After the reservation event for Koda Condominium Flats in the International District, 95% of the 203 units have first position reservations and deposits in place and an additional 80 have second and third position reservations as well. There was a large turnout for the event (photo) and, as usual, the more affordable units sold first.
As for One88, Bosa’s new construction building in Bellevue, they have announced that they sold over 100 out of 143 units (70%) in their private sales events. Opening this weekend on Saturday 3/10 to the public, there is not a whole lot of inventory left to choose from and none under $2M. One88 did not take reservations, they went straight to purchase contracts.
Based on this data, there is high demand for new construction condominium inventory in Seattle and Bellevue. Perhaps this type of response to these condominium building offerings will encourage more developers to build condo instead of apartment in the next cycle or for those developers who already have building permits in place and have not yet decided what type of product to build, rent or own, perhaps this information might lead them to build condominium product and help release the log jam of buyers looking to buy condominiums in our regions biggest cities.
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.
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