Condos Still Don’t Pencil Out
Last week we were getting our hopes up that a building proposed to be the tallest on the west coast would have 133 condos but not so fast says the PSBJ, This new Seattle skyscraper may not have condos after all:
The only big condo project under construction in the core of downtown is the two-tower Insignia project at Fifth and Bell, and while demand among buyers appears to be strong, developers remain gun shy about putting condos in their project even though sale prices are climbing. The prices evidently are not high enough for Stanford to commit now to having some condos in the Altitude project.
When new condos do come to market don’t expect them to be cheap.
Developers say they need to achieve sales of $750 to $900 a foot to make condo development worth their while.
This is all good news if you already own a condo but bad news if you’re looking to buy one.