The Seattle Condo Blog | Seattle Condos and Lofts

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

Duncan Place

Downtown Core

Marselle

Olive 8

Escala

1521 Second

Four Seasons Seattle

Pontedera

Capitol Hill / First Hill

 Decatur

1111 E Pike

Harvard & Highland

Sanctuary

West Seattle

Dakota

Pontedera Condominium – Downtown / Central

The Pontedera Condominium, situated just south of Downtown Seattle at 827 Hiawatha Place just reduced prices significantly on a number of units. The price drops range from $10,000 up to nearly $60,000 per unit! Good thing, too, since there’s only been 18 closed sales out of 102 unts, with only 2 sales in the past year, per NWMLS & county records.

It’s a shame really since Pontedera was nicely designed and accented, plus it’s conveniently located to downtown, Capitol Hill and the International District. Home prices start from $174,900 and there are several incentives and programs geared to first-time and lower income home buyers, including down payment assistance, property tax exemptions for qualified buyers and no HOA dues for a year. Its worth checking out.

View available Pontedera Condo homes for sale

1111 E Pike Street – Capitol Hill

The Tom Kundig designed 1111 E Pike Street Condominium is down to the final three homes for sale. The uniquely designed boutique condo building is located in the heart of Capitol Hill’s trendy and vibrant Pike Pine Triangle. Homes start from $314,950. Own for less than comparable Cap Hill apartments rent for!

View the last remaining 1111 E Pike condos for sale

Hjarta Condominium – Ballard

Ballard’s green constructed concrete and steel Hjarta Condominium reports they are now over 75% sold. Per NWMLS records, Hjarta closed 25 units, just over 30% of its homes in 2011.

Hjarta is located at 1530 NW Market and is one of only two new constructed condominiums in Ballard. Hjarta’s new home prices start from $264,950.

View Hjarta condos for sale

Marselle Condominium – Lower Queen Anne / South Lake Union

The Marselle Condomium report they have sold 100 homes, or 75%, since opening, with 21 home sales in 2011. Marselle features a variety of floor plans ranging from open one-bedrooms to 2-story three-bedroom penthouses with soaring ceilings.

Marselle is located at 699 John Street in the shadow of the Space Needle…a great place to call home for those who work in downtown or South Lake Union. Home prices begin from $199,990.

View Marselle condos for sale

Danielle Condominium – Ballard

Ballard’s other new construction condominium, the Danielle, is down to its final three homes for sale — 2 one-bedroom units and a two-bedroom. Located at 5803 24th Ave NW, it’s close to Ballard’s many shops, restaurants and attractions. The remaining homes range from $219,950 to $479,950.

View Danielle condos for sale

81 Vine Penthouse Sold!

This is one that I’ve been following and it finally sold. The smaller north-facing penthouse at 81 Vine Building in Belltown closed yesterday.

Unit #504 is a gorgeous two-level open loft penthouse with a large terrace. It was once listed as high as $599,000 in early 2010 and sold for $404,700.

That reflects a 26.4% decline in value from its previous sale in 2006 for $550,000. View additional property details.

The Fairview

The Fairview Condominium in Mukilteo is looking towards closing out the development soon. There are three luxury condo homes left, including two penthouses, located next to the Harbour Pointe Golf Course. www.thefairviewcondos.com

• Unit #203: 2-bedroom + den, 1,444 sq ft home with 10′ ceilings. Listed at $369,500.
• Unit #507: 2-bedroom + den, 2,489 sq ft home with 20′ ceilings w/exposed Pine beams. Listed at $799,500.
• Unit #501: 3-bedroom + media room, 3,146 sq ft w/20′ ceilings & a rustic fireplace feature. Listed at $998,500.

The current list prices of these three homes reflect a 40-44% reduction from their original prices.

Burien Town Square

The Burien Town Square Condominium development’s revival turned out to be a bit premature. Plans were in place for an August 1st re-launch of the project (see ad on the right), but its new owners seem to be second guessing the vitality of the region’s condo market. From the B-TownBlog:

And Aug. 1 turned out to be too soon for this mega condo seller to pencil out numbers that work. “I’m still not convinced the [real estate] market is settled today,” David Ploger, first vice president of ST Residential, told Burien City Council members Aug. 15.

But ST Residential is looking toward a public launch of condo sales, “although I can’t guarantee it will happen yet this year,” Ploger added. Still, he voiced confidence in their product and the marketability of the condos.

