What exactly does ‘market-rate’ mean when it comes to apartment homes in Snoqualmie? When it was announced earlier this year that a new apartment development
was coming to Snoqualmie Ridge, the term was often used to describe the pricing of the townhome complex. Now that a sign is up announcing leasing for the future units, ‘market-rate’ is officially defined.
On Snoqualmie Ridge, a new 100-unit townhome community will begin renting this spring. According to a sign posted in early November, rental pricing of The Woodlands‘ luxury townhomes and apartments will start at about $2,000 per month.
Located at the corner of SE Swenson Drive and Snoqualmie Parkway, land clearing for the 12-building apartment development began in early summer, followed by months of land infrastructure work. In November, foundations for future units began going in.
The Woodlands will offer 2 and 3 bedroom townhomes with one-car garages, as well as some one-level apartments, all featuring high ceilings, stainless steel appliances and hardwood floors.
Apartment sizes runs about 1,200 – 1,500 square feet. Some units will front Swenson Drive; others will be situated on the rear of the property, lining the woods and two ponds; some will back to Snoqualmie Parkway; and others will be interior units.
Evergreen Housing Development Group is building the Snoqualmie rental complex. They anticipate pre-leasing to begin in January 2014, with units available for occupancy in spring 2014.
A City of Snoqualmie traffic Assessment for the The Woodlands’ land parcel states that Swenson Drive was designed to accommodate future traffic from the apartment development. The land parcel (S-11) was originally designated for retail property, something the traffic assessment says would’ve added more traffic volume to the area than the 100 apartment units.
According to their website, the nearby Echo Ridge Apartments (120 units) rent for about $1,600 – $2,300 per month for 2 and 3 bedroom units.
Comments
The interesting part of their sign, IMHO, are the words “luxury townhome apartments” My guess is that those three words likely raised the rent by $500 alone. My vanpool riders were commenting on how those rates are really near a mortgage payment — so maybe transitional housing while looking/building a home???
Average home prices on the Ridge are in the $475-$500K range. With a minimum down payment and a 30-year fixed rate of 4.5%, monthly mortgage payments would be in the $2700/$2800 range for an average sized home of 2600 sq. ft (or a little over $1/sq foot.) Current rental rates for single-family homes on the Ridge are running about $0.85 – $1.00/sq ft.
After speaking to the developers of the Woodlands Apartments, I would expect that rents will be a little higher than most are expecting due to the anticipated high demand for the units and the (now) much higher cost of new construction.
Snoqualmie should welcome the new market-rate rental units as not only a stepping stone to a single family home, but also as a good alternative to purchasing. Snoqualmie housing stock needs more variety, both in size and cost.
I don’t know anyone who pays that kind of money for rent on a single unit. Most renters get a house for that kind of money. $1950 for 1200 ft is $1.63 a sq foot; a little too steep when there are still so many better options in the greater East side, and even in Snoqualmie Valley.
Perhaps you should check into reality. Apt rates are very high in general.
Danny, really? Welcome apartments? Yes, let’s all celebrate the joy of building apartment in an area that did not call for apartments in the first place. Yes, what a joy to build 42 apartments where retail was promised. Oh wait, what did the city do? We don’t need 42 apartments, let’s build 100 of them instead and call it a minor modification in the planning rules so no one will know.
In the meantime, it is so much fun watching the construction workers urinating on the construction site when they are too lazy to walk over to the Honey Bucket 75 feet away. I cannot wait…let’s celebrate the apartments for sure.