Escala, which is now over 65% sold, has raised their prices anywhere from 1% to 5.5% depending on floor plan based on properties currently listed in the NWMLS.

The Sanctuary, which is also 2/3 sold, raised their prices 5% as of today (May 1, 2012). Only four homes remain ranging from $819,950 to $1,049,950.

“While our asking prices respond to supply and demand we’ve also added value to the final four homes,” said Rob Nall, the seller of the 12-unit Sanctuary development. “I’m confident that prospective homebuyers will continue to view this property as a unique opportunity to own one Seattle’s most irreplaceable addresses.”

Disclosure: Sanctuary is an advertiser of Seattle Condos And Lofts

Cobalt Mortgage, a Kirkland,WA-based mortgage bank and a preferred lender of Seattle Condos And Lofts, is now offering 3% down payment conventional loans for condo purchases.

In addition to the low down payment, another feature for borrowers is the ability to pay the mortgage insurance premium in one lump sum upfront. While it would add to a buyer’s closing costs, it would be less expensive over the long run and would reduce the monthly payment by up to a few hundred dollars (depending on loan amount). For a $200,000 loan with a well-qualified buyer, the upfront mortgage insurance fee would be approximately $5,400 with no monthly mortgage insurance payment.

The program also allows a seller’s contribution of up to 3% of the sales price towards the buyer’s closing costs, which may include the upfront mortgage insurance amount.

Unlike FHA, Cobalt’s 3% down program is available to all condo properties, provided the condominium meets Fannie Mae guidelines.

So what’s the catch? The tradeoffs for the lower down payment are added fees and a higher interest rate given the higher loan-to-value amount, but it’s still competitive. It’s best suited for well-qualified borrowers, those with high credit scores (740 and higher), who do not have available funds for a sizeable down payment.

Want to learn more? Contact us today and we’ll have our preferred partners at Cobalt Mortgage provide you with the details!

Listing broker Carrie DeBuys of Realogics Sotheby’s International Realty describes the public intrigue with The Sanctuary as “overwhelming” and estimates that she’s hosted thousands of visitors over the past month. Several additional sales are expected in the next week.

“The public interest is understandable,” says DeBuys. There’s been six years of anticipation building for The Sanctuary and it happened to arrive at a very opportunistic time in the marketplace. I haven’t seen this kind of excitement for a new community since before the housing correction.”

DeBuys points to a dearth of new construction inventory in the pipeline. “This may be the final act for a while,” she said.

View the available Sanctuary homes for sale

Inquire for a private tour or for additional information

Disclosure: The Sanctuary is an advertiser of Seattle Condos and Lofts.

HUD finally announced yesterday that it would be raising the Upfront Mortgage Insurance Premium (MIP) for FHA loans effective April 9, 2012, from 1.00% to 1.75% of the loan amount. Fortunately, the upfront MIP can be financed and amortized over the life of the loan.

HUD had previously reduced the upfront MIP to 1.00% back in October 2010.

Additionally, HUD is mulling two other changes to its popular FHA program – increasing the annual MIP and reducing the seller contribution amount. Slated for June 1, 2012 (not yet confirmed) The annual MIP will increase 10 to 25 basis points depending on the size of the loan. The annual MIP will also increase effective April 9, 2012 between 10 and 25 basis points depending on the size of the loan. For most borrowers, with loans less than $625,500, they will likely see the annual MIP increase from 1.15% to 1.25%. For high balance loans, the annual MIP will increase 25 basis points, up to a total of 1.50% as of June 11, 2012. Though it’s called an annual MIP, it is reflected in a borrower’s monthly mortgage payment.

This would be the third increase to the annual MIP since October 2010.

The other proposal under consideration is reducing the seller’s contribution amount from the current 6% to the greater of 3% or $6,000. On a $250,000 loan, that’s still $7,500 in seller contributions, so it’s not likely to make much of an impact for most buyers.

Although, FHA has become popular for condo purchases over the past several years, particularly with more flexible qualification guidelines (provided the condo building is FHA approved), the continued increases in the upfront and annual mortgage insurance premiums are rendering FHA loans less desirable.

Comparatively, well-qualified buyers can obtain conventional condo loans with as little as 5% down and a lower payment amount. And, in some cases, without mortgage insurance (depending on lender and available loan programs).

Contact us if you’re considering a condo purchase and we’ll put you in touch with our trusted mortgage partners.

Now, buyers who hope to purchase a home with FHA’s low down payment loan program are getting frustrated that fewer condo buildings are now FHA approved.

For buyers like Kristy Fender, of Chicago, FHA certification is a must-have on her list, and not just because it lets Fender and her fiancé, Dan Harvey, make a smaller down payment on a home purchase. She also figures that in approving buildings the FHA is doing the due diligence that she would otherwise have to do.

That’s amplified by the fact that many associations haven’t taken the initiative to obtain FHA approval, do so poorly, or encounter problems related to distressed properties.

The number of rejected buildings is adding up, due to bad paperwork and bad balance sheets as an increasing number of condo associations struggle with rentals, short sales and foreclosures. It is jeopardizing the plans of condo sellers who rely on the FHA’s stamp of approval as a marketing tool and condo buyers who either want or need an FHA-approved building.

