Finally! A print publication has picked up on the slowing sales at Lumen, Trio, etc. From the Puget Sound Business Journal, Condo shoppers lie low (if you don’t have a paid subscription someone sent me a PDF):
Trio is among a growing number of struggling condo projects in Seattle. A downtown Seattle high-rise project at Fifth Avenue and Madison Street has sold about 62 of its 126 unfinished condominiums since September 2006. Lumen a 94-unit project in Seattle’s Lower Queen Anne neighborhood started selling in June 2006, and roughly a third of its units are still up for grabs. In Ballard a project dubbed Hjarta, which started presales in October, had sold seven of 79 units as of Jan 7, according to the Fat Report.
And…
…Many local developers and real estate watchers agree that Seattle’s condominium market is decelerating for the first time in years.
The reason: With thousands of local condos slated to go up in the next few years, buyers believe the recent period of rapid price appreciation is disappearing, and it’s taking away the buy-now urgency that fueled the local boom with it.
I couldn’t agree more. And guessing at the Trace price per square foot range $393 to $840, I’d bet that Trace is going to have a real hard time selling the top end of their range.
Popularity: 18% [?]
View Comments so far ↓
1 tm // Feb 3, 2007 at 7:33 pm
funny you didn’t quote Dick Conway, the region’s best economist, who states that housing demand will continue to be strong.
2 Ben // Feb 4, 2007 at 11:28 am
There definitely is a slowing in the market and in a couple of years, supply could outweigh demand, particularly in the higher price ranges. The pool of buyers for 2 bedrooms which start at $800K is not that large to begin with. I think a number of projects that’ll begin pre-sales this year will have a tough time selling. But, there’s a number of variables that make a project attractive to buyers – price range, perceived value, appreciation potential, location and amenities. Sales for moderate priced condos are strong.
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