In light of our recent blog post about Developer InHaus calling it quits on Solo Lofts condo project in Ballard along with a recent report that a Canadian developer might go with condos on their new proposed 1,200 unit project in South Lake Union, I thought it might be a good time to pause and review the presale condo market. In specific, I want to examine the options that exist for new construction and the performance of those projects as they compare to the resale inventory downtown. I love to share stats and numbers and often I like to share other people’s numbers as well so that you don’t always hear the same thing from me. A different perspective is helpful, I feel.
According to the December Trend Sheet report from the Mark Company, the sales and marketing firm representing Insignia Condos, reflecting on the Downtown Seattle Market for new construction, it appears their Condominium Pricing Index for new construction is showing the index up 17% over last year at $835/sq ft. Additionally, of the 4 actively selling new construction developments in the downtown area, there are 348 new construction units available at this time. While this may sound like a lot, it only represents 34% of the total unit count of 1,009 condo units either built or under construction downtown in these four projects. That means 66% of the new construction inventory is already spoken for downtown Seattle.