The Nicest Spot in the City?

What made Van Gogh and Picasso famous? Hundreds of people recognized the beauty in their art. Likewise, I think the votes of many people saying “this is gorgeous” has some kick to it. The results of a poll conducted by the SCR asked readers which condo was the best-looking (I prefer to say “most beautiful”) condo project in Seattle. The absolute winner overall was a pretty girl named Ava (see left).


What makes Ava so beautiful? It’s not just a person’s looks that make them attractive, it’s what’s inside that counts. Same with condos. Ava is a hotel/condo combo, but this luxury doesn’t say it all. Floor to ceiling windows are great always a huge plus, but what makes them especially stunning is their new high-tech clear glass that will let in more light than other projects like Madison Tower or Cristalla, which used darker glass. Seattle has enough clouds to account for high depression rates, lets keep the light coming in, shall we? Another perk is an outdoor bar (think the SkyBar in LA). Many other condos can offer these amenities and features, I hear you say. All right, but the unique thing about Ava is she’s in the right place at the right time. She will be the closest hotel/condo project to the core of retail activity (6th and Pine), making her beautiful and useful, which of course, makes her all the more beautiful.

Construction will begin next year with the building set to open in 2010.

More on AVA: www.liveatava.com

AVA in the news www.liveatava.com/media.html

State of Downtown: Months of Inventory

There have been 930 condominium homes listed for sale on in the Downtown Seattle Core, the area defined as area 701 by the Northwest Multiple Listing Service, during the past year. Of those, 296 are currently on the market. Below is a breakdown by price range and absorption rates as well as the monthly supply extrapolated from the past year’s sales activity. Attached is the raw data used for the analysis.

Current Absorption
The overall absorption rate for single level condominium homes downtown Seattle is 52.83 condominium homes per month. Over sixty percent of the homes sold are below $500,000. The market for product above $500,000 represents 37% of the market.
The monthly absorption rate for condominium homes priced between $500,000 & $700,000 in downtown Seattle is 10.75 homes per month. The rate increases to 33.8 per month for condominium homes priced below $500,000.

Current Supply
Based on the absorption rate of the past 12 months there are currently 5.6 months worth of inventory available. In the 500,000 to 700,000 market there is currently 5.77 months worth of inventory. Based on last year's absorption, there is currently 12 months worth of inventory for condominiums priced above $700,000. If you want to sell in this price range, it is time to market condominiums rather than simply list them. Can you say "CondoCompare.com"

Brett Frosaker

Columbia Real Estate