THE POLARIS PACIFIC REPORT SEATTLE

Transcription

1 THE POLARIS PACIFIC REPORT SEPTEMBER 2018

2 MARKET OVERVIEW / 01 CURRENTLY SELLING / 08 SOLD OUT / 16 ABOUT POLARIS PACIFIC / 62

3 MARKET SNAPSHOT / SEPTEMBER 2018 LOW-RISE BUILDING 4 STORIES OR LESS MID-RISE BUILDING 5-12 STORIES HIGH-RISE BUILDING 13 STORIES OR MORE $683 $884 $1,018P/SQ. FT. P/SQ. FT. P/SQ. FT. ANNUAL CHANGE ANNUAL CHANGE ANNUAL CHANGE +11.7% +14.6% +21.1% MACRO TRENDS CONDO INVENTORY BY TYPE 409 NEW CONDOS 2.5 MONTHS OF RESALE INVENTORY CONDO SALES & MEDIAN PRICE BY TYPE 0 NEW CONDOS $595K MEDIAN RESALE PRICE MULTI-FAMILY COMPLETIONS BY BUILDING TYPE 236 NEW CONDOS 7, MULTI-FAMILY COMPLETIONS 1,382 RESALES 1,423 RESALES 7,576 NEW APTS SOURCE: NWMLS, POLARIS PACIFIC. DATA FROM SOURCES MAY BE SUBJECT TO ERRORS, OMISSIONS AND REVISIONS. PSF FIGURES ARE FOR BUILDINGS BUILT AFTER THE FIGURES COVER THE SIX-MONTH PERIODS ENDING 8/31/2017 AND 8/31/2018.

4 01 ANNUAL PSF AND SALES CHANGES BY DISTRICT The maps below (Figures 1 & 2) show annual percentage changes in median PSF and total sales by district. Almost all districts in Seattle experienced an increase in median PSF and total number of sales. The most notable year-over-year median PSF increase occurred in District 4 (26.8%) and the most notable sales increase occurred in District 8 (+32.3%). FIG 1. ANNUAL PSF CHANGE MAP FIG 2. ANNUAL SALES CHANGE MAP 8 NW Seattle +14.3% 7 Fremont/ Ballard +20.7% 9 NE Seattle +13.6% 11 Kirkland +25.3% 12 Redmond +10.5% 8 NW Seattle +32.3% 7 Fremont/ Ballard +1.6% 9 NE Seattle +15.4% 11 Kirkland +5.9% 12 Redmond +11.2% 6 Queen Anne +10.1% 5 Lake Union +9.1% 2 West Seattle +18.3% 1 Downtown +18.0% 3 Capitol Hill +13.2% 4 Central Seattle +26.8% 10 Bellevue +7.0% 6 Queen Anne -3.8% 5 Lake Union +32.1% 2 West Seattle +29.0% 1 Downtown +30.2% 3 Capitol Hill +9.2% 4 Central Seattle +5.1% 10 Bellevue +1.3% ANNUAL PSF CHANGE MAP Year-over-year change in median PSF in each district of the city, for May Jul 2018: (Source: RealQuest) -30% -15% No Change +15% +30% TOTAL RESALES CHANGE MAP Year-over-year change in total resales in each district of the city, for May Jul 2018: (Source: RealQuest) -30% -15% No Change +15% +30% CURRENT PRICES AND SALES BY DISTRICT Figure 3 shows a box-and-whisker plot of sales prices by district during the three-month period ending August 31. As shown below, District 10 (Bellevue) had the highest median price ($725,000), while District 11 (Kirkland) had the lowest ($445,000). District 1 (Downtown) and District 11 (Kirkland) experienced the most sales during this period (137 and 176 sales, respectively). FIG 3. SALES BY DISTRICT $2,000,000 $1,500,000 Sale Price $1,000,000 $500,000 $0 SE District 1 SE District 2 SE District 3 SE District 4 SE District 5 SE District 6 SE District 7 SE District 8 SE District 9 SE District 10 SE District 11 SE District 12 RESEARCH REPORT / SEPTEMBER 2018

5 02 HISTORICAL PRICES AND SALES During the three-month period ending August 31, the median price increased 6.3 percent from the prior year to $595,000 At the same time, the total volume of resales decreased 13.7 percent. The median price has rebounded from 2012 (see Figure 4) and is expected to appreciate further. FIG 4. MEDIAN PRICE AND RESALES 600 $700, $600,000 $595, $500,000 # of Sales 300 $400,000 $300,000 Median Price 200 $200, $100, $0 CASH AND INVESTOR BUYERS Figure 5 provides a historical trend of all-cash and investor buyers in Seattle since For the three months ending August 31, all-cash transactions represented 25.9 percent of sales, an increase from 23.0 percent the same time last year; investor buyers represented 17.9 percent of buyers, an increase from 16.4 percent last year. FIG 5. PERCENT OF CASH AND INVESTOR BUYERS 100% Cash Buyer Investor Buyer 80% 60% 40% 20% 0% RESEARCH REPORT / SEPTEMBER 2018

6 03 HISTORICAL AVERAGE MARKET TIME (MONTHLY TREND) The average days on market (DOM) figure is calculated as the amount of time between the date a home is listed for sale and the date it goes into escrow. The 60-day benchmark signifies a balanced market (the dotted line in Figure 6). As shown in Figure 6, the average DOM figure was 13 days in the three-month period ending August 31; it has been below 60 days since FIG 6. AVERAGE SOLD MARKET TIME (MONTHLY) 80 Number of Days HISTORICAL AVERAGE MARKET TIME (ANNUAL TREND) Figure 7 shows the average DOM figure at the end of each year going back to 2008 (the 2018 figure is year-to-date). Since 2011, the average DOM figure has declined and in 2013 it fell below the 60-day benchmark. FIG 7. AVERAGE SOLD MARKET TIME (ANNUAL) Number of Days RESEARCH REPORT / SEPTEMBER 2018

7 04 MONTHS OF REMAINING INVENTORY (MONTHLY TREND) The months of remaining inventory figure, or MRI figure, indicates how many months it would take to absorb current supply. Six months is considered a balanced market, while nine months or more is considered an oversupplied market. Figure 8 shows a three-month moving average of the figure going back to July As shown, the MRI figure has remained below the six-month benchmark since The most recent figure was 2.5 months. FIG 8. MONTHS OF REMAINING INVENTORY Number of Months July 2014 November 2014 March 2015 July 2015 November 2015 March 2016 July 2016 November 2016 March 2017 July 2017 November 2017 March 2018 July 2018 MONTHS OF REMAINING INVENTORY (ANNUAL TREND) Figure 9 shows the MRI figure at the end of each year. As shown, the MRI figure has decreased since 2014 and has been indicative of a seller s market. FIG 9. AVERAGE MONTHS OF REMAINING INVENTORY Number of Months RESEARCH REPORT / SEPTEMBER 2018

8 05 FUTURE CONDOMINIUM SUPPLY BY DISTRICT Figures 10 and 11 show the number of new condominiums and apartments currently under construction by district. There are 1,149 new condominiums currently under construction in Seattle. An additional 863 condominiums are entitled and could begin construction in the near future. FIG 12. CONDOMINIUMS UNDER CONSTRUCTION FIG 13. CONDOMINIUMS APPROVED 8 NW Seattle 0 7 Fremont/ Ballard 0 9 NE Seattle Kirkland 0 12 Redmond 0 8 NW Seattle 21 7 Fremont/ Ballard 0 9 NE Seattle 0 11 Kirkland 0 12 Redmond 0 6 Queen Anne 57 5 Lake Union 0 2 West Seattle 0 1 Downtown Capitol Hill 51 4 Central Seattle 0 10 Bellevue Queen Anne 0 5 Lake Union West Seattle 0 1 Downtown Capitol Hill Central Seattle 0 10 Bellevue 0 MAP OF THE MARKET Number of Units: 1,149 (Source: Polaris Pacific) No Change 500 1,000 MAP OF THE MARKET Number of Units: 863 (Source: Polaris Pacific) No Change 500 1,000 FUTURE APARTMENT SUPPLY BY DISTRICT Figures 12 and 13 show future supply of apartments by district. There are 6,123 apartment units under construction and 9,824 apartment units approved. FIG 14. APARTMENTS UNDER CONSTRUCTION FIG 15. APARTMENTS APPROVED 8 NW Seattle 0 7 Fremont/ Ballard 0 9 NE Seattle Kirkland 0 12 Redmond 1,367 8 NW Seattle 0 7 Fremont/ Ballard NE Seattle Kirkland Redmond Queen Anne 80 5 Lake Union 1,718 2 West Seattle 45 1 Downtown 1,109 3 Capitol Hill Central Seattle Bellevue Queen Anne 0 5 Lake Union 1,410 2 West Seattle 76 1 Downtown 4,605 3 Capitol Hill 1,071 4 Central Seattle Bellevue 423 MAP OF THE MARKET Number of Units: 6,123 (Source: Polaris Pacific) No Change 500 1,000 MAP OF THE MARKET Number of Units: 9,824 (Source: Polaris Pacific) No Change 500 1,000 RESEARCH REPORT / SEPTEMBER 2018

