Row 5 - Capitol Hill

Row 5’s classic brownstone inspired townhomes are built by one of the region’s most admired home builders, John F. Buchan’s Custom Home Division. Buchan homes are widely known for quality craftsmanship, which is evident with Row 5.

Of the 5 homes available, the interior three units share roughly the same floor plan with 1,539 square feet of living space including an open living/dining area, 2-bedrooms, a den and 2.5 baths. The far East end-unit incorporates the same floor plan but includes a 3rd wall of windows. The 15th Ave facing end-unit, at 1,677 square feet is the largest, with the extra space is most evident in the main living area, extra 1/2 bath and den, which is perfect for a home-based business.

Interior finishes and other features include:

• Dens with french doors that open out to private patios
• Brazilian cherry floors
• Alder cabinets
• Slab granite countertops
• Generous use of porcelain tile and millwork, crown moulding and built-in cabinetry
• In-floor gas-fired radiant heat throughout
• Top of the line Bosch appliances
• Media wiring and security systems

If there’s one item that I thought was slightly awkward, it’s the large fireplace surround that overwhelms the living room; a gorgeous feature for Buchan’s Eastside estates, but somewhat out of place for an urban townhome where space is a premium. Other than that, the Buchan craftsmanship and attention to detail are readily apparent.

Adjacent to Row 5 are the First Church condo conversion project and Lambert House, which is getting a facelift. Nearby, future residents will enjoy the many cafes, restaurants and neighborhood shops and markets along 15th Avenue and East Madison.

The interior three homes are priced around $650,000 with the end-units homes expected to be offered between $675,000 and $730,000. View current MLS listings.

www.row5seattle.com

McGraw Street - Queen Anne

While Row 5 offers a classical architectural style, Howland’s McGraw Street townhomes exhibit a modern and sleek design. The Mcgraw townhomes were only recently completed and have been a hit with buyers with only three of the nine homes still available. The remaining units, at 1,686 and 1,714 square feet, feature 3-bedrooms and 3.5 baths.

Interior finishes and other features include:

• 10′ ceiling height and oversized windows
• Patios and roof top decks (decks are plumbed for gas)
• Views of Lake Union and Gas Works Park (though trees do obsure some of the views)
• Hanstone and concrete countertops in kitchen
• Jenn-Air stainless steel appliances
• Teragren strand bamboo floors
• A “floating” gas fireplace

Being close to Aurora Avenue would seem to be its biggest drawback, in respects to traffic, noise and the fact the homes can only be accessed via North-bound travel. However, they are set back from Aurora which helps to dissipate traffic noise. I visited during afternoon rush-hour and while I could hear ambient noise, it was fairly muted. As mentioned earlier, six of the nine homes sold quickly, impressive given the price points, location and current market environment.

The available three homes are being offered from $529,950 to $619,950.

Leona is a mix of the old with new. The development preserves the original 1909 structure along with the addition of a new penthouse level on top as well as townhomes along Ward St.

Leona offers a mix of floor plans including one- and two-bedroom flats, 3-story townhomes and 2-story penthouses. Prices range between $429,000 and $1,975,000. Additionally, homes may be eligible for a 10-year tax abatement significantly reducing property taxes. www.leonaliving.com

Leona is located at the corner of Queen Anne Ave N and Ward Street. www.leonaliving.com

The boutique development features just 25 two- and three-bedroom homes that range in size between 1,499 and 2,852 square feet. Two of the homes are unique, located on street level, as they are accessible through a semi-private interior lobby as well as an exterior entrance. Both of these “garden homes” also have sizable landscaped terraces.

Currently, workers are framing the interior walls of the penthouse level, so there’s still quite a bit of work to be done. Completion is anticipated for this Fall, most likely in December.

Living area of Penthouse 501, 11′ ceilings:

View from Penthouse 502 towards downtown:

Open living area of Home 401, 9′ ceilings:

Private garden terrace of Home 107, view from street:

For additional home details & images, please see our 200 West Highland post.

Homes begin at $1,230,000 and range up to $3,980,000 for the Southeast corner penthouse. Currently, three of the homes have been spoken for. While the homes are available for purchase, with a 5% earnest money down payment, Lorig is not actively promoting pre-sales, preferring to market once homes are more fully developed. Interestingly, the developer is not providing upgrade or customization options.

