Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

Equinox Condos – Sales & Preview Info

Equinox Condo Image
UPDATE – Aug 2009: Equinox’s developer, Schnizter West, has confirmed that Equinox has converted to apartments. Presale buyers were given the option of receiving their earnest money deposits back or purchasing a home in another Schnitzer property, such as Brix or Gallery.

Equinox is a new condominium development just north of the junction of Eastlake Ave E and Fairview Ave E. This long awaited project is gearing up for home sales which will begin this month at their recently completed Presentation Center at 1500 Eastlake Ave E (Entrance on Galer St).

Equinox will feature 204 open one-bedroom (studio), one-bedroom , one+den, two-bedroom and two-level loft homes priced from the mid-$200,000s to over $1 million.

Encompassing nearly an entire block, the community will feature:

  • Expansive roof-top decks
  • Concierge & doorman
  • Fitness center
  • Great room w/large panel television and billiards
  • Double & triple pane windows
  • Views of Lake Union & downtown
  • Higher-end finishes
  • Hardwood floors
  • Granite or stone countertops with undermount kitchen sinks
  • Stainless Steel appliances (Fisher/Paykal refrigerator, Professional Frigidaire gas stoves and Bosch dishwashers)
  • Three design finishes to choose from – Urban, Nature & Water
  • One parking space per bedroom
  • Additional storage & bike space
  • Pet Friendly, 2 pet maximum

The building is situated between Eastlake Avenue and I-5. The rear portion of the building is essentially sitting right below I-5 and noise may be an issue. To address the noise, the builder will be installing triple pane windows. Though, if residents open windows or sliding glass doors, no doubt traffic noise from I-5 will permeate.

On the plus side, the Lake Union terminus of the Street Car will only be about a block away, providing residents with easy access through South Lake Union, to Whole Foods and Westlake Center.

Sales & Preview

Equinox is currently setting pre-sale appointments which will begin on March 24th on a first-come, first-served basis. Keep in mind, these are purchase, not reservation, appointments.

  • A 5% deposit is required
  • The Public Offering Statement and pricing will be available by the start of the purchase appointments
  • Pre-approval through First Horizon Home Loans is required at time of purchase appointment
  • No contingencies allowed (e.g. financing, home sale, etc)

The Presentation Center is now open and includes kitchen and bath vignettes, finish samples and a scale model of the property; an appointment is requested. The grand opening is scheduled for April 14th & 15th.

If you would like assistance and independent representation, please contact us. We would be happy to assist you.

View Amenities & Options (PDF)

Update 3/27/07 – Equinox reports a successful sales start. Eighty-five percent of buyers who had appointments during the first weekend purchased a unit.

To view more images:

equinox-courtyard.jpg

equinox-open-one-bed.jpg

equinox-roofdeck.jpg
Images courtesy of Nyhus

Updated 3/19/07 – revised sales info.

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About the Author

About the Author: Ben Kakimoto is a Seattle condo and urban real estate marketing & listing specialist. Contact Ben to learn more about the Seattle condo and loft real estate market or about buying or selling a Seattle area condo. Find Ben on Google+, Twitter and Facebook. .

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Sites That Link to this Post

  1. Fannie Mae revises condo guidelines | The Seattle Condo Blog | February 12, 2009
  1. biff says:

    Dont buy but if you must consider reviewing thier secret website for floor plans etc. quite expensive for no view, against a major interstate and an [deleted] marketing campaign. -cant see floor plans before submitting to a physical (turn head and cough)

    http://www.equinoxcondos.com/v2/

  2. Ben_Kakimoto says:

    Yeah, Equinox will have hurdles to overcome, but that could be said for other projects in pre-sale or coming up shortly. You do raise a good point, that buyers do their due diligence when considering such a major investment, particularly one that has a significant emotional aspect as well.

  3. J says:

    I must say that there are far too many people like “biff” (above comment) that simply want to add their negative comments on a forum like this more than likely because a) he can’t afford a unit he really wants, or b) it makes him feel better to “act out” against a project like Equinox because he can’t afford a unit he really wants.

    Why the negativity? If you can’t afford a unit at a project or don’t like the thought of having to register with a project to obtain more information (floor plans, etc.), simply MOVE ON to the next project or maybe one that is in your price range and registration comfort zone.

    I am VERY interested in Equinox and if I could afford a certain unit that I wanted I would DEFINITELY consider it. And still am. This will be the premiere development that many will only wish they could have or would have taken more seriously.

    Just my two cents.. but enough negativity for no reason. Bring me some facts when complaining please. No view? Have you looked at their “secret” website? Almost every unit has a view. And even if they don’t have the all-encompassing view, they still have a view. And what’s this crap about “submitting to a physical” to see some “secret” website? Are you serious? Call the Sales Staff.. I’m sure they won’t be offering you a physical guy.

    Everybody is entitled to their opinion I guess.. which is why I had to chirp in.

  4. TW says:

    Thank you, J. Its about time someone with a brain stepped in and said something about Biff’s pathetic commentary. One can only imagine what that guy’s situation is. He is one of the many who insists on bashing every condo project because they either cant afford a unit, got rejected on the pre-screening for a loan or is just pissed at the world that he still rents at the age of 30.
    Anyone who has looked at Equinox, take a closer look. The south lake union community, specifically in eastlake, is booming. It is a tremendous opportunity and investment. Vulcan has huge plans for the south end and equinox is in a wonderful location. It is just north enough to be separated from the commotion of the chandlers cove area while still being 2 blocks from the new street car project. Almost every unit has a great view of the seattle center, lake union, queen anne hill or the north end of lake union. (aurora bridge) I went down to the site and to be honest, I5 noise is not that bad at all. You will be able to hear it from outside the unit, but not much. Sound typically travels upwards, thus away from Equinox. It is a beautiful community and I think more people are realizing it. 55 units out of the 204 have sold and they have only been having pre-sales available for 2 and a half months. That is very good. I guess “Biff” is the minority here, so dont even waste your time reading his cynical commentary. He’s just angry. Maybe he cant afford it and is bitter or maybe he already owns a place but cant sell it because its a dump. Who knows. Anyways, consier it. It has a beautiful building design and is in a clean area with bigtime future plans. Happy shopping.

  5. First time commentor, Long time reader says:

    Have you any idea how the sales have been progressing throughout the year? Any idea how their inventory of occupiable (w/i 30-45d) 1br/1br+d are?

    Just moved to Seattle, and not sure if I want to use realtor or buy from developer, so seeign the new stuff is on my agenda.

    Love the blog too.

    FTC-LTR

  6. Ben_Kakimoto says:

    FTC-LTR,
    Equinox is still under construction and is expected to be completed in early 2009. Presently, they’ve sold approx 30%, so there’s still a good selection of homes available.

    With new construction, there’s really no reason not to utilize your own buyer’s agent. Granted I am a Realtor. However, you’ll pay the same price with new construction projects whether you have your own representation or use the developer’s on-site agents. One thing to keep in mind, on-site agents are employed by, and represent, the seller.

    Also, you’ll likely have better communications throughout the process with your own agent. Many times, on-site agents are juggling work and communications between the developer, contractors, the marketing firm, other agents and unrepresented buyers. I have no doubt that on-site agents will make every effort to communicate with unrepresented buyers in a timely fashion. In reality though, there is considerable demand on their time at completion from numerous stakeholders, that communications regarding closing procedures, walk-throughs, construction delays, following-up on punchlist items, and so forth, may be spotty.

  7. PLEASE HELP ME UNDERSTAND.. says:

    With the new Fannie Mae requirements and such, what is going to happen at Equinox? They are only 30% sold right now and are anticipating a moving in date of July 8, 2009. How can this be with the new Fannie Mae revised condo guidelines of 70% sold?

    I guess I don’t understand the implications here. If a buyer of a unit at Equinox put down $20,000 earnest money and is essentially “locked in” to buy, what are his/her choices? I understand that the money is “non-recoverable,” but what does this new information in regards to changes in guidelines mean from a legal standpoint for the buyer? And for closing purposes, does this mean that closing will be put off until 70% of the units are sold at Equinox (currently 30%)?

    Ben, if you can please help clear this confusion it would be great. There are a few people that I know who are very confused as to what is transpiring at Equinox and what their options are or are going to be.

