The Seattle Condo Blog | Seattle Condos and Lofts

The Bravern Signature Residences hit another snag in the depressed Bellevue condo market. The massive development is comprised of two luxury residential towers, two office towers (mostly leased to Microsoft) and upscale retail anchored by Neiman Marcus.

Earlier this year Bravern’s developer, Schnitzer NW, converted one of the two residential towers from condos to apartments. Yesterday, the Seattle Times reported the second tower will be converted as well, effectively removing 451 units from Bellevue’s condo inventory. The Bravern’s condo homes were previously offered starting from around $1 million. With leases starting from $1,550, renters will be able to live in style for a fraction of the cost compared to purchasing the very same homes.

The Bravern’s plight may be a boon for two other downtown Bellevue condo developments – Bellevue Towers and One Main Street. Potentially, buyers at Bravern may be lured to the comparably upscale Bellevue Towers, which has experiencing sluggish sales as well.

Back on this side of the lake, TeamBuilder JLS and Rennie Marketing announced that they have successfully closed out all 278 units at the Canal Station and Canal North condo developments in Ballard. Though the developer units have sold out, there are a number of resale units available for buyers looking to live in this prime spot in Ballard.

The only other new condo development in Ballard is The Danielle, which has seen brisk sales since coming on the market this summer. The Danielle is now over 30% sold.

This weeks condo wire digest – Canal Station, Veer Lofts close out, Sylvan Ridge, Belltown land use update and happenings in South Lake Union.

Canal Station

Canal Station North Condominium in Ballard is down to its final home for sale…a 530 square foot one-bedroom priced at $179,950. This home includes slab granite counters, designer fixtures and parking.

Veer Lofts

Veer Lofts in South Lake Union is also in its final close out with just 4 homes available (unit #111 has sold), all available between $273,000 and $354,000. It sound like they’re offering additional buyer incentives, too. Gotta ask for them, though. Veer Lofts is FHA approved.

www.VeerLofts.com

Sylvan Ridge

This large townhome community in West Seattle recently reduced its prices. Home are now available from $274,950 for a 2-bedroom, 2.5 bath unit with over 1,400 square feet of living space. Sylvan Ridge has sold over 90 townhomes so far and are FHA & VA approved.

www.sylvan-ridge.com

Belltown Apartment Land Use

If you live/own in Seattle Heights or Mosler Lofts, the Seattle DPD is holding an Design Review Board meeting for the proposed 19-story apartment building at 3rd & Cedar (currently occupied by the American Lung Association).

September 28th at 5:30 PM
Seattle City Hall
Boards and Commission Room L280

South Lake Union news

A couple of noteworthy events are happening in South Lake Union.

For the pooches
A citizens’ committee for the creation of a new SLU dog play area is forming right now. Want in? Just come to Enso’s community room (820 Blanchard St.) on Thursday, September 23 from 6:30-8:00 p.m. (Via www.DiscoverSLU.com).

Lake Union Park finally opens
The Seattle Parks Foundation is celebrating the grand opening of Seattle’s newest park, the Lake Union Park, on Saturday, September 25th. The day long event (7 am to 7 pm) is filled with festivities – live music, model boat races, foods, canoe displays and more!

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)

UPDATE 3/4/09: The single owner / single property auctions appear to have busted with lack of interest. There were no registered bidders for either auction; the Tribeca auction is scheduled for tomorrow is being canceled. Single property auctions may work in cases where there is a value incentive, a low minimum starting/reserve price relative to the list/market price. In these two cases, the minimum bid was approximately 10% below the list.

Post revised 2/24/09:

For most of us in Seattle non-foreclosure auctions have been a rarity. However, the current market place has sellers looking at real estate auctions as an alternative means to sell their property. In the past six months two Seattle condominium projects (The Press & Seventeen07) utilized a public auction to sell off their remaining units. Both the sellers and buyers benefited — the sellers sold off their inventory (public records show most closed) and buyers were able to purchase well-below list.

It worked so well for condo projects that now individual unit owners are giving it a try. I received information on auctions at Ballard’s Canal Station and the Tribeca in Lower Queen Anne. The auctions are held by individual sellers and are being facilitated by the CE Group.

Canal Station #304 is an fairly large 873 square foot 1-bedroom. This single property auction is scheduled for Tuesday, March 3rd at 5:30 p.m.. The minimum bid starts at $279,000.

Tribeca #201 is a 1,116 square foot 2-bedroom, 2-bath unit with a large deck and 2 parking spaces. The condo is presently listed at $538,950 with an auction starting price of $465,000. The Tribeca auction is scheduled for Thursday, March 5th at 5:30 PM.

The location for both auctions are still to be determined. More detailed information about the auctions can be found at CE Group Auctions. The process is similar to the last two project auctions.

