1521 Second Avenue and Olive 8 Sales Centers Closing

1521_Penthouse_Exterior

With 5 units left for sale, 1521 and Olive 8 plan to close their show rooms following their final sales event this weekend. The final sell-out of these two luxury projects is a much bigger story than it appears.

There are approximately 40 new construction units left in Downtown Seattle. In area 701 (DT Seattle), there is just one new construction delivery scheduled (Insignia Towers – 2015). The downtown core will have a massive shortage of new condominiums offerings for the next 24 months. This could sway developers into apartment conversions, condo-apartment-condo reversions or announcements for new condo structures. The latter seems the most un-likely given the capitol squeeze post recession and the recent trend of suits driven up by the Washington Condominium Act.

So where is the inventory going to come from?  Stay tuned – we will keep you informed.

Olive_8_Penthouse

 

Leave a Reply

Your email address will not be published. Required fields are marked *