Real estate development predictions for 2023

by Timothy Inklebarger

Featuring the perspectives of:

Luis Borrero, Vice-President of Brand, Daniels Real Estate
Andy Lakha, Principal and CEO, Fortress Development

Will you add inventory in 2023? Can you tell us about your plans?

Borerro: We are the only development company in Seattle that continued to work through the pandemic to deliver condominium homes on schedule. In 2023, we will be the only new offering for several years ensuing.

Our plan is to always be exceptional and never ordinary. When Graystone opens in 2023, I know that we will deliver on that ethos while also providing a housing type that will be in high demand. When others paused, we kept the faith because we know that urban home ownership is what makes cities great, and Seattle is going to continue to innovate and grow.

Lakha: We are excited to have 365 luxury condominiums with extensive retail opportunities completing in Q3 2023 at Avenue Bellevue. With over half of the condominiums already sold, we are actively selling the balance of the homes prior to completion.

Will agents be more important to your business in 2023?

Lakha: Agents continue to be representing the lions share of our buyers at Avenue. Their support for the project has been unbelievable. Avenue Bellevue is a luxury project that is sure to impress even the most discerning of their clients. Their feedback has been incredible. We rely on them to educate people on the opportunities available to their buyers and to experience the elevated lifestyle Avenue will offer.

Borerro: Absolutely! During the pandemic, we developed the most advanced 3D pre-sales app to make it easy for agents and their clients to virtually tour any Graystone home and all amenity spaces with accurate finishes and views.

With recent market fluctuations, we have launched a homebuyers assurance program with market protections unlike any other development in the Pacific Northwest. These are tools that an agent can bring to their client during pre-sales. In addition, we have developed Seattle’s first condominium concierge moving service to give agents another perk for their clients.

We have been hard at work preparing for 2023 so that any agent can become a successful sales force at Graystone with buyer value adds like no other.

Will supply chain issues continue to hamper new construction in 2023?

Borerro: Nationally the supply chain issues are improving but the increasing costs for supplies, make it very hard for projects to pencil. The international scene is more complex, but we will certainly see local impacts from global uncertainty.

At Daniels, we are happy that we prevailed, and, with completion only seven months away, we have less uncertainty every month regarding what we can deliver and at what cost. I don’t think any other project in the pipeline can say that.

Lakha: Supply chains are slowly improving and we are experiencing less issues with this sector of the business but do not see it normalized until after 2023.

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