The Seattle Condo Blog | 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.

Enclave interior

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.

The Escala Condominium will re-open to the general public beginning this Saturday, March 27th.

Seattle’s most recently completed high-rise luxury condominium tower is coming back from a two-month hiatus after switching directions with new marketing and sales teams, revamped amenities and revised pricing. For more information about the changes and building amenities please see my prior post.

Current pricing information:

“A” Plan, 1 bedroom / 1.5 baths
Total living SF 1,054 (Interior 952 SF, Exterior 120 SF)
Floors 3-19 with North or South views
Currently available A units are priced from $384,000 to $554,000.

“B” Plan, 1 bedroom / 1.5 bath
Total living SF 1,110 (Interior 910 SF, Exterior 136 SF, Vestibule 65 SF)
Floors 3-19 with East or West views
Currently available B units are priced from $384,000 to $554,000.

“C” Plan, 2 bedrooms / 2 baths
Total living SF 1,780 (Interior 1,607 SF, Exterior 173 SF)
Floors 3-24 with NE, NW, SE & SW views
Currently available C units are priced from $$699,000 to $1,124,000.

“D” Plan, 2 bedrooms + den / 2 baths
Total living SF 2,182 (Interior 1,955 SF, Exterior 240 SF)
Floors 20-24 with North or South views
Currently available D units are priced from $1,250,000 to $1,450,000.

“E” Plan, 2 bedrooms + den / 2 baths
Total living SF 2,226 (Interior 1,878 SF, Exterior 283 SF, Vestibule 65 SF)
Floors 20-29 with West or East views
Currently available E units are priced from $1,090,000 to $1,625,000.

“F” Plan, 3 bedroom / 2.5 baths
Total living SF 3,073 (Interior 2,442 SF, Exterior 531 SF, Vestibule 100 SF)
Floors 25-29 with NE, NW, SE & SE views
Currently available F units are priced from $1,600,000 to $2,250,000.

View available Escala condos for sale.
____________________
The Seattle Condo Blog

The folks at Escala Condos and TeamBuilder have been busy redefining the Escala experience during the past few weeks. Now, the $370 million condominium development is set to officially reopen its sales center on March 27th, though it sounds like they’ll soft open on March 15th according to rep with TeamBuilder.

Out of the 80 or so pre-sale buyers, 6 have closed and about 35 are expected to continue with their purchase at this writing…that’s around 15% of the units sold.

The most significant change to the project is pricing with homes now starting as low at $384,000 for a 952 square foot one-bedroom (B layout), $699,000 for a 2-bed + 2-bath home (C layout) and from $1,574,000 for a 3-bedroom 2,442 square foot home. I spoke with a pre-sale buyer who’s unit was reduced 28%, which is approximately the figure that’s been floating around from other buyers. However, I’m told the percentage will vary by layout/location.

In looking at Escala’s first release pricing sheet dated 7/2006, the “B” layout plan units ranged from about $500,000 to $800,000 (before they starting raising prices) and now they’re between $384,000 to $550,000. The “C” plan homes now range from $699,000 up to $999,000 for a 20th floor unit. Back in 8/2006 those homes were priced from $800,000 to $1,600,000. The prices today are well below those during the market’s peak in 2006/2007.

Pricing has dropped low enough that the project has applied for FHA approval. This is striking considering how the property was originally marketed – very upscale, a private social club with hugely expensive memberships, homes with private elevators and vestibules – to potentially being FHA eligible.

The other significant change to the project is Club Cielo, which will remain but in a far more limited form. Rather than a fully staffed and managed social club and restaurant with outside membership, the facilities remain (bar, kitchen, dining room, wine grotto and dining space, terrace, theatre and spa/fitness area) but only for use of residents on a pay-per-use system. Residents may schedule fitness trainers and masseuses or cater their own parties in the club’s dining room and bar. As a result, homeowner dues have been reduced from $.85 to $.58 per square foot.

There are eight levels of underground parking. All homes come with parking and there will be extra spaces available for purchase as well. The wine grotto has 271 storage lockers available with each locker holding two cases. I’ve heard conflicting info, but most likely they will be available to residents on a first-come, first-served basis.

The spa and fitness areas are spacious with professional quality equipment, two resistance lap pools, hot tub, 4 or 5 massage rooms and a yoga studio.

The building and homes are gorgeous. The amenities impeccable. The pricing, fairly attractive comparatively. Considering new construction condos offering homes at the similar price points – Enso, Olive 8, Volta – it’s hard to beat Escala for its overall quality, finishes, uniqueness, views and level of amenities.

View available Escala condos for sale.

Condominium websites:
Escala
Enso
Olive 8
Volta

Condo blogger James Stroupe just posted an update on Escala. Apparently, changes are in the works from a new sales team (TeamBuilder JLS) to possible adjustments in pricing, HOA Dues and the condo’s relationship with Club Cielo.

UPDATE 2/2/2010:
Additional information from the Seattle Times indicate:
1) Prices are to be reduced (that’s expected)
2) 5 Buyers have closed with another 67 pending
3) Current buyers will be contacted to review contracts / pricing
4) Club Cielo services may be scaled back

Yesterday, Escala unveiled Club Cielo, a $30 million private club and the first to open in Seattle in more than two decades. The exclusive 25,000 square foot Club Cielo was selected to provide signature amenities to residents of Escala, including venues to socialize, entertain and refresh.

Here’s just a few of Club Cielo’s premier services and amenities:

• An exclusive dining room and bar, including a garden terrace.
• Full-service day spa offering massage therapy, facials, manicures and pedicures.
• A professional grade 5,200+ square foot fitness center offering strength and cardio training equipment, two resistance lap pools, a yoga and Pilates studio and on-site certified instructors.
• A large theatre / multi-purpose room for private screenings, presentations or parties.
• A climate-controlled Wine Cave for up to 9,000 bottles, with an adjoining intimate dining room.
• Access to private chefs, car service, housekeeping service, personal assistants and animal care and dog walking services.

Club Cielo will also offer a limited number of memberships for non-residents.

Scheduled for completion in 2009, the signature Escala development will have 275 luxury condominium homes ranging from $500,000 to well over $5,000,000. Club Cielo will be operated by Columbia Hospitality whose other managed properties include the Salish Lodge & Spa and the Kenwood Inn and Spa in Sonoma Valley.

For more information on Club Cielo, please visit www.clubcielo.com.
For more information on Escala, please view our post or visit www.escalamidtown.com.

Club Cielo’s second floor entrance

Club Cielo’s Wine Cave private dining room

Club Cielo’s fitness center

Escala’s glass enclosed grand lobby from 4th Avenue

Escala’s fireside lounge

Renderings courtesy of Club Cielo / Escala