If you ever listen to CNBC, they’ll often talk about which investments are “recession proof” and likely to hold their value even as the economy declines. I think we can add the townhouses construction sector to that list, since they’re holding to a steady pace of development even as interest rates rise, credit tightens, and property values slide.
And townhouses are exactly what is planned for a line of properties in the 1100 block of Yakima Ave S. First, at 1115 there’s an old one-story triplex that will be demolished, replaced with 4 units of townhouses across two buildings. It appears that the new structures will have the usual first floor garage and parking court arrangement. http://web1.seattle.gov/DPD/permitstatus/Project.aspx?id=617
Then just to the south at 1119 there’s a vacant lot where they’re planning another 4 units of townhouses in two more buildings, again with attached garages. Both of these properties are midway up the hill towards Leschi/Mt. Baker and will have pretty good views towards the west. http://web1.seattle.gov/dpd/luib/Notice.aspx?id=8322
The next project is officially a Capitol Hill one, since it is just on the north side of Madison (the universally accepted demarcation between the CD & the hill). But it’s still close enough to be of interest to us. The plan is to tear down the old muffler shop that sits on the northwest corner of 13th & Madison (just behind the Elysian Brewing Co). In its place will rise a 108 unit apartment building with 5,000 square feet of ground floor retail. This continues the rapid expansion of retail options around 12th & Madison – it’ll be interesting to see what goes in there once it’s finished.
There’s a design review scheduled for July 16th & 6:30pm.
From what I’ve read, historically, townhouses and condos drop more in periods of housing decline than houses. Could be wrong, of course, but I don’t know that I’d make that bet myself.
agreed – changed to “Townhouse construction sector” instead of townhouses more generally