The Seattle Condo Blog | Seattle Condos and Lofts

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.

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

 

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.

It Came From Outer Balcony

The Seattle Times reported that glass panels have fallen from the balconies of Seattle’s most exclusive condominium, the Four Seasons Private Residences. Three times in the past year.

It happened again Sunday, the third time in a year that glass has rained down from condominium balconies at the Four Seasons Hotel and Private Residences just south of Pike Place Market.

Now the owners are taking out all 300 tempered-glass panels in the building, panels similar to those that fractured and fell this summer at high-rise condos in Austin and Toronto.

Counting reading at the Seattle Times.

The South End Shall Rise Again…eventually

Sales at the Burien Town Square condominium project was supposed have gotten off the ground on August 1st.  It didn’t. Then by late August.  It didn’t.

The latest update from various sources indicate a possible a mid-to-late September re-launch, but even that’s not certain. It’s a great project and there aren’t many options for the south end buyers…hopefully they’ll get things rolling soon.

The Endgame Cometh

A number of condominium projects have the finish line in sight and are racing to close out sales by the end of the year, some with substantial price reductions.

At Mercer Island’s 7800 Plaza Condominium four homes remain, which were recently reduced $50,000 to $75,000. The concrete and steel constructed building features two-bedroom luxury homes that are now available from $449,500 to $674,500. View units for sale.

The resort inspired Point Edwards Condominium in Edmonds is down to its last three homes, and they too, have taken huge price drops…up to $100,000. The three unsold new units range from $349,950 to $994,950. On the other hand, there are seven competing resales currently available at Point Edwards. View units for sale.

A conversion project in Bellevue, the Riverstone, is down to its last home. Unit #100 is an 803 square foot one-bedroom available for $157,500. It features slab granite counters in the kitchen, stainless steel appliances and an enclosed patio. The complex is FHA approved. View listing details.

Back in Seattle, three home units went under contract in August at the Enso Condominium in South Lake Union. With those pending, there are now seven units remaining including a two-level penthouse home, though only four units are listed in the MLS. View Enso condos for sale.

Ballard Days of Summer

The two condo buildings with available developer inventory in Ballard are the Danielle and Hjarta. Between the two, they’ve sold (closed) nine homes since June 1st…three at Danielle and six at Hjarta. That’s pretty good. Though, there hasn’t been a sale at either project in the past 3 weeks, neither have any pending sales.

View Hjarta condos for sale

View Danielle condos for sale

Disclosure: Hjarta is an advertiser of Seattle Condos and Lofts.

In a Seattle Times article this morning, the Four Seasons Hotel and Private Residences had been in dire financial straits but was able to secure a reprieve:

Downtown Seattle’s ultraluxury Four Seasons Hotel & Private Residences is out of financial trouble, its developer said Tuesday, thanks to a fresh infusion of cash from its original investors that allowed it to restructure debt.

The firm said it had defaulted on its construction loan in December 2009, and until last week the 21-story, $180 million complex was at risk of foreclosure or bankruptcy.

Continue reading at Seattle Times.

According to the NWMLS, there hasn’t been any sales (pending or closed) at the Four Seasons Private Residences since last October.

The 1521 Second Condominium, Seattle’s other uber luxury condominium tower downtown, have had 15 sales (pending and closed) since October, ranging from $1,035,000 to $3,475,000. With those sales, the 1521 Second development is now 80% sold.

View the Four Seasons website
View the 1521 Second website

View Four Seasons Residences for sale
View 1521 Second Residences for sale

Disclaimer: The 1521 Second Condominium was an advertiser at the time of publication.

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 Four Seasons Private Residences recent closed on the highest valued condo sale in the Seattle market this year. A two-level 5,256 square foot penthouse shell sold for $7,198,000. Another home at the Four Seasons sold for $6,300,000 earlier this year. Presently, only 11 luxury condo homes remain available at downtown Seattle’s most esteemed residential address.

