I took at look at some of the sold condo data over the last 3 years and put together a quick chart.  It's interesting to see that 2009 was softer than 2008 but the really big drop occurred from 2007 to 2008.  It's also interesting to see that, despite all the new projects in Belltown / Downtown there were more condos sold in Capitol Hill / Central / Madison Park than in Belltown / Downtown or Queen Anne/ Magnolia.

Seattle condo neighborhoods
(Information from Northwest Multiple Listing Service and is deemed reliable but not guaranteed.)