According to the Seattle Condo Blog, Seattle Condo market showed robust activity through the first quarter of 2012 (January – March). Compared to first quarter 2011, closed condo sales increased 9.2% to 404 units. In different neighborhoods, “South and Northeast Seattle reflected highest increase in closed sales, doubling the number of units sold. Queen Anne / Magnolia and the downtown area realized fewer sales in the quarter compared to last year. South Seattle was the only area in the city that exhibited improvement in the median sales price, while Queen Anne / Magnolia had the largest decline. The blog also pointed out that the market has changed significantly over the past 2 months and the initial numbers for April sales are showing a great deal of improvement comparing to the first quarter.
Like Seattle, condominiums in downtown Bellevue also suggested rather positive sales trend the first quarter as well. Here is some statistics for the three remaining new construction condominiums in downtown.
” 1. Bellevue Towers
Sales Activity 2012: 55
Total Sales %: 58% Sold
2. One Main Street
Sales Activity 2012: 6
Total Sales %: 96% with 5 homes remaining
3. Washington Square
Sales Activity 2012: 55
Total Sales %: 58% sold.
According to the New York Times, Amazon has single handedly driven down the vacancy rate in the area by 12.4%. Along with driving down vacancy, Amazon has sparked new found interest in further developing the South Lake Union Area. The development has caught the eye of Grey Star Real Estate Partners and preliminary paperwork has been filed for the construction of a 7-story, 290-unit apartment complex directly across the street from Amazon’s headquarters.
Jeff Reynolds of Urban Condo Spaces has reported that the first quarter of 2012 will be quite impressive in terms of Seattle condo sales. He also predicts that the market could be moving in favor of sellers with more and more condos available under the $400,000 price point. Check out his article to find out more about the predicted upward trends and the Cristalla condos’ gold medal-worthy sales.
Amazon is once again expanding its footprint around the South Lake Union neighborhood. According to a report from the Seattle Times, Amazon.com will be purchasing 3 blocks of commercial property in the Denny Triangle from Clise Properties.
The company’s impact on downtown Seattle is evident in the vast array of new shops, restaurants, and entertainment available in South Lake Union. Plans for the Denny Triangle space include three separate office towers with 1 million square feet of office space each. If built, the three buildings would contain nearly twice as much office space as the Columbia Center, Seattle’s tallest building. The move would double Amazon’s presence in South Lake Union, creating a likely increase in pressure for rentals and homes for sale in the area.
The residence at Four Seasons in Downtown Seattle has brought 11 of their units back up for grabs. The price tags on these units are showing drastically lower numbers as compared to the last time they were on the market. The Four Seasons has a total of 12 condos available ranging from $1,475,000 to $7,155,000 (1,170-4,488 sq. ft.).
The strong negative correlation between the home price and the sales volume has been made very apparent in King County this past year. According to Eric Pyrne of the Seattle Times, “home buyers purchased nearly 2,000 more houses and condos in King County last year than in 2010…for 24 million fewer dollars.”
For more facts and figures check out the full article on www.seattletimes.com
The developers of The Sanctuary (First Church of Christ – Scientist) have just finished the massive renovation turning the historic church into luxury condos. This church was built in 1906 and was designated as a historic landmark by the city of Seattle in 1977. The condos range from four to six levels and range in price from just over $500,000 to $1,100,000. Come preview the modern twist on a historic landmark this Sunday from 11:00am – 5:00pm. The Sanctuary is located at 1519 E. Denny Way, in Seattle.
Keep an eye out for a new condo development in Pioneer Square. The developers of part of CenturyLink Field’s north parking lot are unveiling the first detailed designs for their project’s first phase this week. This current parking lot on Occidental and King St. is planned to be completed in 2015 and will include 700 residential units in three different towers, 240 ft hotel and office buildings and a 900 stall parking garage. When completed, this will be the largest transit-oriented development on the West coast. For more info on the proposal, check out the North Lot Project website.
On November 10th The Escala condo highrise in downtown Seattle announced that they have sold 51% of the total 269 total units in the building. 51% is the magic number for FannieMae home mortgage program approval, which is great news if you are looking to purchase in Escala!
Here are a few of the benefits that come along with the approval:
1) Reduced Down Payments
2) Lending Options
3) Lower Interest Rates
Find out more about the big announcement in the Escala press release.