Seattle Condo Boom

There are roughly 49 new condo buildings planned for construction in downtown Seattle over the next 3 years — 13 of which are already under construction.  Here’s an image from the Seattle PI.

According to a recent Realtor symposium, Seattle is actually “playing catch-up” to cities like Portland and Vancouver. One highlight of the symposium was 1521 Second Avenue, a 38 floor, 143-unit glass building scheduled to break ground next month between Pine and Pike streets. It is regarded as one of the flagship buildings of the Seattle pipeline expansion.  Each unit in 1521 Second Avenue — averaging $1.7 million per unit — will feature a “solarium” room with windows that fold away to create an outdoor veranda.

The Seattle PI article goes on to say that new condos will cost from $300,000 to more than $2 million.  To meet demand, 10,000 new units are planned for 2010.  With 10,000 new homes in the pipe for the city this means more infrastructure is needed to support (i.e., grocery stores, schools, etc.).

Related posts:

1. Increasing Traffic = Increasing Condo Prices
2. Equinox – Seattle
3. Condo Expo – 2007
4. Best & Worst US Housing Markets – Forbes Magazine