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The Four Seasons Makes Substantial Price Reductions

More and more new construction projects have been slashing prices and looking to unload any remaining inventory as quickly as possible.  It appears that the Four Seasons has joined this new trend and has released new pricing today.

The Four Seasons has sold 23 of 36 homes since completing construction a little over a year ago, and is now reducing prices as much as 47 percent.  With an original price tag of $2,098 per square foot, the new pricing has brought the average down to $1,464 per square foot (remove the two massive penthouses from the average and the price per square foot is even less).

Here’s a summary on new prices:

Unit
Old Price
New Price
1505 $2,412,000 $1,475,000
1605 $2,517,000 $1,525,000
1104 $4,522,000 $2,440,000
1404 $4,652,000 $2,490,000
1206 $4,815,000 $3,013,000
1702 $3,420,000 $2,670,000
1804 $4,820,000 $2,555,000
1204 $6,501,000 $3,705,000
1101 $8,659,000 $6,120,000
1501 $8,706,000 $6,306,000
1801 $9,778,000 $7,155,000
1902 $8,520,000 $7,845,000
200 $10,819,150 $8,650,000

VIEW DETAILED PRICING SHEET

New Research Spells Out Downtown Condo Market

January 7, 2009 by  
Filed under Downtown (MLS Area 701), Featured

Data compiled from the Northwest Multiple Listing Service by Seattle based real estate group Urban Condominiums, LLC. is showing that local in-city condos are doing fairly well compared to regional and national housing trends.  The report credits a lot of Seattle’s above average condition to low inventory of new construction.  Sales Director for Urban Condominiums, LLC, Marco Kronen, also points out that not only has there not been much built, but no new construction development has broken ground since the rise of the commercial credit crunch during summer 2007. With no plans for further downtown development until 2010/2011, the market could very easily make a fast change in favor for sellers.  New listing activity year-over-year was also reported as steadily decreasing since May of 2008.

New Condo Construction and Sales for MLS Area 701

New Condo Construction and Sales for MLS Area 701

Here is a few more of their findings:

  • Fewer active listings remained on the NWMLS at year-end 2008 versus 2007 (14% less inventory active today)
  • Pending sale activity slowed by 29% in 2008 with fewer presales of new construction as buyers “wait-and-see”
  • Overall inventory absorption in 2008 retreated only 13% versus 2007 (partially due to presales from prior years)
  • While median condo prices below $600,000 decreased by 5%, median prices above $600,000 increased by 32%
  • Median prices year-end in aggregate (all price points) dropped by 2.35% – less than a quarter of regional decline
  • Factoring all new construction not listed on NWMLS, median prices are actually much higher in 2008

Another blurb in the report suggests that agents who specialize downtown and developers of new construction have noticed more buyer activity since the election.  We can even vouch for that ourselves.  However, some of their survey data shows that some buyers are attempting to time the market bottom.

“Finding the absolute bottom of any market is only ever known in hindsight,” says Kronen. “While price is always a factor downtown, I think preferred selection and securing favorable interest rates will become a larger issue in 2009.”

King 5 Reports on Speculated Transition in Market

Based on information posted a few days ago from statistics by Dean Jones at Urban Condominiums, King 5 also reported on how the credit crunch and rising construction costs is likely to reverse the market’s current buyer’s market trend. Watch the video below:

king 5 featured video

Condominium Real Estate Symposium Postponed

April 25, 2008 by  
Filed under MISC

Delivered as a message stating that more time is needed to complete their research for a more informative symposium in the future, this weekend’s Urban Condominium Real Estate Symposium event for April 27th, 2008 has been canceled. No other message was given as to problems that may have caused a short, 2-day notice but now potential buyers can now attend open houses and start making offers.

Maybe the cause is a lack of registered attendees, too many attendees were registered as Realtors, or that they really feel unprepared. We’ll be following up to see if we can get details as to why there was such a short notice and an approximation on when it may be rescheduled.