The Seattle Condo Blog | Seattle Condos and Lofts

The Gallery Condominium in Belltown is about to close out…they are down to the final unit for sale. Despite being caught by the market crash and having to utilize alternative sales methods (auction and a buy-it-now event), Gallery is reaching a milestone few of the newer downtown condo buildings have accomplished.

With the exception of the abandoned Volta project, Gallery is Belltown’s final condominium to sell out from the last construction cycle. This is definitely good news for Seattle’s condo market.

Unit #120 is a street-level two-story loft townhome unit available at $399,900. The spacious 1,142 square foot unit features a loft-style bedroom, a separate den area, and exterior and interior building access. This unit was the former on-site sales center for the project and can be permitted for live/work loft use.

Gallery is FHA approved and the final buyer is eligible for a buyer bonus up to 3%. The unit also includes a mounted flat screen tv and a wired speaker system.

Interested? Let us know and we’ll schedule a private tour of the unit.

Disclosure: Gallery is an advertiser of Seattle Condos and Lofts.

We don’t see very many HUD available homes for sale in Seattle, and even fewer HUD condos. However, there are now a handful of HUD condos on the market that offer compelling opportunities.

What are HUD Homes?

HUD homes are foreclosed FHA-insured homes that were acquired by HUD. Essentially, they are similar to bank-owned, Fannie Mae and Freddie Mac properties. The only difference is that these properties were secured by a FHA rather than a conventional mortgage loan.

HUD homes are listed in the NWMLS so they’ll be included on virtually every online home search website. However, HUD created a specific site to search for HUD properties throughout the country at www.HUDHomestore.com.

Unlike other bank-owned properties, HUD homes are sold a bit differently. Initially, they are offered through a 10-day sealed bid process that is open to owner-occupant buyers. If there is no winning bid, the process is re-opened and reviewed daily for up to 30 days. If there is still no winning bid, it is then opened up to all buyers including investors.

Offers on HUD properties can only be made through a registered Broker and not all real estate brokerages in the Seattle area are registered. Seattle Condos and Lofts is affiliated with Keller Williams Greater Seattle, one of the few Seattle brokerages approved to list and sell HUD properties.

HUD properties are sold “as-is” so we highly recommend that buyers inspect the property. If you purchase a HUD property through us, we will provide a complimentary home warranty. Additionally, many homes will be eligible for an FHA 203K rehab loan.

HUD may also pay a portion of the closing costs and many buyers may be able to qualify for a FHA loan.
Contact us to learn more about buying HUD properties.

HUD Condos for Sale

One of the better HUD condos available is Unit #1407 at Arbor Place Tower in Belltown. It’s an updated SW corner unit that is one of the nicer units in the building. However, a little work will spiff it up. It’s currently offered at $301,000.

View additional details and photos of Unit #1407

The Florentine is a unique converted warehouse building near Century Link Field in Pioneer Square. Unit #222 is a one-bedroom loft on the west side of the building that has been partially updated (e.g. slate tile floors, cabinetry, bath). It is presently listed at $288,000. The last time units at the Florentine sold for less than $300,000 was back in 2004.

View additional details and photos of Unit #222

Visit www.HUDHomeStore.com to view all HUD homes available for sale.

While most of the attention for downtown Seattle condominiums have focused on the new glitzy towers – Olive 8, Escala, 1521 2nd Ave – the unassuming Marselle Condominium has flown under the radar. With 13 homes sold or under contract this year, Marselle is nearly 70% sold per MLS records.

Part of its appeal to buyers is its location – Marselle is situated at the apex of Belltown, South Lake Union and Queen Anne. Residents have easy access to work downtown or SLU and to the numerous shopping, eating and entertainment venues in Belltown, nearby Capitol Hill and Queen Anne. It has a 97 WalkScore and a perfect 100 Transit Score.

On the other hand, conventional wisdom would question its allure considering it is right off Aurora Avenue and highway noise is discernible. Yet, most of the homes sold have been on the Aurora side of the building. Eventually, that portion of Aurora will be lowered and covered. Many of units currently available are on the west side of the building, a number of which face the Hyatt Place Hotel while others have great Space Needle views.

Other attractions are its value and availability. It is one the last remaining new construction condominiums in the city core offering spacious, yet affordable, quality finished homes. Its frame construction also helps to keep the price down.

Prices range from the low-$200,000’s for a 557 square foot open one-bedroom to the low-$500,000′s for a two-story, 1,284 square foot two-bedroom + den penthouse suite with a semi-private roof top deck. Additionally, all two-bedroom homes come with two parking spaces.

Home finishes include natural walnut flooring, slab granite counter tops, stainless steel appliances and in-unit washer and dryer. Building amenities feature a billiard/lounge room, fitness center with a yoga studio, an enclosed dog patch and a roof top deck offering spectacular city, Lake Union and Space Needle views.