9 06 ANNUAL MULTI-FAMILY COMPLETIONS Figure 14 shows total annual multi-family completions of both apartments and condominiums in Seattle. The peak year for condominium completions was 2007, when 1,674 new units were delivered to the market. In stark contrast, there were only 236 condominium completions in FIG 14. TOTAL ANNUAL MULTI-FAMILY COMPLETIONS Units 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Apartments Condos Source: Polaris Pacific Year RESEARCH REPORT / SEPTEMBER 2018

10 07 SUBDISTRICTS FREMONT BALLARD NORTHWEST NORTHEAST KIRKLAND REDMOND QUEEN ANNE LAKE UNION DOWNTOWN CAPITOL HILL CENTRAL BELLEVUE WEST DISTRICT 1 Belltown, Downtown, International District, Pioneer Square DISTRICT 2 Admiral, Alki, Arbor Heights, Fauntleroy, Highpoint, Industrial District, North Delridge, Roxhill, South Delridge, West Seattle DISTRICT 3 Capitol Hill, First Hill, Portage Bay DISTRICT 4 Atlantic, Broadmoor, Central District, Denny-Blaine, Leschi, Madison Park, Madison Valley, Madrona, Montlake DISTRICT 5 Eastlake, Westlake, South Lake Union DISTRICT 6 Interbay, Lower Queen Anne, Magnolia, QueenAnne DISTRICT 7 Ballard, Fremont, Loyal Heights, Sunset Hill, Whittier Heights DISTRICT 8 Crown Hill, Greenlake, Greenwood, North Beach, North College Park, Olympic Manor, Phinney Ridge, Wallingford DISTRICT 9 Bryant, Hawthorne, Laurelhurst, Maple LeafMatthews Beach, Meadowbrook, Ravenna Roosevelt, Sand Point, University District, View Ridge, Wedgewood, Windermere DISTRICT 10 Clyde Hill, Downtown Bellevue, Enatai, Valley, Hunts Point, Medina, Meydenbauer, Bellevue, arrow Point Bridle Trails, Everest, Highlands, Houghton, Juanita, Lakeview, Market-Downtown, Moss Bay, Norkirk, North Rose Hill, South Rose Hill, Totem Lake DISTRICT 11 Bridle Trails, Everest, Highlands, Houghton, Juanita, Lakeview, Market-Downtown, Moss Bay, Norkirk, North Rose Hill, South Rose Hill, Totem Lake DISTRICT 12 Redmond RESEARCH REPORT / SEPTEMBER 2018

11 08 CURRENTLY SELLING DEVELOPMENTS NEXUS KODA Gridiron Condos Hendon Condos Solis MIRA Flats One88 Number of Units Available Units Available Units Closed Units in Contract Total Units NEW CONDOMINIUMS NOW SELLING CURRENT PERFORMANCE LAST MONTH LAST YEAR TOTAL PROJECTS TOTAL RESIDENCES ,126 TOTAL UNSOLD RESIDENCES RESEARCH REPORT / SEPTEMBER 2018

12 09 NEXUS DISTRICT 1 / 1200 HOWELL ST DESCRIPTION NEXUS is located in Downtown Seattle in the Denny Triangle neighborhood and consists of 389 units in a 40-story building. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Burrard Group Date on Market: October 2016 Co-Working Space Hardwood floors Submarket: Denny Triangle First Close of Escrow: N/A Fitness Center Number of Homes: 389 In Contract: 360 Sky Club HOA Fees: $325 - $1,500 Closed: 0 Sky Bar Avg. Monthly Absorption: 13.2 Units Exhibition kitchen Recreation room Roof terrace with open-air kitchen Guest suites Business Center UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO $300,000- $688-1-BED ,080 $350,000- $ BED ,400 $400,000- $571-2-BED - 1,099-1,898 $800,000- $ BED - 1,525-2,394 $1,500,000- $754-3-BED - 1,618-1,672 $1,900,000- $1, BED - 2,177-2,194 N/A - N/A - RESEARCH REPORT / SEPTEMBER 2018

13 10 KODA DISTRICT 1 / 450 S MAIN ST DESCRIPTION KODA is located in the International District of Seattle. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Da-Li International Date on Market: September 2018 Co-Working Space Hardwood floors Submarket: International District First Close of Escrow: N/A Fitness Center Number of Homes: 203 In Contract: 0 (193 Reservations) Yoga studio HOA Fees: $300 - $860 Closed: 0 Outdoor Zen garden Avg. Monthly Absorption: - Units LIbrary Business center Conference room Entertainment room UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO $400,000 - $500,000 $1,024 - $1,142 1-BED $400,000 - $850,000 $715 - $1,090 2-BED $750,000 - $1,400,000 $880 - $1,220 LIVE/WORK RESEARCH REPORT / SEPTEMBER 2018

14 11 MIRA FLATS DISTRICT 10 / RD AVE NE DESCRIPTION MIRA Flats are move-in ready condos centrally located in Downtown Bellevue. The six-story building will contain 162 residences. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Intracorp Date on Market: September 2018 Private courtyard Hardwood floors Submarket: Bellevue First Close of Escrow: N/A Club room Number of Homes: 162 In Contract: 0 (79 reservations) Rooftop deck HOA Fees: - Closed: 0 Fire pit Avg. Monthly Absorption: - Units Dog run UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO $425,000- $975- OPEN 1-BED $485,000- $882-1-BED $525,000- $ BED $615,000- $818-2-BED ,064 $795,000- $849-3-BED 6 1,189-1,191 $1,100,000- $925- RESEARCH REPORT / SEPTEMBER 2018

15 OVERVIEW PRICING COMPS BELLEVUE PIPELINE TRENDS APPENDIX ABOUT POLARIS PACIFIC 12 ONE88 DISTRICT 10 / NE 2ND ST DESCRIPTION One88 is located at the intersection of Bellevue Way and Second Street in Downtown Bellevue. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: BOSA Date on Market: September 2018 Indoor pool Hardwood floors Submarket: Bellevue First Close of Escrow: N/A Fitness center Outdoor terraces Number of Homes: 143 In Contract: 124 Yoga studio HOA Fees: $600 - $2,450 Closed: 0 Steam room Avg. Monthly Absorption: 15.6 Units Sauna Golf simulator Resident lounge Children s playroom Pet retreat E/V charging stations UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. 1-BED ,025 $825,000 - $1,250,000 $1,097 - $1, BED ,025 $875,000 - $1,175,000 $915 - $1,146 2-BED - 1,095-1,353 $1,175,000 - $1,575,000 $979 - $1, BED - 1,259-1,404 $1,325,000 - $2,150,000 $979 - $1,531 3-BED - 1,949-2,170 $2,225,000 - $3,375,000 $1,142 - $1, BED - 1,688-1,688 $2,350,000 - $3,050,000 $1,392 - $1,807 RESEARCH REPORT / SEPTEMBER 2018

16 13 GRIDIRON DISTRICT 1 / 589 OCCIDENTAL DESCRIPTION Gridiron is in the heart of Pioneer Square, offering a central location in one of the most connected transit hubs in the city. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Daniels Real Estate Date on Market: November 2015 Rooftop deck 16 Ceilings Submarket: Pioneer Square Number of Homes: 107 HOA Fees: - First Close of Escrow: - In Contract: 22 Closed: 54 Fitness center Bicycle storage Personal storage units Hard surface floors throughout White quartz countertops Avg. Monthly Absorption: 2.2 Units Parcel storage UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO $383,250 - $833- JUNIOR 1-BED $459,790- $695,000 $771- $861 1-BED $482,000- $482,000 $821- $821 2-BED ,430 $943,380- $1,206,610 $844- $977 LOFT 2 1,343-1,726 $901,870 - $901,870 $672- $672 RESEARCH REPORT / SEPTEMBER 2018

