Real estate agents buzz about Beacon Hill

Is the rumored increase in demand for property on Beacon Hill (particularly around the North Beacon light rail station) starting to kick in? Two local real estate blogs have recently touted Beacon Hill as the place to be.

In Seattle Homes and Life:

“When people ask me where I think it would be wise to invest, I point their sights south to Beacon Hill. Otherwise known as NoBeHi or SoBeHi, North/South Beacon Hill has incredible values and views with unbelievable proximity to downtown’s core. With the Light Rail on its way, it is one more reason this much overlooked neighborhood needs a second chance.”

In DealsInSeattle.com:

“One ingredient that makes a deal a deal is knowing about something that is going to be popular before it becomes popular. Right now there are not a lot of people, even in Seattle, that know much about North Beacon Hill. It is one of the few undiscovered neighborhoods left in Seattle. It is my opinion that very soon that is all going to change. The main reasons for this upcoming change is its location to Downtown Seattle (5 minutes away – and no need to use the freeway), I-5, and I-90 (easy access to the Eastside), and the soon to open North Beacon Hill light rail station.”

Will Beacon Hill be “discovered”? People have been predicting it for years, but now that the light rail is opening there may actually be some new momentum. Time will tell.

8 thoughts on “Real estate agents buzz about Beacon Hill”

  1. We live close to the light rail station and recently refinanced. When we got the appraisal value, we were surprised that it came in at about what we’d figured the value of the house at before the economy went in the toilet. Zillow.com is estimating the value at slightly below what we paid for it. That’s a difference of about $50,000, which isn’t chump change for Beacon Hill prices.

    Of course, there are a lot of variables here. For one, the appraiser might not have known what he was doing, but his comps looked reasonable. Personally, I think the light rail is keeping values in the neighborhood up, and once it’s open I wouldn’t be surprised to see them rise even if the rest of the city stays stagnant.

    We bought on Beacon Hill because we liked living here as renters, but we also figured it was an undervalued neighborhood that wouldn’t fall as far in a bad economy as a lot of overvalued north Seattle neighborhoods might. Any boost from the light rail is just a bonus to that. So far, I think it looks like we were right.

    We had no problem with getting the loan through Homestreet Bank. BECU was ready to do the refi as well. I recommend anyone needing credit go first to the smaller local banks and credit unions. They seem to be doing well in these times, and its in our own interest to help them stay that way.

    Sorry for the anonymous post, but I don’t feel like sharing financial information with the Interwebs.

  2. Let’s not forget that we are also soon be getting one of the biggest and newest parks in Seattle. An area that was a walled off goverment compound is going to become a central gathering place not only for Beacon Hill but for anyone traveling on the light rail line looking for a little green space to relax in.

    Light rail is great, but I think that what will come with it is even greater. Beacon Hill is getting a very walkable ‘downtown’ core surrounded by great and very livable residential area that is only minutes from everything.

  3. Before moving here I never gave Beacon Hill much of a thought. One year later I have so happy this is where we live. I am close to work in downtown, my partner can get on I-5/520 or I-90 depending on which is the least congested way to the eastside. We can get to and from the airport in record time and over to W. Seattle like it was part of our neighborhood.

    My only complaint is I wish there was more of a community feel and a ‘downtown’ area. I’d like to walk to cafes, stores, and restaurants and not have to drive to Cap Hill or other such hubs.

  4. Real estate agents *need* something to buzz about, imaginary or not. I would say the light rail would increase home values, but only it they get it running and make the ride cheaper than the car/gas/parking options.

  5. I certainly hope this is the case but let’s remember, these bloggers aren’t offering any data, just opinions.

    I think new retail / restaurants would add as much of a value boost as the light rail.

  6. Even better, new retail and restaurants along with the light rail — then people from outside the area can take the train here and bring Beacon Hill some extra dollars. :)

    There is no data in the RE posts, but the fact that we now see some real estate agents touting the area as an up and coming place is notable. When we were looking for our house in 1996, the buyers’ agent we were with was kind of shocked that we were looking at Beacon Hill, and recommended Ballard for us.

  7. Only time will tell, but since my arrival in 1986, things have always changed very slowly on the hill. Slow change, like slow food, is easier to digest and enjoy and healthier on the system. So I say hurrah for slow change even as I look forward to the new Plaza de la Raza (also know in archigeek terms as the Lander Festival street)just north of the new station. Farmer’s market/artist market at the Plaza????.

    Come out to the neighborhood plan gig this Saturday at El Centro at 9:00 AM. Lots to talk about. Free eats. Childcare if you have little grubs. Ask for what you want to see down the line: more trees, bike stands, wider sidewalks? If you are the artsy type, cool drawings of your ideas go over big.

    See ya there!

  8. We don’t need any higher density on Beacon Hill. Quality of life is just fine here as it is.
    Higher density equals more parking dilemmas, higher crime, pollution,high rise apartments blocking views etc. Is that what we want? Not me.
    Send them to poofy Madison park.

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