The Seattle Condo Blog | Seattle Condos and Lofts

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

Developer Schnitzer West, who earlier this month converted their Equinox condo development in Eastlake to apartments have just announced they are auctioning the remaining units in their two other Seattle properties – The Gallery Condominium in Belltown and Brix Condominium on Capitol Hill.

The auctions for both properties will be held on Sunday, September 27th at the Grand Hyatt Seattle (721 Pine Street). Brix goes first starting at 1:00 PM with Gallery starting later at 6:00 PM. The auctions will be conducted by Accelerated Marketing Partners, who previously handled the auction for the 1707 Boylston condo on Capitol Hill.

There are 40 units available at Brix with the minimum bid starting at $165,000 for an open one bedroom. The Gallery has 43 units available with the minimum starting bid beginning from $195,000. Schnitzer clarified that there are more units available but are only offering 83 through the auction process. Presently, their focus is on the 83 auction units so no home will be available for purchase through normal channels until after the auction concludes.

According to their press release:

The auctions will be conducted mid stream of the properties’ sales campaigns, and are not intended to “liquidate” the remaining inventory, but rather will establish market pricing for the projects.

For more information including the full list of homes available, registration and deposit requirements, please click on the following:

Gallery Condo Auction

Brix Condo Auction

Both auctions have a buyer/agent registration policy. Therefore, if you want to be represented by your own buyer’s agent, then your agent must accompany you on your initial visit to the auction center at both Brix and Gallery. If a buyer visits the auction office without their agent, they may be denied their own representation.

The developer’s other condominium project is The Bravern in Bellevue.

Veer Lofts (www.veerlofts.com), Vulcan’s first South Lake Union condominium/loft project to complete (technically the 2200 is not in SLU) received its temporary certificate of occupancy recently, and first move-in is expected shortly.

With Veer, Vulcan seeks to emulate a trendy industrial loft feel with open spaces accented with heavy timber beams, concrete and metal. The six-story building contains 99 homes with three distinct home plans – flats, lofts with a flexible space and two-level full lofts.

Prior to the TCO, our only glimpse of Veer was through the rather limited kitchen vignette at the SLU Discovery Center. And, honestly that single vignette provided an underwhelming impression of Veer, especially when compared to Vulcan’s other under-construction projects – Enso & Rollin Street.

I had the opportunity to tour Veer this week and I must say that it exceeded my expectations; partly because the finish materials are higher quality than originally sampled. And, also because the interior layouts exhibit an efficient use of space. Though, there were a couple of odd quirks. The in-unit exposed sprinkler pipes were not symmetrically installed. There may be a building code reason for this, but visually it was distracting. And, in the common stairwells, the sprinkler pipes hang below the ceiling decreasing overhead clearance, which is only an issue if you’re hauling large items up and down the stairs. At least in two flexi-lofts units I toured, the access point to the loft area was hindered by the ceiling beams that effectively decreased the height of the opening. I’d be hard press to visualize the flexi-loft space as anything other than storage. But, that’s fine. There’s more than ample living space on the main level.

Inside, the light colored concrete floors on the main level and over-sized windows provided more than ample ambient light. In the flats, a 3/4 height kitchen wall allows light to pass through to the sleeping alcove. The top-level full-loft homes are impressive with its soaring 16′ ceiling height, multiple decks and territorial city views. Curiously though, to access the private outdoor space (top-floor units) you’ll need to step out through a window opening, which is smaller than shown in renderings.

Veer Lofts has a number of units available offering an excellent array of home options, primarily flexi and full-lofts. There is only one flat still available, unit #207 that’s being offered at $404,950. This is a 751 square foot unit with windows on three sides offering views of downtown and Lake Union.

The flexi-lofts, located on the 4th and 5th floors, range in size from approximately 600 to 740 square feet and are being offered between the upper-$300,000s and upper-$400,000s. One note about the flexi’s, the stated square footage does not include the loft space, which would add an additional 250 to 350 square feet. The full-lofts, located on the 1st and 6th (top) floor, range in size from approximately 807 to 1,073 square feet. The 1st floor homes start from the upper-$400,000s while the top floor homes begin in the mid-$500,000s.

An on-site sales office and staged model homes will open to the public beginning Thursday, October 9th. The sales office hours are 11:00 AM to 6:00 PM.

View available Veer Loft units for sale.

Veer Lofts Versus …

Three other recently completed new construction developments provide homes with similar layouts to Veer. These include Madison Lofts, Gallery and Mosler Lofts. Here’s my impression on how they compare to Veer.

