Penthouse Promotion Showcases Seattle's Pinnacle Residential Offerings

July 25, 2011 - PRLog -- SEATTLE, WA. (July 25, 2011) – Executives at Realogics Sotheby’s International Realty unveiled a property showcase of the Seattle area’s most exclusive condominium and town home offerings on the market.  A progressive open house for brokers is being hosted tomorrow on Tuesday, July 26 from 3pm to 6pm.  Each property listing and relevant market data is arrayed online at http://www.RealogicsSothebysRealty.com/Penthouses.  

“Its peak season to present luxury homes in downtown Seattle as many locals and visitors are experiencing the allure of our world-class city,” says Dean Jones, Principal of Realogics Sotheby’s International Realty.  “We’ve noted a steady increase of property inquiries from buyers around the corner and around the globe.  We hope to add these fine properties to our growing list of sold listings so far this year.”

According to the American Society of Travel Agents, Seattle remains in the top 10 most visited US destinations during the summer months.   Meanwhile, the US Department of Commerce says Washington (primarily Seattle) tied with Nevada for the greatest annual increase of overseas visitors in the country in 2010 – up 32 percent.  The Port of Seattle reports cruise ship passengers will bring more than 800,000 visitors to Seattle with nearly 200 cruise liner port calls.  More than 10 million people a year tour The Pike Place Market and The Space Needle with the greatest visitor traffic during July and August.   Many of the featured listings are within walking distance of these attractions (tours by appointment only).

The seven featured properties include the following penthouses and town homes:

•   Fifteen Twenty-One Second Avenue I #3800 I 2 Bed / 2.5 Bath I 2,999 Sq. Ft. I $4,995,000
•   Olive 8 I #PH2 I 2 Bed / 2.5 Bath I 2,224 Sq. Ft. I $2,495,000
•   Mosler Lofts I #PH2 I Two Bed / Two Bath I 2,000 Sq. Ft. I $1,990,000
•   The Enclave at Lake Union I 2,500 – 5,200 Sq. Ft. I Pre-selling from $1,365,000 - $3,450,000
•   Market Place North I #E18 I 2 Bed / 2 Bath I 1,919 Sq. Ft. I $1,195,000
•   Waterfront Landings I #524 I 2 Bed / 2 Bath I 1,888 Sq. Ft. I $1,175,000
•   The Sanctuary I 2 Bed / 2+ Bath I 1,278 – 2,428 Sq. Ft. I Accepting Reservations from $600,000

Jones estimates about half of the most recent $1 million+ sales have come from buyers out of state; be it for employment relocation, retirement, as a second home or even investment.  Demand is also picking up locally but the majority of homebuyers in Seattle need to sell a home before they will buy a new home, which limits the number of transactions, he said.

“We’re exercising our (international) brand to attract a broader pool of buyers for our clients,” adds Jones.  “It helps too that we have such amazing inventory to present – these properties are clearly in a league of their own.”

In addition to property detail information, the web page at www.RealogicsSothebysRealty.com/Penthouses offers helpful tools for prospective homebuyers trying to better understand the market dynamics.  A “heat map” demonstrates where the $1 million sales have occurred over the past decade, there’s links to recent articles on the downtown housing market, a development pipeline illustrates the supply and demand and other statistics are provided from indices like The Northwest Multiple Listing Service and the popular S&P / Case-Shiller Home Price Index.

“I believe we’re at real turning point with downtown housing - so statistical information has become as important as the architectural design, location or views,” says Jones.  “That said buyers and brokers tend to look at these unique penthouse properties a little differently than more typical condominiums.  They’re similar to waterfront listing because like land, they’re not making any more towers. Penthouse living is an inherently finite commodity.”

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About Realogics Sotheby’s International Realty
Launched in February 2010, Realogics Sotheby’s International Realty has quickly emerged as the top-selling brokerage of luxury multifamily properties (by dollar volume) in King County, according to Trendgraphix, Inc. The Seattle-based firm is comprised of more than thirty brokers and offers full real estate services for new construction, resale and mixed-use developments of single-family, townhome and condominium properties. For more information visit http://www.RealogicsSothebysRealty.com.