17 14 SOLIS DISTRICT 3 / 1300 E PIKE DESCRIPTION Solis is located in centrally located in Capitol Hill. The community incorporates many energy-efficient designs and is targeting Passive House Certification. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: SolTerra Date on Market: September 2018 Rooftop deck Bosch appliances Submarket: Capitol Hill First Close of Escrow: N/A Outdoor lounge Hardwood floors Number of Homes: 45 In Contract: 0 (24 reservations) BBQ area HOA Fees: - Closed: 0 Dog run Avg. Monthly Absorption: - Units Green roof Six-story art wall UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO $450,000- $1,011-1-BED $550,000- $1,011-2-BED $850,000- $985,000 $968- RESEARCH REPORT / SEPTEMBER 2018

18 15 HENDON CONDOS DISTRICT 8 / 300 N 68TH ST DESCRIPTION The Hendon Condos are centrally located in Phinney Ridge. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Isola Homes Date on Market: February 2016 Rooftop deck 12 Ceilings Submarket: Phinney Ridge First Close of Escrow: - Secure entry Slab quartz countertops Number of Homes: 32 In Contract: 9 Underground parking European cabinetry HOA Fees: - Closed: 0 Stainless steel appliances Avg. Monthly Absorption: 0.3 Units UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO $375,000 - $674-1-BED $525,000- $ BED BED , RESEARCH REPORT / SEPTEMBER 2018

19 16 PAST RESALE DEVELOPMENTS PROJECT NAME ADDRESS DEVELOPER RESIDENCES INSIGNIA TH AVE BOSA DEVELOPMENT 698 LUMA 1321 SENECA ST LOWE ENTERPRISES 168 VIK BALLARD 1760 NW 56TH ST CONTINENTAL PROPERTIES 117 FOUR SEASONS 99 UNION ST HOTEL GROUP 36 TOTAL 1,019 RESEARCH REPORT / SEPTEMBER 2018

20 17 INSIGNIA DISTRICT 1 / TH AVE DESCRIPTION Insignia is the newest luxury condominium in Seattle. It offers 360 views of the skyline, Puget Sound and Olympic Mountains. It is located at the intersection of South Lake Union, Downtown and Belltown. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: BOSA Submarket: Downtown Number of Homes: 698 HOA Fees: $420 - $765 Date on Market: September 2013 Sold Out Date: March 2017 In Contract: 0 Closed: 698 Avg. Monthly Absorption: 16.6 Units Spa and fitness center Sky terrace Screening room Outdoor pet area Secure parking Bike storage Designed by Mitchell Freedland Open space design Hardwood floors Whirlpool washer/dryer Private balconies Quartz countertops Bosch kitchen appliances UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. 1-BED ,092 $415,000- $660,000 $512 -$856 2-BED 502 1,003-2,311 $590,000- $2,670,000 $528 -$1,205 3-BED 2 2,192 - $2,580,000- $1,177 - RESEARCH REPORT / SEPTEMBER 2018

21 18 LUMA DISTRICT 1 / 1321 SENECA ST DESCRIPTION Luma is centrally located between the dynamic neighborhoods of First Hill and Capitol Hill. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Lowe Enterprises Date on Market: July 2015 Spa and fitness center 16 Open space design Submarket: First Hill Sold Out Date: November 2016 Sky terrace Hardwood floors Number of Homes: 168 HOA Fees: $350 - $1,000 In Contract: 0 Closed: 168 Avg. Monthly Absorption: 10.4 Units Outdoor pet area with pet wash Secure parking Bike storage Private dining room Library Fireplace lounge Whirlpool or LG washer/ dryer Private balconies Quartz, granite, or marble countertops Bosch and Samsung kitchen appliances UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO $379,950 - $384,950 $631- $639 1-BED ,012 $459,950- $684,950 $549- $ BED $494,950 - $504,950 $584- $596 2-BED 40 1,181-1,356 $649,950 - $969,950 $527- $ BED 6 1,322-1,529 $849,950 - $1,379,950 $643- $903 PH 4 1,586-1,721 $1,400,000- $813 - RESEARCH REPORT / SEPTEMBER 2018

22 19 VIK BALLARD DISTRICT 7 / 1760 NW 56TH STREET DESCRIPTION Vik Ballard is located in the dynamic Ballard neighborhood in Seattle. The development features 117 residences housed in a six-story building. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Continental Properties Submarket: Ballard Number of Homes: 117 HOA Fees: $275 - $415 Date on Market: April 2014 Sold Out Date: June 2016 In Contract: 0 Closed: 117 Avg. Monthly Absorption: 4.5 Units Concierge Fitness Center Rooftop dog run Bike storage Delivery Storage Laminate wood-grain flooring Stainless steel appliances Quartz-stone countertops Electronic wall safes High Speed WiFi and USB charging ports UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. STUDIO $254,900 - $490-1-BED $349,900 - $ BED $349,900 - $477-2-BED 5 1,096-1,112 $569,000 - $ BED 4 1,127-1,202 $599,900 - $532 - RESEARCH REPORT / SEPTEMBER 2018

23 20 FOUR SEASONS DISTRICT 1 / 99 UNION STREET DESCRIPTION The Four Seasons offers unrivaled exclusivity in a premier waterfront location. Residents have full access to hotel amenities in addition to a full resident-only staff. PROJECT INFORMATION CURRENT STATUS AMENITIES FINISHES Developer: Seattle Hotel Group Date on Market: May /7 concierge Miele appliances Submarket: Downtown Number of Homes: 36 HOA Fees: $1,220 - $2,800 Sold Out Date: September 2016 In Contract: 0 Closed: 36 Avg. Monthly Absorption: 1.0 Units Fitness center Infinity-edge pool Secure storage Sub-Zero refrigerator and wine Cooler Kohler bathroom Stone countertrops UNIT MIX & LIST PRICE SUMMARY TYPE #RESIDENCES SIZE SF PRICE RANGES PRICE P.S.F. 1-BED 13 1,025-4,865 $1,265,000 - $6,820,000 $1,055 - $3,440 2-BED 19 1,850-5,280 $2,700,000 - $9,160,000 $865 - $2,380 3-BED 3 3,190-7,380 $4,570,000 - $11,385,000 $1,430 - $1,575 6-BED 1 7,715 - $11,295,000 - $1,465 - RESEARCH REPORT / SEPTEMBER 2018

24 21 PAST RESALE DEVELOPMENTS DISTRICT 1 - DOWNTOWN PROJECT NAME ADDRESS DEVELOPER RESIDENCES ESCALA TH AVE THE LEXAS COMPANIES WESTLAKE 2200 WESTLAKE AVE MILLIKEN / VULCAN 260 THE COSMOPOLITAN 819 VIRGINIA ST CONTINENTAL PROPERTIES 253 HEIGHTS ND AVE COSMOS DEVELOPMENT 239 GALLERY ND AVE SCHNITZER WEST 233 WATERFRONT LANDINGS 1950 ALASKAN WY INTRACORP 232 OLIVE OLIVE WY R.C. HEDREEN COMPANY 229 CONCORD ST AVE HAL REAL ESTATE INVESTMENTS 206 THE ELLINGTON ST AVE INTRACORP 204 CRISTALLA ST AVE MURRAY FRANKLYN 191 THE PARC 76 CEDAR ST INTRACORP 185 THE VINE 2607 WESTERN AVE INTRACORP 176 MOSLER LOFTS RD AVE THE SCHUSTER GROUP ND AVENUE ND AVE THE OPUS GROUP 143 KLEE 2701 WESTERN AVE VAL THOMAS INCORPORATED 140 ENSO 820 BLANCHARD ST VULCAN REAL ESTATE 135 SITE WESTERN AVE HAL REAL ESTATE INVESTMENTS 129 5TH AND MADISON 909 5TH AVE BEACON CAPITAL PARTNERS 127 AVENUE ONE ST AVE INTRACORP 120 THE FLORENTINE 526 1ST AVE ALEXANDER AND VENTURA 116 TRIO 3104 WESTERN AVE TRIAD DEVELOPMENT 116 VEER LOFTS 401 9TH AVE VULCAN REAL ESTATE 99 BELLORA 2716 ELLIOT AVE MURRAY FRANKLYN 93 TOBIRA 108 5TH AVE SOUTH WYSON GROUP 88 ONE PACIFIC TOWER ST AVE VYZIS DEVELOPMENT GROUP 80 THE MATAE 159 DENNY WY OVATION PARTNERS 78 ASIA 668 S. LANE ST MASTRO PROPERTIES 75 BELLTOWN LOFTS 66 BELL ST THE URBAN FUND 62 CARBON TERRY AVE KAURI INVESTMENTS 56 POMEROY ST AVE MURRAY FRANKLYN 54 MADISON TOWER ST AVE WILLIAM JUSTEN 47 TOTAL 4,584 RESEARCH REPORT / SEPTEMBER 2018

