Seattle’s condo median price for Q3 2008 was $305,000, down 5.3% from the same period last year. The number of closed sales fell 51.1% while total dollar sales volume dropped 53.3% to $193,339,000.

Year-to-date, the citywide median price remains unchanged at $315,000, though the number of closed sales are off 40.1% compared to the same period last year. So far, prices during the first part of the year were high enough to offset the price declines we’re now seeing. Though, by the end of year I anticipate a decrease in the annual median price figure.

The auction, which is being conducted by Accelerated Marketing Partners, is scheduled for 2:00 PM on Sunday, October 19th at Hotel Monaco, located at 1101 4th Avenue. Bidders are encouraged to arrive between 1:00 and 1:30 pm to pick-up bid packets, and will need to be pre-qualified by either Wells Fargo or Countrywide (see auction site for more info).

Seventeen07 was converted earlier this year and has 36 units (studio, one- and two-bedrooms). The auction notice states that 17 homes will be available, though only six closed sales and two pending sales have been recorded in the NWMLS. It is possible the remaining 11 units were sold but never entered into the NWMLS system, or being held for a future sale. At least one unit, which closed this month, is available for rent.

For more information, visit www.auction1707.com.

They also posted a list of conversions involved in litigation, eight of which are located within Seattle.

Back then, there were contentious debates among local residents, conservationists and mall owners about developing the south lot and Thornton Creek which ran beneath it. In 2002 the Appeals Court overturned a lower court decision and ruled that the water running below the lot was not Thornton Creek, thus opening the door for development. But, more debate and lawsuits followed. It wasn’t until 2004 when numerous stakeholders reached an agreement that plans for development moved ahead.

Fast forward.
Today, Thornton Place, is rising like the phoenix out of the south lot asphalt ashes. When fully completed by the end of Summer 2009, Thornton Place will feature a 14 screen & IMAX theater, retail and restaurants, 266 apartments, 121 condos including 12 live/work lofts, a 143-unit senior living development by ERA Living and an uncovered Thornton Creek channel.

The Thornton Place urban village is one of only five projects in the state participating in the LEED ND (neighborhood development) pilot program which strives to create a compact, walkable and vibrant mixed-used neighborhood. Additionally, the developer, Lorig Associates, is expecting to achieve a LEED Silver certification for green building practices.

Key dates ahead:
   Apartment rentals begin - April 2009
   Cinema and retail open - May 2009
   ERA Living’s Aljoya opens - Summer 2009

Condo sales begin.
The first structures to finish will be the condos, which began sales this past weekend. Thornton Place offers a variety of floor plans to fit most everyone’s needs, including studios, one- and two-bedroom flats, two-bedroom townhomes and live/work lofts.

One thing that struck me as I toured the units was the sheer size of the homes compared to their downtown counterparts. Even the smallest homes are huge. The studios start from 600 square feet, some with 9′ 10″ ceiling heights, and include a large sleeping alcove, walk-in closets and a defined dining area. The other floor plans range up to 1,364 square feet in size.

Home features and amenities include:

• Two color palettes to choose from
• Various ceiling heights, up to 14′ in select top floor units
• Natural Maple or Kempas microstrip hardwood floors in living area, plus porcelain tiled flooring in kitchen and bath
• Striking polished slab granite countertops in kitchen and bath, with porcelain tiled surround
• Wenge or cherry veneer cabinets
• GE appliances including stacked washer and dryer
• Large, oversized windows
• Patio or deck space for most homes
• Heat and glo gas fireplace in most homes
• Gated entry after hours, plus parking and extra storage
• Community room and lounge area, 24-hour accessed fitness facility and a business/conference center, shared with the apartments

Currently, 62 condo units are available for purchase ranging from $299,000 to $589,000. On a per square foot value, the condos are among the priciest in North Seattle. So, what’s the benefit of spending a more for a piece of Thornton Place - location. An urban village in its own right, Thornton Place is part of the larger Northgate urban village that includes various transportation options including two park-and-rides, ample retail, restaurant & entertainment choices, and numerous business and community services. Plus, Thornton Place will be home to a diverse 600 residents.

While the condos are market rate, the apartments will include both market rate and workforce housing units. The workforce housing units will be available to residents earning 80% of King County’s median income.

The condo sales center is open daily from 11 am to 6 pm, enter parking garage from NE 100th Street. For more information about Thornton Place, visit:
- Thornton Place
- Thornton Place Apartments
- Aljoya (ERA Living)

images courtesy of Lorig / Thornton Place

Gallery - Belltown, recently relocated their sales office into a townhome unit in the Gallery building at 2nd and Broad. They have a couple of model homes staged and should have seven model homes ready shortly. The first five floors are complete and residents started moving-in this past Friday.

I recently toured the property but the sales staff was a bit disheveled and only had keys to one unit, and couldn’t provide access to common amenities. I’ll reserve judgment of the development until I can get back for a comprehensive tour. But, if there was one item I was disappointed with it was heating - baseboard and stand alone forced air wall heaters, in a $600,000 unit no less. There are still assignment opportunities available, just saw one on Craigslist. For more info on Gallery, visit www.liveatgallery.com.

