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How Scarce is Housing in Seattle?

Due to the housing constraints found in the Seattle market, there are many cases where developers tear down a single house and squeeze in three to four townhomes on that single lot, often with no parking.

Ravenna88 Ravenna88 is a collection of 87 townhomes located at the corner of Lake City Way and 88th Ave. NE.

SEATTLE—Of the homes that were currently under construction earlier this spring, only 489 or 7.1% were slated for homeownership compared to 6,324 for rent, according to a downtown development guide by the Downtown Seattle Association. Condos were even scarcer in 2017 with only a 16-unit townhome development and no actual condominiums popping up in the area, compared to 5,600 rentals, says Curbed.

With demand clearly at a fever pitch in the ownership sector, one for-sale development comes in the nick of time, available for occupancy shortly after the first of the year. Developer Intracorp launched sales last week at its latest residential project in North Seattle, Ravenna88, a collection of 87 new townhomes starting from $695,880.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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