Rental properties are famously in demand in Seattle, but so are condos, Lowe Enterprises SVP Suzi Morris tells us. Some very specific demographics are driving that demand.
For one thing, maturing Millennials who are established in their careers are looking to make an investment in real estate, since they don't want to be lifetime renters. Also, relocation buyers are moving to Seattle for work, many from San Francisco and New York, which happen to be relatively expensive markets when compared to Seattle.
Demand is local as well, Suzi says. Buyers are upgrading from older condos in Capitol Hill and First Hill, and there are a significant number of downsizers/empty nesters coming out of Seattle’s urban neighborhoods. Put them all together, she says, and they support demand for the likes of Lowe's LUMA, a 168-resident condo development at 1321 Seneca St in First Hill, all of whose units are sold or have committed buyers.
"Across the board, buyers are seeking a walkable, dynamic urban neighborhood experience with access to the city’s food and beverage options,” Suzi says. “LUMA offers these as well as easy access to Downtown Seattle for all sorts of cultural and entertainment pursuits, with a variety of transit options.”
Condo supply is also tight in Seattle's urban core, with only two other current projects selling units (three, until LUMA's units went pending). McAvoy Real Estate and Red Propeller oversaw the sales at LUMA, which Los Angeles-based Lowe Enterprises broke ground on in late 2014.
Hear more about the future of the Seattle residential market at our Seattle Multifamily event beginning at 7:30am Dec. 14 at the Westin Seattle.
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