The Seattle Condo Blog | Seattle Condos and Lofts

So far, 2012 is becoming a watershed year for Seattle’s beleaguered condo market as we’ve quietly shifted into a seller’s market seemingly overnight with a constricting inventory supply and strong buyer demand.  As a result, the remaining new construction and condo conversion projects have benefited from the market’s turnaround.

Here’s a look at the 2012 year-to-date sales activity and the current total sales percentage of the remaining major condominiums in Seattle.

North Seattle

Hjarta

2012 YTD Activity:	5 sales
Total Sales %:	80% Sold

View available Hjarta condos for sale

hjartaballard.com

Duncan Place

2012 YTD Activity:	4 sales
Total Sales %:	89% sold with 7 units remaining

View available Duncan Place condos for sale

duncanplacecondos.com

Downtown Core

Marselle

2012 YTD Activity:	13 sales
Total Sales %:	85% sold with 19 homes remaining

View available Marselle condos for sale

marsellecondos.com

Olive 8

2012 YTD Activity:	14 sales
Total Sales %:	75% sold

View available Olive 8 condos for sale

olive8.com

Escala

2012 YTD Activity:	41 sales
Total Sales %:	65% sold

View available Escala condos for sale

escalaseattle.com

1521 Second

2012 YTD Activity:	12 sales
Total Sales %:	90% sold with 16 homes remaining

View available 1521 Second condos for sale

fifteentwentyone.com

Four Seasons Seattle

2012 YTD Activity:	0 sales
Total Sales %:	70% sold

View available Four Seasons homes for sale

residences.fourseasons.com

Pontedera

2012 YTD Activity:	6 sales
Total Sales %:	29% sold

View available Pontedera condos for sale

pontederacondos.com

Capitol Hill / First Hill

 Decatur

2012 YTD Activity:	8 sales
Total Sales %:	92% sold with 11 homes remaining

View available Decatur condos for sale

ownthedecatur.com

1111 E Pike

2012 YTD Activity:	3 sales
Total Sales %:	96% sold with 1 home remaining

View available 1111 E Pike condos for sale

1111eastpike.com

Harvard & Highland

2012 YTD Activity:	5 sales
Total Sales %:	92% sold with 3 homes remaining

View available Harvard & Highland homes for sale

harvardandhighland.com

Sanctuary

2012 YTD Activity:	7 sales
Total Sales %:	58% sold with 5 homes remaining

View available Sanctuary homes for sale

liveatsanctuary.com

West Seattle

Dakota

2012 YTD Activity:	2 sales
Total Sales %:	70% sold

View available Dakota condos for sale

westseattlecondos.info

 

Seattle’s luxury condominium market continued to buck the trend in 2011 recording another strong year. Sales of $1 million-plus condominium properties increased 24.6% over 2010, from 57 unit to 71 units.

The total dollar sales volume increased 1.9% from $103,761,956 to $105,709,480, while the average price per square foot reduced 11.9% from $774 to $682. The average home size just barely shrunk from 2,286 to 2,281 square feet.

Here’s a look at the Top Ten most expensive Seattle closed condo sales in 2011:

• Price range: $1,765,000 to $3,167,440
• Average price per square foot: $903
• Number of bedrooms: seven 2-bedrooms and three 3-bedrooms
• Average size: 2,859 square feet
• Location: Downtown Seattle & Queen Anne

Compared to 2010′s top ten Seattle condo sales, the homes were smaller and less expensive.

