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July 2019

Found 4 blog entries for July 2019.

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Last October, when Taylor and Ally Condrin went looking for an apartment in the Issaquah area, the rental market seemed almost friendly. The young couple found a 3-bedroom, 2-bath unit that was advertised for $2,200, but the property manager was so eager to sign a lease that they got a free month’s rent.

What a difference a year makes. Today, identical units in the complex are renting for around $2,800, says Taylor, a 27-year-old who owns his own digital-marketing agency.

Starting around last summer, much of the Seattle-King County market seemed to hit a pause in rent increases. So many new apartment buildings had come on line that supplies were finally catching up to demand. In dozens of neighborhoods, rents leveled off or actually began

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KIRKLAND, Washington (July 8, 2019) - Inventory, pending sales and prices all increased during June compared to a year ago, according to the latest report from Northwest Multiple Listing Service. The same report, which covers 23 counties in Washington state, shows year-over-year drops area-wide in both the volume of new listings and closed sales.

"Clearly we now see that the market is moderating - that is we're definitely moving from a 'hyper-market' to one where a correction is underway compared to last year," remarked Mike Grady, president and COO of Coldwell Banker Bain. "While it's the best time to buy that we've seen in some time, and buyers are getting some relief, it is still a seller's market," he added, noting some buyers are experiencing

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On Monday, the Seattle City Council approved legislation that could make it easier to build accessory dwelling units (ADUs)—like backyard cottages and mother-in-law apartments—along with language that would rein in McMansions in single-family zones.

More specifically: The legislation allows two ADUs on one lot instead of one, and axes a requirement for off-street parking, a sometimes onerous and expensive hurdle for homeowners to jump. Homeowners were previously required to live on the lot containing an ADU in order to rent it out, but the legislation eliminates that requirement, too.

ADUs gain more livable space, too: The ordinance increases maximum ADU size from 800 square feet to 1,000, and slightly increases the allowable height.

It also

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Architects and developers building across much of Seattle will soon have to meet the city’s new Mandatory Housing Affordability (MHA) requirements, a set of rules passed with a spate of recent comprehensive zoning changes designed to ensure that “new commercial and multifamily residential development contributes [new] affordable housing.”

The MHA regulations were approved this spring and are expected to add over 6,000 new low-income housing units to the city’s housing stock over the next decade. The changes are part of the city’s Housing Affordability and Living Agenda, a three-pronged effort undertaken by city agencies several years ago to increase housing supply in order to stem escalating rents and property values across the thriving region. The

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