Condo financing has become more complex and challenging for buyers (and sellers) since FHA and Fannie Mae tightened their condo qualification guidelines. With conventional condo loans requiring at least 10% down, FHA has been a favorable option for condo buyers.

But…

Some associations are deciding that the effort and the expenses tied to the application process, which can run into the thousands of dollars, aren’t worth the payoff and are letting their certifications lapse.

It behooves associations and sellers to be proactive with their condo building’s FHA certification, which is more significant now as record low interest rates are encouraging first-time buyers into the market place, many of whom gravitate towards FHA approved condos. And, it doesn’t have to be a complicated process.

We can help.

We’ve team up with a respected, local mortgage company who will take the reigns of the certification process at no cost to the association, seller or buyer. Whether you’re a buyer considering purchasing, or an owner thinking about selling in a non-approved condo building, we can help. Contact us to learn more about this special program.

Homes now available for sale include studio and one-bedroom residences priced from the $300,000s, two-bedroom homes priced from the $600,000s, and spacious penthouses priced from $2 million.

Bellevue Towers’ homes range from 809 square feet to 6,398 square feet, representing some of the most generously sized condominium homes in the market and offering the best value on a per square foot basis.

View listed Bellevue Towers homes for sale

If more information or if you’d like to view Bellevue Towers, our Eastside condo specialists are here to help.

Sample pricing (click table below for the limited release pricing list):

The remaining homes are a variety of one-bedrooms. The smallest and least expensive home is a 662 sq. ft. open one-bedroom for $299,900, which has a bedroom nook separated from the main living space by sliding doors. This small home has all the features of the larger homes including garage parking, air conditioning, German-engineered cabinetry, natural slab stone countertops and hardwoods throughout the main living area.

The largest of the remaining homes are approximately 880 sq. ft. with a spacious open living, dining and kitchen; a master bedroom with private ensuite bathroom; a large deck and a powder room for the convenience of guests. These homes top out at $439,900.

One Main Street is approved for 3.5% down FHA financing.

View available One Main Street Condos for sale

Located on Main Street in Old Bellevue, these homes offer a quiet, upscale alternative while still enjoying the benefits of a Downtown Bellevue location mere blocks from the Downtown Bellevue park, Bellevue Square, Lincoln Square and the shops and restaurants of Main Street. Another perk of the location is the new retailer on the main level of One Main Street – the Italian deli, Mercato Stellina, from the owners of Cantinetta, with fresh-made pasta, meats, cheeses, espresso and more for dining in or take-out.

One Main Street is open Saturday through Wednesday 12 to 5 p.m. at 10000 Main Street, Bellevue. For more information visit www.onemainstreet.com

Adapted from a press release

View Sanctuary homes listed for sale

Construction is now complete and the 12 town homes are scheduled to be listed for sale next week at up to 45% below original list prices. A preview open house will be hosted this weekend from 11am – 5pm to showcase new model homes and the common areas.

The following is from a news release about The Sanctuary development on Capitol Hill.

(January 19, 2012) SEATTLE — Construction on The Sanctuary—a 12-unit, residential conversion located within the former 1906 First Church of Christ, Scientist in Seattle’s Capitol Hill neighborhood—is now complete.

Originally built between 1906 and 1911 and designated an historic landmark by the City of Seattle in 1977, the completed project—now consisting of fee simple, concrete and steel town homes—offers a rare mix of intricate historic features, artisan craftsmanship and innovative modern design elements. The construction team was spearheaded by Belfor Property Restoration, Runberg and Associates, Robin Chell Design and The Justen Company.

A compelling example of adaptive reuse and historic preservation, redevelopment on the project initially began in 2007 but was stalled in 2010. An affiliate of San Diego-based Pathfinder Partners, LLC, acquired the construction note on July 7, 2011, and funded an additional $2 million to bring the project to its full potential. In readying the homes for sale, Resource Transition Consultants, LLC (RTC), the seller, responded to feedback from local real estate brokers, prospective homebuyers and other market experts.

“We made many improvements and are thrilled with how the individual homes and common areas turned out,” says Rob Nall, a principal of RTC. “The additional construction and restoration was worthwhile—we’ve optimized the final product and the pricing for positive market acceptance.”

In addition to changing the building use to residential with the City of Seattle, RTC worked through the Landmark Preservation Board to protect key architectural features while improving livability. For example, the century-old stained-glass windows now slide to the side, revealing new vision glass, which adds natural light, territorial views and fresh air to the unique residences.

“Our job is to complete construction, realign values and sell the homes at prevailing market rates,” adds Nall. “This is a unique scenario in which an inspiring product designed at the peak of the housing market may well sell at bottom-of-the-market prices.”

Despite its Classical Revival-style architecture, the former church now boasts modern interiors and technology, as well as high-rise construction quality within. Each home features soaring 30-foot-high ceilings, metalwork and cabinetry crafted by Seattle area artisans, polished concrete floors, re-purposed marble from the original building and top-of-the-line appliances and fixtures that include brands such as Wolf, Bertazzoni, Liebherr, Asko, and Kohler to name a few.

