The developer of the Hjarta Condominium in Ballard and Florera at Green Lake, Pryde + Johnson, will reintroduce condo sales within two partially leased buildings by offering current tenants and new buyers discounts up to 35% off original list prices. Inventory will be officially released for sale on March 27, 2010 as part of a bulk sales approach where the seller offers a volume sales discount in exchange for quick closings.

“We’re meeting the market on price and are committed to selling through as condominiums,” said Curt Pryde, principal of Pryde + Johnson and developer of both Hjarta and Florera Condominiums. “Homebuyers will also benefit from our preferred selection, FHA financing (3.5% down payment), today’s low interest rates and other limited-time incentives such as Federal tax credits up to $8,000 (for purchases contracted before April 30, 2010).”

Anticipating the market correction, Pryde restructured debt to lease unsold homes upon delivery in 2009 – many with an option to purchase. All leases expire in 2010 and will not be extended, he said. “We’re offering unparalleled product at a tremendous value,” said Pryde. “This is reflected in attractive monthly payments and provides for capital appreciation – the law of supply and demand will put upward pressure on values over time.”

As a first phase release, 12 homes will be available for sale at Florera along with 18 homes at Hjarta (30 homes total). Additional homes will be offered for sale as they become available and after current residents consider their purchase option.

• Studios (578 – 598 sq. ft.) will start from $244,950;
• One bedrooms (614 – 921 sq. ft.) will start from $274,950,
• One bedroom plus dens (792 – 923 sq. ft.) will start from $314,950;
• Two bedrooms (1,037 – 1,447 sq. ft.) will start from $399,950
• Two bedrooms plus den penthouses (1,331 – 1,578 sq. ft.) will start from $589,950

Realogics Sotheby’s International Realty will represent Pryde + Johnson in their bulk sales program. The local brokerage firm drove dozens of sales at Eleven Eleven East Pike on Capitol Hill and The Decatur on First Hill using a similar volume sales approach instead of an auction.

“We help sellers find the market and offer buyers auction-like prices without the gavel,” said Sam Cunningham, broker and partner in Realogics Sotheby’s International Realty. He points to numerous auctions in the Seattle area, which advertise minimum bid prices up to 60% off but after minimum reserve prices and prevailing market demand, result in sales discounts 20 – 35% off previous list prices. “Recently announced condo auctions and price drops in downtown Seattle will help draw buyers off the fence and into the greater marketplace,” he added. “Considering this highly competitive sales environment and perishable tax credits – it’s a great time to be a buyer.”

More than a year after the $120 million Four Seasons Hotel and Private Residences opened to considerable fanfare, a dozen firms that designed and built the ultraluxury project say they haven’t been paid in full.

They have recorded claims totaling more than $34 million against the downtown Seattle building. The largest lien, for $23.7 million, was filed in August by Lease Crutcher Lewis, the project’s general contractor.

Two Four Seasons subcontractors and lien claimants — Redmond millwork installer Surgent and Silverdale mechanical contractor Stirrett Johnsen — filed separate suits in King County Superior Court last month.

The lawsuits name Lease Crutcher Lewis, SHG, each owner of the building’s posh condos and a host of other defendants, and seek judgments totaling more than $1.8 million against Lewis and two other contractors.

…95 percent of construction and demolition waste was recycled. It also has energy efficiencies such as double-pane low-E glass windows and high-efficiency lighting in common areas; and water efficiencies such as dual-flush toilets, low-flow showerheads and limited landscaping that requires little irrigation.

To celebrate, OPUS Northwest, is giving away a Smart fortwo car with purchases that close by May 31, 2010.

The certification is well deserved and the homes are beautiful, but I just don’t think buyers will really care about smart cars cluttering up the garage. On the other hand, for many owners, 1521 is a second residence so it might be nice to have some wheels to scoot about town in.

www.1521second.com

The folks at Escala and TeamBuilder have been busy redefining the Escala experience during the past few weeks. Now, the $370 million condominium development is set to officially reopen its sales center on March 27th, though it sounds like they’ll soft open on March 15th according to rep with TeamBuilder.

Out of the 80 or so pre-sale buyers, 6 have closed and about 35 are expected to continue with their purchase at this writing…that’s around 15% of the units sold.

The most significant change to the project is pricing with homes now starting as low at $384,000 for a 952 square foot one-bedroom (B layout), $699,000 for a 2-bed + 2-bath home (C layout) and from $1,574,000 for a 3-bedroom 2,442 square foot home. I spoke with a pre-sale buyer who’s unit was reduced 28%, which is approximately the figure that’s been floating around from other buyers. However, I’m told the percentage will vary by layout/location.

In looking at Escala’s first release pricing sheet dated 7/2006, the “B” layout plan units ranged from about $500,000 to $800,000 (before they starting raising prices) and now they’re between $384,000 to $550,000. The “C” plan homes now range from $699,000 up to $999,000 for a 20th floor unit. Back in 8/2006 those homes were priced from $800,000 to $1,600,000. The prices today are well below those during the market’s peak in 2006/2007.

Pricing has dropped low enough that the project has applied for FHA approval. This is striking considering how the property was originally marketed – very upscale, a private social club with hugely expensive memberships, homes with private elevators and vestibules – to potentially being FHA eligible.

The other significant change to the project is Club Cielo, which will remain but in a far more limited form. Rather than a fully staffed and managed social club and restaurant with outside membership, the facilities remain (bar, kitchen, dining room, wine grotto and dining space, terrace, theatre and spa/fitness area) but only for use of residents on a pay-per-use system. Residents may schedule fitness trainers and masseuses or cater their own parties in the club’s dining room and bar. As a result, homeowner dues have been reduced from $.85 to $.58 per square foot.

There are eight levels of underground parking. All homes come with parking and there will be extra spaces available for purchase as well. The wine grotto has 271 storage lockers available with each locker holding two cases. I’ve heard conflicting info, but most likely they will be available to residents on a first-come, first-served basis.

The spa and fitness areas are spacious with professional quality equipment, two resistance lap pools, hot tub, 4 or 5 massage rooms and a yoga studio.

The building and homes are gorgeous. The amenities impeccable. The pricing, fairly attractive comparatively. Considering new construction condos offering homes at the similar price points – Enso, Olive 8, Volta – it’s hard to beat Escala for its overall quality, finishes, uniqueness, views and level of amenities.

Condominium websites:
Escala
Enso
Olive 8
Volta

The minimum bid starts at $195,000 for 808 sq ft one-bedroom units on the 17th & 18th floors. Those were previously priced between $399,000 and $415,000. The highest starting bid is $995,000 for a 1,957 sq ft penthouse that was previously listed at $1,995,000.

The auction will be held on March 28, 2010 at the Grand Hyatt Seattle (721 Pine Street) starting at 1:00 PM. Homes can be viewed at 5th & Madison daily from 10:00 AM to 5:00 PM.

As with previous auctions, Kennedy Wilson will be hosting a “How to buy at auction” seminar the week prior on Sunday, March 21st. This is a great way to learn about the auction process and participate in a mock auction. I’ve been to a few of these and they’re sort of fun.

For more information, including units available, floor plans and auction documents, please visit: www.5thandMadisonAuction.com

If you need guidance through the auction process, we’re here to help.

Sotheby’s International Realty Affiliates LLC today announced that Realogics Brokerage, LLC, in Seattle is the newest member of its luxury real estate network.

The firm, owned by Dean and Stacy Jones of Realogics, Inc., now will do business as Realogics Sotheby’s International Realty. Sam Cunningham will serve as the designated broker and co-owner. The firm will service the Greater Seattle area in western Washington.

“The executive team behind Realogics Brokerage has built a strong foundation in Seattle based on core market knowledge, marketing excellence and unparalleled client service over the past decade,” said Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “Their success is derived from the exceptional properties they represent and the quality of their agents and staff.”

Currently located at 217 Pine Street, Suite 700, in Seattle, the brokerage will relocate to a new retail storefront it owns at 2715 First Avenue in downtown Seattle’s popular Belltown neighborhood. The firm has 17 licensed sales associates, which include top-producing agent teams managed by Moira E. Holley and James H. Stroupe, as co-founders of the company’s new Resale division. Resale services will be offered to buyers and sellers of condominiums, town homes and single-family residences throughout the region.

“Realogics Sotheby’s International Realty draws upon market research and consumer trends to accurately position its properties. By understanding our clients’ goals and carefully analyzing the fundamentals, our agents are experts at realizing their objectives with proven results in all market conditions,” said Dean Jones, “Our team has been recognized with more than 125 regional and national awards for sales and marketing excellence. Having affiliated with the Sotheby’s International Realty brand, we now have access to a global marketplace, providing our agents and our clients with every possible advantage available in the industry.”

Realogics, through a separate operating company, offers specialization in new construction project marketing for condominiums and town homes, condo conversions and strategic repositioning services for bank-owned real estate including bulk sales and foreclosure reintroduction in outlying areas. Adding a Resale division and gaining a world-wide marketing platform is timely, according to Sam Cunningham.

