The Seattle Condo Blog | Seattle Condos and Lofts

One of Seattle’s most prestigious luxury condominium high-rises, 1521 Second, is down to its final home for sale. 1521 Second is a distinctive 38-story condominium in the downtown skyline, rising over the Pike Place Market. Most homes are valued over $1 million.

The last developer unit available, unit #3402, is situated in the SE corner high above the hustle and bustle of downtown. This breathtaking two bedroom, two bathroom home boasts 1,734 sq. ft. of living space and dramatic views of downtown Seattle’s skyline and vistas of Elliott Bay .

This stylish home is offered at $1,765,000.

 

With 1521 Second virtually sold out, the remaining new construction options for discerning buyers are the Four Seasons Private Residences Seattle, Olive 8 and Escala. And, those homes are selling quickly.

View Downtown Seattle Condos.

Downtown Seattle’s luxury condominium tower, Fifteen Twenty-One Second, reports they are 97% sold with just four “C” plan homes remaining. The sleek 143-unit tower rising over the Pike Place Market has experienced remarkable sales over the past year, more so when you consider most of the homes exceed $1 million.

The “C-Plan” homes are 1,734 square feet in size with two-bedrooms and 1.75 baths. They are located on the tower’s SE corner with city and Elliott Bay views.

View available (listed) Fifteen Twenty-One Homes for Sale

 

2012 marked another remarkable year for Seattle’s luxury residential condominium market. The number of units sold, total dollar volume and price per square foot all rose over 2011. The values of the top ten condo sales also increased considerably compared to last year.

Sales of $1 million-plus Seattle condominium properties increased a modest 2.8% over 2011, from 71 to 73 units. However, the total dollar sales volume increased a sizable 14.4% from $105,709,480 to $120,888,880, while the average price per square foot rose 11.6% from $682 to $761. The average size of a millon+ dollar condo shrunk from 2,281 to 2,212 square feet.

Here’s a look at the Top Ten most expensive Seattle closed condo sales of 2012:

• Price range: $2,200,000 to $4,250,000
• Average price per square foot: $1,124
• Number of bedrooms: nine 2-bedrooms and one 3-bedroom
• Average size: 2,860 square feet
• Location: Downtown Seattle, Queen Anne & Leschi

 

#1 – Fifteen Twenty-One: $4,250,000

1521 2nd Ave #3800 | Downtown Seattle – 3,600 square feet, 2 bedrooms, 2.25 baths

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#2 – Olive 8: $4,150,000

737 Olive Way #PH-1 | Downtown Seattle – 4,315 square feet, 2 bedrooms, 2.50 baths

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#3 – Madison Tower: $4,000,000

1000 1st Avenue #2400 | Downtown Seattle – 2,850 square feet, 3 bedrooms, 2.25 baths

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#4 – Fifteen Twenty-One: 3,600,000

1521 2nd Ave #3802 | Downtown Seattle – 2,778 square feet, 2 bedrooms, 2.5 baths

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#4 – Fifteen Twenty-One: 3,600,000

1521 2nd Ave #3503 | Downtown Seattle – 2,658 square feet, 2 bedrooms, 2.25 baths

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#6 – Fifteen Twenty-One: 3,300,000

1521 2nd Ave #3702 | Downtown Seattle – 2,600 square feet, 2 bedrooms, 2.25 baths

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#7 – Meridian Tower: $2,400,000

1420 Terry Ave #2701 | Downtown Seattle – 2,657 square feet, 2 bedrooms, 2.25 baths

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#8 – Habour House: $2,315,000

302 Lakeside Ave S #301 | Leschi – 2,781 square feet, 2 bedrooms 2.5 baths

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#9 – Olive 8: $2,250,000

737 Olive Way #PH-2 | Downtown Seattle – 2,224 square feet, 2 bedrooms, 2.5 baths

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#10 – 105 W Highland: $2,200,000

105 W Highland Dr #700 | Queen Anne – 2,140 square feet, 2 bedrooms, 1.75 baths

See also: 2011 Top Ten Seattle Condo Sales and 2010 Top Ten Seattle Condo Sales.

 

Source: NWMLS and King County public records

As of this morning the last unit at Marselle Condominium went under contract according to the NWMLS. Unit #717 is a two-level Penthouse home encompassing 1,154 square feet with soaring ceilings and three decks including a private roof deck. The home was listed at $499,990.

With the close out of Marselle, the only remaining new construction downtown Seattle condos with properties available are Escala, 1521 Second, Olive 8 and Four Seasons.

Escala recently celebrated the sale of its 200th home. With approximately 14 homes pending, that leaves about 55 remaining.

Olive 8 is also enjoying brisk sales. Year-to-date, Olive 8 has closed 43 units with another 11 pending per the NWMLS.

The elegant 1521 Second development has sold 24 homes this year (per the NWMLS). By my calculation, that leaves only 8 of these sleek luxury condos available.

The Four Seasons Seattle, the ultimate in Seattle’s luxury condominium properties, has not faired as well and recently switched to their third marketing/sales team is as many years. According to the NWMLS, there as not been a developer sale at Four Seasons in two years.

The Sanctuary on Capitol Hill has sold out, capping a very successful sales run by the team at Realogics Sotheby’s. Several of Seattle’s other remaining condo developements are not far behind:

• The Marselle Condominium in downtown is now down to their final 3 units for sale.

• There are only 3 homes remaining at Bellevue’s One Main Street Condominium, all are one-bedrooms.

• The Hjarta in Ballard only has 4 developer homes available starting from $289,950.

• 1521 Second is closing out quickly with three more sales this month, leaving 11 homes starting from $1,565,000.

• The Escala Condominium is also experiencing brisk sales. The building is now over 70% sold (closer to 75% when including the pendings).

• Olive 8 sold another 12 more homes in June so far and is now over 80% sold.

• Bellevue Towers has closed over 300 units to date and recently obtained FHA approval allowing buyers a low 3.5% down payment option with loan values up to $567,500.

• Affordable homeownership options are to be had at Burien Town Square with one-bedroom units available from $134,400.

Bosa Development finally broke ground on the long awaited Insignia Towers project in Belltown. Insignia marks the first new condo development start in five years.

Disclosure: Olive 8, Sanctuary, 1521 Second, Hjarta, Marselle are advertisers of 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.