making headlines. spire seattle relaunches sales with limited-time discounts

With a third of Spire’s 343 units sold, Spire introduces specialty incentives and limited-time price reductions of up to 10% on one- and two-bedroom residences to buyers looking to make downtown Seattle home. In March, Spire accomplished incredible success by selling 10 condominiums in less than 30 days— showcasing strong interest from buyers. Residences start from the high $400,000s with the building on schedule to open this summer.

Driving sales, buyers are particularly impressed by Spire’s stunning views, its luxury amenity collection and location within walking distance to some of the world’s most powerful technology companies including Amazon and Apple.  Spire’s extensive collection of inspired amenities includes Seattle’s first fully automated parking system, a dramatic two-story lobby with on-site café; verdant landscaping; luxurious co-working spaces; state-of-the-art fitness center and movement studios; a 24-hour concierge; a private theater; and the Spire Club at Level 40 with indoor/outdoor terraces and 360-degree panoramic views.

In addition to Spire’s robust amenity offering, Laconia is also introducing an optional Concierge Program for homeowners, which handles home maintenance on a regular schedule, manages repairs and attends to all home needs for residents.

Read the full feature ‘Condo developer discounts Seattle tower units to lure buyers after Covid hit sales’ in Puget Sound Business Journal.

Laconia Development says it’s relaunching sales at Spire, a $350 million, 41-story luxury condominium tower near the Space Needle, as well as campuses for major employers Amazon.com Inc., Apple Inc. and Facebook Inc.

Construction on the 343-unit structure at Sixth Avenue and Wall Street started in 2018 and it’s slated to open this summer. About a third of the units have sold, but the developer is looking for a boost after taking a hit during the Covid-19 pandemic, which depressed urban condo sales for much of 2020.

To that end, Laconia is temporarily lowering asking prices by as much as 10% for the tower’s one- and two-bedroom units. Larger units are also being discounted. Condos now start in the high $400,000s, though current listings go well into the seven figures.

Polaris Pacific is handling the sales and marketing.

“It’s no secret that the pandemic has impacted the condominium market in major cities across the country. With the end of the pandemic in sight, we want to react to what has happened by offering a significant, limited-time discount on many of the residences at Spire,” Paul Menzies, CEO of Laconia, said in an announcement.

A report from real estate firm Redfin released Tuesday shows that condo sales in urban markets around the country are rebounding from last year. In Seattle, year-over-year unit sales were up 20.6% for the first quarter of 2021, though the median sale price was down 4.3%, to $441,958. New listings were up 37.9% for the period.

Rising single-family home prices are inspiring homebuyers to give more modestly priced condos a closer look, Redfin said.

Laconia said it quietly introduced its discounts in March and landed 10 sales in four weeks.

The Walnut Creek, California, company also developed the Cielo apartment tower on Seattle’s First Hill, which opened in 2015 and sold last year.

Menzies told the Business Journal that Laconia remains interested in the Seattle market.

“It is Laconia’s firm belief that the pandemic temporarily reduced home sales in Seattle but has not fundamentally affected people’s desire for homeownership,” he wrote in an email. “Seattle is now among the five most dynamic cities in the United States. Laconia intends to have a long-term presence in Seattle and is planning on additional projects.”

Spire, designed by VIA Architecture, is on track to earn LEED Silver environmental certification. PCL Construction is the general contractor. Vanke US, an affiliate of China’s largest homebuilder, is Laconia’s equity partner.