The Seattle Condo Blog

The WestWater, a recent condo conversion development in West Seattle is going back to its old roots, sort of. With 45% of the units unsold, the developer took them off the market last week and is now renting them out.

The WestWater hit the condo market nearly a year ago just after the market started to turn downward. And, even with other developers bailing out of conversion projects in West Seattle (the Strata and the Gables), the reduced competition wasn’t enough to boost sales activity at WestWater.

Rental prices at WestWater starts from $950 for a one-bedroom and $1,250 and up for a two-bedroom.

I can certainly see the decision on the developer’s part, to minimize the cost and drain on resources for carrying and marketing unsold products, as well as, trying to generate cash flow. But, the decision may adversely impact those buyers who purchased at WestWater. The rentals will affect potential resales as the property may not qualify for financing due to ownership level requirements. On the other hand, potential resales would have been tough anyway as owners would’ve been competing against the other 45% of the units that were still for sale.

Here’s a quick look at designs of several non-condo housing developments in the Belltown & Denny Triangle area.

2612 3rd Avenue (Corner of 3rd & Cedar)

2612 3rd Avenue has a newer design than the one I posted a few months ago. The 17 story apartment will house approximately 185 units, a commercial space and just 82 parking spaces. Overall, it seems like a nice addition to this rather dead end of Belltown.

View looking SE, corner of 3rd & Cedar.

Looking NW from 3rd Avenue. Mosler Lofts is to the left.

Main entry facing Cedar Street.

6th & Lenora

The 6th & Lenora Apartment is a twin tower development spanning 1/2 block on 6th Avenue between Lenora & Blanchard. The towers will rise 18 stories with a 6 story podium encompassing 654 units, retail space and 419 parking spaces.

Looking West along 6th Avenue.

1900 1st Avenue

Located close to the Pike Place market at 1st and Stewart, the proposal for the 11-story 1900 1st Avenue development includes a 100 room hotel, 75 apartment units and 325 parking stalls. If built, it will replace a surface parking lot and would obscure lower level views from the proposed 1915 2nd Avenue condominium project.

Could Art House be the latest condo project to go apartments?

The developer, the Pauls Corporation, has apparently been researching apartment development in the Seattle area. Pauls has a property management division so it might not be out of the question. Whether it’s condos or apartments it’ll appeal to urban dwellers with its modern design and location near the Pike Place Market and the water front.