The Seattle Condo Blog | Seattle Condos and Lofts

The Gallery Condominium in Belltown is about to close out…they are down to the final unit for sale. Despite being caught by the market crash and having to utilize alternative sales methods (auction and a buy-it-now event), Gallery is reaching a milestone few of the newer downtown condo buildings have accomplished.

With the exception of the abandoned Volta project, Gallery is Belltown’s final condominium to sell out from the last construction cycle. This is definitely good news for Seattle’s condo market.

Unit #120 is a street-level two-story loft townhome unit available at $399,900. The spacious 1,142 square foot unit features a loft-style bedroom, a separate den area, and exterior and interior building access. This unit was the former on-site sales center for the project and can be permitted for live/work loft use.

Gallery is FHA approved and the final buyer is eligible for a buyer bonus up to 3%. The unit also includes a mounted flat screen tv and a wired speaker system.

Interested? Let us know and we’ll schedule a private tour of the unit.

Disclosure: Gallery is an advertiser of 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

A couple of condo related events are coming up this week including an investment seminar and a design review board meeting for the Joseph Arnold Lofts. While Joseph Arnold Lofts is an apartment building, it is being proposed on a lot adjacent to two condo buildings – Klee Lofts and Bellora. Also, 7800 Plaza and Gallery are looking to close out sales this summer.

“Finding a Way with Your IRA” – Investment seminar

Realogics Sotheby’s is hosting a seminar for leveraging IRA’s (Individual Retirement Accounts) for investing in downtown’s opportunistic real estate market. A panel of experts has been assembled to explore myths and facts with using IRA’s for income property, to discuss available financing options and the review the overall housing marketing in downtown Seattle.

Click for more info and to RSVP

7800 Plaza – Mercer Island

Mercer Island’s only new condominium is the 7800 Plaza building located in the island’s downtown town center. Completed last summer, the 24-unit concrete and steel built 7800 Plaza Condominium is down to its final 5 homes for sale — all are two-bedroom + den homes ranging from 1,300 to 2,000 square feet. The homes are available from $499,950 to $749,950.

Visit the 7800 Plaza website
View 7800 Plaza condos for sale

Gallery Condominium – Belltown

The Gallery Condominium at 2911 2nd Avenue in Belltown is close to selling out the building. After an auction and a buy now event earlier this year, the 233-unit Gallery has 14 new homes remaining for sale and is offering a 3% buyer bonus incentive. Current prices range from $230,000 to $405,000.

I took a look at a few of the remaining open one-bedroom homes and prices have reduced more than $100,000 from their 2008 levels…about a 31% decrease overall.

Amenities at Gallery include concierge services, two guest suites, a supper club with a private dining room and Sky Lounge, a lobby that features rotating exhibits by local artists and two rooftop view decks with grilling areas.

Visit the Gallery Condo website
View Gallery condos for sale

Upcoming Land Use Meeting

A second design review board meeting for the Joseph Arnold Lofts apartment building has been scheduled for June 28th. Joseph Arnold Lofts, which is being developed by the Schuster Group (Mosler Lofts) is located at 2700 Elliott Avenue, adjacent to the Bellora and the Klee Lofts.

When:     June 28, 5:30 pm
Where:    Seattle City Hall Room L280

Download the Joseph Arnold Lofts design guide (note: it’s a 55 MB file).

Disclaimer: Realogics Sotheby’s and Gallery Condominium are advertisers of Seattle Condos and Lofts at the time of publication.

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.

Gallery Condo is ditching the open auction format of 25 open one-bedroom and one-bedroom homes that was slated for tomorrow, Saturday, March 5th.

At the root of the issue, apparently, is few qualified buyers due to tighter credit and loan qualification requirements. It sounds as though, had they proceeded with the auction, the likelihood was high that they’d have too few bidder and that the winning bidder’s financing could fall through making the auction a bust, so they’re opting for a one-day “Buy Now” event. With the new format they’ll provide home sale opportunities to buyers individually on a first-come, first-served basis, which sounds similar to the what Veer Lofts initially tried. This will also ensure that buyers are financially qualified and will complete the sale.

The Buy Now event is open only to those who had previously registered during the auction campaign; it is not open the public and will take place at the Gallery Condo building in Belltown.

Hat tip to Matt who’s got more details at Urbnlivn.com.

Olive 8 Condominium

Downtown Seattle’s Olive 8 Condominium reported they’ve taken in 15 new home sales, representing about $10 million, since their January 1st pricing reset.

“(These) new closings will satisfy a third of our remaining construction debt,” said David Thyer, President of RC Hedreen Company. “We consider Olive 8 to be stable, with a minimal debt/unsold home value ratio. And we feel the homes are well positioned in the marketplace.”

RC Hedreen Company is planning on transitioning control of the Home Owner’s Association to the residents this Spring. “Our community belongs to the homeowners and not to a bank,” added Thyer. “This is a pivotal milestone for Olive 8 and it demonstrates our commitment to delivering certainty, stability and enduring value within the building.”

