The Seattle Condo Blog | Seattle Condos and Lofts

The Brix Condominium, 530 Broadway Ave Unit #126

A great loft unit at the Brix on Capitol Hill just came on the market, which is somewhat rare as there’s been very little turnover at Brix since its completion. In the past two years there’s only been only four other resales, two of which sold.

Unit #126 is a two-level open loft townhome with a private street side entrance. It features exposed timber beams, soaring 16′ ceilings, euro style kitchen with granite counters, rich espresso cabinets and top of the line stainless appliances.

The Brix amenities include a roof top deck, garden courtyard and a stylish lobby sitting area with fireplace. The main attraction, though, is outside the front door…everything the Broadway district has to offer.

This home is available for $309,950. For comparison, a similar unit was listed for sale earlier this year for $349,500.

>>    View more info and photos of unit #126.    Inquire for a private tour or to learn more about this property.

>>    View other Capitol Hill condo listings for sale

Listing information and photos courtesy of Chris Bierrum of Coldwell Banker Danforth.

Enclave interior

The Enclave – Eastlake

The upscale townhome development along the Lake Union waterfront in Eastlake, which we profiled last year, is progressing forward. According to Nick Glant of NWG Real Estate, the project has secured enough pre-sales to begin construction this year, with the delivery of its first phase of nine homes in late 2011.

The Enclave (website) features 21 multi-level residences designed by NBBJ and Atelierjones, which are constucted of glass, Prodema, steel, concrete and engineered siding. These lake side homes range in size from 2,500 to more than 3,000 square feet and start from $1.3 million. Prospective buyers may view further information at the sales center, which is by appointment only.

Escala – downtown Seattle

Escala (website) reported that they’ve reached 70 contracted homes sales since the new team took over 5 months ago and are approaching 50 closed transactions. The sales center is open every weekend from 11 am to 5 pm or by appointment.

Brix Condominium – Capitol Hill

Congratulations to Schnitzer West for successfully concluding sales at Brix. Just 3 weeks ago we reported Brix was in the process of closing out the project with just 5 units remaining…all 5 are now under contract.

Lakeview Residences – Capitol Hill

The Lakeview Residences (website) is a small six-unit boutique condominium located on the West-slope of Capitol Hill. The high-end homes range in size from approximately 1,400 to 1,670 square feet and are now priced from the low $600,000s. When these home first came on the market, they were priced well above $1 million. Currently, only 3 homes remain, 1 of each distinct floor plan.

Around the SLU:

Christine Keff, the James Beard award winning chef and restaurateur of the Flying Fish has opened a new artisan cafe in South Lake Union called On the Fly. The shop, located at 950 Thomas Street, will feature baked goods, espresso, lunches, a selection of wines and fully prepared take-home dinners.

On the Fly will be open Monday through Friday from 10 am to 7 pm, after Labor Day.

The Brix Condominium on the top of Capitol Hill is down to its last 5 units and is closing out with a 3% buyer bonus (written by 8/31/2010 and closed by 9/30/2010). Not only is Brix offering great pricing, the building is also FHA and VA approved so eligible buyers can purchase with just a 3.5% down payment (zero-down for VA).

View Brix website: www.brixcondos.com

Brix – Capitol Hill

Brix is hosting a happy hour this Friday, November 20th, from 5 pm to 7 pm at Townhome #128 on the 10th Avenue side of the building. Refreshments and model home tours will be available. Brix, which sold phenomenally well at auction, has released another set of homes for sale.

Home 514 – Open one Bedroom (523 sq ft, HOA dues $248.51)
Priced at $239,000 (was 349,900)

Home 314 – Open one Bedroom (547 sq ft, HOA dues $259.76)
Priced at $255,000 (was 309,000)

Home 215 – Open one Bedroom (541 sq ft, HOA dues $257.56)
Priced at $255,000 (was 265,000)

Home 332 – True one bedroom, one bath (519 sq ft, HOA dues $242.89)
Priced at $279,000 (was $323,000)

Home 311 – True one bedroom, one bath (671 sq ft, HOA dues $318.22)
Priced at $295,000 (was $399,000)

Home 307 – Open one bedroom with den (789 sq ft, HOA dues $374.48)
Priced at $329,000 (was $420,000)

Home 615 – True one bedroom, on bath (636 sq ft, HOA dues $301.35)
Priced at $350,000 (was $410,000)

Home 113 – One bedroom, 1.5 bath Townhome (814 sq ft, HOA dues $385.73)
Priced at $319,000 (was $459,990)

Home 237 – One bedroom, 1.5 bath Loft (823 sq ft, HOA dues $391.36)
Priced at $355,000 (was $469,900)

Home 128 – Two bedroom with den, 2.5 bath Brownstone (1,165 sq ft, HOA dues $553.28)
Priced at $409,000 (was $560,000)

Canal Station North – Ballard

With adjusted prices and the first-time home buyers tax credit incentive Canal Station sold well in October with 12 home sales. Now, they are offering buyers another incentive – from now until the end of the year Canal Station is offering a $9,000 buyer bonus.

