Friday, October 31, 2014
Foodies and those concerned about the shrinking retail core of Madison Park will be saddened to know that there will not be a replacement restaurant for the late Cafe Parco. We have it on good authority that the building, located on 42nd near Madison, has been purchased by someone, apparently a Madison Park resident, who is going to renovate the space and transform it into his personal office.
Building owner Karen Binder, who for a couple decades operated Madison Park Cafe from the one-time residential building, did not respond to our request for confirmation. But it's clear that the place is being emptied of restaurant paraphernalia. One of the problems with operating a restaurant in that space is that the kitchen was inadequate, both in terms of size and the age of its equipment. Extensive work would have been needed to make it efficient. Even if that obstacle had been overcome, the limited seating indoors was always a problem with no solution. We've been told that in the restaurant's final years in particular, the outdoor good-weather seating and the weekend brunches were what made Madison Park Cafe profitable. Cafe Parco, as was evident to anyone who wandered by regularly, was unable to achieve the same results.
The brick building to the south of the old Cafe Parco location has also been recently purchased, but there's no indication that it will be used for anything more than offices. The same situation is true for the building that housed the now-notorious Lakeside Capital offices on 43rd. That space had been marketed as a potential retail location, but that's not going to happen according to the word we've received. The building changed hands recently and the new owners will not be adding to the retail space along that street. As others have found, in any event, it's tough to do retail off of Madison.
Meanwhile, there's a now-empty shop where Ann Marie Lingerie used to be, in the building that also houses Starbucks. It's unclear from the sign posted in the window whether the current tenant plans something else for that space. For some reason, the Madison Park Blogger was unsuccessful in getting any response from Ann Marie concerning their abandoned location.
Perhaps we're losing our touch.
Monday, October 27, 2014
Affordable houses are a thing of the past
A current snapshot of Madison Park’s real estate market reveals an extraordinary and perhaps unprecedented situation: there is only a single house available for sale at under $1 million—and that one is priced at $900,000 Moreover, there is virtually no other inventory of housing available close to the million-dollar mark. The median price of a listed house in Madison Park is over $2.7 million. That’s the highest median value for listings we have seen in the more than five years we’ve been covering the neighborhood’s real estate scene.
Of the 19 single-family residences currently for sale here, there are only two that would pass as “affordable” (using the Madison Park definition of that term). Those two are priced at $1,082,000 and $1,328,000 respectively. You’ll have to pay almost $2 million for any one of the next four higher-priced houses on the active list, with the remaining 13 for-sale houses ranging in price from $2.4 million to $4.5 million. And as might be expected, all of these houses are big. There is only one residence on the market boasting less than 3,000 sq. ft., and the median size of the 19 homes is a whopping 4,200 sq. ft.
As is obvious to anyone who’s been paying attention, Madison Park has increasingly become “rarified” in recent years, bungalows making way for mega-houses. Based on current listings, it’s clear that the audience for single-family homes in Madison Park today is principally divided between the pretty wealthy and the very wealthy. Of course Madison Park wannabes can still rent an apartment here or even purchase a condo at a relatively low price point. Of the five condos currently available for sale, four range in price from $300,000 and $400,000, with the remaining condo listed at just under $1 million. The median size of the five condos, however, is just 970 sq. ft.
|This house at 825 Hillside Dr. is priced at the median for listed homes: $2,745,000.|
Here’s the state of the market as we head toward winter:
Median List Price: $2,745,000
Median Sq. Ft.: 4,200
Median Price per Sq. Ft.: $653
Average Days on Market: 64
Percentage with Price Reductions: 26%
New Listings: 9
Pending Sales: 4
Median List Price: $400,000
Median Sq. Ft.: 970
Median Price per Sq. Ft.: $412
Average Days on Market: 172
Percentage with Price Reductions: 60%
New Listings: 1
Pending Sales: 1
House sales in the third quarter exhausted the available inventory of lower-priced abodes. The median sales price of properties sold during the quarter was $1,475,000. That is $1,300,000 (or 48%) less than the median price of houses currently available in the neighborhood: $2,745,000. Seven of the 28 houses sold were under $1 million and only one house sold last quarter for more than the current median list price for houses in this market.
This is the breakdown of sales during the last quarter:
Median Sale Price: $1,475,000
Average Sq. Ft.: 3,430
Average Price per Sq. Ft.: $431
Average Days on Market: 48
Average Discount from List Price: 1.7%
Median Sale Price: $365,000
Average Sq. Ft.: 949
Average Price per Sq. Ft.: $385
Average Days on Market: 56
Average Discount from List Price: 4.0%
|One of eight under-$1 million sales last quarter: 1031 32nd Ave. E.|
Here’s a critical data point about third-quarter sales in Madison Park: houses sold in just 48 days on average, with condos taking only slightly longer to change hands (56 days). Of the houses sold there were only two outliers in terms of time on the market. No houses other than these took more than 60 days to sell, and the back story on one of the two is pretty good: the seller held out for the original list price and won the bet after 455 days. That house sold for $2,250,000. This was clearly not what’s referred to as a “motivated seller”.
And speaking of successful, we should include the sellers (eight of the 21) who sold their houses at their original list price or at a premium to list. The biggest winners in that regard were two sellers who achieved more than an 8% premium on their houses, selling them in 6 and 8 days respectively. Most houses that were sold were very well priced to market, with only two homes taking a double-digit hit: 12% in one case and 13% in the other. These houses both sold in less than 30 days, proving either that there are some motivated sellers still left in the market or perhaps just some who are not keeping up on what’s possible in this inventory-challenged environment for sellers who are willing to wait.
