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.

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

Escala is one of a few high-end new construction condominium towers in the downtown Seattle area with available units for sale.

Located just north of the retail district, Escala offers a variety of spacious floor plans, upscale finishes and impeccable residential amenities including a concierge services, semi-private elevators, a restaurant quality kitchen and dining room, a wine cave with a private dining, a world-class fitness center and spa, a theatre and a wonderful outdoor terrace.

Inquire for additional information or to schedule a private tour of Escala with our condominium specialists.

–> View available Escala homes for sale

Executives at RC Hedreen Company announced they’ve closed their 148th sale (with six sales pending in November) marking a new milestone with two-thirds sold and closed at the 229-unit, Olive 8 condominium tower.

“Olive 8 was successfully repositioned in 2011 and our sales momentum continues as buyers realize that the cost of homeownership has been greatly reduced,” says David Thyer, president of RC Hedreen Company, the developer of Olive 8. “Our construction loan is nearly paid off, home values at Olive 8 are stabilized and we saved our best inventory for last.”

Having earned 45 new sales since resetting prices up to 35% below previous list values, Olive 8 represented a significant share of Seattle condo sales in 2011. To maintain momentum, Thyer recently realigned the asking prices of all remaining homes with the selling prices of similar homes that recently closed in the building. Select home plans were further adjusted up to 8% below the most recent list prices.

“We had a strong start to 2011 and we’d like to close out the year in a similar fashion,” says Thyer.

In addition to validated market prices, Thyer confirmed HOA dues will drop 15% (from $0.54 per foot per month to just $0.47 per foot per month) given the building’s operational efficiencies shared by the hotel and from lower utility consumption within the LEED (Leadership in Energy and Environmental Design) “Silver” certified building. Additionally, Thyer confirms that 5% down-payment options are now available at Olive 8. Recent sales, appraisals and financings confirm the stabilized values and continued market performance of the development.

“Consumer confidence is returning,” he added. “It also helps that the in-city housing recovery is now more obvious when compared with the broader King County region.”’

According to a report by the Northwest Multiple Listing Service, the median home price of condominiums in downtown Seattle (Area #701) year-to-date was $392,620 as of October 31, 2011, up nearly 5% from $375,000 over the same period year-to-date in 2010. Similarly, rental rates have trended 3-5% higher in downtown Seattle neighborhoods year-to-date, according to a recent report by Dupre + Scott Apartment Advisors.

Click to view the entire press release (pdf)

>>   View Olive 8 Condos for sale

Disclosure: Olive 8 and Realogics Sotheby’s are advertisers of Seattle Condos And Lofts.

Trace North is now sold out! The last developer unit, #502, went under contract this week and is now pending.

Fortunately, for those interested in Trace North there are a few resales available.

Enso Condominium – South Lake Union

Enso Condominium

These are also Vulcan’s final two condo units from the last construction cycle, which will complete their foray into condominiums. Presently, Vulcan is reviving its Martin project in Belltown, but as apartments.

   >>  View available Enso condos for sale

1521 Second – Downtown

The 1521 Second tower has closed 117 units and is now over 84% sold. 1521 is a luxury condominium offering exquisite finished homes commanding spectacular city, Puget Sound and Olympic range views. Homes start from just under $1 million.

   >>  View available 1521 Second homes for sale

Olive 8 – Downtown

Olive 8 is now over 2/3 sold with more than 145 homes closed.

   >>  View available Olive 8 condos for sale

Four Seasons – Downtown

The uber-luxurious Four Seasons Private Residences is clinging on to its remaining 11 new homes…there hasn’t been a sale there all year (per NWMLS records). Most of the available homes under $3 million are on the 1st Avenue side facing the Russell Investments tower while the choice view homes start from just over $6 million.

   >>  View available Four Seasons homes for sale

Escala – Downtown

Downtown’s other remaining condominium tower, Escala, has closed 130 homes. That’s another 30 in the past two months, which brings the project to approximately 48% sold. New homes start from the low-$400,000s.

   >>  View available Escala condos for sale

The Decatur – First Hill

Since the switch in marketing firms, and in some cases, price increases, the Decatur has only closed 1 additional home. That leaves about 21 units remaining.

   >>  View available Decatur condos for sale

Marselle – South Lake Union / Queen Anne

Marselle reports they are over 70% sold and still have a variety of home options available from one-bedroom to two-story penthouses. Homes start from $219,990.

   >>  View available Marselle condos for sale

Bellevue Towers – Bellevue

Downtown Bellevue’s upscale Bellevue Towers continue to sell well with over 230 homes now closed and another 20 or so homes under contract, including two $2 million penthouses. That brings the massive twin-tower, LEED Gold Certified development up to 43% sold.

Wells Fargo is now offering financing at Bellevue Towers, which expects to receive Fannie Mae approval later this year.

   >>  View available Bellevue Towers homes for sale

One Main Street – Bellevue

Bellevue’s only other new condominium development, One Main Street, is also doing well with 70% of its homes sold. Prices start from $299,900 and is FHA approved.

   >>  View available One Main Street condos for sale

Hjarta – Ballard

Ballard’s Hjarta Condominium has also done well this year, they are now 70% sold. Homes in this green constructed concrete & steel building start from $274,950.

   >>  View available Hjarta condos for sale

Danielle – Ballard

The Danielle Condominium in Ballard reports they are over 60% sold. Homes at the Danielle start from the low-$200,000s.

   >>  View available Danielle condos for sale

Harvard & Highland – Capitol Hill

The Harvard & Highland Condominium has sold 76% of its luxury homes leaving 9 available. Tucked quietly away in Capitol Hill’s Harvard-Belmont district, Harvard & Highland offers sophisticated in-city living.

Through the end of October, Harvard & Highland is offering an additional broker bonus. We will rebate 2/3′s of the bonus ($10,000) if you use our associates to facilitate the purchase of a Harvard & Highland home by the end of October.

>>  View available Harvard & Highland homes for sale

Disclosure: 1521 Second, Olive 8, Marselle, Harvard & Highland and Hjarta are advertisers of Seattle Condos and Lofts.

Resource Transition Consultants (“RTC”), the court-appointed receiver for the lender of The Sanctuary, has announced the appointment of a design and construction team – led by Seattle-based general contractor Belfor Property Restoration – to complete the 12-home development by December, 2011. The project is expected to reenter the marketplace for sale in January, 2012.

“We’ve assembled a world-class development team to complete the vision of The Sanctuary – a century-old church in Seattle’s Capitol Hill neighborhood that was converted into a premier multifamily community – and we look forward to successfully reintroducing the project for sale in the New Year,” said Rob Nall, Principal of RTC.

In addition to RTC, project lender Pathfinder Partners, LLC and Belfor, The Sanctuary development team now includes:
- Architect – Runberg & Associates
- Construction Representative –The Justen Company
- Interior Designer – Robin Chell Design
- Marketing and Sales – Realogics Sotheby’s International Realty

“Construction is well underway and includes many design improvements recommended by brokers and prospective homebuyers,” said Nall. “We’re retooling the homes for today’s market – resetting prices while adding value to the finished product.”

According to Marty Goodman, principal of The Justen Company, the project scope now includes new clear and operable window systems to complement the historic stained glass in several units; elevator options; acoustical attenuation; refurbishing the central atrium; and restoration work on the historic exterior. In addition to warranties offered by manufacturers of installed systems and appliances, homeowners will benefit from a third party home warranty program that will be included with each sale.

“We’re fortunate that RTC and Pathfinder are investing substantial resources to reach the full potential of this extraordinary development,” said Goodman. Belfor Property Restoration, a division of Belfor Construction, is tasked with completing the construction of the 12 concrete and steel townhomes and restoring the historic façade of the original building.

“The homes are new construction with state-of-the-art building systems, designer finishes and premium fixtures and appliances throughout,” says Ross Minshull, site supervisor for Belfor, which has developed dozens of high-rise properties and restored a number of historic buildings. “At The Sanctuary, we’re building high-rise quality within a historic landmark – it’s the best of old and new.”

One of the most striking attributes of The Sanctuary is the central atrium, an expansive interior common area with 38-foot-high ceilings and a breathtaking stained-glass dome. Seattle-based Robin Chell Design is converting the atrium into a residential amenity that draws on the building’s history and architecture and provides a central hub for residents and guests alike.

“This project is matchless in concept, design characteristics, historical significance and overall quality of construction – especially at this price point,” said Chell, who will also design some of the project’s model homes. “Such a hybrid of rich, nostalgic features and modern design elements make this community unique in the Northwest, if not in the country.”

Although the official listings for sale are still several months away, Nall says two unit reservations have already been accepted with more expected in the coming weeks. Unit reservations provide prospective homebuyers with a first right of opportunity to purchase a particular home when it’s offered for sale.

“Every home is distinctive with unique floor plans and features so brokers and homebuyers are vying for the best possible selection,” said Nall.

Additional information on The Sanctuary can be found at www.LiveatSanctuary.com

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

With the exception of the abandoned Volta project, Gallery is Belltown’s final condominium to sell out from the last construction cycle. This is definitely good news for Seattle’s condo market.

Unit #120 is a street-level two-story loft townhome unit available at $399,900. The spacious 1,142 square foot unit features a loft-style bedroom, a separate den area, and exterior and interior building access. This unit was the former on-site sales center for the project and can be permitted for live/work loft use.

Gallery is FHA approved and the final buyer is eligible for a buyer bonus up to 3%. The unit also includes a mounted flat screen tv and a wired speaker system.

Interested? Let us know and we’ll schedule a private tour of the unit.

Disclosure: Gallery is an advertiser of Seattle Condos and Lofts.

Active marketing and home listing sales are expected to start by late Summer.

View The Sanctuary homes for sale

The following is from a press release:

(July 7, 2011) SEATTLE, WA – The senior development loan on The Sanctuary — a century-old church in Seattle’s Capitol Hill neighborhood that was converted into a 12-unit multifamily community — has been sold by a syndicate of lenders to Pathfinder Pollin Sanctuary Holdings, LLC, an affiliate of San Diego-based Pathfinder Partners, LLC, a leading acquirer of loans and properties from financial institutions.

According to Robert Nall, managing member of Resource Transition Consultants, LLC (RTC), which has served as the court-appointed receiver for the lender syndicate since September 2010, the loan sale is a key step toward rejuvenating the long-stalled development and reintroducing The Sanctuary to the market at dramatically reduced prices.

Guardian Investment Real Estate, a national real estate investment bank, represented the selling lenders. RTC will remain in place and oversee remaining construction and sales activities. Seattle-based Realogics Sotheby’s International Realty has been appointed the exclusive listing broker.

Originally built in 1908 as The First Church of Christ the Scientist, The Sanctuary was redeveloped a century later, as 12, fee simple concrete and steel townhomes within the historic structure. The original borrower defaulted on the development loan in August 2010 and construction and marketing has been halted for more than a year, Nall said. “With the support of our new lender, we can now complete construction and sell the individual residences,” Nall added.

Ranging from 1,278- to 2,438-square-feet, the townhomes will be marketed at significantly less than the original asking price – which averaged over $1 million apiece (previously listed from $799,000 to over $1.6 million) — when complete in fall of 2011. “While the original developer had an incredible vision that we intend to fully realize, we also recognize that values must be recalibrated for today’s homebuyer,” Nall said. “We anticipate our prices will start at below $600,000.” Additionally, new homeowners will enjoy a 10-year property tax abatement, with a special assessment designation for historic structures.

Celebrating the architectural significance of the historic structure, The Sanctuary project has already won numerous design awards, including “Building Restoration of the Year (2009)” from Seattle magazine. The development features an expansive stained-glass dome, now the building’s atrium, which provides abundant natural light. Residences feature high-end finishes and amenities, including soaring 35-foot-high ceilings, metalwork and cabinets by Seattle area artisans, solid wood stair risers, re-purposed marble from the original church and top-of-the-line kitchen and plumbing fixtures. Each unit has a street level entrance, as well as a shared elevator to secured underground parking. Some units have rooftop terraces with expansive views of downtown Seattle and Elliott Bay.

Dean Jones, principal of Realogics Sotheby’s International Realty, anticipates that The Sanctuary will be a welcome addition to the in-city housing market. “Buyers and brokers are starving for exciting new inventory like this, as the for-sale pipeline has been shut down for several years and no new developments are planned,” said Jones. Additionally, “this is a unique development – one part residence, one part architectural landmark, one part object d’art – and with just 12 homes available, we expect them to be in high demand.”

www.LiveAtSanctuary.com

Images courtesy of The Sanctuary.
Seattle Condos and Lofts