The Seattle Condo Blog | Seattle Condos and Lofts

Located just south of St. Mark’s Cathedral, Harvard & Highland is nestled among the quiet tree-lined streets of the Harvard-Belmont Landmark District—the only residential community in Seattle listed on the National Register of Historic Places. A classic alternative to downtown living, Harvard & Highland offers quality, concrete and steel construction with gracious floor plans, enhanced privacy and attractive sellout prices when compared with in-city high-rise condominium towers.

Presently, only eight of the community’s thirty-eight distinctive condominium residences are available for purchase.

“Our buyer profile could be around the corner or around the world,” says Community Sales Director, Melissa Camp. “We look forward to closing out our remaining inventory soon given emerging trends in home sales and a dearth of new supply.”

“Supply of this design is inherently limited, our client has a closeout perspective and interest rates are at historic lows. It all adds up to opportunity for homebuyers ready to make a move.”

Harvard & Highland is comprised of five buildings with seven or eight generously-scaled, single-level residences within each. With only two or three homes per floor, most residents enjoy three exterior walls of windows maximizing natural light.

This low density approach to development provides greater exclusively, added security and harmoniously merges the benefits and conveniences of urban living while residing within an established residential neighborhood. One of the Harvard Avenue buildings is sold out while a second Harvard Avenue building and one of the two Broadway East buildings has only one unit each remaining.

View Harvard and Highland Residences for Sale

View all homes for sale in the Harvard Belmont District

Harvard & Highland’s upscale features and finishes include:

• Gracious 9′ ceilings in the main rooms, all featuring coffer detailing with custom crown moldings
• Wolf cooktops and wall ovens, Sub-Zero refrigerators, Asko dishwashers
• Solid cherry wood kitchen cabinets
• Solid 5.25″ baseboard with custom detailing, and elegant 5.5″ crown moldings
• State-of-the-art acoustically engineered designs, with “tried, tested and proven” double-insulated wall construction and a special multi-layer composite floor system (the top layer of which is tongue-and-groove engineered hardwood flooring)
• Radiant-heated stone tile floor surfaces in master bathrooms
• All suites fully air conditioned with highly efficient and ultra-quiet heat pump units
• Secure private parking with 2, 3 or 4 spaces per home (depending upon suite size)

Harvard and Highland is situated on the former Scottish Rite Masonic Temple site on Capitol Hill and is designed by Studio Meng Strazzara and developed by Admiralty Group, LLC.

Inquire to schedule a private tour or for additional information.

Adapted from an Olive 8 Press Release:

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.

The following is adapted from a press release from Realogics Sotheby’s about the status of The Sanctuary development at the former First Church building.

Resource Transition Consultants (“RTC”), the court-appointed receiver for the lender of The Sanctuary, has announced the appointment of a design and construction team – led by Seattle-based general contractor Belfor Property Restoration – to complete the 12-home development by December, 2011. The project is expected to reenter the marketplace for sale in January, 2012.

“We’ve assembled a world-class development team to complete the vision of The Sanctuary – a century-old church in Seattle’s Capitol Hill neighborhood that was converted into a premier multifamily community – and we look forward to successfully reintroducing the project for sale in the New Year,” said Rob Nall, Principal of RTC.

In addition to RTC, project lender Pathfinder Partners, LLC and Belfor, The Sanctuary development team now includes:
- Architect – Runberg & Associates
- Construction Representative –The Justen Company
- Interior Designer – Robin Chell Design
- Marketing and Sales – Realogics Sotheby’s International Realty

“Construction is well underway and includes many design improvements recommended by brokers and prospective homebuyers,” said Nall. “We’re retooling the homes for today’s market – resetting prices while adding value to the finished product.”

According to Marty Goodman, principal of The Justen Company, the project scope now includes new clear and operable window systems to complement the historic stained glass in several units; elevator options; acoustical attenuation; refurbishing the central atrium; and restoration work on the historic exterior. In addition to warranties offered by manufacturers of installed systems and appliances, homeowners will benefit from a third party home warranty program that will be included with each sale.

“We’re fortunate that RTC and Pathfinder are investing substantial resources to reach the full potential of this extraordinary development,” said Goodman. Belfor Property Restoration, a division of Belfor Construction, is tasked with completing the construction of the 12 concrete and steel townhomes and restoring the historic façade of the original building.

“The homes are new construction with state-of-the-art building systems, designer finishes and premium fixtures and appliances throughout,” says Ross Minshull, site supervisor for Belfor, which has developed dozens of high-rise properties and restored a number of historic buildings. “At The Sanctuary, we’re building high-rise quality within a historic landmark – it’s the best of old and new.”

One of the most striking attributes of The Sanctuary is the central atrium, an expansive interior common area with 38-foot-high ceilings and a breathtaking stained-glass dome. Seattle-based Robin Chell Design is converting the atrium into a residential amenity that draws on the building’s history and architecture and provides a central hub for residents and guests alike.