ST Residential and my sources anticipate the project will re-launch this year with prices 35% below their original levels in 2007. Stay Tuned! www.burientownsquare.com

The Decatur

The Decatur on First Hill is making a push to sell its remaining 22 homes reducing prices last week by approximately 15-17% from last list prices (around $30,000). Overall, the current prices are about a 35-40% below their original 2007 pricing levels. www.ownthedecatur.com

View listed Decatur units for sale.

Marselle Condominium

The Marselle Condominium near the Seattle Center just realized a mini-surge in sales – 5 homes went under contract in the past 3-weeks per the MLS, passing the 70% sales mark. Homes are available from $229,990. www.marsellecondos.com

View listed Marselle condos for sale.

Disclosure: Burien Town Square, Marselle and Decatur are advertisers of Seattle Condos and Lofts at the time of publication.

While most of the attention for downtown Seattle condominiums have focused on the new glitzy towers – Olive 8, Escala, 1521 2nd Ave – the unassuming Marselle Condominium has flown under the radar. With 13 homes sold or under contract this year, Marselle is nearly 70% sold per MLS records.

Part of its appeal to buyers is its location – Marselle is situated at the apex of Belltown, South Lake Union and Queen Anne. Residents have easy access to work downtown or SLU and to the numerous shopping, eating and entertainment venues in Belltown, nearby Capitol Hill and Queen Anne. It has a 97 WalkScore and a perfect 100 Transit Score.

On the other hand, conventional wisdom would question its allure considering it is right off Aurora Avenue and highway noise is discernible. Yet, most of the homes sold have been on the Aurora side of the building. Eventually, that portion of Aurora will be lowered and covered. Many of units currently available are on the west side of the building, a number of which face the Hyatt Place Hotel while others have great Space Needle views.

Other attractions are its value and availability. It is one the last remaining new construction condominiums in the city core offering spacious, yet affordable, quality finished homes. Its frame construction also helps to keep the price down.

Prices range from the low-$200,000’s for a 557 square foot open one-bedroom to the low-$500,000′s for a two-story, 1,284 square foot two-bedroom + den penthouse suite with a semi-private roof top deck. Additionally, all two-bedroom homes come with two parking spaces.

Home finishes include natural walnut flooring, slab granite counter tops, stainless steel appliances and in-unit washer and dryer. Building amenities feature a billiard/lounge room, fitness center with a yoga studio, an enclosed dog patch and a roof top deck offering spectacular city, Lake Union and Space Needle views.

For additional information about Marselle, please visit their website, Facebook page or contact us for a private showing. Disclaimer: Marselle is an advertiser of Seattle Condos and Lofts at the time of publication.

View current listings of Marselle condos for sale

Photos courtesy of Matrix Real Estate

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.

This week’s condo digest includes another huge reduction at 744 Harvard, Marselle Condo’s sales and its 1521-esque homeowner testimonials, Hjarta’s relaunch and Matrix’s annual real estate survey.

First, if you didn’t catch it here, the 200 West Highland Condominium is coming back on the market, with a public relaunch event starting at 5 PM on Tuesday, November 16th. The Kendra Todd Group is now handling sales and marketing at the upscale project.

The Kendra Todd Group also took over the boutique 744 Harvard Condo project located in Capitol Hill’s renowned Harvard-Belmont neighborhood. Prices on the two remaining homes have been reduced up to $150,000. Unit #200 is now priced at $799,000 while the penthouse (#300) is available at $825,000. Both homes have been reduced approximately 57% since they first came on the market in 2008/2009.

The 132-unit Marselle Condominium development reports they are now 60% sold. They’ve recently started a new homeowner testimonial campaign on Facebook and Twitter, following in the footsteps of 1521 Second’s elegant promotion.

Ballard’s Hjarta Condominium hosted a broker’s open event on Wednesday drawing over 65 real estate brokers to celebrate its relaunch with Matrix Real Estate. Hjarta’s current prices reflect significant reductions.

Speaking of Matrix, they just released the results from their annual market survey. A few highlights from the 2010 survey include: 82% of respondents felt now is a good time to buy, though only 48% said they were considering buying within the next 24 months and 63% prefer to live in a denser close-in neighborhood with the ability to walk to amenities, but the majority preferred a single family house.

Interestingly, 49.9% of respondents felt prices will remain stable or improve in 2011, with only 23.4% believing prices will go down next year. Read the rest of the survey here.