25 22 PAST RESALE DEVELOPMENTS DISTRICT 1 - DOWNTOWN 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

26 23 ESCALA DISTRICT 1 / TH AVE Developer: The Lexas Companies Submarket: Downtown Number of Homes: 271 HOA Fees: $510 - $1,460 Sales start Date: Oct 09 Sales End Date: Jan 10 Avg. Absorption: 3.8 Units/Month 2200 WESTLAKE DISTRICT 1 / 2200 WESTLAKE AVE Developer: Milliken / Vulcan Submarket: Downtown Number of Homes: 260 HOA Fees: $500 - $700 Sales start Date: July 05 Sales End Date: Jun 10 Avg. Absorption: 4.3 Units/Month 2-BED AVGS 3 1,384 $832,933 $ THE COSMOPOLITAN DISTRICT 1 / 819 VIRGINIA ST Developer: Continental Properties Submarket: Downtown Number of Homes: 253 HOA Fees: $470 - $625 Sales start Date: Jan 06 Sales End Date: Aug 09 Avg. Absorption: 5.8 Units/Month STUDIO AVGS $322,500 $ BED AVGS $588,333 $ BED AVGS 6 1,289 $746,667 $ HEIGHTS DISTRICT 1 / ND AVE Developer: Cosmos Development Submarket: Belltown Number of Homes: 239 HOA Fees: $475 - $830 Sales start Date: Aug 93 Sales End Date: May 10 Avg. Absorption: 1.2 Units/Month 1-BED AVGS $412,150 $ BED AVGS 10 1,081 $693,276 $ BED AVGS 2 3,143 $2,825,000 $ RESEARCH REPORT / SEPTEMBER 2018

27 24 GALLERY DISTRICT 1 / ND AVE Developer: Schnitzer West Submarket: Belltown Number of Homes: 233 HOA Fees: $305 - $325 Sales start Date: Mar 08 Sales End Date: Nov 11 Avg. Absorption: 5.2 Units/Month 1-BED AVGS 1 1,001 $405,000 $ BED AVGS 2 1,400 $640,000 $ WATERFRONT LANDINGS DISTRICT 1 / 1950 ALASKAN WY Developer: Intracorp Submarket: Downtown Number of Homes: 232 HOA Fees: $585 - $780 Sales start Date: Mar 00 Sales End Date: Jun 03 Avg. Absorption: 5.9 Units/Month OLIVE 8 DISTRICT 1 / 737 OLIVE WY Developer: R.C. Hedreen Company Submarket: Downtown Number of Homes: 229 HOA Fees: $350 - $445 Sales start Date: May 07 Sales End Date: Jan 10 Avg. Absorption: 7.0 Units/Month 1-BED AVGS $629,500 $ BED AVGS 4 1,468 $1,185,250 $ CONCORD DISTRICT 1 / ST AVE Developer: HAL Real Estate Investments Submarket: Belltown Number of Homes: 206 HOA Fees: $320 - $620 Sales start Date: Sep 99 Sales End Date: Apr 09 Avg. Absorption: 1.8 Units/Month 1-BED AVGS $484,743 $ BED AVGS 3 1,138 $755,333 $ BED AVGS 1 3,070 $3,150,000 $1, RESEARCH REPORT / SEPTEMBER 2018

28 25 THE ELLINGTON DISTRICT 1 / ST AVE Developer: Intracorp Submarket: Belltown Number of Homes: 204 HOA Fees: $295 - $380 Sales start Date: Feb 00 Sales End Date: Nov 07 Avg. Absorption: 2.2 Units/Month STUDIO AVGS $301,500 $ BED AVGS $440,857 $ BED AVGS 1 1,467 $1,060,000 $723 7 CRISTALLA DISTRICT 1 / ST AVE Developer: Murray Franklyn Submarket: Downtown Number of Homes: 191 HOA Fees: $570 - $725 Sales start Date: May 05 Sales End Date: Nov 10 Avg. Absorption: 2.9 Units/Month STUDIO AVGS $360,000 $ BED AVGS $598,176 $ BED AVGS 1 1,572 $974,000 $ THE PARC DISTRICT 1 / 76 CEDAR ST Developer: Intracorp Submarket: Belltown Number of Homes: 185 HOA Fees: $345 - $705 Sales start Date: Jan 07 Sales End Date: Mar 10 Avg. Absorption: 4.8 Units/Month STUDIO AVGS $280,000 $ BED AVGS $418,774 $ BED AVGS 12 1,132 $730,091 $ THE VINE DISTRICT 1 / 2607 WESTERN AVE Developer: Intracorp Submarket: Belltown Number of Homes: 176 HOA Fees: $315 - $660 Sales start Date: May 02 Sales End Date: Jun 10 Avg. Absorption: 1.8 Units/Month STUDIO AVGS $320,000 $ BED AVGS $428,643 $ BED AVGS 16 1,160 $690,313 $ RESEARCH REPORT / SEPTEMBER 2018

29 26 MOSLER LOFTS DISTRICT 1 / RD AVE Developer: The Schuster Group Submarket: Downtown Number of Homes: 148 HOA Fees: $330 - $750 Sales start Date: Nov 07 Sales End Date: Jan 10 Avg. Absorption: 5.6 Units/Month STUDIO AVGS $338,250 $ BED AVGS $577,650 $ BED AVGS 1 1,529 $1,200,000 $ ND AVENUE DISTRICT 1 / ND AVE Developer: The Opus Group Submarket: Downtown Number of Homes: 143 HOA Fees: $1,200 - $1,385 Sales start Date: Nov 08 Sales End Date: Apr 11 Avg. Absorption: 4.9 Units/Month 2-BED AVGS 11 1,851 $2,201,727 $1, KLEE DISTRICT 1 / 2701 WESTERN AVE Developer: Val Thomas Incorporated Submarket: Belltown Number of Homes: 140 HOA Fees: $295 - $310 Sales start Date: May 05 Sales End Date: Dec 07 Avg. Absorption: 4.4 Units/Month STUDIO AVGS $240,000 $ BED AVGS $491,750 $ BED AVGS 3 1,250 $804,167 $ ENSO DISTRICT 1 / 820 BLANCHARD ST Developer: Vulcan Real Estate Submarket: Downtown Number of Homes: 135 HOA Fees: $460 - $695 Sales start Date: Aug 09 Sales End Date: Dec 11 Avg. Absorption: 4.9 Units/Month RESEARCH REPORT / SEPTEMBER 2018

30 27 SITE 17 DISTRICT 1 / 2440 WESTERN AVE Developer: HAL Real Estate Investments Submarket: Belltown Number of Homes: 129 HOA Fees: $285 - $550 Sales start Date: Mar 05 Sales End Date: Aug 08 Avg. Absorption: 3.1 Units/Month 1-BED AVGS $346,240 $ BED AVGS 2 1,026 $552,500 $ TH AND MADISON DISTRICT 1 / 909 5TH AVE Developer: Beacon Capital Partners Submarket: Downtown Number of Homes: 127 HOA Fees: $575 - $855 Sales start Date: Jun 06 Sales End Date: Oct 10 Avg. Absorption: 2.4 Units/Month AVENUE ONE DISTRICT 1 / ST AVE Developer: Intracorp Submarket: Belltown Number of Homes: 120 HOA Fees: $240 - $610 Sales start Date: Aug 04 Sales End Date: July 09 Avg. Absorption: 2.0 Units/Month STUDIO AVGS $280,000 $ BED AVGS $418,774 $ BED AVGS 12 1,132 $730,091 $ THE FLORENTINE DISTRICT 1 / 526 1ST AVE Developer: Alexander and Ventura Submarket: Pioneer Square Number of Homes: 116 HOA Fees: $515 - $625 Sales start Date: July 91 Sales End Date: May 07 Avg. Absorption: 0.6 Units/Month 1-BED AVGS 4 1,369 $532,000 $ BED AVGS 2 1,252 $485,000 $ RESEARCH REPORT / SEPTEMBER 2018

