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August 2014
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October 2014

September 2014

Daola Seattle Will be Condos & a Hotel Located at Stewart and Minor

What was once known, in 2007, as the Stewart and Minor condo project, is now Daola Seattle. Current plans dictate that it will be a 42 story hotel and condominium tower with the hotel on the lower floors, the condos above and a restaurant, bar and spa in the building. Early reports are saying there will be 78 hotel rooms on floors 3 through 7 and then 95 condos above.

Daola, which means “you have arrived”, will be an independent hotel and will be the first in the US though they have several locations in China, where the owner, RBF Property Group, is headquartered.

The plan is to begin construction sometime in the 1st or 2nd quarter of 2015.


Photo courtesy of skb Architects

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

August 2014 Seattle Condo Stats

Each month we go back and take a look at condo market sales here in Seattle as reported by the MLS.

We first take a look at the whole city of Seattle to get a general overview of our area’s condo market and then we drill down by neighborhood using the MLS areas focusing on the areas that have the largest concentration of condos here in our city.  Those areas we track are:

  • Capitol Hill/Central/Madison Valley (area 390)
  • Queen Anne and Magnolia (area 700)
  • Downtown/Belltown/SLU (area 701)
  • Ballard/Fremont (area 705)

We then use this data and information to make forecasts to help buyers and sellers make decisions on their real estate needs.
SCR Market Chart (Aug 2014)_Page_1

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Insignia Seattle is 50% Sold in the South Tower

The south tower of the Insignia condominium project in Belltown is now officially over 50% sold. With 350 units, that means they have around 175 units in contract.

As for the construction of the 41 story tower, it has topped out on the south tower and the north tower is now coming up. The south tower should be ready to start closing in spring of 2015.

For hard hat tours, once you have signed a reservation you will be allowed into the building for a hard hat tour so you can see the space in person.

View of Insignia from Above
Photo courtesy of Insignia Seattle

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

Uniquely Large Condo Option in Downtown Seattle

When people think about downsizing from a home to a condo, they often just want to downsize the amount of maintenance needed not necessarily the size. And others aren’t looking to downsize at all but are looking to “move-up” into a larger condo and want 3rd bedroom and/or more space to spread out in. But large footprint condos can be hard to find.

Today we looked at a condo in Downtown Seattle that fit the bill. A combination of 2 units, this home at Waterfront Place is a large 2,857 square feet with 3 bedrooms and 3 bathrooms plus a den space off of the master suite. With several terraces, 2 parking spaces and views, this condo felt unique enough to mention here on SCR for those looking for larger footprint condo spaces. It is listed for $1,725,000. Other than this condo, there is only one other condo available for sale over 2500sf with 3 bedrooms and that unit is in the Four Seasons and is listed for $3.68 million.

Waterfront Place Waterfront Place 2
Waterfront Place 3 Waterfront Place 4
Waterfront Place 6 Waterfront Place 5
Listing and photos courtesy of Erica Clibborn of Windermere

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

Love the Hawks? Want to Live Near the Stadium?

Do you love the Seattle Seahawks so much that you want to live within a half mile of the stadium?

If so, here are the 6 options currently available to pick from:

The Floretine #510  |  $479,900  |  1 bed, 1.75 baths  |  1,437 sf
Florentine 510

The Lofts #3B  |  $522,500  |  1 bed, 1.5 baths  |  1,451 sf
Lofts 3B

The Florentine #504  |  $535,000  |  1 bed, 1.75 baths  |  1,433 sf
Florentine 504

The Lofts #3A  |  $549,000  |  1 bed, 1.75 baths  |  1,629 sf
Lofts 3A

Merrill Place #401  |  $595,000  |  2 beds, 1.5 baths  |  1,240 sf
Merrill Place 401

The Lofts #5D  |  $1,150,000  |  2 beds, 2.25 baths  |  2,624 sf
Lofts 5D

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

July 2014 Seattle Condo Stats

The MLS recently released its July stats for Seattle condo sales.  As with all our market updates, first we look at Seattle as a whole from both a month-over-month comparison to previous months, as well as a year-over-year comparison.  Then we break it down by the MLS area, focusing on our larger condo populated neighborhoods for a more specific look at what is going on in a particular neighborhood of interest based on a year-over-year comparison to see where things are compared to the same time last year.

July saw the total number of condo sales in Seattle increase to 256 sales, which was 5% over June and 7% over May.  The year over year number of sales in Seattle, as a whole, for July was also 6% over last year at the same time.

This trend seems to be fairly consistent within the urban core neighborhoods in this report.  From a pricing stand point, we did see median sales prices come in higher than the same period from last year in all the areas, except for area 390 which includes Capitol Hill. It’s medial price for July was $282,000, which is 6% below July of last year. This dip might be making up lost ground though because Capitol Hill was showing increases over last year’s numbers earlier this spring and summer, so this might just be a temporary slowdown on price increases. 

We also saw a decrease in the number of new listings coming to the market in all of the MLS areas in this report except for Downtown/Belltown (area 701). Some of the increase in this area  can be accredited to Insignia Towers’ new construction community as they have brought many new listings to market. And those new pending and active sales count towards the total of listings coming to the market.  Insignia posted 24 new listings total in July, of which 13 of those went straight to pending.     

We’ll see what happens to the number of listings and prices after Labor Day, where we usually see a bit of bump in activity and sales in our condo market once buyers, sellers and brokers are done with summer vacations and travels.

SCR Market Chart (July 2014)_Page_1
SCR Market Chart (July 2014)_Page_2

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