Happy Friday! This week we’ve got lots of news from the rental market, including the historic sale of the Piedmont, growth in Ballard, and the success of neighborhoods which preserve some of their older buildings. Enjoy!
PSBJ: Bellevue’s Piedmont sells for $76.4 million
The recent sale of the Piedmont, an apartment complex in Bellevue, is making headlines. The Piedmont sold for $76.4 million, which is the highest price paid this year in King County, according to Dupre + Scott. It’s also 44% more than the complex sold for seven years ago. The building was sold to the Essex Property Trust, of California. Read more.
Seattle Times: Record-keeping not just important for landlords
Any experienced landlord or property manager will tell you: keeping thorough paperwork is essential. But as the Seattle Times reported recently, renters should also keep records. When apartment hunting, be sure to have a copy of your credit report on hand. Once you’ve leased a place, be sure to keep a copy of the rental agreement, as well as a note of rental payments and any fee payments. If you pay in cash, you should receive a receipt; you may also request a receipt for rent payments made by check, transfer, or other means. Maintain a file with any written complaints or requests for maintenance as well, and be sure to keep all of your paperwork for at least three years after you move out of the unit, too. It can seem like a lot to keep track of, but keeping accurate records now can avert potential headaches later. Read more.
DJC: City seeking guidance on Ballard’s growth
Ballard has been in the midst of a growth spurt for years now. New apartment buildings and retail spaces have moved in to streets that once had more of a small-town feel, and more development is in Ballard’s future. With this in mind, Seattle wants input from Ballard residents and business owners about their future vision for the neighborhood. To start the discussion, the city hosted an open house back on May 7th; and now it’s launched a website where staff from the Department of Planning and Development will answer questions, and residents can start discussions about the future of Ballard and the city at large. With the website, Imagine Seattle, the planning department hopes to engage younger residents. It’s part of a greater strategy to engage the public which also includes booths at public events. Read more.
PSBJ: Buildings with some history do better in the city
The Puget Sound Business Journal is reporting on a new study showing that, according to Marc Stiles, “neighborhoods that protect and find new uses for older, smaller buildings are more economically sustainable and culturally vibrant than those with only larger, newer buildings.” So why are these neighborhoods, such as Capitol Hill, so appealing? Part of the draw has to do with the opportunities for small businesses and cultural experiences in neighborhoods with a mixture of older and newer architecture. These neighborhoods also tend to be very walkable, appealing to both young professionals and older people who have retired. Read more.