New Condo Development Slowing?
With the proliferation of new condominium construction in Seattle there have been valid concerns that the condo market would be over developed with 10,000 units proposed over a 5 year span. However, as some industry insiders have mentioned, Seattle builders are taking a more cautious approach to development.
Already, we’ve seen two proposed downtown high-rise condos switch over to commercial office usage. Now, three other proposed condo projects are being developed as apartments: Landes on First Hill, Chloe (corner of 14th & Union) and the Liberty Building (near 2nd & Pike).
A few projects are scaling back on the number of units initially proposed (Stewart & Minor, 2nd & Pike, Art House) while others are being postponed (Martin).
We will still see tremendous growth in Seattle’s condominium inventory over the next decade, especially in the upper end market, though, it is a positive indicator that developers are being prudent with their investment and seemingly refraining from over building.
