Seattle Condos Spike in Sales for a Four Year Inventory Low

Olive 8, a 229-unit luxury high-rise condominium in downtown Seattle have just 12 of the 229 units left to sell—bringing the development to 95% sold (including closed and pending purchase agreements). The LEED “Silver” certified building includes a Hyatt at Olive 8 Hotel on the first 17 floors and remains the best-selling, new construction development in its class, according to its representatives. “Despite the turbulent market conditions over the past four years, Olive 8 has emerged as a thriving community with validated market pricing in one of the nation’s best housing markets,” said Dean Jones, Principal of Realogics Sotheby’s International Realty, the brokerage firm listing Olive 8 since January 2011. “This building is well positioned for today and tomorrow – there are effectively no new construction condominiums expected to arrive for at least two years and none offering hotel amenities. We predict demand for in-city condos will continue to increase as liquidity returns to the surrounding single-family neighborhoods job growth expands – especially if rents stay high and mortgage rates stay low.” According to NWMLS records the total active listings for sale in downtown Seattle as of December 2012 was just 93 units while median home prices in the center city rose to $501,250 – that’s up 18.6% compared with a year earlier and the highest in four years, said Jones. For the entire year 2012 median home prices have risen 7.4% and total sales volumes rose 11.7% compared with 2011. Recently Seattle was noted as one of the “Biggest Turnaround Housing Markets” in the nation, according to a Trulia.com ranking. “Thanks to our great market fundamentals and an even greater product – we will soon be sold out at Olive 8,” said Julie McAvoy, the Community Sales Director at Olive 8. “Homebuyers have preferred our location, construction quality and the unique relationship to the Hyatt at Olive 8 Hotel. Not only does this offer our residents world-class amenities and services but it provides meaningful efficiencies to the operational costs of the building. The result is much lower HOA dues while delivering an elevated lifestyle. This type of differentiation will always help Olive 8 stand out from the pack in any market condition.” Remaining homes at Olive include one bedrooms priced from $505,000 and two bedrooms from $950,000. To learn more visit www.Olive8.com.