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All twelve of the Queen Anne High School condo homes at auction were successfully bid upon and are under contract. On average, the units went for 31% below the last list/known prices and 43% below their original list price (the original list price may date back a few years).
Click image for larger version (pdf), courtesy of O’Brien/Savage.
According to the Daily Journal or Commerce, the Domaine Condominium development on Aurora Avenue is being offered for auction (Trustee’s Sale) on February 6, 2009 to the highest and best bidder. Intracorp, apparently, was unable to unload the project as apartments as it did with Expo62.
The article states a limited liability company affiliated with Intracorp is in default on a $22.51 million construction loan with KeyBank. They are also behind on a $11.6 million mezzanine loan through Residential Funding Company (RFC), plus interest and other fees. RFC is foreclosing on all its collateral for the loan.
Intracorp has been hit hard this year with dismal results of its downtown condominium strategy (Expo62, the Parc, Domaine and 1915 2nd Avenue) and, reportedly, reduced its staff.
The auction will take place at 9:30 AM at the King County Administration Building on February 6th, 2009.
The Leona Condominium on Queen Anne will host an open house event on Saturday 9/13 and Sunday 9/14 from 11 am to 6 pm.
Leona is a mix of the old with new. The development preserves the original 1909 structure along with the addition of a new penthouse level on top as well as townhomes along Ward St.
Leona offers a mix of floor plans including one- and two-bedroom flats, 3-story townhomes and 2-story penthouses. Prices range between $429,000 and $1,975,000. Additionally, homes may be eligible for a 10-year tax abatement significantly reducing property taxes. www.leonaliving.com
Leona is located at the corner of Queen Anne Ave N and Ward Street. www.leonaliving.com
I’ll be hosting an open house at The Portal Over Lake Union on Sunday, May 18th from 1 – 4 pm. The Portal is located at 655 Crockett Street, access is from Dexter Avenue.
Unit #A102 is one of only a handful of live/work lofts available within the complex, perfectly suitable for office or artisan studio space. The unit is a spacious 1,214 square feet of open living space with 12′ ceilings. Other home features include:
The Portal was constructed in 2004 consisting of 76 condominium homes in two buildings overlooking Lake Union. Though the buildings back to Aurora, the homes are on the East-side with the common hallway buffering the homes from Aurora. Amenities include a courtyard off the community club room and an expansive roof top deck. Access to the Portal is via Dexter Avenue.
The McKean Condominium (website) located on Queen Anne’s SW slope at 1404 Olympic Way West is the latest Seattle offering from the MCM Group.
Originally constructed in 1929, the brick-veneered vintage building has been thoroughly updated with new wiring, siding and plumbing systems. The complex encompasses just eight one-bedroom condominium homes that feature original hardwood flooring and window frames, original hex-tile bathroom floors and refinished cast-iron tubs. Interior details include archways, crown moldings and coved ceilings.
The units are 762 square feet and have been updated with modern finishes and amenities – slab granite countertops, subway tile backsplashes, stainless steel appliances, parking, storage and views. Prices for the two ground-level homes begin at $334,950 while the upper-level homes are being offered from $409,950.
MCM is launching the McKean project with a sunset grand opening event on Thursday, April 3rd from 6 PM to 8 PM.
McKean will officially open to the public the weekend of April 5th & 6th from Noon to 6:00 PM, the same weekend as the Seattle Condo Tour.
Queen Anne
The Newbury Etruscan (website) is a small conversion project on the North side of Queen Anne at 49 W. Etruria. Originally built in 1968, the project features only 8 condominium homes comprised of 6 one-bedrooms about 680 sq ft in size and 2 two-bedrooms that are 860 sq ft. All 8 units are available though they’ve only released pricing for two units – a one-bedroom listed at $319,950 and a two-bedroom listed at $369,950.
The Newbury Etruscan is located near Seattle Pacific University and is only a short stroll to Fremont.
North Seattle
The 845 Condominium (website) is located in the Pinehurst area of North Seattle on 125th & Roosevelt. Of the 15 homes, only 8 one-bedroom and two-bedroom homes remain. The one-bedrooms range in size from 665 to 707 sq ft and start at $214,950. The two-bedrooms are 829 sq ft and begin at $254,950.
Bellevue
The Belcera (website) in Bellevue has been on the market for a few months and have sold more than half of the 11-units available. The two-bedroom homes are approximately 900 sq ft in size and feature slab granite countertops, travertine tiled bathrooms (floor & surround) & hardwood floors. Homes start at $315,000.
Currently, the developer is offering buyers paid HOA dues for 12 months and no mortgage payments for 3 months.
Redmond
Redmond View (website) is another small project that offers 9 two-bedroom homes that range in size from 990 to 1,022 sq ft. Home features include bamboo flooring, slab granite countertops, cherry cabinets and travertine tiled bathroom floors. These homes are priced from $369,950.
Currently, the developer is offering buyers paid HOA dues for 12 months and no mortgage payments for 3 months.
It had been rumored for the past few months that Expo62, a new condominium project under construction in Lower Queen Anne, was going to be converted to apartments. Now, it seems to have come true. According to fellow Realtor, James Stroupe, who reserved a unit in Expo62, the building was sold to an out-of-state buyer. Thanks to Staci for the info.
While this is not great news for those who reserved units at Expo62 or the overall health of Seattle’s condo market, it does have a silver lining. It’ll result in an inventory reduction of over 100 units, thereby helping to normalize the market.
Related:
Seattle PI: Seattle Center condo project to be apartments
The 200 West Highland condominium project on Queen Anne’s South slope recently updated their website www.200westhighland.com. Buyers can now view floor plans, home features and general information about the project.
The project’s 25 condominium homes range in size from 1,500 to just over 2,800 square feet and are offered from $1.23 million to $4 million. The building is located across from Kerry Park and will provide homeowners the same exceptional views of downtown Seattle and Elliott Bay.
200 West Highland is anticipating occupancy this Fall. Interested buyers should consult with their agent to schedule an appointment at the project’s Presentation Center located in near the Pike Place Market at 2025 1st Avenue.
Map of 200 West Highland Drive
The Marc Anna (website) will be hosting its grand opening this weekend, September 29th & 30th at 102 Galer Street on the top of Queen Anne.
Originally constructed in 1927, the Marc Anna features just 6 one-bedroom and one-bedroom + den condominium homes starting from the high $300,000s.
Denny Way has become a hotbed of construction activity with no less than eight residential projects currently under development. These projects will dramatically re-invent the SLU, Denny Triangle & lower Queen Anne landscape.
Four of these are located within blocks of each other near Denny Way & Aurora Avenue. Of the four, two are expected to be apartments with the other two being condominiums.
Hyatt Place Hotel & Condominium (600 Denny)
Update 2/08: This project will be developed as a hotel/apartment complex consisting of two buildings. One building will be a 56-unit apartment (6th & Denny Apartments) and the other will be the Hyatt Place Hotel.
Located to the West of Starbucks at the old Greg’s Japanese Auto site is the 9-story 160-room Hyatt Place Hotel that will also include 56 condominium homes. The project is being developed by Kauri.
Image courtesy of Johnson Braund Design Group.
Borealis Apartments
Borealis (website) is well underway at Denny & Aurora. This green built Vulcan project will feature 53 apartment units, 50 of which will be priced for residents earning 80% of median income. The building was designed by Runberg Architecture.
