The Seattle Condo Blog | Seattle Condos and Lofts

Queen Anne’s upscale 200 West Highland Condominium is rising from the foreclosure ashes with a new marketing team. The Kendra Todd team (yes, that Kendra) will relaunch sales of the luxury condominium project during a public Relaunch Event at 5:00 pm on November 16th.

Known for their extreme luxury, coveted location and unparalleled views, the homes at 200 West Highland are the focus of this special evening event dedicated to previewing Seattle’s most luxurious condominium project. Seventeen of the boutique building’s twenty-five homes are available.

“This is truly a one-of-a-kind development,” says Kendra Todd. ”It’s a rare opportunity for buyers to purchase new construction homes on historic Highland Drive with this level of quality and views.”

Situated across from historic Kerry Park, these spacious condominiums offer views of downtown, Elliott Bay, the Space Needle and Mount Rainier. The timeless architecture is designed with classic materials to complement the upscale neighborhood. Units are characterized by high-quality finishes, from marble and granite countertops to custom hardwood flooring.

Available in 2- and 3-bedroom units, floor plans range from 1,500 to 2,800 square feet. Prices will range from $700,000 to more than $1.7 Million. Aside from the public November 16th event, viewings are by appointment only.

200 West Highland was the last luxury condominium development to be completed on Queen Anne.

View available 200 West Highland condo homes for sale.

On the web: www.200WestHighland.com

Adapted from a press release.

Received a message from Bruce Lorig of Lorig Associates regarding the status of the 200 West Highland condominium development. The Seattle Time reported in May that Bank of America was foreclosing on the property with plans to auction off the unsold units. Presently, that is not the case according to Lorig. Fortunately, Bank of America is working with Lorig Associates in their efforts to market and sell the remaining homes.

Here’s the full email message from Bruce Lorig.

Over the last 38 years, Lorig Associates has had a strong presence in the Seattle real estate community, building market rate housing, renovating historic structures, and consulting with nonprofits and universities on their housing and service facility needs.

We are proud of our work, and of the condominiums we have developed – Market Place North, Market Court, The Willis, The Victoria and, most recently, 200 West Highland.

In many respects, 200 West Highland is the culmination of all of our knowledge and resulted in the best building, in the best location – brought on line, unfortunately, at the worst possible time.

As you may know, on May 5, 2010, Bank of America served us with a foreclosure notice on the remaining unsold homes at 200 West Highland. Rumors abound. Here are the facts, as we know them.

• The building is complete.
• Since the first of this year, we have closed 7 condominium homes, all owner occupied, and will be closing our 8th on June 25. We are 32% sold.
• Bank of America intends to take title to the unsold units on August 6.
• We have been told by Bank of America that they will NOT be auctioning units, but rather will continue to sell them one by one.
• We also have been told by Bank of America that they will be holding the current pricing. There will be no major price reductions.
• We have been instructed to continue our sales activity.

We believe that this remarkable building will survive the current turmoil and will, over time, be a smart investment and an exceptionally desirable place to live. We are encouraged that our existing homeowners share this sentiment.

If you would like more information about 200 West Highland or would like to schedule a showing, please contact our marketing agents for an appointment.

Sincerely,

Bruce Lorig

This week brought about some not so great news for a couple of condo projects. KOMO News reported that owners at Redmond’s Riverwalk Condominium are up a creek due to a festering mold issue at the converted project. Homeowners may face up to a $4 million repair bill and the Las Vegas developer (an LLC) skipped out of town to Mexico.

Thirteen homes in this community have been hit with water intrusion and mold.

The problem appeared a few years ago, so homeowners commissioned an independent study. It found the problem was there since the apartments were converted to condos in 2006, and should have been fixed then.

We tried tracking down the developer, which was an LLC out of Las Vegas. It has since been dissolved, according to state records.

The Seattle Times reported yesterday that Queen Anne’s newest luxury condo, 200 West Highland, is facing foreclosure. The Lorig Associates’ development sits in a prime location across the street from Seattle’s famous Kerry Park.

Bank of America has moved to foreclose on most units in a new luxury condominium building across the street from Queen Anne’s Kerry Park, one of Seattle’s premier viewpoints.

In a notice filed Tuesday with King County, the bank said it intends to sell the 18 unsold units at 200 West Highland Drive at auction Aug. 6 unless developer Lorig Associates repays a $26 million loan.

And, as a bonus, the American Public Media wrote last week about the “condo carnage” in the Emerald City, highlighting the mostly empty high-rise buildings in Seattle and Bellevue.

If you’re looking for a bargain on your next home, in cities like this one, you might be tempted by a condo. For one thing, they mostly are not foreclosures where someone was evicted. These are brand-new units with all kinds of modern features. And there are more of them on the market than single-family houses. We wondered whether a glut like that is a good thing for buyers.