Here’s a sample of the amazing value you’ll find at Canal Station North.
One Bedroom + Den, Suite 646 at 816 sf is priced at $314,950
Two Bedroom + Den, Sutie 253 at 1079 sf is priced at $379,950

Ruby Condos – Eastlake

Ruby is aggressively aiming to close out sales by the end of the year and recently reduced prices again to match market expectations.

HOME #108 – 801 sf. 1 bed/1bath.
Priced at $299, 500 (was $399,990)

HOME #111 – 801 sf. 1 bed/1bath.
Priced at $299,5000 (was $349,990)

HOME #408 – 801 sf. 1 bed/1bath.
Priced at $315,000 (was $399,990)

Home #302 – 934 sf. 1 bed/1bath.
Priced at $305,500 (was $479,990)

Home #214 – 723 sf. 1 bed/1bath.
Priced at $279,500 (was $349,990)

Home #409 – 801 sf. 1 bed/1bath.
Priced at $315,000 (was $399,990)

Home #412 – 809 sf. 1 bed/1bath.
Priced at $315,500 (was $369,990)

Brix and Gallery have released a limit number of homes for sale. The prices appear to be comparable with the Brix auction and Gallery auction sale prices.

View available Brix and Gallery condos for sale.

The take away from the Brix and Gallery Condo auctions, held on September 27, 2009, is that there is a strong demand for condo ownership and condo deals. Between the two auctions there were at least 500+ people in attendance, though not all were bidders. The bidding was very active and virtually every auction lot was competitive.

I think it’s fair to say the results exceeded people’s expectations (selling prices were higher than anticipated). The winning bids at Brix averaged $410 per square foot and sold for approximately 70% of the last offer prices (30% discount). The results at Gallery were equally strong, averaging $439 per square foot and selling for about 68% of the last offer prices (32% discount). In comparison, the last auction at Lumen averaged $347 per square foot and sold for only 62% of the last offer prices (38% discount).

Upper-level one-bedroom view units at Gallery were going for as much as $550 per square foot, while lower-level alley facing units averaged about $350 per square foot. At Brix, the one-bedroom flats commanded higher per square foot prices, generally above $400, while the multi-level lofts and townhomes were in the high-$300′s.

Per Schnitzer West, the auctions generated nearly $30 million in sales. In all, there were over 420 bidders who attended the two auction events, with more than 3,300 total site tours in the weeks leading up to the auction.

Click below for PDF:

Brix Auction Results

Gallery Auction Results

View available Brix and Gallery condos for sale.

From other blogs:
Urbnlivn.com: Brix & Gallery Auction Wrap Up
CHS Capitol Hill Seattle: Did The Brix and Gallery Auction Buyers Get a Good Deal?
Courtney Cooper: Gallery Auction Results: Belltown Real Estate Unveiled
Urban|IMG: The Auction Results

Developer Schnitzer West, who earlier this month converted their Equinox condo development in Eastlake to apartments have just announced they are auctioning the remaining units in their two other Seattle properties – The Gallery Condominium in Belltown and Brix Condominium on Capitol Hill.

The auctions for both properties will be held on Sunday, September 27th at the Grand Hyatt Seattle (721 Pine Street). Brix goes first starting at 1:00 PM with Gallery starting later at 6:00 PM. The auctions will be conducted by Accelerated Marketing Partners, who previously handled the auction for the 1707 Boylston condo on Capitol Hill.

There are 40 units available at Brix with the minimum bid starting at $165,000 for an open one bedroom. The Gallery has 43 units available with the minimum starting bid beginning from $195,000. Schnitzer clarified that there are more units available but are only offering 83 through the auction process. Presently, their focus is on the 83 auction units so no home will be available for purchase through normal channels until after the auction concludes.

According to their press release:

The auctions will be conducted mid stream of the properties’ sales campaigns, and are not intended to “liquidate” the remaining inventory, but rather will establish market pricing for the projects.

For more information including the full list of homes available, registration and deposit requirements, please click on the following:

Gallery Condo Auction

Brix Condo Auction

Both auctions have a buyer/agent registration policy. Therefore, if you want to be represented by your own buyer’s agent, then your agent must accompany you on your initial visit to the auction center at both Brix and Gallery. If a buyer visits the auction office without their agent, they may be denied their own representation.

The developer’s other condominium project is The Bravern in Bellevue.

The condo marketers version of musical chairs continues to go around as Williams Marketing takes over sales of Enso, and as of today, Veer Lofts.   It had been rumored that Vulcan was considering handling sales in-house after the contract with John L. Scott expires this month.   The Williams Marketing website also indicates they’ve taken over sales at The Pittsburgh.

Williams Marketing recently relinquished marketing and sales operations at Brix, Olive 8 and The Danielle.

A few local condo projects are now claiming a place on the social networking site, Facebook. With more than 175 million users, Facebook provides another venue to tout new condo projects as well as to bring new owners and future neighbors together.

