Timing is Everything

Graystone Condominiums Reintroduced to Market with New Reset Pricing Up to 1/3 Below Replacement Costs From the High $300,000s

In case you missed it, Graystone Condominiums has just listed HERE brand new condominiums with RESET PRICING offering ownership from $389,900 with just 3% down payment and total monthly payments of only $2,253*.

“Our market timing has a silver lining for savvy homebuyers,” said Dean Jones, President and CEO of Realogics Sotheby’s International Realty. “After many years of planning and development, The Graystone will deliver this summer and presents an unparalleled opportunity to acquire and attainable slice of the skyline well below replacement costs. The reality is that demand is rebooting faster than the supply, so we anticipate selling another 50 or so homes at these incentive prices, then we’ll see upward pressure of prices again.”

Jones points to a recent CENSUS survey illustrated by The Seattle Times HERE that the City of Seattle reclaimed its position of the fastest-growing large city in the nation in 2022. This is a noted rebound after holding this position for the last decade but suffering population losses, (most notedly in downtown Seattle) during the depth of the pandemic. However, the urban center regained those residents and then some totaling well more than 100,000 residents today according to the Downtown Seattle Association.

The rise in demand is arriving at a time when the new construction pipeline is pinched, resulting in zero new condominium deliveries in 2025 or thereafter, if developers don’t break ground soon on new towers. Jones suggest that history is repeating itself, as downtown Seattle witnessed a five-year dearth of new for-sale inventory between 2010-2015 after the Great Recession, when new construction values nearly doubled due to the supply and demand imbalance, and in the response to inflation with building costs.

“This feels like a market cycle deja-vu,” adds Jones. “The difference this round, however, is there’s another 25,000 apartment units in the skyline, and they are incubating potential

homebuyers. So, with mortgage interest rates expected to fall, and rents expected to rise, it will only take 3-percent of this renter population to decide to buy, and we’ll be out of inventory to sell them.”

In celebration, Daniels Real Estate and Realogics Sotheby’s International Realty are co-hosting a Block Party Weekend on May 21 and 22 (11am – 4pm) at the new Sales Center located at 907 9th Avenue for prospective buyers, real estate agents and members of the community to explore this premier address on First Hill. Guests will be able to take interactive tours of the new high-rise condominium, explore the immediate neighborhood, and enjoy light bites and refreshments with a DJ, art installation and more.

The media has taken note of the reset pricing, with feature articles in local publications [click below to read the editorial]: