Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

Friday Odds and Ends

CityView Condos Price Adjustment

CityView recently reduced prices on available units, upwards of $25,000 on 1 bedroom units, bringing price per square feet between $350 to $410. Two bedrooms reflected a $10,000 reduction. This was anticipated and when taking into consideration current market conditions as well as the nicer finishes, unit size, age of building and views, this makes CityView a better value.

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Updated: 3/7/07.

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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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There Are 7 Brilliant Comments

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  1. jcricket says:

    What are the prices on the bigger units? Are those going to be reduced too? Seems odd to not have prices on the web site for something coming in Spring of 07.

    Despite the fact that I love that all the new housing is popping up (go density!), I think the glut of condos is going to cause a serious drop in prices. Anyone still expecting top dollar for the average “4 over 1” condo in Queen Anne, Cap Hill, Ballard or Greenlake is just fooling themselves.

  2. Ben_Kakimoto says:

    The two-bedrooms were decreased $10,000, so they now range from $349,995 up to $469,995 for the two story townhomes. The price adjustment was expected even before they came on the market…essentially, they were testing the market with the initial prices. (My office has the listing though I’m not affiliated with the project).

  3. jcricket says:

    Thanks Ben – Interesting data. They seem reasonably priced (compared to other projects) although one wonders how the 4 bedroom model would really work, given that two of the bedrooms have a staircase running through them and you have to go through those bedrooms to get to other spaces.

    What do you know about the Bellagio condos? I see them on my way to work and I’m always curious how things that seem way upscale for the area sell.

  4. Ben_Kakimoto says:

    Yikes – they’re not advertising those as 4-bedrooms are they? Those are 2-bedroom units with a loft and separate eating areas, not two other bedrooms.

    Bellagio is being developed by the same people behind Moda and Palermo. The project has a vast price range currently $350,000 to over $1.1 million. It’s a nice development in a quieter part of Cap Hill. The one-bedrooms are pricey at mid-$500s but they’re large, about $435-460/sq ft.

  5. jcricket says:

    Not sure how they’re advertising it, but look at the floorplan for unit 508 – shows the two open areas as “bedrooms” – which they’re clearly not.

    The Bellagio looks nice, but I’d worry about noise from I5. Seems that despite being “60% sold” the rest of the units have kind of languished on the market for almost 1/2 a year.

  6. Ben_Kakimoto says:

    RE: 508 – I spoke with the listing agent, he said they were using the apartment’s floor plate. He’s going to have the 508 floor plan edited – the upper level room will be renamed Loft and the lower level either Den or Dining area.

    RE: Bellagio – I5 may be an issue for some people, but then there are many upper priced condos on Melrose that’s literally right above I5 and they don’t seem to have a problem in the resale market. I used to live on Bellevue Ave near Pine and the traffic noise was deafening at time (particularly Snohomish buses).

    The upper price range is likely keeping sales at Bellagio down – most of the units are over $500K.

  7. jcricket says:

    Good update Ben. For the CityView it certainly makes more sense to consider the upper level a loft (you could use the second space as a home office or whatever, but not really as a bedroom) and the downstairs as a non-bedroom. Personally, the downstairs area feels better as a den – it’s a little cut-off as a dining area to me, but what do I know :-)

    I’d be surprised not to see eventual price reductions for the remaining Bellagio units. They’ve languished for quite a while and the market’s not exactly headed up. Not to mention the whole condo complex is pretty late (when I first looked at it they were saying “occupancy Nov 2006”). Having lived near a busy street before (Aurora) I’d never buy so close to anything like that again. It makes opening the windows a non-starter, and using the outside areas even less pleasant. Sure, inside the home is nice, and the views are good, but I’m not sure I’d want an outside area that’s so unusable. Again, what do I know? :-)

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