The Seattle Condo Blog | Seattle Condos and Lofts

Trace North – Capitol Hill

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 is about to close out sales with just two new homes remaining – units 702 and 1602. Both are NE facing (towards Lake Union) one-bedroom 769 square foot homes available at $410,000 and $460,000.

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.

It Came From Outer Balcony

The Seattle Times reported that glass panels have fallen from the balconies of Seattle’s most exclusive condominium, the Four Seasons Private Residences. Three times in the past year.

It happened again Sunday, the third time in a year that glass has rained down from condominium balconies at the Four Seasons Hotel and Private Residences just south of Pike Place Market.

Now the owners are taking out all 300 tempered-glass panels in the building, panels similar to those that fractured and fell this summer at high-rise condos in Austin and Toronto.

Counting reading at the Seattle Times.

The South End Shall Rise Again…eventually

Sales at the Burien Town Square condominium project was supposed have gotten off the ground on August 1st.  It didn’t. Then by late August.  It didn’t.

The latest update from various sources indicate a possible a mid-to-late September re-launch, but even that’s not certain. It’s a great project and there aren’t many options for the south end buyers…hopefully they’ll get things rolling soon.

The Endgame Cometh

A number of condominium projects have the finish line in sight and are racing to close out sales by the end of the year, some with substantial price reductions.

At Mercer Island’s 7800 Plaza Condominium four homes remain, which were recently reduced $50,000 to $75,000. The concrete and steel constructed building features two-bedroom luxury homes that are now available from $449,500 to $674,500. View units for sale.

The resort inspired Point Edwards Condominium in Edmonds is down to its last three homes, and they too, have taken huge price drops…up to $100,000. The three unsold new units range from $349,950 to $994,950. On the other hand, there are seven competing resales currently available at Point Edwards. View units for sale.

A conversion project in Bellevue, the Riverstone, is down to its last home. Unit #100 is an 803 square foot one-bedroom available for $157,500. It features slab granite counters in the kitchen, stainless steel appliances and an enclosed patio. The complex is FHA approved. View listing details.

Back in Seattle, three home units went under contract in August at the Enso Condominium in South Lake Union. With those pending, there are now seven units remaining including a two-level penthouse home, though only four units are listed in the MLS. View Enso condos for sale.

Ballard Days of Summer

The two condo buildings with available developer inventory in Ballard are the Danielle and Hjarta. Between the two, they’ve sold (closed) nine homes since June 1st…three at Danielle and six at Hjarta. That’s pretty good. Though, there hasn’t been a sale at either project in the past 3 weeks, neither have any pending sales.

View Hjarta condos for sale

View Danielle condos for sale

Disclosure: Hjarta is an advertiser of Seattle Condos and Lofts.

Olive 8

Olive 8 had 8 additional sales in the past month bringing the total to 33 sales so far this year. Additionally, Olive 8 still have several “Sky Suite” homes available, which are full-furnished open one-bedroom homes by Alchemy Collections, and are a perfect downtown pied-à-terre.

>> View Olive 8′s active listings
>> Visit the Olive 8 website

Escala Condominium – Downtown Seattle

Escala fared a bit better with 12 sales in the past month and is now approximately 42% sold per MLS figures. Slow going, but moving forward.

>> View Escala’s active listings
>> Visit the Escala website

Bellevue Tower- Bellevue

Neither Olive 8 nor Escala have anything on Bellevue Towers, which closed its 200th home last week. That’s over 80 closed sales so far this year, bringing the twin-tower 539-unit complex to 37% sold.

>> View Bellevue Tower’s active listings
>> Visit the Bellevue Tower website

Enso Condominium – South Lake Union

Enso reported 4 sales in the past month and is now down to its last 8 homes, priced between $400,000 and $1,295,000. As a special for Seattle Condos and Lofts readers, we are offering a rebate up to $7,500 for the purchase of a new Enso home (by July 31st) through our condo specialists.*

>> View Enso’s active listings
>> Visit the Enso website

Gallery Condominium – Belltown

Gallery had 4 additional sales since our last update, which leaves 10 homes left. For homes purchased (under contract) before July 31, 2011 and closed by August 30, 2011, Gallery is offering:
  1.   A buyer bonus up to 3% of the purchase price
  2.   Choice of an optional wall, slider or closet combo build out

>> View Gallery’s active listings
>> Visit the Gallery website

Disclosure: Olive 8 and Gallery are advertisers of Seattle Condos and Lofts at the time of publication.

