Keller Williams Greater Seattle

InHaus Switches Salt to Apartments

By on June 3, 2015 in Ballard Condos with 2 Comments

Salt Condo Ballard Exterior

InHaus, the Canadian developer behind Salt and Solo Lofts in Ballard, announced they are switching Salt from condos to apartments, citing rising construction costs.

As you are aware, construction costs in the greater Seattle area have skyrocketed over the last two years. As a result, many projects, including Salt, have seen costs increase dramatically from original projections. Those increases have left us in a position where this project was no longer viable to build as a condominium.

Salt was originally planned a boutique condo with 34-units across the street from the Vik in the heart of Ballard. It joins Tower 12 (the high-rise tower at 2nd & Virgnia near the Cristalla) as condo projects converting to apartments.

The conversion leaves Seattle with just four condominiums currently under construction – Vik, Solo Lofts, Insignia and Luma.

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About the Author

About the Author: Ben Kakimoto is a Seattle condo and urban real estate marketing & listing specialist. Contact Ben to learn more about the Seattle condo and loft real estate market or about buying or selling a Seattle area condo. Find Ben on Google+, Twitter and Facebook. .


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There Are 2 Brilliant Comments

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  1. JD says:

    I’m curious, why do rising construction costs necessitate the need for a developer to transition from condo to apartment? I’m trying to understand the economics/incentives for the developer here.

  2. Ben Kakimoto says:

    Higher construction/labor reduces any margins, plus there’s the ongoing marketing costs and real estate fees for condo sales. Typically, there are higher construction standards for condos vs apartments. And, there’s liability, particularly in respects to the Washington State Condominium Act. Many condo developers have encountered mitigation/litigation claims over warranty items in the 4/5 year mark.

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