First impression of Rollin Street Flats
Vulcan hosted a hard hat tour of Rollin Street Flats today, which provided a first glimpse of the project. Overall, the build quality and finishes met expectations, definitely an upgrade over Veer Lofts.
Based on the model unit at the Discovery Center and marketing materials I was anticipating the homes would be a bit more refined with large open layouts. With the exception of the two-bedrooms, the layouts were not too dissimilar from other recently completed condo developments. To me, the layout as well as the sterility of the exposed concrete walls and ceilings were quite reminiscent of Mosler Lofts. The decks seemed a bit too narrow, probably wide enough for potted plants and a bistro set, but not much else. The “shotgun” units on the alley side don’t seem receive a lot of ambient daylight, mostly due to the depth of the units, something to keep in mind if you like bright and airy living spaces.
Rollin Street’s common areas are impressive. On the lower level there’s fitness center and a full-sized basketball court that also serves as a volleyball and badminton court (Update: BB court is not regulation, it’s 24 x 80 ft with hoops on both ends). The second floor houses a huge community room and a large landscaped terrace that incorporates a fireplace feature and BBQ area. A second outside terrace is located on the penthouse level. One unique design feature that Vulcan included are the elevator lobbies on each level with floor-to-ceiling windows providing Westerly views. Upon arriving home and exiting the elevator the first thing you’ll see is the Space Needle.
One feature I wasn’t aware of is that every home at Rollin is air-conditioned, pretty sweet. Dues run about 52 cents per square foot, which on first glance seems high. But, it covers nearly everything except electricity, so it’s quite reasonable.
Currently, Rollin Street is approximately 35% sold. They aren’t offering any incentives at this time (Vulcan is probably the one developer who can weather the downturn). Interestingly, they are using the low sales rate as an inducement. The development won’t be turned over to the association until it’s 75% sold, therefore, owners will not have to pay HOA dues in the interim (Vulcan covers in the meantime). So, they say, if you buy today you likely won’t have to pay any HOA dues for another 9 months. A nice way of saying they aren’t expecting to reach the 75% sold rate until well into 2009. And, no, they are not considering converting to apartments.
No word yet on the commercial/retail tenants slated for the building, other than for a high-end home furnishing store.
Unfortunately, Vulcan is the only developer to prohibit photography so no photos to share.
Thanks for the write-up. Very informative. I cannot believe how fast the building is going up!
35%? Really? The fat report says 49 units are sold (http://www.urbnlivn.com/2008/11/17/calling-equinox-presale-buyers/#comment-62756) which would be 23.5% and that the number of units sold went DOWN this year…
The fat report could be a great tool but it’s not exactly accurate given flaws in its methodology.
Fat Report isn’t worth the paper it’s written on
95% of the developments refuse to give the guy their sales numbers
Rollin Street must not be updating their site, then, because according to that only 48 units have sold. If you count all units (excluding those labeled as penthouses), then there’s only about 24% total sold (48 marked as sold – 203, excluding penthouses, total). Even if you remove the top floor altogether, you still don’t get to 35%. In fact, you get a lower number – 23% (45 sold, 193 total units). It’s only when you remove the number of Phase III units that haven’t gone on the sale block that you get the 35% that Vulcan is claiming. I calculated 37% sold when using only Phase I & II units. Those 74 units that haven’t even gone on the market play a pretty significant role, and I find it a little suspect that this wouldn’t be figured into the “total sold” equation. Granted, my methodology is based upon the assumption that their web site is up-to-date. And if the site is outdated? Well, I would be surprised that they have failed to mention 24 units that have been sold. Call me a noob, but that seems to be a significant number not to mention on your own marketing site.
I KNOW they don’t update the website. My unit has been sold for months and it still shows available.
Why is it that developers are continually building these sham condo offerings and not developing them with with a deck that is considered usable?
Condos need to have a deck large enough to support at a minimum a round table, 4 chairs and a BBQ grill!
Consumers are being forced to accept the garbage that big developers shove down our throats. They aren’t “livable”! Give me a deck that I have the option to put a hot tub on please!
Until the condos in this region start reflecting what people want, they will continue to flounder.
They updated the website. 52/208 sold or 25%….