Here’s a look at the 2012 year-to-date sales activity and the current total sales percentage of the remaining major condominiums in Seattle.

North Seattle

Hjarta

Duncan Place

Downtown Core

Marselle

Olive 8

Escala

1521 Second

Four Seasons Seattle

Pontedera

Capitol Hill / First Hill

 Decatur

1111 E Pike

Harvard & Highland

Sanctuary

West Seattle

Dakota

Trace North is now sold out! The last developer unit, #502, went under contract this week and is now pending.

Fortunately, for those interested in Trace North there are a few resales available.

Enso Condominium – South Lake Union

Enso Condominium

These are also Vulcan’s final two condo units from the last construction cycle, which will complete their foray into condominiums. Presently, Vulcan is reviving its Martin project in Belltown, but as apartments.

   >>  View available Enso condos for sale

1521 Second – Downtown

The 1521 Second tower has closed 117 units and is now over 84% sold. 1521 is a luxury condominium offering exquisite finished homes commanding spectacular city, Puget Sound and Olympic range views. Homes start from just under $1 million.

   >>  View available 1521 Second homes for sale

Olive 8 – Downtown

Olive 8 is now over 2/3 sold with more than 145 homes closed.

   >>  View available Olive 8 condos for sale

Four Seasons – Downtown

The uber-luxurious Four Seasons Private Residences is clinging on to its remaining 11 new homes…there hasn’t been a sale there all year (per NWMLS records). Most of the available homes under $3 million are on the 1st Avenue side facing the Russell Investments tower while the choice view homes start from just over $6 million.

   >>  View available Four Seasons homes for sale

Escala – Downtown

Downtown’s other remaining condominium tower, Escala, has closed 130 homes. That’s another 30 in the past two months, which brings the project to approximately 48% sold. New homes start from the low-$400,000s.

   >>  View available Escala condos for sale

The Decatur – First Hill

Since the switch in marketing firms, and in some cases, price increases, the Decatur has only closed 1 additional home. That leaves about 21 units remaining.

   >>  View available Decatur condos for sale

Marselle – South Lake Union / Queen Anne

Marselle reports they are over 70% sold and still have a variety of home options available from one-bedroom to two-story penthouses. Homes start from $219,990.

   >>  View available Marselle condos for sale

Bellevue Towers – Bellevue

Downtown Bellevue’s upscale Bellevue Towers continue to sell well with over 230 homes now closed and another 20 or so homes under contract, including two $2 million penthouses. That brings the massive twin-tower, LEED Gold Certified development up to 43% sold.

Wells Fargo is now offering financing at Bellevue Towers, which expects to receive Fannie Mae approval later this year.

   >>  View available Bellevue Towers homes for sale

One Main Street – Bellevue

Bellevue’s only other new condominium development, One Main Street, is also doing well with 70% of its homes sold. Prices start from $299,900 and is FHA approved.

   >>  View available One Main Street condos for sale

Hjarta – Ballard

Ballard’s Hjarta Condominium has also done well this year, they are now 70% sold. Homes in this green constructed concrete & steel building start from $274,950.

   >>  View available Hjarta condos for sale

Danielle – Ballard

The Danielle Condominium in Ballard reports they are over 60% sold. Homes at the Danielle start from the low-$200,000s.

   >>  View available Danielle condos for sale

Harvard & Highland – Capitol Hill

The Harvard & Highland Condominium has sold 76% of its luxury homes leaving 9 available. Tucked quietly away in Capitol Hill’s Harvard-Belmont district, Harvard & Highland offers sophisticated in-city living.

Through the end of October, Harvard & Highland is offering an additional broker bonus. We will rebate 2/3′s of the bonus ($10,000) if you use our associates to facilitate the purchase of a Harvard & Highland home by the end of October.

>>  View available Harvard & Highland homes for sale

Disclosure: 1521 Second, Olive 8, Marselle, Harvard & Highland and Hjarta are advertisers of Seattle Condos and Lofts.

This is one that I’ve been following and it finally sold. The smaller north-facing penthouse at 81 Vine Building in Belltown closed yesterday.

Unit #504 is a gorgeous two-level open loft penthouse with a large terrace. It was once listed as high as $599,000 in early 2010 and sold for $404,700.

That reflects a 26.4% decline in value from its previous sale in 2006 for $550,000. View additional property details.

