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.”

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.

Received word this past week that 200 West Highland received bank approval to begin closing. Currently, the upscale development has 5 homes under contract that it anticipates will close by the end of February.

200 West Highland is situated across the street from Queen Anne’s famous Kerry Park offering homeowners stunning views of downtown and Elliott Bay. Prices of the remaining homes range from $895,000 to $2,050,000.

Website: www.200westhighland.com

Marselle Condos

The Marselle Condominium sent out an update last week announcing that they’ve sold an additional 8 homes to start off the year. Of the remaining properties available, prices begin from $199,990.

Currently, Marselle has several incentives available – a special 95% Seller Financing, no mortgage insurance and no HOA dues until January 2011. Additionally, Marselle is FHA & VA approved.

Website: www.marsellecondos.com

Ruby Condos

The Ruby Condominium is now 65% sold! Comparatively speaking sales at Ruby have been brisk and confirms there is demand for well-priced entry-level condominium homes that are centrally located and close to downtown.

In addition, Ruby recently reduced prices across the board with all homes now priced below $300,000. Ruby is FHA & VA approved.

Website: www.rubycondos.com

Home features:

• 2-bedroom, 2.5 baths
• Epicurean kitchen features luxury finishes
• Stone slab countertop w/undermount sinks
• State-of-the-art appliances – Viking, Sub-Zero and Bosch
• Private rooftop deck
• Two years HOA dues paid by Seller

View floor plan – click to enlarge:

According to the press release 18 very fortunate homebuyers took advantage of great prices at the auctions of the Sunrise on the Lake, The Summit, and Avaview condominium projects last Saturday. The condominiums offered on auction day sold for 136% over the recommended minimum bid pricing to the full satisfaction of the Seller.

“A $3 million sales day is significant in the middle of the holiday season,” says Jeff Powell of JL Powell Auction Company, the auctioneer for the event. “This auction was a success and we’re looking forward to conducting more auctions in the New Year,” says Powell.

Koket Fowler of TeamBuilder Auction Group applauds the bidders that participated in the auction. “These buyers received some fantastic deals and we’re very happy for them. To get in on prices like these for an in-city condo is unheard of.”

The Seller of the three communities elected to sell some units subject to their final confirmation and opted to offer some units post-auction.

This auction includes three separate properties located on Capitol Hill and North Seattle – The Summit, Avaview and Sunrise on the Lake. Available homes include studios, one-bedroom and two-bedroom units with the minimum bid price beginning at $95,000.

For more information, please visit the auction website at www.SeattlePropertyAuction.com

The Matrix team will be spearheaded by partners Leslie Williams, founder of Williams Marketing, Inc, and Mike Miller and Chaun Mackey, co-founders of MCM Group. Mackey will also serve as the president of Matrix and will oversee the day-to-day operations of the company. MCM Group and Williams Marketing, Inc will merge both companies’ talent, resources and employees into Matrix.

“This exciting collaboration means we will be able to provide our clients with the combined strength, broad knowledge and long-term experience necessary to excel in the current market and be well-positioned to capitalize on future opportunities,” Williams said. “We see Matrix Real Estate as a pace setter in this new chapter of the Seattle real estate market.”

Since 2005, Williams Marketing, Inc and MCM Group have each closed more than $1 billion in sales. Williams and Miller continue to provide developer and lender clients with unparalleled experience—offering services from site selection and product design consultation through construction, strategic pricing and marketing strategies. As Matrix, the firm will specialize in sales and marketing for condominiums, townhomes and high-rise communities in urban and suburban locations throughout the greater Puget Sound region and beyond.

In addition, the company will offer a rare combination of consumer-targeted capabilities with services for private resale clients and buyers as well as sellers of new construction and conversion condominium properties and townhome communities—a mix unique to the Seattle market. This consumer-focused approach will position Matrix as a one-stop-shop for homebuyers and sellers—whether they are looking to buy or sell an individual property or addressing the strategic marketing and sales needs of a larger project or community.

“This new relationship may come as a surprise to some because as staunch competitors for more than a decade, we were also each other’s most admired competitors; Williams Marketing, Inc and MCM Group have each had a formidable presence in the marketplace,” Miller said. “But as Matrix, we can now offer our sellers the strength of our collaborative partnership. When a seller hires Matrix, they’ll have me, Leslie, Chaun along with an entire team of seasoned professionals working collaboratively on the sales and marketing strategy.”

As leaders in the condominium and townhome sales and marketing industry, Matrix will represent some of the largest sellers and projects in the region including Vulcan Real Estate’s Enso and Veer Lofts communities in South Lake Union and Pryde + Johnson’s Hjarta project in Ballard, as well as its Florera project in Green Lake.

“The combination of MCM Group and Williams Marketing, Inc will give an unprecedented market share to Matrix,” said local real estate economist Matthew Gardner, principal at Gardner Economics, LLC. “No other real estate company in the Puget Sound region has the breadth of experience that Matrix will be able to offer to its clients.”

Suzie Langford, will be the vice president and broker of Matrix Real Estate while Kim Sharpe Jones will serve as vice president of marketing and Sera Venis will serve as the controller. For more information about Matrix, visit www.matrixrealestate.com.

“If you look at the evidence of what sells downtown, the majority of units under 750 square feet in the downtown core sell without parking,” said Stephen Deveaux, a vice-president with the developer, Tribute Communities. Parking spots typically add $20,000 or more to the cost of a downtown condo.

Deveaux called the project, which still needs approval from full city council, an opportunity to design and market an “environmentally progressive building.” With so many jobs and handy transit nearby, the units will sell, Deveaux said

Great discussion taking place on the Publicola blog.