 

#1 – Fifteen Twenty-One: $3,167,440

1521 2nd Ave #3103 | Downtown Seattle – 2,658 square feet, 2 bedroom, 2.25 baths

View available Fifteen Twenty-One condos for sale

#2 – Fifteen Twenty-One: $3,134,889

1521 2nd Ave #3500 | Downtown Seattle – 2,602 square feet, 2 bedroom, 2.25 baths

View available Fifteen Twenty-One condos for sale

#3 – Fifteen Twenty-One: $3,050,000

1521 2nd Ave #3000 | Downtown Seattle – 2,602 square feet, 2 bedroom, 2.25 baths

View available Fifteen Twenty-One condos for sale

#4 – Fifteen Twenty-One: $2,990,000

1521 2nd Ave #3200 | Downtown Seattle – 2,602 square feet, 2 bedroom, 2.25 baths

View available Fifteen Twenty-One condos for sale

#5 – Millennium Tower: $2,690,000

715 2nd Ave #1501 | Downtown Seattle – 4,589 square feet, 3 bedroom, 2.25 baths

View available Millennium Tower condos for sale

#6 – Escala Condominium: $2,200,000

1920 4th Ave #2401 | Downtown Seattle – 3,562 square feet, 3 bedroom, 3.25 baths

View available Escala condos for sale

#7 – 200 West Highland: $2,100,000

200 West Highland #202 | Queen Anne – 2,406 square feet, 2 bedroom, 2 baths

View available 200 West Highland condos for sale

#8 – Millennium Tower: $1,950,000

715 2nd Ave #1902 | Downtown Seattle – 2,720 square feet, 2 bedroom, 2.25 baths

View available Millennium Tower condos for sale

#9 – Escala Condominium: $1,925,000

1920 4th Ave #2903 | Downtown Seattle – 2,442 square feet, 3 bedroom, 2.5 baths

View available Escala condos for sale

#10 – 200 West Highland: $1,765,000

200 West Highland #402 | Queen Anne – 2,406 square feet, 2 bedroom, 2 baths

View available 200 West Highland condos for sale

Expanding the list to include the top ten most expensive condos in the region last year, the list would include three Eastside condo sales:

5505 Lake Washington Blvd #2-C, Kirkland sold for $3,249,000
500 106th Ave NE #4005, Bellevue sold for $2,220,000
10700 NE 4th St #4104, Bellevue sold for $2,062,000

Source: NWMLS and King County, all sales data are in the public domain

Related story: 2010 Top Ten Most Expensive Seattle Condo Sales

Trace North – Capitol Hill

Trace North is now sold out! The last developer unit, #502, went under contract this week and is now pending.

Fortunately, for those interested in Trace North there are a few resales available.

Enso Condominium – South Lake Union

Enso Condominium is about to close out sales with just two new homes remaining – units 702 and 1602. Both are NE facing (towards Lake Union) one-bedroom 769 square foot homes available at $410,000 and $460,000.

These are also Vulcan’s final two condo units from the last construction cycle, which will complete their foray into condominiums. Presently, Vulcan is reviving its Martin project in Belltown, but as apartments.

   >>  View available Enso condos for sale

1521 Second – Downtown

The 1521 Second tower has closed 117 units and is now over 84% sold. 1521 is a luxury condominium offering exquisite finished homes commanding spectacular city, Puget Sound and Olympic range views. Homes start from just under $1 million.

   >>  View available 1521 Second homes for sale

Olive 8 – Downtown

Olive 8 is now over 2/3 sold with more than 145 homes closed.

   >>  View available Olive 8 condos for sale

Four Seasons – Downtown

The uber-luxurious Four Seasons Private Residences is clinging on to its remaining 11 new homes…there hasn’t been a sale there all year (per NWMLS records). Most of the available homes under $3 million are on the 1st Avenue side facing the Russell Investments tower while the choice view homes start from just over $6 million.

   >>  View available Four Seasons homes for sale

Escala – Downtown

Downtown’s other remaining condominium tower, Escala, has closed 130 homes. That’s another 30 in the past two months, which brings the project to approximately 48% sold. New homes start from the low-$400,000s.

   >>  View available Escala condos for sale

The Decatur – First Hill

Since the switch in marketing firms, and in some cases, price increases, the Decatur has only closed 1 additional home. That leaves about 21 units remaining.

