The Seattle Condo Blog | Seattle Condos and Lofts

Seattle’s luxury condominium market continued to buck the trend in 2011 recording another strong year. Sales of $1 million-plus condominium properties increased 24.6% over 2010, from 57 unit to 71 units.

The total dollar sales volume increased 1.9% from $103,761,956 to $105,709,480, while the average price per square foot reduced 11.9% from $774 to $682. The average home size just barely shrunk from 2,286 to 2,281 square feet.

Here’s a look at the Top Ten most expensive Seattle closed condo sales in 2011:

• Price range: $1,765,000 to $3,167,440
• Average price per square foot: $903
• Number of bedrooms: seven 2-bedrooms and three 3-bedrooms
• Average size: 2,859 square feet
• Location: Downtown Seattle & Queen Anne

Compared to 2010′s top ten Seattle condo sales, the homes were smaller and less expensive.

 

#1 – Fifteen Twenty-One: $3,167,440

1521 2nd Ave #3103 | Downtown Seattle – 2,658 square feet, 2 bedroom, 2.25 baths

View available Fifteen Twenty-One condos for sale

#2 – Fifteen Twenty-One: $3,134,889

1521 2nd Ave #3500 | Downtown Seattle – 2,602 square feet, 2 bedroom, 2.25 baths

View available Fifteen Twenty-One condos for sale

#3 – Fifteen Twenty-One: $3,050,000

1521 2nd Ave #3000 | Downtown Seattle – 2,602 square feet, 2 bedroom, 2.25 baths

View available Fifteen Twenty-One condos for sale

#4 – Fifteen Twenty-One: $2,990,000

1521 2nd Ave #3200 | Downtown Seattle – 2,602 square feet, 2 bedroom, 2.25 baths

View available Fifteen Twenty-One condos for sale

#5 – Millennium Tower: $2,690,000

715 2nd Ave #1501 | Downtown Seattle – 4,589 square feet, 3 bedroom, 2.25 baths

View available Millennium Tower condos for sale

#6 – Escala Condominium: $2,200,000

1920 4th Ave #2401 | Downtown Seattle – 3,562 square feet, 3 bedroom, 3.25 baths

View available Escala condos for sale

#7 – 200 West Highland: $2,100,000

200 West Highland #202 | Queen Anne – 2,406 square feet, 2 bedroom, 2 baths

View available 200 West Highland condos for sale

#8 – Millennium Tower: $1,950,000

715 2nd Ave #1902 | Downtown Seattle – 2,720 square feet, 2 bedroom, 2.25 baths

View available Millennium Tower condos for sale

#9 – Escala Condominium: $1,925,000

1920 4th Ave #2903 | Downtown Seattle – 2,442 square feet, 3 bedroom, 2.5 baths

View available Escala condos for sale

#10 – 200 West Highland: $1,765,000

200 West Highland #402 | Queen Anne – 2,406 square feet, 2 bedroom, 2 baths

View available 200 West Highland condos for sale

Expanding the list to include the top ten most expensive condos in the region last year, the list would include three Eastside condo sales:

5505 Lake Washington Blvd #2-C, Kirkland sold for $3,249,000
500 106th Ave NE #4005, Bellevue sold for $2,220,000
10700 NE 4th St #4104, Bellevue sold for $2,062,000

Source: NWMLS and King County, all sales data are in the public domain

Related story: 2010 Top Ten Most Expensive Seattle Condo Sales

The Escala Condominium, a luxury residential tower in downtown Seattle at 1920 4th Avenue, had a phenomenal year with an additional 80 sales in 2011 for a total of 147 closed units. The development is now 55% sold. Escala also received Fannie Mae approval late last year allowing numerous lenders to provide purchase loans for buyers.

Escala is one of a few high-end new construction condominium towers in the downtown Seattle area with available units for sale.

Located just north of the retail district, Escala offers a variety of spacious floor plans, upscale finishes and impeccable residential amenities including a concierge services, semi-private elevators, a restaurant quality kitchen and dining room, a wine cave with a private dining, a world-class fitness center and spa, a theatre and a wonderful outdoor terrace.

Inquire for additional information or to schedule a private tour of Escala with our condominium specialists.

–> View available Escala homes for sale

 

Escala Condominium
The Escala Condominium report they’ve just received full Fannie Mae approval. This will facilitate loan approvals with various lenders and will accelerate closings at the luxury condo tower in downtown Seattle.

