The architectural rendering speaks for itself. Every owner with west-facing views at 820 Blanchard St – better known as Enso is about to change. Let’s face the facts, it has happened at the Cosmopolitan, Bellora, Mosler, Newmark, and many other Seattle condo projects. The proposed site at 2208 8th Avenue will have an enormous impact on many condo owners at Enso – especially those west-facing. The proposed project is a 40 story apartment tower with 450 units and 8 below-grade parking levels (450 parking stalls).
It's pretty obvious why developers are scrambling to get units out of the ground. As you can see from the renderings below, the first shows the current landscape and the second image shows how Amazon’s new (approved) project will change South Lake Union forever. Their plans are to develop 3 towers and an estimated 10,000 more employees to their already robust workforce. Amazon’s impact on the area is massive.
Now, let's focus back on Enso and its changing landscape.
Let’s try to answer the question that most of you are thinking about – should I sell my unit?
Our answer is situational. Every individual has a different motivation for being an owner. It may be a permanent residence, a secondary residence or an investment. You would need to evaluate your situation and consider the following pros and cons:
PROS
- Future price appreciation
- Neighborhood growth (restaurants, coffee shops, transit improvements)
CONS
- Construction Noise
-
View impacts
-
Reduced natural light
-
Privacy concerns (all-glass building)
-
Pricing impact
Our opinion is this, we believe that if you own west-facing units it may be a good time to consider selling. The impact on Cosmopolitan was undeniable. We expect similar impacts should the 2220 8th Ave project be approved (we think it will). This doesn’t mean we don’t believe in the building (Enso). In fact, we love the building. It simply depends on your unit and the level of impact it will have on the above-referenced.
Should you want to discuss this further, contact us. We can give you our analysis and discuss your options for selling, renting, staying put, etc.
[renderings credit to Graphite and Clise Properties]
