The loft’s soaring 18′ ceiling provides a dramatic wall of windows with Space Needle and mountain views. The unit features concrete floors, timber beamed interiors, a balcony and private upper deck, KitchenAid appliances, quartz counters, parking and extra storage. Building amenities include a roof terrace with a bocce ball court & BBQ and is pet-friendly. This home is offered at $419,950.

Veer Lofts is located one-block to the streetcar and is close to local businesses including Amazon, the Gates Foundation, renowned restaurants and shops in the desirable South Lake Union neighborhood.

View more details and photos or inquire about touring the property.

Click to view larger photos:

View more info and photos about this home or SCL’s spotlight condo listings.

Listing and photos are courtesy of Joseph Hill, Keller Williams Greater Seattle

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1. Veer Lofts update and promotion
2. Condo Wire – Canal Station, Veer, Sylvan Ridge, SLU
3. More Veer Lofts price adjustments
4. Veer Lofts offers $8,000 seller credit to buyers

Olive 8 had 8 additional sales in the past month bringing the total to 33 sales so far this year. Additionally, Olive 8 still have several “Sky Suite” homes available, which are full-furnished open one-bedroom homes by Alchemy Collections, and are a perfect downtown pied-à-terre.

>> View Olive 8′s active listings
>> Visit the Olive 8 website

Escala Condominium – Downtown Seattle

Escala fared a bit better with 12 sales in the past month and is now approximately 42% sold per MLS figures. Slow going, but moving forward.

>> View Escala’s active listings
>> Visit the Escala website

Bellevue Tower- Bellevue

Neither Olive 8 nor Escala have anything on Bellevue Towers, which closed its 200th home last week. That’s over 80 closed sales so far this year, bringing the twin-tower 539-unit complex to 37% sold.

>> View Bellevue Tower’s active listings
>> Visit the Bellevue Tower website

Enso Condominium – South Lake Union

Enso reported 4 sales in the past month and is now down to its last 8 homes, priced between $400,000 and $1,295,000. As a special for Seattle Condos and Lofts readers, we are offering a rebate up to $7,500 for the purchase of a new Enso home (by July 31st) through our condo specialists.*

>> View Enso’s active listings
>> Visit the Enso website

Gallery Condominium – Belltown

Gallery had 4 additional sales since our last update, which leaves 10 homes left. For homes purchased (under contract) before July 31, 2011 and closed by August 30, 2011, Gallery is offering:
  1.   A buyer bonus up to 3% of the purchase price
  2.   Choice of an optional wall, slider or closet combo build out

>> View Gallery’s active listings
>> Visit the Gallery website

Disclosure: Olive 8 and Gallery are advertisers of Seattle Condos and Lofts at the time of publication.

* Half of the selling agent bonus, dependent on lender eligibility and approval

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2. Seattle Condo Project Updates
3. Seattle Condo Project Updates and Events
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• One bedroom homes are now priced from $400,000 to $430,000
• Two bedroom homes are now priced from $620,000 to $695,000
• Penthouse suites are now priced from $980,000 to $1,295,000

Special offer for our readers – purchase an Enso Condo through us by July 31, 2011 and we’ll give you $7,500 back (subject to your lender approval, if financing).

View NWMLS listed Enso condos for sale

Sample Pricing of select homes:

Images courtesy of Enso Condominium

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4. Enso’s rent to own program

This unique rent to own program is specifically geared towards Vulcan’s tenants who rent at one of their South Lake Union properties – Alley24, Rolling Street Flats, Borealis or Alcyone.

Renters can accrue a $1500 credit for every six months completed on their lease, up to a maximum of $10,000. The credit would be applied towards closing costs of a condo purchase at Enso. This is pretty good program that Vulcan is offering. They’re rewarding current tenants who are interested in owning their own home for their rental longevity while also encouraging condo sales at Enso.

Click image to download/view the PDF:

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Enclave interior

The Enclave – Eastlake

The upscale townhome development along the Lake Union waterfront in Eastlake, which we profiled last year, is progressing forward. According to Nick Glant of NWG Real Estate, the project has secured enough pre-sales to begin construction this year, with the delivery of its first phase of nine homes in late 2011.

The Enclave (website) features 21 multi-level residences designed by NBBJ and Atelierjones, which are constucted of glass, Prodema, steel, concrete and engineered siding. These lake side homes range in size from 2,500 to more than 3,000 square feet and start from $1.3 million. Prospective buyers may view further information at the sales center, which is by appointment only.

Escala – downtown Seattle

Escala (website) reported that they’ve reached 70 contracted homes sales since the new team took over 5 months ago and are approaching 50 closed transactions. The sales center is open every weekend from 11 am to 5 pm or by appointment.

