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FatReport – Hot or not?

By November 5, 2006

5th and Madison, Bolero, Brix, Cosmo, Domaine, Harwood, Lumen, Meritage, Mezzo, Mosler Lofts, Queen Anne High, The Parc, The Press, three19, Trio

People have been chatting about The FatReport in the comments, so it’s time to start blogging about what they’re publishing.

Selling well

Here are some projects that have been selling well.

  • Cosmo – 239 of 250 units sold
  • Meritage – 46 of 48 units sold
  • Mosler – 136 of 150 units sold
  • Parc – 136 of 185 units sold

Lots of inventory

Here are some projects that have lots of inventory left. It’ll be interesting to see what tactics they use to move inventory.

  • Harwood – 58 of 105 units sold. It feels like I’ve been getting flyers about this development for as long as I have been living in Seattle.
  • Trio – 26 of 116 units sold. Why has this development struggled while others like Parc (sold 136 or 185 units even though the price per square foot is higher) and Moda have succeeded?
  • 5th and Madison – 47 of 126. Other downtown projects have succeeded. I suspect this one is ‘too downtown’.
  • Lumen – 59 of 94. Guess there’s only some many true modernists living in Seattle
  • Queen Anne High School – 53 of 137. I think the bulk of the units not selling appeal to a younger crowd but that crowd doesn’t want to live o ntop of Queen Anne.
  • Domaine – 25 of 92. No one wants to live on Aurora?
  • Three19 – 10 of 16. Too much pressure from Capitol hill conversions.
  • Brix – 42 of 141. Still a bit early to tell on this one.

Capitol Hill

What I found really interesting is seeing the success of the conversions on Capitol Hill. When I was shopping around in February and the Meritage ($460/SqFt) came on the market there wasn’t really any other options on Capitol Hill. The Braeburn had pretty much wrapped up and their was no other inventory coming online. However that quickly changed as spring turned to summer and we saw a lot of conversions hit the market. Places like Plaza Del Sol ($474, 76 of 81 sold), Mezzo ($519/SqFt, 18 of 27 sold), Bolero ($434/SqFt, 71 of 75 sold) and now Press ($520/SqFt, 28 of 141 sold). Also interesting to note that Three19, new construction that came on the market after Meritage but about the same time as the conversions has had a hard time selling ($443/SqFt, 10 of 16 sold) despite an attractive price per square foot.