“This project is matchless in concept, design characteristics, historical significance and overall quality of construction – especially at this price point,” said Chell, who will also design some of the project’s model homes. “Such a hybrid of rich, nostalgic features and modern design elements make this community unique in the Northwest, if not in the country.”

Although the official listings for sale are still several months away, Nall says two unit reservations have already been accepted with more expected in the coming weeks. Unit reservations provide prospective homebuyers with a first right of opportunity to purchase a particular home when it’s offered for sale.

“Every home is distinctive with unique floor plans and features so brokers and homebuyers are vying for the best possible selection,” said Nall.

Additional information on The Sanctuary can be found at www.LiveatSanctuary.com

Disclosure: The Sanctuary is an advertiser of Seattle Condos And Lofts.

Capitol Hill’s Sanctuary development in the historic First Church building has been resurrected. It’s now under receivership and on its 4th marketing firm.

Active marketing and home listing sales are expected to start by late Summer.

The following is from a press release:

(July 7, 2011) SEATTLE, WA – The senior development loan on The Sanctuary — a century-old church in Seattle’s Capitol Hill neighborhood that was converted into a 12-unit multifamily community — has been sold by a syndicate of lenders to Pathfinder Pollin Sanctuary Holdings, LLC, an affiliate of San Diego-based Pathfinder Partners, LLC, a leading acquirer of loans and properties from financial institutions.

According to Robert Nall, managing member of Resource Transition Consultants, LLC (RTC), which has served as the court-appointed receiver for the lender syndicate since September 2010, the loan sale is a key step toward rejuvenating the long-stalled development and reintroducing The Sanctuary to the market at dramatically reduced prices.

Guardian Investment Real Estate, a national real estate investment bank, represented the selling lenders. RTC will remain in place and oversee remaining construction and sales activities. Seattle-based Realogics Sotheby’s International Realty has been appointed the exclusive listing broker.

Originally built in 1908 as The First Church of Christ the Scientist, The Sanctuary was redeveloped a century later, as 12, fee simple concrete and steel townhomes within the historic structure. The original borrower defaulted on the development loan in August 2010 and construction and marketing has been halted for more than a year, Nall said. “With the support of our new lender, we can now complete construction and sell the individual residences,” Nall added.

Ranging from 1,278- to 2,438-square-feet, the townhomes will be marketed at significantly less than the original asking price – which averaged over $1 million apiece (previously listed from $799,000 to over $1.6 million) — when complete in fall of 2011. “While the original developer had an incredible vision that we intend to fully realize, we also recognize that values must be recalibrated for today’s homebuyer,” Nall said. “We anticipate our prices will start at below $600,000.” Additionally, new homeowners will enjoy a 10-year property tax abatement, with a special assessment designation for historic structures.

Celebrating the architectural significance of the historic structure, The Sanctuary project has already won numerous design awards, including “Building Restoration of the Year (2009)” from Seattle magazine. The development features an expansive stained-glass dome, now the building’s atrium, which provides abundant natural light. Residences feature high-end finishes and amenities, including soaring 35-foot-high ceilings, metalwork and cabinets by Seattle area artisans, solid wood stair risers, re-purposed marble from the original church and top-of-the-line kitchen and plumbing fixtures. Each unit has a street level entrance, as well as a shared elevator to secured underground parking. Some units have rooftop terraces with expansive views of downtown Seattle and Elliott Bay.

Dean Jones, principal of Realogics Sotheby’s International Realty, anticipates that The Sanctuary will be a welcome addition to the in-city housing market. “Buyers and brokers are starving for exciting new inventory like this, as the for-sale pipeline has been shut down for several years and no new developments are planned,” said Jones. Additionally, “this is a unique development – one part residence, one part architectural landmark, one part object d’art – and with just 12 homes available, we expect them to be in high demand.”

www.LiveAtSanctuary.com

Images courtesy of The Sanctuary.
Seattle Condos and Lofts

A couple of condo related events are coming up this week including an investment seminar and a design review board meeting for the Joseph Arnold Lofts. While Joseph Arnold Lofts is an apartment building, it is being proposed on a lot adjacent to two condo buildings – Klee Lofts and Bellora. Also, 7800 Plaza and Gallery are looking to close out sales this summer.

“Finding a Way with Your IRA” – Investment seminar

Realogics Sotheby’s is hosting a seminar for leveraging IRA’s (Individual Retirement Accounts) for investing in downtown’s opportunistic real estate market. A panel of experts has been assembled to explore myths and facts with using IRA’s for income property, to discuss available financing options and the review the overall housing marketing in downtown Seattle.