Lorig has developed a number of other Queen Anne properties including the Victoria Condominium and Townhomes across the street from 200 West Highland, the Willis Condominium and Queen Anne High School.

Townsend Townhomes - Queen Anne

Townsend is a community of 13 new construction luxury townhomes on Queen Anne’s desirable South Slope. The four-level homes range in size from 1,720 to 2,580 and offer spectacular downtown, water and Space Needle views.

Townsend has 8 remaining homes which were just reduced in price ($36,000 up to $196,000) and are currently listed between $799,000 and $1,399,000. www.townsendliving.com

Azul Condos - Fremont

I recently spoke with Azul’s developer who mentioned that Azul should be receiving the Housing of Urban Development’s (HUD) FHA approval designation soon, if not already. Azul joins just a relatively small number of condominiums in Seattle that are eligible for FHA financing. Very few developers apply for FHA approval so this a great move on Azul’s part and should attract a larger buyer pool.

Azul is currently offering two buyer incentives - a $5,000 buyer bonus on one-bedroom homes and a $7,000 buyer bonus on two-bedroom homes. www.aZulinfremont.com

Leona Condominium - Queen Anne

Stopped by Leona last week for a hard hat tour of its progress. Work is coming along quite nicely and the developer anticipates completion by the end of Summer. Homes located on the original building’s top level and above will have the best views.

Leona offers a mix of floor plans including one- and two-bedroom flats, 3-story townhomes and 2-story penthouses. Prices range between $429,000 and $1,975,000. Additionally, homes may be eligible for a 10-year tax abatement significantly reducing property taxes. www.leonaliving.com

Unit #A102 is one of only a handful of live/work lofts available within the complex, perfectly suitable for office or artisan studio space. The unit is a spacious 1,214 square feet of open living space with 12′ ceilings. Other home features include:

• Master suite with walk-in closet, built-ins and a huge 5-piece master bath
• Open living/kitchen space with oversized windows
• Separate loft area with an adjoining closet. The space is completely customizable - use it as an office, studio, 2nd bedroom or media room - whatever fits your need.
• 2nd full bathroom
• Stone countertops, stainless steel appliances, gas fireplace
• Bamboo, carpet and tile flooring
• Private deck, in unit w/d, parking & extra storage
• Pet friendly

The Portal was constructed in 2004 consisting of 76 condominium homes in two buildings overlooking Lake Union. Though the buildings back to Aurora, the homes are on the East-side with the common hallway buffering the homes from Aurora. Amenities include a courtyard off the community club room and an expansive roof top deck. Access to the Portal is via Dexter Avenue.

Originally constructed in 1929, the brick-veneered vintage building has been thoroughly updated with new wiring, siding and plumbing systems. The complex encompasses just eight one-bedroom condominium homes that feature original hardwood flooring and window frames, original hex-tile bathroom floors and refinished cast-iron tubs. Interior details include archways, crown moldings and coved ceilings.

The units are 762 square feet and have been updated with modern finishes and amenities - slab granite countertops, subway tile backsplashes, stainless steel appliances, parking, storage and views. Prices for the two ground-level homes begin at $334,950 while the upper-level homes are being offered from $409,950.

MCM is launching the McKean project with a sunset grand opening event on Thursday, April 3rd from 6 PM to 8 PM.

McKean will officially open to the public the weekend of April 5th & 6th from Noon to 6:00 PM, the same weekend as the Seattle Condo Tour.

The Marselle Condominium, at 115 Aurora Ave, is the latest addition to the burgeoning area just north of downtown. The 7-story frame-constructed building will encompass 132 condominium homes ranging from 347 sq ft to 1,730 sq ft. Penthouse level homes will include a mezzanine level that opens to the roof top decks.

Every unit will come with parking and storage. Common building amenities include roof top decks with views of Lake Union & downtown, a billiard room, a resident lounge and a wellness center with cardio machines, weight training equipment and yoga space.

Given its location along Aurora, I asked about the noise reduction methods being used. According to the developer, the wood framing will have 1 1/2 inch gypcrete with 1/4 inch sound damping mat for all framed floors while ceilings and interior walls will have R11 sound insulation. Hard surface floors will be laid over a soundmat/pad.

I also inquired whether they had any concerns about developing condos in light of current market conditions as well as recent events with nearby projects.

Our company focuses on providing a quality product for a great value. We have already had a huge response from word-of-mouth contacts and believe our project will fill a much-needed void in the market of affordable city living (units beginning at around $415/SF). [Other developments] converting to apartments will only intensify the need for housing downtown in our price range.

