While many have been speculating a slowdown in Seattle's real estate market, developers are viewing the current climate as an opportunity for growth. It is no secret that the need for housing has increased, especially from the influx of tech workers seeking jobs at Amazon and other tech giants and start-ups alike. But did you know that the city hasn't seen any new construction units in years?
A recent Seattle Times article explains the current housing dilemma, noting that the area hasn't seen notable condominium projects since 2005. In Seattle and on the Eastside, only about 2,000 units have been built in the last ten years. Developers are seeing the great need for new construction, and Seattle Times estimates that there are approximately 6,000 units in the pipeline and over two dozen buildings have been announced in Seattle alone.
While many of the projects are in early stages of planning, a recent trend has been seen in developers who planned on building apartments that are now converting into condos. This condo comeback is welcomed by the city after years of anemic inventory, especially for condos.