An inflection point in downtown Seattle condominium sales spurs the region’s first apartment conversion following a substantial renovation of the boutique, concrete-and-steel mid-rise in Belltown.
SEATTLE, June 11, 2021 — Executives of Realogics Sotheby’s International Realty (RSIR) and Connell Real Estate announced today the official debut of Goodwin Condominiums, a boutique collection of 34 condominiums being offered for unit reservations and priority presales with occupancy anticipated by late summer 2021. Originally delivered in 2011 and located at 2233 1st Avenue in Seattle’s popular Belltown neighborhood, The Goodwin is believed to be the first apartment conversion in this current cycle and will deliver high-quality, concrete-and-steel construction with fully refreshed interiors and new appliances at attractive price points starting from the $500,000s.
“Enviably positioned and perfectly timed, The Goodwin is already proving to be exactly what the market was waiting for,” said Ami Bumia, Executive Director of Sales for the New Developments Division of RSIR. “We’re experiencing a strong condominium comeback in downtown Seattle and the selection is becoming more finite as it appears the pipeline of new developments is deferred given high construction costs.”
According to data published by the Northwest Multiple Listing Service and Trendgraphix research, pending resale activity (new contracts to purchase) has nearly doubled so far in 2021 compared with the prior year, while new listing activity for the same period has plummeted by a third, in what experts say defined a noted inflection point in the in-city housing market.
“Interest rates are still historically low, but they’re beginning to rise and that’s motivating fence-sitting buyers that were waiting for a clear signal to approach the market,” said Dean Jones, Owner and CEO of RSIR. “Condominium sales downtown are spiking as city dwellers who fled high-density areas during the pandemic begin to return, and as they realize they can take advantage of the developer incentives still being offered. But as preferred inventory and the most attainably priced units are quickly snatched up by smart buyers, those incentives will disappear.”
Jones believes the in-city market will soon enter a new growth cycle, and buyers who wait will risk experiencing less supply, more competition, and higher prices and reduced purchasing power in the future.
Despite the perceived slowdown in 2020, Seattle was the fastest growing big city in the U.S., according to census data. Market watchers observe millions of square feet of tech campuses in downtown Seattle that are repopulating by the close of 2021 and generating expanding housing demand for purchase and for rent.
Veteran listing brokers Phil Greely and Lino Guidero are representing The Goodwin and have showcased a selection of featured listings, including a range of one-bedroom, one-bath floor plans (starting at 524 square feet); one-bedroom, two-bath plans; urban two-bedroom, two-bath plans; two-bedroom, two-bath plans; and a limited number of larger one-bedroom plans (from 846-1,282 square feet) and two-bedroom, two-bath plans (1,098 square feet) with private terraces as large as 12 by 12 feet. For a few select plans on the top floor, the square footage is spread out over two distinct levels, with stairs leading up to a private roof deck — creating a feeling more like a sizable townhome than a typical condominium.
“This boutique offering harkens back to its historic Belltown legacy of brick buildings and cobblestone streets,” said Guidero. “Yet it’s perfectly poised for a prosperous and energetic future with a such convenient location, walkable to major tech campuses and being so enviably close to the new multi-billion-dollar waterfront park.”
Market watchers also note the high volume of in-city residents that are currently renting and may benefit from valuable stock portfolios, especially from local tech titans like Amazon.
“We believe there will be an increase of first-time buyers from tech workers that will harvest restricted stock units to help with down payments before the threat of a new 7% capital gains tax in 2021,” adds Greely. “A combination of high-tech market valuations, low interest rates and introductory pricing at The Goodwin makes homeownership attainable.”
Several reservations have already been accepted with conversion to purchase and sale agreements and closings by late summer or early fall 2021.
About Realogics Sotheby’s International Realty (RSIR)
A leading global sales and marketing brokerage firm in the Pacific Northwest, RSIR is a boutique real estate firm of 350+ brokers, with service branches in downtown Seattle, Bainbridge Island, Bellevue, Kirkland, Mercer Island, and Madison Park. RSIR is a leading project marketing specialist throughout the Puget Sound region.