The following is a press release issued by Lorig Associates on May 6th regarding 200 West Highland:

Seattle, WA ? Officials at Lorig Associates, one of Seattle’s most respected and long-standing developers, were caught by surprise yesterday by Bank of America’s decision to file a notice of foreclosure on the 200 West Highland Drive condominium development.

“We were caught completely by surprise,” said Bruce Lorig, Founder and CEO of Lorig Associates. “We had been working in good faith with Bank of America to sell the remaining units and were close to paying back the bank.”

Seven of the 25 units at 200 West Highland Drive have been sold and two more are currently under purchase and sale agreements.

“This does not change our commitment to the project,” Lorig said. “We will continue to work hard to make 200 West Highland Drive a place that is a great housing investment and a neighborhood asset that will stand the test of time.”

Lorig Associates has been a fixture in Puget Sound development since its incorporation in 1972. Since that time the company has designed and built over 50 projects and continues to manage many of those.

“I am not a developer who walks away,” Lorig said. “In the 38 years we’ve been in business this is the first foreclosure we’ve faced. But we’ll get through this and do our utmost to protect the investments and the interests of those who have already purchased units at 200 West Highland Drive.”

“We have never experienced an economy as bad as this one and we have never seen banks forced to take actions that seem against their best interests,” Lorig continued. “This project is a good example of the new constraints that banks face.”

“We have been selling units at a pace and price that has the potential to pay back most of the bank loan,” said Lorig. “But the rules that banks now operate under require them to take properties back and sell them regardless of price just to get them off their books.”

Since 1972, Bruce Lorig has had a major impact on the Seattle housing market, creating such projects as the Baily Boushay House, Salishan Hope VI housing for Tacoma Housing Authority, and a wide variety of affordable student housing facilities at Oregon State University, Pacific Lutheran University, Seattle Pacific University, St. Martin’s College, Seattle University and the University of Washington.

“Regardless of this project’s foreclosure, we will continue to create special urban places to live, work and shop,” said Alison Lorig, Managing Partner of Lorig Associates.

Alison said the company is near completion on the Tacoma Urban Waters building, which is one of the most environmentally sensitive buildings (LEED Platinum) that has ever been built in our area and is close to completing a community health clinic in South Seattle.

200 West Highland

Received word this past week that 200 West Highland received bank approval to begin closing. Currently, the upscale development has 5 homes under contract that it anticipates will close by the end of February.

200 West Highland is situated across the street from Queen Anne’s famous Kerry Park offering homeowners stunning views of downtown and Elliott Bay. Prices of the remaining homes range from $895,000 to $2,050,000.

Website: www.200westhighland.com

Marselle Condos

The Marselle Condominium sent out an update last week announcing that they’ve sold an additional 8 homes to start off the year. Of the remaining properties available, prices begin from $199,990.

Currently, Marselle has several incentives available – a special 95% Seller Financing, no mortgage insurance and no HOA dues until January 2011. Additionally, Marselle is FHA & VA approved.

Website: www.marsellecondos.com

Ruby Condos

The Ruby Condominium is now 65% sold! Comparatively speaking sales at Ruby have been brisk and confirms there is demand for well-priced entry-level condominium homes that are centrally located and close to downtown.

In addition, Ruby recently reduced prices across the board with all homes now priced below $300,000. Ruby is FHA & VA approved.

Website: www.rubycondos.com

The Thornton Place development at Northgate is offering a several incentives, including a layoff guarantee, to new condo purchasers. Thornton Place is a large 5-acre mixed-use development south of the Northgage mall that includes condominiums, apartments, retail, a senior living community and a 14-screen Regal Cinema with IMAX screens. Read more about the project in our Thornton Place review.

With their Spring Sales release of 27 condominium homes Thornton Place is offer several great incentives for buyers who purchase by May 25, 2009. One of the most unique, if not the first for a condominium, is a layoff guarantee. Homeowners who are laid off within their first year of ownership can receive up to six months of paid mortgage payments. The guarantee is worth up to $2,500 in monthly principle and interest, so buyers are responsible for taxes and insurance. Though, that’s a pretty sweet deal. The unit must also be a principle residence.

Additionally, Thornton Place is also offering the following incentives through May 25th:

• Three percent (3%) of purchase price towards closing costs, rate buy downs or to pay the mortgage on a buyer’s existing home while it is listed for sale
• No homeowner dues until July 2010
• $1,000 cash if financed through the developers preferred lender
• A price guarantee that’s valid through December 31, 2009

The development is FHA approved so eligible buyers will be able to purchase with FHA’s low 3.5% down payment requirement. And, given the price point of the homes, low-$300,000 to mid-$400,000, many buyers will be eligible for the $8,000 first-time homebuyers tax credit that’s available through November 30, 2009.

Thornton Place is developed by Lorig Associates and Stellar Holdings.

