Posted by: The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

93 responses

  1. Seattle only?

  2. Hi Tim,

    I would like to plot what I am interested in, mainly Bellevue high-rises. I tried to look up the information on Bellevue Towers and I don’t see any list on units, but I do see sales history. Are they equivalent? I am guessing yes.

  3. No interest here, why would one pay a high price on top of hoa dues and cramped living. To each is own but I would never lay down big bucks for condo living. 6,000 sq ft plot of land, now that’s interesting.

  4. Ashford at vista park
    1731 10TH AVE NE
    Issaquah higlands
    Issaquah, wa, 98029

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=0293050000

    total – 114 sold – 88 unsold – 26

  5. Matt over at Urbnlivn has a good list of all the condo projects down the right hand side of his page. I cut and pasted this into a spreadsheet and posted on google apps. Just sent over to Tim

  6. ARRINGTON PLACE http://www.arringtonplace.com/
    700 FRONT ST issaquah 98027

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=0279500000

    Total – 130 sold – 67 unsold – 63

  7. This is a great idea!! Tomorrow after work I’ll add some Capitol hill buildings.

  8. STARPOINT 2007 build

    2520 NE PARK DR, issaquah 98029

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=7971500000

    Total = 84 sold = 72 unsold = 12

  9. Trace Lofts

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=8664950000

    42 Total Units
    35 Sold
    7 unsold

    12th and Madison (Newer Trace Lofts building)

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=8664970000

    100 Units
    37 Sold
    63 Unsold

  10. Apologies if this is a repost – I got a database error the first time.

    This isn’t Seattle or King County but for folks who might be curious I recently did a breakdown of all the condo projects in the Leavenworth area including a couple of proposed projects that have been canceled or postponed.

    http://iciclecreekrealestate.com/2009/03/09/leavenworth-condo-market-spring-2009-update/

    Good luck on the King County project- I think splitting up the work load is a great idea.

  11. Brix Condos
    530 Broadway
    Capitol Hill

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=6850700145

    141 Units

    ~42 Sold ** property report data doesn’t list specific owners, just sales/transfers
    ~99 unsold

  12. I assume we don’t care about condos that already existed before the bubble and weren’t converted?

  13. Trace North – http://www.tracelofts.com
    1414 12th Ave 98122
    http://www5.kingcounty.gov/reports/property_report.asp?PIN=8664970000
    100 units
    66 unsold
    (Only 4 active listings)

    Replyhttp://www.tracelofts.com\r\n1414 12th Ave 98122\r\nhttp:\/\/www5.kingcounty.gov\/reports\/property_report.asp?PIN=8664970000\r\n100 units\r\n66 unsold\r\n(Only 4 active listings)’,'22′); return false;”>Quote
  14. Awesome idea.

  15. Trace Lofts – http://www.tracelofts.com
    1408 12th Ave 98122
    http://www5.kingcounty.gov/reports/property_report.asp?PIN=8664950000
    42 units
    7 unsold
    (no active listings?)

  16. Whoa, that first post I made at apparently 8:14 am was really made around noon. No idea why it bubbled to the top with the wrong date. It even pre-dates the post itself. =P

  17. 1521
    1521 2nd ave, Seattle

    Ultra high end condos

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=1975700610
    Doesn’t list all unit owners

    143 Total Units
    65 units sold (~ number of recorded sales listed on the property report)

  18. I just tried to look up Olive8 … i’m not sure yet, but it looks like the way this game works, the sales records aren’t posted until the building is complete.

  19. Mosler Lofts
    2720 3rd Ave, Seattle

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=5677000000

    148 Units
    1 unsold (plus 4 unsold commercial spaces)

  20. Riverwalk at Redmond (Conversion)
    7357 LEARY WAY NE 98052, Redmond
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=7349500000
    82 units, 4 unsold

  21. Madison Lofts
    2900 E MADISON ST 98112
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=7015800000
    24 units, 7 sold *

    *Note: The Madison Lofts website (http://www.madison-lofts.com/index.php) says there’s only 20 units. Two of the listed units are very small (~200 sq ft) so maybe those aren’t included, but that still doesn’t make 20.

    Also, this page allows you to search by condo name: http://www5.kingcounty.gov/kcgisreports/property_report.aspx

  22. Champagne at Bellevue (Conversion)
    15165 NE 8th Street, Bellevue
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=1508700000
    32 units, 0 sold

    They just completed the conversion and have only recently begun selling — last time I saw the “grand opening” sign was still up. Apparently they haven’t had a single sale.

    Edit: Odd, the parcel viewer says condo, but the website says apartments and “leasing”: http://www.champagneatbellevue.com/homes.php. I’m pretty sure the grand opening sign was for condos after the conversion. I’ll drive by and see if it’s still up.