31 28 TRIO DISTRICT 1 / 3104 WESTERN AVE Developer: Triad Development Submarket: Belltown Number of Homes: 116 HOA Fees: $200 - $295 Sales start Date: Mar 06 Sales End Date: Nov 09 Avg. Absorption: 2.3 Units/Month STUDIO AVGS $340,000 $ BED AVGS $396,444 $ BED AVGS 1 1,200 $578,000 $ VEER LOFTS DISTRICT 1 / 401 9TH AVE Developer: Vulcan Real Estate Submarket: Downtown Number of Homes: 99 HOA Fees: $370 - $510 Sales start Date: Jun 06 Sales End Date: Nov 10 Avg. Absorption: 1.8 Units/Month BELLORA DISTRICT 1 / 2716 ELLIIOT AVE Developer: Murray Franklyn Submarket: Belltown Number of Homes: 93 HOA Fees: $265 - $560 Sales start Date: July 02 Sales End Date: Sep 06 Avg. Absorption: 1.8 Unnits/Month STUDIO AVGS $240,000 $ BED AVGS $491,750 $ BED AVGS 3 1,250 $804,167 $ TOBIRA DISTRICT 1 / 108 5TH AVE SOUTH Developer: Wyson Group Submarket: International District Number of Homes: 88 HOA Fees: $240 - $300 Sales start Date: Jan 07 Sales End Date: Sep 08 Avg. Absorption: 4.3 Units/Month STUDIO AVGS $220,417 $ BED AVGS $323,300 $ BED AVGS $432,444 $447 9 RESEARCH REPORT / SEPTEMBER 2018

32 29 ONE PACIFIC TOWER DISTRICT 1 / ST AVE Developer: Vyzis Development Group Submarket: Downtown Number of Homes: 80 HOA Fees: $1,300 - $1,515 Sales start Date: Aug 95 Sales End Date: May 10 Avg. Absorption: 0.5 Units/Month STUDIO AVGS $324,500 $ BED AVGS 3 1,941 $1,871,000 $ THE MATAE DISTRICT 1 / 159 DENNY WY Developer: Ovation Partners Submarket: Belltown Number of Homes: 78 HOA Fees: $180 - $365 Sales start Date: Aug 04 Sales End Date: Aug 06 Avg. Absorption: 1.6 Units/Month STUDIO AVGS $325,000 $ BED AVGS $458,500 $ BED AVGS 1 1,011 $560,000 $554 8 ASIA DISTRICT 1 / 668 S. LANE ST Developer: Mastro Properties Submarket: International District Number of Homes: 75 HOA Fees: $300 Sales start Date: Jun 06 Sales End Date: Jun 06 Avg. Absorption: 25 Units/Month BELLTOWN LOFTS DISTRICT 1 / 66 BELL ST Developer: The Urban Fund Submarket: Belltown Number of Homes: 62 HOA Fees: $375 - $425 Sales start Date: Sep 00 Sales End Date: July 09 Avg. Absorption: 0.6 Units/Month 1-BED AVGS $335,063 $500 8 RESEARCH REPORT / SEPTEMBER 2018

33 30 CARBON 56 DISTRICT 1 / 2015 TERRY AVE Developer: Kauri Investments Submarket: Downtown Number of Homes: 56 HOA Fees: $225 - $270 Sales start Date: Feb 07 Sales End Date: Mar 08 Avg. Absorption: 4.3 Units/Month 1-BED AVGS 1 1,142 $570,000 $ POMEROY DISTRICT 1 / ST AVE Developer: Murray Franklyn Submarket: Belltown Number of Homes: 54 HOA Fees: $330 - $430 Sales start Date: Feb 00 Sales End Date: May 06 Avg. Absorption: 0.7 Units/Month 2-BED AVGS 1 1,264 $698,000 $ MADISON TOWER DISTRICT 1 / ST AVE Developer: William Justen Submarket: Downtown Number of Homes: 47 HOA Fees: $420 - $1,085 Sales start Date: Mar 05 Sales End Date: May 09 Avg. Absorption: 0.9 Units/Month 1-BED AVGS $541,000 $ BED AVGS 2 1,444 $955,000 $ RESEARCH REPORT / SEPTEMBER 2018

34 31 PAST RESALE DEVELOPMENTS DISTRICT 2 - WEST PROJECT NAME ADDRESS DEVELOPER RESIDENCES HIGHPOINT 2800 SW RAYMOND ST CORNERSTONE DEVELOPMENT 96 ADELAIDE 5001 CALIFORNIA AVE WEST PROPERTY 72 THE ADMIRAL ND AVE SW. GARTIN PROPERTIES 65 HARBOR PLACE TH AVE SW. HARBOR COURT, LLC 57 VERGE 3213 HABOR AVE SW. SKYLINE CONDOMINIUM 52 SAUSALITO 3015 SW AVALON WY KAURI INVESTMENTS 51 TOTAL FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

35 32 HIGHPOINT DISTRICT 2 / 2800 SW RAYMOND ST Developer: Cornerstone Development Submarket: Highpoint Number of Homes: 96 HOA Fees: $210 - $320 Sales start Date: Nov 06 Sales End Date: Aug 07 Avg. Absorption: 10.6 Units/Month 2-BED AVGS 1 1,304 $380,000 $291 9 ADELAIDE DISTRICT 2 / 5001 CALIFORNIA AVE Developer: West Seattle Property Submarket: West Seattle Number of Homes: 72 HOA Fees: $255 - $390 Sales start Date: Sep 03 Sales End Date: Jun 05 Avg. Absorption: 3.4 Units/Month 1-BED AVGS $334,000 $ BED AVGS 2 1,096 $414,000 $ THE ADMIRAL DISTRICT 2 / ND AVE SOUTHWEST Developer: Gartin Properties Submarket: Admiral Number of Homes: 65 HOA Fees: $195 - $270 Sales start Date: Apr 03 Sales End Date: Jun 05 Avg. Absorption: 2.5 Units/Month STUDIO AVGS $194,000 $ BED AVGS $268,300 $417 4 HARBOR PLACE DISTRICT 2 / TH AVE SOUTHWEST Developer: Harbor Court, LLC Submarket: Admiral Number of Homes: 57 HOA Fees: $325 - $375 Sales start Date: Apr 00 Sales End Date: Jun 04 Avg. Absorption: 1.1 Units/Month 1-BED AVGS $228,500 $ BED AVGS $322,500 $377 7 RESEARCH REPORT / SEPTEMBER 2018

36 33 THE VERGE DISTRICT 2 / 3213 HARBOR AVE SOUTHWEST Developer: Skyline Condominium Submarket: Admiral Number of Homes: 52 HOA Fees: $230 - $290 Sales start Date: Sep 06 Sales End Date: Mar 11 Avg. Absorption: 1.0 Units/Month SAUSALITO DISTRICT 2 / 3015 SW. AVALON WY Developer: Kauri Investments Submarket: North Delridge Number of Homes: 51 HOA Fees: $270 - $340 Sales start Date: Jan 02 Sales End Date: Apr 04 Avg. Absorption: 2.1 Units/Month 1-BED AVGS $217,500 $ BED AVGS 2 1,020 $376,150 $365 5 RESEARCH REPORT / SEPTEMBER 2018

37 34 PAST RESALE DEVELOPMENTS DISTRICT 3 - CAPITOL HILL PROJECT NAME ADDRESS DEVELOPER RESIDENCES THE MERIDIAN 1420 TERRY AVE TALISEN CORPORATION 161 BRIX 530 BROADWAY EAST SCHNITZER WEST 148 DECATUR 1105 SPRING ST WYSONG GROUP 145 THE PRESS 1610 BELMONT AVE TED SCROTH 141 BOLERO 1323 BOREN AVE THE PAULS CORPORATION 75 PIKE LOFTS 303 E. PIKE ST MILLIKEN DEVELOPMENT 61 MERITAGE 124 BELLEVUE AVE EAST MILLIKEN DEVELOPMENT 51 HARVARD AND HIGHLAND 1178 HIGHLAND AVE ADMIRALTY GROUP 38 MODE 752 BELLEVUE AVE URBAN 36 TOTAL FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