Madison Lofts
Madison Lofts is a much smaller building with only 20 loft homes compared to the much larger 99-unit Veer. All of Madison Lofts’ homes are multi-level full-lofts with 16′ ceiling height, on-par with Veer’s full-lofts. Homes at Madison Lofts essentially start from the upper-$400,000s, though two larger units with expansive outdoor space begin at just under $1 million.

With a few exceptions, the interior layout and square footage between the two projects are quite similar. But, Madison Lofts scores more points for better construction (concrete/steel vs. wood frame), a more polished interior with better quality finishes and more usable, larger exterior spaces. Veer gains points for its central location, in the middle of the yet to be fully realized SLU district and close to downtown. Madison Lofts, on the other hand, is tucked way next to the arboretum, a good 15-20 minutes from downtown.

Gallery Townhomes
The Gallery condominium in Belltown is in the final stages of completion with residents already moving-in. At one point Gallery offered “SkyLofts”, two-level loft units on the upper floors, but eventually replaced those with single-level flats. Fortunately, for those interested in loft living, Gallery did retain its ground floor loft-styled townhomes. Though, these are aimed towards a different demographic and are larger, ranging in size from 1,000 to 1,195 square feet. They’re also priced quite a bit higher, between $622,000 and $740,300.

Gallery is a concrete and steel building located within the established Belltown neighborhood, so it has an edge over Veer in that respect. With its refined interiors, it lacks the urban industrial character of Veer and Mosler. Gallery offers a greater variety of home options which will appeal to a more diverse homeowner base as well.

Mosler Lofts
The concrete and steel constructed Mosler Lofts, also located in Belltown, offers similar ground floor loft-style townhome units. Mosler has a more industrial aesthetic compared to Veer, with exposed concrete walls and ceilings and exposed HVAC ducts, but does have higher quality finishes and more common amenities.

Presently, only one of the five loft-townhomes is available. It’s a 962 square foot home offered at $579,000, which competes directly with Veer’s top-floor lofts. Although, Mosler has a superior build quality, more amenities and located in an established area, on price, a top-level Veer unit is a compelling option. Veer’s top-floor lofts offer city or lake views, private decks and a greater sense of security.

Veer Lofts is located in Seattle’s most aggressive urban renewal and reinvention projects, South Lake Union. Led by Paul Allen’s vision, SLU is actually an amalgamation of numerous entities that represent diverse interests – educational and research institutions, market-rate and low-income residential development as well as commercial/office developments. Local companies setting-up shop in SLU include Group Health, UW Medicine, Rosetta, Tommy Bahama, Amazon, Microsoft, Weber Thompson and NBBJ. Additionally, Microsoft is expected to be the principal tenant of the 2201 Westlake office building (Enso).

One Main Street – Bellevue, just announced they will begin hard hat tours soon. Call the sales office to make an appointment if you’re interested. Visit www.onemainstreet.com for more info.

Gallery – Belltown, recently relocated their sales office into a townhome unit in the Gallery building at 2nd and Broad. They have a couple of model homes staged and should have seven model homes ready shortly. The first five floors are complete and residents started moving-in this past Friday.

I recently toured the property but the sales staff was a bit disheveled and only had keys to one unit, and couldn’t provide access to common amenities. I’ll reserve judgment of the development until I can get back for a comprehensive tour. But, if there was one item I was disappointed with it was heating – baseboard and stand alone forced air wall heaters, in a $600,000 unit no less. There are still assignment opportunities available, just saw one on Craigslist. For more info on Gallery, visit www.liveatgallery.com.

Veer Lofts – South Lake Union, is nearing completion and expects to receive its TCO in the next week or two, with first move-in by the end of the month. Currently, the project is about 60% sold so there’s still a number of options for anyone interesting in pioneering SLU condo living. Visit www.veerlofts.com for more info.

Canal Station – Ballard, hosted an agent event last night, a final push to close out sales in phase two. A recent price reduction may make the development appealing to hesitant buyers with one-bedrooms starting from $265,000 and two-bedrooms from $415,000.

I spoke with a owner in phase one who lamented the falling values, especially now that phase two is priced below phase one. At the present, he’s realizing a decent-sized loss in value, but hopefully the new pricing will entice buyers, leading to a reduction in Ballard’s condo inventory. Visit www.canalstation.com for more info.

1521 – Downtown, expects first move-in to begin this November.

Just some observations…

• Spoke with King5′s Bernard Choy today about some major price decreases, namely Madison Lofts and Cosmo. Check out unit #210 at Madison Lofts, SW corner unit – was $549,000 now $429,950. In his report, Bernard stated ML is taking some pretty steep decreases, up to $200,000.

