(1.) The Amazon Effect
What better reason to invest in South Lake Union than Amazon. Amazon is an absolute machine at the moment. Since 2012, the Amazon employee base has grown 38% per year. The local employment numbers are estimated to be nearly 30,000. With over $230,000 employees worldwide. Amazon’s footprint in Downtown is huge. Investing in a condo blocks from the Amazon Campus has clear upside.
(2.) Google Seattle | Your New Neighbor
Google is moving their Seattle campus from Fremont to South Lake Union. This is a HUGE story that is just starting to get press. There will be four new buildings, developed by Vulcan. The location is right across from Lake Union Park on streets Mercer and Valley with Terry and Fairway avenues North. This will have an enormous impact on condos all over the city but especially in South Lake Union, Westlake and the Denny Triangle. All within walking distance of the new campus. Big story.
(3.) Limited Supply, New Construction Flew Off The Shelf
Even though supply is constrained and prices have climbed, think about the big picture. What will this condo purchase look like for you long term? Timing the market is nearly impossible. Trust us. Instead, focus on the asset and things you can control. For instance, is the building concrete and steel? Which direction does it face? Is the building rich with amenities that future buyers will want? Does it have a street view/city view.
New Construction
Insignia Towers, which is located near the edge of Denny Triangle and the boarder of South Lake Union, is a prime indicator of near term market conditions. The project is 85% sold and the appetite for new construction condos in Seattle is huge. The problem….no inventory. So, if we are not expecting a new project in 2017 or even 2018 at this point, what is the next best thing. Our answer would be anything you can get your hands on. As long as it meets the criteria of a good unit. (we can go over this in detail).
(4.) Transportation, Close Access To Major Corridors
Noticing a traffic problem? Well, your eyes are not deceiving you. Seattle has been ranked as high as 4th, in Nations worst traffic list. Are we experts in traffic, no. However, we believe that if traffic continues to get worse, which it will, future Seattle owners will want to find good, solid neighborhoods to call home. Neighborhoods that have great access to transit, the freeways and an exit strategy when traffic gets worse. We think South Lake Union is a great option. Close to I-5, good proximity to 520 and I-90 and they have the SLU Street Car which should see expanded routes over time.
(5.) Economy | A Sure Thing?
Is the Seattle economy a sure thing…..No. Its not. Every major city all over the world goes through cycles. Economic cycles are inevitable. However, to use a baseball analogy, we believe we are in the 7th inning. The Seattle economy has what everyone else in America wants. Job growth and wage growth. When you have those two in your favor, you always see housing growth. We encourage all of our clients to look at their real estate investments as long term.
Seattle is experiencing incredible growth. Here a few numbers to chew on:
- 30,000 jobs added since 2010
- 44 projects currently under development
- Since 2010, there have been 73 new residential buildings in Downtown Seattle
- Downtown Seattle housing has increased 44% since 2010
In summary, its not just South Lake Union that we believe in but it is certainly worth consideration if your looking to make an investment in the next 6-12 months. Have questions, we have answers. Contact us.
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