Executives at RC Hedreen Company announced they’ve closed their 148th sale (with six sales pending in November) marking a new milestone with two-thirds sold and closed at the 229-unit, Olive 8 condominium tower.

“Olive 8 was successfully repositioned in 2011 and our sales momentum continues as buyers realize that the cost of homeownership has been greatly reduced,” says David Thyer, president of RC Hedreen Company, the developer of Olive 8. “Our construction loan is nearly paid off, home values at Olive 8 are stabilized and we saved our best inventory for last.”

Having earned 45 new sales since resetting prices up to 35% below previous list values, Olive 8 represented a significant share of Seattle condo sales in 2011. To maintain momentum, Thyer recently realigned the asking prices of all remaining homes with the selling prices of similar homes that recently closed in the building. Select home plans were further adjusted up to 8% below the most recent list prices.

“We had a strong start to 2011 and we’d like to close out the year in a similar fashion,” says Thyer.

In addition to validated market prices, Thyer confirmed HOA dues will drop 15% (from $0.54 per foot per month to just $0.47 per foot per month) given the building’s operational efficiencies shared by the hotel and from lower utility consumption within the LEED (Leadership in Energy and Environmental Design) “Silver” certified building. Additionally, Thyer confirms that 5% down-payment options are now available at Olive 8. Recent sales, appraisals and financings confirm the stabilized values and continued market performance of the development.

“Consumer confidence is returning,” he added. “It also helps that the in-city housing recovery is now more obvious when compared with the broader King County region.”’

According to a report by the Northwest Multiple Listing Service, the median home price of condominiums in downtown Seattle (Area #701) year-to-date was $392,620 as of October 31, 2011, up nearly 5% from $375,000 over the same period year-to-date in 2010. Similarly, rental rates have trended 3-5% higher in downtown Seattle neighborhoods year-to-date, according to a recent report by Dupre + Scott Apartment Advisors.

Click to view the entire press release (pdf)

>>   View Olive 8 Condos for sale

Disclosure: Olive 8 and Realogics Sotheby’s are advertisers of Seattle Condos And Lofts.

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Starting today, Seattle’s Olive 8 Condo resets with a new sales team, new pricing and a new marketing strategy. Realogics Sotheby’s takes over the reins of Olive 8, the third marketing company to do so, charged with selling the remaining units at the luxury condominium development.

Presently, approximately 50% of the Olive 8′s 229 upsale homes have already been sold, a number of which were through a recent condo auction. The remaining homes are available from level 27 and above.

Julie McAvoy will lead the new sales team. McAvoy previously headed sales at the 2200 and has been involved with Washington Square, Tribeca and the Four Seasons Private Residences.

Olive 8 added a video to its website this morning, hosted by syndicated columnist, Tom Kelly, and features members of the development and marketing team. I normally take what condo marketers say with a grain of salt, but the video does make an valid point about inventory. In respects to “new inventory”, the downtown Seattle condo inventory level is constricting. The lack of new developments have allowed the current slate of buildings to reduce their inventory, and there won’t be another completed condominium building until at least 2014. According to Dean Jones of Realogics Sotheby’s, fewer than 450 new condominiums remain unsold in the city center. So, if you’re looking for a brand new never lived in condo there’s not a lot of choices compared to 2-3 years ago, unless you’re looking at the million dollar plus level.

There are caveats to the above. A white knight could emerge to save the Volta project on First and Bell and buildings like Rollin Street Flats in South Lake Union can easily reconvert to condos, but unlikely given the current rental market.

We should be hearing more about Olive 8′s new pricing shortly…stay tuned.

View available Olive 8 Condo homes for sale.

Disclaimer: Olive 8 / Realogics Sotheby’s is an advertiser of The Seattle Condo Blog at time of publication.

Similar posts you may find interesting:

1. Olive 8 Pricing Update
2. Olive 8 Sales Pick Up
3. Sign of the Times – Olive 8 Offers A Price Guarantee
4. Olive 8, Trace, 7800 Plaza, Marselle and Gallery condo updates

At a time when many regional projects are at a standstill and unable to secure financing, this loan renewal helps Olive 8 earn its distinction as an urban and sustainable condominium project that has been able to move forward as planned while continuing to be a desirable option for buyers.

Olive 8 is Seattle’s first Leadership in Energy and Environmental Design (LEED) Certified (Silver) hotel/condominium building. Hyatt at Olive 8 occupies the first 17 floors with another 22 floors of luxury condominiums above. Of the 229 condominium homes, 51 have closed. A wealth of new research indicates green building is forward-thinking, offers many long-term financial benefits and is an investment that pays off in terms of lower energy and water bills, as well as healthier indoor air.

R.C. Hedreen President David Thyer says, “As the developer, it’s not unexpected for us to think Olive 8 is unique and will hold its value in the long-term. But the extension of this loan syndication led by our long-time partner, U.S. Bank, reinforces our belief that this hotel/condominium combination in the heart of Seattle is a project with a strong future. We see it as a very positive sign in what has been a slow and challenging market.” Olive 8 was designed by the internationally acclaimed New York City firm Gluckman Mayner Architects in partnership with local architect, MulvannyG2.

Minneapolis-based U.S. Bank’s history of doing business with R.C. Hedreen dates back 15 years, with a variety of projects being financed over the years.

“We are proud to be involved with the construction of Olive 8, which shares our commitment to quality and environmentally-sound business practices that help sustain our resources and the environment,” says John Swanson, senior vice president in commercial real estate at U.S. Bank. “Also, this a shining example of the fact that U.S. Bank is a strong leader within the banking industry, and that we continue to make loans and provide financing to projects like Olive 8, even in this difficult economy.”

Due to its sustainable design and construction, which includes one of the largest green roofs in Seattle, Olive 8 is expected to use 23-percent less energy and 36-percent less water than a comparable non-green building. It is the first building in Seattle to participate in King County’s Transfer of Development Rights program; in exchange for higher building rights, R.C. Hedreen paid nearly one million dollars toward the preservation of 284 acres on Sugarloaf Mountain in rural King County, as well as vital salmon habitat. The carbon footprint of the Olive 8 building will soon be reduced by 21-percent when Seattle Steam Company, which provides heating for the hotel, will begin using mostly biomass as fuel instead of natural gas. Olive 8 also features preferred parking spaces for highly fuel-efficient vehicles and outlets for electric cars in the underground parking lot.

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With that said, however, recent events and the state of the condo market are on the minds of developers. R.C. Hedreen, Olive 8′s developer, is ensuring that buyers in Seattle’s tallest residential tower receive the lowest price possible as the market continues to fluctuate by offering a price guarantee to new buyers. Should the same floor-plan within Olive 8‘s remaining inventory sells for less than the current price prior to closing, the buyers who contracted for a higher price home will benefit at closing with the equivalent discount to their price.

Acccording to David Thyer, president of R.C. Hedreen, the Olive 8 homes are attracting a great deal of attention and interest, but “We recognize the housing market hesitancy and feel that this guarantee will help shore the confidence of those who are on-the-fence. Buying now offers the best selection and the assurance that they are getting a great value.”

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