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Big Week for Downtown Real Estate – Buyer’s Moving Off the Sideline

February 12, 2008 by  
Filed under 1521, ESCALA, Gallery

Dean Jones with Realogics (award-winning marketing catalyst for residential and mixed-use real estate) informed us of some great news regarding new construction sales. News and media headlines have sidelined buyers this season and new construction sales are generally not accounted for in Seattle’s NWMLS pending and sold statistics. So here’s the inside scoop:

  • 3 homes have already sold at 1521 for an approximate $3 $9 million.
  • There has also been a number of sales made for GALLERY.
  • Equinox chalks a sale.
  • Escala still consistent in sales.
  • Bravern in Bellevue has also made an approximate dozen sales just over the weekend and they’re booked with appointments all month.

However, Dean also informed us that credit and construction costs require new construction high-rises to be priced in the $850 to $900 per square foot to pencil. Hint: an exception may be AVA.

new construction sales chart by realogics

Comments

3 Responses to “Big Week for Downtown Real Estate – Buyer’s Moving Off the Sideline”
  1. Jason H. says:

    Does anyone trust a marketeeer? I would like to know what specifically is selling… one bedrooms, two bedrooms, three bedrooms, penthouses and for what prices!

  2. jamesstroupe says:

    Yes, many of us do trust Dean Jones considering his outstanding reputation over the years. But, to answer your question, we’ve followed up with each development and here’s what we found out.

    We spoke with Sandy at 1521 she has confirmed that 3 units have sold for an approximate $9 million, not 3. She also said that all homes are considered penthouses with high-end finishes. There’s 143 units total and nothing is smaller than 2 bed/bath.

    Next, we followed up with Gallery and Laura (sales manager) confirmed 4 sales in the last week and a half. One was a penthouse for just under $1.3 million, another was a 2 bedroom for just over $1 million, an open 1 bedroom (basically a glorified studio) for just under $400k and an open 2 bedroom (1 bedroom + den) for under $500k.

    Michael at Equinox confirmed a written contract for a 1 bedroom in the high $200’s.

    And finally we call Bravern, but didn’t get an answer. Instead they had a voicemail that encouraged callers to attend their open house this weekend on Sat. and Sun. between 11:00 and 4:00 at 10900 NE 4th St..

  3. jamesstroupe says:

    Oh yeah! Escala reported that the last 2 sales were in January and are suspected to be ‘B’ units which are private 1 bedrooms. Those sales have closed.

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