Condo sales were also brisk (only one outlier among seven sales taking longer than 75 days), and the sold properties for the most part changed hands at or above their original asking prices. The sales ranged from a 680 sq. ft. unit going for $335,000 to a 1,113 sq. ft. unit unloaded at $705,000. The sold prices of condos, on average, achieved 99.88% of the final list prices of those properties, which is a pretty good statistic for any market.
[Photo at top: 1535 Parkside Drive E., a 7,020 sq. ft. mansion on a Broadmoor golf course fairway, is the most expensive house currently on the market, listed at $4,500,000. All photos via Redfin.]
[Thanks to Laura Halliday of Windermere Real Estate for her help in compiling the sales data. Listing data courtesy of Redfin, using information from the Northwest Multiple Listing Service.]
Thursday, October 23, 2014
They were just putting the finishing touches on the space when we barged into the place this evening to get some pix for the blog. Owner Ricky Eng reconfirmed that the Beach House Bar & Grill will open as scheduled for lunch tomorrow. The new restaurant's hours will be 11-10 daily, with the possibility of expanded weekend hours sometime in the future, he said.
The space has been freshened up and revitalized, but the basic configuration of the predecessor restaurant, Madison Park Conservatory, has been retained on both floors.
The Beach House purchased some of the assets of the Madison Park Conservatory, but the most noticeable reminder of MPC is the goose on the wall of the upstairs bar.
The goal, Eng told us, is to have comfortable, family-friendly space with a wide menu, where there's something for everyone. The target audience is the residents of Madison Park.
The curtain rises tomorrow.
Monday, October 20, 2014
It's been a long time since we last did a blog posting, as regular readers of Madison Park Blogger are no doubt well aware. We've been in the Great Southwest enjoying some excellent vibes, as well as a lot of hot, dry, and sunny weather. But now we're back; and it's about time to get everyone updated on what's been happening in the old neighborhood---as well as what's upcoming.
First off, one of the two new restaurants slated to debut in September did manage to get the doors open, as anticipated, in a nicely refurbished space formerly the haunt of Mad Pizza on Madison St. We're of course speaking of Bella Viet Cafe, which we just saw described by one local food blog as a "pho parlor." Though that's certainly not a derogatory term, it hardly does justice to the wider menu that owner Tani Phan (that's her in the photo above) and her business partner, Elena Vo, have created here in the Park. As a result of our own personal experience at Bella Viet, bolstered by the positive anecdotal responses of other patrons (as well as excellent reviews on both Urban Spoon and Yelp) this new eatery is clearly an outstanding addition to the neighborhood. (Did we mention that they do take out?)
The second restaurant that coulda woulda opened in September (but didn't, due to construction delays) is the Beach House Bar & Grill, occupying space vacated by Madison Park Conservatory, near the foot of Madison on 43rd Avenue. We have it on good authority (that would be co-owner Maria Eng) that this Friday is finally going to be the big opening. The menu has been posted (you can find it here), and reservations are being accepted by phone (206-294-3842). We expect to post some photos of the revamped interior space of the Beach House on Thursday, after we get a quick tour.
And speaking of things that were supposed to happen but didn't, the fabled SR-510 "Ramps to Nowhere" were slated to get a visit from the wrecking crews last weekend to begin their demolition (those notorious Arboretum ramps are shown in the photo above, marked by the big "X" at the bottom as well as the "X" immediately above). The Seattle Times just reported (well, three hours ago), that the contractor has delayed the project in order to concentrate on other demolition work related to the bridge. That's surprising, since there was supposed to be some ceremony marking the occasion last Saturday. No reports on whether that happened or not. Anyway, for those who may have missed it, Times columnist Danny Westneat had a cute piece on the eventual tear down of the infamous ramps (which you can find here).
And while we're on the subject, let us again remind readers that the Ramps to Somewhere (a turn of phrase that we just coined) will also eventually be coming down. We're referring of course to the Arboretum's freeway ramps that lead to and from 520. If you've missed that fact after all this time, you must be a new reader to the blog (the story can be found here).
Okay, enough time on what did happen and what didn't happen while we were not reporting. Here are a couple of events upcoming:
Tree Walk: Here's what our friend, Mary Henry, has to say on that subject: "On Saturday, October 25th Steve Lorton, former Northwest editor of the Sunset Magazine, and Rolland Hiebert, horticulturist at City People's Garden Store, will lead the third Tree Walk in Madison Park sponsored by the Madison Park Community Council. The walk will begin at Park Shore, 1600 43rd Avenue East and tread new avenues. Starting at 10 am and lasting about 90 minutes, the walk will head north and explore streets north of Madison. One of the exotic plants to be seen is a Trumpet Vine twined around a light pole. Previous walkers have found that pencils and pads prove valuable for noting certain plants, flowers and trees. Steve is most knowledgeable about all and in addition is a formidable and enchanting story-teller. The walk is free to the public but donations may be made to the Madison Park Community Council, a 501C3 organization."
Trick or Treating: The annual happening, sponsored by the Madison Park Business Association, will occur this year from 4 until 6 pm on Halloween, October 31. This is a kids' event, by the way.