Your Alaskan Way Viaduct and Highway 99 Tunnel Questions Answered

The nearly two-decade-long effort to replace the Alaskan Way Viaduct will soon hit a major milestone, as the viaduct is set to close on January 11th, 2019 as it is replaced by the Highway 99 tunnel spanning Sodo to South Lake Union. The closure has undoubtedly caused concern and confusion for commuters and Seattleites alike, especially given that there will be an approximate three-week gap between the closure of the viaduct and the tunnel’s opening. Using research obtained by Seattle Times, let’s take a look at answers to some of the biggest questions surrounding the project.

Facebook Investing $7.5 Million in SODO Office Space

Facebook will soon be expanding its foot print in SODO, this according to a recent article published by the Puget Sound Business Journal, which indicates that the social media titan is investing $7.5 million into office space renovations at the Home Plate Center building. After initially indicating that they would lease a full floor at the office tower earlier this year, permits filed with the city of Seattle show that “Oculus” (the virtual reality arm of Facebook) has leased over 62,000 square feet.

Sellers Bring Down Sales Prices as Seattle Market Continues to Cool

For the first time in years, homes in the Seattle area are spending weeks—rather than just days—on the market, bidding wars become an exception to the rule, and sellers are bringing down sales prices to attract buyers in a cooling market. As Seattle Times reports, July 2018 was the first time in four years that the market began to lean in favor of the buyer, as inventory continues to increase, this time at a staggering 44-percent rate in King County.

Seattle Market Home Price Growth Slows Amidst Inventory Increases

According to a recent article featured in Seattle Times, Seattle is finally seeing inventory increase “as the rapid-fire market that has led to extreme bidding wars and lightning-fast sales slows a bit.” To be sure, looking at numbers from June 2018, the number of single-family homes “jumped an eye-popping 43 percent” while “condo inventory rocketed up 73 percent.” Neighborhoods such as Ballard/Green Lake/Greenwood and SODO/Beacon Hill doubled their inventory, while downtown Seattle condos saw a three-fold increase.

Seattle Waterfront Project Update

Over the next few years, the city of Seattle will transform its waterfront in an exciting project that will see updates extending from Pioneer Square through to Belltown’s Battery Street. As Waterfront Seattle describes, the changes will capitalize “on the opportunity created by the removal of the Alaskan Way Viaduct and the replacement of the Elliott Bay Seawall” and will include the new Elliott Bay Seawall (currently under construction), better connections between city neighborhoods, infrastructure updates, and twenty acres of public space.

Seattle’s Median Home Price Rises to $820,000

According to the most recent data from Northwest Multiple Listing Service, Seattle-area home prices have now reached $820,000, and as Seattle Times reports, the highest gains can be found in South Seattle, a traditionally more affordable part of the city. Looking at South Seattle’s neighborhoods, the Southwest region (including SODO and Beacon Hill) had a median home price of $222,000 in 2012, a figure that in 2018 has reached $661,000. In the Southeast area, the $275,000 median of 2012 has increased to $650,000.

Most & Least Affordable Seattle Neighborhoods

Seattle Mag Talks Changing Home Values & the City’s Most (& Least) Affordable Neighborhoods

The March 2018 print edition of Seattle Magazine asks what Seattle neighborhoods are seeing the most change in values and forecasts the best up-and-coming neighborhoods.

For those looking to purchase in a home where they know there will be some assurance that its value will grow, Zillow analyzed market data to forecast changes in the coming year. Among the neighborhoods expected to see the greatest appreciation are Belltown, at 7.8 percent; Delridge, SODO, Highland Park and Riverview, at 7.2 percent; and Beacon Hill, Georgetown and South Park, at 7 percent. Those with the least positive outlook? The University District, Laurelhurst, Windermere and Bryant, at 3.5 percent; Montlake, Madison Park and Denny-Blaine, at 4.2 percent; and West Seattle, Alki and North Admiral at 4.4 percent.

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Aaron Freeman