  23. Can’t believe no one’s done 2200 Westlake yet. =)

  24. RE: Magnolia44 @ 5 – I’m thinking like Magnolia44. I have enough hassles in life without adding a condo home owner’s association to the mix.

    However, the one set I would be interested in, at about half of the current asking price, have been listed for sale on Redfin for 193 days. But the project still shows as the old SFH in the King County parcel viewer. Maybe no sales records are shown until at least one is sold? Or maybe they are not really marked as finished, like EricArrr speculates? This a 4-unit townhouse complex in Redmond.

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=0125059113

  25. REDMOND – The following 3 buildings are all next to each other!

    Towne Pointe
    8850 Redmond-Woodinville Rd NE
    20 units – 11 sold – 9 unsold

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=8664600000

    Bella Vista Condo
    8980 Redmond Woodinville Rd NE
    9 units – 2 sold – 7 unsold

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=0662200000

    Valley View (condo conversion)
    8920 WOODINVILLE-REDMOND RD NE 98052
    21 units – reverted back to apartments

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=0225059095

  26. 25 on the Park – http://www.dwellingcompany.com/25park/25park_index.html
    25 units
    1 sold
    (25 different parcel #’s – it’s unclear whether these are technically townhouses or condos since they are all built atop a common underground parking / storage structure, but have separate parcels.)

  27. Veer Lofts – http://www.veerlofts.com
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=1988201565
    99 units
    41 sold

    (Vulcan is reported to have claimed 56% sold – looks like BS to me. http://www.urbnlivn.com/2008/11/01/trip-veer-lofts/)

    Replyhttp://www.veerlofts.com\r\nhttp:\/\/www5.kingcounty.gov\/kcgisreports\/property_report.aspx?PIN=1988201565\r\n99 units\r\n41 sold\r\n\r\n(Vulcan is reported to have claimed 56% sold – looks like BS to me. http:\/\/www.urbnlivn.com\/2008\/11\/01\/trip-veer-lofts\/)’,'40′); return false;”>Quote
  28. REDMOND (Part 2)

    The Boulders
    8125 Willows Rd NE
    78 units – 16 sold – 62 unsold

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=0982900000

    Element
    15210 Redmond Way
    39 units – 26 sold – 13 unsold

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=2301500000

  29. Veridian Cove
    Condo Conversion in North Seattle
    182 units
    78 sold

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=8895500000

    Will be there teaching next Wed and will check out the complex.

  30. The Boulders
    8125 WILLOWS RD 98052
    78 Units – 16 sold, 62 unsold
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=0982900000

    Element
    Address not listed, but it’s at the corner of Willows Road & Redmond Way
    40 units – 27 sold, 13 unsold
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=2301500000

  31. Yuk. I clicked on the web site marketing links that folks have posted for some of those condos. Lots of sickly-slick pictures of fashionable people who don’t live there and flowers or babies. You have to dig to get real information. Even if you click on the links, you get more artists sketches, and pics & phone numbers of glamorous looking agents, etc. I’m not sure why this type of presentation appeals, but it must work or else they wouldn’t do it.

  32. Or you could just contact New Home Trends and ask them for a compiled list by suabrea

  33. Carbon 56
    Apartment Conversion

    2015 Terry
    Seattle WA

    http://www.carbon56.com

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=1354300000

    56 Total Units
    20 Unsold
    36 Sold

  34. RE: Flotown @ 45 – New Home Trends tends not to be accurate, as they post what the developer says they have sold.

    2200 is completely sold out… the developer may have chosen to hold a couple commercial spaces, but the residential homes are sold.

    nice work everyone!

  35. Hotel 1000 / Madison Tower

    1000 1st Ave, Seattle

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=5017300000

    47 Units
    47 Sold
    0 Unsold

  36. The Cosmopolitian

    819 Virginia, Seattle

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=1766000000

    253 Units
    1 unsold
    252 sold

  37. The Parc Belltown

    2716 Western, Seattle

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=6633050000

    186 Units
    156 Sold
    28 Unsold

  38. I take it that this is some of the inventory that the flippers will be competing against for the next few years?

    There are still plenty of investors in some of those relatively “sold out” condos.

  39. The Decatur

    1105 Spring, Seattle
    First Hill

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=1938150000

    145 Total
    63 unsold
    82 sold

  40. Lumen – http://www.lumenlife.com
    501 Roy St.
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=4458720000
    92 units
    69 sold
    (Web site claims 80% sold. It’s actually 75% by my math, but, hey, who cares? The sales offices for newer buildings are much bigger exaggerators.)