“As the new construction pipeline closes out we’ll see a sustained surge in resale activity,” said Sam Cunningham. “We monitor supply and demand closely and we’ll apply these insights for buyers and sellers at all price points and product types.”

While Jones cites a significant increase in demand for in-city residences from interstate and international buyers over recent years, he’s diversifying. “It’s a key buyer pool but it’s not the only one we’re focused on,” he said. “Like many peers in our industry, we’re evolving to meet the demands of a dynamic marketplace.”

In order to sell the remaining units, we have decided to retain the services of Kennedy Wilson, Inc. and utilize their dynamic auction marketing process. On Sunday, March 28, 2010, 18 units of the remaining inventory will be offered for sale. The company will begin marketing the units the weekend of February 27th.

2030 8th Avenue. 38-story 350-unit residential tower proposed in the Denny Triangle area. Located at 8th and Lenora, the building would be situated NW of the Cosmopolitan and SW of the 2200.

    Design Review Early Design Guidance Meeting
    February 9, 2010 at 5:30 PM
    Seattle City Hall
    Download the design proposal workbook (12 MB PDF)

2nd & Pike Tower (1430 2nd Ave). 35-story residential tower at the SE corner of 2nd & Pike. At one point the project was to include a hotel, Candela, which has since been removed from the proposal. The project is situated on the SE corner of the intersection, across from the Newmark Tower.

    Design Review Second Early Design Guidance Meeting
    February 9, 2010 at 7:00 PM
    Seattle City Hall
    Download the design proposal workbook (7MB PDF)

1200 Stewart. Twin 35-story towers proposed at the corner of Denny and Stewart to contain residential, hotel and retail space.

    Design Review Board Meeting
    February 23, 2010 at 5:30 pm
    Seattle City Hall

151 John Street. This is a 7-story residential building proposed at the corner of John Street and Warren Avenue next to the Seattle Center. This the lot adjacent to the north of Queen Court.

    Design Review Board Meeting
    March 3, 2010 at 6:30 PM
    Queen Anne Community Center

3031 Western Ave. This is Martin Selig’s 14-story 78-unit apartment proposal that’s situated at the north end of the Olympic Sculpture Park and west of the Alexandria.

    Design Review Board Meeting
    March 9, 2010 at 5:30 pm
    Seattle City Hall

Originally constructed in 1930, the rejuvenated Queen’s Court was unveiled in early 2007. Though, it wasn’t alone as a number other developers rushed to bring new conversion projects to market. With its premium pricing, combined with stiff competition and the subsequent market collapse, Live Historic eventually found itself in financial turmoil.

Fast forward to 2009, under a new owner Queen’s Court received additional upgrades, its HOA budget fully funded and prices slashed. It also obtained FHA and VA financing approval. Led by the sales team at Developer Services Group, Queen’s Court has further restructured its pricing in order to be competitive in today’s market place.

Homes at Queen’s Court are now being offered from just $159,000 for studios and tops out at $210,000 for a one-bedroom. The homes retain its ’30’s architectural charm yet feature modern updates and conveniences including new cabinetry, fixtures, stainless appliances, granite countertops and in-unit washer/dryer combos.

Seventeen of the 34 homes are available, though pricing has only been publicly released for the units shown below.

So after its 3rd price cut in 6 months how does it stack up? For comparison, units #104 and #110 are now being offered at 29% and 38.5% below their 2007 prices, respectively. However, even at this pricing level, there’s still competition from other, newer properties in Belltown and Queen Anne. What’ll set Queen’s Court apart is its quieter location and 1930’s character.

The building doesn’t offer much in the way of amenities, but it does have a newly remodeled lobby, a library and green space. On the other hand, the limited amenities allow Queen’s Court to keep its homeowner dues fairly low.

Parking is available on a first-come, first-served basis. At this time there are only two spaces left, which I believe are available for $35,000 a piece. Fortunately, there are ample leasing options including the Bernard Apartment across the street for $125/mo as well as the nearby Seattle Center garage.

Queen’s Court is open weekends from 11:00 am to 3:00 pm.

Click thumbnails to view larger image:

Read more at Stroupe Condo Blog:
Something Everything is Changing at ESCALA

UPDATE 2/2/2010:
Additional information from the Seattle Times indicate:
1) Prices are to be reduced (that’s expected)
2) 5 Buyers have closed with another 67 pending
3) Current buyers will be contacted to review contracts / pricing
4) Club Cielo services may be scaled back