Completed, Under Construction or… Planned Condos

With the recent media wave regarding a projected shortage of urban housing, here is a synopsis of how many new units which are currently selling, under construction or planned.

For a more updated list of proposed condominium projects and their status, visit Development Status for New Construction Condos.

* new projects listed below are those south of Denny Way and west of I-5 only.

2008

• Gallery – 233 units
• Four Seasons – 36 units
• Moda – 251 units
• Olive 8 – 231 units
• Parc, The – 185
• Trio – 117 units
• Veer Lofts – 99 units

Total new units planned for 2008 = 1152

2009

• 1521 Second – 143 units
• Alex – 32 units
• Enso – 134 units
• Escala – 275 units
• Rollin Street – 208 units

Total new units planned for = 792

2010

• Art House – 140 units
• Smith Tower – 12 units

Total new units planned for 2010 = 152

2011

• 1 Hotel – 51 units
• 1915 Second – 170 units
• AVA – 236 units
• Icon Tower – 283 units
• Insignia Towers (phase 1) – 322 units

Total new units planned for 2011 = 1062

2012

• 2nd & Virginia (north) – 240 units
• Candela Hotel & Residences – 80 units
• Civic Center – 138 units
• Denny & Yale Tower (phase 1) – 150 units
• Heron Condo & Hotel – 200 units
• Insignia Towers (phase 2) – 322 units
• Martin, The – 170 units
• Stewart & Minor Lofts – 160 units
• Western & Lenora – 116 units

Total new units planned for 2012 = 1576

2013

• 2nd & Virginia (south) – 185 units
• Denny & Yale Tower – 150 units
• Pagoda Condo – 200 units
• Trophy Tower – 19 units

Total new units planned for 2013 = 554

Downtown Seattle Condo Pipeline Map

Here is an excerpt from the Puget Sound Business Jouranl: Seattle’s condo pipeline expected to dry up.

Midby (principle of Lexas Companies) said the drop-off in the number of condos available will drive up the price, penalizing the picky buyer. “The ones that are milling around are going to have to grab a seat or they’re not going to get the product they want,” he said. “We know there’s going to be a lot of scarcity between now and then.”

Between now and 2013, Seattle buyers will be crossing their fingers that all 6,255 homes will be built and banks loosen up on financing of new construction. Over half of the new projects that have yet to break ground have yet to get financing approved. Buyers themselves will also see some difficulty in getting loans due to the credit crunch.