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Even at the height of the real estate boom, few people believed that the ever-increasing number of new construction projects in Seattle and Bellevue would be a good idea. The initial wave of new projects was a welcome occurence from the downtown cores which did not have enough residential capacity. Then came more and more projects, most of them in the luxury or ultra-luxury categories, for which there could not possibly be enough buyers. I believed that downtown Bellevue would have the demand to even out the supply, until nearly a dozen new projects came up that would have flooded the market with thousands of more units.
Now it's no surprise that many of those projects have stalled or been delayed indefinitely. The 1 Residences in downtown Seattle was slated to be a high-end condo-hotel. When I checked prices in mid 2007, they were quite high, over $600K for what amounted to the cheapest studio condo-hotel unit available at that time. Now, it is a giant hole in the ground with no definite completion date.
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1 FaverViewed: 15 TimesQuoted: Renters of one-bedrooms in Manhattan could expect to pay $2,691, on average, according to the July listings by Citi Habitats, though that figure has jumped to $3,462 in a doorman building.
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