{"id":4622,"date":"2009-03-04T11:50:13","date_gmt":"2009-03-04T19:50:13","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=4622"},"modified":"2009-03-04T16:00:35","modified_gmt":"2009-03-05T00:00:35","slug":"massive-condo-oversupply-on-the-north-end","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/03\/04\/massive-condo-oversupply-on-the-north-end\/","title":{"rendered":"Massive Condo Oversupply on the North End"},"content":{"rendered":"

In keeping with the old clich\u00e9 that “all real estate is local,” let’s take a moment to look at one local market: Kenmore townhomes and condos. I selected Kenmore because it happens to be where I live, so I am pretty familiar with the area and what projects have been built over the last couple years.<\/p>\n

Here’s a summary of five major projects in Kenmore that have been built \/ converted since<\/p>\n

Trail Walk Condominiums<\/a> – 2007 conversion – 180 units – ~69% sold
\nNorthshore Kenmore<\/a> – 2008 new construction – 86 units – 0 (?) sold – (more in this forum thread<\/a>)
\nCoventry Place Condominiums<\/a> – 2007 conversion – 96 units – ~82% sold
\nVermont Condos (website defunct<\/a>) – 2008 conversion – 54 units – ~6% sold
\nCopper Lantern Homes<\/a> (low income) – 2009 new construction – 0 sold<\/p>\n

5-Project Total:<\/strong> 449 units, ~57% sold.
\nTotal Unsold Units:<\/strong> ~157<\/p>\n

From October through January, there were a grand total of 59 closed sales of all types (SFH, townhome, condo) in all of Kenmore reported by the NWMLS. That’s an average of about fifteen sales per month. In other words, just between these five townhome\/condo projects, Kenmore has over ten “months of supply.”<\/strong><\/p>\n

It’s even worse if you only look at condo sales, of which there were a grand total of two in January. Two.<\/p>\n

Meanwhile, over in Woodinville, a 2006 condo conversion called Timber Ridge<\/a> has at least one unit on the market at half<\/strong> of what it sold for in 2006.<\/p>\n

2006 sale price: $200,900<\/a>
\nCurrent asking: $99,900<\/a><\/p>\n

Half off. I shouldn’t be surprised, but somehow I still am.<\/p>\n","protected":false},"excerpt":{"rendered":"

In keeping with the old clich\u00e9 that “all real estate is local,” let’s take a moment to look at one local market: Kenmore townhomes and condos. 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