Capitalizing on a wildly successful trend in Asia, three enterprising UW students are opening Seattle Meowtropolitan, a coffee shop where cat people can mingle with free-roaming felines. The cat cafe is curling up in Wallingford, a Seattle neighborhood that has seen an average residential property value increase of 11 percent this year, according to the King County Assessor’s office.
Beloved for its proximity to Greenlake, Woodland Park Zoo, and University of Washington, roughly 69 percent of homes in the Wallingford/Greenlake area were built before 1940 and approximately seven percent of the homes have some type of view, according to the full Wallingford/Greenlake valuation report.
Residential properties (including land and structures) in Wallingford/Greenlake had an average value of $579,000 in 2014. That number went up $66,200 this year to $645,200, a significant increase for the neighborhood.
King County’s Localscape tool allows users to research average property values and census information. Homeowners can also search for the value of their individual property, but should also receive official documentation. According to fine print on the website, “valuation postcards for individual properties in the completed areas either have been mailed or will be mailed to taxpayers.”
Homeowners can expect a higher property tax bill, as increased assessed values mean higher property taxes. How much higher is yet to be seen. Property owners won’t know their final tax bill until after the November 3rd election when votes come in on Mayor Ed Murray’s controversial Proposition 1 “Let’s Move Seattle” levy.
The increase in Wallingford property values is hefty, but not as extravagant as the growth in the Capitol Hill neighborhood. The average property value on North Capitol Hill (includes land and structures) grew 15 percent, reaching $976,400 in 2015.
Not even the new cat cafe could find a post in the trendy Capitol Hill neighborhood. Seattle Meowtropolitan expressed their interest in setting up shop there, before giving up due to restrictive zoning laws and announcing their official location in Wallingford, reports Seattle Met.
Although the grand opening of the cat cafe may not directly contribute to Wallingford’s rise in value, it will certainly take their quirky reputation to new heights.