SEATTLE, June 11, 2021 /PRNewswire-PRWeb/
-- Executives of Realogics Sotheby's International Realty
(RSIR) and Connell Real Estate announced today the official debut
of Goodwin Condominiums, a boutique collection of 34 condominiums
being offered for unit reservations and priority presales with
occupancy anticipated by late summer 2021. Originally delivered in
2011 and located at 2233 1st Avenue in Seattle's popular Belltown neighborhood, The
Goodwin is believed to be the first apartment conversion in this
current cycle and will deliver high-quality, concrete-and-steel
construction with fully refreshed interiors and new appliances at
attractive price points starting from the $500,000s.
"Enviably positioned and perfectly timed, The Goodwin is already
proving to be exactly what the market was waiting for," said
Ami Bumia, Executive Director of
Sales for the New Developments Division of RSIR. "We're
experiencing a strong condominium comeback in downtown Seattle and the selection is becoming more
finite as it appears the pipeline of new developments is deferred
given high construction costs."
According to data published by the Northwest Multiple Listing
Service and Trendgraphix research, pending resale activity (new
contracts to purchase) has nearly doubled so far in 2021 compared
with the prior year, while new listing activity for the same period
has plummeted by a third, in what experts say defined a noted
inflection point in the in-city housing market.
"Interest rates are still historically low, but they're
beginning to rise and that's motivating fence-sitting buyers that
were waiting for a clear signal to approach the market," said
Dean Jones, Owner and CEO of RSIR.
"Condominium sales downtown are spiking as city dwellers who fled
high-density areas during the pandemic begin to return, and as they
realize they can take advantage of the developer incentives still
being offered. But as preferred inventory and the most attainably
priced units are quickly snatched up by smart buyers, those
incentives will disappear."
Jones believes the in-city market will soon enter a new growth
cycle, and buyers who wait will risk experiencing less supply, more
competition, and higher prices and reduced purchasing power in the
future.
Despite the perceived slowdown in 2020, Seattle was the fastest growing big city in
the U.S., according to census data. Market watchers observe
millions of square feet of tech campuses in downtown Seattle that are repopulating by the close of
2021 and generating expanding housing demand for purchase and for
rent.
Veteran listing brokers Phil
Greely and Lino Guidero are
representing The Goodwin and have showcased a selection of featured
listings, including a range of one-bedroom, one-bath floor plans
(starting at 524 square feet); one-bedroom, two-bath plans; urban
two-bedroom, two-bath plans; two-bedroom, two-bath plans; and a
limited number of larger one-bedroom plans (from 846-1,282 square
feet) and two-bedroom, two-bath plans (1,098 square feet) with
private terraces as large as 12 by 12 feet. For a few select plans
on the top floor, the square footage is spread out over two
distinct levels, with stairs leading up to a private roof deck —
creating a feeling more like a sizable townhome than a typical
condominium.
"This boutique offering harkens back to its historic Belltown
legacy of brick buildings and cobblestone streets," said Guidero.
"Yet it's perfectly poised for a prosperous and energetic future
with a such convenient location, walkable to major tech campuses
and being so enviably close to the new multi-billion-dollar
waterfront park."
Market watchers also note the high volume of in-city residents
that are currently renting and may benefit from valuable stock
portfolios, especially from local tech titans like Amazon.
"We believe there will be an increase of first-time buyers from
tech workers that will harvest restricted stock units to help with
down payments before the threat of a new 7% capital gains tax in
2021," adds Greely. "A combination of high-tech market valuations,
low interest rates and introductory pricing at The Goodwin makes
homeownership attainable."
Several reservations have already been accepted with conversion
to purchase and sale agreements and closings by late summer or
early fall 2021.
For more information visit: https://thegoodwinseattle.com/.
About Realogics Sotheby's International Realty (RSIR)
(https://www.rsir.com)
A leading global sales and marketing brokerage firm in the
Pacific Northwest, RSIR is a boutique real estate firm of 350+
brokers, with service branches in downtown Seattle, Bainbridge
Island, Bellevue,
Kirkland, Mercer Island, and Madison Park. RSIR is a leading project
marketing specialist throughout the Puget Sound region.
Media Contact
Lauren Haslett, Realogics
Sotheby's International Realty, 206-448-5752,
lauren.haslett@rsir.com
SOURCE Realogics Sotheby's International Realty