Dylan Simon -- Kidder Mathews
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Dylan Simon -- Kidder Mathews
I specialize in the sale of apartment buildings in Seattle and the greater Puget Sound region.  I focus on the sale of both apartment buildings and developable land ranging from $1M to $100M. I am passionate about real estate investment and development, economics, technology and urbanism. Through brokerage I assist apartment investors and developers in achieving the highest possible levels of return and build an advisory relationship that lasts ownership life-cycles instead of just a transaction.
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Over 100,000 Apartment Units are Coming!

Over 100,000 Apartment Units are Coming! | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

Trends toward urbanization that began to take shape in the last decade look as though they will continue for some time. Developers plan to add more than 60,000 apartment units in urban neighborhoods in the next several years. Yet the story doesn’t end there, as another +40,000 apartments units are planned for otherwise suburban markets.

 

Understanding the potential impact of this new development before it happens is essential to predicting the trajectory of the region’s apartment investment markets, but first you must learn the what, where, and when of new apartment deliveries.

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2019 Legislative Session Standout: Real Estate Excise Tax Overhaul

2019 Legislative Session Standout: Real Estate Excise Tax Overhaul | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

The 2019 legislative session certainly was a busy one. 481 bills passed the state legislature, many with direct implications for the commercial real estate industry.

 

We see the real estate excise tax overhaul as the most urgent and actionable, as it changes Washington’s excise tax from a flat statewide rate to a progressive structure.

 

How will this impact you on January 1, 2020?

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PRESS RELEASE: The Hudson Apartments in Queen Anne Trades for $38.75 Million

PRESS RELEASE: The Hudson Apartments in Queen Anne Trades for $38.75 Million | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

Dylan Simon and Jerrid Anderson of Colliers’ Seattle Multifamily Team closed the sale of The Hudson Apartments in Seattle’s Queen Anne neighborhood on Thursday, April 11, 2019. The sales price of the building was $38,750,000 — representing a 4.3% capitalization rate.

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The Seattles that might have been

The Seattles that might have been | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

Seattle could have looked very different from what we know today: "However improbably some of these projects might sound, all (except perhaps the Queen Anne regrade, which seems to have been only rumored, never attempted) were seriously proposed by architects, engineers, officials or civic commissions. "

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Value of Seattle-area commercial construction starts drops more than half compared to last year

Value of Seattle-area commercial construction starts drops more than half compared to last year | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

The value of commercial starts may have dropped, but residential seems to be going strong: "On the residential side, however, the value of multifamily and single-family starts through April jumped 42 percent to just over $2.9 billion."

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Apartment Market Weathers the Storm of New Supply

Apartment Market Weathers the Storm of New Supply | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

"High occupancy rates are helping keep apartment rents high and rising. 'Rent growth—while below the cycle’s peaks—has outperformed many investors’ expectations,' says Willett. Same-property rents for new leases climbed 2.6 percent in first quarter compared to the year before. That’s about the same as the rate of rent growth has been over the last four quarters, according to RealPage."

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Seattle DJC.com local business news and data - Architecture & Engineering - Durkan to fast-track backyard cottages

Dylan Simon's insight:

"Seattle will fast-track preapproved designs for detached accessory dwelling units (DADUs) and hire architects to develop several standard architectural plans for backyard cottages that could be built and permitted more quickly and at a lower cost."

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Yardi: Multifamily Rent Growth Stays Strong in April | Multifamily Executive Magazine | Rents, Rent Trends, Apartment Trends, Supply and Demand, Economic Conditions, Economics, Rent Growth, Rental ...

Yardi: Multifamily Rent Growth Stays Strong in April | Multifamily Executive Magazine | Rents, Rent Trends, Apartment Trends, Supply and Demand, Economic Conditions, Economics, Rent Growth, Rental ... | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

"Gains in high-growth Western tech markets, including San Jose, Calif.; Seattle; Denver; and San Francisco, were at above-trend levels in the latest three-month period following a longtime deceleration trend from 2015 to 2017.