The Fairview

The Fairview Condominium in Mukilteo is looking towards closing out the development soon. There are three luxury condo homes left, including two penthouses, located next to the Harbour Pointe Golf Course. www.thefairviewcondos.com

• Unit #203: 2-bedroom + den, 1,444 sq ft home with 10′ ceilings. Listed at $369,500.
• Unit #507: 2-bedroom + den, 2,489 sq ft home with 20′ ceilings w/exposed Pine beams. Listed at $799,500.
• Unit #501: 3-bedroom + media room, 3,146 sq ft w/20′ ceilings & a rustic fireplace feature. Listed at $998,500.

The current list prices of these three homes reflect a 40-44% reduction from their original prices.

Burien Town Square

The Burien Town Square Condominium development’s revival turned out to be a bit premature. Plans were in place for an August 1st re-launch of the project (see ad on the right), but its new owners seem to be second guessing the vitality of the region’s condo market. From the B-TownBlog:

And Aug. 1 turned out to be too soon for this mega condo seller to pencil out numbers that work. “I’m still not convinced the [real estate] market is settled today,” David Ploger, first vice president of ST Residential, told Burien City Council members Aug. 15.

But ST Residential is looking toward a public launch of condo sales, “although I can’t guarantee it will happen yet this year,” Ploger added. Still, he voiced confidence in their product and the marketability of the condos.

ST Residential and my sources anticipate the project will re-launch this year with prices 35% below their original levels in 2007. Stay Tuned! www.burientownsquare.com

The Decatur

The Decatur on First Hill is making a push to sell its remaining 22 homes reducing prices last week by approximately 15-17% from last list prices (around $30,000). Overall, the current prices are about a 35-40% below their original 2007 pricing levels. www.ownthedecatur.com

View listed Decatur units for sale.

Marselle Condominium

The Marselle Condominium near the Seattle Center just realized a mini-surge in sales – 5 homes went under contract in the past 3-weeks per the MLS, passing the 70% sales mark. Homes are available from $229,990. www.marsellecondos.com

View listed Marselle condos for sale.

Disclosure: Burien Town Square, Marselle and Decatur are advertisers of Seattle Condos and Lofts at the time of publication.

Olive 8 “Spring Event”

Olive 8, a downtown Seattle condominium, has just launched a spring sales event offering some pretty good incentives for buyers:

• No closing costs
• No HOA dues or club fees for the first year
• Interest rates from 1.5% for qualified buyers from Metlife Home Loans

One bedroom homes at Olive 8 start from $395,000 with two-bedrooms homes from $825,000. The spring sales event runs through May 31, 2011. View available Olive 8 condos listed for sale.

Trace North

Located in the Pike/Pine district of Capitol Hill, the Trace North development sold another two homes since our last update, leaving only 8 units available – a mix of open one-bedroom, one-bedroom and two-bedroom homes. View available Trace North units listed for sale.

• Open one-bedrooms start from $254,950
• One-bedrooms start from $354,950
• Two-bedrooms start from $399,950

Eleven Eleven East Pike (1111 E Pike)

A few weeks ago someone asked me if I knew of any lease-to-own programs at new construction condo buildings. Other than Enso’s program for Vulcan’s current renters I hadn’t heard of any. Well, it seems that Eleven Eleven has a lease-to-own program and they already have three homes optioned under that program.

Eleven Eleven is located in Capitol Hill’s Pike/Pine district, around the corner from Trace North, with homes starting from $229,950. View available Eleven Eleven homes listed for sale.

1521 Second

Since our last update, 1521 Second had two additional condo sales and two closings. Presently, the luxury downtown Seattle condo tower is 77% sold. The upscale building has sold more $1+ million homes than all other new construction condo building since 2007. View available 1521 Second homes listed for sale.

Decatur Condo

First Hill’s Decatur Condominium is over 85% sold with one-bedroom homes starting from $187,950 and two-bedrooms from $264,950. Buyer incentives includes no closing costs and interest rates from 3.375% through the preferred on-site lender. The building is FHA approved that offers a low 3.5% down payment option for buyers. View available Decatur units listed for sale.

1350 Alki

This boutique waterfront building along Alki, sold another in the past two weeks and is down to its final unit for sale, a three-bedroom home presently offered at $559,950. View unit for sale.

Disclaimer: With exception of 1350 Alki, condos mentioned were advertisers at time of publication.

As noted in our earlier post about Bellevue Towers, so far this year they’ve got 18 sales under contract and another 11 offers under review.

The historic Queens Court conversion is starting to see movement with 4 homes selling last month, leaving only 6 units available between $149,950 and $174,950.

