Month: May 2015

PCCP and Align Real Estate Form JV to Purchase Pacific Towers Office Building in Downtown Bellevue

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Pacific Tower Downtown BellevuePCCP, LLC recently announced that it has formed a joint venture with Align Real Estate to acquire the six-story, 110,372-square-foot Class A Pacific Tower office property within the central business district of Bellevue, WA. The property is 95 percent occupied and includes ground-floor retail and a three-level parking garage consisting of 315 stalls. The acquired property consists of the bottom six floors of a 23-story tower, the top 17 stories are residential condominiums.

“This is our first joint venture with Align, a firm specializing in value-added office development throughout the Pacific Northwest and California,” said Erik Flynn, managing director with PCCP. “Bellevue Pacific offers us an opportunity to increase the asset’s revenue through value-add improvements including a lobby renovation and aesthetic upgrades to the tenant floors that are designed to enhance the building’s prominence in the marketplace and ultimately attract long-term tenants.”

Built in 1995, the property is located at NE 2nd Avenue, between 106th and 107th Avenues. It includes 24 Hour Fitness, Opus Bank, TIAA-CREF as well as other tenants. Over the past several years the property has been amidst a rapidly transforming neighborhood with new hotel, mixed-use, residential, and retail developments occurring on each side of the property.

Bellevue, the business center of the Eastside of Seattle, continues to see the highest growth in rental rates in its submarket with premium buildings experiencing average rental rate growth of 12.7 percent in 2014. Rental rate growth projections through 2015 are expected to reach approximately 8 percent with continued growth over the next four years.

Eastdil Secured represented both the buyer, as well as the seller, LaSalle Investment Management.

PCCP and Align Real Estate Form JV to Purchase Pacific Towers Office Building in Downtown Bellevue

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Pacific Tower Downtown BellevuePCCP, LLC recently announced that it has formed a joint venture with Align Real Estate to acquire the six-story, 110,372-square-foot Class A Pacific Tower office property within the central business district of Bellevue, WA. The property is 95 percent occupied and includes ground-floor retail and a three-level parking garage consisting of 315 stalls. The acquired property consists of the bottom six floors of a 23-story tower, the top 17 stories are residential condominiums.

“This is our first joint venture with Align, a firm specializing in value-added office development throughout the Pacific Northwest and California,” said Erik Flynn, managing director with PCCP. “Bellevue Pacific offers us an opportunity to increase the asset’s revenue through value-add improvements including a lobby renovation and aesthetic upgrades to the tenant floors that are designed to enhance the building’s prominence in the marketplace and ultimately attract long-term tenants.”

Built in 1995, the property is located at NE 2nd Avenue, between 106th and 107th Avenues. It includes 24 Hour Fitness, Opus Bank, TIAA-CREF as well as other tenants. Over the past several years the property has been amidst a rapidly transforming neighborhood with new hotel, mixed-use, residential, and retail developments occurring on each side of the property.

Bellevue, the business center of the Eastside of Seattle, continues to see the highest growth in rental rates in its submarket with premium buildings experiencing average rental rate growth of 12.7 percent in 2014. Rental rate growth projections through 2015 are expected to reach approximately 8 percent with continued growth over the next four years.

Eastdil Secured represented both the buyer, as well as the seller, LaSalle Investment Management.

Pent-up demand triggering record pace of home sales around Western Washington

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Northwest Multiple Listing Service members notched a record high level of pending sales during April, surpassing the year-ago volume by nearly 1,800 transactions. Both closed sales and prices also surged last month as the spring market kicked into high gear.

Buyer confidence and buyer ability to purchase are fueling activity, suggested Ken Anderson, the managing broker and owner of Coldwell Banker Evergreen Olympia Realty. “Long building pent-up demand is being unleashed,” he commented.

MLS members reported an 18.7 percent year-over-year increase in pending sales, with the volume of mutually accepted offers rising from 9,590 transactions to 11,384. For the four-county Puget Sound region members logged 8,671 pending sales to top the 8,000 mark for only the second time in the past 16 years.

Closed sales and prices also accelerated, according to Northwest MLS statistics. Across the 23 counties covered by the report there were 7,696 closed sales. That total represents a 24.3 percent increase from the year-ago volume of 6,190 closings. Within the four county region, Pierce County experienced a jump of nearly 38 percent in closed sales compared to a year ago, followed by Snohomish County with a 35 percent increase, prompting one MLS director to comment, “That is super amazing.”

“We are still very clearly in the midst of a seller’s market and unless we see a significant increase in listings, it will remain that way for the foreseeable future,” remarked OB Jacobi, president of Windermere Real Estate. Jacobi and other brokers reiterated the dire need for listings.

