On June 28 scores of existing and prospective homebuyers attended the "TOP 10 EVENT" at Fifteen Twenty-One Second Avenue in celebration of the final ten homes remaining for sale. In addition to touring the model homes, guests were treated to a bounty of fine foods and wines from DeLaurenti of The Pike Place Market while they attentively watched two dynamic presentations.
William Justen, a longtime resident and real estate developer in downtown Seattle and current homeowner of Fifteen Twenty-One Second Avenue provided his top 10 most exciting changes taking place in the neighborhood. In addition to new retail and apartment development, William pointed to the tremendous expansion of in-city corporations such as Amazon.com, which is soon to break ground on the first of three towers comprising some 3 million square feet of office space for an estimated 15,000 employees. His #1 most exciting change is the removal of the Alaskan Way Viaduct and the impending waterfront park, which will create a world-class front door to downtown Seattle and rival seaside promenades in Vancouver, B.C., San Francisco and San Diego.
"I was living here more than three decades ago when downtown Seattle was a place to work and after 6pm it was like someone turned off the lights in the city – I felt like an urban pioneer," said William. "The last twenty years have been meteoric in terms of residential population growth up more than 80% and steadily climbing each year with thousands of new housing units in development. New residents support new restaurants, shops and services, which in turn makes downtown more and more livable the growth becomes exponential. The next decade is going to be even more exciting!"
Dean Jones, principal of Realogics Sotheby's International Realty presented his top 10 most noteworthy observations about the state of the in-city housing market and predicted a supply and demand imbalance in the coming years. The overall trends pointed to increasing demand, decreasing supply and rising median home prices as more and more homebuyers migrate off the sidelines.
"I've never witnessed such an obvious imbalance of supply and demand approaching the in-city condo marketing is going to get very tight, very quickly," said Dean. "There are only 162 unsold new construction condominiums remaining for sale in the entire downtown Seattle marketplace. For some perspective that's fewer than what's available in just one tower in downtown Bellevue. Meanwhile we're finding that buyer profiles have expanding beyond the typical move up or move down consumers – we're witnessing second home ownership rise, a significant number of relocating professionals and even investors reentering the marketplace. Rising demand and finite supply is resulting in downtown Seattle becoming a seller's market – especially for unique inventory like Fifteen Twenty-One Second Avenue."
To be sure, the NWMLS reports that 19 new home sales (closed and pending) representing more than $35 million in real estate transactions have occurred at Fifteen Twenty-One Second Avenue since January 2012. Just ten homes remain available priced from $1,565,000 to $1,975,000.
A calming view of the Elliott Bay with the Ferris wheel in the center of it all - it was a perfect backdrop for Thursday's Top Ten event at the Fifteen Twenty One building.
"This Top Ten event is TopNotch!" said a future resident who was enjoying the presentation on the Top Ten happenings to look forward to in Seattle in the coming years. The room was filled with topics around amazing features and unique lifestyle at the 1521. And as always, the DeLaurenti catering team knew how to impress the crowd by introducing their finest selections of Pike Place Market's food and wines, 20 stories up!
Jessica, wine hostess of DeLaurenti of The Pike Place Market shared her top 10 wine selections from their wine shop treating the guests to the best of Washington vineyards
DeLaurenti provided a bounty of their top 10 meats, cheeses and deserts in a beautiful presentation of fine foods fresh from The Pike Place Market
Dean Jones, Principal of Realogics Sotheby's International Realty presents his most noteworthy findings about the state of the in-city housing market.
William Justen, visionary of Fifteen Twenty-One Second Avenue and resident, presents his list of the most exciting changes taking place in the neighborhood.