An article came out in the PSBJ yesterday that we found very interesting.
According to the article, “an executive at a large real estate company says it’s time to build more condos in the Puget Sound region, and he’s willing to put the firm’s money where his mouth is.”
The gist of the article is that this company, Grosvenor Americas, sees the low inventory in the Seattle area condo market as an opportunity to fill the void in the market by financing developers who might be willing to build condos instead of apartments, which 94% of residential units being built right now will be.
Apparently, this group is in talks with developers of 2 projects in Downtown and one in South Lake Union along with several on the Eastside. The goal is to finance a condo project in our region in the next 12 months.
Hopefully as a result of their efforts, we will see at least one and maybe more current projects shift from apartments to condos here in the next year.
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.