New Project Resales
Late last year Belltown welcomed the completion of two condominium projects – The Parc & Mosler Lofts. With resale units in both projects hitting the market, it’s as good a time as any to take a peek at what investors are looking to score.
The Parc
To date, there have been nine resales at The Parc; seven are active listings and two have sold. The two resales garnered a 12.4% & 13.9% increase in value over their pre-sale price, respectively. That’s a decent return given Belltown’s slowing appreciation rate which dipped into the single digits in 2007.
Here’s a look at the seven active resales (information subject to change). For the most part, the sellers are realistic. Though, I anticipate more resales popping up which will likely suppress values over the short term.
Mosler Lofts
As of today there are eight resale listings at Mosler Lofts (competing with eight developer listings), one pending transaction, and one sold resale unit. The owner of the unit that sold realized an 11.9% return on their pre-sale investment. I’d expect a higher rate of return, however, this was the first resale to sell and the seller was an agent.
Most of the owners actively flipping are hoping for higher returns. The list prices are not unreasonable for a new concrete & steel building in Belltown. Though, a few seem unrealistic given the current market conditions combined with the characteristics of their specific units.
Here’s a look at the eight active resales (information subject to change).
I am thinking those all must be studios or small one bedrooms since the prices seem low.?
Three of the Moslers and one of the Parc units are studios. With the exception of the $688,900 unit at the Parc, the rest are one-bedrooms.
http://www.marketwatch.com/news/story/merrill-lynch-says-us-nationwide/story.aspx?guid=%7B113721E5%2D3D7D%2D4938%2DB5E1%2D44401BD02AA4%7D
Molser Loft liens were released recently. That is a very sweet LEED building.