September 6, 2010

Market Trends for July 2010: Avg Price Per Sq Ft

Here is our first update of four market trends we’ll be posting each month.  Data spans an 18 month period in efforts to avoid presenting a false trends based on activity of the the current season.

Mentions:

  • Resale properties reached it’s all time low in 18 months at $383/sq. ft.
  • New construction reached it’s all time high in 18 months at $756/sq. ft.
  • As an average, price were it’s lowest in August ’09.
dyerware


All reports presented are based on data supplied by the NWMLS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

Seattle’s highest priced condo listed in MLS closes today

Escala AwningOne of the things we have to do as we continue to revamp our blog is to make a call or shoot an email to those who send out press releases or can provide some good information regarding our downtown Seattle condo market.  We called Eric Mehr with John L. Scott today who is representing ESCALA because there has been a lot of positive news about sales continuing to go up.  As Seattle’s only emerald green glass high-rise the project has struggled as it was the last of all the new construction to open for occupancy during the crash.

Since, Bob Rennie with Rennie marketing has pulled some pretty amazing ideas that have helped cater to the market over the last several months.  Today, Mehr had a little bit of excitement in his voice, and I had to later send a congratulatory text message because today ESCALA breaks a record.  Originally listed around $6.7 million, today they are closing on a completely built out East, West, and North facing penthouse for around $6 million.  This is big news for everybody who has an invested interest in downtown real estate.

CORRECTION: Ben Kakimoto at SeattleCondosAndLofts.com reminded me on Facebook that this is the second most expensive to sell in Seattle history.  First was Four Season’s which sold for somewhere around $7 million, as well as a private sale for around $15 million.  Can I get a Mulligan Ben?

I’ve actually been in that unit when it was just a shell with drills and ladder’s laying around everywhere.  The 5,200 square foot unit is nothing short from spectacular when you kink your neck looking right, then spanning the room to look left towards the sound.  Amazing!  I can’t imagine what it looks like today!  Congrats team ESCALA!

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