The Seattle Condo Blog | Seattle Condos and Lofts

The Hjarta Condominium in Seattle’s Ballard neighborhood has changed sales teams and is reducing prices.

After sluggish sales over the past few years, Hjarta is revamping its pricing strategy, which is now in-line with the market place and are competitively priced with Ballard’s new condo developments, namely The Danielle. One-bedroom homes now start from $229,950 and two-bedrooms from $329,950, upwards of $65,000 in reductions per home. Unlike the other new Ballard condo developments, Hjarta has superior construction (concrete & steel vs. wood-frame) and is a LEED Silver certified, green constructed building.

Hjarta’s sales and marketing are being headed up by Matrix Real Estate and is located at 1530 NW Market Street (map).

View available Hjarta condos for sale.

Visit: www.hjartaballard.com

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 Enclave :: Eastlake / Lake Union

The Enclave is hosting an open house this weekend to coincide with Opening Day of boating season on May 1st. The Enclave is part of the Wards Cove master plan community that’s comprised of townhome-styled condos starting from $1.3 million with occupancy expected in 2011.

Ruby Condominium :: Eastlake

Ruby is down to its final three units that are priced between $284,500 and $304,500. Compared to many other newer projects, sales at Ruby have done well in this down market.

Decatur :: First Hill

Decatur Condo, on the other hand, has had a bit of a struggle since coming on the market over 3 years ago. However, the project is now more than 2/3rds sold and occupied. This FHA approved building is part of Condo Bulk Buy’s inventory with units available up to 35% off original pricing — starting from $184,950.

1111 E. Pike :: Capitol Hill

The Tom Kundig designed 1111 E. Pike development reports they’re 70% sold with only 10 homes remaining for sale. Located in the heart of the Pike/Pine Triangle, prices at 1111 E. Pike start at $244,950.

The Danielle :: Ballard

Ballard’s newest condominium development, The Danielle, is nearing completion and reports they’ve already sold 4 homes. The Danielle is located kitty corner from the new QFC on 24th Ave and the Ballard Commons Park.

Hjarta :: Ballard

Hjarta is reporting that they’re now 51% sold and is FHA approved. As part of Condo Bulk Buy, Hjarta’s pricing is up to 35% below their original level.

Florera :: Greenlake

Like its sister project, Hjarta, Florera was off the market for a while before becoming part of Condo Bulk Buy. Sales have been slower with only 30% of the building sold, but it is FHA approved with prices starting from $244,950. Florera is located just 1.5 blocks from Green Lake Park.

1521 Second :: Downtown

Now 70% sold, 1521 Second, received 4 additional sales in April. Homes at these premium residences start from $1.1 million.

5th & Madison :: Downtown

It appears that 2 of the units that went under the gavel at the 5th & Madison auction are back on they market again by Kennedy Wilson:

• Unit #1102, the last unit auctioned, had a winning bid price of $350,000. It’s now available at $365,000.
• Unit #1805, a fully furnished unit, had a winning bid price of $331,000. It’s now for sale at $370,000.

Additionally, the penthouse, which had been withdrawn from the auction is on the market at $1,595,000. It was previously offered at $1,995,000.

If you have questions about any of these condo projects, please drop us a line.

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.”

Over the past few years Ballard has been reinventing itself. Long the establishment of Seattle’s Scandinavian heritage, Ballard has seen a new group of people migrating to this once sleepy neighborhood. Driven by affordable housing and short commute to downtown people from all walks of life have influenced Ballard’s rebirth – nightlife, a triving neighborhood business center and higher density living.

Four new condominium projects have been completed, under construction or are planned for Ballard, adding nearly 500 new homes – Metropole, NoMa, Canal Station & Hjarta.

Metropole (24th & 57th)
Metropole is the first to be completed and is move-in ready (upper floor units). It’s a boutique condo with only 31 homes ranging from 709 sq ft to 1,376 sq ft. Floor plans include one bdrm, one bdrm + study, two bdrm, two bdrm + study and two bdrm + office. The homes come standard with upscale finishes. In fact, Metropole does not offer any upgrades.

• Slab granite countertops
• Stainless steel appliances with commercial styled gas range
• Curved interior walls drawing you from the entry to the living area
• South units with canal & terriorial views
• Roof-top deck
• Pet friendly policy
• Secured parking

Because Metropole is a small building, it does not come with many amenities that the competition offer such as a fitness room & club/entertainiment room. Prices range from $340,000 to over $600,000.

View available Metropole condos for sale.

