Seattle Condo Blog | Urban Living
Wondering when a developer will start considering a new condo project in Seattle? Just pay attention to 2 things. 1. The cost per square foot that apartment developers are getting when they sell their project 2. The cost per square foot that condos are fetching in todays market. These are two simple, yet major indicators when a developer is considering a new … [Read more...]
Another day in Seattle and another proposed project announced. The new tower would replace City Hardware on the SE corner of 9th and Harrison. In the proposed design review, the building would feature 323 units and ground floor retail. MacFarlane Partners would be developing the site with Ankrom Moisan as the lead Architect. We like to look at the impact from a condo … [Read more...]
Luxury condos in Downtown Seattle are flying off the shelf. We'll define luxury as anything over $1,000,000. There have been 17 sales in this million dollar plus category year to date - with 13 sales pending. Assuming those pending sales close by the end of April, that adds up to 30 sales in the first quarter of 2014. Just for a point of reference, we had 53 sales in 2013 … [Read more...]
We had the opportunity to present to the Yarrow Bay Windermere office on Tuesday. It was a comprehensive update on the Seattle and Bellevue condo markets. We've built the slides over the last few weeks and have included a few for your reference. The topics featured were: Inventory - Now and Projected What Is Driving The Next Construction Cycle South Lake Union The Amazon … [Read more...]
A big thanks to a loyal friend and reader of the blog. He sent an email tonight with an article from the Seattle Times that immediately captured our attention. According to Census data, for the first time since 1910, Seattle is outpacing King County Suburbs in population growth. It started in 2010, reversing a 100 year trend. Between 2011 and 2012, Seattle’s … [Read more...]
Looking for good news today? According to an article by Josh Kerns of MyNorthWest.com, the jobless rate in Seattle is now just 4.7%. This is the lowest it has been since 2008. Washington's recovery continues to outpace the rest of nation, which posted a 7.6 percent national average in May. This is excellent news for condo owners, buyers and investors. For true, … [Read more...]
So far this year, there have been 29 condo sales over a $1,000,000 in the Downtown Seattle condo market. They range from $1,020,000 to $6,200,000. The smallest unit was 1,329 square feet and the largest was a 5,170 square foot penthouse at Escala. In 2012 there were 47 condo sales over a million. Significant increase? I'll let you decide - I've included the … [Read more...]
Had a question from a reader this week about how often condos are selling for full price or above the asking price. I pulled the last 30 days of sales in the downtown Seattle market and this is what I came up with. In the $500,000 price point ($500,000 or less): There were 23 sales of 1 bedroom units - of those 23 recorded sales 13 or %50 of them were sold at full price … [Read more...]
Fairview on Lake Union just broke ground. The high end 21-unit project will feature units that range in size from 2,500 to 5,000sf. Pricing will start at 1.3 million. See here to review their press release. Fairview has been in the works for over 3 years now (previously known as Enclave). The timing is opportunistic and much needed in a market with such little inventory. … [Read more...]
For those of you looking to avoid apartments and would rather settle into a condo, there are 23 condo rentals listed in Downtown Seattle. They range in price from $950 to $8,750 per month. 425 Vine St #606, Seattle 98121 - $950 2132 5th Ave #206, Seattle 98121 - $1,100 2801 1st Ave #1018, Seattle 98121 - $1,600 819 Virginia St #2005, Seattle 98101 - $1,995 2125 1st … [Read more...]
The number of active condo listings in Downtown Seattle is now down to 80 - that is 80 listings total. Prices of available inventory vary from $129,900 to $8,000,000. In the last 30 days, there were 45 sales in Downtown Seattle. That is a 50% increase from what sold between Feb 1st and March 1st. Search the Downtown Condo Inventory … [Read more...]
Condos located in buildings that are facing lawsuits are still selling - how you ask? The contracts are ALL CASH. As we've mentioned in the past, most major lenders will not touch projects facing lawsuits. With that said, nothing holds an investor back from paying all cash and bypassing a loan. In fact, in the last week alone, there have been 2 sales in buildings with … [Read more...]
Listen up Seattle condo owners - there are 19 units for sale priced at $400,000 or less - that's right, (19). Now consider this: Out of the 19 available units, 8 of those condos are in buildings facing litigation. If you've read our post from a few weeks ago, most banks will not lend to borrowers on these projects. The only alternative is someone who is willing to pay … [Read more...]
If your an investor looking for a little upside in your investment, one way you can play the Seattle market is by purchasing a condo during a time where the project is in litigation. I know some of you are shaking your heads, but hear me out. If you do your homework with public information you can find material on the lawsuit and if your comfortable with risk you can make a … [Read more...]
Are you a frustrated condo buyer or seller? Well, it could have to do with the amount of quality Seattle condo projects currently involved in lawsuits or arbitration. The core of the issue is the Washington Condominium Act. It is very difficult to summarize, but in a nutshell there are provisions of the act that require certain warranties that a developer must comply with … [Read more...]
