As discussed in many of our previous blogs, the “wait & see” approach has continued through the middle of summer.  It is amazing to watch the natural progressions of the real estate market auto correcting.  Condo Conversions have come to a screeching halt, new construction has been put on hold, and many condo projects have converted to either Apartments or Office/Retail.  Projects like Expo 62 and most recently Moda have been turned Apartments after being fully under way with their sales processes.  Moda came as a suprise – especially due to the fact that they were sold out less than a year ago.

All of this negative news is actually positive for the local Seattle & Eastside markets.  The New Construction Inventory is shrinking, which will eventually start evaporating the oversaturation of resale inventory in the city.  Just under a year ago it was nearly impossible to keep up with all of the construction.  Suprisingly, rising gas prices and worsening traffic reports will continue to play a role in ”Urban Appreciation”.

Other Projects that are on hold or moving to apartments include:  Seneca, Icon Tower, AVA, Insignia, Candella, 1 Hotel & Residences, as well as Vida & Lincoln Tower 2 in Bellevue.

Ava is one of the most highly anticipated new projects coming to Seattle.  There is currently quite a bit of speculation regarding the timing of this project.  Some of which has been caused by the growing number of Seattle New Construction Developements being placed on hold.  As far as we know, the developer fully plans to move this project along.  AVA is in an ideal location and it may be timing the market perfectly, as Seattle’s New Construction Condo Inventory is planned to shrink from over 1,000 deliverable units per year to around 200 to 300 units delivered in 2010.  Click Here to take a look at a recent interview that we had with king 5 news.

In the midst of Seattle’s retail shopping core, AVA will offer more than 200 residential units and a luxury high-rise hotel. Homeowners will be able to walk from the bustling corner at 8th & Pine to Pacific Place, Benaroya Hall and the Paramount Theatre. Inside, they will be able to enjoy amenities such as a Business Center with secretarial service, a comprehensive fitness sector and an outdoor heated pool, rare in Seattle condominiums.

The hotel occupies floors 10-17. The Residences, 198 homes up to 1,600 sq ft, are on floors 18-34. The Estates, occupying the upper floors of the building, range from 1,350 to 1,900 sq ft with prime units pricing out over $5 million. And if you’re in the mood for a penthouse that would turn MTV’s “Cribs” green with envy, the custom Penthouse clocks in at 8,000 sq ft. Yup. An 8,000 sq ft condo.

Developed by two “groups” – the FANA Group of Companies and The Execute Group – AVA breaks ground this fall. The development team has chosen architect firm Weber + Thompson (Cristalla, Madison Tower, 2200 Westlake) to create the building’s look. Garrett Cord Werner is designing the building’s interior, focusing on efficiency and peaceful urban spaces. Contact UrbanCondoSpaces for more info on the sales center opening this fall…

Quick Facts:

• Location: 8th and Pine, Seattle, WA
• Pricing: $400′s to over $5,000,000
• Units: 198