How is the luxury Seattle condo market doing?
There have been 12 Downtown Seattle condos priced at $1,000,000 or more that have sold year to date. They range from $1,007,100 to $3,600,000. As you’ll see in the charts below. It is a lot of the usual suspects – Insignia Towers, Olive 8, Escala, 1521, etc…
The average cost per square foot was $942.15. With an average sale price of $1,651,425. We suspect that developers are paying close attention to these numbers. After balancing their costs of land acquisition and their constructions costs the number they pay attention to the most is the cost per square foot trend.
We’ll keep an eye on upcoming projects. We believe there will be a big announcement about Seattle’s next high-rise soon. Stay tuned.
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