If you missed yesterday’s Kiro 7 News regarding downtown zoning and how it is affecting the views of some condo owners, particularly for Cosmopolitan, watch their video here and read more on related issues.
Other Condos that are expected to be affected under the new zoning regulations:
Condominium Affected by
Cristalla 2015 2nd Ave- Mixed-use Building
Escala 1913 5th Ave- Hotel/Condo
Fifteen-Twenty One 120 Pike St- Mixed-use building
Sometimes even after due diligence on the homebuyer’s part, the city can still change the zoning. I think the question that homebuyers ultimately have to ask themselves is assuming that the view may be affected by possible future plans, how much of a premium are they willing to pay for that particular view unit.
Wendy, Given your background, I’m curious what you think the market is for these buildings. After all, it’s one thing if a buyer’s due diligence skills leave something to be desired. But when the developers choose to do something like this, they’re probably making some rather deliberate choices. After all, they want to sell all the units, including the ones that they know will have close-up views of the project that got there first.
While it’s not hard to find cross-alley building view condos and apartments downtown and up on Capitol Hill, it just seems odd to me that they think there’s a market for such views among the set of buyers who can afford a downtown buyers.
But someone apparently thinks that they know what they’re doing.
The condo developer did not necessary know that the city is going to change the zoning on the neighboring lot. If they do, currently, there is probably not a big market for these type of units. I think Seattleites are not accustomed to purchasing a condo with an up close view. In major cities like New York, facing an office building or in close proximity with another building is the norm. I believe it would take Seattle homebuyers some time to get use to this as our downtown becomes denser or relative prices for these units will drop.
I think it is totally reprehensible for the city to permit ANY high rise structures to be built within 18 feet of one another.
And to starve a structure for people to live in of light and air is positively medieval.
Due diligence by purchaser notification by, developer, it’s not their call, the city should be guarding our future.
The city is failing it’s duty.
My question is post-zoning change, unless perhaps plans for something like the Twin Towers date back before then. The second development at each of these sites would seem to have certainly have known about the first ones underway.
As for the NYC compare, agreed – and of course cross-alley views are easily found here – just mostly with short buildings.