For additional information about Marselle, please visit their website, Facebook page or contact us for a private showing. Disclaimer: Marselle is an advertiser of Seattle Condos and Lofts at the time of publication.

View current listings of Marselle condos for sale

Photos courtesy of Matrix Real Estate

Still shopping for a condo? The next Belltown open house event on Sunday, March 21st will make it a little simpler to check out over 35 great condo & loft homes. The properties that’ll be on tour include studios, one-bedroom, one-bedroom + den and two-bedrooms ranging from $224,950 to $1,720,000. Most of the units will be open between 1 pm & 4 pm.

All but two of the units are eligible for either the $8,000 first-time home buyers or the $6,500 repeat buyer tax credit.

The tour features units at 17 Belltown condominiums including The Parc, Mosler Lofts, Cristalla, The Ellington, The Vine, Bellora, 81 Vine, Market Court, The Parc, The Klee and others!

I’ll be at the Cristalla. Drop on by if you’d like to tour the units available or chat about Seattle’s condo market.

Click image to download a printable map (PDF):

This property is no longer listed for sale.

Click on thumbnails to view full-size images:

For more information or to view the unit, please contact us.

Capitol Hill condo
We’ve just re-listed a fantastic Capitol Hill condo on Melrose. The top-floor North unit (only two units per floor) with direct elevator access is now being offered at just $369,000.

This unique condo is situated in a great location at the apex of downtown, South Lake Union, Pike/Pine and the Broadway district. Everything you need is just a short jaunt from your front door – work, relaxation, dining, entertainment, shops and groceries.

The price was reduced significantly to offer buyers an opportunity to pick-up this fabulous unit below market, before it hits the rental market. Click here for more info and photos.

Amazing Belltown Rental
A client of mine has an amazing lease opportunity in Belltown available. This large 638 square foot one-bedroom with parking is available for just $1,350 per month. The rental price also includes all utilities except electricity.

Site 17 is a concrete and steel building located in the heart of Belltown with its eclectic array of cafes, night life options, restaurants and retail. It’s also just blocks from the Pike Place Market and the waterfront. The building offers a club room, fitness center and roof top decks.

The property is managed by TSCB’s partner, Sound Property Management. Contact Craig or Chris at (206) 427-8762 for leasing info.

Greenwood Townhome
This unique, two-bedroom light-filled end-unit boasts 1,240 of open living space, larger than most two-bedroom townhomes on the market. Inside, you’ll find hardwood floors, bay windows, a bright kitchen with eating bar, a gas fireplace, large bedrooms, full-sized washer/dryer, garage, a second floor deck and a fully-enclosed private brick patio and garden area.

Your new home is close to Green Lake and Greenwood shops, cafes and entertainment venues. Easy community to I-5, downtown and redeveloped Northgate area. This home is being offered at $324,950. Click here for more info and photos.

UPDATE: Moda is converting to apartments.

Received news this morning that Moda Condominium in Belltown has sold the 40 some units that came back on the market a couple of weeks ago. A number of those units were made available due to buyer financing issues or buyers backing out due to decreases in square footage. I’m told the square footage reduction was the result of city zoning which required greater setback. Nevertheless, Moda provides one of the most affordable choices, especially for new construction, for downtown living and homeownership.

Last month’s market performance figures reflected continued confidence in Seattle’s condo market. The city-wide condo median price rose to a high of $329,975, a 4.1% increase over the same period last year, reversing a two month slide. The condo inventory supply, or absorption rate, decreased for the second consecutive month while the number of sales continues to improve.

Read the full story

Could the Art House development be the latest condo project to go apartments?

The developer, the Pauls Corporation, has apparently been researching apartment development in the Seattle area. Pauls has a property management division so it might not be out of the question. Whether it’s condos or apartments it’ll appeal to urban dwellers with its modern design and location near the Pike Place Market and the water front.

Late last year Belltown welcomed the completion of two condominium projects – The Parc & Mosler Lofts. With resale units in both projects hitting the market, it’s as good a time as any to take a peek at what investors are looking to score.

The Parc
To date, there have been nine resales at The Parc; seven are active listings and two have sold. The two resales garnered a 12.4% & 13.9% increase in value over their pre-sale price, respectively. That’s a decent return given Belltown’s slowing appreciation rate which dipped into the single digits in 2007.

Here’s a look at the seven active resales (information subject to change). For the most part, the sellers are realistic. Though, I anticipate more resales popping up which will likely suppress values over the short term.

Mosler Lofts
As of today there are eight resale listings at Mosler Lofts (competing with eight developer listings), one pending transaction, and one sold resale unit. The owner of the unit that sold realized an 11.9% return on their pre-sale investment. I’d expect a higher rate of return, however, this was the first resale to sell and the seller was an agent.

Most of the owners actively flipping are hoping for higher returns. The list prices are not unreasonable for a new concrete & steel building in Belltown. Though, a few seem unrealistic given the current market conditions combined with the characteristics of their specific units.

Here’s a look at the eight active resales (information subject to change).