The Seattle Condo Blog | Seattle Condos and Lofts

Escala Condominium
The Escala Condominium report they’ve just received full Fannie Mae approval. This will facilitate loan approvals with various lenders and will accelerate closings at the luxury condo tower in downtown Seattle.

Marselle Condominium
The Marselle Condominium has surpassed the 100 unit sales mark and is now over 75% sold. The new construction condominium near the Seattle Center still has a number of great single level flats and two-story townhome penthouses available. Prices start from $219,990.

One Main Street Condominium
The One Main Street Condominium near Downtown Bellevue recently reduced prices up to $30,000 on select one-bedroom plus den homes, which now begin at $379,900. Regular one-bedroom homes start from $299,900.

Land Use Action
The Seattle DPD approved a couple of notable proposed apartment developments in Belltown. This morning the DPD approved the 27-story development next to the Seattle Heights Condominium at 225 Cedar Street. The current proposal is for a tower at the NE corner of the block at the site of the American Lung Association building. Eventually, the development will encompass the entire east half of the block. Across the street, the Alto apartment building is currently under construction. View decision (pdf).

A few weeks ago, the Schuster Group’s Joseph Arnold Lofts project received conditional approval. The proposed 13-story apartment building will be adjacent to the Bellora and Klee Condominiums. Virtually all of Bellora’s southern views will be obstructed as well as the west views of the Klee’s south building. View decision (pdf).

Queen Anne High School
The Puget Sound Business Journal reported that developer of the Queen Anne High School Condominium is battling its insurer after loosing a $9.4 million lawsuit brought on the homeowners association.

According to the article, the homeowners association filed a lawsuit alleging breach of contract, implied warranty, and violation of the Consumer Protection Act in its marketing of the property, among other issues.

Developer, insurer now at odds over $9.4M ruling on Queen Anne High School via Puget Sound Business Journal

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.

View available Queen Anne HS condos for sale.

Update 3/23/09: KOMO TV news story on the auction.

Following on the success of The Press condo auction in December, the Queen Anne High School condo project will be auctioning the developer’s remaining 12 units. Bids start at $145,000.

The auction is scheduled for 1:00 PM on Sunday, March 22, 2009 at Grand Hyatt in downtown Seattle. The auction is being conducted by Kennedy Wilson, www.QueenAnneHighAuction.com.

Like the Press’ auction, a “how-to” seminar with a mock auction is being held in advance. The seminar is scheduled for Sunday, March 15 at 1 PM at the auction information office at Queen Anne High School (201 Galer – enter from 3rd Avenue). Attendance at the seminar isn’t required but if you’re new to auctions, it’s well worth going to.

Of the 12 homes available, 11 are located in the West Wing and the Industrial Arts Building. The only unit available in the original high school building is a penthouse. The homes are available for preview from 10 AM to 5 PM daily. Floor plates of the complex.

• One studio is available with a minimum bid of $145,000 that had been listed at $254,950.
• Six two-bedrooms that begin from $245,000, they were previously listed between $474,950 and $519,950.
• Four townhomes starting at $325,000, they were previously listed from $579,950 to $599,950.
• The penthouse, a 1,432 square foot one-bedroom + den starts at $650,000 and was previously listed at $999,950.

Things to know about the auction:

• Registration is required in order to attend and bid on auction day. Bidders can register in-person at the auction office or they can mail or fax the form. Registration is due by 5:00 PM on Thursday, March 19, 2009.
• The minimum selling price (bid) is the published reserve price; there are no hidden reserves or buyer premiums.
• Buyers must be pre-qualified through Wells Fargo prior to the auction. However, buyers may use any lender of their choice and will need to provide a pre-qualification letter from their lender.
• A $2,500 cashiers check deposit is required for each home a buyer has been approved to purchase. The deposit is required to bid, and for winning bidders, it’ll be applied towards the down payment.
• Immediately following the auction, the remainder of the down payment is due (3% for one home, 5% for more than one). The down payment can be made by personal check.
• Purchasers using the preferred lender, Wells Fargo, are eligible for a $2,500 credit that can be applied towards closing costs.
• All sales are slated to close on or before Wednesday, April 22nd (30 days from the auction). In some cases, the Seller may grant an extension though there’s additional fee assessed.
• Buyers may have their own buyer agent representation. There is no additional cost incurred for buyer representation.

Detailed information, list of homes available, registration form and auction terms & conditions are available for download at www.QueenAnneHighAuction.com (note: you’ll need to complete the sign-in form).