Urban condos had a bit of a surge in new listings with listings outpacing pending sales and closed sales. The trend over the last 12 months has been tightening, so last week ran counter. Inventory remains tight but not as tight as the single family house market in the 125% or median and under.
There was a couple of pending sales last week at the exclusive Tidewater with units well into 7 figures. Are these people looking to snatch one of the new Kirkland units this spring? I anxiously await the opening of that project.
Meanwhile Parkview continues to see good healthy activity with new listings, new sales, and closings. The building is not seeing a massive increase in pricing but rather a more healthy uptick. Parkview and the Academy represent a great entry level value proposition for Downtown living.
In general it seems like Frontier Block (500 Broadway), Heritage Place, and Parkview are competitive enough that buyers have a shot at these downtown units despite the market trends to the contrary. At Columbia Shores the same can be said for Northwynd which offers a very short stroll tot he river and both Beaches and Mcmenamins. These are great first looks for those shopping for a ‘deal’.
The COVID 19 effects on urban condos have likely been a tad more negative than typical suburban properties. With restaurants, bars, and breweries limited by restrictions, the appeal of the walkable downtown and the urban vibe is reduced. But honestly, this is not likely permanent, and this pandemic will pass. Opportunities for a value are tough to find in our local hyper-market but there are some to be found Downtown and at Columbia Shores.