As we move into a fresh year, we’re recapping real estate market trends and looking forward to a successful new year.
According to Polaris Pacific, West Coast leader in high-density real estate sales and marketing, median prices in West Coast markets are showing strength as we greet 2022. Extraordinarily low condo supply is driving median price levels throughout the west. Rounding out last year in December 2021, Seattle’s median sales price was $655,000 with 295 closings – up 2.4% over the previous year while months of inventory was 1.9, down over 53% from the previous year.
While Seattle area low-rise and mid-rise buildings both showed a negative annual price per square foot change in 2021, alternatively high-rise buildings of 13 stories or more (such as The Emerald) rose by 6.9%. Furthering sales momentum, Seattle showed less supply of unsold, new condominiums on the market (33.7 percent decrease from 2020) while demand for housing remained high. The median price in Seattle during the three months ending November 30th was $654,975, unchanged from November 2020.
Following record sales with a successful first-half of 2021, totaling $50M in sales in the first two quarters, The Emerald’s continued transaction velocity confirms its position as the city’s most attractive downtown residential high-rise available to buyers in today’s current market, as reported in The Registry Pacific Northwest Real Estate.
Indicating a strong luxury market, we’re pleased to share news that The Emerald had 2 of the top 5 highest priced Seattle condo sales in 2021 (Penthouse Residence 3605 and Penthouse Residence 3505), noting that these milestone sales also ranked The Emerald among properties with the highest price per square foot – upwards of $2,200.
Often described as the perfect balance between convenience and luxury, between Penthouse offerings at The Emerald and continued market demand resulting in high dollar sales success, there are several key factors that set us apart from other new construction properties, which include:
- A premiere address one block from Pike Place Market and Seattle’s new waterfront destination
- Stellar architecture designed by a female-led team, Julia Nagele, Principal, Director of Design – Architecture of Seattle-based Hewitt Architects, with stunning interiors by local interior designer Susan Marinello of Susan Marinello Interiors
- Soaring 10-foot plus ceiling heights, expansive windows and ample natural light to showcase unrivaled 360-degree vistas
- Breathtaking panoramic and unobstructed views of the Puget Sound, the Olympics, Bainbridge Island and more
“The Emerald represents the very best of what Seattle has to offer,” said Dehlan Gwo, Director of Marketing and Sales for Create World Real Estate, developer of The Emerald. “Our buyers are purchasing a timeless piece of the city and are eager to plant their roots in the heart of our thriving downtown. We look forward to continue leading downtown’s revival and excited for our new owners to call Seattle’s waterfront home.”
The Emerald is also currently selling its exclusive 22-residence penthouse collection offering two-, three, and four-bedroom single-story residences up to ~3,948 square feet ranging from $3M to $10.9M. Located on the uppermost residential floors 34 through 38, each penthouse boasts over 10-foot floor-to-ceiling windows, hand-selected premium materials including natural stone slab countertops and backsplash, natural stone floors, and custom wood cabinetry with integrated lighting. Kitchens come fully equipped with appliances by Miele including a premium refrigerator with custom panelized door, gas cooktop, black and stainless-steel wall oven and top-performing dishwasher with custom panelized door. Thoughtfully designed bathroom suites feature natural stone, radiant heated flooring, and full-height natural stone showers with glass enclosures. Top-of-the-line fixtures include cutting-edge Dornbracht polished chrome bath and shower fittings alongside custom wood cabinetry and sleek Kohler soaking bathtubs.
*Stats sources: NWMLS, Polaris Pacific. PSF dollar amounts are for buildings built after 2004