What are HUD Homes?

HUD homes are foreclosed FHA-insured homes that were acquired by HUD. Essentially, they are similar to bank-owned, Fannie Mae and Freddie Mac properties. The only difference is that these properties were secured by a FHA rather than a conventional mortgage loan.

HUD homes are listed in the NWMLS so they’ll be included on virtually every online home search website. However, HUD created a specific site to search for HUD properties throughout the country at www.HUDHomestore.com.

Unlike other bank-owned properties, HUD homes are sold a bit differently. Initially, they are offered through a 10-day sealed bid process that is open to owner-occupant buyers. If there is no winning bid, the process is re-opened and reviewed daily for up to 30 days. If there is still no winning bid, it is then opened up to all buyers including investors.

Offers on HUD properties can only be made through a registered Broker and not all real estate brokerages in the Seattle area are registered. Seattle Condos and Lofts is affiliated with Keller Williams Greater Seattle, one of the few Seattle brokerages approved to list and sell HUD properties.

HUD properties are sold “as-is” so we highly recommend that buyers inspect the property. If you purchase a HUD property through us, we will provide a complimentary home warranty. Additionally, many homes will be eligible for an FHA 203K rehab loan.

HUD may also pay a portion of the closing costs and many buyers may be able to qualify for a FHA loan.
Contact us to learn more about buying HUD properties.

HUD Condos for Sale

One of the better HUD condos available is Unit #1407 at Arbor Place Tower in Belltown. It’s an updated SW corner unit that is one of the nicer units in the building. However, a little work will spiff it up. It’s currently offered at $301,000.

View additional details and photos of Unit #1407

The Florentine is a unique converted warehouse building near Century Link Field in Pioneer Square. Unit #222 is a one-bedroom loft on the west side of the building that has been partially updated (e.g. slate tile floors, cabinetry, bath). It is presently listed at $288,000. The last time units at the Florentine sold for less than $300,000 was back in 2004.

View additional details and photos of Unit #222

Visit www.HUDHomeStore.com to view all HUD homes available for sale.

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Williams Marketing showed off the new concept during focus group events last week. The purpose of the focus group was to gage participants interest in various home features such as the type of cabinets, windows, appliances, heating/air conditioning, common amenities, green building methods and so forth.

The new Weinstein A|U design is much bolder than previous incarnations, blending historical elements with a cleaner, modern aesthetic. In a sense, it provides a transition from Pioneer Square to the stadiums and the future North Lot development. The new design has cleared the Pioneer Square Preservation Board.

Stadiums Lofts will now rise 11-stories with 4-residential levels. The residences will be located in the new concrete and glass framed structure above the existing building. The 5th floor (current roof level) will be comprised of 20 single-level flats ranging in size from 450 to 500 sq ft with one 1,250 sq ft unit. The 60 two-level lofts will be located above and range in size from 750 to 900 sq ft. The top floor lofts will also feature private roof top decks.

A number of the 5th floor flats are being designated affordable, available for individuals earning up to 115% of median income. The project will not include live/work loft units.

Home features and finishes are still being determined at this time.

The entry to the parking garage has moved from Occidental to Railroad in order to provide residents unhindered access on game days. The project will also include a 5th floor terrace and 3,000 sq ft of ground level common area amenities. Space for 2 restaurants and 2 commercial units are also being included in the design.

Occupancy is slated for Fall 2010. Pricing and pre-sale information is expected to be released during the first part of 2009.

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The Regata, Unit #120

This home is only the third one-bedroom unit to come on the market in over two years in the highly desirable Regata Condominium, located conveniently across the street from Gas Works Park on the Burke-Gilman Trail.

This spacious open one-bedroom home features floor-to-ceiling windows, stainless steel appliances, a great private deck and parking.

This condo is offered at $339,950.

Please join us at an Open House this Sunday (2/10) from 1 pm to 4 pm.

For additional photos and information, visit our Listings page or www.johnlscott.com/67404.

Asia Condominium, Unit #510

This affordable one-bedroom home is located in Seattle’s cosmopolitan International District, just south of downtown. The light-filled, open layout plan provides ample living space and includes all appliances, parking and a large deck.

Residents enjoy limitless dining, shopping and recreational activities. Seattle’s world famous Pioneer Square as well as Qwest and Safeco Fields are only blocks away.

This condo is offered at $284,500.

For additional photos and information, visit our Listings page or www.johnlscott.com/52577.

Disclaimer: Properties are co-listed by Ben Kakimoto. Information is provided as a courtesy and deemed reliable.

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Latest rendering:

Previous rendering:

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Type of homes available

• Live/Work Lofts – 3 two-level live/work lofts with private entries, 16’10″ ceiling heights ranging from 1,050 to 1,400 square feet. Prices are expected to range from the $600,000s to $800,000s.
• Single Level Lofts – 15 units on the 4th floor with 10′ ceilings ranging from 500 to 1,000 square feet. A number of units will have private terraces. Prices range from $300,000s to $500,000s.
• Two-Level Lofts – 62 units ranging from 750 to 1,000 square feet. Homes on the 3rd floor features 16’10″ ceilings and original exposed brick. Prices range from $400,000s to $700,000s.
• Apex Homes – 5 units located at the apex of the flat-iron building. These homes, ranging in size from 1,000 to 1,500 square feet, feature large private terraces and most offer two master suites. Prices TBD.