Marselle Condominium
The Marselle Condominium has surpassed the 100 unit sales mark and is now over 75% sold. The new construction condominium near the Seattle Center still has a number of great single level flats and two-story townhome penthouses available. Prices start from $219,990.

One Main Street Condominium
The One Main Street Condominium near Downtown Bellevue recently reduced prices up to $30,000 on select one-bedroom plus den homes, which now begin at $379,900. Regular one-bedroom homes start from $299,900.

Land Use Action
The Seattle DPD approved a couple of notable proposed apartment developments in Belltown. This morning the DPD approved the 27-story development next to the Seattle Heights Condominium at 225 Cedar Street. The current proposal is for a tower at the NE corner of the block at the site of the American Lung Association building. Eventually, the development will encompass the entire east half of the block. Across the street, the Alto apartment building is currently under construction. View decision (pdf).

A few weeks ago, the Schuster Group’s Joseph Arnold Lofts project received conditional approval. The proposed 13-story apartment building will be adjacent to the Bellora and Klee Condominiums. Virtually all of Bellora’s southern views will be obstructed as well as the west views of the Klee’s south building. View decision (pdf).

Queen Anne High School
The Puget Sound Business Journal reported that developer of the Queen Anne High School Condominium is battling its insurer after loosing a $9.4 million lawsuit brought on the homeowners association.

According to the article, the homeowners association filed a lawsuit alleging breach of contract, implied warranty, and violation of the Consumer Protection Act in its marketing of the property, among other issues.

Developer, insurer now at odds over $9.4M ruling on Queen Anne High School via Puget Sound Business Journal

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.

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

Hjarta Condominium – Ballard

To celebrate planting season, the Hjarta Condominium, is giving away annuals to the first 20 people to visit the building on Saturday, May 14th starting at 11:00 AM. And, to accommodate those attending the Ballard Artwalk, Hjarta will remain open until 7:00 PM on Saturday as well.

Hjarta is a green constructed, concrete and steel condominium, I believe the only one in Ballard. Sales are moving along with 5 more home sales in the past 30 days, 18 sales overall all since December. Residents at Hjarta will enjoy the growing season with their own roof-top P-Patch gardens. Hjarta is located at 1530 NW Market Street.

View the Hjarta website
View Hjarta condos for sale

<> Trivia bonus: Do you know where the “P-Patch” got its name? The answer is at the bottom of this post.

1521 Second – Downtown Seattle

The 1521 Second Condominium will be hosting an open house this weekend, May 14 & 15 from noon to 4:00 pm.

The public open house provides a great opportunity to tour one of Seattle’s most luxurious and prestigious residential towers, which is now 80% sold. The building is located at 1521 Second Avenue just around the corner from the Pike Place Market.

If you happen to go, then be sure to stop by the Pike Place Market for the Seattle Cheese Festival happening at the market this weekend.

View the 1521 Second website
View 1521 Second condos for sale

Escala Condominium – Downtown Seattle

With sales reaching the 100 unit mark Escala Condominium recently re-addressed pricing on a selection of one- and two-bedroom city-view homes.

Prices for one-bedrooms begin at $374,000 and two-bedrooms now start from $549,000. The Escala is located at 1920 4th Avenue at Virginia St.

View the Escala website
View Escala condos for sale

Downtown Bellevue Condos

Sales at Bellevue Towers are rocking with 68 homes closed or in escrow since the start of the year, of which 37 sales came during March and April alone.

The much smaller One Main Street Condominium, near the downtown Bellevue Park, is also experiencing better sales this year with 12 homes closed or in escrow so far. Presently, the building is just over 50% sold.

View the Bellevue Towers website    |    View Bellevue Towers condos for sale
View the One Main Street website    |    View One Main Street condos for sale

 

P-Patch trivia question answer

The ‘P’ commemorates the family who used to farm the area that became the first community garden in Seattle, the Picardo Farm P-Patch. This P-Patch was acquired from the Picardo family who ran a truck farm in the earlier part of the 1900s up in the Wedgwood neighborhood. When the city started up the P-Patch program in 1973, the ‘P’ was taken to commemorate the family.

Hjarta, Phase 2

Pryde + Johnson has filed a land use application the 2nd phase of its Hjarta development in Ballard. The phase 2 building will be on the backside of the existing building and will front NW 56th Street. I’ll update further when more information is available. View the land use bulletin

Trace North & Trace Lofts

Trace North sold another 5 units in the past three weeks and is now down to its final 3 units for sale. www.tracelofts.com

• #418: One-bedroom, 804 square feet offered at $354,950
• #519: Open one-bedroom, 614 square feet offered at $274,950
• #502: Open one-bedroom, 610 square feet offered at $264,950

Plus, there’s a resale unit that’s listed at $199,950. Due to MLS restrictions I can’t tell you about it, but you can view more info about the resale and the other 3 units here.