Click for more info and to RSVP

7800 Plaza – Mercer Island

Mercer Island’s only new condominium is the 7800 Plaza building located in the island’s downtown town center. Completed last summer, the 24-unit concrete and steel built 7800 Plaza Condominium is down to its final 5 homes for sale — all are two-bedroom + den homes ranging from 1,300 to 2,000 square feet. The homes are available from $499,950 to $749,950.

Visit the 7800 Plaza website
View 7800 Plaza condos for sale

Gallery Condominium – Belltown

The Gallery Condominium at 2911 2nd Avenue in Belltown is close to selling out the building. After an auction and a buy now event earlier this year, the 233-unit Gallery has 14 new homes remaining for sale and is offering a 3% buyer bonus incentive. Current prices range from $230,000 to $405,000.

I took a look at a few of the remaining open one-bedroom homes and prices have reduced more than $100,000 from their 2008 levels…about a 31% decrease overall.

Amenities at Gallery include concierge services, two guest suites, a supper club with a private dining room and Sky Lounge, a lobby that features rotating exhibits by local artists and two rooftop view decks with grilling areas.

Visit the Gallery Condo website
View Gallery condos for sale

Upcoming Land Use Meeting

A second design review board meeting for the Joseph Arnold Lofts apartment building has been scheduled for June 28th. Joseph Arnold Lofts, which is being developed by the Schuster Group (Mosler Lofts) is located at 2700 Elliott Avenue, adjacent to the Bellora and the Klee Lofts.

When:     June 28, 5:30 pm
Where:    Seattle City Hall Room L280

Download the Joseph Arnold Lofts design guide (note: it’s a 55 MB file).

Disclaimer: Realogics Sotheby’s and Gallery Condominium are advertisers of Seattle Condos and Lofts at the time of publication.

The Olive 8 Condominium, a luxury downtown Seattle condo, released a sample of its new prices as part of its re-energized marketing strategy this morning. The new pricing strategy includes reductions across the board that vary from about 15% to more than 25% on some homes, according to Julie McAvoy, the Community Sales Director for Olive 8.

Sample Price List (January 2011):

The new price list comes out about a year after prior reductions that ranged from 10-15% and last fall an auction helped sellout targeted inventory below the 27th floor, according McAvoy and NWMLS history. She estimates the total reductions in aggregate now range from 30-40% below presale pricing in 2007. “It a compelling opportunity for savvy homebuyers,” said McAvoy. “With prices correcting, timing the market may now have more to do with securing preferred selection and historically low interest rates versus anticipating further price cuts. I think we’re at a pivotal time in the center-city (Seattle) housing market and each community has a unique relationship within it.”

David Thyer, President of RC Hedreen Company and developer of Olive 8 says he monitors market values but acknowledges the only price that matters is the one that a buyer wants to pay. “We’re not inclined to further discount given recent sales comps in the building,” he said. “We know Olive 8 provides a great value today and we’re working our way up the building. Our three year construction loan extension provides us the time to sell into an improving marketplace over the next two years or so. Fortunately, we’ve saved our best inventory.”

McAvoy reports 10 new sales have been accepted so far in 2011 and active negotiations are taking place on several other homes. “I think buyers and sellers are finding better balance in supply and demand at Olive 8 and elsewhere,” she said. “It’s a signal that the market is stabilizing and an increase in sales means buyers are becoming more confident in home values.”

www.Olive8Reset.com

View available Olive 8 Condo homes for sale.

Disclaimer: Olive 8 is an advertiser of The Seattle Condo Blog at time of publication.

The Four Seasons Private Residences recent closed on the highest valued condo sale in the Seattle market this year. A two-level 5,256 square foot penthouse shell sold for $7,198,000. Another home at the Four Seasons sold for $6,300,000 earlier this year. Presently, only 11 luxury condo homes remain available at downtown Seattle’s most esteemed residential address.

At the other end of the spectrum, the more affordably priced condos at the Danielle in Ballard are also selling well. Though only on the market since Summer, Danielle is already 30% sold. That’s a great pace for a new condo development considering the state of the Seattle condo market. The project is also FHA approved which may account for their brisk sales.

The Sanctuary (First Church) townhome development on Capitol Hill hasn’t been as lucky. The Capitol Hill Seattle blog reported (via Urbnlivn) the landmark building’s redevelopment is in a bit of a financial conundrum. According to CHS, the bank holding the construction loan is seeking a judgement against the developers for the $9.2 million outstanding.

The update 1521 Second condominium (website) is hosting an open house even this weekend, Sat/Sun April 24-25th from noon – 4 pm.

In addition, a new home has been released. Located on the south corner on the 34th floor, this spectacular home offers 4,440 sq ft of living space with three-bedrooms and den. The home is listed at $7.25 million. Other home plans at 1521 start at $1.1 million.

Excerpted from press release.

