In 2020 we saw a mass exit from major city centers as many of the most appealing parts of urban life were temporarily shut down. Now, with restaurants reopened and employees returning to in-office work, we see the demand return for condos in Seattle. “It’s a perfect storm for savvy homebuyers that know how to spot the opportunity,” said Dean Jones, President, and CEO of Realogics Sotheby’s International Realty (RSIR). “The fundamentals are creating FOMO (fear of missing out) as the preferred inventory at the sharpest prices are the first to go. Once these units are absorbed, so will be the incentives, and a new growth cycle is upon us.” In addition to increased demand due to in-city activities and jobs returning, tech employees are expected to trade stock portfolios for real estate investments before the new capital gain taxes are levied starting in 2022.
As city life bounces back, builders will not be able to meet Seattle’s supply needs. According to RSIR research that tracks current and pending condominiums in Seattle, there are 15 condominium buildings either recently built or under construction within the city limits, with occupancy between 2,018 – 2,023 total units. Of these units, approximately half of this new supply is either already sold and closed, or under contract. With a finite supply, we see more condominium conversions, which are buildings that once offered for-rent apartments that have become available for individual ownership, such as The Goodwin in Belltown.
The rooftop deck at The Goodwin.
The Goodwin celebrated its grand opening earlier this month! This ten-year-old building located on the corner of 1st Ave and Bell Street in historic Belltown offers 34 condominium homes, now for sale. The building was completely renovated, and new finishes include smart floor plans, new appliances, and a rooftop deck featuring stunning views of the Space Needle and Puget Sound. This boutique-style building is eight stories high and just blocks from the water. Owners will enjoy a quick walk to bars, restaurants, shops, music venues, museums, and more. Prices at the Goodwin start at $500,000 and increase to over $1,500,000.
If you’re interested in learning more about the Goodwin or other condo opportunities in and around downtown Seattle, please reach out to me.