Someone posted in the comments recently that Montage, a 23 unit building on Capitol Hill, has gone rental. Walking by this morning I saw this sign confirming it (I would have gone in but they weren’t open yet):
Checking out their site also confirms they are leasing:
What were these units selling for?
#203 - 1 bd/1 ba - 742 sf - $367,950
#305 - 1 bd/1 ba - 727 sf - $324,950
#402 - 1 bd/1 ba - 716 sf - $409,950
#405 - 1 bd/1 ba - 727 sf - $339,950
#501 - 1 bd/1 ba - 945 sf - $547,950
#604 - 1 bd/1 ba - 871 sf - $489,950
Who is going rental next?
Popularity: 12% [?]
8 responses so far ↓
1 Ace // Oct 12, 2008 at 8:33 pm
I walked past the 1111 East Pike condo development tonight. The sign was gone, and the front looked like it had been covered up with building paper. No noticeable progress has been made since the last time I looked months ago.
The website (Coming Fall 2008) hasn’t been updated since June. Has this development failed as well?
2 Ross // Oct 13, 2008 at 2:08 am
There sure is a lot of apartment inventory coming (back) onto the market. I guess rent will be the next thing to fall.
3 just another dirty renter // Oct 13, 2008 at 8:34 am
wow those prices are insane.
4 marksparky // Oct 13, 2008 at 3:33 pm
These rental prices are about 15-18% over comparables in the neighborhood. with a fair amount of apt inventory available right now, it doesn’t look competitive.
5 jaye // Oct 13, 2008 at 8:55 pm
Those rents are going to have to come down. My husband and I have looked at several comparable 2/2 places in that area for a lot less than $2300/month. When decent houses in Greenlake, Ballard and Fremont can be had for $2000 apartment is going to be a really hard sell, no matter where it is.
6 nitsuj // Oct 14, 2008 at 8:00 pm
Hey Matt, hope you weren’t part of the Redfin layoffs. Question for the masses, are people actually paying rents like that in Seattle? Curious what people are really paying v. asking as I’m evaluating finally GTFO of the Bay area.
7 Mark W // Oct 14, 2008 at 8:18 pm
nitsuj: The Montage 2/1.75 asking price is a couple hundred more than my comparable unit in a downtown Seattle highrise. The gap narrows if their parking is free.
8 Matt // Oct 14, 2008 at 10:35 pm
Hi Nitsuj, Monday was a sad day, we saw many friends leave. However, I am still at Redfin and have no plans to leave.
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