The developer of the Hjarta Condominium in Ballard and Florera at Green Lake, Pryde + Johnson, will reintroduce condo sales within two partially leased buildings by offering current tenants and new buyers discounts up to 35% off original list prices. Inventory will be officially released for sale on March 27, 2010 as part of a bulk sales approach where the seller offers a volume sales discount in exchange for quick closings.

“We’re meeting the market on price and are committed to selling through as condominiums,” said Curt Pryde, principal of Pryde + Johnson and developer of both Hjarta and Florera Condominiums. “Homebuyers will also benefit from our preferred selection, FHA financing (3.5% down payment), today’s low interest rates and other limited-time incentives such as Federal tax credits up to $8,000 (for purchases contracted before April 30, 2010).”

Anticipating the market correction, Pryde restructured debt to lease unsold homes upon delivery in 2009 – many with an option to purchase. All leases expire in 2010 and will not be extended, he said. “We’re offering unparalleled product at a tremendous value,” said Pryde. “This is reflected in attractive monthly payments and provides for capital appreciation – the law of supply and demand will put upward pressure on values over time.”

As a first phase release, 12 homes will be available for sale at Florera along with 18 homes at Hjarta (30 homes total). Additional homes will be offered for sale as they become available and after current residents consider their purchase option.

• Studios (578 – 598 sq. ft.) will start from $244,950;
• One bedrooms (614 – 921 sq. ft.) will start from $274,950,
• One bedroom plus dens (792 – 923 sq. ft.) will start from $314,950;
• Two bedrooms (1,037 – 1,447 sq. ft.) will start from $399,950
• Two bedrooms plus den penthouses (1,331 – 1,578 sq. ft.) will start from $589,950

Realogics Sotheby’s International Realty will represent Pryde + Johnson in their bulk sales program. The local brokerage firm drove dozens of sales at Eleven Eleven East Pike on Capitol Hill and The Decatur on First Hill using a similar volume sales approach instead of an auction.

“We help sellers find the market and offer buyers auction-like prices without the gavel,” said Sam Cunningham, broker and partner in Realogics Sotheby’s International Realty. He points to numerous auctions in the Seattle area, which advertise minimum bid prices up to 60% off but after minimum reserve prices and prevailing market demand, result in sales discounts 20 – 35% off previous list prices. “Recently announced condo auctions and price drops in downtown Seattle will help draw buyers off the fence and into the greater marketplace,” he added. “Considering this highly competitive sales environment and perishable tax credits – it’s a great time to be a buyer.”

Reprint from press release.

Sotheby’s International Realty Affiliates LLC today announced that Realogics Brokerage, LLC, in Seattle is the newest member of its luxury real estate network.

The firm, owned by Dean and Stacy Jones of Realogics, Inc., now will do business as Realogics Sotheby’s International Realty. Sam Cunningham will serve as the designated broker and co-owner. The firm will service the Greater Seattle area in western Washington.

“The executive team behind Realogics Brokerage has built a strong foundation in Seattle based on core market knowledge, marketing excellence and unparalleled client service over the past decade,” said Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “Their success is derived from the exceptional properties they represent and the quality of their agents and staff.”

Currently located at 217 Pine Street, Suite 700, in Seattle, the brokerage will relocate to a new retail storefront it owns at 2715 First Avenue in downtown Seattle’s popular Belltown neighborhood. The firm has 17 licensed sales associates, which include top-producing agent teams managed by Moira E. Holley and James H. Stroupe, as co-founders of the company’s new Resale division. Resale services will be offered to buyers and sellers of condominiums, town homes and single-family residences throughout the region.

“Realogics Sotheby’s International Realty draws upon market research and consumer trends to accurately position its properties. By understanding our clients’ goals and carefully analyzing the fundamentals, our agents are experts at realizing their objectives with proven results in all market conditions,” said Dean Jones, “Our team has been recognized with more than 125 regional and national awards for sales and marketing excellence. Having affiliated with the Sotheby’s International Realty brand, we now have access to a global marketplace, providing our agents and our clients with every possible advantage available in the industry.”

Realogics, through a separate operating company, offers specialization in new construction project marketing for condominiums and town homes, condo conversions and strategic repositioning services for bank-owned real estate including bulk sales and foreclosure reintroduction in outlying areas. Adding a Resale division and gaining a world-wide marketing platform is timely, according to Sam Cunningham.

“As the new construction pipeline closes out we’ll see a sustained surge in resale activity,” said Sam Cunningham. “We monitor supply and demand closely and we’ll apply these insights for buyers and sellers at all price points and product types.”

While Jones cites a significant increase in demand for in-city residences from interstate and international buyers over recent years, he’s diversifying. “It’s a key buyer pool but it’s not the only one we’re focused on,” he said. “Like many peers in our industry, we’re evolving to meet the demands of a dynamic marketplace.”