   >>  View available Decatur condos for sale

Marselle – South Lake Union / Queen Anne

Marselle reports they are over 70% sold and still have a variety of home options available from one-bedroom to two-story penthouses. Homes start from $219,990.

   >>  View available Marselle condos for sale

Bellevue Towers – Bellevue

Downtown Bellevue’s upscale Bellevue Towers continue to sell well with over 230 homes now closed and another 20 or so homes under contract, including two $2 million penthouses. That brings the massive twin-tower, LEED Gold Certified development up to 43% sold.

Wells Fargo is now offering financing at Bellevue Towers, which expects to receive Fannie Mae approval later this year.

   >>  View available Bellevue Towers homes for sale

One Main Street – Bellevue

Bellevue’s only other new condominium development, One Main Street, is also doing well with 70% of its homes sold. Prices start from $299,900 and is FHA approved.

   >>  View available One Main Street condos for sale

Hjarta – Ballard

Ballard’s Hjarta Condominium has also done well this year, they are now 70% sold. Homes in this green constructed concrete & steel building start from $274,950.

   >>  View available Hjarta condos for sale

Danielle – Ballard

The Danielle Condominium in Ballard reports they are over 60% sold. Homes at the Danielle start from the low-$200,000s.

   >>  View available Danielle condos for sale

Harvard & Highland – Capitol Hill

The Harvard & Highland Condominium has sold 76% of its luxury homes leaving 9 available. Tucked quietly away in Capitol Hill’s Harvard-Belmont district, Harvard & Highland offers sophisticated in-city living.

Through the end of October, Harvard & Highland is offering an additional broker bonus. We will rebate 2/3′s of the bonus ($10,000) if you use our associates to facilitate the purchase of a Harvard & Highland home by the end of October.

>>  View available Harvard & Highland homes for sale

 

Disclosure: 1521 Second, Olive 8, Marselle, Harvard & Highland and Hjarta are advertisers of Seattle Condos and Lofts.

Hjarta Condominium – Ballard

To celebrate planting season, the Hjarta Condominium, is giving away annuals to the first 20 people to visit the building on Saturday, May 14th starting at 11:00 AM. And, to accommodate those attending the Ballard Artwalk, Hjarta will remain open until 7:00 PM on Saturday as well.

Hjarta is a green constructed, concrete and steel condominium, I believe the only one in Ballard. Sales are moving along with 5 more home sales in the past 30 days, 18 sales overall all since December. Residents at Hjarta will enjoy the growing season with their own roof-top P-Patch gardens. Hjarta is located at 1530 NW Market Street.

View the Hjarta website
View Hjarta condos for sale

<> Trivia bonus: Do you know where the “P-Patch” got its name? The answer is at the bottom of this post.

1521 Second – Downtown Seattle

The 1521 Second Condominium will be hosting an open house this weekend, May 14 & 15 from noon to 4:00 pm.

The public open house provides a great opportunity to tour one of Seattle’s most luxurious and prestigious residential towers, which is now 80% sold. The building is located at 1521 Second Avenue just around the corner from the Pike Place Market.

If you happen to go, then be sure to stop by the Pike Place Market for the Seattle Cheese Festival happening at the market this weekend.

View the 1521 Second website
View 1521 Second condos for sale

Escala Condominium – Downtown Seattle

With sales reaching the 100 unit mark Escala Condominium recently re-addressed pricing on a selection of one- and two-bedroom city-view homes.

Prices for one-bedrooms begin at $374,000 and two-bedrooms now start from $549,000. The Escala is located at 1920 4th Avenue at Virginia St.

View the Escala website
View Escala condos for sale

Downtown Bellevue Condos

Sales at Bellevue Towers are rocking with 68 homes closed or in escrow since the start of the year, of which 37 sales came during March and April alone.