The Hjarta Condo development in Ballard took in another 10 sales in the past two months. Homes at Hjarta start from $259,950.

Downtown Seattle’s luxury condo tower, Fifteen Twenty-One, is hosting a Designer Home Series open house this weekend from noon to 4 pm on Saturday 2/12 and Sunday 2/13. The development is now 75% sold.

Back on the Eastside, the One Main Street condo in downtown Bellevue sold another two homes this past weekend. Condo homes at One Main Street range from $319,000 to over $1.6 million and many homes are priced below $400,000.

First Hill’s Decatur Condominium reduced prices on a number of units last week.

The Danielle Condo in Ballard is reporting consistent sales so far this year.

The Fairview Condos in Mukilteo has 12 units available. If you remember, 20 of the 22 units sold at auction in November with 15 of those eventually closing. The remaining 7 unsold units plus a few others that were held back are now on the market, priced from $239,500 to $1,115,500.

In my opinion, the best are (1) the Verdeaux page with its great resident interaction, (2) the homeowner testimonials on Marselle page and (3) Trace Lofts/North’s fantastic Capitol Hill community updates.

1111 E Pike (withering away) – Condos on Capitol Hill.

7800 Plaza (current) – Condos on Mercer Island, now 50% sold.

Bellevue Towers (current) – Condos in downtown Bellevue.

Celine Place (current) – Townhomes in North Seattle.

Danielle (current) – Condos in Ballard.

Decatur (never got going) – Condos on First Hill.

Harvard & Highland (starting to fade) – Condos on Capitol Hill.

Marselle (current) – Condos near the Seattle Center.

Olive 8 (withering away) – Condos in downton Seattle. However, Hyatt at Olive 8 page is going strong.

One Main Street (current) – Condos in downtown Bellevue.

Point Edwards (current) – Condos in Edmonds.

Pontedera (current) – Condos in Seattle.

Sylvan Ridge (current) – Townhomes in West Seattle.

Trace Lofts & Trace North (current) – Condos and lofts on Capitol Hill.

Verdeaux (current) – Condos in Bothell.

And, you can find The Seattle Condo Blog on Facebook, too!   By the way, I tend to post more on our Facebook page than I do on the blog, so consider “liking” us to get more condo updates, news articles and community information.

Gallery Condominium

The Gallery Condominium in Belltown (2911 2nd Ave) has reintroduced a 3% buyer bonus, up to $10,000 maximum, for homes purchased by October 31, 2010 and closed by November 30, 2010. Additionally, open one-bedroom home buyers may select either a slider or a closet combo build out.

Gallery is now 75% sold with prices starting from $239,000. The development is FHA and VA approved. www.liveatgallery.com

1521 2nd

Downtown’s luxurious Fifteen Twenty-One Second Condominium (1521 2nd Ave) reached a milestone with its 100th closing; the building is 70% sold.

1521′s large upscale homes, which overlook the Pike Place Market and Elliott Bay, are available starting from $1 million. www.1521second.com

Escala Condominium

The Escala Condominium reported they’ve just closed on their 50th home with 80 sales total (30 units in escrow). So, they’ve sold 30% of the building and are 19% closed. No bad considering the competition from Olive 8 and Enso. Escala is FHA approved. www.somethingischangingatescalaseattle.com

Eleven Eleven East Pike

Eleven Eleven (1111 E. Pike St) is making a push to close out the development with its final 10 homes. Prices now start from $239,950. The 27-unit Tom Kundig designed condo building fits snuggly in Capitol Hill’s effervescent Pike/Pine Triangle neighborhood. www.1111eastpike.com

Hjarta Condominium

The LEED Silver certified green constructed Hjarta in Ballard (1530 NW Market St) is now 50% sold. Unlike other recent Ballard condo developments, Hjarta is green constructed with a mind towards energy and water efficiency as well as indoor air quality. Further, Hjarta is a concrete and steel building, not wood frame like most of the other newer Ballard condos. I know a number of people have commented about the higher prices at Hjarta compared to other developments, but it has a superior construction quality, which may save $$ over time. The development is FHA approved. www.hjartaballard.com

The Decatur Condominium

Slowly but surely First Hill’s Decatur Condominium (1105 Spring St) keeps on closing with 3 sales in the past week. The building is now 70% sold with homes starting from just $189,950. The Decatur is part of the New Home Council’s Fresh Ideas Tour. www.ownthedecatur.com

The Enclave :: Eastlake / Lake Union

The Enclave is hosting an open house this weekend to coincide with Opening Day of boating season on May 1st. The Enclave is part of the Wards Cove master plan community that’s comprised of townhome-styled condos starting from $1.3 million with occupancy expected in 2011.

