Per Seattle’s data, new “luxury townhomes” & “luxury condos” built in the last 10 years are selling for less than 30+ year old single family homes—most of which are over 75 years old and in need of major, expensive repairs. Looks like single family zoning causes gentrification, not new construction - ThreadSky

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pushtheneedle.bsky.social • 33 days ago

Per Seattle’s data, new “luxury townhomes” & “luxury condos” built in the last 10 years are selling for less than 30+ year old single family homes—most of which are over 75 years old and in need of major, expensive repairs. Looks like single family zoning causes gentrification, not new construction

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kto1243.bsky.social•32 days ago

Been telling people this for 25 years.

jdeun.bsky.social•33 days ago

How much of it is bc most condos are smaller than 3BR? I imagine not many townhomes are bigger than 3BR also

pushtheneedle.bsky.social•32 days ago

I have toured 4BD townhomes before. Also most SFHs here are pre 1950s and were 2 or 3 BD but had some absurd room in the basement counted as a 4th. Most couldn’t actually qualify either because it was unfinished or too low

pushtheneedle.bsky.social•33 days ago

Here is the link. Page 74 of the Comp Plan Appendix

https://www.seattle.gov/documents/departments/opcd/seattleplan/oneseattleplandrafthousingappendix.pdf

markusja.bsky.social•32 days ago

📌

grahamj.bsky.social•33 days ago

I see they do average square footage and bedrooms, but I'd definitely love to see something like a price per square foot vs. unit age, etc

andrewmb.bsky.social•33 days ago

There were some breakdowns in this report from 2021:
https://www.seattle.gov/documents/Departments/OPCD/OngoingInitiatives/HousingChoices/SeattleMarketRateHousingNeedsAndSupplyAnalysis2021.pdf

but I don't think it gets to that in particular. Shouldn't be too hard to get the crosstabs on it though.

pushtheneedle.bsky.social•32 days ago

The problem with $/sf is that it isn’t factoring in land costs. Townhomes and condos split that and that’s kind of my point

pushtheneedle.bsky.social•32 days ago

Also, the $/sf is inflated in those SFHs because the basement is like 800-1000SF and unfinished and uninhabitable

andrewmb.bsky.social•32 days ago

I mean, it depends on the numbers you use. The info in that dataset can exclude unfinished basements.

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