The Seattle Condo Blog | Seattle Condos and Lofts

News from Escala team:

Escala is now over 85% sold. Only 40 homes and one commercial space remain available.

The first week of February is set to be the highest grossing week at Escala; over $11 million in sales are currently pending.

Included in this figure is the sale of the 31st floor North-facing Penthouse. The 5100SF of shell space and additional 1000SF of terrace will close Mid-March as the highest priced condominium home sold in the past three years in Seattle.

In addition, the north commercial space, located on the corner of 4th and Virginia, has been purchased by an exclusive European Furniture boutique and design studio relocating from its Western Avenue storefront (name to be released next month). Escala has been selected as the retailer’s permanent home and is a welcome addition to this amazing community.

View Escala Condo Homes for Sale

Questions about this property? Feel free to drop us a note or inquire for a private showing.

 

With Seattle condo values improving and inventory scarce, two of downtown Seattle’s condominium developments have raised their prices in the past week.

On one end is the luxury residential tower, Escala Condominium, where prices have increased upwards of $40,000 per home. At the other end of the spectrum, the more affordable Pontedera Condominium, located on downtown’s south edge, raised their prices by $5,000.

Both projects are selling well. The Pontedera had four closings and five new condo sales so far this month. Escala has had two closings and at least four additional condo sales in January.

Questions about Escala or the Pontedera? Feel free to drop us a note or inquire for a private showing.

As of this morning the last unit at Marselle Condominium went under contract according to the NWMLS. Unit #717 is a two-level Penthouse home encompassing 1,154 square feet with soaring ceilings and three decks including a private roof deck. The home was listed at $499,990.

With the close out of Marselle, the only remaining new construction downtown Seattle condos with properties available are Escala, 1521 Second, Olive 8 and Four Seasons.

Escala recently celebrated the sale of its 200th home. With approximately 14 homes pending, that leaves about 55 remaining.

Olive 8 is also enjoying brisk sales. Year-to-date, Olive 8 has closed 43 units with another 11 pending per the NWMLS.

The elegant 1521 Second development has sold 24 homes this year (per the NWMLS). By my calculation, that leaves only 8 of these sleek luxury condos available.

The Four Seasons Seattle, the ultimate in Seattle’s luxury condominium properties, has not faired as well and recently switched to their third marketing/sales team is as many years. According to the NWMLS, there as not been a developer sale at Four Seasons in two years.

The Sanctuary on Capitol Hill has sold out, capping a very successful sales run by the team at Realogics Sotheby’s. Several of Seattle’s other remaining condo developements are not far behind:

• The Marselle Condominium in downtown is now down to their final 3 units for sale.

• There are only 3 homes remaining at Bellevue’s One Main Street Condominium, all are one-bedrooms.

• The Hjarta in Ballard only has 4 developer homes available starting from $289,950.

• 1521 Second is closing out quickly with three more sales this month, leaving 11 homes starting from $1,565,000.

• The Escala Condominium is also experiencing brisk sales. The building is now over 70% sold (closer to 75% when including the pendings).

• Olive 8 sold another 12 more homes in June so far and is now over 80% sold.

• Bellevue Towers has closed over 300 units to date and recently obtained FHA approval allowing buyers a low 3.5% down payment option with loan values up to $567,500.

• Affordable homeownership options are to be had at Burien Town Square with one-bedroom units available from $134,400.

Bosa Development finally broke ground on the long awaited Insignia Towers project in Belltown. Insignia marks the first new condo development start in five years.

Disclosure: Olive 8, Sanctuary, 1521 Second, Hjarta, Marselle are advertisers of Seattle Condos And Lofts.

Reacting to the shift in the Seattle condominium market both the Escala Condominium in downtown Seattle and The Sanctuary townhome development on Capitol Hill have raised their prices.

Escala, which is now over 65% sold, has raised their prices anywhere from 1% to 5.5% depending on floor plan based on properties currently listed in the NWMLS.

The Sanctuary, which is also 2/3 sold, raised their prices 5% as of today (May 1, 2012). Only four homes remain ranging from $819,950 to $1,049,950.

“While our asking prices respond to supply and demand we’ve also added value to the final four homes,” said Rob Nall, the seller of the 12-unit Sanctuary development. “I’m confident that prospective homebuyers will continue to view this property as a unique opportunity to own one Seattle’s most irreplaceable addresses.”

Disclosure: Sanctuary is an advertiser of Seattle Condos And Lofts

So far, 2012 is becoming a watershed year for Seattle’s beleaguered condo market as we’ve quietly shifted into a seller’s market seemingly overnight with a constricting inventory supply and strong buyer demand.  As a result, the remaining new construction and condo conversion projects have benefited from the market’s turnaround.

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

2012 YTD Activity:	5 sales
Total Sales %:	80% Sold

View available Hjarta condos for sale

hjartaballard.com

Duncan Place

2012 YTD Activity:	4 sales
Total Sales %:	89% sold with 7 units remaining

View available Duncan Place condos for sale

duncanplacecondos.com

Downtown Core

Marselle

2012 YTD Activity:	13 sales
Total Sales %:	85% sold with 19 homes remaining

View available Marselle condos for sale

marsellecondos.com

Olive 8

2012 YTD Activity:	14 sales
Total Sales %:	75% sold

View available Olive 8 condos for sale

olive8.com

Escala

2012 YTD Activity:	41 sales
Total Sales %:	65% sold

View available Escala condos for sale

escalaseattle.com

1521 Second

2012 YTD Activity:	12 sales
Total Sales %:	90% sold with 16 homes remaining

View available 1521 Second condos for sale

fifteentwentyone.com

Four Seasons Seattle

2012 YTD Activity:	0 sales
Total Sales %:	70% sold

View available Four Seasons homes for sale

residences.fourseasons.com

Pontedera

2012 YTD Activity:	6 sales
Total Sales %:	29% sold

View available Pontedera condos for sale

pontederacondos.com

Capitol Hill / First Hill

 Decatur

2012 YTD Activity:	8 sales
Total Sales %:	92% sold with 11 homes remaining

View available Decatur condos for sale

ownthedecatur.com

1111 E Pike

2012 YTD Activity:	3 sales
Total Sales %:	96% sold with 1 home remaining

View available 1111 E Pike condos for sale

1111eastpike.com

Harvard & Highland

2012 YTD Activity:	5 sales
Total Sales %:	92% sold with 3 homes remaining

View available Harvard & Highland homes for sale

harvardandhighland.com

Sanctuary

2012 YTD Activity:	7 sales
Total Sales %:	58% sold with 5 homes remaining

View available Sanctuary homes for sale

liveatsanctuary.com

West Seattle

Dakota

2012 YTD Activity:	2 sales
Total Sales %:	70% sold

View available Dakota condos for sale

westseattlecondos.info

 

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.