With three recent near-record sales in one of the city’s most prestigious condominium home buildings, it is clear Seattle’s downtown luxury real estate market has not slowed despite market predictions earlier in the year. Christie’s International Real Estate, Seattle is proud to have served as the dual agency for that trio of sales: Three residences within Four Seasons Hotel and Private Residences Seattle that captured the highest sales prices - a combined $24.7 million - in Downtown Seattle in 2020.
Photo Credit: Christie’s International Real Estate - Seattle
As buyers across the country seek properties where they can weather the COVID-19 storm, those with long-term plans for city living have found such residences in Seattle’s luxury high-rise condominiums. Full-service buildings offer privacy, safety, seclusion, and incomparable amenities, giving residents the capability to escape the city, while still being in the city.
Photo Credit: Christie’s International Real Estate - Seattle
“Buyers are still committed to the downtown core,” says Scott Wasner, co-founder and executive vice president of Christie’s International Real Estate, Seattle. “I’ve been a luxury broker in Seattle for a number of years, and I remain confident in the overall long-term well-being of the region. Seattle has a lot to offer with its diversified business sectors and tax advantages - plus the city is regaining its vibrancy with the re-opening of restaurants, galleries and other establishments.”
Photo Credit: Christie’s International Real Estate - Seattle
That confidence is evidenced in both the expedient pace of transactions and prices of recent sales. Residence #1202 unit of Four Seasons, located at 99 Union Street, Seattle, went pending after only two days on the market. This 4,293 sq. foot residence has a near-record price-per-square-foot of $2,143, surpassed only by a Four Seasons penthouse sold by Wasner in late 2019. Remarkably, in July 2019, Wasner represented and sold the #1202 residence at the exact same price as this most recent sale. “It’s incredible to see the price remain the same,” explains Wasner. “This stability is extremely good news for high-end condominiums.”
Photo Credit: Christie’s International Real Estate - Seattle
Four Seasons #1502 residence, owned by the late Virginia Wright who was a philanthropist and significant art collector, closed for an impressive $9.5 million on October 16, 2020 after being on the market for only four months. This is just below Downtown Seattle’s record sale of $10.6 million, a penthouse also represented by Wasner which closed nearly a year ago.
Photo Credit: Christie’s International Real Estate - Seattle
The Virginia Wright residence is also a wonderful example of how Christie’s many facets work together as a seamless team. “Working in tandem with Ellanor Roberts Notides, Christie’s auction house’s esteemed West Coast chairman, was an incredible advantage. Ms. Notides oversees private art collections for high-profile clients, and the joint marketing effort between the auction house and our real estate brokerage on behalf of the Wright family was unparalleled,” says Wasner. “The Wright family was very pleased with the sale price of the home, how quickly it sold and closed and the extraordinary collaboration we had with the auction house.”
Photo Credit: Christie’s International Real Estate - Seattle
Luxury units sized 4,000+ sq. foot, large by Seattle standards, are becoming scarce in the downtown core as well. Escala, built in 2010 and located at 1920 Fourth Avenue, has two of the last remaining newly constructed penthouses in the Seattle luxury condominium market. Listed at $7,695,000 and $7,650,000, the two 4,500+ sq. foot Escala penthouses represented by Wasner and Christie’s International Real Estate, Seattle are rare opportunities for buyers interested in new construction. “These types of luxury buildings are just not being built in Seattle anymore,” says Wasner. “If a buyer is seeking a recently completed residence of this scale, these Escala units are their last opportunity.”
Photo Credit: Christie’s International Real Estate - Seattle
“You could sit back and wait for the election to be over or the pandemic to have a cure or you can live life!” professes Wasner, who also lives in downtown Seattle. “The world keeps turning, and people keep seeing and seizing opportunities as they arise!”
For more information about luxury properties in Seattle and throughout Washington, please contact Scott Wasner at 206-910-1410 or scottwasner@christiesrealestateseattle.com.
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