I don’t know if single property / individual owner auctions will take off in the Seattle area, but if they do, there are some advantages to them. For sellers – the potential to sell the property quickly and eliminate carrying costs, reduce the hassle of on-going showings & open houses, remove sellers from the negotiating process and sell the property at market value. For buyers – the price is set by the buyer and eliminates negotiations, know they are competing on same terms with other buyers, have the ability to review documentation beforehand and reduces the closing time frame.

Disclaimer: CE Group and TSCB are independent entities affiliated with John L. Scott Seattle Center. TSCB has no vested interest in this auction.

One Main Street – Bellevue, just announced they will begin hard hat tours soon. Call the sales office to make an appointment if you’re interested. Visit www.onemainstreet.com for more info.

Gallery – Belltown, recently relocated their sales office into a townhome unit in the Gallery building at 2nd and Broad. They have a couple of model homes staged and should have seven model homes ready shortly. The first five floors are complete and residents started moving-in this past Friday.

I recently toured the property but the sales staff was a bit disheveled and only had keys to one unit, and couldn’t provide access to common amenities. I’ll reserve judgment of the development until I can get back for a comprehensive tour. But, if there was one item I was disappointed with it was heating – baseboard and stand alone forced air wall heaters, in a $600,000 unit no less. There are still assignment opportunities available, just saw one on Craigslist. For more info on Gallery, visit www.liveatgallery.com.

Veer Lofts – South Lake Union, is nearing completion and expects to receive its TCO in the next week or two, with first move-in by the end of the month. Currently, the project is about 60% sold so there’s still a number of options for anyone interesting in pioneering SLU condo living. Visit www.veerlofts.com for more info.

Canal Station – Ballard, hosted an agent event last night, a final push to close out sales in phase two. A recent price reduction may make the development appealing to hesitant buyers with one-bedrooms starting from $265,000 and two-bedrooms from $415,000.

I spoke with a owner in phase one who lamented the falling values, especially now that phase two is priced below phase one. At the present, he’s realizing a decent-sized loss in value, but hopefully the new pricing will entice buyers, leading to a reduction in Ballard’s condo inventory. Visit www.canalstation.com for more info.

1521 – Downtown, expects first move-in to begin this November.

NoMa sent the following mass email out exclaiming “Closeout Pricing” and claiming they have the best prices in Ballard for new two-bedroom condo homes and to compare their prices with two other new developments.  So, I figured it’s fair game to take them up on their comparison suggestion.

It is true they recently reduced prices (mid-August), rather signficantly, between $20,000 to $80,000.  But their claim regarding one of the other projects, Canal Station, is not accurate.  Canal Station has several two-bedroom units that match NoMa’s price levels, between $399,990 and $489,990.  It’s also a little disingenuous to state $399,990 is “NOW” upper $300s since a measly $11 separates it from the “WAS” low $400s.  Finally, not all of NoMa’s two-bedrooms include a den as implied in the email ad.

Let’s look as some of those NoMa units a bit more closely, again, fair game. Unit #503 originally came on the market 625 days ago at $499,950, then two price increases followed taking it up to $544,950.  But in the past three months, it was decreased to $519,950, increased to $529,950, then down again to $489,990.  Currently listed at $489,990…after 625 days it’s a net reduction of only $10,000 from the original list price.  Not quite what I’d call a close out.

Unit #204 is currently on the market at $449,990 which reflects a recent $80,000 reduction.  However, it’s been on the market for 734 days, originally starting at $519,950, rising to $539,950 at one point, then hanging out at $529,950 for 11 months before the adjustment to $449,990 last month.  This unit comes with two decks and with the $80K decrease is among the lowest priced new-construction two-bedrooms in the area.

Unit #303 came on the market some 590 days ago at $479,950 followed by two increases taking it to $514,950.  It was eventually reduced $80,000 last month.  Currently listed at $439,990, it’s a net reduction of $40,000 after nearly 600 days, yet compares favorably to other two-bedrooms in the area.

Unit #302 was listed approximately 613 days ago at $469,950.  During that time it increased to $499,950 followed by two reductions last month that brought the list price down to $429,990.   That’s a $70,000 reduction, not the $80,000 as claimed in the listing remarks.  And, since 2006, only a $40,000 net decrease, but still a fair value in comparison.

Unit #415 came on the market more than 700 days ago with an original list price of $419,950.  The price was subsequently increased to $454,950 before three reductions eventually brought it down to $399,990 last month.  In over 700 days, the net reduction amounts to only $20,000 from the original list price.

Over the past few years Ballard has been reinventing itself. Long the establishment of Seattle’s Scandinavian heritage, Ballard has seen a new group of people migrating to this once sleepy neighborhood. Driven by affordable housing and short commute to downtown people from all walks of life have influenced Ballard’s rebirth – nightlife, a triving neighborhood business center and higher density living.

Four new condominium projects have been completed, under construction or are planned for Ballard, adding nearly 500 new homes – Metropole, NoMa, Canal Station & Hjarta.