Ruby Condominium :: Eastlake

Ruby is down to its final three units that are priced between $284,500 and $304,500. Compared to many other newer projects, sales at Ruby have done well in this down market.

Decatur :: First Hill

Decatur Condo, on the other hand, has had a bit of a struggle since coming on the market over 3 years ago. However, the project is now more than 2/3rds sold and occupied. This FHA approved building is part of Condo Bulk Buy’s inventory with units available up to 35% off original pricing — starting from $184,950.

1111 E. Pike :: Capitol Hill

The Tom Kundig designed 1111 E. Pike development reports they’re 70% sold with only 10 homes remaining for sale. Located in the heart of the Pike/Pine Triangle, prices at 1111 E. Pike start at $244,950.

The Danielle :: Ballard

Ballard’s newest condominium development, The Danielle, is nearing completion and reports they’ve already sold 4 homes. The Danielle is located kitty corner from the new QFC on 24th Ave and the Ballard Commons Park.

Hjarta :: Ballard

Hjarta is reporting that they’re now 51% sold and is FHA approved. As part of Condo Bulk Buy, Hjarta’s pricing is up to 35% below their original level.

Florera :: Greenlake

Like its sister project, Hjarta, Florera was off the market for a while before becoming part of Condo Bulk Buy. Sales have been slower with only 30% of the building sold, but it is FHA approved with prices starting from $244,950. Florera is located just 1.5 blocks from Green Lake Park.

1521 Second :: Downtown

Now 70% sold, 1521 Second, received 4 additional sales in April. Homes at these premium residences start from $1.1 million.

5th & Madison :: Downtown

It appears that 2 of the units that went under the gavel at the 5th & Madison auction are back on they market again by Kennedy Wilson:

• Unit #1102, the last unit auctioned, had a winning bid price of $350,000. It’s now available at $365,000.
• Unit #1805, a fully furnished unit, had a winning bid price of $331,000. It’s now for sale at $370,000.

Additionally, the penthouse, which had been withdrawn from the auction is on the market at $1,595,000. It was previously offered at $1,995,000.

If you have questions about any of these condo projects, please drop us a line.

Realogics Brokerage, LLC. announced their bulk sales program has already generated 20 home sales out of a 30-unit release at two participating developments: The Decatur on First Hill; and Eleven Eleven East Pike on Capitol Hill. Sales volumes exceed $5 million. The two projects previously had no sales in 2009.

The firm announced their bulk sales strategy on September 10 as an alternative to condo auctions, which are becoming increasingly common in the marketplace. Their first project, The Decatur was introduced on September 28 with 21 units released and their second project, Eleven Eleven East Pike was introduced on October 11 with 9 units released. The two properties promoted bulk sale pricing that was (up to) 35 percent and 25 percent off previously listed prices, respectively. Realogics sought to accelerate sales in order to meet the November 30 deadline for first time homebuyer tax credits.

“We’re pleased to have helped our clients find their market value while assisting homebuyers purchase in a quick timeframe,” said Sam Cunningham, Managing Broker and Partner of Realogics Brokerage, LLC, who is handling both bulk sales programs. “Our unique approach has resolved a stalemate between buyers and sellers over price – there wasn’t any dialogue (offers) taking place so there weren’t any sales,” he added. “Our success is a win-win for all parties.”

The bulk sales program first offers homes for reservation so buyers can secure an opportunity to purchase – just as soon as the developer authorizes the sales price. As the buyers were aggregated, a volume sales discount was being negotiated with the developer based on the block of sales to be consummated. The price was set and reservation holders were converted to Purchase and Sale Agreements, either for block closings or individually as required.

The creative sales approach was derived to overcome several challenges that are present in the condo marketplace:

• While demand is present, buyers aren’t buying and sellers aren’t selling where there’s a lack of initiative
• Projects require a minimum number of sales before FHA and Fannie Mae mortgage products are available
• Smaller projects require a vehicle to gain attention with small budgets – collaborative marketing is a solution
• A lack of project sales results in lower unit appraisals, which can face more downward pressure from auctions
• Buyers may be concerned to “buy first” in a building that hasn’t (yet) demonstrated market success

“The irony is that homebuyers remain very interested in these projects so it was never a demand issue,” said Cunningham. “They (buyers) just needed an opportunity to start the negotiation process and had to agree on a fair price. And for their part, our sellers needed to mark to market – but were only willing to do so if it resulted in expedited sales.”

