The Seattle Condo Blog

Excerpted from press release.

The developer of the Hjarta Condominium in Ballard and Florera at Green Lake, Pryde + Johnson, will reintroduce condo sales within two partially leased buildings by offering current tenants and new buyers discounts up to 35% off original list prices. Inventory will be officially released for sale on March 27, 2010 as part of a bulk sales approach where the seller offers a volume sales discount in exchange for quick closings.

“We’re meeting the market on price and are committed to selling through as condominiums,” said Curt Pryde, principal of Pryde + Johnson and developer of both Hjarta and Florera Condominiums. “Homebuyers will also benefit from our preferred selection, FHA financing (3.5% down payment), today’s low interest rates and other limited-time incentives such as Federal tax credits up to $8,000 (for purchases contracted before April 30, 2010).”

Anticipating the market correction, Pryde restructured debt to lease unsold homes upon delivery in 2009 – many with an option to purchase. All leases expire in 2010 and will not be extended, he said. “We’re offering unparalleled product at a tremendous value,” said Pryde. “This is reflected in attractive monthly payments and provides for capital appreciation – the law of supply and demand will put upward pressure on values over time.”

As a first phase release, 12 homes will be available for sale at Florera along with 18 homes at Hjarta (30 homes total). Additional homes will be offered for sale as they become available and after current residents consider their purchase option.

• Studios (578 – 598 sq. ft.) will start from $244,950;
• One bedrooms (614 – 921 sq. ft.) will start from $274,950,
• One bedroom plus dens (792 – 923 sq. ft.) will start from $314,950;
• Two bedrooms (1,037 – 1,447 sq. ft.) will start from $399,950
• Two bedrooms plus den penthouses (1,331 – 1,578 sq. ft.) will start from $589,950

Realogics Sotheby’s International Realty will represent Pryde + Johnson in their bulk sales program. The local brokerage firm drove dozens of sales at Eleven Eleven East Pike on Capitol Hill and The Decatur on First Hill using a similar volume sales approach instead of an auction.

“We help sellers find the market and offer buyers auction-like prices without the gavel,” said Sam Cunningham, broker and partner in Realogics Sotheby’s International Realty. He points to numerous auctions in the Seattle area, which advertise minimum bid prices up to 60% off but after minimum reserve prices and prevailing market demand, result in sales discounts 20 – 35% off previous list prices. “Recently announced condo auctions and price drops in downtown Seattle will help draw buyers off the fence and into the greater marketplace,” he added. “Considering this highly competitive sales environment and perishable tax credits – it’s a great time to be a buyer.”

With the Florera (website) wrapping up Phase I, it’s time for an update (see my previous visit and review).

The Florera is a new condominium project developed by Pryde + Johnson, builder of Hjarta and Ashworth Cottages. Phase I consists of 59 studio, one-bedroom, one-bedroom + den and two-bedroom homes located just a couple of blocks from Seattle’s active Green Lake Park.

As I toured the finished product I was pleasantly impressed by how well Florera turned out. The floor plans are efficient and feel larger than the stated square footage. The homes have above average and “green” finishes such as bamboo floors (natural & dark stained), concrete or recycled terrazo countertops and zero-VOC paint. Though, some changes are being made, namely replacing some of the terrazo countertops with quartz and removal of the corny wall-mounted fireplaces.

Other features include stainless backsplashes, oversized windows, GE Profile appliances including a gas range and double door refrigerator with bottom mount freezer and front loading washer and dryers. The two-bedroom two-bath units also come with a heat pump and air conditioning system.

Read the full story

Not far from Seattle’s most active park sits Florera Greenlake (website will be updated shortly) the newest condominium project in the Green Lake neighborhood. Developed by Pryde+Johnson, Florera is a green constructed building featuring finishes made from sustainable resources and is targeting LEED Silver certification. The project is located at the corner NE 70th and NE Ravenna Blvd (map).

Florera features 80 studio, one-bedroom, one-bedroom + den and two-bedroom homes which will be completed in two phases. Phase I, which has been topped off, features just over 50 homes and is expected to be completed this October. Phase II, where the current sales office is located, will include 18 units and is expected to break ground later this Spring with a 2008 completion date.

Standard features & amenities include:

• Choice of finishes – Zen, Quarry, Bathouse
• Bamboo Flooring
• Eco-terrazzo countertops
• Terraces or balconies
• Stacked front-loading washer & dryer
• Roof top deck with BBQ
• P-Patch for residents
• Central courtyard
• A common Amenities room (club room, wi-fi)
• A Flexcar
• Pet-friendly, two pet limit w/breed restriction

All homes come with one parking space though the larger two-bedroom corner units have two parking spaces. Storage will be available as an option ($4,500 to $6,000) that’ll be located in the Phase II building, so residents will need to wait till 2008. Views of Green Lake are available from the 4th floor units and roof top deck.

• Studios range in size from 572 to 583 sq ft and priced between $329,950 to $344,950
• One-bedrooms range in size from 640 to 795 sq ft with prices from $349,950 to $455,950
• One-bedroom + Alcove or Den range in size from 784 to 912 sq ft with prices from $405,950 to $495,950
• Two-bedrooms range in size from 920 to 1,201 sq ft and are priced from $595,950 to $849,950

View Price List (PDF)

As of today (2/24), nine homes have been sold. The sales office is open Friday thru Monday, 11 AM to 4 PM or by appointment. The sales office includes finish samples and floor plates, but there are no vignettes or model available.

Pre-sale process:

• Select preferred plan and take a hard hat tour. Tour appointments are available on the weekends from 11 AM to 3 PM on the hour.
• Earnest Money is due at time of the purchase and sale; homes up to $349,950 require a $7,500 deposit, homes from $350,000 to $499,000 require a $10,000 deposit, and homes over $500,000 require a 3% deposit.
• Pre-qualification by the preferred lender, Wells Fargo ($1000 buyer bonus towards closing costs).
• Public Offering documents and HOA dues info will be provided within 60 days of the purchase and sale.
• Your own buyer’s agent can assist you with the pre-sale process.

Prices are comparable to city-core developments, though Green Lake properties do come at a premium. Deciding to buy and live at Florera is a lifestyle choice. It does not have many common amenities; developers took into consideration that most residents would take advantage of Green Lake Park just two blocks away. And, unlike downtown, Florera is the only major condominium project in the area and the first at Green Lake in over 4 years.

Please see the updated review post – Florera Greenlake Condos.

The Florera Greenlake will open its sales center to the general public on Sunday, November 12th at 10:00 AM. The Florera is an 80 unit building just a couple of blocks from Green Lake (corner of Ravenna Blvd & NE 70th St) and is targeting LEED Silver certification (green construction).

A special by-appointment preview event will be held on November 11th for those who pre-registered on their website.

UPDATE: Please see the Florera Greenlake review post.

Located at the old Key Bank lot on Ravenna Blvd, Florera is one of the few new green buildings currently under construction.

Florera will include 80 studio, one-, two- bedroom units. Expected occupancy is set for Summer 2007. Visit Florera Greenlake.