What The Seattle Condo Market Could Look Like In 2013

I’m currently sitting at the Viceroy Hotel in Palm Springs.  My wife and I have been celebrating our 1 year anniversary down here in the desert.  On the way down, I noticed something in the Alaska Airlines magazine that was drastically different then in the years past.  In total, there were only four (4) Seattle condo ads in the entire publication.  In order:

  1. Escala
  2. Olive 8
  3. Bravern
  4. Harvard and Highland

This is definitely a change from the past.  While I was working at UrbanCondominiums.com in 2007-2008, there were at least 8 properties, many of our own that were highlighted in the popular airline publication.  It seems obvious to suggest that it is all economy/budget related, but I feel that there is much more to it than that.  I wonder what our market will look like in 24 months.

Out of the major condo projects still selling units in the city the only ones with available inventory should be Escala, Olive 8 and Four Seasons.  I suppose there could be a few left at 1521, but it would surprise me.  So where does that leave us?   What is being built?  Nothing.  There are still plenty of lots with permits ready to go, but by the time you start construction, a project wouldn’t be delivered until 2013-2014 or later.  Could this mean that we are heading towards a shortage of inventory?  Or is demand still too weak, even 2-3 years from now?

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