38 35 THE MERIDIAN DISTRICT 3 / 1420 TERRY AVE Developer: Taliesen Corporation Submarket: First Hill Number of Homes: 161 HOA Fees: $650 - $1,440 Sales start Date: Dec 02 Sales End Date: Oct 09 Avg. Absorption: 1.9 Units/Month STUDIO AVGS $247,000 $ BED AVGS $377,927 $ BED AVGS $355,838 $ BRIX DISTRICT 3 / 530 BROADWAY EAST Developer: Schnitzer West Submarket: Capitol Hill Number of Homes: 148 HOA Fees: $345 - $560 Sales start Date: Oct 06 Sales End Date: Sep 10 Avg. Absorption: 3.1 Units/Month 1-BED AVGS $467,950 $ BED AVGS 2 1,075 $550,000 $514 9 DECATUR DISTRICT 3 / 1105 SPRING ST Developer: Wysong Group Submarket: First Hill Number of Homes: 145 HOA Fees: $290 - $390 Sales start Date: Jan 07 Sales End Date: Apr 11 Avg. Absorption: 2.8 Units/Month 2-BED AVGS 4 1,259 $654,250 $ BED AVGS 1 1,274 $587,000 $ THE PRESS DISTRICT 3 / 1610 BELMONT AVE Developer: Ted Scroth Submarket: Capitol Hill Number of Homes: 141 HOA Fees: $220 - $300 Sales start Date: Sep 06 Sales End Date: May 09 Avg. Absorption: 4.3 Units/Month STUDIO AVGS $320,000 $ BED AVGS $434,333 $ BED AVGS $588,000 $662 7 RESEARCH REPORT / SEPTEMBER 2018

39 36 BOLERO DISTRICT 3 / 1323 BOREN AVE Developer: The Pauls Corporation Submarket: First Hill Number of Homes: 75 HOA Fees: $215 - $300 Sales start Date: Apr 06 Sales End Date: Aug 09 Avg. Absorption: 1.8 Units/Month STUDIO AVGS $263,833 $ BED AVGS $350,175 $ BED AVGS $370,000 $465 1 PIKE LOFTS DISTRICT 3 / 303 E. PIKE ST Developer: Milliken Development Submarket: First Hill Number of Homes: 61 HOA Fees: $300 - $335 Sales start Date: Feb 99 Sales End Date: Dec 02 Avg. Absorption: 1.3 Units/Month 1-BED AVGS $457,500 $ MERITAGE DISTRICT 3 / 124 BELLEVUE AVE EAST Developer: Milliken Development Submarket: Capitol Hill Number of Homes: 51 HOA Fees: $160 - $280 Sales start Date: Mar 06 Sales End Date: Sep 11 Avg. Absorption: 0.8 Units/Month STUDIO AVGS $271,000 $ BED AVGS 1 1,054 $566,000 $ HARVARD AND HIGHLAND DISTRICT 3 / 1178 HAVARD AVE EAST Developer: Admiralty Group Submarket: Capitol Hill Number of Homes: 38 HOA Fees: $680 - $920 Sales start Date: Mar 10 Sales End Date: Apr 11 Avg. Absorption: 2.9 Units/Month 2-BED AVGS 1 1,888 $1,600,000 $847 9 RESEARCH REPORT / SEPTEMBER 2018

40 37 MODE DISTRICT 3 / 752 BELLEVUE AVE Developer: Urban Seattle Submarket: Capitol Hill Number of Homes: 36 HOA Fees: $90 - $160 Sales start Date: May 08 Sales End Date: Dec 09 Avg. Absorption: 1.9 Units/Month 1-BED AVGS $280,000 $ RESEARCH REPORT / SEPTEMBER 2018

41 38 PAST RESALE DEVELOPMENTS DISTRICT 4 - CENTRAL PROJECT NAME ADDRESS DEVELOPER RESIDENCES BRAEBURN 1420 E. PINE ST HAL REAL ESTATE INVESTMENTS 153 TRACE NORTH TH AVE GTS DEVELOPMENT 142 ONYX 1125 E. OLIVE ST MILLIKEN DEVELOPMENT 62 ELEVEN ELEVEN E PIKE 1111 E. PIKE ST THE JUSTEN COMPANY 28 TOTAL FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

42 39 BRAEBURN DISTRICT 4 / 1420 E. PINE ST Developer: HAL Real Estate Submarket: Capitol Hill Number of Homes: 153 HOA Fees: $210 - $310 Sales start Date: Jan 06 Sales End Date: May 08 Avg. Absorption: 5.4 Units/Month STUDIO AVGS $315,000 $ BED AVGS $371,125 $ BED AVGS $541,250 $ TRUE NORTH DISTRICT 4 / TH AVE Developer: GTS Development Submarket: Capitol Hill Number of Homes: 142 HOA Fees: $260 - $275 Sales start Date: Apr 07 Sales End Date: Nov 11 Avg. Absorption: 2.5 Units/Month STUDIO AVGS $296,925 $ BED AVGS $473,396 $ BED AVGS 4 1,066 $696,631 $652 8 ONYX DISTRICT 4 / 1125 E. OLIVE ST Developer: Milliken Development Submarket: Capitol Hill Number of Homes: 62 HOA Fees: $420 - $540 Sales start Date: Mar 06 Sales End Date: Mar 08 Avg. Absorption: 2.5 Units/Month STUDIO AVGS $292,500 $ BED AVGS $354,250 $ BED AVGS 4 1,003 $528,250 $ ELEVEN ELEVEN E PIKE DISTRICT 4 / 1111 E. PIKE ST Developer: The Justen Company Submarket: Capitol Hill Number of Homes: 28 HOA Fees: $320 - $370 Sales start Date: Dec 09 Sales End Date: Apr 11 Avg. Absorption: 1.7 Units/Month 1-BED AVGS $434,000 $633 8 RESEARCH REPORT / SEPTEMBER 2018

43 40 PAST RESALE DEVELOPMENTS DISTRICT 5 - LAKE REGION PROJECT NAME ADDRESS DEVELOPER RESIDENCES MARSELLE 699 JOHN ST MARSELLE PARTNERS 132 LUMEN 500 MERCER ST LANDSTAR DEVELOPMENT 92 PORTAL OVER LAKE UNION 655 CROCKETT ST UPWIND CAPITAL 76 5TH AVENUE RESIDENCES 812 5TH AVE NORTH EQUITY RESIDENTIAL 62 RUBY 2960 EASTLAKE AVE EAST BARRIENTOS 52 TOTAL FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

44 41 MARSELLE DISTRICT 5 / 699 JOHN ST Developer: Marselle Partners Submarket: South Lake Union Number of Homes: 132 HOA Fees: $270 - $320 Sales start Date: Jun 09 Sales End Date: Nov 12 Avg. Absorption: 3.2 Units/Month 1-BED AVGS $415,484 $ BED AVGS 3 1,289 $718,663 $ BED AVGS 1 1,690 $970,000 $ LUMEN DISTRICT 5 / 500 MERCER ST Developer: Landstar Development Submarket: Lower Queen Anne Number of Homes: 92 HOA Fees: $335 - $755 Sales start Date: Jan 07 Sales End Date: Feb 10 Avg. Absorption: 2.4 Units/Month PORTAL OVER LAKE UNION DISTRICT 5 / 655 CROCKETT ST Developer: Upwind Capital Submarket: Westlake Number of Homes: 76 HOA Fees: $240 - $480 Sales start Date: Apr 04 Sales End Date: Apr 06 Avg. Absorption: 3.1 Units/Month STUDIO AVGS $419,950 $ TH AVENUE RESIDENCES DISTRICT 5 / 812 5TH AVENUE NORTH Developer: Equity Residential Submarket: Lower Queen Anne Number of Homes: 62 HOA Fees: $160 - $340 Sales start Date: Mar 06 Sales End Date: May 07 Avg. Absorption: 4.3 Units/Month 1-BED AVGS $299,950 $ BED AVGS $495,000 $535 7 RESEARCH REPORT / SEPTEMBER 2018

