The Puget Sound Business Journal put out a great article today on the state of new construction condo projects in Seattle.
With all of the cranes you see around town you might think there are a lot of condo projects in the works, but you would be wrong. The majority of those are apartments and office building along with some hotels. Only 1 crane belongs to a condo building currently under construction, Insignia Seattle.
So where are all of the condos you ask? This is what the PSBJ article tackles and here is what they say. According to Polaris, a new-condo brokerage and advisory firm, "more condo developers will begin building, or at least announcing projects in the Seattle area next year. A couple of groups already have bought sites in the region "but haven't been very vocal about it". Polaris representatives have been talking with six or so investment representatives doing condo deals in Seattle."
Interesting insight into what might be coming in 2015 in terms of new construction condominium buildings breaking ground here in Seattle. It seems that with the loosening of the lending crunch for this type of building financing, the strong sales at Insignia, and our job growth numbers, we might be seeing some more condos in our future.
Source: Puget Sound Business Journal
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.