Seattle Times on the Apartment Bubble
Seattle Times, Financiers worry Seattle’s apartment boom is overdone:
Developers will open more apartments in the Seattle area this year than they have in any of the previous 20.
They will repeat that feat in 2014, according to apartment research firm Dupre + Scott. And again in 2015.
Developers are building apartments because that’s all that they can get financing for. The banks need to loosen up and start lending on condos again.
In other apartment news, this time from the PSBJ, Sale of Uptown apartment sets Seattle record:
The 41-unit project at 151 John St., sold for $14.65 million. The price works out to $518 per square foot, which is the most paid for a Seattle multi-family property of less than 100 units, said Tim McKay and Dan Chhan of commercial real estate company Marcus & Millichap.
And, Developer Harbor Urban reverses course on Seattle apartment building sale:
Apartment developer Harbor Urban has pulled off the market GreenHouse, a recently completed apartment project in Seattle’s Columbia City neighborhood.