The Seattle Condo Blog

In case you missed it, here’s King5’s video report on condo conversion defects, as well as a printed version of the story.

They also posted a list of conversions involved in litigation, eight of which are located within Seattle.

A number of conversion projects hit the MLS in the past month. Here’s a brief breakdown of these projects.

Puget Ridge Condos, 9013 16th Ave SW (at SW Henderson)
12 unit complex featuring one- and two-bedroom homes. The one-bedrooms are 514 sf that range in price from $134,500 to $149,500, while the two-bedrooms are 867 sf and are priced from $192,500 to $199,500. Parking included.

Beach Cove Condos, 3633 Beach Drive SW
8 unit building featuring two-bedroom homes ranging in size from 1,080 to 1,120 sf. All homes have exceptional views of Puget Sound. Prices start at $749,000 and top out at $819,000.

Madrona Beach Condos, 1119-1121 Lake Washington Blvd.
This is a converted 4-plex with two units currently available. Both of these are 900 sf and are priced at $469,000 and $489,000, and neither have parking. The building is located next to Madrona Park and has unobstructed views of Lake Washington.

Bleü, 419 21st Ave (at E Jefferson)
6 unit building featuring two-bedroom homes sized between 720 and 780 sf. The homes are priced from $299,950 to $309,950. Uncovered parking is included.

Galaxy Condos, 1800 35th St (at Wallingford Ave N)
9 units with a mix of one- and two-bedroom homes. The one-bedrooms are approximately 570 sf and are priced from $259,950 to $275,000. The two-bedrooms range in size from 670 to 877 sf and priced between $295,500 and $329,950. All but the three lowest price homes come with parking.

6000 Condos, 6000 24th Avenue NW
11 unit building comprised of two- and three-bedroom homes. The two-bedrooms, which range in size from 653 to 801 are priced from $299,950 to $369,950, while the 1,424 sf three-bedroom is priced at $699,950. Except for the three-bedroom, garage parking is extra.

Earlier this year the Washington State legislature passed a condo conversion bill that I had supported. The bill provided local municipalities the ability to set the tenant relocation assistance amount, extended the tenant notification period from 90 to 120 days and prohibited any work until after tenants vacated the property.

Effective August 1, 2008, the following changes to the Seattle Municipal Code, as a result of the conversion bill, take effect:

• Developers will be required to provide relocation assistance equal to three month’s rent to tenant households earning 80% or less of the median income based on household size. Previously, state law only provided $500 in relocation assistance to low-income tenants.
• Elderly (65 and over) and special needs tenants can qualify for an additional $1,500 in relocation costs, if they are otherwise eligible to receive relocation assistance.
• Developers are now required to provide (1) information regarding payment of the relocation assistance and (2) relocation information packets to tenants.

Relocation assistance is only available to tenant households that do not elect to purchase their units. Relocation funds are paid directly to eligible tenant households by the developers, who pay 100% of the costs.

The bill had two primary purposes - to reduce the number of conversions and to provide an adequate relocation assistance amount to tenants in need. Based on the state bill and the city’s ordinance, it appear those objectives will be met. The market has corrected the condo conversion boom on its own and based on the current market conditions as well as the added cost to convert, we may see fewer conversion projects in near future.

Received a project update from First Church this afternoon. The Capitol Hill church-to-condo conversion is on schedule with work on the interior progressing. When completed in the first half of 2009, the church will be home to 12 multi-level luxury townhome units centered around the church’s dome.

The two-bedroom homes, which span 3 to 5 levels, range in size from 1,109 sq ft to 2,269 sq ft. For more detailed info, floor plans are now available on the projects website: www.firstchurchseattle.com.

Pricing information and home sale release will take place later this Summer. Though, individual units have been sold as raw shells.

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 City’s Edge Condominiums (website) is a new, gated conversion community nestled within 4-acres of protected greenbelt just 7 miles from downtown Seattle.

The development features 45 condominiums in 7 buildings which consists of 17 one-bedroom, 23 two-bedroom and 5 three-bedroom homes. Most of the homes are corner units that range in size from 481 square feet to 1,574 square feet.

Home amenities and features include:

• spacious floor plans
• brushed nickel hardware
• modern finishes
• stainless appliances
• granite countertops
• full-size washer and dryer
• private garages (for all but three units)

City’s Edge homes start from $150,000 and range up to just under $400,000 for the three-bedroom units.

The sales office is open Thursday - Monday from Noon to 5:00 PM at 11801 Ambaum Blvd SW, Burien.

The Lighthouse Point Condominium (website) is a new conversion complex located next door to the Alki Point Lighthouse and steps from Alki Beach.

Previously the Riptide Apartments, Lighthouse Point offers 40 studio and one-bedroom homes starting from $195,000. The initial release of homes are located on the 1st and 2nd floors and range in price from $195,000 to $215,000.

