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

In my opinion, the best are (1) the Verdeaux page with its great resident interaction, (2) the homeowner testimonials on Marselle page and (3) Trace Lofts/North’s fantastic Capitol Hill community updates.

1111 E Pike (withering away) – Condos on Capitol Hill.

7800 Plaza (current) – Condos on Mercer Island, now 50% sold.

Bellevue Towers (current) – Condos in downtown Bellevue.

Celine Place (current) – Townhomes in North Seattle.

Danielle (current) – Condos in Ballard.

Decatur (never got going) – Condos on First Hill.

Harvard & Highland (starting to fade) – Condos on Capitol Hill.

Marselle (current) – Condos near the Seattle Center.

Olive 8 (withering away) – Condos in downton Seattle. However, Hyatt at Olive 8 page is going strong.

One Main Street (current) – Condos in downtown Bellevue.

Point Edwards (current) – Condos in Edmonds.

Pontedera (current) – Condos in Seattle.

Sylvan Ridge (current) – Townhomes in West Seattle.

Trace Lofts & Trace North (current) – Condos and lofts on Capitol Hill.

Verdeaux (current) – Condos in Bothell.

And, you can find The Seattle Condo Blog on Facebook, too!   By the way, I tend to post more on our Facebook page than I do on the blog, so consider “liking” us to get more condo updates, news articles and community information.

The Pontedera Condominium (website) is south downtown’s newest mixed-use development. Located just east of the International District, the Pontedera is a minutes to Pioneer Square, the King Street Station (light rail) and the Financial district. Developed by Homesite, a Seattle-based non-profit development company, Pontedera offers affordable market rate home ownership opportunities along with tax incentives and assistance programs for qualified buyers.

The six-story building is comprised of 94 residential units and 8 live/work commercial lofts offering an array of floor plans to meet most everyone’s needs. Besides the live/work units, the Pontedera offers one-, two- and three-bedroom homes:

• 8 live/work commercial lofts along the street front ranging in size from 941 to 1,659 square feet. Seven feature roll-up garage doors. With the exception of the sales office, these are offered as shells and are priced from $292,000 to $387,000.
• 9 residential lofts (1st floor units) with 13′ ceiling heights, concrete floors, exposed duct work and private decks. These have either a one+den or two+den confirguration with the upgraded finish package. They range in size from 780 to 1,209 square feet and are priced between $279,500 and $424,900.
• 25 one-bedroom homes, of which 13 have dens. With the exception of a top-floor unit, all have the standard finish package and range in size from 545 to 758 square feet. The one-bedrooms start from $199,500.
• 61 two-bedroom homes that range in size from 771 to 867 square feet, of which, five have the upgrade package. They are being offered from $269,500 to $469,500.
• 8 three-bedroom homes between 1,056 and 1,206 square feet and priced from $369,500 to $389,500.

Prices current as of February 2011.

Standard home features include GE stainless appliances, laminate counter tops, bamboo, vinyl & berber carpet flooring, front loading washer and dryers, storage units and parking. A number of homes come with an upgrade package that includes hardwood floors, granite-tile or soap stone counter tops with glass-tile blacksplashes, fireplaces w/granite surround and GE Profile appliances including gas ranges. Additionally, the building features a community room, outdoor terrace and bike storage rooms and an electric car charging station.

The top floor west-facing units also have air conditioning and a few have huge outdoor decks — up to 720 square feet, which is larger than most one-bedroom units. Speaking, of which, the bedrooms were generously sized…something we don’t see much with new construction.

My only reservation is its proximity to Rainier Avenue, which may generate traffic noise during rush hour for the west-facing homes. However, with the windows closed, it was quiet. The area around Pontedera has been redevelopment with new townhomes and apartments. Adjacent to Pontedera is Artspace Hiawatha Lofts, which provides affordable live/lofts units and commercial space for artist-related businesses.

Public transportation improvements are on the way. When light rail is expanded to the east side, a station is currently planned less than 1/4 mile from The Pontedera. In 2013, the Capitol Hill/Pioneer Square streetcar will have a stop just four blocks away, at Jackson and Rainier.

