56-Unit Condo Building Coming to Eastlake, Starting at $250k
Wow, the PSBJ, broke quite the news this morning, those two lots on Franklin that combined, sold for nearly $4m off-market will be tiny 250 square foot condos.
Marc Stiles reports, New close-in condos in Seattle for $250,000? Here’s the plan.
They’ll be small, averaging just 250 square feet, plus a sleeping loft. But priced in the mid-$200,000s, the condominiums in the Eastlake neighborhood will be the most affordably priced new condos in Seattle.
Build Urban, a Seattle developer/builder, is planning the three-story project, plus basement, with 56 small efficiency dwelling units. It will be one of the first for-sale SEDU projects in Seattle this cycle, according to Build Urban, which started in 2009 building townhouses and has gone on to do for-rent and now for-sale micro-housing projects.
We saw the off-market sale of 2328-2334 Franklin Ave. E to Build Urban and figured like nearly every other project in Eastlake that they’d be townhomes, but we were wrong.
Exciting, as always, to see more condo development. But it’ll be interesting to see how much appetite there will be for 250 square foot condos. We had several clients considering smaller units at Nexus but most had a hard time wrapping their head around the tiny size without being able to experience it in person. But they could be a good fit for a pied-a-terre, or as student housing paid for by parents, or just for folks who need less space.
I’m also sure the neighborhood’s online community Eastlake Social Club will be up-in-arms about the addition of so many units without parking but from our experience most millennial buyers don’t have cars and don’t aspire to own one. With Eastlake on a major transit route, it is quite easy to be carless here.