The much smaller One Main Street Condominium, near the downtown Bellevue Park, is also experiencing better sales this year with 12 homes closed or in escrow so far. Presently, the building is just over 50% sold.

View the Bellevue Towers website    |    View Bellevue Towers condos for sale
View the One Main Street website    |    View One Main Street condos for sale

 

P-Patch trivia question answer

The ‘P’ commemorates the family who used to farm the area that became the first community garden in Seattle, the Picardo Farm P-Patch. This P-Patch was acquired from the Picardo family who ran a truck farm in the earlier part of the 1900s up in the Wedgwood neighborhood. When the city started up the P-Patch program in 1973, the ‘P’ was taken to commemorate the family.

In a Seattle Times article this morning, the Four Seasons Hotel and Private Residences had been in dire financial straits but was able to secure a reprieve:

Downtown Seattle’s ultraluxury Four Seasons Hotel & Private Residences is out of financial trouble, its developer said Tuesday, thanks to a fresh infusion of cash from its original investors that allowed it to restructure debt.

The firm said it had defaulted on its construction loan in December 2009, and until last week the 21-story, $180 million complex was at risk of foreclosure or bankruptcy.

Continue reading at Seattle Times.

According to the NWMLS, there hasn’t been any sales (pending or closed) at the Four Seasons Private Residences since last October.

The 1521 Second Condominium, Seattle’s other uber luxury condominium tower downtown, have had 15 sales (pending and closed) since October, ranging from $1,035,000 to $3,475,000. With those sales, the 1521 Second development is now 80% sold.

View the Four Seasons website
View the 1521 Second website

View Four Seasons Residences for sale
View 1521 Second Residences for sale

Disclaimer: The 1521 Second Condominium was an advertiser at the time of publication.

 

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.

It’s time to spring forward and change your clocks. Daylight Savings Time begins this Sunday – March 13th – at 2:00 AM in the morning…so remember to set your clocks ahead by one hour.

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.

Judging by the reports from a number of condo developments in the area, as well as our own experience, condo sales activity is picking up.

As noted in our earlier post about Bellevue Towers, so far this year they’ve got 18 sales under contract and another 11 offers under review.

The historic Queens Court conversion is starting to see movement with 4 homes selling last month, leaving only 6 units available between $149,950 and $174,950.

The Hjarta Condo development in Ballard took in another 10 sales in the past two months. Homes at Hjarta start from $259,950.

Downtown Seattle’s luxury condo tower, Fifteen Twenty-One, is hosting a Designer Home Series open house this weekend from noon to 4 pm on Saturday 2/12 and Sunday 2/13. The development is now 75% sold.

Back on the Eastside, the One Main Street condo in downtown Bellevue sold another two homes this past weekend. Condo homes at One Main Street range from $319,000 to over $1.6 million and many homes are priced below $400,000.

First Hill’s Decatur Condominium reduced prices on a number of units last week.

The Danielle Condo in Ballard is reporting consistent sales so far this year.

The Fairview Condos in Mukilteo has 12 units available. If you remember, 20 of the 22 units sold at auction in November with 15 of those eventually closing. The remaining 7 unsold units plus a few others that were held back are now on the market, priced from $239,500 to $1,115,500.

In 2010 Seattle’s high-end, luxury condo market rebounded with 57 $1 million-plus condo unit sales. That’s a striking 29.5% increase over 2009. The aggregate value of those properties was a whopping $103,761,956, with an average price of $1,820,385. The average per square foot price was $774 but varied widely from a low of $361 to a high of $1,574 per square foot.

Here’s a look at the Top Ten most expensive condo sales in Seattle last year.

Price range: $2 million to $7.2 million
Average price per square foot: $1,088
Number of bedrooms: six 2-bedrooms and four 3-bedrooms
Average size: 3,153 square feet
Location: Downtown Seattle & Capitol Hill’s distinctive Harvard Belmont district.

Giving credit where credit is due, this post was inspired by Estately.com’s 10 Most Expensive Homes Sold in Seattle in 2010.

