Seattle Condo Real Estate News Feed

The Shift from Building Apartments to Building Condos

The Seattle Shift from Building Apartments to Building CondosThere have been several recent announcements about new condominium buildings being constructed in Seattle. For the last few years, the only residential developments being built in Seattle were apartments, minus a few outliers like Insignia and Gridiron, but we are starting to see a flood of new condominium projects hitting the scene again.
 
Why the switch from apartments to condos? Well, we think it is due to apartment buildings not being as profitable as they once were. Major investment groups who were once willing to buy apartment buildings at high price/unit price tags are not as bullish right due to the softening of the rental market. That softening is likely due to an oversupply of apartments entering the market, around 6600 rental units are coming just to the South Lake Union neighborhood by 2019. It is now more profitable to build and sell condos. Developers are very market driven so they will make these decisions based on what is happening right now in the apartment and condo markets, but it seems to us that they don’t put onus on the future market conditions that their developments might cause. For instance, if we had built a mix of condos and apartments over the last few years perhaps we wouldn’t have an apartment building glut right now and be starved for condos, we might just have balance. Instead it appears that their decisions are reactionary, if apartments are profitable then they build a ton of apartments, flood the market, the apartment market softens, then they switch to building condos and so forth and so on. Perhaps someday we will see a balance of what is being built, helping both the rental and real estate markets stay more stable over time.

Here are some recent articles on new and upcoming condo projects around Seattle:
2nd Avenue Condos in Downtown  
South Lake Union Condos
403 13th Condos in Capitol Hill
The Neighborhood Collection Condos in Capitol Hill & Wallingford
Spire Condos in Belltown
Solis Condos on Capitol Hill
Emerald Condos in Downtown
Condos in Bellevue

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


New Condo Tower Planned for 2nd Avenue in Downtown

New Condo Tower Planned for 2nd Avenue in Downtown SeattleThe site at 1516 2nd Ave, across the street from Fifteen Twenty-One condominiums, will soon be a new condo tower. The Chromer Building on the site will be torn down and replaced by a 45 story building containing 498 condo units and ground level retail.

The Developer is Pinnacle Plus is a joint venture of Plus Investment, who is also developing condo project in South Lake Union just announced.

The website for the new tower describes the tower this way, "Designed by the award-winning HEWITT team, the project demonstrates strength, femininity, and careful place-making. At once a destination and a gateway, it will join a family of historic and new buildings which nestle around the city’s heartbeat: Pike Place Market."

This building is across the street from Fifteen Twenty-one condos and across the alley from the Fischer Studio condominium building.

Map from Google Maps


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


Condo Project Coming to South Lake Union

Condo Project Coming to South Lake Union, SeattleA new condominium building has been announced in South Lake Union. It will be a mid-rise building and will be located at 1170 Republican St, where the charming Row House Cafe is currently located.

This new building will contain 113 condominium units and should start construction in early 2019.

The developer for this new project is Plus Capital Partners, who recently sold their controlling interest in the Elev8 project n Bellevue.

Rendering from MZA Architecture.

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


403 13th Condominiums Coming Soon to Capitol Hill

403 13th is a new boutique condominium building coming soon to Capitol Hill in downtown Seattle.403 13th is a new boutique condominium building coming soon to Capitol Hill.

Though their website has very little information, it does say that this building will be a collection of studio, 1, 2 and 3 bedroom condos. The building is being constructed by BrightWork Builders, who are known for building custom and floating homes. They are indicating that the building will be move in in winter of this year 2018.

The website describes the homes as "thoughtfully crafted with a focus on maximizing space and timeless, sophisticated finishes."

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

 


The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos

Wallingford 45, Edison and Atrium are the newest condominium projects to be announced. Previously planned as apartments, these three buildings will now be condominiums and comprise the Neighborhood Collection.

A three projects are mid-rise buildings and collectively will deliver 133 condo units to the market.

Atrium is located at 750 11th Ave E, Edison is located at 121 12th Ave E and Wallingford 45 is located at 1601 N 45th St. All three buildings are nearly complete and will be ready for occupancy this fall. They are targeting prices from below $400,000 to more than $800,000 for the units, which will be studios and one bedrooms.

A preview center will open in September at 1420 E Madison St. Homes can be reserved with a price range for a $5,000 deposit. Tours inside the buildings will open up in September as well.

WALLINGFORD 45:
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EDISON:
The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos Edison7The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos

ATRIUM:
The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos
   


Spire Condominiums Renderings and Price Guidance Released

SPIRE Condominiums has released new rendering and pricing guidance.

