Alex Condos: Epicenter of Belltown

Alex condos, a new condo project on 1st and Bell has announced itself with some signage on the construction site generating lots of intrigue from local folks and savvy investors who understand the value of this prime location. With only 32 units in the building, assuming it's not extremely forward priced, it's likely this one will move pretty quickly.

I'll be doing some more research in the next few weeks to find out some more details on this project.  In the meantime, feel free to comment if you've heard anything.

-About Wendy

alex seattle condos belltown condos seattle real estate

Comments

[AndyMiami]

Wendy,

just moved to Seattle (Belltown) from Miami. Looking at all the condo developments in this city reminds me of Miami two years ago. Seattle will see severe price drops, just like Miami is just beginning to experience. Seattle may not suffer as much as Miami, but there were (and still are) plenty of speculators in this market.

[Jane]

Hi Andy:

Welcome to Seattle! Interesting pov. How much were they selling condos for in Miami? I'm curious what ppsf people were asking for at the height of the speculation and what they want these days?

Also, and please don't take this the wrong way, do you think Miami economy has as much employment growth as Seattle has shown in recent years? Forgive my ignorance of your former city but I always thought of Miami as primarily a tourism-based economy (which might have had something to do with the sustainability of the real estate prices over there).

Also, take this for what it's worth but many of our friends who moved to Seattle a few years ago were also concerned about what were thought at the time to be ridiculous prices for condos (a whopping $300 per square foot for Belltown). They decided to be smart and rent till the prices came down. Needless to say, they are definitely hoping you're right since their rent keeps going up and properties in their budget keep getting smaller each year.

The one group that can't seem to get enough of Seattle is transplants from the Bay area. They seem delighted with the current pricing ;-)

[ssilvy]

I was in the room at a presentation on this project the developer (name? small local builder) made to the Belltown Council some months ago. I remember it is actually very "price-forward" meaning super expensive. With high cost of that tiny lot plus construction costs, I recall they said they had to go for ultra-high end price points to make it pencil out. Best of luck to them with so many units like that coming open way sooner (Escala etc.), further from the viaduct and away from that frankly armpitty streetcorner.

[eternal]

In regards to the armpit corner, it will be interesting to see what happens after Casa Latina leaves in 2008/2009. That in combination with a new viaduct or tunnel could provide for dramatic change.

[bck]

Does anyone know the "small local" developer of this project?

[Jerry]

Does anyone know anything more about this project? I can't find any information and they already have a crane up.