Ranging from four to six levels (including roof top terraces); the town homes are sized from 1,600 to more than 3,000-square-feet and will list from the low $500,000s to $1.1 million – about 45% below original asking prices, according to the listing brokers.

“Waiting paid off for patient homebuyers trying to time the market at The Sanctuary,” said Dean Jones, principal of Realogics Sotheby’s International Realty. “We’re offering a greatly enhanced yet highly affordable product by virtue of dramatically lowered purchase prices and historically low interest rates. And the landmark designation means significantly reduced property taxes for the next ten years.”

Two model homes will be opened this weekend for public previews from 11 a.m. to 5 p.m. The official sales debut is scheduled for January 28, 2012 when the sales office opens. More information can be found on the recently launched website at www.LiveatSanctuary.com.

The following is adapted from a press release:

BELLEVUE, WASH (January 13, 2012) – Bellevue Towers, the region’s largest urban condominium project, was also the region’s best selling condominium project in 2011 at 144 homes closed and sold since January 1, 2011. With sales of $88,940,000 – triple the volume of the closest, comparable project in the market – the cost for Bellevue Towers’ homes averaged $433 per square foot, representing the most attractive condominium value offered to buyers in the market. To date, the luxury, downtown Bellevue project has now sold a total of 263 homes and just this week sold two more $2 million plus homes.

“We chose to prioritize sales velocity and value for our buyers rather than wait for market demand and pricing to return to pre-2008 levels,” said Patrick Clark, principal with Realty Trust, the brokerage company marketing and selling the project.

Bellevue Towers’ remaining homes include studio and one-bedroom residences priced from the $300,000s, two-bedroom homes priced from the $600,000s, and spacious penthouses priced from $2 million. Original prices have been reduced on average by 30 percent, with a limited release of new homes reduced by as much as 40 percent from original pricing to generate strong momentum for the New Year.

Bellevue Towers consists of a 42-story North Tower and a 43-story South Tower with 539 total homes. Each tower offers its own lobby with dedicated concierge service, while sharing an array of other amenities. Residents of Bellevue Towers have access to a 24,000-square-foot urban garden nestled between the two towers, a private screening room, large dining room with terrace and chef’s kitchen, fitness center, spa and sun deck, and a great room that opens to an expansive outdoor terrace with fireplace and barbecue grill.

The project also features more than 300 original pieces from Northwest artists including Lucinda Parker, Julie Speidel and George Batho. Standard finishes in all Bellevue Towers homes include Viking or Wolf cook tops and ranges, Sub-Zero refrigerators, Bosch dishwashers, full-height granite kitchen-counter backsplashes and master bathrooms finished in marble or travertine. “It’s a fabulous building, not only because it’s green, but because it’s beautifully constructed, offers luxury amenities, and contains high-quality finishes and appliances,” said resident Michael Brandt.

View Bellevue Towers homes for sale

The Pontedera Condominium, situated just south of Downtown Seattle at 827 Hiawatha Place just reduced prices significantly on a number of units. The price drops range from $10,000 up to nearly $60,000 per unit! Good thing, too, since there’s only been 18 closed sales out of 102 unts, with only 2 sales in the past year, per NWMLS & county records.

It’s a shame really since Pontedera was nicely designed and accented, plus it’s conveniently located to downtown, Capitol Hill and the International District. Home prices start from $174,900 and there are several incentives and programs geared to first-time and lower income home buyers, including down payment assistance, property tax exemptions for qualified buyers and no HOA dues for a year. Its worth checking out.

View available Pontedera Condo homes for sale

1111 E Pike Street – Capitol Hill

The Tom Kundig designed 1111 E Pike Street Condominium is down to the final three homes for sale. The uniquely designed boutique condo building is located in the heart of Capitol Hill’s trendy and vibrant Pike Pine Triangle. Homes start from $314,950. Own for less than comparable Cap Hill apartments rent for!

View the last remaining 1111 E Pike condos for sale

Hjarta Condominium – Ballard

Ballard’s green constructed concrete and steel Hjarta Condominium reports they are now over 75% sold. Per NWMLS records, Hjarta closed 25 units, just over 30% of its homes in 2011.

Hjarta is located at 1530 NW Market and is one of only two new constructed condominiums in Ballard. Hjarta’s new home prices start from $264,950.

View Hjarta condos for sale

Marselle Condominium – Lower Queen Anne / South Lake Union

The Marselle Condomium report they have sold 100 homes, or 75%, since opening, with 21 home sales in 2011. Marselle features a variety of floor plans ranging from open one-bedrooms to 2-story three-bedroom penthouses with soaring ceilings.

Marselle is located at 699 John Street in the shadow of the Space Needle…a great place to call home for those who work in downtown or South Lake Union. Home prices begin from $199,990.

View Marselle condos for sale

Danielle Condominium – Ballard

Ballard’s other new construction condominium, the Danielle, is down to its final three homes for sale — 2 one-bedroom units and a two-bedroom. Located at 5803 24th Ave NW, it’s close to Ballard’s many shops, restaurants and attractions. The remaining homes range from $219,950 to $479,950.

View Danielle condos for sale