 

On a trailing three-month (T-3) basis, which compares the past three months to the previous three months, rents increased by 0.3% at the national level. San Jose led the nation, with 0.7% rent growth on a T-3 basis, while Chicago, Denver, and Seattle bounced back at 0.4% after short-term rent declines in late 2017 to early 2018."

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Seattle City Council reaches head tax compromise ahead of vote

Seattle City Council reaches head tax compromise ahead of vote | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

Seattle City Council discussing compromise for head tax: "Under the compromise, the tax will be reduced from the proposed $500 per full-time employee to $275 and will be scheduled to end in 2023. More details are to come before the council's afternoon vote."

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Redfin migration report finds a first for Seattle: More users searching for a way out of city than in –

Redfin migration report finds a first for Seattle: More users searching for a way out of city than in – | Dylan Simon -- Kidder Mathews | Scoop.it

"For the first time, Seattle saw more Redfin users — those shopping for a place to live — looking to leave the area than to move into it."

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Seattle traffic congestion is ninth worst in U.S.; eight cities in top 10 are vying for Amazon’s HQ2 –

Seattle traffic congestion is ninth worst in U.S.; eight cities in top 10 are vying for Amazon’s HQ2 – | Dylan Simon -- Kidder Mathews | Scoop.it
Too bad it’s against the law now in Washington state to look at your mobile device while you’re behind the wheel, otherwise you could read, again, about…
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King County property taxes rising between 9 and 31% — depending on your city

King County property taxes rising between 9 and 31% — depending on your city | Dylan Simon -- Kidder Mathews | Scoop.it
Countywide, the 2018 property tax bills being sent out soon will be 17 percent higher on average than last year's. A spokesman for the assessor says it's "the largest property-tax increase in King County in modern history."
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This was the pits: Time-lapse video shows highway fill in hole where Seattle tunnel machine ended

This was the pits: Time-lapse video shows highway fill in hole where Seattle tunnel machine ended | Dylan Simon -- Kidder Mathews | Scoop.it
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Apple expected to take massive South Lake Union office project near Amazon

Apple expected to take massive South Lake Union office project near Amazon | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

The two-tower development would give Apple enough space for 4,200 employees using the industry standard of 150 square feet per employee.

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5 Markets We Love for 2025

5 Markets We Love for 2025 | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

It may seem like a distant future, but when your investment horizons are measured in 5-7 year hold periods, 2025 suddenly feels much closer.

 

If you haven’t checked your calendar recently, setting oneself up for success in the 2020s starts today.

 

To help you get started, we’ve analyzed five markets that are exciting prospects for the next market cycle.

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Is Burien the Next Ballard?

Is Burien the Next Ballard? | Dylan Simon -- Kidder Mathews | Scoop.it

Now is the time to take note of where novel bakeries are popping up. And where the New York Times is recommending we eat. And where Millennials are flocking to buy homes. I promise, I haven’t lost my mind. Nor have I run out of interesting apartment-investment related content. This is how real estate soothsayers spot new, profitable investment markets.

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Seattle Metro Report: June 2018

Seattle Metro Report: June 2018 | Dylan Simon -- Kidder Mathews | Scoop.it
Check out the latest Seattle Metro Rent Report for June 2018 to see the most and least expensive cities and cities with the fastest growing rents.
Dylan Simon's insight:

Seattle Area Rent Growth - The Fastest Growing Cities (Y/Y%)

–Kirkland, WA had the fastest growing rent since this time last year, up 15.7%.

–Burien, WA rent had the second largest year over year growth rate, climbing 15.5%.

–Puyallup, WA ranked as third with rent growing 14.3%.

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Seattle DJC.com local business news and data - Real Estate - Simon says Tacoma Mall next for redevelopment

Seattle DJC.com local business news and data - Real Estate - Simon says Tacoma Mall next for redevelopment | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

"A crucial difference between Simon's plans for Tacoma Mall and Northgate is that the latter will be served by light rail, beginning in 2021. Tacoma Mall is beyond the southern terminus of Sound Transit's light rail, which is expected to reach Tacoma in 2030.