Based on the 20 sales to date, Cunningham estimates buyers purchased at prices that were between 25 and 30 percent off previous list prices, depending on the product. The pending block of sales are also helping unit appraisers by using an inter-building value matrix instead of relying solely on surrounding market comps. Third party comps alone may temporarily suppress unit values given the increased activity of condo auctions and short sales within the marketplace.

“Lenders appreciate real-time demonstrations of market demand for their mortgage asset,” said Jeff Bell, a Mortgage Banker and Partner in Cobalt Mortgage, the preferred lender for The Decatur. “Realogics has illustrated that condo auctions aren’t the only way to spur sales: especially for sensitive communities that are partially occupied.”

Cunningham says both The Decatur and Eleven Eleven East Pike now offer an additional block of 30 units for sale as an encore sales release. And while the recent deadline for homebuyer tax credits was deferred (June 30, 2010 instead of November 30, 2009), sellers remain highly motivated to move unsold product today.

“We’re thrilled with the bulk sales results to date and we look forward to more success ahead,” said Joel Ospovat, the Declarant representative for The Decatur Condominiums. “We’re sitting on standing inventory so to maintain our sales momentum we’re happy to offer the best high-rise condo value in the marketplace.”

Development consultant William Justen of The Justen Company said that he watched condo auctions impact market values just as he completed the Eleven Eleven East Pike condominiums last month. His decision to join in a bulk sales release was to shore up his appraisal values while also seeking to comply with mortgage financing guidelines, he said.

“Unit appraisals and mortgage financing can become a major challenge for projects that are just beginning their sales process these days,” said Justen. “The bulk sales approach helped us calibrate our product for the market so we’re now successfully selling.”

Website: www.CondoBulkBuy.com

Disclaimer: This article is a verbatim reprint of a press release.

“Our client seeks to accelerate sales so that first time homebuyers receive the full benefit of federal tax credits,” said Dean Jones, President and CEO of Realogics, who is handling the marketing and sales for The Decatur. “Together, we’ve developed an exceptional value proposition and a unique sales approach to encourage buyers off the fence.”

Under the bulk sales program, three blocks of 21 units will be released for sale in sequential phases. Individual unit reservations are available for a $500 holding fee, which becomes applicable to the earnest money deposit. A few weeks later the reservation holders will be aggregated to sign Purchase and Sale Agreements and benefit from others joining in the bulk sale – the more homes that sell, the lower the pricing for the group.

Other incentives include:

• Bulk pricing up to 35 percent off original list prices (the more units sold, the lower the price)
• Zero down payment financing on select products
• Zero closing costs before Nov. 30, 2009 (timed for the first-time buyers tax credit deadline)
• Available interest rates below 5 percent on approved credit
• Innovative mortgage payment assurance program (in case homebuyers are laid off from work)

During The Decatur’s initial release in 2007, 83 of the 146 homes were sold before the development was acquired by Sandalwood Management, who completed the building improvements and held the remaining units until the market improved.

“Buyers have been trying to time the market and so we’ve been patiently waiting along with them,” said Joel Ospovat, principal of Sandalwood Management. “The market is heating up and we’re going to help make their decision to buy a lot easier by offering a volume discount to our early buyers–provided they act quickly.”

Ospovat hopes to close the first release of 21 homes by Nov. 30, but resisted the trend to auction units.

“We’re providing the same value proposition, while eliminating the inherent risk and stress of competing at an auction,” Jones said. “If homebuyers are going to benefit from perishable tax credits, they need to lock up a unit now and move confidently towards closing; there’s no time for surprises. We’re offering homebuyers a sales experience that is as considerate as it is rewarding.”

The first block of units will be released on Saturday, Sept. 26, during an open house event at The Decatur (open 11a.m. – 5p.m., Sept. 26–27). Reservations will be converted to Purchase and Sale Agreements beginning Oct. 17 and must close by Nov. 30 to benefit from the bulk sale pricing, potential tax credits and other incentives offered by the seller.

The “Payment Assurance Plan” offered by Cobalt Mortgage is unique to the industry and provides assistance to borrowers if they become unemployed within 24 months of closing. Mortgage payments up to $1,800 will be provided for up to six months to help homebuyers establish new employment without getting behind on their mortgage. Certain conditions apply.

View floor plans (8.3mb PDF)

www.OwnTheDecatur.com

View available Decatur condos for sale.

Adapted from press release.