Worth $1,000+ Per Square Foot?

The northeast penthouse unit at The Cosmopolitan just hit the market for $1.8 million. Two things about that list price caught my eye: It’s higher than the June, 2007 sale price and the price per square foot is $1,029. It will be interesting to see how the market responds.

11-foot ceilings at 819 Virginia St #3403

Gourmet kitchen

Sure the 11-foot ceilings, the gourmet kitchen and its top floor, corner location make this a sweet pad. And at 1,750 sq. ft, it is a spacious two bedroom condo. But to ask for more than what the unit fetched in June 2007 ($1.746 million) when the market was at its peak?

One of the penthouse’s top selling points is a wonderful view of Lake Union from the bedrooms. But the view from the 34th floor would likely change if the Seattle City Council approves new zoning for buildings up to 40 stories tall  in the South Lake Union neighborhood. The vote is expected later this year.

Current view from the 34th floor as you look north toward Lake Union.

Half a mile away, this penthouse at the Meridian on First Hill, which is bigger, has a sweeter view and better layout, listed for $2.15 million ($982/sq. ft.) last year. It sat for months at that price before it was delisted. It came back on the market in February at $1.988 million ($908/sq. ft.) and it is still sitting.

Back at the unit at The Cosmopolitan, here’s hoping the sellers have better luck. The central location is great, especially with all of the development in SLU and more on the way in the Denny Triangle. But, my money is on a price drop before this unit sells. In the meantime, here are a few more images.

Living room

Bathroom