For anyone considering the Cosmopolitan in Seattle, they must re-visit its past. As most of you know the Cosmo had an epic rise and fall all within 2 years. Read the italiasized text from a previous post of mine as a reminder and then follow along below to participate in a discussion about where the Cosmopolitan Condos stand today: View Pictures Here
Everything about the Cosmopolitan would seem to fit Seattle perfectly. However, the construction of a commercial project just west of the building has put a damper on the once perfect luxurious tower. A very controversial topic for well over a year amongst owners, the city planning office and the private sector led to a period of silence as Schnitzer Northwest proceeded with their development of a 36 story commercial tower (1918 eighth). Not only did it disrupt remarkable west facing views for the highly sought after wing of the building, but it has cast a pricing spell on the rest of the units for sale. Many owners trying to sell their units at the Cosmo, dealt withan incredible amount of uncertainty in pricing and had to fight the aftermath of their project sticking out like a sore thumb.
If any of you were to consider the Cosmopolitan as your next home, it would be foolish not to consider the damage that has been done. However, it has much to offer when considering the location, amenity package and the allure of high rise luxury living. Without much construction over the next few years, I anticipate that demand will increase once again for this special building.
Obviously the project has had its fair share of bad press. It also has experienced quickly declining values and a social stigma amongst Seattle buyers; but how do we all feel about the project now? The Cosmo could benefit from little to no new Seattle activity. It shouldn’t surprise anyone if we don’t see a new project completed in the next 3 years. Does that actually benefit a buyer at the Cosmo? Does a seller now in the “04” stack (NE facing) have a new appreciation for the future of their unit? Once Enso and Olive 8 sell out, the Cosmo will remain a 34 story luxury tower within close proximity of a growing South Lake Union neighborhood. It begs the question:
Would you purchase now at the Cosmo? If so, why? If not; is it a matter of time or do you feel that the project is forever plagued due to its new 36 story neighbor? I’m anxious to hear your thoughts!