 

The city's subarea plan does mention as a goal the possible light-rail extension to the mall, but that would have to be part of a future Sound Transit funding package."

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Looking to Upgrade? Here's How Much It Costs to Rent a High-End Apartment Around the Country

Looking to Upgrade? Here's How Much It Costs to Rent a High-End Apartment Around the Country | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

“The national average rent in a high-end building is around $1,640 per month, about $490 more than an apartment in a low-end building. However, these broad-based averages do not mean much, as prices can vary by thousands of dollars from one city to another.”

Seattle Statistics:

Average rent in a high-end apartment: $2,261

Price range: $1,723 (studio) to $3,595 (3-bed)

Change in high-end rents in the last 3 years: +13.2%

Price difference compared to a low-end apartment: $644

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'Overheated' Seattle and S.F. will have highest U.S. construction cost increases in 2018, report says

'Overheated' Seattle and S.F. will have highest U.S. construction cost increases in 2018, report says | Dylan Simon -- Kidder Mathews | Scoop.it
Seattle and San Francisco, two booming tech hubs, will see the fastest construction cost increases in the U.S. this year, according to a new report.
Dylan Simon's insight:

"Both cities will see costs rise by 5 percent, outpacing the expected 4.3 percent increase in the top 46 global markets, according to the company's annual International Construction Market Survey. The expected rate of cost escalation for San Francisco is unchanged from 2017, when it also rose 5 percent."

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New close-in condos in Seattle for $250,000? Here's the plan from Build Urban

New close-in condos in Seattle for $250,000? Here's the plan from Build Urban | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

Efficiency apartment units (SEDUs, Micros, etc.) have taken off in Seattle with 5,000 delivered and another 7,000 in various stages of the development pipeline. Is the next trend efficiency condos? - “They'll be small, averaging just 250 square feet, plus a sleeping loft. But priced in the mid-$200,000s, the condominiums in the Eastlake neighborhood will be the most affordably priced new condos in Seattle.”

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New York Remains Top City for Transit | Multifamily Executive Magazine | Transit-Oriented Development, Urban Development, Walkability, Transportation, Urban Planning

New York Remains Top City for Transit | Multifamily Executive Magazine | Transit-Oriented Development, Urban Development, Walkability, Transportation, Urban Planning | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

“In seventh place, Seattle has a Transit Score of 59.6, up 2.6 points since 2016, the biggest jump among the top 10…. A 2017 survey by the Seattle Department of Transportation found that public transit use had increased by 48% in the past seven years.”

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Apartment Completions Reach 30-Year High in 2017 | Multifamily Executive Magazine | Multifamily Trends, Absorption Rates, Occupancy and Vacancy Rate, Apartment Trends, Supply and Demand, Rental Market

Apartment Completions Reach 30-Year High in 2017 | Multifamily Executive Magazine | Multifamily Trends, Absorption Rates, Occupancy and Vacancy Rate, Apartment Trends, Supply and Demand, Rental Market | Dylan Simon -- Kidder Mathews | Scoop.it
Dylan Simon's insight:

Seattle comes in at #6 for Metro Apartment Supply Leaders in 2017, with 11,415 units delivered in 2017 according to RealPage – and there’s plenty left in our pipeline!

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Clark Construction Group Takes a Look at Defining Market Trends in the Year Ahead

Clark Construction Group Takes a Look at Defining Market Trends in the Year Ahead | Dylan Simon -- Kidder Mathews | Scoop.it
All markets are hot. The Puget Sound construction market is well diversified. High-rise residential and office, healthcare, higher education, transportation, hospitality, and K-12 are all going strong. Local, National and foreign investors are all jumping on the Seattle bandwagon, and unlike typical markets where the general theme is cyclical change, this is not the current state in Seattle.
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24-Hour Classic 13 Coins Is Reborn in Pioneer Square

24-Hour Classic 13 Coins Is Reborn in Pioneer Square | Dylan Simon -- Kidder Mathews | Scoop.it
Look inside the new location opening at 6 a.m. on February 10
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