Downtown condo sales rise, spark next development cycle

As Featured in the Puget Sound Business Journal

Written by Jeanne Lang Jones

Image Courtesy of RSIR

Jeanne Lang Jones writes, "Despite years of price-cutting, a total of 414 condos priced at $1 million or above have been sold since 2007, in an area stretching from Interstate 90 to the Montlake Cut, from Elliott Bay to Lake Washington, according to the Seattle consulting firm Realogics. The vast majority of these sales have been in downtown Seattle. That is equivalent to 30 percent of all sales of million-dollar-plus properties, with the remainder being single-family homes. An accompanying heat map prepared by Realogics shows where these sales have been located. The steady increase in sales of high-end condos and the dwindling supply — just 164 units remain available — have helped spur a new round of condominium development. Realogics is forecasting the five-year hiatus on condominium development in downtown Seattle will end in early 2015 with the delivery of 345 units."