Auxiliary Dwelling Unit (ADU) in Seattle WA

With the growing population in Seattle Washington and the need for more urban density, homeowners have an opportunity to add value to their home, as well as create additional income for their pocket book, by building an Auxiliary Dwelling Unit (ADU) in the unused space of their home. This additional income may be ideal for the retiree who wants to stay home but the cost of taxes and other expenses are forcing them out, or the first time home buyer who wants to live in a neighborhood they would otherwise be unable to afford.

The expense of remodeling to create an ADU can become costly. For example, adding a second kitchen can cost tens of thousands of dollars. With this in mind, it makes good sense to plan out improvements and additions wisely.

According to the Northwest Multiple Listing Service (NWMLS), the average 2-kitchen home that sold between 2000 and 2004 in North Seattle had a value of approximately $30,000 more than a home without.

For some, the investment of building a second kitchen to create a space for an ADU Unit maybe a worth while investment. However, it goes without saying that not all homes or individuals will function well with an ADU. Before making the investment it is important to have a good design. The space should be designed so it functions well as a rental unit and also as part of the home as a whole. Future buyers may not want an ADU Unit. Therefore, a good design will create a space that is desirable for any use.

Also, being a landlord is not always an easy job. Between finding and screening potential tenants, collecting rent, dealing with concerns, complaints, and maintenance problems being a landlord can be a lot of work.

Homes Sold in the Seattle WA Neighborhood of Queen Anne

A total of 27 single family homes sold in the Seattle, Washington neighborhood of Queen Anne during the month of May 2008.

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Homes Sold in the Seattle WA Neighborhood of Magnolia

A total of 15 single family homes sold in the Seattle, Washington neighborhood of Magnolia during the month of May 2008.

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Homes Sold in the Seattle WA Neighborhood of Ballard

A total of 28 single family homes sold in the Seattle, Washington neighborhood of Ballard (zip code 98107) during the month of May 2008.

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Homes Sold in the Seattle WA Neighborhood of Fremont and Wallingford

A total of 28 single family homes sold in the Seattle, Washington neighborhoods of Fremont and Wallingford (zip code 98103) during the month of May 2008.

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Homes Sold In the Seattle WA Neighborhoods of Green Lake and Phinney Ridge

A total of 28 single family homes sold in the Seattle, Washington neighborhood of Green Lake and Phinney Ridge (zip code 98103) during the month of May 2008.

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Homes Sold in the Seattle WA Neighborhood of N. Ballard

A total of 46 single family homes sold in the Seattle, Washington neighborhood of N. Ballard (zip code 98117) during the month of May 2008.

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Home Values in Central and North Seattle

North Seattle has rebounded from the low in January. Home values began to drop from their peak in October 2007 with the median priced home selling for $511,000. By January the median was down to $444,000. In May the value shot back up to $512,000 and volumes rose as well. I expect home values to dip but volumes in north Seattle to plateau in June.

Central Seattle is not fairing as well. October of last year was also the peak. The median priced home at that time was $671,000. Since then home prices have slowly declined to $585,000 in April. May shows a slight increase to $588,000. In June I expect home values and volumes in central Seattle to continue to see a slight improvement.

Below are graphs that track home values and sales volumes of single family homes in Central and North Seattle from January 2006 to present.

Jeremy Lange at the Ballard Art Walk June 2008

Join me at the Ballard Art Walk on June 14th. I'll be hosting photographer Jeremy Lange from 6 to 9 PM at the FORUM CENTER located at 1718 NW 56th Street, Seattle, WA 98107.

Jeremy Lange’s Artist Statement:
One of the most compelling elements of photography is its ability to capture in detail a single moment. In literally a fraction of a second a photograph captures the feeling of that moment in its imperfect perfection. These are the moments artist Jeremy Lange strives to capture and the feeling they convey. The proceeds from the sales of Lange’s work will be donated to Big City Mountaineers, a non profit that specializes in offering underprivileged kids an opportunity to experience the outdoors.

For more information go to: http://www.andrewlparker.com/artwalk.htm

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