The Seattle Condo Blog | Seattle Condos and Lofts

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.
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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

Another Belltown condo project
The Schuster Group, developer of Mosler Lofts, purchased the site just south of the Bellora at Cedar and Elliott, according to the DJC. Earlier proposals for the site included a mid-rise apartment and condo projects. At one point one of the proposed projects was called “Bellora 2″.

Schuster’s current plans for the site is a “green” condo project which is zoned to 125′ for residential buildings. No time frame has been provided.

Insignia Towers
The DJC also reported that construction of the Insignia Towers project at 5th between Bell & Battery has been postponed, possibly until 2009. Insignia’s developer, Embassy Development, attributed the sluggish market for their decision.

Escala
As was widely reported earlier this week, Escala announced they’re increasing the prices of their remaining inventory. While the overall adjustment reflects a net increase, sources indicate that they also reduced prices on some of the units the east side of the building.

The National Sales and Marketing Council announced its 2008 “The Nationals” Gold Award winners this past Wednesday in 59 categories. The awards honor new-home sales and marketing homebuilders, developers, associates, and consultants. From among the 1,400 entries, Seattle winners were represented by Escala and Veer Lofts (Vulcan):

• Best Buyer Retention Program – Escala
• Best Sales or Information Center – Vulcan’s Discovery Center at SLU
• Best Attached Home Plan, High-Rise – Escala
• Best Attached Community of the Year – Veer Lofts

Other awards include:

• Best Website – Escala
• Best Logo – Veer Lofts

On the Horizon

Eastlake area – Ruby Condominiums (website) at northern tip of Eastlake Ave E at E. Allison.

Lower Queen Anne – Luxe Condominiums (website) at 500 5th Ave W. Thirty-nine flats starting from the low $300,000s.

Escala Unveils Revamped Website

Escala unveiled a new website with additional features including home floor plans, an impressive virtual tour and a webcam.

Fini Preview Event Update

Fini’s VIP Preview Event will be held next weekend, May 5th & 6th from 11:00 AM to 6:00 PM at their presentation center at 6802 Greenwood Ave N. (map). Homes will be available for purchase at the preview event with a 5% deposit.

Seattle Condo Expo 2007

Click here for updated event info.

The Seattle Condo Expo and Realtor Symposium is set for May 19th & 20th at the Westin Hotel. Tickets will go on sale on May 1st and those interested in attending can register on their website. The cost of the event is $10 and can be purchased at www.SeattleTixx.com.

Kiro Radio has several short podcasts of interviews with several leading individuals in the Seattle condo craze including the developers of AVA & 1 Hotel, Blaine Weber of Weber + Thompson, Dean Jones of Realogics and economist Matthew Gardner of Gardner-Johnson…to name a few.

The event has blossomed into a two-day expo with a consumer focus. Last year, it was a single evening event aimed towards Realtors. The change this year sounds like a great opportunity for the buyers to immerse themselves with various projects at a single location as well as provide an opportunity to meet with architects and developers.

Escala

Escala broke ground this morning. I didn’t stick around for the ground breaking but I did tour the recently completed 2,600 sq ft penthouse model unit; it’s impressive.

8th and Pine

300+ unit condominium, completion expected for 2009.

Seneca Towers

A 7- and 24-story tower project with 210 residences ranging from 450 to 1,600 square feet. Ground breaking is slated for mid-2007, developed by Levin Menzies. Located at 8th and Seneca overlooking Freeway Park.

CarrAmerica

Located in the South Lake Union District, CarrAmerica is a 5-building mixed-use office, retail & residential development. No dates yet.

Images:

8th & Pine

Seneca Towers