The Pontedera is Built Smart certified and uitlized energy efficiency construction and materials including Energy Star appliances, water conserving fixtures like dual flush toilets, low VOC paints and Green Label carpeting for improved air quality. Additionally, Homesite used locally manufactured or sourced products where possible such as windows, flooring, siding, concrete, doors, bath tubs/showers, wall heaters and tiles.

Financing Assistance & Tax Exemption

Eligible first-time home buyers who earn 80% or below the median income level may receive up to a $70,000 loan from the City of Seattle’s Purchase Assistance program. The note, accrued interest (3% simple interest) and shared appreciation are paid back when the unit is sold or refianced. Additionally, HomeSite is offering further assistance up to $50,000. When combined with the city’s purchase assistance program, a qualified buyer may receive up to $120,000 in purchase assistance loans. When buyers using Homesite’s program are ready to sell, Homesite will purchase the unit to ensure that it’s re-sold to another income-qualified buyer. Like the city’s program, the principle and interest are recovered when the home is sold or refinanced. There are no monthly payments for these assistance programs.

The Puget Sound Revolving Loan Fund allows Homesite to provide an amortizing 2nd mortgage in order to eliminate mortgage insurance. This is essentially an 80/20 loan for households earning up to 120% of median income that allows for a down payment as low as 1% of the purchase price.

Eligible buyers may also benefit from the city’s tax exemption program. Under this program, property taxes on improvements are exempt for 12 years, which can save the average homeowner thousands of dollars annually. To qualify for the exemption, a buyer of a one-bedroom home may not earn more than 100% of the area’s median income; for a two- or three-bedroom home, buyers may not earn more than 120% of median income. However, considering the area’s median income, most buyers will likely qualify. For instance, the income limit for a single occupant purchasing a one-bedroom unit is $59,000, while a family of three purchasing a two- or three-bedroom home may earn up to $91,050.

View available Pontedera condos for sale

Top floor, west facing home:

Upgraded, open kitchen:

Standard living room:

Standard kitchen:

To view more photos, please visit Pontedera’s Flickr photostream or Facebook page. Pontedera’s sales office is open daily from noon to 6 pm at 827 Hiawatha Place South (at Dearborn). www.PontederaCondos.com

For additional information about the Pontedera, the financial assistance programs available or to tour the property, please drop us a line.

Date: Wednesday, July 22nd
Time: 4:30 PM to 8:30 PM
Location: Hiawatha Lofts Community Room, 843 Hiawatha Place South

Pontedera is an affordable condominium project developed by HomeSight, a non-profit housing developer and mortgage broker. Currently, Pontedera is approximately 70% completed with occupancy slated for 2010.

The homes are priced to appeal to first-time homebuyers, many of whom earn less than 80% of the area’s median income. For those earning less than 80% of the median income, HomeSight can provide up to $70,000 in assistance that is repaid when the buyer sells or refinances. For buyers earning up to 120% of median income, HomeSight can provide a second mortgage to eliminate the need for mortgage insurance. Finally, Pontedera is the only condominium development to offer the city’s 12-year property tax exemption; available to buyers of one-bedroom units earning up to 100% of median income or up to 120% for two- and three-bedroom units.

The development is conveniently located close to dowtown at South Dearborn and Hiawatha Place South and offers one-, two- and three-bedroom homes plus live/work units.

Homes feature hardwood, woven bamboo and Green Label carpet flooring, a central hot-water system, stainless steel appliances and maple wood cabinetry. Select units also include gas fireplaces, Soapstone kitchen countertops, private decks and A/C ready sleeves. Common areas include a common garage with bike storage, a landscaped terrace and a community room.

Presently, the sales office is open on Saturday and Sundays from 1:00 to 4:00 PM at 827 Hiawatha Place South.

View available Pontedera condos for sale.

Renderings courtesy of Wolf Design

The six-story $32 million project will feature 17 live/work lofts and 85 condo units. Prices will start from $220,000 with financing assistance up to $120,000 for families earning less than 80% of the area’s median income. Additionally, 20 units will have a resale cap to ensure affordable inventory will be available in the future.

The project is located at 809 Hiawatha Place. Completion is slated for late 2009.