Seattle Condo Inventory Levels, 42% Priced Over $1M

Condo Inventory and Pricing

We took a quick look at the Downtown Seattle condo inventory this morning and put together a pie chart to show you guys the percentage of inventory in each price range. It was interesting to see that the 42% of our inventory in Downtown Seattle is priced over a $1,000,000. Looking for a bargain priced below $250,000? There are 3 units currently on the market. Have … [Read more...]

Seattle Condos Priced Around $500,000

Seattle Condo Budget

Have a $500,000 budget for a Seattle condo?  We dug up three examples of what you could purchase in the Emerald City for half a million bucks. Enjoy, and happy condo hunting! 2200 Westlake - South Lake Union 910 Lenora St #305 - $495,000 By now you have probably heard of South Lake Union. It is one of the fastest growing neighborhoods in all of Seattle. Home to … [Read more...]

Seattle Condo Sales Update, June 2015

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There were 59 Seattle condo sales last month in June. Total number of sales increased 5.3% when compared to May. The average price per unit also increased jumping nearly 13% - bringing the average cost per square foot to $588 (vs $566 in May).  The most fascinating element of all of this is that we only have 64 units for sale in DT Seattle. When you remove the new … [Read more...]

34 Condos Priced Over $1M In Downtown Bellevue

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There are currently 34 condos priced over a $1,000,000 in Downtown Bellevue - compared to just 28 $1M condos in Seattle. These luxury Bellevue condos range in price from $1,000,000 to $3,195,000. From our perspective, it appears that there is some buying opportunity in the $1M-$1.5M range as there are 18 units priced within that range. The greater Seattle area is still … [Read more...]

Seattle Penthouse Sells In Less Than 48 Hours, South Lake Union

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Check out this South Lake Union penthouse that just sold in less than 48 hours (our team sold it!). It had 2 offers and went to an all cash buyer for $1,400,000 just 36 hours after hitting the market. It has 2 bedrooms, 2 bathrooms and a large den. Featuring $100,000 in upgrades including Lutron Blinds, SONOS surround sound and custom lighting.  Views include Space Needle, Lake … [Read more...]

Downtown Seattle, 52 Condos Sold In 30 Days, 1.5 Months of Supply

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Here are a few numbers to process this week. In the last 30 days there were 52 condos sold in Downtown Seattle. There are only 81 units on the market right now in Downtown. 60 of those units are re-sale, leaving 21 new construction units currently on the MLS. That is 1.5 months of inventory. Translation: (pricing your condo correctly and putting on the market = a condo … [Read more...]

Luma Condo Sales Off To A Quick Start

Luma Condos

Luma, the new construction condo project located on First Hill is off a quick start. Per a press release last Friday, they have sold $12,000,000 in homes thus far. The first purchase and sale contracts were accepted on June 1st. Out of 169 units, 16 units or more have sold - including 2 penthouse units. We've attached the NW floor plan on the 23rd floor. The asking price for … [Read more...]

2200 Westlake’s New Neighbor, 2101 9th Breaks Ground

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We had a client meeting today at Insignia and while walking through South Lake Union/Denny Triangle, we noticed how quickly the developer is moving on 2200 Westlake's new neighbor - 2101 9th Ave. The 41 story apartment tower is going to add 430 units to the Denny/Westlake corridor. The new tower located at 9th and Lenora, will join Cirrus (see below) - another massive … [Read more...]

Last Week In Luxury Seattle Condo Sales

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The last 2 weeks have been active for luxury Seattle condos. There were 8 units priced between $1,000,000 and $2.6M that went under contract. We expect this trend to continue. Escala - Unit #1205 2 bed | 2 bath Asking Price - $1,075,000 Days on market - 5 Insignia Towers - Unit #2006N 2 bed | 2 bath Asking Price - $1,094,400 Days on market - New … [Read more...]

Downtown Seattle Condos Selling Quickly, Over 100% Of Asking Price

Great Views

In the last 14 days, there were 26 sales in the downtown Seattle condo market. 16 of those 26 sales sold at or above the asking price. To be exact, sellers were receiving over 100% of their asking price on average (100.95%). 14 of the 26 sales sold in less than 10 days. To put that in perspective, in a normal market, inventory levels would reach about 2-3 months of supply. … [Read more...]

Luxury Seattle Condo Market, Supply Is Limited

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In a Seattle condo market limited by a tight supply, the luxury market is especially constrained. Here is a list of the active Seattle condos priced over $2,000,000. There are just 17 units available in a total of  7 buildings. The prices range from $2.3M to $11M (our listing put on last week). Is there a market for these kinds of properties? The short answer is yes - In … [Read more...]

Condos For Sale Down 25% On Capitol Hill

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We took at a look at the Belltown condo market last week and thought we would share some interesting notes on Capitol Hill now as well. The statistic that stood out to us the most - were the number of active listings. Year over year, the number of active condos for sale on Captiol Hill are down nearly 26%. The average list price per square foot is up 15.9% since last year. … [Read more...]

21 Condo Sales In Belltown Last 30 Days, Listings Down 56%

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Quick sales update for Belltown. In the last 30 days there have been 21 condos sales ranging from $208,000 to $1,033,000. Owners have been getting nearly 99% of their asking price and the average cost per square foot was $533. According to Zillow, they predict Belltown condo values will increase 7.5% by next year. That would add to the 12% increase in pricing over this past … [Read more...]

One Bedroom At Escala, $489,000 In 2012, Now $649,000

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Interest for one bedroom condos at Escala is at an all time high. In the last 60 days there have been 3 units that come on the market and quickly found buyers. 1509 started this trend with just 5 days on the market. The asking price was $599,000 with a final sales price of $635,000! Following that sale, units #404 and #810 have also found buyers. Both units are under … [Read more...]