The Seattle Condo Blog

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.

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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.

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.

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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.

Luxe Condos - Lower Queen Anne

The Luxe will be hosting its public Grand Opening this weekend at 500 5th Avenue W (map).

200 West Highland - Queen Anne

Work is underway for 200 West Highland. The 5-story concrete & steel building will feature just 25 condominium homes ranging is size from 1,600 to 2,800 square feet. The project is located across the street from Queen Anne’s famed Kerry Park. Completion is slated for fall 2008.

Condo Re-sales

I wanted to highlight a few re-sales currently available. Please see our Condo Listings page for more information.

The Klee, Belltown - 1 bd, 761 sq ft, listed at $465,000

Towne Terrace, Queen Anne - updated 850 sq ft 1-bd condo, listed at only $379,500

Ballard Condominium - large 458 sq ft studio available for $205,000

2200 Westlake - 2 bd, 1.75 urban condo, views, for $749,950

Here’s a useful map of new buildings in the downtown area.

Click here for larger image.

From the Puget Sound Journal’s State of Downtown insert.