Seattle’s condo market remains tight as demand continues to outpace supply, even after 481 new units were delivered this month.
According to Miles Garber, a vice president of research for Polaris Pacific, a sales and marketing firm out of San Francisco, the Seattle market is sitting favorably. “Everything in the Seattle market is extremely strong at this point, by all of the major metrics that we track to determine the health of the market,” said Garber. “On top of that, there’s been double digit price growth, which has been 15.1 percent year-over-year.”
Nexus selling 299 units in one weekend shows just how strong and high the demand is right now in the Seattle condo market
Of Seattle’s condominium developments, two opened this month and according to Polaris Pacific’s Seattle Condominium Market report for August 2016, they are among the largest in the area. One of these is Nexus, a 40-story tower by Vancouver, B.C.-based developer Burrard Group. Located at 1200 Howell Street in the Denny Triangle, it is the second largest condominium tower consisting of 374 units. Of these, 299 units are already under contract to be sold. The one bedroom-units range between 480 and 1,080 square feet and start at $350,000. Some amenities include co-working space, exhibition kitchen, sky club and bar, and roof terrace with open-air kitchen.
Gridiron, developed by local Daniels Real Estate in the heart of Pioneer Square at 589 Occidental, is the other of these two condominium developments. With 107 units, it is the fourth largest in the area. Of these units, 20 are currently under contract to be sold. One-bedrooms are between 570 and 881 square feet and are selling for $482,000. Some of the available amenities include a rooftop deck, bicycle story and personal storage units.
There are 712 condominiums under construction. Four hundred and fifty-five are being built in downtown Seattle, compared to 168 in Capitol Hill and 89 in Northeast Seattle, says Polaris Pacific’s report. An additional 374 units have been approved and are in preconstruction phases. With 37 percent of those working in downtown also living there, Downtown Seattle Association’s 2016 Downtown Economic Report says that Seattle has one of the highest live-work percentages in the nation.
“Examples like Nexus selling 299 units in one weekend shows just how strong and high the demand is right now in the Seattle condo market,” said Garber. “Of all the markets that we track, Seattle has been experiencing the most favorable metrics, in terms of it being a continually moving market.”