Olive 8 “Spring Event”

Olive 8, a downtown Seattle condominium, has just launched a spring sales event offering some pretty good incentives for buyers:

• No closing costs
• No HOA dues or club fees for the first year
• Interest rates from 1.5% for qualified buyers from Metlife Home Loans

One bedroom homes at Olive 8 start from $395,000 with two-bedrooms homes from $825,000. The spring sales event runs through May 31, 2011. View available Olive 8 condos listed for sale.

Trace North

Located in the Pike/Pine district of Capitol Hill, the Trace North development sold another two homes since our last update, leaving only 8 units available – a mix of open one-bedroom, one-bedroom and two-bedroom homes. View available Trace North units listed for sale.

• Open one-bedrooms start from $254,950
• One-bedrooms start from $354,950
• Two-bedrooms start from $399,950

Eleven Eleven East Pike (1111 E Pike)

A few weeks ago someone asked me if I knew of any lease-to-own programs at new construction condo buildings. Other than Enso’s program for Vulcan’s current renters I hadn’t heard of any. Well, it seems that Eleven Eleven has a lease-to-own program and they already have three homes optioned under that program.

Eleven Eleven is located in Capitol Hill’s Pike/Pine district, around the corner from Trace North, with homes starting from $229,950. View available Eleven Eleven homes listed for sale.

1521 Second

Since our last update, 1521 Second had two additional condo sales and two closings. Presently, the luxury downtown Seattle condo tower is 77% sold. The upscale building has sold more $1+ million homes than all other new construction condo building since 2007. View available 1521 Second homes listed for sale.

Decatur Condo

First Hill’s Decatur Condominium is over 85% sold with one-bedroom homes starting from $187,950 and two-bedrooms from $264,950. Buyer incentives includes no closing costs and interest rates from 3.375% through the preferred on-site lender. The building is FHA approved that offers a low 3.5% down payment option for buyers. View available Decatur units listed for sale.

1350 Alki

This boutique waterfront building along Alki, sold another in the past two weeks and is down to its final unit for sale, a three-bedroom home presently offered at $559,950. View unit for sale.

Disclaimer: With exception of 1350 Alki, condos mentioned were advertisers at time of publication.

1350 Alki
It has taken nearly three years to sell out the 10-unit 1350 Alki condo development, but the end is seemingly in sight. The pending offer on unit #S5 last week now leaves two units available. Unit #3S is a 3-bedroom 1,425 square foot unit listed at $559,950, which is 34% less than its original $849,000 price in 2007. However, that’s a tad bit high considering that #4S sold 6-months ago for $560,000. Unit #2N is a slightly smaller 3-bedroom 1,325 square unit listed at $499,950. That’s 35% below its original $769,000 offer price. View 1350 Alki condos for sale.

Gallery Condo Buy Now Event
Word is the Gallery Buy Now event was a “disorganized mess” that resulted in the sale of just 8 of the the 25 units offered. Although Schnitzer totally botched the auction/buy now event, and perhaps lost some goodwill in the process, the Gallery Condominium is a great building and does offer value for new construction in the downtown/Belltown area. View Gallery condos for sale.

1521 Second
The 1521 Second Condominium is hosting another open house event this weekend, March 12th & 13th, from noon to 4:00 pm. The open house provides the public an opportunity to tour some of Seattle’s most luxurious, and expensive, condos. View 1521 Second condos for sale.

Hjarta Condominium
The Hjarta Condominium in Ballard sold another 4 units since our update last month. View Hjarta condos for sale.

Trace North
The Trace North development on Capitol Hill recently passed the 90% sold level. It has been a long time coming given that pre-sales started back in early 2007. Since our last update 3 weeks ago, 4 additional homes were sold at Trace North, leaving less than 10 homes available for purchase. View Trace North condos for sale.

Escala Condominium
Since the beginning of the year, Escala has closed 11 transactions with another 8 homes pending. Per the NWMLS, to date, Escala has 88 sales with 75 of those closing, so they’re just under 1/3 sold with 181 homes available. View Escala condos for sale.

Disclaimer: Advertisers of The Seattle Condo Blog at time of publication include Hjarta, 1521 Second & Trace North.

These luxury homes feature:

• 2 or 3 bedroom layouts
• Elevator that opens directly into the unit
• Slab granite countertops and stainless steel appliances
• Floor to ceiling windows providing views of the Sound
• Wrap around decks
• Hardwood floors with in-floor radiant heating
• 1325 or 1425 sq ft

Nine of the ten homes are still available, which range in price from $699,900 to $949,500. These prices reflect a recent price reduction between $40,000 to $60,000, depending on unit. On the other hand, these units have been on the market for nearly a year now.

One of the greatest benefit this development offers is its location along Alki Avenue. Just step outside the front door and you’re right on the walk/jog/bike/rollerblading pathway along the waterfront, Alki Beach and numerous shops, cafes and restaurants.