Metropole (24th & 57th)
Metropole is the first to be completed and is move-in ready (upper floor units). It’s a boutique condo with only 31 homes ranging from 709 sq ft to 1,376 sq ft. Floor plans include one bdrm, one bdrm + study, two bdrm, two bdrm + study and two bdrm + office. The homes come standard with upscale finishes. In fact, Metropole does not offer any upgrades.

• Slab granite countertops
• Stainless steel appliances with commercial styled gas range
• Curved interior walls drawing you from the entry to the living area
• South units with canal & terriorial views
• Roof-top deck
• Pet friendly policy
• Secured parking

Because Metropole is a small building, it does not come with many amenities that the competition offer such as a fitness room & club/entertainiment room. Prices range from $340,000 to over $600,000.

View available Metropole condos for sale.

NoMa (24th & 56th)
Across the street from Metropole to the east is NoMa which offers 90 studio, one- and two- bedroom homes. Like Metropole, NoMa features many upscale finishes but does offer an upgrade option (e.g. slab granite, glass inset cabinet doors & accent tiles). Standard features include:

• Bamboo floor in kitchen & entry
• Maple or Walnut cabinetry
• Granite tiled countertops
• Stainless steel appliances (electric)
• Carpeting in living room
• Private deck or patio
• A/C for East and South facing units, plus top floor units
• Fitness room
• Library/Reading room & Conference Room
• Roof-top deck
• Secured Parking

Of the 90 homes only 20 one and two-bedroom units are available ranging from 696 sq ft to 1,167 sq ft. Prices for the available units range from $305,950 to $524,950. Interesting to note, there has been no price increases for the two bedroom units since sales began. Occupany will begin starting in October 2006.

Both NoMa and Metropole are located 24th Avenue NW, a fairly business North/South road, and on a Sunday afternoon was somewhat noisey.

View available NoMa condos for sale.

Canal Station (Leary Way)
Canal Station was among the first of the four projects to start selling units in it’s Phase 1 building. Phase 1 has sold all of it’s 169 units except for two junior one-bedroom units, both priced under $310,000. Phase 1 occupancy is slated for Spring 2007.

Canal Station is now gearing up for Phase 2 which will add an additional 109 homes. Phase 2 will include junior one-, one-, one + den, two- and two-bedroom + den units ranging from 530 sq ft to 1,250 sq ft. Features will include:

• Stainless steel appliances
• Granite countertops
• Maple or Cherry cabinetry
• Electric fireplace
• On-site manager + concierge
• Owner’s lounge
• Outdoor spa and deck w/BBQ
• Business center and Private conference room

Pricing for Phase 2 has not yet been released and presale is expected to begin in August for registered buyers.

View available Canal Station condos for sale (Phase I & II).

Hjarta (Market at 15th)
Differientiating itself from the other projects, Hjarta (“heart” in Swedish) is built green and is targeting LEED Silver certification. To be LEED Silver certified the building must use sustainable materials and be energy and water efficient (some of Vulcan projects are LEED certified as well). The LEED features include:

• Central gas boiler instead of individual water heaters
• High-performance windows
• Low-flow kitchen & bath fixtures
• Water conserving toilets
• Drip irrigation
• Low Volatile Organic Compounds – carpet, paint and sealants
• Recycled content materials – building materials, countertops, railings, carpeting, etc

Additionally, the building will feature:

• An expansive roof-top deck with P-Patches
• Yoga studio & spin room
• Bike storage, Flexcar & charging stations for electric cars
• A community room with KidSpace (an interative room that includes educational play areas, tree house hideout, climbing walls, rope swings and slides)

Because Hjarta is a green building, it does not have the upscale sheen of the other buildings (granite, designer tiles, high-end wood cabinetry). Hjarta’s first phase includes 79 one- and two-bedroom units. Initial prices range from $309,000 to $574,000, but since pricing hasn’t been finalized, expect it to change…upwards. Currently, Hjarta is accepting Holds (not reservations) without deposit for units on floors 3, 4, 5 & 6. The model showed two buildings, though sales is only for the south building.

View available Hjarta condos for sale.

What building to choose? The units are fairly similar in size and price range, but do different in amenities and style. Metropole, NoMa & Canal Station’s interior finishes are nearly identical and are reminiscent of the downtown projects, though Canal Station offers more amenities for it’s residents. Hjarta, on the otherhand, will appeal to those who are more environmentally conscious.

One of the questions I hear a lot is why Ballard? I can’t answer that for individual buyers, but overall Ballard is revitalizing itself and it does have a quieter, slower lifestyle than downtown. Residents can enjoy Shilshole, Golden Gardens, Sunset Bowl and Green Lake which are all just minutes away. Plus, downtown is a short commute so it’s perfect for people who work & play downtown but don’t want to live downtown. And it’s resonating with buyers. Canal Station Phase 1 is sold out, NoMa is nearly 80% sold and Metropole is over 50% sold.

Map of the four condo projects.

Updated 8/5/06