A 25 on the Park townhouse just closed for $439,000. That means the 880-sq ft home facing Cal Anderson Park fetched $500/sq ft. It’s interesting to see that kind of valuation…again.
While the 500-mark is still below some of the eye-popping numbers we saw at the height of the Seattle housing boom in 2007, it is not too far off. It surely speaks to the price recovery, however slow, from the bust in 2008, the same downturn that forced the 25 on the Park into foreclosure midway through construction because the developer couldn’t pay its bills.
The buyer of 1816 11th Ave Unit B definitely got one of the best homes at the 25 on the Park. It’s located right out front on 11th, which affords a grand view of Cal Anderson Park and it’s not trapped in the middle of the complex where homes are surrounded by other units.
While I would have been happy to get $500/sq ft, the seller was looking for more. They listed the unit for $527/sq ft or $464,000. Interestingly, a few doors down, a townhouse from Phase 1 of this project sold a few months ago for $417/sq ft. That unit is bigger but doesn’t have the same bank of windows looking out onto the park. What do you think the latest sale price says about the Capitol Hill market? Was it driven by demand or a lack of supply? I would go with the latter.