Downtown Seattle condominium resales swell to a median price of $700,000 during the first half of 2018 despite inventory spikes – why?

The first half of 2018 was met with expected increases in resale condominium listings, and this year the choices were far greater than in the previous two years.

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KODA UPDATE: Sales Center, Presale and Ground Breaking Schedule Announced; New Renderings and Future Cityscape Tours Released

Representatives of DA LI Development USA recently released a collection of new renderings following the design confirmation of the interior specifications and common areas while the construction entitlements continue to process with the City of Seattle. Meanwhile, the KODA Discovery Center has been secured and is under development at 510 Occidental Avenue South in Pioneer Square, just north of Century Link Field. 

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As home-buying trends shift nationwide, Seattle forges ahead

For May 2018, the S&P CoreLogic Case Shiller Index registered a 21st month with Seattle leading nationwide home prices. While competing Pacific Coast gateway cities Los Angeles and San Francisco saw year-over-year home price increases of 7.64 percent and 10.87 percent, respectively, Seattle’s 12-month advance widened to 13.59 percent. The monthly increases on the Index were 2.23 percent for Seattle, 1.08 percent for San Francisco, and 0.48 percent for Los Angeles.

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REALOGICS SOTHEBY’S INTERNATIONAL REALTY PRESENTS A CONDOMINIUM SHOWCASE DURING 2018 DOWNTOWN SEATTLE ASSOCIATION ANNUAL MEETING FEATURING KODA

On June 21st, 2018 more than 900 stakeholders, influencers and city shapers attended the 2018 Downtown Seattle Association’s Annual Meeting, which was held in the Doppler Conference Center at Amazon.

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The Seattle Pivot

The second half of 2017 evidences what may be a paradigm shift in consumer trending from rent to buy. According to research by O’Connor Consulting Group, annual apartment demand in 2017 fell by 4,500 units (unexpectedly) throughout King and Snohomish counties and this decrease was concentrated into the second half of the year.

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KODA Prominently Featured During Asian Real Estate Association of America Global + Luxury Conference in Seattle April 6-9

Drawing upon more than 17,000 members across North America, the Asian Real Estate Association (AREAA) hosted its annual Global + Luxury Summit (GLS) in Seattle for the first time with events around the city from April 6-9. The GLS has traditionally been held in global gateway markets like New York City, Miami and Honolulu, but Seattle’s rise as an international hotspot secured its position as a host city.

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Seattle's 18-Month Ride is Still Far from Over

Now halfway into its second year, Seattle’s nationwide lead on the S&P CoreLogic Case-Shiller Home Price Index is once again widening on a monthly basis. Gains that seemed to be slipping away last summer have rebounded, with February’s monthly increase exceeding that of January by 1.74 percent to 0.72 percent, for a 12-month average gain of one percent per month.

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First Quarter 2018 Resale Volumes of Downtown Seattle Condominiums Shrinks While Median Home Prices Skyrocket to $700,000; Brokers Cite a Mounting Affordability Crisis

Downtown Seattle witnessed fewer condominium resales during the first quarter of 2018 compared with that of the first quarter of 2017, largely because there were fewer homes to choose from. And the lack of available supply is raising further concerns about an affordability crisis. Currently, there are only 44 resale homes available for sale in an urban center of more than 80,000 residents but there are more priced above $1 million than there are at lower price points. Meanwhile, median home prices in Seattle are rising at 19-percent per year, according to analysis of first quarter 2018 data compared to the prior year.

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Home Prices Locally & Nationwide Rise While Inventory Falls; Seattle Leads for 17 Months

As of January 2018, single-family home prices in the Puget Sound region were 12.86 percent higher than 12 months before, and prices were 0.73 percent ahead of those in December. On a monthly basis, home prices in San Diego grew slightly faster, at 0.76 percent. Yet year over year, Seattle’s nearest West Coast competitor was San Francisco, where home prices are up by 10.2 percent since January 2017. Further inland, Las Vegas home sellers saw prices 11.1 percent higher than this time last year.

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Mayor Jenny Durkan Requests Independent Review of Seattle’s Streetcar Expenses

Seattle is currently in the midst of a massive update to the streetcar system, which will link the city’s two existing lines at South Lake Union and First Hill, moving past Pike Place Market and some of the most congested areas within the Emerald City. Most recently, SDOT has come under fire regarding the project’s expenses, as a report indicates that city officials may have underestimated the costs to run the system upon its completion in 2020. Seattle Times reports that in response to concern, Mayor Jenny Durkan has requested an independent review of the budget to be completed within the next 90 days.