Members added 11,495 new listings to inventory during April, but brisk sales kept supply tight and well below the level of a year ago. At the end of April, the MLS reported 18,132 listings of single family homes and condominiums in its database, a drop of more than 15 percent from the year-ago total of 21,390.

Compared to March, inventory at the end of April improved by 6.6 percent, but pending sales jumped 13.7 percent from the previous month.

“We’re in desperate need of inventory so I hope to see an increase in listings as we move further into the late spring/early summer,” stated Jacobi.

Northwest MLS figures show less than 2.4 months of supply at the end of April, down from the March figure of 2.5 months and down from a year ago when there was about 3.5 months of supply. Inventory is especially tight in King County, with 1.3 months of supply, and Snohomish County, with about 1.5 months. Many industry analysts use a range of four-to-six months as an indicator of a balanced market.

Prices on last month’s closed sales were up 12.4 percent. The median price for April’s sales of single family homes and condos was $309,000, which compares to the year-ago price of $275,000. For single family homes only (excluding condos), the median price rose from $287,500 to $320,000 for a gain of 11.3 percent. Condo prices jumped nearly 13.8 percent system-wide.

In King County, where homes fetch the highest prices, the median price of last month’s sales of single family homes was $480,000. That reflects a gain of 11.5 percent from the year ago price of $430,500. King County condo prices increased about 8.8 percent from a year ago, rising from $250,000 to $272,000.

“What’s available and that looks at least ‘pretty good’ is selling,” according to MLS director Dick Beeson, principal managing broker at RE/MAX Professionals in Tacoma. Commenting on the latest MLS statistics, he said, “What we have in the Greater Puget Sound real estate market is too many buyers chasing too few homes.”

Beeson cautioned buyers against “playing games” with sellers. “The new normal for buyers is that the quest for the perfect home may have to wait,” suggested Beeson. “You should buy now, get in the mix, buy a home and build equity for a future decision,” he advised. “Don’t wait to pay more for the same home next year.”

Brokers do not appear to be worried about a housing bubble.

“Some are talking about the potential for another housing bubble given the lack of homes for sale and the bullishness of buyers in bidding up properties,” acknowledged Jacobi. “For now,” he said, “I believe there are sufficient safeguards in place to keep this from happening.”

Anderson agreed. “With pending home sales in Thurston County at record levels I am often asked if we are repeating the problems the last run-up caused,” he stated, adding, “There are two important differences in this market. There is not the overbuilding we saw before, and the buyers are truly qualified for today’s mortgages. Both facts suggest we won’t have a problem with the oversupply that contributed to the recent downturn. This time the market improvement is built on solid footings.”

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 23,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

Pent-up demand triggering record pace of home sales around Western Washington

No Comments

Northwest Multiple Listing Service members notched a record high level of pending sales during April, surpassing the year-ago volume by nearly 1,800 transactions. Both closed sales and prices also surged last month as the spring market kicked into high gear.

Buyer confidence and buyer ability to purchase are fueling activity, suggested Ken Anderson, the managing broker and owner of Coldwell Banker Evergreen Olympia Realty. “Long building pent-up demand is being unleashed,” he commented.

MLS members reported an 18.7 percent year-over-year increase in pending sales, with the volume of mutually accepted offers rising from 9,590 transactions to 11,384. For the four-county Puget Sound region members logged 8,671 pending sales to top the 8,000 mark for only the second time in the past 16 years.

Closed sales and prices also accelerated, according to Northwest MLS statistics. Across the 23 counties covered by the report there were 7,696 closed sales. That total represents a 24.3 percent increase from the year-ago volume of 6,190 closings. Within the four county region, Pierce County experienced a jump of nearly 38 percent in closed sales compared to a year ago, followed by Snohomish County with a 35 percent increase, prompting one MLS director to comment, “That is super amazing.”

“We are still very clearly in the midst of a seller’s market and unless we see a significant increase in listings, it will remain that way for the foreseeable future,” remarked OB Jacobi, president of Windermere Real Estate. Jacobi and other brokers reiterated the dire need for listings.

Members added 11,495 new listings to inventory during April, but brisk sales kept supply tight and well below the level of a year ago. At the end of April, the MLS reported 18,132 listings of single family homes and condominiums in its database, a drop of more than 15 percent from the year-ago total of 21,390.

Compared to March, inventory at the end of April improved by 6.6 percent, but pending sales jumped 13.7 percent from the previous month.

“We’re in desperate need of inventory so I hope to see an increase in listings as we move further into the late spring/early summer,” stated Jacobi.