45 42 RUBY DISTRICT 5 / 2960 EASTLAKE AVE EAST Developer: Barrientos Submarket: Eastlake Number of Homes: 52 HOA Fees: $330 - $335 Sales start Date: Jan 09 Sales End Date: Mar 12 Avg. Absorption: 1.4 Units/Month 1-BED AVGS $396,062 $ RESEARCH REPORT / SEPTEMBER 2018

46 43 PAST RESALE DEVELOPMENTS DISTRICT 6 - QUEEN ANNE PROJECT NAME ADDRESS DEVELOPER RESIDENCES ATHENA 323 QUEEN ANNE AVE PRYDE CORPORATION 91 TRIBECA 17 W. MERCER ST MILLIKEN DEVELOPMENT 51 TOTAL FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

47 44 ATHENA DISTRICT 6 / 323 QUEEN ANNE AVE NORTH Developer: Pryde Corportation Submarket: Lower Queen Anne Number of Homes: 91 HOA Fees: $270 - $360 Sales start Date: Sep 05 Sales End Date: Mar 08 Avg. Absorption: 3.0 Units/Month STUDIO AVGS $281,250 $ BED AVGS $317,200 $ BED AVGS $471,250 $ TRIBECA DISTRICT 6 / 17 W. MERCER ST Developer: Milliken Development Submarket: Lower Queen Anne Number of Homes: 51 HOA Fees: $275 - $580 Sales start Date: Jan 03 Sales End Date: May 05 Avg. Absorption: 1.8 Units/Months STUDIO AVGS $220,417 $ BED AVGS $323,300 $ BED AVGS $432,444 $447 9 RESEARCH REPORT / SEPTEMBER 2018

48 45 PAST RESALE DEVELOPMENTS DISTRICT 7 - FREMONT / BALLARD PROJECT NAME ADDRESS DEVELOPER RESIDENCES CANAL STATION 5440 LEARY AVE CLAUDIO GUINCHER 278 BALLARD PLACE 1545 NW 57TH ST PACIFIC RIM INVESTMENT 172 NOMA TH AVE NW. TRIAD DEVELOPMENT 90 HJARTA 1530 NW MARKET ST PRYDE & JOHNSON 80 COBRIZO 4020 AURORA AVE NORTH KAURI INVESTMENTS 50 TOTAL FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

49 46 CANAL STATION DISTRICT 7 / 5440 LEARY AVE Developer: Claudio Guincher Submarket: Ballard Number of Homes: 278 HOA Fees: $250 - $320 Sales start Date: Nov 05 Sales End Date: Oct 10 Avg. Absorption: 4.6 Units/Month 1-BED AVGS $388,838 $ BED AVGS 5 1,222 $574,400 $471 8 BALLARD PLACE DISTRICT 7 / 1545 NW. 57TH ST Developer: Pacific Rim Investment Submarket: Ballard Number of Homes: 172 HOA Fees: $205 - $405 Sales start Date: Jan 03 Sales End Date: Sep 07 Avg. Absorption: 3.0 Units/Month STUDIO AVGS $240,000 $ BED AVGS $381,150 $ BED AVGS 2 1,121 $565,750 $ NOMA DISTRICT 7 / TH AVE NORTHWEST Developer: Triad Development Submarket: Ballard Number of Homes: 90 HOA Fees: $215 - $330 Sales start Date: Jan 07 Sales End Date: Mar 09 Avg. Absorption: 3.4 Units/Month HJARTA DISTRICT 7 / 1530 NW. MARKET ST Developer: Pryde & Johnson Submarket: Ballard Number of Homes: 80 HOA Fees: $250 - $380 Sales start Date: Mar 08 Sales End Date: Apr 11 Avg. Absorption: 2.1 Units/Month STUDIO AVGS $240,000 $ BED AVGS $381,150 $ BED AVGS 2 1,121 $565,750 $ RESEARCH REPORT / SEPTEMBER 2018

50 47 COBRIZO DISTRICT 7 / 4020 AURORA AVE NORTH Developer: Kauri Investments Submarket: Fremont Number of Homes: 50 HOA Fees: $190 - $305 Sales start Date: Sep 02 Sales End Date: Nov 03 Avg. Absorption: 3.5 Units/Month 1-BED AVGS $257,475 $453 4 RESEARCH REPORT / SEPTEMBER 2018

51 48 PAST RESALE DEVELOPMENTS DISTRICT 8 - NORTHWEST PROJECT NAME ADDRESS DEVELOPER RESIDENCES REGATA 1700 N NORTHLAKE WY TRIAD DEVELOPMENT 101 FINI 6801 GREENWOOD AVE N PHINNEY RIDGE PARTNERS 54 SAPPHIRE 424 N 85TH ST MURRAY FRANKLYN 54 TAVONA 3333 WALLINGFORD AVE N MILLIKEN DEVELOPMENT 51 TOTAL FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

52 49 REGATA DISTRICT 8 / 1700 N. NORTHLAKE WY Developer: Triad Development Submarket: Wallingford Number of Homes: 101 HOA Fees: $330 - $370 Sales start Date: Jun 01 Sales End Date: Dec 04 Avg. Absorption: 2.4 Units/Month 2-BED AVGS 1 1,081 $579,000 $536 7 FINI DISTRICT 8 / 6801 GREENWOOD AVE NORTH Developer: Phinney Ridge Partners Submarket: Phinney Ridge Number of Homes: 54 HOA Fees: $395 - $695 Sales start Date: May 07 Sales End Date: May 09 Avg. Absorption: 2.2 Units/Month SAPPHIRE DISTRICT 8 / 424 N 85TH ST Developer: Murray Franklyn Submarket: Greenwood Number of Homes: 54 HOA Fees: $270 - $315 Sales start Date: Jun 07 Sales End Date: Aug 11 Avg. Absorption: 1.1 Units/Month 2-BED AVGS 2 1,016 $347,500 $342 9 TAVONA DISTRICT 8 / 3333 WILLINGFORD AVE NORTH Developer: Milliken Development Submarket: Wallingford Number of Homes: 51 HOA Fees: $175 - $245 Sales start Date: Jul 06 Sales End Date: Nov 09 Avg. Absorption: 1.3 Units/Month 1-BED AVGS $281,000 $ BED AVGS $367,475 $ RESEARCH REPORT / SEPTEMBER 2018

53 50 PAST RESALE DEVELOPMENTS DISTRICT 9 - NORTHEAST PROJECT NAME ADDRESS DEVELOPER RESIDENCES BLAKELEY COMMONS 2901 NW. BLAKELEY ST BABCOCK & BERGLUND 110 THE GREENLAKE 410 NW. 70TH ST JOHANSEN PROPERTIES 106 DWELL ROOSEVELT 1026 NW. 65TH ST TRIAD DEVELOPMENT 78 DUNCAN PLACE TH AVE NE BASE CAPITAL 63 FLORERA GREENLAKE 413 NE. 70TH ST PRYDE & JOHNSON 59 TOTAL FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

54 51 BLAKELEY COMMONS DISTRICT 9 / 2901 NE. BLAKELEY ST Developer: Babcock & Berglund Submarket: University District Number of Homes: 110 HOA Fees: $270 - $415 Sales start Date: Jun 01 Sales End Date: Apr 05 Avg. Absorption: 2.4 Units/Month 1-BED AVGS $430,200 $ BED AVGS 1 1,026 $630,000 $614 1 THE GREENLAKE DISTRICT 9 / 410 NE. 70TH ST Developer: Johansen Properties Submarket: Greenlake Number of Homes: 106 HOA Fees: $200- $300 Sales start Date: Feb 03 Sales End Date: Feb 05 Avg. Absorption: 2.9 Units/Month STUDIO AVGS $285,000 $ BED AVGS $451,000 $ BED AVGS 1 1,297 $761,000 $587 7 DWELL ROOSEVELT DISTRICT 9 / 1026 NE. 65TH ST Developer: Triad Development Submarket: Roosevelt Number of Homes: 78 HOA Fees: $370 - $385 Sales start Date: Dec 05 Sales End Date: Aug 08 Avg. Absorption: 2.4 Units/Month 1-BED AVGS $367,900 $ BED AVGS $440,000 $515 6 DUNCAN PLACE DISTRICT 9 / TH AVE NORTHEAST Developer: Base Capital Submarket: University District Number of Homes: 63 HOA Fees: $250 - $345 Sales start Date: May 10 Sales End Date: Feb 13 Avg. Absorption: 1.9 Units/Month 1-BED AVGS $364,000 $ BED AVGS 1 1,120 $490,000 $ BED AVGS 1 1,742 $628,000 $361 4 RESEARCH REPORT / SEPTEMBER 2018