Trace Lofts is down to its last unit, #407, which is a 703 square foot open one-bedroom facing south with its own deck. It is currently listed at $324,950 – View listing

Harborside Condominium

Slightly outside and a ferry ride away from Seattle is the Harborside Condominium in Bremerton. The Harborside is located on the waterfront just a couple of blocks from the ferry terminal. The two building development has a number of great units available with prices that are 40-50% below their 2007 prices when the project was completed.

Prices start at $255,000 for one-bedroom homes (from 913 square feet), from $309,000 and up for large two-bedrooms and $759,000 for a 2,642 square foot three-bedroom penthouse suite.

www.harborsidecondominiums.com

Joseph Arnold Lofts

For those keeping track of the Joseph Arnold Lofts apartment project in Belltown, the design review board meeting has been rescheduled for Tuesday, May 10th at 5:30 pm at Seattle City Hall. The Joseph Arnold Lofts will be adjacent to two condo buildings – The Klee and Bellora. View land use bulletin

Olive 8 & Escala

Sales seem to be tapering off for both downtown Seattle condo buildings. Since March 1st (over the past 8 weeks) there were 6 new purchases (contracts accepted) between them, 2 at Olive 8 and 4 at Escala. Three of those were over $1 million.
www.Olive8.com   |    View Olive 8 units for sale
www.somethingischangingatescala.com   |    View Escala units for sale

Queen’s Court

After Matrix took over the Queen’s Court condo development last September sales have been brisk with 12 homes sold so far, leaving just 2 homes remaining. Both are 509 square foot studios priced at $149,950 and $154,950. Queen’s Court is a 2007 conversion located near the Seattle Center in Lower Queen Anne.

It’s time to spring forward and change your clocks. Daylight Savings Time begins this Sunday – March 13th – at 2:00 AM in the morning…so remember to set your clocks ahead by one hour.

1350 Alki
It has taken nearly three years to sell out the 10-unit 1350 Alki condo development, but the end is seemingly in sight. The pending offer on unit #S5 last week now leaves two units available. Unit #3S is a 3-bedroom 1,425 square foot unit listed at $559,950, which is 34% less than its original $849,000 price in 2007. However, that’s a tad bit high considering that #4S sold 6-months ago for $560,000. Unit #2N is a slightly smaller 3-bedroom 1,325 square unit listed at $499,950. That’s 35% below its original $769,000 offer price. View 1350 Alki condos for sale.

Gallery Condo Buy Now Event
Word is the Gallery Buy Now event was a “disorganized mess” that resulted in the sale of just 8 of the the 25 units offered. Although Schnitzer totally botched the auction/buy now event, and perhaps lost some goodwill in the process, the Gallery Condominium is a great building and does offer value for new construction in the downtown/Belltown area. View Gallery condos for sale.

1521 Second
The 1521 Second Condominium is hosting another open house event this weekend, March 12th & 13th, from noon to 4:00 pm. The open house provides the public an opportunity to tour some of Seattle’s most luxurious, and expensive, condos. View 1521 Second condos for sale.

Hjarta Condominium
The Hjarta Condominium in Ballard sold another 4 units since our update last month. View Hjarta condos for sale.

Trace North
The Trace North development on Capitol Hill recently passed the 90% sold level. It has been a long time coming given that pre-sales started back in early 2007. Since our last update 3 weeks ago, 4 additional homes were sold at Trace North, leaving less than 10 homes available for purchase. View Trace North condos for sale.

Escala Condominium
Since the beginning of the year, Escala has closed 11 transactions with another 8 homes pending. Per the NWMLS, to date, Escala has 88 sales with 75 of those closing, so they’re just under 1/3 sold with 181 homes available. View Escala condos for sale.

Disclaimer: Advertisers of The Seattle Condo Blog at time of publication include Hjarta, 1521 Second & Trace North.

In 2010 Seattle’s high-end, luxury condo market rebounded with 57 $1 million-plus condo unit sales. That’s a striking 29.5% increase over 2009. The aggregate value of those properties was a whopping $103,761,956, with an average price of $1,820,385. The average per square foot price was $774 but varied widely from a low of $361 to a high of $1,574 per square foot.