* Half of the selling agent bonus, dependent on lender eligibility and approval

The Enso Condominium in South Lake Union is close to selling out with 11 homes remaining. Enso and the Gallery Condominium are on track to become the first downtown area new construction high-rise luxury towers to close out since Mosler Lofts back in 2009, which is a milestone considering the battered Seattle’s condo market over the past few years.

• One bedroom homes are now priced from $400,000 to $430,000
• Two bedroom homes are now priced from $620,000 to $695,000
• Penthouse suites are now priced from $980,000 to $1,295,000

Special offer for our readers – purchase an Enso Condo through us by July 31, 2011 and we’ll give you $7,500 back (subject to your lender approval, if financing).

View NWMLS listed Enso condos for sale

Sample Pricing of select homes:

Images courtesy of Enso Condominium

When I first read the headline of the promo piece, my first impression was that I thought this a bit odd. Why would Vulcan run a rent to own program at Enso, its upscale South Lake Union condo development, which is over 70% sold? Then I read further.

This unique rent to own program is specifically geared towards Vulcan’s tenants who rent at one of their South Lake Union properties – Alley24, Rolling Street Flats, Borealis or Alcyone.

Renters can accrue a $1500 credit for every six months completed on their lease, up to a maximum of $10,000. The credit would be applied towards closing costs of a condo purchase at Enso. This is pretty good program that Vulcan is offering. They’re rewarding current tenants who are interested in owning their own home for their rental longevity while also encouraging condo sales at Enso.

Click image to download/view the PDF:

Adapted from a press release.

Welcome mats will soon roll out for homebuyers at Enso, Vulcan’s highly anticipated new LEED Gold certified condominium project in downtown Seattle’s South Lake Union neighborhood. Enso buyers began closing on their new homes today, and will start moving into Enso tomorrow and through early next year.

During one of the most difficult real estate markets in history, Enso has continued to attract growing interest from a range of buyers, with 55 percent of the 135 homes now sold. A total of 75 sales contracts have been signed with both new buyers and existing buyers in the last six months alone, translating into a robust 13 sales per month. The South Lake Union Discovery Center has also seen a nearly 60 percent increase in condo-related traffic in November compared to last year.

Enso has also received Fannie Mae approval, a critical step in allowing buyers to obtain loans and close on their new home purchases. Most lenders also typically require a project to have at least 51 percent of owner-occupied homes for buyers to obtain financing. By successfully achieving a strong enough level of pre-sales at Enso before allowing buyers to close, Vulcan has been able to preserve the project’s ability to attract new buyers seeking assurance they can close in a timely manner and avoid the prospect of auctioning its remaining condo inventory at a diminished value.

As part of Vulcan’s novel sales strategy in response to a declining real estate market, it significantly reduced condominium prices in order to attract both new buyers and retain existing buyers – helping them preserve equity in their homes from the outset. As the first condominium project in Seattle to revise Purchase and Sales agreements with new reduced pricing for existing buyers on a large scale prior to closing, many of Enso’s pre-sale buyers have decided to re-commit to the project and close on their homes. Pricing for Enso homes ranges from the low $300,000s to over $1 million.

“We saw many buyers from other projects who decided to walk away from their earnest money because they could not obtain financing or did not want to purchase a property for more than it was now valued,” said Ada M. Healey, vice president of real estate at Vulcan Inc. “We understood how critical it was to go back to our pre-sale buyers – who bought at the height of the market – and proactively lower prices to 2009 levels. We carefully monitored market conditions to ensure our homes were priced to sell. We took a long term outlook and wanted to do what was best for our buyers, the neighborhood and ultimately, our project.”

View available Enso condos for sale.