55 52 FLORERA GREENLAKE DISTRICT 9 / 413 NE. 70TH ST Developer: Pryde & Johnson Submarket: Greenlake Number of Homes: 59 HOA Fees: $250 - $335 Sales start Date: Jan 08 Sales End Date: May 10 Avg. Absorption: 2.1 Units/Month STUDIO AVGS $285,000 $ BED AVGS $451,000 $ BED AVGS 1 1,297 $761,000 $587 7 RESEARCH REPORT / SEPTEMBER 2018

56 53 PAST RESALE DEVELOPMENTS DISTRICT 10 - BELLEVUE PROJECT NAME ADDRESS DEVELOPER RESIDENCES BELLEVUE TOWERS TH AVE BELLEVUE TOWERS, LLC 539 WASHINGTON SQUARE NE. 9TH PL WASATCH GROUP 377 BELLE ARTS TH AVE NE EQUITY RESIDENTIAL 128 ONE MAIN STREET MAIN ST TURNING POINT 57 TOTAL 1,101 7 FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

57 54 WASHINGTON SQUARE DISTRICT 10 / NE. 9TH PL Developer: Wasatch Group Submarket: Downtown Bellevue Number of Homes: 377 HOA Fees: $390 - $620 Sales start Date: Jun 06 Sales End Date: Jul 13 Avg. Absorption: 4.4 Units/Month 1-BED AVGS $583,075 $ BED AVGS 24 1,562 $1,017,010 $ BELLE ARTS DISTRICT 10 / TH AVE NORTHEAST Developer: Equity Residential Submarket: Downtown Bellevue Number of Homes: 128 HOA Fees: $215 - $440 Sales start Date: Dec 06 Sales End Date: Jan 13 Avg. Absorption: 1.7 Units/Month STUDIO AVGS $287,730 $ BED AVGS $372,516 $ BED AVGS 2 1,022 $503,500 $497 6 ONE MAIN STREET DISTRICT 10 / MAIN ST Developer: Turning Point Submarket: Downtown Bellevue Number of Homes: 57 HOA Fees: $650 - $835 Sales start Date: Jun 10 Sales End Date: Jun 12 Avg. Absorption: 2.3 Units/Month 1-BED AVGS $526,060 $ BED AVGS 3 1,541 $1,247,333 $ BED AVGS 1 1,688 $860,000 $509 2 RESEARCH REPORT / SEPTEMBER 2018

58 55 PAST RESALE DEVELOPMENTS DISTRICT 11 - KIRKLAND PROJECT NAME ADDRESS DEVELOPER RESIDENCES KIRKLAND CENTRAL 211 KIRKLAND AVE CONTINENTAL PROPERTIES 110 LOCHSHIRE ND CT LOCHSHIRE CONDOMINIUM 100 WATERSTONE SLATER ST INTRACORP 60 SOHO 521 7TH AVE SEVENTH AVENUE 58 VILLA SONOMA TH AVE NORTHSTAR DEVELOPMENT 55 TOTAL FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

59 56 KIRKLAND CENTRAL DISTRICT 11 / 211 KIRKLAND AVE Developer: Continental Properties Submarket: Moss Bay Number of Homes: 110 HOA Fees: $175 - $300 Sales start Date: Apr 06 Sales End Date: Feb 09 Avg. Absorption: 3.2 Units/Month LOCHSHIRE DISTRICT 11 / ND CT Developer: Lochshire Condominium Submarket: North Rose Hill Number of Homes: 100 HOA Fees: $155 - $205 Sales start Date: Mar 01 Sales End Date: Sep 05 Avg. Absorption: 1.9 Units/Month 2-BED AVGS 5 1,178 $431,000 $366 4 WATERSTONE DISTRICT 11 / SLATER ST Developer: Intracorp Submarket: Highlands Number of Homes: 60 HOA Fees: $225 - $365 Sales start Date: Nov 04 Sales End Date: Jun 06 Avg. Absorption: 3.1 Units/Month SOHO DISTRICT 11 / 521 7TH AVE Developer: Seventh Avenue Submarket: Norkirk Number of Homes: 58 HOA Fees: $90 - $330 Sales start Date: Jun 00 Sales End Date: Nov 01 Avg. Absorption: 3.4 Units/Month RESEARCH REPORT / SEPTEMBER 2018

60 57 VILLA SONOMA DISTRICT 11 / TH AVE Developer: Northstar Development Submarket: South Rose Hill Number of Homes: 55 HOA Fees: $325 Sales start Date: Jan 06 Sales End Date: Oct 11 Avg. Absorption: 0.8 Units/Month RESEARCH REPORT / SEPTEMBER 2018

61 58 PAST RESALE DEVELOPMENTS DISTRICT 12 - REDMOND PROJECT NAME ADDRESS DEVELOPER RESIDENCES ELEMENT ST WY INTRACORP 94 TALUSWOOD ND PL MOSAIC HOMES 85 THE CLEVELAND CLEVELAND ST INTRACORP 84 COMPASS POINTE ALDER CREST DR CARINO HOMES 72 CEDAR PARK ST AVE CARINO HOMES 70 NATURE S WALK ALDER CREST MOSAIC HOMES 60 FRAZER COURT TH ST FRAZER INVESTMENTS 59 THE VILLAS AT MONDAVIO ND WY POLYGON NORTHWEST 33 TOTAL FREMONT BALLARD 8 NORTHWEST 9 NORTHEAST 11 KIRKLAND 12 REDMOND 5 LAKE UNION 6 QUEEN ANNE 1 DOWNTOWN 2 WEST 3 CAPITOL HILL 4 CENTRAL 10 BELLEVUE RESEARCH REPORT / SEPTEMBER 2018

62 59 ELEMENT DISTRICT 12 / ST WY Developer: Intracorp Submarket: Redmond Number of Homes: 94 HOA Fees: $205 - $225 Sales start Date: Sep 09 Sales End Date: Oct 11 Avg. Absorption: 3.7 Units/Month TALUSWOOD DISTRICT 12 / ND PL Developer: Mosaic Homes Submarket: Redmond Number of Homes: 85 HOA Fees: $255 - $295 Sales start Date: Jan 02 Sales End Date: Dec 08 Avg. Absorption: THE CLEVELAND DISTRICT 12 / CLEVELAND ST Developer: Intracorp Submarket: Redmond Number of Homes: 84 HOA Fees: $260 - $350 Sales start Date: Nov 05 Sales End Date: Apr 08 Avg. Absorption: 2.9 Units/Month COMPASS POINTE DISTRICT 12 / ALDER CREST DR Developer: Carino Homes Submarket: Redmond Number of Homes: 72 HOA Fees: $215 - $240 Sales start Date: Mar 00 Sales End Date: Jun 04 Avg. Absorption: 1.4 Units/Month RESEARCH REPORT / SEPTEMBER 2018

63 60 CEDAR PARK DISTRICT 12 / ST AVE Developer: Carino Homes Submarket: Redmond Number of Homes: 70 HOA Fees: $155 - $205 Sales start Date: Feb 00 Sales End Date: Aug 01 Avg. Absorption: 3.8 Units/Month NATURE S WALK DISTRICT 12 / ALDER CREST Developer: Mosaic Homes Submarket: Redmond Number of Homes: 60 HOA Fees: $275 - $310 Sales start Date: Jan 00 Sales End Date: Apr 04 Avg. Absorption: 1.2 Units/Month FRAZER COURT DISTRICT 12 / TH ST Developer: Frazer Investments Submarket: Redmond Number of Homes: 59 HOA Fees: $250 - $300 Sales start Date: Jan 06 Sales End Date: Jun 08 Avg. Absorption: 2.0 Units/Month THE VILLAS AT MONDAVIO DISTRICT 12 / ND WY Developer: Polygon Northwest Submarket: Redmond Number of Homes: 33 HOA Fees: $315 Sales start Date: Oct 12 Sales End Date: Feb 14 Avg. Absorption: 1.2 Units/Month RESEARCH REPORT / SEPTEMBER 2018