The auction, which is being conducted by Accelerated Marketing Partners, is scheduled for 2:00 PM on Sunday, October 19th at Hotel Monaco, located at 1101 4th Avenue. Bidders are encouraged to arrive between 1:00 and 1:30 pm to pick-up bid packets, and will need to be pre-qualified by either Wells Fargo or Countrywide (see auction site for more info).

Seventeen07 was converted earlier this year and has 36 units (studio, one- and two-bedrooms). The auction notice states that 17 homes will be available, though only six closed sales and two pending sales have been recorded in the NWMLS. It is possible the remaining 11 units were sold but never entered into the NWMLS system, or being held for a future sale. At least one unit, which closed this month, is available for rent.

For more information, visit www.auction1707.com.

They also posted a list of conversions involved in litigation, eight of which are located within Seattle.

The WestWater hit the condo market nearly a year ago just after the market started to turn downward. And, even with other developers bailing out of conversion projects in West Seattle (the Strata and the Gables), the reduced competition wasn’t enough to boost sales activity at WestWater.

Rental prices at WestWater starts from $950 for a one-bedroom and $1,250 and up for a two-bedroom.

I can certainly see the decision on the developer’s part, to minimize the cost and drain on resources for carrying and marketing unsold products, as well as, trying to generate cash flow. But, the decision may adversely impact those buyers who purchased at WestWater. The rentals will affect potential resales as the property may not qualify for financing due to ownership level requirements. On the other hand, potential resales would have been tough anyway as owners would’ve been competing against the other 45% of the units that were still for sale.

Puget Ridge Condos, 9013 16th Ave SW (at SW Henderson)
12 unit complex featuring one- and two-bedroom homes. The one-bedrooms are 514 sf that range in price from $134,500 to $149,500, while the two-bedrooms are 867 sf and are priced from $192,500 to $199,500. Parking included.

Beach Cove Condos, 3633 Beach Drive SW
8 unit building featuring two-bedroom homes ranging in size from 1,080 to 1,120 sf. All homes have exceptional views of Puget Sound. Prices start at $749,000 and top out at $819,000.

Madrona Beach Condos, 1119-1121 Lake Washington Blvd.
This is a converted 4-plex with two units currently available. Both of these are 900 sf and are priced at $469,000 and $489,000, and neither have parking. The building is located next to Madrona Park and has unobstructed views of Lake Washington.

Bleü, 419 21st Ave (at E Jefferson)
6 unit building featuring two-bedroom homes sized between 720 and 780 sf. The homes are priced from $299,950 to $309,950. Uncovered parking is included.

Galaxy Condos, 1800 35th St (at Wallingford Ave N)
9 units with a mix of one- and two-bedroom homes. The one-bedrooms are approximately 570 sf and are priced from $259,950 to $275,000. The two-bedrooms range in size from 670 to 877 sf and priced between $295,500 and $329,950. All but the three lowest price homes come with parking.

6000 Condos, 6000 24th Avenue NW
11 unit building comprised of two- and three-bedroom homes. The two-bedrooms, which range in size from 653 to 801 are priced from $299,950 to $369,950, while the 1,424 sf three-bedroom is priced at $699,950. Except for the three-bedroom, garage parking is extra.

Effective August 1, 2008, the following changes to the Seattle Municipal Code, as a result of the conversion bill, take effect:

• Developers will be required to provide relocation assistance equal to three month’s rent to tenant households earning 80% or less of the median income based on household size. Previously, state law only provided $500 in relocation assistance to low-income tenants.
• Elderly (65 and over) and special needs tenants can qualify for an additional $1,500 in relocation costs, if they are otherwise eligible to receive relocation assistance.
• Developers are now required to provide (1) information regarding payment of the relocation assistance and (2) relocation information packets to tenants.

Relocation assistance is only available to tenant households that do not elect to purchase their units. Relocation funds are paid directly to eligible tenant households by the developers, who pay 100% of the costs.

The bill had two primary purposes - to reduce the number of conversions and to provide an adequate relocation assistance amount to tenants in need. Based on the state bill and the city’s ordinance, it appear those objectives will be met. The market has corrected the condo conversion boom on its own and based on the current market conditions as well as the added cost to convert, we may see fewer conversion projects in near future.

The two-bedroom homes, which span 3 to 5 levels, range in size from 1,109 sq ft to 2,269 sq ft. For more detailed info, floor plans are now available on the projects website: www.firstchurchseattle.com.

Pricing information and home sale release will take place later this Summer. Though, individual units have been sold as raw shells.

Situated at the residential end of Bellevue Avenue E, you’ll find the 36-unit MODE conversion development. Originally constructed in 1957, the 3-story walk-up has been tastefully reinvented and features a mix of studio, one- and two-bedroom homes.

MODE offers an affordable option for Capitol Hill homeownership with units starting at $159,950 for studios and $214,995 and $299,950 for the one-bedroom and two-bedrooms, respectively. Though, there’s a trade off, the homes tend to be on the small side - the studios are 360 sq ft and the one-bedrooms start out at 450 sq ft in size. And, parking (first-come, first-served) and storage are available as options.