Received information today that Enso Condominium is expecting to begin closings and move-ins before the end of the year. According to a buyer update, Enso buyers will be receiving closing notices within the next 15-25 days. This is great news for Enso buyers who’ve been waiting and waiting to close. It was previously indicated that Enso/Vulcan was holding off closings until they could close more than 50% of the units.

It was a busy day for condo related news:

2201 Westlake (office building / Enso Condominium) receives LEED Gold Certification

Adapted from press release.

Characterized by its innovative environmental and sustainable features, the 2201 Westlake development in South Lake Union now represents Seattle’s first mixed-use and high-rise residential project to earn prestigious LEED (Leadership in Energy and Environmental Design) Gold certification from the U.S. Green Building Council.

Developed by Vulcan Real Estate, 2201 Westlake was designed and constructed from the ground up using sustainable development practices. As a LEED Gold-certified project, 2201 Westlake exemplifies sustainable innovations that promote energy and water efficiency, indoor environmental quality, eco-friendly materials selection and alternative transit options as part of a healthier workplace and living environment.

The project’s sustainable features include proximity to public transit, bicycle storage, underfloor heating and cooling systems, use of recycled and rapidly renewable materials, low VOC paint and carpeting, drought tolerant landscaping, the recycling and salvaging of construction waste, plumbing systems that reduce portable water by 35% and an exterior glass curtain wall with low solar heat gain properties.

 

The Great Hole of Seattle (1 Hotel & Residences) to be filled

Full article from the Seattle Times: Starwood luxury hotel site becomes a parking lot

The pit, on Second Avenue between Pine and Stewart streets, was excavated in mid-2007 for the 1 Hotel & Residences, a proposed 23-story luxury tower. But work on the $200-million hotel and condo project stopped that fall, and the developer later acknowledged it couldn’t get construction financing.

A spokesman for the site’s owner, Connecticut-based Starwood Capital Group, said Monday that the hole should take eight to 10 weeks to fill. A Starwood affiliate applied last week for a city permit to develop a temporary parking lot on the property.

 

Eleven Eleven East Pike bulk sales

Full article from the Daily Journal of Commerce (subscription required): Kundig-designed lofts: Justen tries bulk sales

The Justen Co. is trying the bulk sales strategy to sell a third of the units at a new condominium project on Capitol Hill, Eleven Eleven East Pike. The project has 27 lofts designed by Seattle-based architect Tom Kundig of Olson Sundberg Kundig Allen Architects, ranging in size from 600 to 1,150 square feet.

Nine units are in the first release. They are between 612 and 793 square feet and are priced between $255,000 and $379,000 in the bulk program. That’s 20 to 25 percent lower than the initial list pricing, according to Dean Jones, president and CEO of Realogics, which is marketing the project.

Under the bulk sales approach, buyers get a volume discount depending on the percentage of homes that are sold within each release. Buyers can join the bulk sale with a refundable deposit of $500 through the end of the month. Units must close by Nov. 30.

Related:
Enso Condo website
Eleven Eleven Condo website

Enso Grand Opening

The Enso Condominium, Vulcan’s newest development in the SLU Gateway district, is hosting its Grand Opening celebration this weekend at 820 Blanchard Street (Denny & Westlake).

Buyers and condo enthusiasts will have an opportunity to tour model homes and enter to win a $500 gift certificate at Whole Foods.

The grand opening runs this weekend, August 15-16, from 11 AM to 5 PM. Parking is available at the Discovery Center, located just north of Denny.

Vulcan Real Estate and Williams Marketing hosting a preview event last night for Vulcan’s upscale South Lake Union development, Enso Condominium (website: www.ensoliving.com).

I’ve been anticipating the completion of this project, which is one of my favorites, and it did not disappoint. The craftsmanship and quality of finishes met expectations. With its aggression pricing, Enso fits into the the mid-level luxury niche nicely.

I noticed that one structure apparently disappeared. Early in the design phase the little triangular lot at the corner of Denny and Westlake was supposed to be a wine bar lounge. It’s now a small park.

View available Enso Condos for Sale.

Matt has a lot more photos and videos on his blog.