• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

PRESSLED

Your Leading News Source

PRESSLED
Your Leading News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • US
  • Meet the Reporters
  • About/Contact

Downtown Seattle price reductions show buyers have the upper hand

May 14, 2021 by Staff Reporter

Could Seattle’s downtown property market downturn be a good thing for buyers? Yes, if it means reduced prices — and right now, it does.

When the pandemic went from what we all assumed would be a few weeks into months and months, city dwellers took their work-from-home lifestyle away from America’s downtowns, sometimes away from cities all together. Now, over a year later, and even as the pandemic continues, people are coming back to American cities; but the slowest areas to regain their former popularity are the nation’s downtowns, and this is very true in Seattle. 

The median sold home price, year-over-year, would normally be the most telling of a downturn, and in the case of Seattle’s downtown, that median sold price is down to $591,200, a 7.6 percent decline year-over-year. More striking though it the reversal in market demand for downtown properties: As of quarter one, downtown sales have declined 44.1% year-over-year, and those that did sell had to wait a long time to do so: the average days on the market for quarter one was 33, up 94.1% this year.

The Spire Tower looks on at the water and the Space Needle, as do many downtown properties. Here we also see the configuration of the downtown were deals are to be had. 

Condos: Spire; map: Redfin

Downtown property developers have responded. For example, The Spire is a $350 million, 41-story luxury condominium tower in the heart of downtown Seattle. Now, Spire units can be yours for less than they were originally set to sell for, even though the tower hasn’t even been fully completed. “Spire is announcing limited-time price reductions (up to 10%) in advance of the building’s opening later this summer,” a spokesperson for Spire told the Seattle P-I.

With prices now starting from the high $400,000s, Spire introduced the reductions in March to test the market, which resulted in a major jump month-over-month of 10 sales in less than 30 days. 

This Redfin map of downtown properties shows 33 price reductions in the past 30 days as of 4/29/2021. 

Condos: Spire; map: Redfin

Spire is not alone in slashing prices. The Olive 8 Tower features price reductions too. A two bedroom, two bathroom unit that listed for $1.695 million in October of last year is now listed at $1.675 million. 

It’s not just luxury towers dropping prices either. 33 downtown Seattle homes have dropped their prices in the last 30 days, including everything from a one bedroom unit on Vine to a two-bedroom on Cedar. 

Is now the time to buy downtown? Given how hot the rest of Seattle real estate has become, there might not be a better one. 

RELATED REAL ESTATE NEWS:

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert. 

Originally Appeared On: https://www.seattlepi.com/realestate/article/downtown-seattle-price-reductions-buyers-market-16144167.php

Filed Under: REAL ESTATE

Primary Sidebar

More to See

EJ Jenkins Hopes to be a Versatile Receiving Threat for Georgia Tech This Season

One of Georgia Tech's most impactful incoming transfers could be EJ Jenkins. Jenkins is coming over from South Carolina, where he was used as a wide … [Read More...] about EJ Jenkins Hopes to be a Versatile Receiving Threat for Georgia Tech This Season

Stock futures dip following S&P 500’s third winning week in a row

Traders on the floor of the NYSE, Aug. 4, 2022.Source: NYSEStock futures traded slightly lower in overnight trading Sunday, following the S&P 500's … [Read More...] about Stock futures dip following S&P 500’s third winning week in a row

Why it is a must to choose your Realtor wisely?

In 2021, Las Vegas experienced its most frenzied market in years. Any agent could put a house on the market and it had a considerable chance to sell. … [Read More...] about Why it is a must to choose your Realtor wisely?

Privacy Policy | Terms and Conditions | About/ Contact
Copyright © 2022 · PRESSLED · As Amazon Associates we earn commissions from qualifying purchases · Log in

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT