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Seattle Not Immune, But 1521 Is?

By February 22, 2011


According to a recent article in the NY Times, Seattle is officially not immune to the real estate market downturn. However, the NY Times forgot to check in with Fifteen Twenty-one Second Avenue.

Yes, this might be a time when potential buyers are nervous about purchasing properties that could still lose value, and existing homeowners worry over maintaining value; however, 1521 is achieving positive sales numbers so far in 2011.

In a Feb 16 press release (PDF), Opus announced that 1521 has seen an uptick in sales and daily tour traffic in the past couple months, with more sales expected in February. In case you haven’t been watching, this luxury condominium is sticking by their pricing guns, keeping their $1M+ pricing, and still managing to close sales on the remaining 25% of their inventory. And they’re not shy about why – queue press release – because “Design Matters”.

On Redfin, it shows that recent 1521 sales include:

  • #1700 – 2br/1.75b, 1824 sq ft sold for $1.5M
  • #2900 – 2br/1.75b, 1824 sq ft sold for $2M

And, word on the street is that recently resold units #703 and #1102 saw healthy gains from their original purchase price. One lucky owner even traded in #2904 (bought for $1.831M) for #3304 (purchased for just under $3.2M).