NoMa (24th & 56th)
Across the street from Metropole to the east is NoMa which offers 90 studio, one- and two- bedroom homes. Like Metropole, NoMa features many upscale finishes but does offer an upgrade option (e.g. slab granite, glass inset cabinet doors & accent tiles). Standard features include:

• Bamboo floor in kitchen & entry
• Maple or Walnut cabinetry
• Granite tiled countertops
• Stainless steel appliances (electric)
• Carpeting in living room
• Private deck or patio
• A/C for East and South facing units, plus top floor units
• Fitness room
• Library/Reading room & Conference Room
• Roof-top deck
• Secured Parking

Of the 90 homes only 20 one and two-bedroom units are available ranging from 696 sq ft to 1,167 sq ft. Prices for the available units range from $305,950 to $524,950. Interesting to note, there has been no price increases for the two bedroom units since sales began. Occupany will begin starting in October 2006.

Both NoMa and Metropole are located 24th Avenue NW, a fairly business North/South road, and on a Sunday afternoon was somewhat noisey.

View available NoMa condos for sale.

Canal Station (Leary Way)
Canal Station was among the first of the four projects to start selling units in it’s Phase 1 building. Phase 1 has sold all of it’s 169 units except for two junior one-bedroom units, both priced under $310,000. Phase 1 occupancy is slated for Spring 2007.

Canal Station is now gearing up for Phase 2 which will add an additional 109 homes. Phase 2 will include junior one-, one-, one + den, two- and two-bedroom + den units ranging from 530 sq ft to 1,250 sq ft. Features will include:

• Stainless steel appliances
• Granite countertops
• Maple or Cherry cabinetry
• Electric fireplace
• On-site manager + concierge
• Owner’s lounge
• Outdoor spa and deck w/BBQ
• Business center and Private conference room

Pricing for Phase 2 has not yet been released and presale is expected to begin in August for registered buyers.

View available Canal Station condos for sale (Phase I & II).

Hjarta (Market at 15th)
Differientiating itself from the other projects, Hjarta (“heart” in Swedish) is built green and is targeting LEED Silver certification. To be LEED Silver certified the building must use sustainable materials and be energy and water efficient (some of Vulcan projects are LEED certified as well). The LEED features include:

• Central gas boiler instead of individual water heaters
• High-performance windows
• Low-flow kitchen & bath fixtures
• Water conserving toilets
• Drip irrigation
• Low Volatile Organic Compounds – carpet, paint and sealants
• Recycled content materials – building materials, countertops, railings, carpeting, etc

Additionally, the building will feature:

• An expansive roof-top deck with P-Patches
• Yoga studio & spin room
• Bike storage, Flexcar & charging stations for electric cars
• A community room with KidSpace (an interative room that includes educational play areas, tree house hideout, climbing walls, rope swings and slides)

Because Hjarta is a green building, it does not have the upscale sheen of the other buildings (granite, designer tiles, high-end wood cabinetry). Hjarta’s first phase includes 79 one- and two-bedroom units. Initial prices range from $309,000 to $574,000, but since pricing hasn’t been finalized, expect it to change…upwards. Currently, Hjarta is accepting Holds (not reservations) without deposit for units on floors 3, 4, 5 & 6. The model showed two buildings, though sales is only for the south building.

View available Hjarta condos for sale.

What building to choose? The units are fairly similar in size and price range, but do different in amenities and style. Metropole, NoMa & Canal Station’s interior finishes are nearly identical and are reminiscent of the downtown projects, though Canal Station offers more amenities for it’s residents. Hjarta, on the otherhand, will appeal to those who are more environmentally conscious.

One of the questions I hear a lot is why Ballard? I can’t answer that for individual buyers, but overall Ballard is revitalizing itself and it does have a quieter, slower lifestyle than downtown. Residents can enjoy Shilshole, Golden Gardens, Sunset Bowl and Green Lake which are all just minutes away. Plus, downtown is a short commute so it’s perfect for people who work & play downtown but don’t want to live downtown. And it’s resonating with buyers. Canal Station Phase 1 is sold out, NoMa is nearly 80% sold and Metropole is over 50% sold.

Map of the four condo projects.

Updated 8/5/06

Hjarta Phase 1 broke ground in December of 2005 and was completed in 2008, joining several other new condominium developments in Ballard, including Canal Station, NoMa and Metropole. At 8-stories, the concrete & steel, green constructed Hjarta is the tallest residential building in Ballard.

Hjarta Phase 2, which will be located behind the current structure, is presently going through the design review and application process.

Number of floors: 8
Number of units: 79 (Phase 1)
Amenities: Secured entry, community room, roof top deck with P-Patch garden, fitness center with a pilates and yoga room.
Completed: 2008
Pet Friendly: Yes