Sales Brisk to end 2020, 2021 Looks Solid

Clark County saw a strong finish to 2020 in overall home sales. This translated to the urban core with a little less intensity but robust none-the-less. 2021 seems to be off to a good start with a mix of new listings, recent pending sales, and a few closings on urban condo units.

Kirkland Tower on the waterfront will likely open at the end of Q1 or possibly early in Q2. This will bring 40 luxury condo units to market in prices that ought be competing in the Tidewater / Viewpoint price range. This will be a test of sorts for the viability of high-rise condos on the waterfront. The Kirkland Tower will feature units on floors 2-11 with a community penthouse and patio on the 12th floor. The tower is just a tad taller than Vancouver Center 3 / Viewpoint. Gramor Development, the master developer of the Waterfront, has plans to erect a 14 story condo tower on Block 16 to the west of the restaurant buildings and pier. This appears to be a more mainstream option with 80 units planned and probably a little less ‘luxurious’. Pricing will likely to be lower than Kirkland as a result. I wouldn’t be surprised if investors are waiting to see the market reaction to Kirkland’s 40 units this spring.

Viewpoint remains a difficult buy opportunity as units simply do not come up for sale often in the 11 story building. Viewpoint has 33 residential units on the top four floors above the office tower. Although Viewpoint is now closing in on 20 years old, Kirkland should have no problem selling out as Viewpoint units come up for sale infrequently and sell rather quickly in general. I feel like a handful of Viewpoint owners are also waiting for Kirkland to open and perhaps a few Viewpoint units will be listed so the owners can move to the Waterfront.

I am starting to hear members of Congress and officials in the upcoming Biden administration talking about a broad reopening and more loose federal guidelines on COVID-19 based on new scientific studies, and the release to the masses of vaccines to fight the pandemic. This will be a welcome environment as the waterfront and the developers need to procure funding for several new projects working through the planning and permitting process.

Let’s hope 2021 brings more good fortune to urban living in the ‘Couv’.

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