New Construction Condo Inventory

When new construction condos went all gangbusters a couple weeks back and closed nearly half of the condo and townhouse sales that week, it seemed like a good time to do an inventory round-up to see what’s left to buy in Seattle.

And when you think about remaining inventory, you can’t help but think about condo supply. Yesterday, Dean over at Realogics examined the downtown condo supply over the years (with chart) and offers this summary of the past year:

During the 2nd quarter of 2010 there were more than 570 unsold new construction condominiums sitting vacant on the market. Today that number stands at just 342 units – 40% absorption in just over a year thanks in part to sensational price cuts, condo auctions, bulk sales and aggressive concessions. It helped too that supply was pinched when four projects totaling 777 units converted to apartments in 2008 and 2009 limiting the options to buy.

Which buildings have inventory to sell today?
Following are the numbers I gathered for new construction condo inventory in and around Seattle (note that Dean looked in the Downtown area, my survey extends beyond). The combined total of units in my list is 1,399 with 431 units remaining available. Overall inventory is 69% sold.

1350 Alki — 90% Sold
(10 Total Units, 9 Closed, 0 Pending, 1 Available)

200 West Highland — 100% Sold
(25 Total Units, 24 Closed, 1 Pending, 0 Available)

The Danielle* — 50% Sold
(31 Total Units, 12 Closed, 3 Pending, 16 Available)

The Decatur — 83% Sold
(146 Total Units, 119 Closed, 2 Pending, 25 Available)

Eleven Eleven East Pike — 81% Sold
(27 Total Units, 20 Closed, 2 Lease Option, 0 Pending, 5 Available)

Enso — 89% Sold
(134 Total Units, 117 Closed, 2 Pending, 15 Available)

Escala* — 37% Sold
(265 Total Units, 85 Closed, 15 Pending, 165 Available)

Fifteen Twenty-One Second Avenue — 80% Sold
(143 Total Units, 111 Closed, 4 Pending, 28 Available)

Four Seasons Private Residences — 69% Sold
(36 Total Units, 25 Closed, 0 Pending, 11 Available)

Hjarta — 58% Sold
(79 Total Units, 44 Closed, 2 Pending, 33 Available)

Marselle — 70% Sold
(132 Total Units, 89 Closed, 4 Pending, 39 Available)

Olive 8 — 60% Sold
(229 Total Units, 132 Closed, 6 Pending, 91 Available)

Trace North — 98% Sold
(100 Total Units, 93 Closed, 5 Pending, 2 Available)

Trace Lofts — 100% Sold
(42 Total Units, 41 Closed, 1 Pending, 0 Available)

*Last known numbers for Escala and Danielle, not verified by JLS Teambuilder but hopefully close :)

Disclaimer: Realogics, Olive 8, Decatur, Eleven Eleven, 1521, and Trace North are Urbnlivn advertisers.

About katrina
  • VL

    Matt, do you know what units are available for lease to buy options on 1111 E Pike, I emailed and called them, but never heard back. Any help will be appreciated, thanks.

  • http://seattlecondosandlofts.com Ben K

     Great inventory round-up…thanks Katrina.

  • http://twitter.com/mattgoyer mattgoyer

    Hi VL, I don’t. But if you email me at matt@mattgoyer.com I’ll put you in touch with the agent at Eleven Eleven.  

  • http://www.imaginepropertiesnw.com JosephRHill

    Hi Katrina, great list. If we are including 100% solds I would have added VEER in SLU w 100 units and all sold to the mix, and perhaps 5th & Madison, with 124? And all sold as well. Gallery? Brix? In any case there is really just a small handful of options available for newer construction condo buyers, and that will dwindle down to next to nothing by the end of is year except for some high end options at escala and four seasons…

  • katrina

    Thanks for the suggestions Joseph – will definitely add them next time. Looks like Gallery is 90% sold according to their website, not sure about the status of Brix or 5th and Madison? Anyone know?

    And VEER sold out in Dec 2010, so probably should be listed.

  • http://twitter.com/mattgoyer mattgoyer

    Brix is sold out. I don’t think 5th and Madison is.  

  • http://www.imaginepropertiesnw.com JosephRHill

    5 & Madison did sell out, kenedy Wilson conducted an auction on the last 19 units last summer. There might be a penthouse shell that never sold though… I would jump on the built out penthouse resale with the 200k in AV upgrades between the two though!

  • alice debraxx

    *Last known numbers for Escala and Danielle, not verified by JLS Teambuilder but hopefully close :) hairmax