Marketer/Developer created Facebook pages/groups:
- Brix
- Veer Lofts
- Enso
- Rollin Street
- Trace
- Maison Jiselle

Buyer/Owner created Facebook pages/groups:
- Veer Lofts owners group
- Rollin Street buyers (profile page, “friends” accepted once purchase is verified)

Besides Facebook, a few condo community blogsites have also been popular for owners, residents and condo aficionados alike – Cosmo Seattle, Fast Times at 2200, The Grandview and Mosler Lofts (restricted).

DISCLAIMER: This information is presented to provide an overview of Fannie Mae’s condo guideline changes. For specific information and questions, please consult with your mortgage loan officer.

Recently, TSCB noted two new mortgage fees implemented by Fannie Mae affecting condo buyers — a .75% condo add on fee and a 1.75% additional fee for investors — both applicable to loans with a loan-to-value rate greater than 75%.

Well, there’s more. Effective March 1, 2009, Fannie Mae is implementing condo guideline changes “in light of the current condo market and the need to mitigate risk on condo loans”. Some of these changes may affect a buyer’s ability to obtain conventional condo loans for new and established condos.

A condo project is “established” if 90% of the units have been sold, is complete and the HOA has been turned over to the owners. A condo project is “new” if less than 90% have been sold, is not completed, is subject to phasing or if the HOA has not been turned over to unit owners.

Overview of Fannie Mae condo guideline changes:

• For new construction and newly converted condo developments, 70% of the units must be pre-sold (closed or under contract). This is being increased from 51%.
• No more than 15% of a condo project units can be more than 30 days delinquent on HOA dues. This is an existing guideline that is now being applied to new condo projects. The calculation was also changed from being 15% of HOA fee payments to 15% of total units.
• Fidelity insurance will be required for condos with 20 or more units, ensuring that homeowner association funds are protected. Presently, this requirement applies to new projects and is now being extended to include established condos.
• A requirement that borrowers must now obtain a condo-owners insurance policy unless the master policy provides interior unit coverage; coverage may not be less than 20% of the assessed value. A condo-owners policy, known as an HO-6 policy, covers personal property, personal liability, and the physical unit from the studs and in. Many policies also include special assessment coverage or the option to include a special assessment coverage rider.
• No more than 10% of a project can be owned by a single entity.
• No more than 20% of a project can consist of non-residential space.
• The homeowners association must have at least 10% of its budgeted income designated for replacement reserves and adequate funds budgeted for the insurance deductible.

According to a Fannie Mae, the guidelines can be modified for condo projects on a case-by-case basis. Therefore, these guidelines may not apply to all condo projects.

What effect will the changes have?

The revised guidelines may affect a buyer’s ability to obtain a conventional loan for either a new or established condo if the project does not conform. Most notably, it’ll affect new developments and it’s already having an impact on at least two new projects. Vulcan recently sent a letter to buyers at its Rollin Street Flats project in South Lake Union notifying buyers of the new 70% pre-sold guideline and extending closing until April 15th at the earliest.

As it stands, Vulcan may be unable to close any of the units at Rollin Street unless (1) they continue to extend closing until 70% of the units are under contract, (2) seek modification under a Fannie Mae expedited review process, (3) find a lender willing to hold the loans in their portfolio, or (4) convert the use of the building.

Ruby Condominiums in Eastlake is holding off closings until there are enough sales to qualify under the guidelines…that could be awhile. Ruby is FHA approved so that offers qualified buyers an alternative, though Ruby must have 25 sales under contract before it can begin closing FHA buyers. Its developer, Barrientos, is a major apartment developer as well, so reuse may be an option. In both cases, buyers are left in limbo.

The new guidelines may also apply to other recently completed and/or soon to be completed projects including Enso, Veer Lofts, Equinox, Alex, Duncan Place, Leona, Lakeview Residences, Brix, Eleven Eleven, The Danielle, The Dakota and Marselle — that is unless they’ve been approved for a lower rate under a case-by-case expedited review process. Quite frankly, though, I expect a few of these won’t end up as condos.

If there is a silver lining, it’s for sellers at established condo developments who’ll have reduced competition from new construction developments.

Statement from Vulcan:
Vulcan has informed our buyers of the new Fannie Mae and Freddie Mac regulations because Rollin Street is at a level of pre-sales that is under what is mandated by the new guidelines. As these guidelines affect the ability of our buyers to obtain financing and close on their purchases, we felt it was important to communicate these challenges as soon as possible. We are working to understand the new guidelines and how they will ultimately affect the property and our buyers. We will be communicating what we know about these changes and their impact in the next 2 to 3 weeks.

Veer and Enso are at a higher level of sales and pre-sales respectively and our goal is to continue to close units in those buildings as buyers come to the closing table.

Response from Williams Marketing (per comment below)
As of today [2/20/09], Ruby has partnered with a local lender (Seattle Mortgage) looking to actually lend money! They have committed to close homes now, ie, we are move-in ready with no pre-sale requirement. We are also working with other regional lenders for additional commitments to close homes with no presale requirements. Ruby on Eastlake is both FHA and VA approved, so buyers can take advantage of every financial opportunity to get into new home ownership.

Posting has been revised.