• Pre-sale investors are jumping ship. I’m hearing more and more cases where pre-sale buyers aren’t going to be able to close on their purchases. Already, people have foregone their huge deposits at Washington Square in order to get out of their contracts. Now, I’m hearing the same with Gallery and 1521. Gallery, at least, unofficially, is letting buyers assign their contracts rather than default on the purchase. Makes sense…with rising inventory developers don’t want to be stuck with unsold units. Heard that Vulcan may do the same with one of its projects.

• Noticed R/UC/WOS has significantly decreased its advertising in the Sunday Seattle Times. Just a few months ago they had two full-color pages…now they’re down to a 1/2 page.

• The rumor that won’t go way – the big hole on 2nd between Stewart and Pine might be there a little while longer. Update: It was announced on 6/24 that Starwood has acquired Avalon’s share of the project.

On the other hand, there’s activity at Insignia Towers – additional materials have been delivered and Insignia’s signage is now up.

Gallery Belltown
Buyers speak with their pocketbooks. And, apparently buyers spoke loudly at Belltown’s Gallery Condominium project. When the Gallery project first came online it was touting its SkyLofts concept, true two-level loft homes with 18′ ceiling heights located on the upper floors that offered spectacular city and sound views. But, it seems buyers just weren’t ponying up the big bucks for these units and most of them are now history, replaced with 600 sq ft one-bedroom flats.

Stewart | Minor
The lack of loft living enthusiasts at Gallery hasn’t deterred the developers of the Stewart | Minor high-rise loft project in Denny Triangle. But, Stewart | Minor is somewhat unique. The concept is based on 600 sq ft cube units that’ll offer owners the opportunity to add a mezzanine/loft level, increasing livable space by nearly 50%. The homes feature 18′ ceiling heights that’ll provide ample head room on the mezzanine level, which buyers can add at the time of purchase or at a later date.

The idea behind these convertible homes is Move Up or Move Out. The most common reason people move is because they’ve outgrown their current space. When considering the cost of moving (selling costs, moving costs, time, etc) an average person might spend around $40,000. Stewart | Minor offers the option to finish the mezzanine level for about the same price. Though, to built-out the upper level fully (sleeping area, master bath and closet) may cost up to $100,000.

Unlike Gallery, Stewart | Minor is striving to offer a more affordable price point (starting at $400,000) and has been gaging interests and opinions through a series of design preview events. Construction is expected to begin late 2008/early 2009 with pre-sales beginning next Spring/Summer and occupancy in 2011.

1 Hotel & Residences
The Seattle Times report that New York-based Equinox Fitness will occupy 35,000 square feet of space at 1 Hotel & Residences. Equinox is an upscale fitness center known for its celebrity clientele. Monthly dues will likely start around $130, a premium compared to dues at nearby gyms. The gym, as well as the 5,000 square foot spa managed by Equinox, will occupy the 7th & 8th floors.

The Gallery Condominium, Belltown’s newest project is gearing up for its long anticipated sales; over 1,500 people registered online through their official website.

Located at the corner of 2nd Avenue & Broad Street, Gallery is a concrete, steel and glass building that will feature 214 homes comprised of numerous floor plans to suit many different living styles: open floor plan, SkyLofts, flats, townhomes and penthouses.

Gallery is very reminiscent of the Brix Condo project on Capitol Hill in style, finishes and design. Gallery shares the same developer (Schnitzer Northwest), architect (Mithun) and interior designer (MNID) as Brix. However, Gallery features more floor plan choices, larger square footage, usable decks/balconies and more resident amenities.

Another comparable property is Vulcan’s Rollin Street Flats in terms of style & floor plans. Rollin’s, however, features more upscale finishes, green construction and a higher price point.

The project feature highlights include:

• Four interior design themes – minimalist, modernist, expressionist and individualist.
• A 7th floor lounge
• A 2nd floor supper club
• Fitness center and yoga studio
• Two outdoor decks / entertainment areas
• Fisher/Paykel refrigerator, Bosch diswasher and Frigidaire range & microwave.
• Optional room divider ($6,000-$7,000) as seen in the model unit
• Engineered hardwood floors and carpeting
• Veneered cabinet finishes
• Decks in many units
• Concierge services
• Expected HOA dues to be under $.50 / sq ft, which is on par with developments featuring similar amenities.

Please view this PDF for a complete list of features, amenities and options.

