Laconia Development & Realogics Sotheby's International Realty Announce "SPIRE"
Last week representatives from Laconia Development, a California-based company, and Realogics Sotheby's International Realty announced that a planned 352-unit, 41-story residential tower now under construction at 600 Wall Street in downtown Seattle will be condominiums slated for occupancy in Fall 2020. Previously, the building was planned for apartments for rent. The tower is to be named "SPIRE" in homage to the Space Needle, which will be visible from several units within the building.
This new building and the announcement of switching from apartments to condominiums is a strong move in our current market. In the current decade, "...91% of the estimated 30,000 multi-family housing units added to downtown Seattle... were developed for rent." The President and CEO of Realogics Sotheby's International Realty, Dean Jones, states, "SPIRE is on point and will be met with eager home-buyers awaiting the next evolution in urban design. Laconia will deliver much-needed inventory for individual purchase. We are clearly experiencing a pivot in the development cycle."
Seattle's limited inventory, especially at lower price points, creates the perfect market for other developments to follow suit and transition projects from rent to own. Apartment demand throughout King and Snohomish county fell by 4,500 units (unexpectedly) during the second half of  while sales of single-family and condos in the same region swelled by more than 5,000 units. Currently, there are just two active high-rise condominium projects being marketed for sale with just 48 new homes available out of 496 units being built for sale and occupancy by 2020.
To learn more about the project and details of the building, click here: Laconia Development & Realogics Sotheby's International Realty Celebrate SPIRE Groundbreaking