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June 2013

Seattle Condo Inventory Starts to Come Back

Finally, inventory in the Seattle condo market moved up to match demand in May 2013!

We saw a nice boost for listings (from 379 in April to 470 in May).   

This combination of boosted supply and fairly flat demand resulted in a slight dip in median prices by 10% overall with Downtown/Belltown taking a particularly large hit in median prices (from $427k to $365k) while Queen Anne/Magnolia median prices have been steady at $300k for the last few months.

Overall, we're probably not in the no-brainer sellers market anymore.  Seems like we're headed to a more balanced market where buyers will have some leverage given the increase in choices though sellers aren't powerless since even with the bump in listings, there are still 20% fewer listings than the same time last year. 

 

Seattle Condo Sales MOM

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$25M Condo in Vancouver Sets New Records

Someone to our North is living large.  

A 6,500 square foot, 2-story condo in Vancouver recently sold for $25M setting a new record for the city. The unit is perched on top of the Fairmont Pacific Rim hotel and includes a gym, pool, and rooftop deck not to mention four bathrooms and 3 bedrooms.  

8478941

8478944

Feel free to check out the original article here from the Vancouver Sun.  That's amore.

 

By Wendy Leung with Seattle Condo Review: A guide to Seattle downtown condos.


Mosler Lofts Litigation Update

Exterior from NW cornerMosler Lofts in Belltown has reached a settlement with their developer and are now out of the litigation process. 

According to correspondence from the HOA to the owners, a settlement has been reached for just under $8.5 million. The HOA will use those monies to proceed with repairs and to resolve construction defects. As for when the repairs will begin, we are not privy to that and the HOA likely has not put a schedule in place yet as the settlement was reached only late last week.

Hopefully this settlement will allow for more financing options for buyers and those refinancing in the building. It might also bring a windfall of new listings within the building as many owners have likely been waiting for this resolution to allow them to more easily sell.

Recently the 2200 Condo Association, in South Lake Union, also reached a large settlement with their developer.  I'm hoping between these two condo communities we might see some additional options coming on the market shortly to help buyers who are frustrated by the lack of inventory currently in the downtown condo market.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Condo Review - Brix Condominiums in Capitol Hill

The Brix in Capitol Hill
530 Broadway E, Seattle
1

Brix is one of the last new construction condos built in Capitol Hill and sits on the north end of Broadway in the heart of the action. The side of the building facing 10th has a more loft feel with 2 story units on the main level and a brick fa├žade. The side facing Broadway has the more typical vibe for a condo building and has main level retail. The units are modern and slightly industrial in feel.

The stats:

  • 142 units
  • 6 stories
  • Built in 2008
  • Open 1 bedrooms, 1 bedrooms and 2 bedrooms
  • Range in size from 499 to 1418 square feet
  • All have 1 or 2 parking spaces and all have a storage unit
  • 1st floor units facing 10th Ave are two level loft style units
  • 4 units have sold in the last year ranging in price from $300,000 to $511,000
  • There are 2 active and 1 pending listing currently on the market at the time of this post
  • HOA dues include: water, sewer, garbage, natural gas for cooktops, central hot water, master insurance policy, earthquake insurance

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