. “King County alone has 400,000 millennials…” which is the second highest rate nationwide, just losing out to Brooklyn. This is the future of the Seattle-area workforce and you better believe a drastic shift would affect more than just the morning line at your neighborhood coffee shop.
Weber + Thompson released some preliminary renderings of the lobby and plans for the ground level of NEXUS to include a boutique, 400 sq. ft. specialty coffee shop that’s open to the lobby, and a destination 2,800 sq. ft. restaurant and bar.
The building will be accessed across a water feature along a catwalk with frameless glass on either side, creating a portal experience that separates the resort style lobby from the street.