The Seattle Times this weekend had a big article on luxury real estate, The new luxury in Real Estate and takes a look at the definition of luxury condos:
How does an “all-luxury” building differ from a regular condominium project? For starters, there’s price: Most luxury condos cost $1,200 a square foot or more.
As well as the perks:
- Tall ceilings
- Programmable home entertainment
- Programmable (Lutron) blinds
- Outdoor space: 15-20% of the square footage of the unit
- Concierge services
- Valet parking
- Food delivery from hotel restaurant
- Multi-floor
- Views
- Indoor gyms, spas, golf ranges
- Dry cleaner
- 100 square foot closets (about the size of a Moda condo)
- Latest construction styles: Steel, glass, concrete
- Dog park
Curious how many of these luxury condos were on the market I pulled up this list using Redfin. Here they are sorted by $/SqFt.
- $1,981 – 1521 2nd Ave #36 – $9,990,000 – 5,004 sq ft – 104 days
- $1,765 – 2000 1st Ave #2700 – $9,950,000 – 5,636 sq ft – 232 days
- $1,518 – 2033 2nd Ave #PH 2 – $4,695,000 – 3,092 sq ft – 0 days
- $1,492 – 1000 1st Ave #2301 – $2,595,000 – 1,739 sq ft – 146 days
- $1,351 – 1000 1st Ave #2101 – $2,350,000 – 1,739 sq ft – 61 days
- $1,315 – 1000 1st Ave #20-21 – $4,575,000 – 3,478 sq ft – 42 days
- $1,279 – 1000 1st Ave #2001 – $2,225,000 – 1,739 sq ft – 70 days
- $1,275 – 1200 Alki Ave SW #200 – $5,100,000 – 4,000 sq ft – 442 days
- $1,250 – 1000 1st Ave #1701 – $2,175,000 – 1,739 sq ft – 47 days
- $1,200 – 1200 Alki Ave SW #400 – $4,800,000 – 4,000 sq ft – 140 days
Notice how long some of those have been on the market and there certainly are a surprising number of units at the ‘sold out’ Hotel 1000 / Madison Tower. I’d hate to be one of those flippers!
…This makes sense given the Seattle Time’s stats of condo sales over $3 million in King County:
- 2003: 0
- 2004: 3
- 2005: 5
- 2006: 7
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