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This Week's High and Low and Everything in Between

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for the week of May 25th through the 31st.

The High:

#1803 at Fifteen Twenty-One – 1521 2nd Ave in Downtown Seattle
High 5.25.15

  • List Price: $2,125,000
  • Sold Price: $2,075,000
  • 2bd 1.75ba
  • 1,650 square feet
  • Price/Sq Ft: $1,257.58
  • Built 2008
  • Days on market: 135

The Low:

#A302 at Seventy-O-One - 7001 Sand Point Way NE in Sand Point
Low 5.25.15

  • List Price: $165,000
  • Sold Price: $173,800
  • 1bd 1ba
  • 702 square feet
  • Price/Sq Ft: $247.58
  • Built 1970
  • Days on Market: 1

Everything in between:

  • 58 condos sold in Seattle
  • Average List Price: $433,263
  • Average Sold Price: $435,690
  • Average Square Footage: 931
  • Average Price/Sq Ft: $455.45
  • Average Days on Market: 24

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


Salt Condominiums will Now be Apartments

Salt
According to an article just posted by Matt at urbnlivn, Salt Condominiums will now be built as apartments.

Salt was intended to be a boutique condo building with just 38 units sitting in the heart of Ballard. The reason? Rising construction costs. With the construction around Seattle hitting a peak, construction costs are skyrocketing. And after seeing the plethora of condo building lawsuits between Home Owner Associations and the Builders of those condos in the last few years, construction companies are charging a premium to build condos based on the probability of lawsuits in the future, that premium doesn't get tacked on to build apartments. So that leads to the birth of Salt Apartments and the death of Salt Condos.

Following in the footsteps of Rollin Street, Equinox and many others during the recession, we are seeing our first condo to apartment use switch since the market rebounded. Instead of changing uses due to lack of demand as was the previous reason, as demand is something Seattle actually has a lot of right now, it is due to the rising costs to build. We knew that construction financing for building condos has been tight and tough to get for years preventing a glut of condo buildings from being built in the first place and leading to a lot more apartments under construction around the city. But I am not sure that we expected projects to be announced as condos and have to switch uses mid stream due to rising costs. It is an interesting development.

Thank you Matt for the heads up on this news.

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


Update on Tower to be Built to East of Escala

46 Story Tower on 5th AveAs we reported back in January, two new 50 story towers were planned for 5th Ave for the northwest corner of 5th Ave and Stewart and one on the southwest corner of 5th Ave and Virginia.

Today, PSBJ reported that the lot on the SW corner has been sold. The company now plans to scale back the size slightly, from 50 stories to 46 stories. The plan is to build a hotel and residential tower with 395 residential units and 151 hotel rooms. The building will replace the Icon Grill, which has been operating in that location for 17 years.  So not much in terms of updated news here, just a few more details to share. Still no word on whether the residential units will be apartments or condos.

As a recap, the other building on the block, Altitude Sky Tower, will also contain a mix of hotel rooms and residential units but will have both condos and apartments in the residential mix.

Both buildings will impact the views and outlooks in those units in Escala on the east side and potentially those on the south side as well.

Rendering courtesy of Perkins + Will

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