Eastside new construction update – April 2021: sales speeding up with new projects are on the horizon
The last few weeks have had some big announcements for new construction projects on the Eastside. In addition, several of the current developments are reporting a solid month of sales and are feeling like it’s only picking up from here.
Mira Flats: There are 12 units remaining for sale and last month they announced major discounts to move the remaining condos. The sales team has 15 tours booked this weekend and are feeling pretty good about getting these units sold. Two and three bedroom units remain starting at $779k.
Jade Residences: The Totem Lake condo building in Kirkland is about 60% sold at the moment. The sales team put 9 units under contract in the last month. They still have a mix of one bedroom and two bedroom units, although the 1 bedroom units on the lower floors and the 2 bedroom units on the top floor are sold out. Condos start at $429,990.
Avenue Bellevue: Avenue Residences and Avenue Estates are reporting that they’ve sold about 30% of all units across both buildings. They’ve had three sales in the last month and 15 year-to-date.
Upcoming projects: For future new construction, there were a number of announcements for the Eastside. We have Marc Stiles at Puget Sound Business Journal to thank for his hard work tracking these down!
- Kemper Development Co. has submitted plans for The Bellevue, a four-tower complex that will include 234 residential units and a 157-room hotel, expected to open in 2023
- Alliance Residential Co. closed a $35.5m acquisition on Main St in downtown Bellevue for two mid-rise multi-family developments named Holden
- DR Horton scooped up 32 acres in Woodinville and are planning to build 87 townhomes and seven single-family homes
These projects are welcome news amidst rising Eastside home prices, vaccine eligibility opening up to all Washingtonians, and major tech firms like Google, Amazon, and Microsoft getting ready to re-open their offices. To keep an eye on all the new construction projects on the Eastside and in Seattle, check out our New Construction Pipeline.