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November 2017

Group Looking for Partners to Build Condos in the Seattle Area

Crane 5An article came out in the PSBJ yesterday that we found very interesting.

According to the article, "an executive at a large real estate company says it’s time to build more condos in the Puget Sound region, and he’s willing to put the firm’s money where his mouth is."

The gist of the article is that this company, Grosvenor Americas, sees the low inventory in the Seattle area condo market as an opportunity to fill the void in the market by financing developers who might be willing to build condos instead of apartments, which 94% of residential units being built right now will be.

Apparently, this group is in talks with developers of 2 projects in Downtown and one in South Lake Union along with several on the Eastside. The goal is to finance a condo project in our region in the next 12 months.

Hopefully as a result of their efforts, we will see at least one and maybe more current projects shift from apartments to condos here in the next year.

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

Snapshot of Western Washington Real Estate Market

Windermere Real Estate's Chief Economist, Matthew Gardner, releases the Gardner Report every quarter analyzing Western Washington's real estate market by looking at both the residential and commercial/industrial markets, doing financial analysis, and looking into land use and regional economics.

WWA Gardner Report Q3 2017_Single Page_Page_4Here is a snapshot of The Gardner Report's Third Quarter 2017  analysis:

  • Economic Overview
    • Washington State economy added 79,600 new jobs over the last 12 months - a growth rate of 2.4% 
    • State unemployment rate continues to fall - it is currently at 4.6%, which is essentially full employment
    • Matthew Gardner anticipates that the Washington State economy will continue to outperform the US  due to this expansion and solid income growth

Continue reading "Snapshot of Western Washington Real Estate Market" »

Encore Sales Release Event at Nexus - Condos from Mid $500s

Nexus3NEXUS has just announced that they are having an Encore Sales Event this weekend on Saturday November 18th from 11am to 5pm, which will debut 16 newly released city suites priced from the mid-$500's. If you were one of those folks who missed out on a studio or urban one bedroom at NEXUS, this is your opportunity.

Where did these newly released units come from? Well, after analyzing market demand, the project team has reconfigured the floor plates on floors 28 to 35, in the "third cube", so that where 8 larger one-bedroom plus den condos once were, there will now be 16 smaller city suites. Each of the 8 larger one-bedrooms will now be two independent units, one a 484 square foot studio and one a 503 square foot open one bedroom. The newly released homes will be priced from the mid-$500,000s to the mid-$600,000s, a price range that was previously sold out at NEXUS.

Some details to note about the Sales Event:

  • The sales will be first-come first-serve - doors open at 11am
  • Buyers will enter into a contract and provide a 5% earnest money deposit to secure the condo they want to purchase
  • They have decided to not allow any further investor purchases for the new release of these 16 units and will be requiring all buyers to sign the purchase and sale agreement indicating they are buying as a primary residence or as a second home

Click here to see a video from the sales team just explaining the new release.

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

Tower on Shilla Site is Now Called The 8 Tower

Rendering by Caron ArchitectureThe tower we wrote about back in May, that will be constructed on the small triangle lot between 8th Ave, Bell St and Denny Way where Shilla Restaurant once operated, will now be called The 8 Tower.

According to PSBJ, the tower will also now be taller and contain more units. It will rise to 42 stories and have 312 residential units. There will be open 1 bedroom, 1 bedroom and 2 bedroom units. Only 72 parking spaces will be provided. There will be retail/commercial space on the street level. Amenities for the building will be located on the 2nd floor and on the rooftop and will include a lounge, outdoor terrace and a dog run.

It is still undecided whether or not the building will be apartments or condos. This will apparently be determined by the investors that end up signing on with the project. Stay tuned.

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

Rendering by Caron Architecture

Renderings for Civic Square Released - It is Now 61 Stories

Rendering from James K.M. Cheng ArchitectsThe Civic Square project, now a Bosa Development project, has released some preliminary renderings.

Design elements to note:

  • The tower will now be 61 stories instead of 57
  • It will have 520 residential units and 340 parking spaces
  • It will have a 2 level public plaza
  • It will have a curved profile
  • It will have 3 retail and restaurant spaces
  • It will have a fountain element
  • The plaza will have transit tunnel entrances
  • The restaurant and cafe will open up onto the plaza
  • In their preferred plan, the tower will be on the east side of the site giving maximum sun to the plaza on the west side

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

Rendering from James K.M. Cheng Architects