Stalled Lake Union Development Breaks Ground After Four Years

Interested buyers of luxury townhouses will soon see an opportunity to purchase on Lake Union

After 4 years on hold and with the economy slowly stabilizing,Seattle-based developer, Trinity Real Estate, has finally broken ground on their luxury townhouse development, The Residences at Fairview, on Lake Union. Trinity first announced plans for these homes back in 2009, but due to the economic down turn and many lenders shying away from financing ‘for-sale’ developments such as this, Trinity Real Estate had no choice but to put their plans on hold until the economy stabilized. Having seen a staggering shortage of homes on the market at just 1.5 months’ worth, which is about one-quarter of what is considered a balanced market, according to the Northwest Multiple Listing Service, Seattle residents can expect to see an increase of new construction in and around the city. Dean Jones, owner of Realogics Sotheby’s International Realty, which is co‐listing The Residences at Fairview with NWG Real Estate, said: “The market has rebooted and the next development cycle of for‐sale housing in the city has commenced.” He said fewer than 45 new construction homes remain available for sale from the last development cycle, which ended in early 2010. Cohen, A. (2013, May 10). Stalled Lake Union Development Breaks Ground After Four Years. Seattle Post Intelligencer Web. 15. 2013

 

 

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