If you’ve been by Northgage Mall in North Seattle lately you’ll notice a lot of construction activity at the mall’s former south lot. No, it’s not an extension of the mall (that’s on the north side), but a massive residential, retail and entertainment development on a controversial piece of land whose tumultuous history dates back more than eight years.

Back then, there were contentious debates among local residents, conservationists and mall owners about developing the south lot and Thornton Creek which ran beneath it. In 2002 the Appeals Court overturned a lower court decision and ruled that the water running below the lot was not Thornton Creek, thus opening the door for development. But, more debate and lawsuits followed. It wasn’t until 2004 when numerous stakeholders reached an agreement that plans for development moved ahead.

Fast forward.
Today, Thornton Place, is rising like the phoenix out of the south lot asphalt ashes. When fully completed by the end of Summer 2009, Thornton Place will feature a 14 screen & IMAX theater, retail and restaurants, 266 apartments, 121 condos including 12 live/work lofts, a 143-unit senior living development by ERA Living and an uncovered Thornton Creek channel.

The Thornton Place urban village is one of only five projects in the state participating in the LEED ND (neighborhood development) pilot program which strives to create a compact, walkable and vibrant mixed-used neighborhood. Additionally, the developer, Lorig Associates, is expecting to achieve a LEED Silver certification for green building practices.

Key dates ahead:
   Apartment rentals begin – April 2009
   Cinema and retail open – May 2009
   ERA Living’s Aljoya opens – Summer 2009

Condo sales begin.
The first structures to finish will be the condos, which began sales this past weekend. Thornton Place offers a variety of floor plans to fit most everyone’s needs, including studios, one- and two-bedroom flats, two-bedroom townhomes and live/work lofts.

One thing that struck me as I toured the units was the sheer size of the homes compared to their downtown counterparts. Even the smallest homes are huge. The studios start from 600 square feet, some with 9′ 10″ ceiling heights, and include a large sleeping alcove, walk-in closets and a defined dining area. The other floor plans range up to 1,364 square feet in size.

Home features and amenities include:

• Two color palettes to choose from
• Various ceiling heights, up to 14′ in select top floor units
• Natural Maple or Kempas microstrip hardwood floors in living area, plus porcelain tiled flooring in kitchen and bath
• Striking polished slab granite countertops in kitchen and bath, with porcelain tiled surround
• Wenge or cherry veneer cabinets
• GE appliances including stacked washer and dryer
• Large, oversized windows
• Patio or deck space for most homes
• Heat and glo gas fireplace in most homes
• Gated entry after hours, plus parking and extra storage
• Community room and lounge area, 24-hour accessed fitness facility and a business/conference center, shared with the apartments

Currently, 62 condo units are available for purchase ranging from $299,000 to $589,000. On a per square foot value, the condos are among the priciest in North Seattle. So, what’s the benefit of spending a more for a piece of Thornton Place – location. An urban village in its own right, Thornton Place is part of the larger Northgate urban village that includes various transportation options including two park-and-rides, ample retail, restaurant & entertainment choices, and numerous business and community services. Plus, Thornton Place will be home to a diverse 600 residents.

While the condos are market rate, the apartments will include both market rate and workforce housing units. The workforce housing units will be available to residents earning 80% of King County’s median income.

The condo sales center is open daily from 11 am to 6 pm, enter parking garage from NE 100th Street. For more information about Thornton Place, visit:
- Thornton Place
- Thornton Place Apartments
- Aljoya (ERA Living)

images courtesy of Lorig / Thornton Place

This afternoon Lorig Associates hosted a special tour of its exclusive 200 West Highland condominium (website) development located across from Kerry Park. The tour provided the opportunity to walk the building to get a feel for the home designs & features, building amenities, property layout and views.

The boutique development features just 25 two- and three-bedroom homes that range in size between 1,499 and 2,852 square feet. Two of the homes are unique, located on street level, as they are accessible through a semi-private interior lobby as well as an exterior entrance. Both of these “garden homes” also have sizable landscaped terraces.

Currently, workers are framing the interior walls of the penthouse level, so there’s still quite a bit of work to be done. Completion is anticipated for this Fall, most likely in December.

Living area of Penthouse 501, 11′ ceilings:

View from Penthouse 502 towards downtown:

Open living area of Home 401, 9′ ceilings:

Private garden terrace of Home 107, view from street:

For additional home details & images, please see our 200 West Highland post.

Homes begin at $1,230,000 and range up to $3,980,000 for the Southeast corner penthouse. Currently, three of the homes have been spoken for. While the homes are available for purchase, with a 5% earnest money down payment, Lorig is not actively promoting pre-sales, preferring to market once homes are more fully developed. Interestingly, the developer is not providing upgrade or customization options.

Lorig has developed a number of other Queen Anne properties including the Victoria Condominium and Townhomes across the street from 200 West Highland, the Willis Condominium and Queen Anne High School.