Visit Olive 8

Trace North

Trace North, located in the Pike/Pine Triangle area of Capitol Hill has just 15 homes remaining – a mix of studio, open one-bedroom, one-bedroom and two-bedroom units. Trace recently reduced prices with homes now starting from $199,950 and ranging up to $444,950.

Visit Trace North

7800 Plaza

Mercer Island’s boutique 7800 Plaza Condominium development has now sold over 60% of its inventory, leaving just 9 two-bedroom homes available.

The concrete and steel constructed 7800 Plaza is located in the downtown district of Mercer Island, close to numerous shopping and dining options. Prices range from $479,500 to $749,500.

Visit 7800 Plaza

Marselle Condominium

The Marselle Condominium, located just north of Belltown, is 65% sold. Homes are priced from $219,990 for an open one-bedrom unit, from $349,990 for two-bedrooms while the two-level penthouse townhomes start from $479,990. Marselle is approved for 3.5% down FHA or VA financing.

Visit Marselle Condo

Gallery Condo Auction

The March 5th Gallery Condo auction is just two-weeks away. Two positive items to note about this particular auction are: (1) there is no hidden/unpublished reserve amount, so the highest winning bid is the selling price, and (2) the developer is offering a buyer’s bonus up to 3% of the purchase price. The auction features 25 open and one-bedroom homes and are FHA/VA eligible.

Visit Gallery Auction

If you’d like to learn more or to set up a tour of these wonderful Seattle condo opportunities, we’re here to help. Just call, text or drop us a note.

Disclaimer: Olive 8, 7800 Plaza and Trace North are current advertisers of The Seattle Condo Blog at time of publication.

Update: On March 4th, the developer changed the format of the auction, cancelling the public auction that was scheduled for March 5th at the Grand Hyatt. Instead, the Gallery condo units slated for auction will be sold through a “Buy Now” event, open to those who previously registered for the auction. At the Buy Now event, which is being held at the Gallery Condo building, the sales staff will meet with buyers individually on a first-come, first served basis.

Schnitzer will auction 25 additional open one-bedroom units at their Gallery Condominium building in Belltown on March 5, 2011 at the Grand Hyatt hotel in Seattle. This auction follows a similar format as Schnitzer’s previous auction of 43 Gallery Condo units back in September 2009.

Auction website: www.auctionthegallery.com

Update: adding press release info & table of homes

SEATTLE (January 26, 2011) – Gallery Condominium, LLC has saved the best inventory for last of its new Belltown condominium homes. Accelerated Marketing Partners (AMP) will launch the final close-out of the new home inventory. The auction will be held on March 5, 2011 at the Grand Hyatt in downtown Seattle, providing a rare opportunity for prospective homebuyers to purchase a new condominium at steeply discounted prices. Gallery is currently more than 80 percent occupied, due in large part to the highly successful auction AMP conducted in September of 2009.

Situated at 2911 Second Avenue, Gallery offers outstanding views of Elliott Bay, the Space Needle and Mount Rainier. Several homes slated for auction at this one-day event are the open, one bedroom/one bath plans with a variety of square footage layouts. These homes are ideal for the professional, empty nester, and as well as the perfect pied a terre for very special “city” living. The innovative designs offer maximum use of space, ranging in size from approximately 571 to 672 square feet. Buyers can choose from a number of configurations to define living areas and bedroom areas. Included in this sale is also a new one bedroom/one bath plus den at approximately 883 square feet with exceptional views of Elliott Bay.

Prior to the auction, prospective buyers will have an opportunity to view all available auction units as well as fully furnished models and examples of the partitioned, open floor plans. The Auction Information Center and models will be open daily from 10 am to 5 pm with extended hours on Thursdays until 7 pm. Additional information is available at www.AuctionTheGallery.com or through Gallery’s auction concierge services at 1-888-982-8988.

“This exciting auction opportunity will be the last chance to allow homebuyers to determine value within this successful new residential Seattle condominium development. Home buyers can feel comfortable and confident they are participating in a transparent bidding process,” said Ken Stevens, west coast CEO of Accelerated Marketing Partners, a national, full-service real estate firm that conducted the previous launch auction events at Gallery and its sister property, Brix.

Ideally located at the north end of Belltown, Gallery is perfectly situated to capture Space Needle views to the east and Elliott Bay panoramas to the west. Gallery features abundant amenities within its concrete and steel frame construction, customized floor plans and upscale finishes. Features of these homes include European-styled kitchens with custom cabinetry, slab granite or microcrystal countertops and premium stainless steel appliances; floor to ceiling windows; hardwood floors; and generous balconies.

Amenities include a full-service concierge staff, a two-story lobby, Owners Lounge, an exclusive Supper Club and Sky Lounge. Whether entertaining a large crowd or hosting an intimate dinner for eight, Gallery is designed to accommodate.

Auction brochure (pdf)

This week’s condo wire digest – Gallery buyer promotion, 1521′s milestone, Escala’s up to 50 closings, Eleven Eleven looks to close out, Hjarta and Decatur keep on going.

