Condos on the Up and Up in Seattle
The Seattle Condo market is showing signs of life, according to an article by Josh Cohen.
"The Spire is one of just six condo projects slated to open in Seattle between now and 2020. That is not a lot, but it’s more than the trickle of projects the city has seen recently. Between 2012 and 2015, for instance, Seattle got four new condo buildings (one of which had just two units)," explains Cohen.
In the mid-2000s, according to a source cited in the article, the city constructed or permitted 40 condo projects in a three-year span. Despite persistent demand, the city is still ramping back up to that pace.
"That demand, coupled with the slight increase in new condo projects and a cooling rental market has some industry insiders crossing their fingers that the market might finally be turning around — and fretting over the roadblocks that could keep it from doing so," according to Cohen.
As an additional angle on the story, Cohen notes that some housing advocates and real estate professionals see condos as a critical missing piece in the overall housing market in Seattle, as a potential path to home ownership for the city’s middle class in a city with high median home prices.