#1 – Four Seasons Private Residences: $7,198,100

99 Union Street | Downtown Seattle – 5,256 square feet, 2 bedroom, 2.5 baths

View available Four Seasons residences for sale.

#2 – Four Seasons Private Residences: $6,300,000

99 Union Street | Downtown Seattle – 4,003 square feet, 3 bedrooms, 3.5 baths

View available Four Seasons residences for sale.

#3 – Escala: $5,950,000

1920 4th Avenue | Downtown Seattle – 5,170 square feet, 3 bedrooms, 3 baths

View available Escala condos for sale.

#4 – Fifteen Twenty-One: $3,187,900

1521 2nd Avenue | Downtown Seattle – 2,658 square feet, 2 bedrooms, 2.25 baths

View available Fifteen Twenty-One condos for sale.

#5 – Harvard and Highland: $2,300,000

1178 Harvard Avenue E | Capitol Hill – 2,520 square feet, 2 bedroom, 2.25 baths

View available Harvard and Highland condos for sale.

#6 – Merrill Court: $2,200,000

907 Harvard Avenue E | Capitol Hill – 4,225 square feet, 3 bedroom, 4 baths

View available Merrill Court condos for sale.

#7 – Fifteen Twenty-One: $2,200,000

1521 2nd Avenue | Downtown Seattle – 1,644 square feet, 2 bedroom, 1.75 baths

View available Fifteen Twenty-One condos for sale.

#8 – Harvard and Highland: $2,100,000

1178 Harvard Avenue E | Capitol Hill – 1,790 square feet, 2 bedrooms, 2.5 baths

View available Harvard and Highland condos for sale.

#9 – Escala: $2,000,000

1920 4th Avenue | Downtown Seattle – 2,442 square feet, 3 bedrooms, 2.5 baths

View available Escala condos for sale.

#10 – Fifteen Twenty-One: $2,000,000

1521 2nd Avenue | Downtown Seattle – 1,825 square feet, 2 bedrooms, 1.75 baths

View available Fifteen Twenty-One condos for sale.

List and aggregate information determined by sales recorded in the Northwest MLS database, but were calculated independently by The Seattle Condo Blog.

This week’s condo digest includes another huge reduction at 744 Harvard, Marselle Condo’s sales and its 1521-esque homeowner testimonials, Hjarta’s relaunch and Matrix’s annual real estate survey.

First, if you didn’t catch it here, the 200 West Highland Condominium is coming back on the market, with a public relaunch event starting at 5 PM on Tuesday, November 16th. The Kendra Todd Group is now handling sales and marketing at the upscale project.

The Kendra Todd Group also took over the boutique 744 Harvard Condo project located in Capitol Hill’s renowned Harvard-Belmont neighborhood. Prices on the two remaining homes have been reduced up to $150,000. Unit #200 is now priced at $799,000 while the penthouse (#300) is available at $825,000. Both homes have been reduced approximately 57% since they first came on the market in 2008/2009.

The 132-unit Marselle Condominium development reports they are now 60% sold. They’ve recently started a new homeowner testimonial campaign on Facebook and Twitter, following in the footsteps of 1521 Second’s elegant promotion.

Ballard’s Hjarta Condominium hosted a broker’s open event on Wednesday drawing over 65 real estate brokers to celebrate its relaunch with Matrix Real Estate. Hjarta’s current prices reflect significant reductions.

Speaking of Matrix, they just released the results from their annual market survey. A few highlights from the 2010 survey include: 82% of respondents felt now is a good time to buy, though only 48% said they were considering buying within the next 24 months and 63% prefer to live in a denser close-in neighborhood with the ability to walk to amenities, but the majority preferred a single family house.

Interestingly, 49.9% of respondents felt prices will remain stable or improve in 2011, with only 23.4% believing prices will go down next year. Read the rest of the survey here.