Should Marselle be able to maintain the $415/sf starting price point, it’ll be attractively situated in the downtown-core new construction marketplace. For comparison, the highly touted Moda Condominium started at $500/sf which did not include parking for every unit.

Occupancy is slated for Summer 2009. The project is being developed by Marselle Partners who also built the Marc and Matae condominiums. Stay tuned for pre-sale information. In the meantime, the developer is compiling a pre-sale buyer list. Please contact the developer at:

Marselle Partners / Sierra Construction
(425) 487-5200

The Newbury Etruscan (website) is a small conversion project on the North side of Queen Anne at 49 W. Etruria. Originally built in 1968, the project features only 8 condominium homes comprised of 6 one-bedrooms about 680 sq ft in size and 2 two-bedrooms that are 860 sq ft. All 8 units are available though they’ve only released pricing for two units - a one-bedroom listed at $319,950 and a two-bedroom listed at $369,950.

The Newbury Etruscan is located near Seattle Pacific University and is only a short stroll to Fremont.

North Seattle

The 845 Condominium (website) is located in the Pinehurst area of North Seattle on 125th & Roosevelt. Of the 15 homes, only 8 one-bedroom and two-bedroom homes remain. The one-bedrooms range in size from 665 to 707 sq ft and start at $214,950. The two-bedrooms are 829 sq ft and begin at $254,950.

Bellevue

The Belcera (website) in Bellevue has been on the market for a few months and have sold more than half of the 11-units available. The two-bedroom homes are approximately 900 sq ft in size and feature slab granite countertops, travertine tiled bathrooms (floor & surround) & hardwood floors. Homes start at $315,000.

Currently, the developer is offering buyers paid HOA dues for 12 months and no mortgage payments for 3 months.

Redmond

Redmond View (website) is another small project that offers 9 two-bedroom homes that range in size from 990 to 1,022 sq ft. Home features include bamboo flooring, slab granite countertops, cherry cabinets and travertine tiled bathroom floors. These homes are priced from $369,950.

Currently, the developer is offering buyers paid HOA dues for 12 months and no mortgage payments for 3 months.

In response to questions about the listing, Intracorp said, “Domaine has not been sold and we are currently selling condos and townhomes” in the development. “However, Intracorp is evaluating market conditions and working hard to provide housing solutions in response to the demand.” It offered no other comment.

Also, Matt’s post and DJC article.

Not surprised as there’s been speculation on both Expo 62 and Domaine for several months now. While it does speak volumes about the current market, the sale of both of these projects as apartments actually helps the condo market in the long run. If Domaine does sell, that’s another 91 units off the market in addition to the 114 at Expo 62.

These events will also impact the other proposed projects that’ll ultimately strengthen the marketplace. Vulcan has shelved The Martin project at 5th & Lenora until the market improves and Murray Franklyn confirms that it’s 7th & Westlake project will not proceed as planned.

Update 8/13: I’ve been trying to obtain confirmation on the status of Domaine to no avail…seems Intracorp is keeping mum. I wouldn’t be surprised if Domaine joins Expo62 (Axis) and Moda given they’ve closed their sales office, removed signage, dummy downed the website and are media shy (not me…the DJC and PI).

Noma - has an interesting promotion going on through Feb 29th. For buyers using the preferred lender, Noma will (1) match any price decrease (%-based) and pay float down on interest rate drops. The promotion excludes resales.

Serana - 5 units remain - 1 one-bedroom priced at $394,500 and 4 two-bedrooms priced from $419,500 and up. Offering 2/1 buy downs on mortgages.

Forte - new conversion project at NE 125th & Roosevelt Ave NE. One-bedrooms start at $194,950, two-bedrooms start at $254,950. Reviewing coming later this week.

845 Condos - A newer conversion cross the street from Forte. One-bedrooms start round $214,950 and two-bedrooms at $254,950.

CityView - is down to their final six units with two-bedrooms starting from under $300,000.

Escala - anticipates taking a price hike next month by about 5%.

Lumen - closing out the last 28 units, starting from $375,000.

Tobira - has seven units left including a studio priced at $184,950.

Tavona - has 10 studios and two-bedrooms left. The studios are priced from $249,950 while the two-bedroom start at $474,950. All two-bedroom units come with 2 parking spaces.