    Any inide info. helps a lot!

    Thanks..

  8. Ben Kakimoto says:

    PHMU – The short answer is that there isn’t much info at this point. Though, I can tell you that Schnizter is working on solutions/options. My understanding is that it’s still early in the process for Fannie/Freddie approval. And, they could request a waiver or seek other financing options as well. Schnizter’s two other Seattle projects completed with less than 50% sold and they are closing (Brix & Gallery), though those two made it before the new guidelines were implemented.

    As far as earnest money, it’ll depend greatly on the purchase and sale contract. Different developments will have different language in respects to the earnest money, completion time frames, etc. This is a question that I’ll defer to a real estate attorney.

    As for holding up closings until a certain level of sales are achieved, that is likely. The question is what percentage it’ll be at…it may not necessarily be 70%.

  9. Jim says:

    Hey TW & J, do you both work for the condo project? Are you getting a big commission from all the perfect things you say about the condos? Sounds like you do!

    Oh, and you forgot to mention all the wonderful noise of 10 maybe 12 lanes of I-5 right in your backyard.

  10. Bill says:

    Yeah, This place is not the greatest I have checked out. They fail to mention that an elevated I5 is less than 100 feet from the building. Its about level with the great patios on the roof. Have a cup of tea and wave at the gridlock eye level with you. I also checked out the craftsmanship going into the units. Its Ok if you like cabinets impoted from China. It really seems to me that they are trying to cut every corner and charge top dollar for it. With the market the way it is please do some checking around before even considering these.

  11. J says:

    No Jim, I do not work for Equinox, nor am I a realtor.

    I am very interested in this project however.

    As far as freeway noise, sound does travel upwards, not down, so I disagree that it will be bothersome. And yes, some of us do enjoy city living and EVERYTHING that comes with it. This project is going to be great in my opinion. Units that FACE the freeway, maybe not. Those that face Lake Union, Queen Anne Hill, the Aurora Bridge, the Space Needle, Gasworks Park, the Skyline, yes they will be amazing.

    If it’s not your cup of tea, then don’t drink it.

  12. PleaseHelp says:

    I need help in determining the legality of my contract and what my options are at this point.

    I am a buyer here. I love the project and think it will be great.

    I was preapproved 2 years ago by First Horizon.. which is now MetLife. I put down the required 5% earnest money.

    Since then, as is obvious, things are different. Lenders are requiring 10% down and credit is tight. Again, obvious obvious obvious stuff.

    I still qualify with 5% down by lending standards as they are today, but I cannot come up with the other 5% right now as we approach closing.

    If I am unable to find financing for the unit that I was preapproved for 2 years ago by then First Horizon, does my 5% earnest money come back to me? Does my earnest money come back to me if the project keeps getting delayed? It has been 3 times now that my anticipated closing has changed and I have never received a statement from Equinox asking me for permission to accept the delay again, again, again. Does this break contract? Does my earnest money come back to me?

    I guess I am looking for some help and am curious if anybody else out there is experiencing the same issue with options and earnest money, contract questions?

    Does anyone know any answers here? Any buyers from Equinox? Similar questions, thoughts? Anybody?

    Thanks and if anyone knows a real estate attorney who is familiar with/working on a case at Equinox, please PASS ON!

    Thank you for any help or expertise..

  13. Ben Kakimoto says:

    PleaseHelp – Whether you’ll be eligible for return of the earnest money due to construction delays is dependent on the contract. Developers have been known to give themselves leeway with delivery dates to the detriment of buyers.

    I highly recommend contacting a real estate attorney. I’m not in a position to provide referrals, but there are attorneys who have worked with buyers at Olive 8, Washington Square and Veer Lofts. If you review the Olive 8 posting on this blog, you’ll be able to obtain their contact information in the comments section. I’m not sure if there were any buyer suits at Brix, which also experienced delays, but you might want to check that out since it was built by the same developer.

  14. MonkeyOffMyBack says:

    Equinox = Apartments!!!!!!!

    WoooooooooooooooooooooHooooooooooooooooooooooooooo!!!

    Fresh Start!

  15. Bill says:

    Yup… I wish I said “Mark my words” Apartment living on eastlake.

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