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 1024x535 Seattle New Construction Update: ~97 Left

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

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.