Glenn Roberts   |  Ravenna Park  |  My Seattle   | Lake & Co Real Estate

The University District A Transient Place for Some

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One cost of higher education - housing.

The University District lies just south of Ravenna and Roosevelt, and, no surprise, is adjacent to the main campus of the University of Washington. The University of Washington has an undergraduate population of over 30,000 and a total student body of around 43,000, so the area can be a considered a small city in it’s own right. The area is predominately a mix of commercial properties, everything from tattoo parlors to big name banks, from taverns to churches; and multiunit residential properties, townhouses, apartment buildings of all sizes, rooming houses and condominiums. There are a few pockets of single family homes left and many of them have been converted to homes with mother-in-law units, or Accessory Dwelling Units, as the City of Seattle likes to call them.  

Most students find a rental that fits in with their budget and may stay there the whole time they are at the U, or they may move many times as needs and friends change. However, many parents whose student doesn’t want or get on-campus housing elect to buy a condo or townhouse for their student to live in for the next 4+ years. Others opt for a single family home and the student manages the home by renting out rooms to other students. I’ve worked with a number of families over the years and most who stay in college 4 or more years find this a more economical approach than four years of renting.

Since I live in Ravenna and am only a few blocks from the University District, I welcome anyone’s business who is interested in investing in this area.

The University District Market Report

There are 12 active residential listings in the University District at this time and they range in asking price from $314,950 and $799,500. Six listings are under contract and they range from $320,000-$799,000. Over the past six months there have been 19 sales at closed prices betwenn $168,000 and $792,000.

In the condo sector there are 18 active listings asking anywhere from $156,500 to $410,000. There are 8 condos under contract with values between $149,000 and $569,000. The 9 closed sales range between $175,000 and $349,000.

Multifamily properties are an important factor in the University District. There are 7 active listings between $599,000 and $1,295,000. Three properties are under  contract with listing prices of $425,000-$875,000 and there are also 3 closed transactions with contracts of $462,000 to $780,000.

 Pricing seems to be difficult for agents and sellers in this area. Things take longer to sell when they are priced to high at the start.

But, when the price is right, they sell within the first 30 days for 99.7% of the list price.

Graphs and data supplied by the Northwest Multiple Listing Service.

I watch this market closley and am here to help you find a good investment, whether it be short term for a particular use, or a long term investment for you retirement portfolio. Give me a call and we'll talk.