Veer Lofts - South Lake Union, is nearing completion and expects to receive its TCO in the next week or two, with first move-in by the end of the month. Currently, the project is about 60% sold so there’s still a number of options for anyone interesting in pioneering SLU condo living. Visit www.veerlofts.com for more info.

Canal Station - Ballard, hosted an agent event last night, a final push to close out sales in phase two. A recent price reduction may make the development appealing to hesitant buyers with one-bedrooms starting from $265,000 and two-bedrooms from $415,000.

I spoke with a owner in phase one who lamented the falling values, especially now that phase two is priced below phase one. At the present, he’s realizing a decent-sized loss in value, but hopefully the new pricing will entice buyers, leading to a reduction in Ballard’s condo inventory. Visit www.canalstation.com for more info.

1521 - Downtown, expects first move-in to begin this November.

The WestWater hit the condo market nearly a year ago just after the market started to turn downward. And, even with other developers bailing out of conversion projects in West Seattle (the Strata and the Gables), the reduced competition wasn’t enough to boost sales activity at WestWater.

Rental prices at WestWater starts from $950 for a one-bedroom and $1,250 and up for a two-bedroom.

I can certainly see the decision on the developer’s part, to minimize the cost and drain on resources for carrying and marketing unsold products, as well as, trying to generate cash flow. But, the decision may adversely impact those buyers who purchased at WestWater. The rentals will affect potential resales as the property may not qualify for financing due to ownership level requirements. On the other hand, potential resales would have been tough anyway as owners would’ve been competing against the other 45% of the units that were still for sale.

It is true they recently reduced prices (mid-August), rather signficantly, between $20,000 to $80,000.  But their claim regarding one of the other projects, Canal Station, is not accurate.  Canal Station has several two-bedroom units that match NoMa’s price levels, between $399,990 and $489,990.  It’s also a little disingenuous to state $399,990 is “NOW” upper $300s since a measly $11 separates it from the “WAS” low $400s.  Finally, not all of NoMa’s two-bedrooms include a den as implied in the email ad.

Let’s look as some of those NoMa units a bit more closely, again, fair game. Unit #503 originally came on the market 625 days ago at $499,950, then two price increases followed taking it up to $544,950.  But in the past three months, it was decreased to $519,950, increased to $529,950, then down again to $489,990.  Currently listed at $489,990…after 625 days it’s a net reduction of only $10,000 from the original list price.  Not quite what I’d call a close out.

Unit #204 is currently on the market at $449,990 which reflects a recent $80,000 reduction.  However, it’s been on the market for 734 days, originally starting at $519,950, rising to $539,950 at one point, then hanging out at $529,950 for 11 months before the adjustment to $449,990 last month.  This unit comes with two decks and with the $80K decrease is among the lowest priced new-construction two-bedrooms in the area.

Unit #303 came on the market some 590 days ago at $479,950 followed by two increases taking it to $514,950.  It was eventually reduced $80,000 last month.  Currently listed at $439,990, it’s a net reduction of $40,000 after nearly 600 days, yet compares favorably to other two-bedrooms in the area.

Unit #302 was listed approximately 613 days ago at $469,950.  During that time it increased to $499,950 followed by two reductions last month that brought the list price down to $429,990.   That’s a $70,000 reduction, not the $80,000 as claimed in the listing remarks.  And, since 2006, only a $40,000 net decrease, but still a fair value in comparison.

Unit #415 came on the market more than 700 days ago with an original list price of $419,950.  The price was subsequently increased to $454,950 before three reductions eventually brought it down to $399,990 last month.  In over 700 days, the net reduction amounts to only $20,000 from the original list price.

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

Puget Ridge Condos, 9013 16th Ave SW (at SW Henderson)
12 unit complex featuring one- and two-bedroom homes. The one-bedrooms are 514 sf that range in price from $134,500 to $149,500, while the two-bedrooms are 867 sf and are priced from $192,500 to $199,500. Parking included.

Beach Cove Condos, 3633 Beach Drive SW
8 unit building featuring two-bedroom homes ranging in size from 1,080 to 1,120 sf. All homes have exceptional views of Puget Sound. Prices start at $749,000 and top out at $819,000.

Madrona Beach Condos, 1119-1121 Lake Washington Blvd.
This is a converted 4-plex with two units currently available. Both of these are 900 sf and are priced at $469,000 and $489,000, and neither have parking. The building is located next to Madrona Park and has unobstructed views of Lake Washington.

Bleü, 419 21st Ave (at E Jefferson)
6 unit building featuring two-bedroom homes sized between 720 and 780 sf. The homes are priced from $299,950 to $309,950. Uncovered parking is included.

Galaxy Condos, 1800 35th St (at Wallingford Ave N)
9 units with a mix of one- and two-bedroom homes. The one-bedrooms are approximately 570 sf and are priced from $259,950 to $275,000. The two-bedrooms range in size from 670 to 877 sf and priced between $295,500 and $329,950. All but the three lowest price homes come with parking.

6000 Condos, 6000 24th Avenue NW
11 unit building comprised of two- and three-bedroom homes. The two-bedrooms, which range in size from 653 to 801 are priced from $299,950 to $369,950, while the 1,424 sf three-bedroom is priced at $699,950. Except for the three-bedroom, garage parking is extra.