  41. Mckean
    1404 Olympic Way W.
    Seattle

    1929 conversion – on market 12 months (currently off market)

    8 units
    2 sold

  42. Eastlake Lofts
    Completed 2007

    2245 Eastlake, Seattle

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=2208800000

    18 Units
    18 sold

  43. Gallery Condos

    2911 2nd, Seattle
    Queen Anne

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=0695000295

    76 Total units
    ~ 65 sold (based on sales listed, not all owners shown)
    ~ 11 unsold

  44. the Press condos
    1610 belmont ave
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=6891500000

    141 units, 124 sold (16 unsold)

    this is awesome!

  45. RE: DrShort @ 57

    I think I over counted the sales by a couple. Should be 61

  46. The Riverstone Bellevue
    14200 SE 6TH ST
    Bellevue, WA 98007

    parcel number 7345500000

    98 units, 28 sold, 70 unsold

    Several units sold to flippers. Possibly going through stealth repartmenting. Condo website is down.

    For more info see this forum thread.

  47. Onyx Condominiums
    12th and E. Olive Street

    62 total unit, 60 sold

  48. Seventeen07

    1707 Boylston
    Capitol Hill Seattle

    Apartment Conversion

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=7698410000

    36 Units
    21 Unsold
    15 Sold

  49. Good work everyone, Just wanted to let you guys know that you can even search by condo name!
    just click the “search by condo name” @ http://www5.kingcounty.gov/kcgisreports/property_report.aspx

  50. Verdeaux

    15700 116TH AVE NE 98011 Woodinville

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=8894480000

    96 units
    10 sold
    86 unsold

  51. http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=3298590000
    Bellevue Highlands condos. They converted to condos about 1.5 years ago. They are in the cross roads area. Of 24 properties just 1 seems to be sold. Am I missing something from the parcel viewer?

    24 units
    1 sold
    23 unsold

  52. I tried to look up Bellevue Towers ( http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=1544100253 ) but for whatever reason I don’t get the right information for this listing. Perhaps because it’s mixed use? I did find this article ( http://www.seattlepi.com/business/400766_bellevuetowers20.html ) which lists some information.

    534 units (per Seattle PI)
    23 sold (per Parcel Viewer) (1 might be an investment property)
    Asking prices: 0.5 – 9 million (1.1 million average)
    Actual sales prices: $362K – $1,306K with a whole 3 units selling at above “average” price.

    Anyone have better data?

  53. Parcel viewer is not working for me right now – perhaps all of you overloaded it?

  54. Ballard conversion condo’s by The Northlake Group.

    Oslo
    2230 NW 59TH ST
    18 total units 6 sold 12 unsold
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=6429000000

    No name building
    2250 NW 59TH ST 98107
    19 units converted back to apartments
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=2767603845

    No name building
    2251 NW 59TH ST 98107
    19 units converted back to apartments
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=2767604090

    No name building
    11 units converted back to apartments
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=2767602980
    p.s. bank owned

  55. i have a related question. how are the increased property taxes and HOA dues affecting condo owners in seattle? When compared to a mortgage payment, are these insignifiacnt expenses? and which one takes priority for someone strapped for cash?

  56. Tim and others,

    If you just click on the “property report” and count the taxpayers listed, you will UNDERESTIMATE the # of units currently sold. For units that appeared to be owned by the developer, you should also click on “Complete unit report.” Once you have done so, you may see that some units for which the developer is listed as the taxpayer on the first screen, a person appears to have recently bought the unit (in Jan. 09 or later).

    Here is an example for Element in Redmond. Click on the first two units that are “owned” by the developer (2301500020, 2301500040), and you will see they have been purchased recently (1/28/09, 1/14/09). I didn’t go through the whole list, so there are likely to be others that have been sold in Element.

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=2301500000

  57. NOVELL APTS
    901 NE 43RD ST 98105
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=6208500000
    36 out of 37 units sold.

  58. RE: Christina @ 74 – It’s a condo conversion, btw.

  59. @ 66. sdtosea

    I stopped in verdeaux about a week ago they claim 18 sold, but have been for sale for close to 2 years, and have lowered prices between $50k to $100k on average.

  60. Washington Square

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=9187750000

    10620 NE 8TH ST 98004
    Bellevue

    2 Towers, 377 units

    Tower 1, 188 units, 113 sold
    Tower 2, 189 units, 56 sold

    Median Price (All Units): $727,000
    Median Price (sold): $562,000
    High: $2.164 million, Low: $261,000

    Very interesting note, I see over 50 Korean names in the owners list (not all Asians, just Koreans). My guess is one of the Washington Square developer is a Korean. I also see that a handful of poeple bought multiple units. I am sure that investment is paying off…

    And when I took a tour of the units there, the sales associate was very proud to announce that Hasselbeck owned one of the units. But I don’t see his name here. I am guessing he is staying there (if he is there at all), he is staying for free.