Brix Condominium – Capitol Hill

Congratulations to Schnitzer West for successfully concluding sales at Brix. Just 3 weeks ago we reported Brix was in the process of closing out the project with just 5 units remaining…all 5 are now under contract.

Lakeview Residences – Capitol Hill

The Lakeview Residences (website) is a small six-unit boutique condominium located on the West-slope of Capitol Hill. The high-end homes range in size from approximately 1,400 to 1,670 square feet and are now priced from the low $600,000s. When these home first came on the market, they were priced well above $1 million. Currently, only 3 homes remain, 1 of each distinct floor plan.

Around the SLU:

Christine Keff, the James Beard award winning chef and restaurateur of the Flying Fish has opened a new artisan cafe in South Lake Union called On the Fly. The shop, located at 950 Thomas Street, will feature baked goods, espresso, lunches, a selection of wines and fully prepared take-home dinners.

On the Fly will be open Monday through Friday from 10 am to 7 pm, after Labor Day.

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4. Ten Most Expensive Seattle Condos Sold in 2010

Veer Lofts is aiming to close out their last five remaining homes and have extended the $8,000 buyer credit to entice potential buyers. To be eligible for the $8,000 credit, contracts need to written by August 31st, with closing no later than October 15, 2010 .Veer is FHA approved. www.veerlofts.com

View current MLS listings at Veer Lofts

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Of the nine available, six are two-story full-lofts, two are flexi-lofts and one is a single-level flat.

The 99-unit building was developed by Vulcan Real Estate whose other residential properties in the South Lake Union area include Enso, the 2200 and Rollin Street.

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The Enso Condominium, Vulcan’s newest development in the SLU Gateway district, is hosting its Grand Opening celebration this weekend at 820 Blanchard Street (Denny & Westlake).

Buyers and condo enthusiasts will have an opportunity to tour model homes and enter to win a $500 gift certificate at Whole Foods.

The grand opening runs this weekend, August 15-16, from 11 AM to 5 PM. Parking is available at the Discovery Center, located just north of Denny.

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The current pricing is available for homes that are purchased by July 1, 2009. In addition, Veer Lofts is providing a $500 California Closets credit and are waiving HOA dues till November 2010.

#317 – $270,000 flat, approximately 615 sq ft, previously offered at $275,000
#403 – $280,000 flexi-loft, approximately 635 sq ft, previously offered at $295,000
#606 – $465,000 full-loft, approximately 1,130 sq ft, previously offered at $485,000
#607 – $440,000 full-loft, approximately 957 sq ft, previously offered at $475,000
#617 – $395,000 full-loft, approximately 906 sq ft, previously offered at $399,000

View available Veer Loft homes for sale.

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Unfortunately, pre-sales at Rollin Street are at approximately 25%, which is below the 50 – 70% threshold Fannie Mae and most mortgage lenders require for buyers to obtain financing.

Market conditions tell us we will not achieve the required minimum 50% pre?sales in a short timeframe.

As a result, we have decided to convert Rollin Street into a rental apartment building. We will refund your earnest money deposit (currently safely held in an escrowaccount) and any deposits you made for upgrade finish options.

We had expected to be able to communicate this decision earlier, but the process of getting permission from our construction lender took much longer than we had hoped.

Additionally, they are offering a credit to Rollin Street pre-sale buyers at Vulcan’s two other SLU properties – Veer Lofts and Enso.

We appreciate the commitment that you have made to the South Lake Union neighborhood.

Recognizing this, we will offer you a credit to apply toward a purchase at either Enso or Veer Lofts–our other two condominium projects in South Lake Union. You are also eligible for a lease credit to apply toward renting a home at Rollin Street.

I actually see this as good news for the condo market. The immediate effect is the reduction of 200+ condo units from the downtown market, which is significant, and should benefit existing properties (e.g. 2200, Cosmopolitan) as well as soon to be delivered properties (e.g. Enso, Escala, Alex, Olive 8). After 2009, there will be no new condo units delivered in the downtown area until 2012 at the earliest, providing much needed time to for the market to absorb the inventory and stabilize.

So what about the prospects of the other developments that’ll be delivered this year. I believe two are on thin ice – Marselle and Danielle -and both could do well as apartments. Currently, Schnizter is adamant that Equinox will remain condos, but given the poor sales activity at all three of their Seattle projects (Brix and Gallery being the other two), it’s hard to fathom they can keep all three as near empty condo buildings. On the other hand, we’re seeing a glut of new apartments complexes in the downtown area (Olivian, Aspira, Rollin Street, Taylor 28, Axis, Hyatt Place, Moda) so there will be stiff competition for any new entrants into the rental market.

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