Gallery has altered the dates of its sales process slightly than what they previously emailed to their VIP buyers. Here’s a breakdown of the sales process:

Preview -

• VIP Event – Thursday, October 12th, 6:30 to 8:30 pm
• Preview Weekend – Saturday & Sunday, October 14th – 15th, (11 am to 6 pm)

Reservation -

• Private reservation appointments, Saturday & Sunday, October 21st – 22nd, (10 am to 6 pm)
• A $10,000 refundable deposit is required to reserve a unit
• Fixed pricing, unit specific (pricing is expected to be available as of the 21st)

Purchase -

• Purchase & Sale appointments will begin around October 28th for those who placed a reservation
• A 5% earnest money down payment is required (less the $10,000 reservation deposit)
• Buyers must provide a mortgage pre-approval letter from Gallery’s preferred lender, HomeStone Mortgage, at time of purchase. However, buyers may elect to obtain financing from their own lender.

Please view this PDF for preliminary price ranges, floor plan type and square footage.

The Gallery Presentation Center is located at 2500 First Avenue (corner of First Avenue & Wall Street) across from El Gaucho.

Gallery is located one block from Denny Way and is in close vicinity to many attractions, restaurants and recreation including the Seattle Center and the new Olympic Sculpture Park.

View available Gallery condos for sale

Gallery will host a VIP Preview Event on Thursday, Oct. 12th at their presentation center from 6:30 to 8:300. The presentation center is located at 2500 First Avenue (corner of First & Wall). A full sized model, floor plans and finishes will be displayed.

Contact Gallery at info (at) liveatgallery.com or 441-0300 to RSVP.

A Broker Preview event will be held earlier.

SkyLofts – defined as two-level, glass-walled lofts elevated high in the building. The Gallery, located at the corner of 2nd Avenue and Broad Street, will be among the first to incorporate SkyLofts. The SkyLofts, with 18′ ceiling height, will be located on the east and west sides of the building providing views of the Space Needle or Elliott Bay. However, Veer will be beat them to the punch with it’s 16′ ceiling full-lofts located on the top floor.

The 220-unit concrete & steel community will feature the SkyLofts, open flats and townhomes ranging from under 500 sf to over 1,300 sf. Standard home features include hardwood floors, custom cabinetry, solid surface glass countertops (bucking the stone trend), stainless steel appliances and upscale fixtures. Options include floating kitchen islands and entertainment centers.

Building amenties include an club room, entertainment center, fitness center, a common terrace, roof top deck and two guest suites. It will also be located close to the new Olympic Sculpture Park.

Gallery’s marketing information is reminiscent to Vulcan’s in that the units will be blank canvasses for the homeowner to design & customize. I like that, though the shell will be similar, there will be a high level of personalization in every home.

Gallery is expected to break ground soon with occupancy in mid-2008. Prices will range from the mid-$200,000 to over $2 million for the penthouses.

View available Gallery condos for sale.

8th & Stewart (aka Stewart Condominiums)

Located in the Midtown area, near the new Federal Courthouse, 8th & Stewart will be tall at 400 feet. Designed by the renowned architectual firm NBBJ. The 300+ unit project will break ground 2007 with 2009 occupancy.

Howell & Terry (aka 1800 Terry)

This proposed 275+ unit highrise will be in the Midtown district at the site of the former headquarters of Regence Blueshield. The 30 story building is billed as “Vancouver” design styled (that’s British Columbia, not Washington). Glass & steel, floor to ceiling windows with garden and pool area. Occupancy planned for 2009.

8th & Westlake

Another planned Midtown project. Designed to be graceful with curved walls, no exterior decks, floor to ceiling windows. It is 1 block from the 2200 project, close to Whole Foods, retail and on the planned street car route. The 225+ unit project is planned for a 2009 occupancy.

Gallery

One of the few planned Belltown projects, Gallery will provide 200+ residences between $250,000 to $2 Million. Preview is planned for this summer with occupancy in 2008.

2nd & Stewart

Located in the downtown / Pike Place Market district, this highrise will include 170+ units with a 2009 occupancy.

G

2nd & John

This lower Queen Anne project (next to the Pacific Science Center) will feature 113 flats and work/loft units.

1915 2nd Avenue

Located in Belltown with 170 units, construction to begin in early 2007.

The above were some of the projects highlighted at the 2006 Downtown Seattle Realtors Symposium. Unfortunately, for such a hyped event, they didn’t provide a lot of information on upcoming projects. There were some great information provided about the future of the downtown housing outlook which I’ll post in my Seattle Housing Buzz blog a little later.