  61. Canal Station
    5440 Leary Way NW
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=1327100000
    169 units, 7 unsold

  62. Note, there is a pretty good (short) article on the glut of condos and apts in Ballard in last week’s Stranger. Points out that many of the “owned” condos are up for rent on Craigslist…

    http://www.thestranger.com/seattle/nobodys-home/Content?oid=1177409

  63. This is what I could get from about an hour with the parcel and sales records (and a little time last night tinkering with Google Maps):

    http://maps.google.com/maps/ms?ie=UTF8&hl=en&t=h&oe=UTF8&num=200&start=200&msa=0&msid=108054617474319070271.000465b1b7d8b4e111cff&ll=47.617273,-122.325211&spn=0.128442,0.280838&z=12

    The downside of looking at these public parcel records is that it’s really hard to find some places (Brix, for example, isn’t on here). There are also some condos that aren’t really “projects” per se, or are now being operated as apartments. Still, this can give you an idea of what goes where.

  64. (Oh, and it’s probably better to look at it in Google Earth, which will give you all of the thumbtacks in one map…)

  65. TANGLEWOOD AT KLAHANIE http://www.tanglewoodcondominiums.com/
    25025 SE KLAHANIE BLVD
    issaquah 98029

    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=8563600000

    Total units 128 sold 99 unsold 29

  66. RE: gameboy @ 77 – Gameboy Washington Square was bought by the Barrier Group when it was last time frozen with financing issues in the early 2000s. He is not Korean.

  67. By tomtom @ 53:

    By Dave0 @ 21:
    Florera – http://www.floreragreenlake.com/
    413 NE 70TH ST 98115
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=2586900000
    54 units, 9 sold

    ?????

    I count 14 sold.

    I left out the 5 commercial units from the total units and the sold units. Count your way it would be 59 units, 14 sold. Both give us 45 unsold.

  68. I don’t know about the projects that my company isn’t selling, but I can tell you from the ones that we are selling that this information is old. The county records must take a while to catch up to reality.

    Just a sampling:
    NoMa is sold out., we have one deal pending closing and the other 89 are closed.
    Trace Lofts has four left, and Trace North has sold 55 with 45 left.
    Madison Lofts has 20 residential units and is 50% sold.
    Tanglewood at Klahanie has 18 homes left.
    Trio has 19 homes left.

  69. RE: Crow @ 73 – That’s an interesting point. Makes me wonder how much lag time there is between when a unit sells and when these property records we are pulling get updated. I bet is is pretty significant.

  70. RE: demo_kid @ 80 – Wow! this is amazing!

  71. @87: That’s an interesting point. Makes me wonder how much lag time there is between when a unit sells and when these property records we are pulling get updated. I bet is is pretty significant.

    It is significant, although I’d expect that the lag would be a little less now that the volume is down! But as long as you view this data as lagged, I don’t think it’s a problem. I wouldn’t use this as a way to track minute-by-minute changes in the market, and it’ll never match the data that folks like LSJ can provide about their own projects, but it can point out some of the places that are having problems and give some perspective on the state of the market.

    @88: Thanks! It’s not perfect, but it’s interesting to see on a map…

  72. [...] lastly, help Tim at Seattle Bubble out on his condo sales status project. Clearly he has more time than I do :). Or just read the comments. Still lots of unsold inventory [...]

  73. Here’s an article dated 4/7/2009 which says certain project occupancies are very bad:

    http://www.thestranger.com/seattle/schnitzer-hits-the-fan/Content?oid=1220669

    “And Schnitzer’s condos are barely selling. At Gallery in Belltown, which began presale in October 2006, deposits have been put down on fewer than half of the 233 condos, and King County tax records online show that buyers have closed on only 22 of those condos—less than 10 percent. Brix Condos on Capitol Hill, which has 141 units, also started preselling in fall 2006; so far, according to a sales representative, fewer than half have sold. And at the Equinox on Eastlake Avenue, a sales representative says people have signed contracts for fewer than 30 percent of the 204 condos in the building, which is still under construction. Meanwhile, Schnitzer’s Bravern, which is under the crane in Bellevue, has contracts on fewer than one-third of its 450 condos.”

  74. [...] made a passing mention of Olive8 pre-sale buyers walking away from their deposits in the condo sales status project post (which is still being compiled, by the way), and a week or so ago the Seattle Times posted a story [...]

  75. [...] of just how over-supplied the local condo market truly is. I’m still working on compiling the Condo Sales Status Project. There’s a lot of info out [...]

Leave a Reply

Do you want a nifty avatar picture next to your name, instead of a photograph of Tim's dog? Just sign up with Gravatar, and make sure to use the same email address in the form below. It's that easy!

Sponsors


Seattle Real Estate :: Brent Fosso

Sponsors

  • Home Improvement Forums
  • East Bellevue Real Estate
  • For Sale By Owner
  • Home Builders

Tip Jar

Archives

Performance Optimization WordPress Plugins by W3 EDGE