60% of the Introductory Release of Homes Already Reserved
Only Seattle Condominium Tower to Open in 2023
Seattle, WA. – October 3, 2021 – The Graystone Sales Gallery, located at 1317 Madison Street, has opened by appointment only, with 60% of the first release of homes already reserved during the pandemic without the benefit of the newly opened Sales Gallery.
The first release includes 70 homes across all floor plans which consists of urban 1-bedrooms from $549,990; 1-bedrooms from $599,990; and 2-bedrooms from $999,990. Penthouse availability and pricing is available upon request. Studios were available at pricing below $500,000 and are all reserved with pre-sales commencing this week.
Daniels Real Estate and Realogics Sotheby’s International Realty (RSIR) announced that the release of the high-rise homes will be in four, roughly equal cohorts of 70 homes this release, winter 2022, spring 2023, and a final sell out in 2024.
“With more than 60-percent of the introductory homes reserved before opening the Sales Gallery, we know that there is demand for the Graystone lifestyle,” commented Luis Borrero, Senior Project Manager for Daniels Real Estate. “A phased release rewards early buyers with pre-construction prices while over the next two-years we capture higher prices in a rising market. Daniels Real Estate has over 40-years of rebooting Seattle’s real estate cycles so we know there is no rush.”
The year-to-date Seattle condominium market would support that statement. NWMLS data shows that pending condominium resales increased 47.6 percent in downtown Seattle (NWMLS #701) so far in 2021. The new construction inventory witnessed an even greater resurgence of demand with pending sales in 2021 at 78.5 percent over the same period in 2020. The result is that total downtown condominium inventory is down 52.8 percent.
“I think there were a lot of people before the pandemic who wanted to move downtown but they couldn’t afford it,” said Dean Jones, CEO of (RSIR). “Now with the pandemic price correction, consumers can afford to buy and with the recent delivery of new homes, that demand got back-filled. However, new inventory is in relatively short supply ahead, which will drive prices up.”
According to RSIR, 60% of the 2,128 units of new condominium homes have already been sold with no new condominium towers opening until Graystone in 2023. And with high construction costs, developers are holding back more than usual on starting new projects.
“I think we’re heading into another year of ascension where there’s only going to be more people coming to the downtown core,” said Jones. “Apartment absorption numbers are over pre-pandemic levels, commanding higher lease prices as we move into 2022.”
Two recently completed condominium developments in South Lake Union and Columbia City reverted to an apartment use to take advantage of the escalating rents in the region.
“If only 5-percent of the new luxury renters in downtown apartments decided to purchase a condominium home in the next few years, the Seattle condominium market would be sold out by our opening in 2023,” added Borrero. Currently there is an estimated 1,200 apartment units under construction or in the pipeline on First Hill but Graystone remains the only new condominium tower, offering a singular homeownership opportunity in Seattle’s first neighborhood.
The 31-story tower sits on a rare First Hill parcel with views of the city, Elliott Bay, Olympic Mountains, Lake Union, and Mt. Rainier. Decidedly residential, Graystone is designed with no commercial or retail spaces but rather a new, two-tiered waterfall parklet at the corner of 8th and Columbia.
“Daniels Real Estate is known for exceptional design,” said Borrero. “Kevin Daniels curated a residential development that adds to the collection of pocket parks that make First Hill an exceptional neighborhood. It’s Seattle’s upper eastside with a mix and blend of landmark buildings, modern architecture, and leafy streets.
”Designed with over 20,000 sg. ft. of in-demand amenities, Graystone is built as a mixed-income residence that welcomes Seattleites back to the city’s first neighborhood. Every material was selected with quality and health in mind with an emphasis on organic elements such as wood and stone.
The Graystone is scheduled to be completed in early 2023.
About Daniels Real Estate
Daniels Real Estate LLC is an award-winning Seattle-based company formed to develop iconic urban real estate projects that add value to the neighborhoods that they are located in. Combining community placemaking, advanced sustainable practices, complex urban planning, and great architectural design, Daniels Real Estate has earned a reputation as a national leader in urban high-rise development.
About Realogics Sotheby’s International Realty
Realogics Sotheby’s International Realty (RSIR) is a leading global sales and marketing brokerage firm in the Pacific Northwest. The boutique real estate firm of 300+ active brokers service branches in downtown Seattle, Bainbridge Island, Kirkland, Madison Park. Mercer Island and now downtown Bellevue. RSIR is also a leading project marketing specialist currently representing and advising on more than $1 billion in new condominium developments being built or planned throughout the Puget Sound region.