This issue I promised to share info about our luxury condo market, more precisely our over $1M condo market. I haven’t yet tired of looking at or showing these homes. Sometimes my work is so difficult. <sigh> In fact, this photograph is from a $10 million dollar condominium in downtown Seattle.
It is luxury - I’d be happy to sell it to you.
What makes “luxury”? That’s subjective. Usually details and quality.
Merriam-Webster defines “luxury” as “a condition of abundance or great ease and comfort” “sumptuous environment” “something adding to pleasure or comfort but not absolutely necessary” “an indulgence in something that provides pleasure, satisfaction, or ease.”
Luxury condos offer a lifestyle galactically beyond what is basic and necessary, indeed an abundance or even excess of what is pleasurable and comfortable. This lifestyle may include amenities such as 24-hour concierge services, valet parking, frequent window washing and upkeep of common areas, fitness centers, yoga studios, movie theaters, conference rooms, rooftop decks, entertainment rooms. Most always luxury condominium residences are spacious, utilize rare woods and modern high-end finishes such as granite and various stones, stainless-steel appliances, higher ceilings, dreamy fireplaces, spa baths, gourmet kitchens, various environmentally friendly features, and screaming views.
Developers, largely hoping to attract affluent technology workers, continue to plan and build high-end condos in downtown Seattle, downtown Kirkland, and downtown Bellevue. And the units are not necessarily selling as quickly as developers had hoped and there’s no shortage of speculation as to why.
There are some simple possibilities to bounce around that don’t burn too many brain cells. Buyers able to pay $500,000 for a condo can afford a nice, large, maybe new, maybe with a water view, single family home. Buyers in this price range think long and hard about what is financially best for them.
Buyers paying $700,000 for a condo are able to consider a huge array of options including single family homes, waterfront homes, new construction, resales, floating homes, etc. These buyers make faster decisions and choose what best suits their lifestyles.
Someone looking at $1M condos may be a local but they’re probably from another city where housing prices are higher. Over $1.5M, well those units attract buyers who can afford to live anywhere in the world. These buyers want properties that reflect their lifestyles.
In addition to mortgage payments there are homeowner association fees. Generally, the charge is 55 to 75 cents a square foot per month - meaning the owner of a luxury 1500SF condo would pay $825 to $1125 a month.
There are currently 228 Active condominium listings with our Northwest Multiple Listing Service over $1M. The price range for these condos is between $1M and $10M with the average price being $1,851.682, square footage being 2254, and days on market being 139.
No surprise that the highest priced condos continue to be found in downtown Seattle (currently 109) followed by:
Kirkland (39)
Bellevue (38)
Tacoma (6)
Bellingham (5)
Bremerton (5)
San Juan Island (5)
Blaine (5)
Manchester (4)
Bainbridge Island (4)
Edmonds (3)
Gig Harbor (2)
Everett (1)
Issaquah (1)
Des Moines (1)
The demographics for these condos may not be what you’d expect. I read that recently-built luxury condos in trendy downtown Kirkland have sold mainly to senior citizens. In the Lake Pointe and Marina Pointe projects, 70% of the buyers were over 65! And it’s interesting that there’s little cross-over between buyers of Seattle and Eastside units. Buyers looking at luxury condos in Kirkland don’t want to live in Seatte, buyers looking at luxury condos in Seattle don’t want to live in Bellevue. And Eastsiders (I can say this since I grew up on the Eastside) prefer to live closer to the ground. Highrises in Seattle (and Bellevue) have a WAY different energy and attract different souls.
I have to say there is something undeniably opulent about luxury highrise condos that I don’t feel when previewing equal quality low-rise condos. There can be an involuntary WOW and undeniable AWE in standing on a 26th floor bedroom balcony looking out at a 240 degree view of - - everything. The emotion is inspiring. Ok, and a little freaky if I stand against or lean over the balcony.
Some think the Seattle market isn’t sophisticated enough (or large enough) to support all these swank condos. Some think it’s just plain wrong. Some are jealous. Many business owners are excited. One thing most people agree on is this - the face of downtown Seattle, downtown Kirkland, and downtown Bellevue is changing. Downtown Seattle is becoming more “stylish,” but we’re not San Francisco or New York. We’re not even Vancouver, B.C. When I make my little 2 1/2 hour trips north across the border I often think that it’d do us good to research the Canadian market where multi-family living is so well-integrated in their communities and urban experiences. Where multi-family condo living is normal, not exclusive.
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