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New Construction Update: ~133 Condos Left

By December 12, 2012

Market Report

As we prepare for 2013 we thought it’d be interesting to touch base on what new construction is left. Seems like about 133 units by our count.

Still Selling

Escala — 80% Sold
269 Total Units, 214 Closed (83 this year), 12 Pending, 43 Available
Notes: Price increases planned for 2013? Yes, as the remaining inventory continues to decrease, along with strong demand for our homes, we anticipate further price increases.

Fifteen Twenty-One Second Avenue — 97% Sold
143 Total Units, 139 Closed (23 this year), 4 Available (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 – 0% Sold
21 Total Units, 9 Units in phase 1, 0 Sold
Notes: Now Pre-Selling for late 2013 delivery, Price Ranges – From $1.3 million. Developer prepared to break ground by early 2013 – equity / debt financing secured – could be the first substantial new construction community to delivery in next development cycle.

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

Four Seasons Private Residences — 69% Sold
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.

Hjarta — 94% Sold
79 Total Units, 74 Closed, 3 Available, 2 Off Market

The Lakeside – 67% Sold
6 Total Units, 4 Sold, 2 Available
Notes: From $995,000. Only new condominiums on Lake Washington between I-90 and SR-520 in past decade.

Olive 8 — 93% Sold
229 Total Units, 15 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 – 51% Sold
94 Total Units, 48 Closed/Pending, 46 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.

Coming in 2014

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

Sold Out / Off Market

These developments sold out since the last time we check in on this, which was in April.

Art Stable
7 Total Units

The Danielle
31 Total Units, 26 Closed
Notes: no longer selling. 5 units are being rented but may be sold in 2013

The Decatur
146 Total Units. Closed the last unit October 9th. So in 12 months they sold 24 units, all one bedroom except for one two bedroom unit.

Eleven Eleven East Pike
27 Total Units. Last two homes taken off market and leased up as market is improving

Harvard and Highland
38 Total Units, 38 Closed
Note: Averaged a sale per month since New Year until sold out

132 Total Units, 132 Closed

The Sanctuary
12 Total Unit
Notes: Multiple offers on final home

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 [email protected] I will correct it and update the post.

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I’m a real estate broker and the publisher of Urbnlivn. I love lofts, floating homes, new construction and mid-century moderns but will help you buy or sell just about anything.

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