Luxury Seattle Condo Sales To Outpace 2012 and 2013

Seattle _ Views

Luxury condos in Downtown Seattle are flying off the shelf. We'll define luxury as anything over $1,000,000. There have been 17 sales in this million dollar plus category year to date - with 13 sales pending. Assuming those pending sales close by the end of April, that adds up to 30 sales in the first quarter of 2014. Just for a point of reference, we had 53 sales in 2013 … [Read more...]

Office Presentation, Seattle Condo Market Update

Condo Update - Presented by UCS

We had the opportunity to present to the Yarrow Bay Windermere office on Tuesday. It was a comprehensive update on the Seattle and Bellevue condo markets. We've built the slides over the last few weeks and have included a few for your reference. The topics featured  were: Inventory - Now and Projected What Is Driving The Next Construction Cycle South Lake Union The Amazon … [Read more...]

Rare Opportunity To Rent At Millennium Tower, Downtown Seattle

1902 - Millennium Tower

There is a new rental in Downtown Seattle that is catching everyone's attention. Previously listed for $2,300,000, this 19th floor, 2,730sf unit at Millennium Tower is now available at a price of $9,500 per month. There are just 19 units in the building and each of them have a unique interior. Millennium Tower was also home to convicted swindler Frederick Darren … [Read more...]

Cosmopolitan Condo Prices Inching Back to 2007 Levels

Cosmopolitan_2410

The prices at the Cosmopolitan at 9th and Virginia are inching back to and above their 2007 levels. Unit #2103 just hit the market this morning with an asking price of $429,000. In Purchased in 2007 for $425,950. This is significant as 2007 was often recognized as the peek of the market before the crash. In last 18 months, the Downtown condo market has increased quickly due … [Read more...]

Unit #1710 At Escala, $432,000 In 2011, Now All Cash For $549,000 In 3 Days

Escala_Exterior

Condo prices have gone up significantly, and some recent Downtown Seattle condo sales prove it. Take a look at unit #1710 at Escala - sold for the second time yesterday (December 9th) to an all cash buyer paying $549,000. In November of 2011, this same unit sold for $432,000. Given the lackluster inventory, this is exactly what we predicted - the best of breed will continue … [Read more...]

5 Most Expensive Seattle Condo Sales In September (2013)

5 Most Expensive Seattle Condo Sales In September_Web

Every once in a while, I like to highlight the most expensive condo sales in Downtown Seattle. Last month (September), there were 43 condo sales in area 701 (Downtown Seattle). The top 5 most expensive sales were the following: 1) Escala  Unit #2205  – Downtown Seattle | MLS #419763 Sale Price – $1,324,000 Size: 1,955 | Price per square foot: $677 Bedroom 2 | Bath … [Read more...]

Hot Tub and City Views For 12,000 Per Month

Private roof top deck/hot tub.

Check out this view - #3801 at 1521 Second Ave just hit the rental market for $12,000 per month. Don't we all want to have hot-tub to go with our penthouse view? This 2 bedroom, 2 bath Seattle condo offers 2,453sf of luxury high-rise space. Floor to ceiling windows, outdoor fireplace and monster views. See more photos here … [Read more...]

Full Price or Above Asking For Seattle 1 Bedrooms?

24775_5_1

Had a question from a reader this week about how often condos are selling for full price or above the asking price. I pulled the last 30 days of sales in the downtown Seattle market and this is what I came up with. In the $500,000 price point ($500,000 or less): There were 23 sales of 1 bedroom units - of those 23 recorded sales 13 or %50 of them were sold at full price … [Read more...]

Capitol Hill Condo Review

Active Condo Inventory (Capitol Hill)_1

Are condos selling on Capitol Hill?  YES. In the last 60 days, there have been 56 condo sales. Almost one sale per day. That is a pretty impressive number. So whats left in terms of active inventory? The number of active condo listings on the Hill is 37 units. They range in price from $115,000 to $1,749,000. I've built a graph to show the (Active) inventory: … [Read more...]

Mastro Associate Hazelrigg Is Losing A Condo Today Through Foreclosure

One Lincoln Tower

Thomas Hazelrigg who was a long time friend and business associate of  Mike Mastro has a condo going to foreclosure today. Mastro was the local real estate mogul gone broke that was recently in the news for being apprehended in France by the US authorities. Hazelrigg who made a career of "hard money" lending borrowed millions from Mastro and is now subject to bankruptcy … [Read more...]

Seattle Condos Facing Lawsuits, Arbitration and Mediation

SEATTLE CONDOS_LAWSUITS_WEB

Are you a frustrated condo buyer or seller? Well, it could have to do with the amount of quality Seattle condo projects currently involved in lawsuits or arbitration. The core of the issue is the Washington Condominium Act. It is very difficult to summarize, but in a nutshell there are provisions of the act that require certain warranties that a developer must comply with … [Read more...]

Veer Lofts Owners Association Files Construction Defect Suit Against Developer

Veer Lofts _ Exterior 2

There are recent developments regarding a popular South Lake Union condo project that merit your attention. A lawsuit was filed on September 24th in King County Superior Court on behalf of the owners at Veer Lofts (Veer Lofts Owners Association). The lawsuit filed against the developer of the project, alleges defects in the projects materials, instillation and … [Read more...]