January 2022 Seattle new construction update

Welcome to 2022! Let’s dig into the Seattle new construction market (you can see the update on Bellevue here.)

First, let’s quickly revisit our predictions from last January:

• Seattle House and Shoresmith will start sales in the second half of the year Seattle House didn’t start selling, but Shoresmith did, and promptly pivoted to apartments (too soon in my opinion!).
• Emerald will continue closings and sales will accelerate as prospective buyers can now tour the completed building in person Emerald started closings in early 2021 and is now 50% sold + pending
• Spire will start closings in Q2 or Q3 and sales will also accelerate as buyers can tour Spire sales definitely picked up at the beginning of this year and they’re now 40% sold + pending and have raised prices.
• Edison, Mira and Wallingford45 should finally sell out These projects sold out!
• Several projects will switch sales and marketing teams hoping a fresh start will drive more sales Spire pivoted to a new team.

In other 2021 news:

• Encore converted to apartments after failing to convert enough presales to purchase and sale and/or sign up new buyers (they definitely had a bad unit mix (too many studios)).
• The Goodwin, an apartment converting to condos, started pre-sales

So where does 2021 leave us? In hindsight, the time to get the best pricing on a new condo was at the end of 2020 or early 2021. However, it isn’t too late to buy now, all of the new projects have a lot of inventory left to pick from, but in some cases you may find stacks of popular units sold out. I expect that many projects will increase pricing as they sell.

If you’re looking to move in now, the buildings to consider are:

• Emerald in Belltown (50% sold, starting at $444,000)
• Gridiron in Pioneer Square (72% sold, starting at $391,000)
• Nexus in Denny Triangle (87% sold, starting at $549,900 – recently put 7 under contract in 10 days)
• The Pinnacle in Alki (72% sold, starting at $1,798,000)
• Koda in the ID (42% sold, starting at $349,950)
• Spire in Belltown (40% sold, starting at $598,000)

If you’re looking to move this year consider:

• The Goodwin in Belltown (??% sold – 4 in the last 3 weeks)
• Infinity Shore Club: (25% sold – 9 pending in 90 days)

If you’re not in a rush, the Graystone will be the next highrise condo to complete and should be done by 2023. First Light is likely later in 2023 or 2024.

What will 2022 bring?

• Nexus will sell out half way through the year
• Emerald, Spire, Koda and Gridiron will all still have units to sell by the end of the year
• Seattle House starts selling
• A new highrise or two announces for 2024
• A couple neighborhood boutique buildings announce

You can see all the projects selling and under construction on our new construction pipeline page.