According to Rian Cool, MODE’s sales manager, the project has been popular with buyers - 1/3 of the homes have sold since coming on the market in May. A $5,000 preferred lender buyer bonus is available.

MODE Condominium
752 Bellevue Ave E
www.modeseattle.com

beacon FLATS - North Beacon Hill

MODE’s twin, Beacon Flats, share the same vintage, style and finishes as its sibling. The primary differences are location, number of units (16 studio and one-bedrooms), lack of parking and pricing. Beacon Flats start at $169,950 for studios and $194,950 for the one-bedrooms. A $5,000 preferred lender buyer bonus is also available.

Beacon Flats is located in North Beacon Hill, close to the International District, downtown and the I-90 interchange (an easy commute to the Eastside).

Beacon Flats Condominium
1401 S. Holgate
www.beaconflats.com

The Ballard Trio - Ballard

The Ballard Trio (Aros, Oslo, Voss) is the latest conversion by The Northlake Group. The trio is comprised of three identical buildings on NW 59th at 24th Ave NW. Oslo was the first to be completed and its homes are beautifully appointed. But, since I toured the property in March, Oslo has only sold 5 of its 19 units.

Homes start at $199,950 (listed) for studios and range up to $599,950 for a three-bedroom. Though, aside from the studios, the homes essentially start from the high-$200,000s. Given its price range for the Ballard area, the trio are competing directly against new construction inventory. If you got $300,000 to burn in Ballard, do you opt for new construction with lots amenities or a conversion with no amenities?

To help sway condo buyers their way The Ballard Trio is offering very enticing incentives - up to an additional $15,000 of the list price, paid HOA Dues, a gas card & a Costo card, 37″ TV and all closing costs paid (subject to lender restrictions). It’s well worth the look.

The Ballard Trio
NW 59th St at 24th Ave NW
www.ballardtrio.com

Zulo includes just 12 condominium homes within 2 buildings consisting of 8 two-bedrooms and 4 one-bedrooms. The two-bedrooms range in size from 724 to 754 square feet and are priced between $259,950 and $269,950. The one-bedrooms are 675 square feet and are priced from $234,950 to $239,950. The two-bedrooms are well priced though the one-bedrooms are among the highest priced for the area.

Currently, the developer is finishing up work on the first building and has released 6 units for sale. Overall, they’ve done a good job with the remodel. The home features include:

• New solid wood cabinetry
• Cesar stone countertops in kitchen and bath
• Hardwood, Corten Tile (metalic rust finish) and Wool Berber carpet flooring
• Stainless steel appliances
• Stacked washer and dryer
• Every unit is a corner home offering two or three windowed walls
• Vaulted ceilings (upper floor units)
• Private decks
• Garage parking

A new slate tile facade has been installed on the ground level exterior walls, which the developer was quick to point out is for aesthetic rather than structural purposes. The buildings are secured but are walk-ups (no elevators) with the residences on the 2nd and 3rd floors. The 3rd floor South-facing units currently have views of downtown though that could change in the future with development of the parcel across the alley. And, even though Zulo is 1/2 block from Aurora, the traffic noise was barely discernible during my visit.

Zulo is developed by AGB Development who also converted the Forte Condominiums in Pinehurst.

The WestWater came on the market last year and has sold about half of its inventory, not bad considering the present market environment.

The development features 55 one-bedroom units that range in size from 575 to 700 square feet and priced between $225,000 and $300,000. The 16 two-bedroom units are 900 sq ft in size and priced from $320,000 to $370,000. Currently, WestWater is offering one of the most progressive buyer incentives I’ve seen - 6 months of paid mortgage payments (check with the sales office for full details).

Inside, the units are nicely appointed with above average finishes, definitely higher quality compared to the developer’s other projects. Home features include:

• Hardwood, marble tile and carpet flooring
• Slab granite countertops in kitchen & bath
• Wood cabinets in kitchen
• Stainless steel appliances
• Baths with marble tiled surround & floors
• Front load Maytag washer and dryer
• Fireplace, in most homes
• Parking in controlled access garage
• Decks with Sound views
• Additional storage is optional
• Pet friendly

Most homes have West facing decks and/or windows that provide bright interiors and views of Puget Sound. If you visit, I suggest that you look past the staging decor which perpetuates the developer’s preference for Miami retirement chic. Fortunately, homeowners can apply their own design style.

Residential amenities include a community room & courtyard. The slate-tiled common courtyard offers a great place to hang out and is equipped with a fire pit, BBQ and water feature. It’s also situated above street level offering some privacy from passing pedestrian & vehicular traffic. The community room includes a wide-screen tv, card table, kitchen and fitness equipment.

WestWater is located in the Gatewood district of West Seattle, two blocks South of Morgan Junction. While that may seem far it’s only 6 miles from downtown, which is about the same distance between downtown and Greenwood.

The sales office is open daily from 10 am to 6 pm.

WestWater is developed by the Gamel/Mastro partnership whose other projects include Sapphire, Asia, Onyx, Athena and Epic. The project recently changed marketing firms, which is a good thing in my opinion. The new marketing team, CB Bain Builder Solutions, is comprised of seasoned condo marketers.