Here’s a look at the Top Ten most expensive condo sales in Seattle last year.

Price range: $2 million to $7.2 million
Average price per square foot: $1,088
Number of bedrooms: six 2-bedrooms and four 3-bedrooms
Average size: 3,153 square feet
Location: Downtown Seattle & Capitol Hill’s distinctive Harvard Belmont district.

Giving credit where credit is due, this post was inspired by Estately.com’s 10 Most Expensive Homes Sold in Seattle in 2010.

#1 – Four Seasons Private Residences: $7,198,100

99 Union Street | Downtown Seattle – 5,256 square feet, 2 bedroom, 2.5 baths

View available Four Seasons residences for sale.

#2 – Four Seasons Private Residences: $6,300,000

99 Union Street | Downtown Seattle – 4,003 square feet, 3 bedrooms, 3.5 baths

View available Four Seasons residences for sale.

#3 – Escala: $5,950,000

1920 4th Avenue | Downtown Seattle – 5,170 square feet, 3 bedrooms, 3 baths

View available Escala condos for sale.

#4 – Fifteen Twenty-One: $3,187,900

1521 2nd Avenue | Downtown Seattle – 2,658 square feet, 2 bedrooms, 2.25 baths

View available Fifteen Twenty-One condos for sale.

#5 – Harvard and Highland: $2,300,000

1178 Harvard Avenue E | Capitol Hill – 2,520 square feet, 2 bedroom, 2.25 baths

View available Harvard and Highland condos for sale.

#6 – Merrill Court: $2,200,000

907 Harvard Avenue E | Capitol Hill – 4,225 square feet, 3 bedroom, 4 baths

View available Merrill Court condos for sale.

#7 – Fifteen Twenty-One: $2,200,000

1521 2nd Avenue | Downtown Seattle – 1,644 square feet, 2 bedroom, 1.75 baths

View available Fifteen Twenty-One condos for sale.

#8 – Harvard and Highland: $2,100,000

1178 Harvard Avenue E | Capitol Hill – 1,790 square feet, 2 bedrooms, 2.5 baths

View available Harvard and Highland condos for sale.

#9 – Escala: $2,000,000

1920 4th Avenue | Downtown Seattle – 2,442 square feet, 3 bedrooms, 2.5 baths

View available Escala condos for sale.

#10 – Fifteen Twenty-One: $2,000,000

1521 2nd Avenue | Downtown Seattle – 1,825 square feet, 2 bedrooms, 1.75 baths

View available Fifteen Twenty-One condos for sale.

List and aggregate information determined by sales recorded in the Northwest MLS database, but were calculated independently by The Seattle Condo Blog.

The Enclave – Eastlake

The upscale townhome development along the Lake Union waterfront in Eastlake, which we profiled last year, is progressing forward. According to Nick Glant of NWG Real Estate, the project has secured enough pre-sales to begin construction this year, with the delivery of its first phase of nine homes in late 2011.

The Enclave (website) features 21 multi-level residences designed by NBBJ and Atelierjones, which are constucted of glass, Prodema, steel, concrete and engineered siding. These lake side homes range in size from 2,500 to more than 3,000 square feet and start from $1.3 million. Prospective buyers may view further information at the sales center, which is by appointment only.

Escala – downtown Seattle

Escala (website) reported that they’ve reached 70 contracted homes sales since the new team took over 5 months ago and are approaching 50 closed transactions. The sales center is open every weekend from 11 am to 5 pm or by appointment.

Brix Condominium – Capitol Hill

Congratulations to Schnitzer West for successfully concluding sales at Brix. Just 3 weeks ago we reported Brix was in the process of closing out the project with just 5 units remaining…all 5 are now under contract.

Lakeview Residences – Capitol Hill

The Lakeview Residences (website) is a small six-unit boutique condominium located on the West-slope of Capitol Hill. The high-end homes range in size from approximately 1,400 to 1,670 square feet and are now priced from the low $600,000s. When these home first came on the market, they were priced well above $1 million. Currently, only 3 homes remain, 1 of each distinct floor plan.

Around the SLU:

Christine Keff, the James Beard award winning chef and restaurateur of the Flying Fish has opened a new artisan cafe in South Lake Union called On the Fly. The shop, located at 950 Thomas Street, will feature baked goods, espresso, lunches, a selection of wines and fully prepared take-home dinners.

On the Fly will be open Monday through Friday from 10 am to 7 pm, after Labor Day.