All of this negative news is actually positive for the local Seattle & Eastside markets. The New Construction Inventory is shrinking, which will eventually start evaporating the oversaturation of resale inventory in the city. Just under a year ago it was nearly impossible to keep up with all of the construction. Suprisingly, rising gas prices and worsening traffic reports will continue to play a role in “Urban Appreciation”.
Other Projects that are on hold or moving to apartments include: Seneca, Icon Tower, AVA, Insignia, Candella, 1 Hotel & Residences, as well as Vida & Lincoln Tower 2 in Bellevue.