Comments on: What Housing Bust?

by: JoshMahar

Thu, 03 Jul 2008 23:57:59 +0000

Dominic Holden had a pretty good article about stalled projects in this week’s Stranger. As banks tighten their belts, watch for a lot of these places to remain holes for quite some time.

But its not all bad. This bust gives us a chance to really analyze and amend some of the poor construction and design laws on the books and have them streamlined and ready for the next big Emerald City Building Boom.

by: Sabina Pade

Thu, 03 Jul 2008 23:34:18 +0000

One is certainly happier at the disappearance of a parking lot than at that of a handsome, interwar multi-family pile.

Yet if there is any condominium in downtown Seattle that should sell easily, it is the Seneca Towers. With a lush park at its feet and an impressive skyline beyond, it offers Seattleites a breath of uptown Manhattan. I think this is precisely the sort of high-density housing that even a suburbanite could get excited about.

Too, being but 2 city blocks removed from the central business district and literally only steps away from Virginia Mason, it enjoys a notably strategic location.

Even those among us not able to afford an upmarket downtown condo unit stand to benefit here : from a better-watched, more animated Freeway Park.

by: Steve

Thu, 03 Jul 2008 19:05:04 +0000

dorian gray —

That makes sense, but if the fundamentals are really there in this area but not nationwide, it seems like some local, capital-heavy organization like a university endowment or a pension fund might take advantage of specialized knowledge of market conditions to make the loan directly. Is that not happening?

by: Michael Robb

Thu, 03 Jul 2008 18:02:02 +0000

I live on First Hill and feel really confused by the development that we are seeing there. This is the second 1930’s era brick apartment building torn down in recent months. First Hill is full of parking lots. They might be owned by someone who does not wish to sell it for development, but I think some could be persuaded with enough money. In the meantime the hood has lost several dozen affordable apartments for new medical and condo buildings.
I agree with most things you have to say on this site. The neighborhood has great potential but for some reason has not had its share of new buildings. So when new projects start at the expense of old but nice brick buildings I feel confused. Why aren’t they filling in all the parking lots instead?

by: dorian gray

Thu, 03 Jul 2008 16:23:54 +0000

I can say firsthand that financing is the issue. We have amazing demographics and continue to import highly educated (and compensated)workers -a trend other cities would kill for. Financing controls implemented are directives for the whole country as they relate to the loans that will be securitized into massive pools. These pools of funds, can’t be resold to investors if they have development related loans (mezzanine etc.) so banks aren’t making the loans.

by: michael

Thu, 03 Jul 2008 16:19:28 +0000

She was the Alfaretta
built in 1926 or thereabouts
affordable apartments
roomy (up to 850sqft) and quaint
close to downtown
but dangerous she was
she had to be taken down
brick by brick
and replaced
by
luxury condos

by: joshuadf

Thu, 03 Jul 2008 14:06:16 +0000

Well, IIRC that building, while I agree it’s beautiful, had a sign on it saying there were structural problems long before the proposed land use sign.

On the location, surely someone works in the hospitals next door or across freeway park in the Zippo building.

In any case, it is nice to see Christo participating in the demolition.