The Seattle Condo Blog

Seattle’s luxury 1521 Condominium announced it has received LEED Silver certification. According to its news release:

…95 percent of construction and demolition waste was recycled. It also has energy efficiencies such as double-pane low-E glass windows and high-efficiency lighting in common areas; and water efficiencies such as dual-flush toilets, low-flow showerheads and limited landscaping that requires little irrigation.

To celebrate, OPUS Northwest, is giving away a Smart fortwo car with purchases that close by May 31, 2010.

The certification is well deserved and the homes are beautiful, but I just don’t think buyers will really care about smart cars cluttering up the garage. On the other hand, for many owners, 1521 is a second residence so it might be nice to have some wheels to scoot about town in.

www.1521second.com

But the real-estate bubble, of course, has burst. And some of those once-eager buyers from 2006 and 2007 are backing out, often at considerable expense to themselves and, perhaps, the projects’ developers

But the real-estate bubble, of course, has burst. And some of those once-eager buyers from 2006 and 2007 are backing out, often at considerable expense to themselves and, perhaps, the projects’ developers.

At Fifteen Twenty-one, developer Opus Northwest says more than one-quarter of the original buyers have walked away, some forfeiting deposits of $100,000 or more.

At Olive 8, at least 10 percent of the project’s buyers, who either can’t or don’t want to close, have retained lawyers in hopes of getting their earnest money back.

Article: At pricey high-rise Seattle condos, some buyers back out
Olive 8 blog: olive8.blogspot.com

1521, Seattle’s newest upscale condominium in downtown, provided photos of their model home and residential amenities. Along with the Four Season’s Private Residences, 1521 is one of Seattle’s most prestigious residential towers. Homes are available for purchase starting from $1 million.

[simpleviewer=5,480,640]

According to the NWMLS, at least four pre-sale buyers have listed their 1521 units on the market. This is a unique situation since they do not yet own the property they are selling – it’s not quite a resale nor an assignment. Instead, they are marketing the units seeking simultaneous closings. That is, the original pre-sale buyer will close with the developer first (provided they can successfully close) then immediately close the second transaction with the new buyer.

These are all two-bedroom units, ranging in size between 1,700 to 2,000 and are listed between $1,250,000 and $2,100,000. Closing dates are slated for December and February. Presently, there are eight units at 1521 listed in the NWMLS.

Driving through downtown today I saw a group a people in a parking lot on 2nd Avenue. My first thought was who got shot. It was the ground breaking ceremony for 1521.

Escala – work recently started on the lot.

Brix – the old Safeway is now being demolished. Completion date has been pushed to 1st quarter of 2008.

When complete the slender 440-foot Fifteen Twenty-One (website) will be Seattle’s 2nd tallest residential high-rise. The 38 story building will feature 143 luxury residences ranging between 1,660 to 2,860 square feet with prices starting from $1 million. It will be the first tower to be completed under the city’s new zoning regulations. By the end of April, 75% of the units were reserved.

Building amenities will include a concierge, landscaped roof deck with a rooftop club room for entertaining, spa-like fitness center, a pilates & yoga studio and a business center.

Situated on 2nd Avenue between Pine & Pike Streets, the building will be flanked by the 2nd + Pine condominium project and the Four Seasons Private Residences at First Avenue and Union Street.

photo: Seattle PI