The Seattle Condo Blog

Just reduced – one of the best luxury condo values in Belltown.

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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 Art House 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).

Martin Selig Real Estate is proposing a new 14-story apartment building adjacent to the Olympic Sculpture Park. Located on the north end of the park, residents at the 3031 Western project will enjoy unobstructed front-row park, downtown and Elliott Bay views.

…the vision calls for layers of glass “veils” with various degrees of translucency and transparency to create an ephemeral and ever-changing canvas for light and shadow as viewed from the park. Balconies of each unit will feature floor-to-ceiling glass, blurring the boundaries between interior and exterior spaces…

But, those glass “veils” come at a price, at least for Alexandria and Trio owners. The proposed building will sit directly across from the North half of the Alexandria and will likely block most of the SW park & bay views from Trio.

An early design guidance meeting for the project has been scheduled for Tuesday, January 8th at 5:30pm. The meeting will take place in the Boards and Commissions Room L280 at Seattle City Hall.

Update 2/22/2010: Alex is now known as Volta Condominium.

Currently under construction, the Alex Condo (website) occupies a prime location in Seattle’s Belltown district, situated at the corner of 1st Avenue and Bell Street (map). The location places Alex at the epicenter of Belltown’s urban appeal – chic cafes & restaurants, the music & nightlife scene and a few blocks from the Pike Place Market.

The 9-level boutique project will feature just 34 upscale one-, one+den, and two-bedroom condominium homes including a 900-sq ft live/work/retail unit accessible from Bell St. The developer, Saltaire, is offering an amazing array of 17 floor plans ranging from 600 to 1,200 square feet to accommodate a variety of lifestyles. The exterior blends modern materials with a classic brick facade & styling resonating Belltown’s turn of the century architectural character.

Read the full story

Landes

I previously reported that the developer of Landes on First Hill, Harbor Properties, was feeling out the market to determine whether to develop the project as condos or apartments. Now, it appears Landes will, indeed, be apartments. This is the third formerly proposed condo project to opt for other uses.

Goodwill Property

The Supplemental Public Meeting for the Goodwill property development on Dearborn will be held at Goodwill on Tuesday, July 10th at 6:30 pm. The address is 1400 S. Dearborn Street.

3rd & Cedar

Just South of the Mosler Lofts, a 13-story apartment building has been proposed at the corner of 3rd and Cedar, which will likely affect Mosler’s downtown views. An early design review meeting has been set at Seattle City Hall on Tuesday, July 10th at 5:30 pm.

The Art House (website) is the latest new-construction condominium project in Seattle’s Belltown neighborhood. Art House is being developed by The Pauls Corporation of Colorado whose previous Seattle project was the Bolero on First Hill.

Located at 2334 Elliott Avenue at the corner of Battery & Elliott, the 9-story Art House will feature 120 one- and two-bedroom condominium flats and two-story street-level townhomes. Home prices are expected to start in the high $200,000s.

The project will include 138 parking spaces below grade and no commercial or retail space has been proposed.

Completion is anticipated for 2009.

Please check back for more information.