Pre-Sale Information (Updated November 2007)

The Stadium Lofts team is still working on finalizing finishes and has elected to begin pre-sales in early 2008. They plan to host a preview event and provide more finite pricing information at that time. The reservations will be converted to a Purchase and Sale contract once a firm construction & completion schedule has been determined, during the 1st quarter of 2008.

Upon notification, buyers will have 5 days to convert the reservation to a Purchase and Sale and the earnest money deposit will increase to 5% of the purchase price. The earnest money deposit will be non-refundable.

The Stadium Lofts building is located at the apex of Occidental Ave S and Railroad Way S, just off 1st Avenue S. In the above photo, Qwest Field is seen in the background and the 1st Ave on-ramp to the viaduct is in the foreground. While the area may not seem hospitable to residential homes, the popular Florentine Condominiums is just a few doors away. In the longer-term, the stadium’s north parking lot will be redeveloped with offices, retail, apartments and condos.

Related Articles:

SCL’s Stadium Lofts
SeattlePI North Lot deal moves ahead
King County north lot news release

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Jackson Square features one two-bedroom and five one-bedroom homes, many with loft bedroom space and range in size from 646 to 1,776 square feet. The one-bedroom units are priced from $425,000 to $625,000 while the two-bedroom comes at a premium at $1,250,000.

Home features include stainless steel appliances, Brazilian cherry wood floors, granite countertops and large private (roof-top) decks. The building is located just steps away from Pioneer Square’s vibrant art galleries, shops and cafes.

Jackson Square’s grand opening is slated for the weekend of July 21st, from noon to 5 pm. The builder is offering a $3,000.00 bonus for buyers who utilize the project’s preferred lender.

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Stadium Lofts announced they’ve partnered with Williams-Marketing who will manage the marketing and sales of the 66-unit project next to Qwest Field. Ground breaking is scheduled for January 2008.

Townsend Townhomes

Townsend Townhomes report their model home is now open 11 AM to 6 PM daily except for Tuesday. Townsend is a 14-unit luxury condominium townhome project on Queen Anne. Prices range from low-$800,000s to $1.6 million.

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The Nord is expected to begin pre-sales in April with a Fall completion date.

As of 12/03/07, two 2-bedrooms remain both are listed at $415,000.

Home features include:

• All new stainless steel appliances, including microwave and dishwasher in some units
• Terrazzo countertops in kitchen and bathroom
• Cork floors
• Glass mosaic shower surrounds
• Contemporary porcelain floor tiles
• Custom cabinetry
• New bathroom fixtures
• Pet Friendly
• Homeowner dues include garbage, sewer, water and maintenance
• Storage available
• Washer & Dryers
• New kitchen cabinets

Overall, pretty good for the price-level and location. And, well, it’ll only appeal to owners who don’t mind living in a busy & lively area. There’s no parking, but the developer will provide two-years of free parking for buyers.

On the other hand, step out the front door and you’ll have your choice of numerous cafes, restaurants, bakeries, antique shops and nightclubs.

A Little History (per Seattle’s Historical Sites page)

Originally constructed in 1890 after the Great Fire in the “Queen Anne – Richardsonian Romanesque” style, the building began life as the Thompson Hotel. From 1915-1969 it served as the Nord Hotel and named after Frank Nordquist, a hotel manager.

Recent Articles:

Seattle Times – Vintage Condos article

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CityView held its brokers open sneak preview today. The builder did a great job at renovations. I updated the post with current pricing, photos & review – view CityView post. The grand opening is this weekend the weekend of February 24th.

Maris – Shilshole

Construction on this boutique condo at Shilshole is moving along. Maris shares the same developer as First Church on Capitol Hill.

The Nord – Pioneer Square

Work on The Nord Condominium conversion in Pioneer square is underway. The 1900 classic brick building will be home to just 7 homes. The Nord will begin sales later this year. More info to come…stay tuned.

The Betsy Ross – Capitol Hill

The Betsy Ross is a conversion project on Capitol Hill. The vintage 1928 building will be home to 16 one-bedroom homes. Sales is expected to begin later this year. More info to come…stay tuned.

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Stadium Lofts (website) is a new community in the shadow of Qwest Field at the edge of Pioneer Square, the International District and SoDo. Built atop the 1905 Seattle Plumbing Building, the project includes 85 66 heavy-timbered lofts & work/loft homes. One of the goals of the project is to preserve the building’s historic elements & character.

Homes range from 490 to 1,490 sq ft and feature:

• open layout spaces with heavy timbered, exposed wood ceilings
• true-lofts with 16′ 10″ ceilings
• flats with 10′ ceilings
• bamboo floors throughout main living area
• natural stone countertop
• stainless steel appliances with gas cooktop
• tile and stainless kitchen backsplash
• full tile bathrooms
• 3rd floor landscaped courtyard & 4th floor garden terrace
• private reserved garage parking available

Stadium Lofts residents will enjoy Seattle’s urban lifestyle just steps from the front door – sporting events, art galleries, coffee houses, nightlife, bookshops & antique stores. The building is in a unique location between the 1st Avenue Viaduct onramp and Qwest Field, so future residents who are sensitive to noise should take this into consideration. On a plus note, residents can take advantage of the new community planned for the North Lot which will include additional retail, living and work amenities.

Homes are priced from the high $300,000s to over $1 million. Limited pre-sales are expected to begin in 2007 with their presentation center opening early 2008. Ground breaking is slated for January 2008.

Related articles: Seattle Plumbing Building at Vintage Seattle, Seattle PI 7/4/07, Seattle Times 7/19/07
Last updated: 6/22/07

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