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CHAPTER <br />Multifamily Residential Demand <br />There are an estimated 2,216 multifamily housing units in the downtown study <br />area. Apartments with five or more units represent the largest share of the <br />inventory. Condominiums represent 6 percent of all multifamily uses. <br />Apartments in Central Everett as defined by Dupre and Scott, which includes the <br />downtown study area, have a lower average rent than units elsewhere in the <br />county. The current vacancy rate is higher as well. However, several new <br />developments in downtown have achieved rents much higher than these <br />averages. Condominiums in Snohomish County have average prices well below <br />prices in north King County and the east side of the Puget Sound area, but <br />higher than in Pierce County and south King County. The most expensive <br />condominium unit sold in downtown Everett has been $360,000. <br />18 MAKERS architecture and urban design <br />0509_ rpt_draft.doc - 6/29/06 <br />Market Conditions and Outlook <br />Summary <br />The economic portion of the Downtown Plan is intended to assure that the Plan <br />-Downtown. Everett Market Area <br />Dem 0g raphicComparison - 2004 <br />addresses realistic opportunities and responses. The market analysis addresses <br />the following issues: <br />i mik radlas ,-' 3 mile radlus 5 mile radius <br />Ropulatiea , .;'16,I98` <br />''.4i 412 <br />19080 <br />98,537 <br />What are theotential levels of demand for residential, retail, office and <br />p <br />13ouaepolds <br />.282 <br />37,922 <br />$op6rdfualts `. <br />lodging uses? <br />Odder OFenpkd <br />3$ Tyr' 50 2% <br />56.7% <br />ayuter,oeenpxed <br />6 3x. a9.8sa <br />43.3% <br />. What are the economic conditions that must exist for those potential levels to <br />hitdfa4 Age ; - <br />34.4' 35.2 <br />34.7 <br />xu.:eeblalabnm6 <br />be achieved? <br />Medtau' <br />$33,895 $42,442. <br />$47,547 <br />30tal <br />$409,696,014 51;273,380,836 $2,617,044,183 <br />aet llPurchaaes' <br />The key findings and conclusions are summarized below. <br />AVerageAmount <br />$17,574 $19,472 <br />$20,118 <br />Total Amount', . <br />$110,399,868 $371,525,760 $762,914,796 <br />Economic and Demographic Characteristics <br />Source: STBDOnliae <br />Downtown serves a market area that extends beyond its area boundaries. The <br />characteristics of the areas within one, three, and five mile radii around the <br />center of downtown are shown on the following pages. <br />Multifamily Residential Demand <br />There are an estimated 2,216 multifamily housing units in the downtown study <br />area. Apartments with five or more units represent the largest share of the <br />inventory. Condominiums represent 6 percent of all multifamily uses. <br />Apartments in Central Everett as defined by Dupre and Scott, which includes the <br />downtown study area, have a lower average rent than units elsewhere in the <br />county. The current vacancy rate is higher as well. However, several new <br />developments in downtown have achieved rents much higher than these <br />averages. Condominiums in Snohomish County have average prices well below <br />prices in north King County and the east side of the Puget Sound area, but <br />higher than in Pierce County and south King County. The most expensive <br />condominium unit sold in downtown Everett has been $360,000. <br />18 MAKERS architecture and urban design <br />0509_ rpt_draft.doc - 6/29/06 <br />