The homes offer Sound views, bamboo flooring, stainless appliances including a cooktop with a separate convection microwave oven, European-styled refrigerators (smaller than regular refrigerators), walk-in tiled showers and storage. Parking is also available. Located at the tip of Alki Point, residents are just a few blocks from the many shops, eateries and businesses along Alki Beach Park.

Lighthouse is hosting a fully-catered community BBQ for West Seattle residents on Saturday, March 29th from Noon to 3:00 PM.

The grand opening is slated for the weekend of April 5th.

The McKean Condominium (website) located on Queen Anne’s SW slope at 1404 Olympic Way West is the latest Seattle offering from the MCM Group.

Originally constructed in 1929, the brick-veneered vintage building has been thoroughly updated with new wiring, siding and plumbing systems. The complex encompasses just eight one-bedroom condominium homes that feature original hardwood flooring and window frames, original hex-tile bathroom floors and refinished cast-iron tubs. Interior details include archways, crown moldings and coved ceilings.

The units are 762 square feet and have been updated with modern finishes and amenities - slab granite countertops, subway tile backsplashes, stainless steel appliances, parking, storage and views. Prices for the two ground-level homes begin at $334,950 while the upper-level homes are being offered from $409,950.

MCM is launching the McKean project with a sunset grand opening event on Thursday, April 3rd from 6 PM to 8 PM.

McKean will officially open to the public the weekend of April 5th & 6th from Noon to 6:00 PM, the same weekend as the Seattle Condo Tour.

Capitol Hill

seventeen07 - 1707 Boylston Ave

seventeen07 (website) is located in the mix of Capitol Hill’s vibrant Broadway & Pike/Pike districts, just west of Seattle Central at the corner of Boylston and E. Olive Street. The 3-story building features 36 studio, one- and two-bedroom homes, some with downtown views.

Studios come just under 400 sq ft in size and are priced from $180,000 to $205,000; one-bedrooms range in size from 471 to 742 sq ft with prices between $220,000 and $350,000; two-bedrooms range from $360,000 to $390,000 for homes between 814 and 849 sq ft.

Features and amenities include: cork flooring, granite slab countertops, stainless steel appliances, a community room, a fitness/yoga area, extra storage including bike storage and parking. Some homes come with balconies and washer and dryer.

seventeen07 is pet-friendly, gaining a 4-Paw rating on my pet condo list. The building features a pet lounge and play space plus a grooming area. Bonus: if you mention their Craigslist ad, they will donate $250 to the Seattle Animal Shelter at closing.

The Westland Manor - 220 16th Avenue E.

Originally constructed in 1928 Westland Manor (website) combines the charm and architectural highlights of yesteryear with modernity. Westland Manor features 17 one- and two-bedroom homes priced from the low-$300,000s into the $400,000s. Located behind Group Health at 16th and John, residents will enjoy being just a few blocks from 15th Avenue’s cafes, shops and restaurants.

Garage parking is offered as an option and are priced between $25,000 and $30,000.

Magnolia

Promenade on the Park - 3855 34th Avenue W.

Promenade on the Park (website) is a walk-up conversion ideally located two blocks from Discovery Park. The project features 19 studio, one- and two-bedroom homes starting at $200,000 for studios. Most one-bedrooms are around 550 sq ft and priced between $245,000 and $260,000. The two-bedrooms range from 879-962 sq ft and are priced from $385,000.

Home features and amenities include: cork or bamboo flooring, granite and limestone countertops, stainless steel appliances, in-unit washer/dryer, storage and BBQ area.

West Seattle

The Sidney - 2514 57th Avenue SW

The Sidney (website) is a small 9-unit complex located steps from Alki Beach at 57th Ave and Alki Ave. The one- and two-bedroom homes are fairly spacious ranging in size from 735 to 940 sq ft. The one-bedrooms are offered between $299,000 and $375,000 while the two-bedrooms range from $425,000 to $475,000. Recently, prices were reduced $50,000 for a number of the homes.

Updates include new cabinets, slab granite countertops, stainless steel appliances, windows, siding and finishes. Homes come with storage, parking and washer/dryer hookups.

Trenton Court - 8659 Delridge Way SW

Trenton Court isn’t new having been on the market since August and they’re nearly sold out with just three two-bedrooms units remaining. The units range in size from 742 to 784 and are priced at $235,000 and $245,000.

The homes feature bamboo flooring, updated kitchens with stainless appliances, private decks, storage and 2-car tandem parking.

Passed over during the last legislative session, the condo conversion bills are making their way through both houses of the state legislature. I’ve posted updated info on the bill as well as my thoughts about the bill on my other blog.

I have been in favor of some sort of change to the current requirements - 90 days notice and $500 towards low-income tenants - which is hardly anything. The cost to move and secure a new place to live is considerably more than $500. And, if you’re not low-income, you get nothing. But, I’m a little skeptical about placing limits on conversions. I’m a firm believer that the market will self-correct and adjust accordingly. And, it has.