Seattle has achieved global recognition as the new West Coast gateway, offering a myriad of excellent opportunities for investments, especially in the Downtown neighborhoods.
Developers are moving forward with new Downtown Seattle luxury condos, having construction costs swelling by 7% per year. The latest market trends suggest an increase in values of such luxury condos in the downtown neighborhoods, by over 20%, from presale to resale. Besides being the city’s finance and commercial hub, Downtown Seattle is also known for its posh neighborhoods, boasting some fantastic upscale condos.
Belltown
Located in the northwest of downtown, and previously a well-known industrial arts district, Belltown is now an affluent, densely populated neighborhood. The area has revamped into a contemporary block, presenting a luxurious lifestyle with plush condos, shopping centers, and restaurants.
The increase in sales of luxury condos in this neighborhood accounts for nearly 70% of the overall surge in downtown upscale condos sales.
Pioneer Square
It is one of the oldest neighborhoods, extending to the west of south-central downtown. The community exhibits Richardsonian Romanesque-style buildings, alongside the new expansions in the block.
Registered as a U.S. Historic District, the area is a reminiscence of its rich architectural history. Blending with the latest infrastructural advancements dominating this exuberant community, it creates an ambiance for a perfect luxury lifestyle.
Last year, the prices of condos reduced by about 20%, owing to the upcoming waterfront district and lowered mortgage interest rates.
Central Business District
This neighborhood is the core of Downtown Seattle, boasting some of the city’s fantastic cafes and boutiques.
Since the 1960’s, the real estate in this block is thriving, contributing to revamping the entire look of the neighborhood, which took a while to recover from the Great Seattle Fire.
Last year, the urban core, which includes the Central Business District, sold over 40% of Downtown Seattle luxury condos.
First Hill
First Hill, located on the east of the downtown area, is a preferred choice for some of the wealthiest and elite residents of Seattle, over several decades.
After crossing the I-5, First Hill is the first block on the way to Lake Washington, with excellent medical facilities, and is at proximity to Seattle University.
This area appeals to those who wish to stay at a distance from the bustling city life, without compromising the luxury element of lifestyle. The neighborhood features posh condos and high-rises, as high as 300 feet.
Pike Market
Named after the Pike Place Market, this neighborhood comprises hardly a few blocks, making it one of the smallest yet prosperous areas to reside. It is at proximity to the century-old iconic marketplace, making the neighborhood an attractive destination for tourism.
Recent studies show that a few of the wealthiest Seattleites own nearly 45% of some of the luxury condo developments in this area that share amenities with prominent hotels.
Known as the birth-place of Starbucks coffee, Downtown Seattle offers excellent prospects for buying luxurious condos in plush neighborhoods. Last year, the area saw a drop of 7% in condo prices, like the rest of the county. Utilize the favorable market conditions and make a wise decision while finalizing the best Downtown Seattle neighborhood for your condo purchase.
Posts by SpeakBindas Editorial Team.