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Asia Services Group Attends Lunar New Year Celebration at Zadart Exotic Car Club in Bellevue

On Sunday, February 18th, members of Realogics Sotheby’s International Realty’s (RSIR) Asia Services Group and their guests attended a Lunar New Year Celebration at Zadart Exotic Car Club in Bellevue. The 8,000 square foot showroom played host to over 150 affluent Chinese-American guests and clients, including a number of event sponsors alongside RSIR – the region’s global leader in local real estate.

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Hong Kong Business Association of Washington Celebrates Lunar New Year with Annual Gala

On February 24th a collective of Realogics Sotheby’s International Realty executives and Asia Services Group members attended the 11th annual Lunar New Year Gala & Auction, hosted by the Hong Kong Business Association of Washington (HKBAW). The event supports a different local non-profit organization each year, and the 2018 selection was ArtsFund, an organization dedicated to supporting art sectors throughout King and Pierce Counties with a strong background of advocacy on local and national levels.

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Just 7% of Homes in Seattle’s Multi-Family Pipeline Will Be Offered for Sale

As a recent Curbed Seattle article outlines, the abundance of luxury construction projects cropping up around downtown Seattle make it “easy to look around and think, condos. But the majority of new residential projects going up in the city – and downtown specifically – are destined to be rentals.” Of all the new homes under construction, there will be 6,324 units available for rent, and just 489 (7.1%) offered for sale.

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Blaine Weber & Daily Journal of Commerce on Solving Seattle’s Condominium Conundrum

As Blaine Weber, Senior Principal of Weber Thompson Architects, proclaims in a recent Daily Journal of Commerce article, “the affordable housing crisis is one of the more perplexing problems facing rapidly growing cities like Seattle.” One proposed solution is to add to the supply of small, affordable condominiums in the city, yet as a 2016 paper published by the University of Washington Runstad Center for Real Estate Studies notes, condominiums in Seattle are overwhelmingly “beyond the means of the average-income individual.” So, Weber asks, why is there a lack of supply amidst rising demand in the Emerald City? Though there are myriad reasons, a main one can be attributed to the liability associated with building multi-family units for sale in Washington state, given regulations outlined within the Washington State Condominium Development Act.

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Curbed Seattle on the 'Rush of Demand' at KODA Condominiums

In a recent feature on Curbed Seattle, Sarah Anne Lloyd writes that KODA Condominiums "experienced a rush of demand" during the launch of unit reservations over the last weekend in February, and that the project is now already 95% reserved. The article describes that "condo-seekers put down a refundable $5,000 deposit for the first right of opportunity," which is held until Da Li Development USA finalizes the product offering. 

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The respite is over; Seattle home prices regain their blistering pace upward

While Seattle’s lead over other Pacific Coast gateway cities slipped slightly in September and October 2017, by December, the city had recovered its monthly lead over home prices in San Francisco and San Diego. The Puget Sound region ends the year with a record 16th consecutive month leading the nation on the S&P CoreLogic Case-Shiller Home Price Index.

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KODA Reservation Event Draws Media Attention

Following the announcement that 95-percent of the 203-units at KODA Condominiums had been reserved during the project’s debut February 24th and 25th, local media reported on current market conditions and the frenzy that new projects are drawing in an inventory-strained market.

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Da Li Development USA & Realogics Sotheby's International Realty Report KODA Condominium Reservation Event Drew Deposits on 95-Percent of 203 Units

Da Li Development USA, a Taiwan–based real estate development company and Realogics Sotheby’s International Realty (RSIR) report first position unit reservations and deposits were received on 95-percent of the 203 homes at KODA Condominiums – a new 17-story condominium that will be built at 450 South Main Street. The project debuted on Saturday, February 24th at 11am at RSIR’s New Developments Preview Center located at 2715 1st Avenue in downtown Seattle.

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Tomio Moriguchi & PSBJ Talk About the Historic 420 S. Main St. Property

As a recent Puget Sound Business Journal feature outlines, though Kevin Hsieh of Da Li Development USA is new to Seattle, he “has already done a deal with well-known Chinatown/International District player Tomio Moriguchi.” That deal was the 2016 sale of the property at 420 S. Main St., the future site of the highly anticipated KODA Condominiums.

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