Seattle Condo Demand Rising Faster Than Supply

Luma SeattleLuma is the first new high-rise condo tower on First Hill in more than 30 years and, as of last week, half of the 168 units have been sold. The 24-story tower at 1321 Seneca St. will open in June. Remaining units start in the low $500,000s, according to the sales team.

This got the Buzz wondering about how some other prominent Seattle condo projects here are doing. Including Luma, these projects will bring 1,100 new condos to a market that’s hurting for inventory.

Bosa Development’s Insignia, a two-tower, 707-unit complex at Fifth and Bell is almost sold out. Fewer than 80 units remain, bringing it close to 90 percent sold, said Bemi Jauhal, director of marketing and sales for Bosa. The south tower opened last summer, and the north tower is set to open this summer. Jauhal said prices for remaining units start above $900,000.

By Nat Levy – Full Story at DJC

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