Marselle Condominium

The Marselle Condominium, located on the cusp of Queen Anne, SLU and Belltown (699 John St), has revised pricing on a number of homes. Of the 133 units in the development, 57 are still available including the huge two-level penthouse townhomes. Overall, average price per square feet is $351 with HOA dues at $.30 a square foot. Now, there aren’t much in the way of amenities, but it does include a community recreation/game area, a fitness room and an expansive roof top deck offering great cityscape views. Marselle is FHA & VA approved. www.marsellecondos.com

Queen’s Court

Sales of the remaining 14 homes at Queen’s Court, located in the Uptown / Lower Queen Anne neighborhood (124 Warren Ave N), have been assumed by Matrix Real Estate who recently closed out the Pittsburgh condo development across the street. Prices have been reduced and now start at $134,950.

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

Heron and Pagoda Towers

The Seattle Times reports that Heron/Pagoda Towers developer Multi Capital Group has lost part of the property through foreclosure.

A developer who had proposed a $900-million, twin-tower development across Fifth Avenue from the Westin Hotel in downtown Seattle has lost part of the property to foreclosure.

New York lender G4 Capital Partners took title to about half the site of the proposed Heron and Pagoda towers this week, according to county records. G4 had loaned an affiliate of New York developer Multi Capital Group $13.7 million to buy the property, but the affiliate defaulted.

Ashworth Cottages

A Pryde+Johnson development in the Green Lake neighborhood had sold only 2 of its 20 homes in the two years before the bank took over the development a few months ago. Since returning to market three weeks ago with steep discounts they’re now down to their last four units.

Even though they’re nearly closed out, Ashworth Cottage’s latest sales team is hosting its official Grand Opening on Saturday, November 14th with lattes from 11-1pm and hotdogs from 2-4pm. www.liveashworth.com

European Tower

GIS International is bucking the trend and moving forward with pre-sales at its one-home per floor European Tower development. They’ve reduced prices significantly and re-launched their website. www.europeantower.com

Marselle Condominium

Marselle reports that they’ve sold 20 units last month and 13 owners have already moved into their new digs. Half of the homes are priced under $300,000. www.marsellecondos.com

The Marselle Condomimium (website) quietly opened its sales center this week and will be hosting a public grand opening this weekend. Unlike other recently completed developments catering to upscale clientele, Marselle is positioned towards the first-time condo buyers market with prices starting from $150,000 for a 342 square foot studio. Though, most homes are priced from the low $200,000s to $400,000s, with larger two-bedroom homes heading up towards $900,000 for a 1,781 square foot two-level penthouse. Generally, price per square foot ranges from $335 to just over $500.

Marselle is comprised of 132 units with various layouts – studios, open one-bedrooms, one-bedrooms, one-bedroom + den, two-bedrooms, two-story townhomes and live/work units. Current pricing (as of 7/15/09):

Homes feature natural walnut flooring, slab granite countertops, GE stainless steel kitchen appliances and washer/dryer, floor-to-ceiling windows, shaker upper cabinets and decks with most units. Portable A/C units are available as an option. Additonally, homes come with one parking space per bedroom and extra storage. Homeowner dues run about 35 cents per square foot and includes central hot water and a number of building amenities including three roof-top decks, a fitness center with a yoga studio, a billiards / community room and a small dog patch.

The homes are nicely finished and the quality of the work and materials belie the price point for Marselle. In fact, Marselle is reminiscent of the Matae Condominium, which was built by the same developer, Norcon/Sierra. The penthouse level townhomes are spacious with soaring ceilings, have better quality finishes and come with private decks.

Though the building is well insulated, traffic noise is quite discernible in homes that face Aurora Avenue, even with the windows closed. That said, there are two things to consider: (1) there are a number of condos that line Aurora Ave along Queen Anne which haven’t been affected by their location and (2) eventually, Aurora Avenue will be lowered and the off ramp will be moved from Denny to Roy. The Battery street tunnel lid may be extended further North with a park on top, which will significantly reduce traffic and noise.

As of this writing, 10 homes are under contract and all homes are move-in ready. The developer opted to wait for completion before selling so buyers can see the finished homes. With financing through Cobalt Mortgage and underwritten through Frontier Bank, Marselle is able to close purchases immediately with as little as 5% down for a 30-year fixed mortgage. Rates are very competitive and mortgage insurance is not required.

As a bonus, buyers will not need to pay homeowner dues until 2011.

Marselle is located at 699 John Street (Google street view) with guest parking in the garage (via John Street); the sales center is open daily from 11:00 AM to 6:00 PM.

View available Marselle condos for sale.