At the other end of the spectrum, the more affordably priced condos at the Danielle in Ballard are also selling well. Though only on the market since Summer, Danielle is already 30% sold. That’s a great pace for a new condo development considering the state of the Seattle condo market. The project is also FHA approved which may account for their brisk sales.

The Sanctuary (First Church) townhome development on Capitol Hill hasn’t been as lucky. The Capitol Hill Seattle blog reported (via Urbnlivn) the landmark building’s redevelopment is in a bit of a financial conundrum. According to CHS, the bank holding the construction loan is seeking a judgement against the developers for the $9.2 million outstanding.

From the Seattle Times this morning, the Four Seasons Private Residences Seattle hasn’t been paying its bills. Read the full article.

More than a year after the $120 million Four Seasons Hotel and Private Residences opened to considerable fanfare, a dozen firms that designed and built the ultraluxury project say they haven’t been paid in full.

They have recorded claims totaling more than $34 million against the downtown Seattle building. The largest lien, for $23.7 million, was filed in August by Lease Crutcher Lewis, the project’s general contractor.

Two Four Seasons subcontractors and lien claimants — Redmond millwork installer Surgent and Silverdale mechanical contractor Stirrett Johnsen — filed separate suits in King County Superior Court last month.

The lawsuits name Lease Crutcher Lewis, SHG, each owner of the building’s posh condos and a host of other defendants, and seek judgments totaling more than $1.8 million against Lewis and two other contractors.

With the opening of the new Seattle Four Seasons Hotel and Residences in downtown, news have been plentiful.  The 21-story $150 million project includes 147 hotel rooms (levels 3-10) and 36 uber-luxurious condominium homes (levels 11-21).

Project details:

• 11 unsold condo units range from 1,300 square feet to more than 7,000 square feet. Prices range from $2 million to more than $15 million — an average of around $2,100 per square foot.
• Hotel room rates start at $365.
• Fran’s Chocolates has opened in one of the two available commercial spaces. Four Seasons veteran Kerry Sear, former chef and owner of Cascadia in Belltown, runs Art Restaurant and Lounge, the hotel restaurant.
• Hotel features include a business center, 4,900-square-foot ballroom, five meeting rooms, a fitness room, 6,000-square-foot spa, and an outdoor pool and fireplace.
• The first condominium owners moved in earlier this month.
• The new public stairway between Union Street and Western Avenue has 103 steps. 
• The ownership group’s managing principals include John Oppenheimer, CEO of Columbia Hospitality; former Seattle Mayor Paul Schell; and Tom Alberg, managing director of Madrona Venture Group. Other investors include Bruce McCaw and the Muckleshoot Indian Tribe.

View available Four Seasons Seattle Residences for sale.

Linkage:

The Four Seasons Seattle website

Four Seasons delivers a jolt of urban energy - DJC

How Four Seasons returned to Seattle – DJC

In the lap of luxury at Four Seasons – Seattle PI

Four Seasons Grand Opening Photos: Amenities – Stroupe Condo Blog

Photos from 11/14 Broker’s Event:

Model Home Unit

View of terrace from 11th floor model home:

Hotel room:

The $1 million floating stairway:

 

 

 

Equinox:
The Equinox sales team report that they’re off to a quick start. Eighty-five percent of those with appointments during the first weekend purchased a home.

Four Seasons:
The uber-exclusive Four Seasons reached a construction milestone this week as the new landmark building rose above street level. At this pace, each floor will be completed every two weeks.

Pioneer Properties:
Preservation-focused Pioneer Properties report they are gearing up for the release of their next three projects later this Spring. They include The Pittsburgh (lower QA), The Nord (Pioneer Square) and The Betsy Ross (Capitol Hill).

Carbon 56:
Carbon 56 recently adjusted their prices. Some units increased in price, some decreased. I’ve updated the most current price list on the Carbon 56 posting.

CityView at Leschi:
CityView indicates they are more than 25% sold. A great start for this conversion project.

——————————

Site Maintenance:
I will be working on some maintenance issues this weekend. While I don’t expect any problems, the last time I manually upgraded software the site was unavailable for a few hours.