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Are You Ready to Condo?

By Ben Kakimoto

Real Estate Agent with Keller Williams Greater Seattle

April 21, 2007 05:58 PM

Seattle's condo renaissance is in full-swing. The Emerald City is enjoying a rejuvenation of its downtown core neighborhoods with a condo renaissance. New zoning laws, a strong economy and positive population growth have provided impetus for new construction and conversions projects which the city hasn't seen in decades. It's an exciting time to condo in Seattle.

Here's a partial list of new & conversion projects around the downtown core neighborhoods:

Downtown / Belltown / Denny Triangle:
Madison Tower - completed Fall 2006, hotel/condo
2200 Westlake - completed Fall 2006, hotel/condo
The Cosmopolitan - completed Spring 2007
Tobira - 2007 conversion
Stadium Lofts - 2007 conversion
Mosler Lofts - Summer 2007 completion date
Trio - Summer/Late 2007 completion date
The Parc - Summer/Late 2007 completion date
5th & Madison - Summer/Late 2007 completion date
Residences at the Four Seasons - 2008 completion date, hotel/condo
1521 - 2008 completion date
Escala - 2008 completion date
1 Hotel & Residences - 2008 completion date, hotel/condo
Modo - 2008 completion date
Gallery - 2008 completion date
AVA - proposed for 2009
5th & Marion - proposed for 2009
Howell & Terry - proposed for 2009
Icon Tower - proposed for 2009
7th & Westlake - proposed for 2009, office/condo
2th & Pike - proposed for 2009, hotel/condo

Capitol Hill / First Hill:
The Braeburn - completed 2006
The Meritage - completed Spring 2007
The Decatur - 2007 conversion
Trace Lofts - Fall 2007 completion date, converted industrial space
The Brix - 2008 completion date
Pine & Belmont
First Church - church to condon conversion

Queen Anne / South Lake Union:
Carbon 56 - 2007 conversion
The Pittsburgh - 2007 conversion
Queen's Court - 2007 conversion
Domaine - Late 2007 completion date
22 West Lee
Anidamo - 2007 conversion
Expo 62 - 2008 completion date
Veer Lofts - 2009 completion date
Enso - 2009 completion date
Rollin Street - 2009 completion date

Learn more about condos at Seattle Condos and Lofts.

Posted to Localism.

Comments(6)

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Karen Villa Schweinfurth

RE/MAX Northwest Realtors, Inc. 425-308-3669 - Everett, WA

ABR, CRS, SRES, CyberStar

Hey Ben, why is Capitol Hill called Capitol Hill?

Apr 22, 2007 04:33 AM

Jacqulyn Richey

Prominent Realty Group - Las Vegas, NV

Las Vegas Real Estate

Looks like Vegas. I hope your market doesn't get over satuarated like ours did. The condo market still isn't back to where it was a year and a half ago. -Charles

Apr 22, 2007 08:30 AM

Ben Kakimoto

Keller Williams Greater Seattle - Seattle, WA

Seattle Condo Specialist

Karen - that's a great question. I looked it up on Historylink.org, Washington State's history site. Capitol Hill got its name in 1901, previously it was known as Broadway Hill.

There are two possibilities. One was a sentimental, a developer named it after a neighborhood his wife had lived in (Capitol Hill in Denver). The other, was an attempt to move the state capital to Seattle.

Charles - that is one of my worries. On a positive note, though, most of the saturation will occur at the higher price ranges, likely above $600,000 as that's about the minimum price in many of the new developments. The Sub-$500,000 units will likely still have sufficient demand.

Apr 22, 2007 10:39 AM

Geoff Thomas

Golf Savings Bank - Snoqualmie, WA

With the cost of housing in the Seattle area the only affordable thing is Condos. Reportedly condos are going up 20% a year or more in some areas. I just bought one in Issaquah, 14 miles east of Seattle off I-90, and you just can't find anything under $200,000. It's hard to find small houses in the out lieing areas for under $300,000 so it makes the condo market that much hotter for those who can't afford a $300,000 payment.

I don't recall off the top of my head where I heard it but supposedly condos are the next targeted segment of the market for the babby boomers. They are getting to the point where the kids are grown and gone and they are going to be retireing soon. Being they don't really need the larger houses they are currently in and getting older and not wanting to have to worry about the exterior maintenance, condos look very apealing.

I bought mine as a stepping stone so that I don't have to throw money away for rent until I can afford a house with a garage. Then I plan to rent it out and sell it after 5 or so years, hopefully making a handsome profit off of it.

May 02, 2007 10:39 AM

Geoff - the developers are banking on the baby boomers and empty nesters returning to the city. Unfortunately, most of the new developments start around the $500,000 level. On the other spectrum, conversions offer an affordable option, particularly in the core neighborhoods.

There are some extremely nice condo developments on the plateau and they appear to be great values - larger floor plans at more affordable prices.

May 02, 2007 04:25 PM

There are a lot of decent Condos for quite a bit under the $500,000 range especially if you get out of down town Seattle. I guess a lot of it depends on what their tastes are and how close to down town they want to be. If you look between the $200,000, and $300,000 there is quite a bit in the out lyeing areas. The Conversions are going for a bit less. Two other LOs in my office just bought condo conversions on the plateau off klahanie for the mid $200s. I'm pretty excited to see how they go over the next couple years! Should be a good market for investers to get into.

May 04, 2007 07:58 AM

Are You Ready to Condo?

Comments(6)

Ben Kakimoto

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