Northwest MLS figures show less than 2.4 months of supply at the end of April, down from the March figure of 2.5 months and down from a year ago when there was about 3.5 months of supply. Inventory is especially tight in King County, with 1.3 months of supply, and Snohomish County, with about 1.5 months. Many industry analysts use a range of four-to-six months as an indicator of a balanced market.

Prices on last month’s closed sales were up 12.4 percent. The median price for April’s sales of single family homes and condos was $309,000, which compares to the year-ago price of $275,000. For single family homes only (excluding condos), the median price rose from $287,500 to $320,000 for a gain of 11.3 percent. Condo prices jumped nearly 13.8 percent system-wide.

In King County, where homes fetch the highest prices, the median price of last month’s sales of single family homes was $480,000. That reflects a gain of 11.5 percent from the year ago price of $430,500. King County condo prices increased about 8.8 percent from a year ago, rising from $250,000 to $272,000.

“What’s available and that looks at least ‘pretty good’ is selling,” according to MLS director Dick Beeson, principal managing broker at RE/MAX Professionals in Tacoma. Commenting on the latest MLS statistics, he said, “What we have in the Greater Puget Sound real estate market is too many buyers chasing too few homes.”

Beeson cautioned buyers against “playing games” with sellers. “The new normal for buyers is that the quest for the perfect home may have to wait,” suggested Beeson. “You should buy now, get in the mix, buy a home and build equity for a future decision,” he advised. “Don’t wait to pay more for the same home next year.”

Brokers do not appear to be worried about a housing bubble.

“Some are talking about the potential for another housing bubble given the lack of homes for sale and the bullishness of buyers in bidding up properties,” acknowledged Jacobi. “For now,” he said, “I believe there are sufficient safeguards in place to keep this from happening.”

Anderson agreed. “With pending home sales in Thurston County at record levels I am often asked if we are repeating the problems the last run-up caused,” he stated, adding, “There are two important differences in this market. There is not the overbuilding we saw before, and the buyers are truly qualified for today’s mortgages. Both facts suggest we won’t have a problem with the oversupply that contributed to the recent downturn. This time the market improvement is built on solid footings.”

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 23,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

VITEK Mortgage Group Expands into Washington

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VITEK Mortgage BellevueVITEK Mortgage Group has announced their expansion into Washington. Their new team and office are located in Bellevue, WA at 10900 NE 8th Street Suite #110.  This new VITEK location will be the first of many to come in Washington, as they anticipate opening more offices in the near future.

The seasoned professionals of the new VITEK Bellevue team are aligned with our core principals of value, integrity, teamwork, excellence and knowledge.  Beyond their dedication to helping homebuyers achieve their dream of home ownership, they will be focused on truly serving the community.

VITEK President, Harry Duncan, says, “Our roots run deep in our love for Washington.  We spent a lot of time with family in the Seattle area while growing up.  Our mother was born, raised and graduated as a Huskey”.

We are excited for this time of growth and look forward to serving the Washington community.

About VITEK Mortgage Group

VITEK Mortgage Group has been in business for 27 years and is dedicated to opening doors to better lives.  They are licensed to originate loans throughout all of California and Washington and specialize in government, conventional, Jumbo, and down payment assistance home loans.  As a mortgage banker VITEK processes, underwrites and funds home loans in-house.  VITEK Mortgage Group is an Equal Housing Opportunity lender. NMLS # 37408 · Washington: Consumer Loan Company License # CL-37408. · California: Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.

VITEK Mortgage Group Expands into Washington

No Comments

VITEK Mortgage BellevueVITEK Mortgage Group has announced their expansion into Washington. Their new team and office are located in Bellevue, WA at 10900 NE 8th Street Suite #110.  This new VITEK location will be the first of many to come in Washington, as they anticipate opening more offices in the near future.

The seasoned professionals of the new VITEK Bellevue team are aligned with our core principals of value, integrity, teamwork, excellence and knowledge.  Beyond their dedication to helping homebuyers achieve their dream of home ownership, they will be focused on truly serving the community.

VITEK President, Harry Duncan, says, “Our roots run deep in our love for Washington.  We spent a lot of time with family in the Seattle area while growing up.  Our mother was born, raised and graduated as a Huskey”.

We are excited for this time of growth and look forward to serving the Washington community.

About VITEK Mortgage Group

VITEK Mortgage Group has been in business for 27 years and is dedicated to opening doors to better lives.  They are licensed to originate loans throughout all of California and Washington and specialize in government, conventional, Jumbo, and down payment assistance home loans.  As a mortgage banker VITEK processes, underwrites and funds home loans in-house.  VITEK Mortgage Group is an Equal Housing Opportunity lender. NMLS # 37408 · Washington: Consumer Loan Company License # CL-37408. · California: Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.