Seattle New Construction Update: 62 Units Left
Last we checked in March there was 97 new construction condos for sale. Checking today we’re down to 68 new construction condos left on the market (a search of Redfin shows 35 new construction condos for sale). Note that we didn’t receive updates for two projects so there are likely more sold than that.
Million dollar question: when will we see the first apartment conversion?
Still Selling
Escala — 88% Sold
269 Total Units, 238 Closed, 5 Pending, 25 Available
Notes from the sales team: We have closed on one of the two commercial/retail units at street level. It was purchased by Roche Bobois and will be there new Seattle store location. We are very close to a deal on the remaining retail space as well as a couple of our remaining PH homes.
Fifteen Twenty-One Second Avenue — 97% Sold
143 Total Units, 142 Closed, 1 available
The Residences at Fairview – 5% Sold
21 Total Units, 9 units in phase 1, 1 Sold at Presale, 8 Available
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: Still waiting on an update from the sales team. These numbers are from April but I don’t see any recent sales.
Pontedera – 82% Sold
94 Total Units, 77 Closed, 4 Pending, 16 Available
Notes from sales team: 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
Olive 8
229 Total Units, 1 off the market
Notes: Developer pulled the last unit available from the market and is holding on to it.
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 construction 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 [email protected]. I will correct it and update the post.
