The Seattle Condo Blog

MODE Seattle - Capitol Hill

Situated at the residential end of Bellevue Avenue E, you’ll find the 36-unit MODE conversion development. Originally constructed in 1957, the 3-story walk-up has been tastefully reinvented and features a mix of studio, one- and two-bedroom homes.

MODE offers an affordable option for Capitol Hill homeownership with units starting at $159,950 for studios and $214,995 and $299,950 for the one-bedroom and two-bedrooms, respectively. Though, there’s a trade off, the homes tend to be on the small side - the studios are 360 sq ft and the one-bedrooms start out at 450 sq ft in size. And, parking (first-come, first-served) and storage are available as options.

According to Rian Cool, MODE’s sales manager, the project has been popular with buyers - 1/3 of the homes have sold since coming on the market in May. A $5,000 preferred lender buyer bonus is available.

MODE Condominium
752 Bellevue Ave E
www.modeseattle.com

beacon FLATS - North Beacon Hill

MODE’s twin, Beacon Flats, share the same vintage, style and finishes as its sibling. The primary differences are location, number of units (16 studio and one-bedrooms), lack of parking and pricing. Beacon Flats start at $169,950 for studios and $194,950 for the one-bedrooms. A $5,000 preferred lender buyer bonus is also available.

Beacon Flats is located in North Beacon Hill, close to the International District, downtown and the I-90 interchange (an easy commute to the Eastside).

Beacon Flats Condominium
1401 S. Holgate
www.beaconflats.com

The Ballard Trio - Ballard

The Ballard Trio (Aros, Oslo, Voss) is the latest conversion by The Northlake Group. The trio is comprised of three identical buildings on NW 59th at 24th Ave NW. Oslo was the first to be completed and its homes are beautifully appointed. But, since I toured the property in March, Oslo has only sold 5 of its 19 units.

Homes start at $199,950 (listed) for studios and range up to $599,950 for a three-bedroom. Though, aside from the studios, the homes essentially start from the high-$200,000s. Given its price range for the Ballard area, the trio are competing directly against new construction inventory. If you got $300,000 to burn in Ballard, do you opt for new construction with lots amenities or a conversion with no amenities?

To help sway condo buyers their way The Ballard Trio is offering very enticing incentives - up to an additional $15,000 of the list price, paid HOA Dues, a gas card & a Costo card, 37″ TV and all closing costs paid (subject to lender restrictions). It’s well worth the look.

The Ballard Trio
NW 59th St at 24th Ave NW
www.ballardtrio.com

The Montage (website) is the newest condominium addition to the Pike/Pine corridor on Capitol Hill. The 6-story, 23-unit building is located at 1422 Boylston Avenue, just around the corner from the HoneyHole.

Montage includes a mix of open one-bedroom, one- and two-bedroom homes ranging in size from 661 to 1,121 square feet. Homes on the “Terrace” level have expansive decks that range up to 375 square feet, providing excellent outdoor living/entertainment space.

Home prices begin at $340,000 for one-bedrooms and range up to $690,000 for a two-bedroom penthouse unit.

Home features include:

• Stainless steel Bosch and Kenmore Pro appliances, gas range
• Cherry or walnut hardwoods and carpet flooring
• Slab quartz and granite countertops
• Gas fireplace
• Parking & storage
• Pet friendly
• Roof top deck
• BUILT Smart construction

Montage’s interior finishes appear above average for this price point on the Hill. Unlike larger developments, Montage does lack somewhat with common amenities. However, homeowners will be in the center of Capitol Hill’s urban flavor - restaurants, cafes, street side retail and boutique stores, pubs, a QFC a block away and close to major bus routes.

Also: Read Matt’s impression of the project.

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

Eleven Eleven East Pike (website) is the first condominium project designed by Tom Kundig, an AIA award winning principle with Seattle-based Olson Sundberg Kundig Allen Architects.

Eleven Eleven East Pike blends modern, even playful elements, with Capitol Hill’s rustic character within the Pike/Pine corridor. Situated half way between Trace Lofts and Monique Lofts, the six-level project will feature just 27 urban condominium homes (14 open one-bedrooms, 12 one-bedrooms and a two-bedroom penthouse).

The homes range in size from 600 to 1,125 square feet, the average being around 700 square feet. Unlike other Kundig designed homes, Eleven Eleven is being offered at a moderate price point, ranging from the mid-$200,000s to the low $500,000s with most between $350,000 and $450,000. The penthouse is being offered in the mid-$800,000s.

Design elements include:

• 9′ ceilings with floor-to-ceiling windows and doors
• Randomly placed peepholes
• In-unit moveable hanging “puzzle” walls
• Custom-built “urban RVs” (moveable multi-purpose storage units) designed by Kundig
• Built Green 3-Star certified
• Roof top terrace

Most units will have unobstructed views, however, the 2nd floor south-end units back to a building approximately 10′ feet away. These particular homes are priced in the $200,000’s and do not have a parking space.

The project is currently under construction with occupancy slated for Fall 2008. Reservations are currently being accepted (bonus: the project is FHA approved). Eleven Eleven is being developed by Anne Michelson, a long-time Capitol Hill business and building owner. Michelson has been an outspoken advocate for preserving the Hill’s cultural and architectural character.

Trace Lofts (website) report they are down to their final 5 units. Four of the units are on the 4th level with the remaining unit on the 5th level. Prices range from $485,000 for a 703 sq ft loft to $850,000 for a 1,154 sq ft loft.

Next door at Trace North, construction is expected to be completed by June. About 30 of the 100 units have sold and the developer just released another 20 units. Current prices at Trace North range from $230,000 for a 474 sq ft studio to $525,000 for a 952 sq ft two-bedroom home.

Trace’s New Neighbors

1210 11th Avenue
Union & Madison LLC has proposed a 5-story 91-unit complex on the triangular block SW of Trace Lofts. The building is designed by Runberg Architecture Group whose other projects include The Crawford on Capitol Hill and the Selano in Lower Queen Anne.

1111 East Pike
Designed by Tom Kundig of Olson Sundberg Kundig Allen Architects, 1111 East Pike is just west of Trace North on E. Pike Street. The proposed 6-story project will feature 27 condominium homes. See also.