Do We Really Need All Those Luxury Condos in Downtown Seattle?

Recent posts on Sweet Digs Seattle:
NW Seattle Deals: Buying in Bulk
Ballard Sales: The Hard Way
NW Seattle Sales: Quiet Neighbors
NW Seattle Price Cuts: Cheaper Condos
NW Seattle Open Houses: July 22, 2007
Bainbridge Island: Yet Another Price Drop

Orange cranes have become as much a staple of the Seattle skyline as the Space Needle. Recently we’ve witnessed a luxury condo building craze and I’m wondering if the demand is really there to sustain all the new supply. I did a search on Redfin for condos over one million in the downtown area and came up with tons of units for sale. So how many condos over a mil have sold in the last three months? I only found three condos, that’s only one per month. At that rate, it’ll take quite a while to sell off all the listed inventory. Granted these large development projects often pre-sell many of their units via their office so those properties don’t necessary make it onto the MLS. I would still expect to see more sales given that so many are listed.

The three properties that did sell are all right around the one million mark but many of the condos on the market are much more expensive, with units in the new Four Seasons building topping the list. I wonder how long it will take for these luxury condo buildings reach full occupancy?

Downtown condos over a million dollars sold in the last 3 months:

1900 ALASKAN WAY #557
SEATTLE, WA 98101-1062
Sold For:  $1,150,000
(04/30/2007)
Beds:  2 
Baths:  2 
Sqft: 1,493 
Style: Condominium
Year Built:  1997 

2125 1ST AVE APT 1301
SEATTLE, WA 98121-2118

Sold For:  $1,330,000
(05/21/2007)
Beds:  2 
Baths:  2.5 
Sqft: 1,684 
Style: Condominium
Year Built:  1981 

2929 1ST AVE APT 1100
SEATTLE, WA 98121-3032
Sold For:  $1,236,750
(05/02/2007)
Beds:  2 
Baths:  1.75 
Sqft: 1,315 
Style: Condominium
Year Built:  2000