Bellevue Towers, Escala and Olive 8 are all featured in a Bloomberg News article that posted this evening. The long and short of it is, that condominiums in Seattle and Bellevue are back in focus. I pulled some of the most interesting parts of the article and have posted them below:
Lower Pricing Fueling Sales
Falling prices and a scarcity of new buildings are helping fuel home sales in the Seattle-Bellevue region, with condo transactions rising seven times faster than the average of 20 large metropolitan areas in the U.S. With evidence growing that housing is improving after helping trigger the last recession, lenders are chipping away at losses from projects created prior to the financial crisis.
The national inventory of unsold existing condos and cooperative units fell 32 percent in 2011, to 291,000 units, from 429,000 units in 2010, according to the National Association of Realtors.
Seattle-Bellevue Condo Sales Outpacing Many Other Large Cities
While there aren’t any official statistics for sales of new condos, sales of existing condos show that turnover in the Seattle-Bellevue area is outpacing many other large cities. Sales of existing condos in the area rose 14 percent last year, to 6,916 units, or seven times the average 2 percent increase for 20 large metropolitan areas, including New York, Chicago, San Francisco, Miami, Phoenix and Las Vegas, according to DataQuick, a San Diego-based provider of property data.
Escala On Fire
Escala expects 220 of its 269 condos to find buyers by the end of this year, and the rest probably will be sold in 2013, Mehr said. Often the most expensive are the last to sell. “They’re all losing money — anybody who built at the peak and has all those carrying costs,” said Mehr. “Maybe instead of losing $100 million, you’re losing $30 million. That’s a lot better.”