SPIRE Condominiums, a new Seattle condo development, has released new rendering and pricing guidance.Just for a reminder here is some information on SPIRE:

  • Located at 600 Wall St in Belltown
  • 350 units
  • 41 stories
  • 4 floors of common areas
  • Parking option included for some homes while others are optional for an additional $75,000
  • City Suites:
    • On floors 4-23
    • Ranging from open 1 bedroom/1 bath to 2 bedroom/2 bath
    • Approx 520sf to more than 1,170sf
    • Introductory pricing from below $450,000 to more than $1.6M
  • Tower Residences:
    • On floors 24-37
    • Ranging from 1 bedroom/1 bath to 3 bedroom/2 bath
    • Approx 550sf to more than 2,000sf
    • Introductory pricing from below $700,000 to more than $3.5M

Continue reading "Spire Condominiums Renderings and Price Guidance Released" »


Solis Condos Coming to Capitol Hill

Solis Condos is coming to the Capitol Hill neighborhood in Seattle.Solis condominiums are coming to Capitol Hill. The building will be constructed at 1300 E Pike St and will be built using super-green "passive house" design and constructions methods.

Solis will be a 6 story building with 45 condominium homes. The units will be between 475sf and 850sf consisting of studios, one and two bedrooms. They will be priced from the mid $400,000s to just about $1 million.  Construction will begin in the next few months with completion set for early 2020 according to the Developer, SolTerra.

The contractor is Cascade Built, a leader on passive house projects, and the architect is Weber Thompson.

This building was originally planned as an apartment building but will now be the first condominium building to be constructed in Capitol Hill in ten years.

Weber Thompson Rendering

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


The Emerald Condominiums - Sales Early 2019

The tower you see rising up at 121 Stewart St right by the Pike Place Market in Downtown Seattle will be The Emerald condominiums. The tower you see rising up at 121 Stewart St right by the Pike Place Market in Downtown Seattle will be The Emerald condominiums.

Developed by Daniels Real Estate, the Emerald will contain 365 condominiums in 40 stories. The sales gallery will open for sales in early 2019.

Their website describes the tower as "bringing a new level of high-rise living to downtown Seattle. The tower's iconic, façeted-glass exterior houses a collection of 265 signature residences with unrivaled views and breathtaking amenity spaces." Based on the plans submitted to the city, the Emerald will have one, two and three bedroom condos ranging in size from 540 to 1,700 square feet. It will have retail on level one and amenities including a gym, yoga studio, pet area, guest suite and rooftop level party room and outdoor space.

We look forward to seeing the renderings, unit finishes and confirmed amenity offerings along with the price points.

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





Downtown Seattle Area LID Assessment Information

We have received a ton of questions about the potential local improvement district (LID) assessment for the waterfront improvements that would affect some property owners in Downtown Seattle, Belltown and South Lake Union.

Since we live in the boundaries of the LID we received additional information on the proposed assessment and thought we would summarize what we know for our readers:

  • The Seattle City Council passed a Resolution declaring their intent to initiate the formation of the LID to construct certain elements of the Waterfront Seattle ProgramQuestions about the potential local improvement district (LID) assessment for Downtown Seattle, Belltown and South Lake Union.
  • The LID is a funding tool by which property owners are assessed to help fund the costs of a public improvement that they benefit from by way of a increased property value due to the improvement (special benefit)
  • The LID assessment cannot exceed the property's total special benefit
  • The LID only pays for a portion of the Waterfront improvements
  • It is the city's intent that the LID shall be a one-time assessment and shall not include any future supplemental assessments
  • There are still public hearings you can attend where you can submit your public comments in support of or objecting to the LID
  • The preliminary assessment percentage is 48.23% of the estimated special benefit of the LID improvements for each specific property
  • For example:
    • Our estimated special benefit of LID improvements to our condo: $823.50
    • Our estimated assessment for our condo: $397.14

What we heard from our readers and neighbors, who own residential property in the LID boundary, was that they anticipated having to be thousands, if not tens of thousands, of dollars for their LID assessment. This was causing a bit of panic for people and causing several of those concerned to sell or consider selling their properties to avoid having to pay the LID assessment. We were also hearing concerns voiced from potential buyers that they didn't want to buy a condo within the boundary of the LID not knowing what they would be on the hook for in terms of this LID assessment amount.

I would think that this information will help quell people's fears a bit as it is much less than we heard most people were anticipating. Hopefully this news, and the Head Tax being squashed, will help the Downtown area condo market to heat back up and maybe open the dam a bit on the buyers who were sitting on the sidelines fearing the Head Tax and LID assessment repercussions.

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


Tower Near Space Needle Will be Condos & Named Spire

Tower Near Space Needle Will be Seattle Condos and Named SpireLaconia Development, who is developing the triangle shaped lot located at 600 Wall St, has announced that they will be building condominiums and not apartments.

The 41 story building will be called Spire and they will break ground today. There will be 352 residences from studios to 3 bedroom plus den homes. They are indicating that pricing will range from $450,000 to over $5 million. This Developer will also allow units to be combined. Amenities will include 2 rooftop decks. They anticipate the construction to take 28 months due to the challenges associated with the small sized lot.

This switch from apartments to condos reflects the softening rental market due to the influx of new buildings being constructed and the condo price increases that we are seeing in our current real estate market.

Being located on the intersection of Denny Way, Wall St (the current off-ramp from Aurora) and 6th Avenue is a definitely a busy intersection to be located on. We will see if that location in Belltown can fetch prices near $5M.

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