Seattle New Construction Update: ~97 Left

Last we checked in December there was 133 condos for sale. Checking today we’ve sold about 20 in two and a half months leaving about 110 new construction condos left on the market (a search of Redfin shows 51 new construction condos for sale). Note that we didn’t receive updates for a few projects so there are likely more sold than that.

Million dollar question: when will we see the first apartment conversion?

Still Selling

Escala — 83% Sold
269 Total Units, 223 Closed, 12 Pending (including a PH listed at $6.99M), 34 Available
Notes: Sold one of the two retail spaces at Escala. 8 sold in Feb. Prices are heading up briskly.

Fifteen Twenty-One Second Avenue — 97% Sold
143 Total Units, 139 Closed, 4 available with offers going back and forth on 2 (From $1,565,000 to $1,765,000)
Notes: Building prices have averaged $1.7 million or $895 per sq. ft. and commanded approx. 50% of market share for $1M+ condos since delivery in 2009.

The Residences at Fairview – 5% Sold
21 Total Units, 9 units in phase 1, 1 Sold at Presale, 8 Available
Notes: Breaking ground in March, now Pre-Selling for late 2013 delivery, Price Ranges – From $1.3 million.

Fifth and Madison – 99% Sold
126 Total Units, 1 Remaining
Notes: Unit #2304.

Four Seasons Private Residences — 69% Sold Not yet updated
36 Total Units, 25 Closed, 0 Pending, 11 Available
Notes: Numbers unchanged since April. Several buyers in the process of writing offers at this time.

The Lakeside – 50% Sold
6 Total Units, 3 Sold, 3 Available
Notes: From $995,000. Only new condominiums on Lake Washington between I-90 and SR-520 in past decade.

Olive 8 — 97% Sold
229 Total Units, 6 Available
Notes: One bedrooms from low $500,000s and two bedrooms from low $800,000s (one sub-penthouse available at $2.25 million). Sold five homes last week with an average list price of $987,000

Pontedera – 53% Sold
94 Total Units, 50 Closed, 11 Pending, 33 Available
Notes: Both FHA and Fannie Mae approved. 12 year property tax reduction program for qualified buyers and special financing twith interest rates as low as 2.5% (3.42%APR) on a 30-year fixed rate mortgage and $0 down.

Sold Out

Hjarta — 100% Sold
79 Total Units, 75 Closed, 3 pending, 1 held back by the developer

Coming in 2014

Insignia Towers
643 Total Units
Notes: The project has broken ground.

Things you should know:

  • The numbers only include inventory of new sales in these buildings, some may very well have resales on the market that aren’t reflected.
  • When I didn’t get a pending number I calculated closed sales as Total-Available
  • % Sold = Closed/Total
  • If I made a mistake or forgot something, drop me a line at matt@mattgoyer.com. I will correct it and update the post.

Charts!

Dean over at Realogics sent us this nice chart showing new construction inventory over the years:

image002

Dean has more analysis on the new construction situation on his blog, Condo Supply In Downtown Seattle Viewed As “Historically Low”; Prices Rise:

Research prepared by Realogics Sotheby’s International Realty (RSIR) suggests current availability of new and resale condominiums in the center city is at its lowest supply level in more than a decade. Just 120 units remain for sale today compared with an estimated 2,500 units that were actively being marketed during the inventory peak in early 2008.

Update: Added current numbers for Hjarta (sold out) and Pontedera.

About Matt Goyer

I love condos, lofts, floating homes, new construction and mid-century moderns so much so that since starting this blog in 2006 I've written over 2,000 blog posts about them!

For years I resisted becoming a real estate agent preferring to be a marketing executive at Redfin but after leaving Redfin (after seven years!) I caved in the spring of 2014 and became a broker. So if you need help finding that "Urbnlivn-style" place or selling your home email me at matt@urbnlivn.com, I'd be happy to help you.

Prior to Urbnlivn and Redfin, I worked at Microsoft after graduating from the University of Waterloo with a Bachelor of Mathematics with a major in computer science.

You can also find me on Twitter, @MattGoyer, or LinkedIn.