Is Arbor Village Overpriced?
I've seen several comments online lately saying that the cost of leasing apartments at Arbor Village is overpriced and high for the area. In the table below I have compiled costs for Arbor Village and five other apartment complexes in Mountlake Terrace: Taluswood, Northern Lights, Andorra, Lakeside, and Maple Glen. Each complex has a number of different floor plans so I've narrowed it down to the average price and size of 1-bedroom and 2-bedroom units. You'll notice that while the average price for both the 1-bedroom and 2-bedroom units are highest at Arbor Village ($1,372/$1,920), the average price per square foot ($1.59/$1.61) is actually less than that at Taluswood and about the same as Maple Glen. The price per square foot is more at Arbor Village than both Northern Lights, Andorra, and Lakeside.
|One bedroom||Two bedroom|
|Complex||Price||Square Feet||Price/sqft||Price||Square Feet||Price/sqft|
Considering the fact that it is a brand new building with larger units and the building is 2 blocks from the Transit Center, the rent doesn't really seem out of line with what other complexes in the area are charging. And as of last week there were only 6 units available in Arbor Village so it appears as if the demand is there for these types of units at this location.
I don't think anyone is surprised that the retail space in Arbor Village is taking a while to fill. It's the first development of it's kind in the neighborhood and the neighborhood still likely doesn't have the residential density to support many types of businesses. The way I see it, this developer is doing the neighborhood a favor because they are the ones that stuck their neck out and are taking the hit waiting to find businesses to lease the space.