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NEW DEVELOPMENT

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In-City Condos, Market Reports, New Development, News Article

The Seattle Condo Conundrum

The condominium shortage is officially worse than it’s ever been in King County, as a lack of new construction and increasing demand continue in Seattle and the surrounding areas. As a recent Seattle Times article outlines, condo prices are rising even faster than single-family homes, with little relief in sight as developers continue to build apartments for rent rather than condominiums for sale. Looking at data from the past two decades, King County has averaged roughly 2,000 active condos on the market this time of year but now “it’s down to about 350, a record low.” Conditions have pushed the average sales price of a condominium up to just over $450,000, an increase of approximately $150,000 over three years.

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Market Reports

On Top Nationwide for 13 Months, Seattle-Area Monthly Home Price Growth Takes a Holiday

Written by William Hillis, Research Editor, RSIR

Upon last month’s release of the CoreLogic Case Shiller Home Price Indices for August 2017, Realogics Sotheby’s International Realty (RSIR) predicted,

“Should the trend since April continue on the back side of the peak home-buying season, it is possible that Seattle’s monthly home price trend could actually turn negative.” 

This in fact is exactly what happened, with the Seattle index slipping by 0.28 percent monthly in September. That is not a steep slide, but to put it into context, the Seattle index has been positive for 31 consecutive months. Furthermore, Seattle home prices continue to lead the nation on a year-over-year basis, now for 13 months straight. As reported in the S&P Dow Jones press release, “Seattle, Las Vegas, and San Diego reported the highest year-over-year gains among the 20 cities. In September, Seattle led the way with a 12.9 percent year-over-year price increase, followed by Las Vegas with a 9.0 percent increase, and San Diego with an 8.2 percent increase.”

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Broker, Featured Property, Sotheby's International Realty

Sotheby’s International Realty on “Upscale Upcycling” & Juanita Farmhouse Cottages

In a recent Sotheby’s International Realty “Extraordinary Properties” feature, Iyna Bort Caruso outlines “The Art of Upcycling,” with a collection of luxury residences that incorporate reclaimed materials “in smart ways to optimize daily life from a personal, ecological and aesthetic perspective.” Among the selected homes is Juanita Farmhouse Cottages, a unique Five-Star Built Green™ in Kirkland represented by Realogics Sotheby’s International Realty (RSIR) brokers Val Burmester and Kemper Dougan.

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New Listings

New on Market: NEXUS #2810

NEXUS–City Life. Evolved. Downtown Seattle’s next generation high-tech, highrise. Concierge, co-working, fitness center, dog run/lounge, great rooms, exhibition kitchen, sky bar, roof terrace, Sky Club and more. Renderings and photos of model typical.

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Events, FutureCast Forum, New Development

FutureCast Forum Members & RSIR Brokers Attend BISNOW’s Multifamily Panel

Three panels lead engaging conversation around Seattle’s multifamily industry and its future

As our city skyline is scattered with cranes, BISNOW hosted nearly 200 registered members to discuss Seattle’s multifamily climate; specifically, its affordability, sustainability, and community design. Held at the Westin Seattle, three panels spanned a variety of topics, all relevant as the city experiences unprecedented population growth, construction costs, and housing demand.

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New Listings

New on Market: The Toulon

Welcome to a new definition of luxury: The Toulon! This home features an open-concept great room designed for entertaining. This spacious residence is ideal for hosting gatherings of friends, family or simply unwinding with the sunset after a long day.

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Announcement, New Development, PR, Realogics Sotheby's International Realty

Realogics Sotheby’s International Realty & REMAX Northwest Realty Jointly Introduce The Pinnacle at Alki – West Seattle’s Newest Bayside Condominiums

Representatives of Realogics Sotheby’s International Realty (RSIR), ReMax Northwest Realty and Attollo Development jointly announce the commencement of construction and home reservations for The Pinnacle at Alki – an eleven-unit, luxury condominium development located at 1118 Alki Avenue SW in West Seattle. Representatives confirm the boutique community, offered by The 11 @ Alki, LLC, has secured reservations on six of eleven homes and one home received a back-up reservation during a Design Preview Event held on Saturday, October 14th. Several dozen prospective buyers and brokers attended the reception to view floor plans, renderings, preliminary specifications and introductory pricing that ranged from a single one-bedroom plan of 885-sq. ft. and offered from below $800,000 to three-bedroom plans (1,723-sq. ft. to 2,043-sq. ft.) ranging in price from $1,500,000 to more than $2,350,000. Five homes remain for reservation, with presales commencing in November 2017. An Encore Preview Event is scheduled for October 21st (1-4pm) at 2715 1st Avenue in downtown Seattle.

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Announcement, Luxury Real Estate, New Development, Realogics Sotheby's International Realty

The Benefits of Presales in Seattle’s Frenzied Market

The Pinnacle at Alki Announces Priority Presales Event on October 14th  

The meteoric rise in local property prices and the stresses associated with buying in today’s real estate market have been well articulated by the Seattle Times, which followed a home in West Seattle through listing to close, and proclaimed that millennials and some first-time buyers are “coming to grips with the reality that they simply can’t save up quickly enough to match the rise in home costs.” Though the market conditions may seem daunting to potential buyers, brokers say unit reservations and presales offer a much needed relief for those that can plan ahead.

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Market Reports, New Development, Realogics Sotheby's International Realty

The Value of Downtown Condos Continues to Skyrocket, as Lack of Supply Continues

According to NWMLS data for September, downtown Seattle values are skyrocketing as the median home price for in-city resale condominiums increased a staggering 35-percent year-over-year. The sharp increase in value is indicative of Seattle’s continued struggle with population growth, rising real estate prices for both renters and buyers, and a supply and demand imbalance with little relief in sight.

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