Gallery Condominium

The Gallery Condominium in Belltown (2911 2nd Ave) has reintroduced a 3% buyer bonus, up to $10,000 maximum, for homes purchased by October 31, 2010 and closed by November 30, 2010. Additionally, open one-bedroom home buyers may select either a slider or a closet combo build out.

Gallery is now 75% sold with prices starting from $239,000. The development is FHA and VA approved. www.liveatgallery.com

1521 2nd

Downtown’s luxurious Fifteen Twenty-One Second Condominium (1521 2nd Ave) reached a milestone with its 100th closing; the building is 70% sold.

1521′s large upscale homes, which overlook the Pike Place Market and Elliott Bay, are available starting from $1 million. www.1521second.com

Escala Condominium

The Escala Condominium reported they’ve just closed on their 50th home with 80 sales total (30 units in escrow). So, they’ve sold 30% of the building and are 19% closed. No bad considering the competition from Olive 8 and Enso. Escala is FHA approved. www.somethingischangingatescalaseattle.com

Eleven Eleven East Pike

Eleven Eleven (1111 E. Pike St) is making a push to close out the development with its final 10 homes. Prices now start from $239,950. The 27-unit Tom Kundig designed condo building fits snuggly in Capitol Hill’s effervescent Pike/Pine Triangle neighborhood. www.1111eastpike.com

Hjarta Condominium

The LEED Silver certified green constructed Hjarta in Ballard (1530 NW Market St) is now 50% sold. Unlike other recent Ballard condo developments, Hjarta is green constructed with a mind towards energy and water efficiency as well as indoor air quality. Further, Hjarta is a concrete and steel building, not wood frame like most of the other newer Ballard condos. I know a number of people have commented about the higher prices at Hjarta compared to other developments, but it has a superior construction quality, which may save $$ over time. The development is FHA approved. www.hjartaballard.com

The Decatur Condominium

Slowly but surely First Hill’s Decatur Condominium (1105 Spring St) keeps on closing with 3 sales in the past week. The building is now 70% sold with homes starting from just $189,950. The Decatur is part of the New Home Council’s Fresh Ideas Tour. www.ownthedecatur.com

The Danielle Condominium

The Danielle Condominium in Ballard reports they are scheduled for completion mid-summer and have pre-sold 15%. The development features 31 one-bedroom, one-bedroom + den and two-bedroom homes starting from $229,950. The Danielle expects to have FHA approval shortly which should spur sales.

The building is located at 5803 24th Ave NW, kitty-corner from the new Ballard QFC and Ballard Commons Park.

www.DanielleCondos.com

Gallery Condominium

The Gallery Condominium in Belltown is offering a limited time buyer bonus offer. For purchase contracts written between June 18, 2010 and August 31, 2010, Gallery is offer a 3% buyer bonus up to $10,000. Prices start at $239,000 and they are now 75% sold!

Gallery is located at 2911 2nd Avenue, blocks to the Olympic Sculpture Park and the Seattle Center.

www.LiveAtGallery.com

Copper Lantern Homes

Kenmore’s Copper Lantern Homes report they’ve just reduced prices. For example, a one-bedroom condo unit reduced from $161,920 to $136,000 while a two-bedroom townhome went from $199,500 to $180,000. Also available are one remaining three-bedroom townhome listed at $224,500 and one four-bedroom for $240,000.

Copper Lantern was developed by the Low Income Housing Institute (LIHI) to provide first-time home buyers who meet income qualifications the opportunity for affordable homeownership. Copper Lantern is located at 7026 NE 182nd Street, Kenmore, WA.

www.CopperLanternHomes.com

The take away from the Brix and Gallery Condo auctions, held on September 27, 2009, is that there is a strong demand for condo ownership and condo deals. Between the two auctions there were at least 500+ people in attendance, though not all were bidders. The bidding was very active and virtually every auction lot was competitive.

I think it’s fair to say the results exceeded people’s expectations (selling prices were higher than anticipated). The winning bids at Brix averaged $410 per square foot and sold for approximately 70% of the last offer prices (30% discount). The results at Gallery were equally strong, averaging $439 per square foot and selling for about 68% of the last offer prices (32% discount). In comparison, the last auction at Lumen averaged $347 per square foot and sold for only 62% of the last offer prices (38% discount).

Upper-level one-bedroom view units at Gallery were going for as much as $550 per square foot, while lower-level alley facing units averaged about $350 per square foot. At Brix, the one-bedroom flats commanded higher per square foot prices, generally above $400, while the multi-level lofts and townhomes were in the high-$300′s.

Per Schnitzer West, the auctions generated nearly $30 million in sales. In all, there were over 420 bidders who attended the two auction events, with more than 3,300 total site tours in the weeks leading up to the auction.

Click below for PDF:

Brix Auction Results

Gallery Auction Results

View available Brix and Gallery condos for sale.

From other blogs:
Urbnlivn.com: Brix & Gallery Auction Wrap Up
CHS Capitol Hill Seattle: Did The Brix and Gallery Auction Buyers Get a Good Deal?
Courtney Cooper: Gallery Auction Results: Belltown Real Estate Unveiled
Urban|IMG: The Auction Results