Seattle Condo Market – 2016 in Review

Seattle CondoThe Seattle condo market can vary greatly depending on the neighborhood.  While there are condos in most Seattle neighborhoods, the biggest concentration is obviously is in Downtown Seattle.  The Downtown Seattle condo market saw increases in 2016 from 2015.  The average Downtown Seattle condo sales price was up ($781,310 vs $667,959), price per square foot was up ($702 vs $626), and the days on market was less (29 vs 39 days).  So Downtown Seattle condos sold faster and for more money.  In addition, more of these Seattle condos sold in 2016 (934) than in 2015 (790).  While the numbers improved, sales in both years were dominated by the Insignia project on 5th and Battery.  In 2015, there were 299 Insignia sales and in 2016 it accounted for 406 sales.  Insignia has been the exception, not the rule.  It is the only major downtown condo project in the last couple years, mainly because of the risk of lawsuits condo builders face and because the Seattle rental market has improved, making apartments the preferred choice for developers.  With limited new condo inventory and the improved overall Seattle real estate market, Seattle condos have seen increased in their prices.

The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 Washington State counties) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year. For the 23 counties, the median sales price increased 8.9 percent from $310,000 in 2015 to $337,500 in 2016. Condos, which make up a smaller share of the market, were up 12.6% while single family homes increased 8.7%.

The luxury real estate market was strong in 2016, with over 3,251 home sales over $ 1 million compared to 2,676 in 2015: over a 21 percent increase. The number of condos over $500,000 also increased with 1,711 sold in 2016 versus 1,459 half-million dollar sales in 2015: also over a 21 percent increase.

2017 seems to be taking over where 2016 left off.  As always, to maneuver the Seattle condo market, reach out to your local real estate broker to navigating the Seattle real estate market.

These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.

April Condo Recap: Condo Market Looking Hot

The Condo Market is very hot right now.  We are seeing condos go on the market and if priced right they are receiving offers within days.  Well maintained buildings with a healthy reserve fund have received top dollar for their units in the past month. condo pic

The most sales for 2014 occurred with prices in the $200-300 range but the $300-400 range is a very close 2nd!  The average list price for the past 3 months is around $355,000.

With May just getting underway, the Magnolia and Queen Anne neighborhoods already have a combined 79 units that have gone on the market.  The Downtown and Belltown areas have a combined 122 listings so far for the month of May.

There are 8 units that have closed already in Belltown & Downtown, and there are 6 listings that have already closed in the Magnolia/Queen Anne Neighborhood.  So there are still plenty of units to view but be quick as they are selling fast! If you’re interested in learning more about the Seattle condo market, feel free to contact me at anytime.

Seattle Condo Market Real Estate Recap 2014

Downtown Condo Market is off to a good start in 2014.  There were 41 active listings in January and that has increased to 43 for February.  There have been 26 listings that have sold, and February was a better month in terms of sales with 19 units closing versus 6 in January.  So far there is 1 unit sold for March. 98 union front

Belltown is a booming neighborhood with slightly more listings in 2014 than the Downtown corridor.  There were 46 listings in January and 52 in February.  There were 12 sales in January and 14 in February so even though there were slightly more listings in this area, the same number of units as Downtown were sold.  March is off to a better start with 4 units sold thus far.

Heading a bit North to Queen Anne there were 56 listings in January and 52 in February.  Of those listings, 17 sold in January and 16 in February.  Currently there are 48 units on the market to start the month of March. In the smaller neighborhood of Magnolia, January was off to a slow start with only 2 condo listings.  February increased to 7 active listings and March currently has 6 active condo listings.  There was 1 unit that sold in January and 2 in February.

For more information on buying or selling a condo or in regards to Condominium Association Management please contact  me today!

Bosa Starting Construction Soon On 2 Condo Towers

Seattle Condos

Photo courtesy of the Daily Journal of Commerce

Bosa Development Corp is planning on beginning the first construction phase of a gigantic condo project within the next two weeks. There will be two 41-story, 335 unit condo towers in the Denny Triangle Regade, just a block or so away from where Amazon plans to build three office towers. According to the Daily Journal of Commerce Bosa’s president Natale Bosa said “construction will be done in two phases on a  full block site between Battery and Bell streets and Fifth and Sixths avenues.”

The construction plans include 36,000 sf of retail space below the two towers, a swimming pool, lounge area and exercise room, and 900 parking stalls. The project will cost roughly $350-$400 million, and the first tower is scheduled to open at the end of 2014. If the market turns around, and the first tower fills, the second tower will begin. The is the first condo development to be built downtown in five years! For more information, visit the Seattle Times.

Four Seasons Glass Panels Fall

After several incidents of falling glass panes, a general contractor for the Four Seasons Hotel and Private Residences building in downtown Seattle is removing the remaining pieces of glass that line the residence balconies. On Sunday, the piece fell onto a glass awning over the sidewalk. The awning cracked but didn’t break, and no one was harmed. There are 300 glass panels in the building that will be removed. In the meantime, the building’s owners will work on a new railing concept for the residence balconies. For more information, see the full Seattle Times article.

Four Seasons Private Residences Restructures Debt

Seattle CondosThe Four Seasons Hotel and Private Residences located in Downtown Seattle was facing financial troubles after having nearly $34 million in construction liens, defaulting in 2009.  These troubles were much in part due to slow sales when the Seattle real estate market was beginning to fall apart.  The building opened in 2008 with 36 residences, which range in price from $2-$10 million.  According to a Seattle Times article published today, the owners of the building, Seattle Hotel Group LLC, have dug themselves out of this hole with financial restructuring.   Last week, the Seattle Hotel Group received a loan for $26 million towards the debt, owed to Washington Real Estate Holdings.  For now, things are looking up for the ultra luxurious downtown Seattle condominiums.  There are eleven residences still for sale in the building.  Please follow the link to see one of these luxury condominiums full listing details and photos.

Gallery Condominium Auction

The Gallery Condominiums in Belltown Seattle will have a close-out auction on March 5, at the downtown Grand Hayatt.  Gallery, which was built in 2008, had its first auction in September 2009.  Only 25 units of the 233-unit building are going up for auction.  The auction will be conducted by Accelerated Marketing Partners.  The building was designed by Mithun Architects +Designers+Planners who also designed Mosler Lofts.  The Gallery’s amenities include a club house, a concierge, a game room, rooftop terrace, exercise room, and guest suites.  Available units can be seen daily from 10 a.m. to 5 p.m. and Thursday until 7 p.m.  Please visit the website for more auction information.