The Seattle Condo Blog

Townsend Townhomes – Queen Anne

Townsend is a community of 13 new construction luxury townhomes on Queen Anne’s desirable South Slope. The four-level homes range in size from 1,720 to 2,580 and offer spectacular downtown, water and Space Needle views.

Townsend has 8 remaining homes which were just reduced in price ($36,000 up to $196,000) and are currently listed between $799,000 and $1,399,000. www.townsendliving.com

Azul Condos – Fremont

I recently spoke with Azul’s developer who mentioned that Azul should be receiving the Housing of Urban Development’s (HUD) FHA approval designation soon, if not already. Azul joins just a relatively small number of condominiums in Seattle that are eligible for FHA financing. Very few developers apply for FHA approval so this a great move on Azul’s part and should attract a larger buyer pool.

Azul is currently offering two buyer incentives – a $5,000 buyer bonus on one-bedroom homes and a $7,000 buyer bonus on two-bedroom homes. www.aZulinfremont.com

Leona Condominium – Queen Anne

Stopped by Leona last week for a hard hat tour of its progress. Work is coming along quite nicely and the developer anticipates completion by the end of Summer. Homes located on the original building’s top level and above will have the best views.

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

The Lakeview Residences (website) is the latest residential development by Hunters Capital. Nestled along Lakeview Boulevard on Capitol Hill’s Western slope, the exclusive six-home Lakeside Residences command sweeping views of Lake Union and the Olympics beyond.

Inspired by Frank Lloyd Wright’s Prairie Style, the Lakeview seeks to blend a contemporary design with Capitol Hill’s historic architecture. The project’s architect, Studio Meng Strazzara, designed several other high-end residences in the area including the Harvard and Highland and The Harvard Residences.

Each home includes two-bedrooms and two-plus baths that range in size from 1,380 to 1,711 square feet. Other features and refinements include:

• Private entry foyers
• 9′ ceiling height with oversized windows
• Custom wood cabinets and antiqued nickel plumbing fixtures
• Slab granite or marble kitchen countertops and white Carrara marble in the master bath
• Private cedar decks
• Two parking spaces
• Common rooftop deck

Homes are offered from $1 million.

Lakeview Residences will celebrate its grand opening this coming weekend, July 12th and 13th, at 1114 Lakeview Boulevard East.

June exhibited a solid month for Seattle’s condo market. Though unchanged from May, the citywide condo median price of $320,000 reflected a 6.7% increase over June of last year, marking the second consecutive year-over-year increase since December. In fact, most neighborhoods recognized value appreciation last month.

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With the Florera (website) wrapping up Phase I, it’s time for an update (see my previous visit and review).

The Florera is a new condominium project developed by Pryde + Johnson, builder of Hjarta and Ashworth Cottages. Phase I consists of 59 studio, one-bedroom, one-bedroom + den and two-bedroom homes located just a couple of blocks from Seattle’s active Green Lake Park.

As I toured the finished product I was pleasantly impressed by how well Florera turned out. The floor plans are efficient and feel larger than the stated square footage. The homes have above average and “green” finishes such as bamboo floors (natural & dark stained), concrete or recycled terrazo countertops and zero-VOC paint. Though, some changes are being made, namely replacing some of the terrazo countertops with quartz and removal of the corny wall-mounted fireplaces.

Other features include stainless backsplashes, oversized windows, GE Profile appliances including a gas range and double door refrigerator with bottom mount freezer and front loading washer and dryers. The two-bedroom two-bath units also come with a heat pump and air conditioning system.

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Stadium Lofts (website) has a new developer and a new look. As previously reported, Barrientos has taken over as owner and developer of the project. Since its initial conception, Stadium Lofts has grown in scope – height, number of residential units, number of parking stalls and number of commercial units.

Williams Marketing showed off the new concept during focus group events last week. The purpose of the focus group was to gage participants interest in various home features such as the type of cabinets, windows, appliances, heating/air conditioning, common amenities, green building methods and so forth.

The new Weinstein A|U design is much bolder than previous incarnations, blending historical elements with a cleaner, modern aesthetic. In a sense, it provides a transition from Pioneer Square to the stadiums and the future North Lot development. The new design has cleared the Pioneer Square Preservation Board.

Stadiums Lofts will now rise 11-stories with 4-residential levels. The residences will be located in the new concrete and glass framed structure above the existing building. The 5th floor (current roof level) will be comprised of 20 single-level flats ranging in size from 450 to 500 sq ft with one 1,250 sq ft unit. The 60 two-level lofts will be located above and range in size from 750 to 900 sq ft. The top floor lofts will also feature private roof top decks.

A number of the 5th floor flats are being designated affordable, available for individuals earning up to 115% of median income. The project will not include live/work loft units.

Home features and finishes are still being determined at this time.

The entry to the parking garage has moved from Occidental to Railroad in order to provide residents unhindered access on game days. The project will also include a 5th floor terrace and 3,000 sq ft of ground level common area amenities. Space for 2 restaurants and 2 commercial units are also being included in the design.

Occupancy is slated for Fall 2010. Pricing and pre-sale information is expected to be released during the first part of 2009.

Here’s a quick look at designs of several non-condo housing developments in the Belltown & Denny Triangle area.

2612 3rd Avenue (Corner of 3rd & Cedar)

2612 3rd Avenue has a newer design than the one I posted a few months ago. The 17 story apartment will house approximately 185 units, a commercial space and just 82 parking spaces. Overall, it seems like a nice addition to this rather dead end of Belltown.

View looking SE, corner of 3rd & Cedar.

Looking NW from 3rd Avenue. Mosler Lofts is to the left.

Main entry facing Cedar Street.

6th & Lenora

The 6th & Lenora Apartment is a twin tower development spanning 1/2 block on 6th Avenue between Lenora & Blanchard. The towers will rise 18 stories with a 6 story podium encompassing 654 units, retail space and 419 parking spaces.

Looking West along 6th Avenue.

1900 1st Avenue

Located close to the Pike Place market at 1st and Stewart, the proposal for the 11-story 1900 1st Avenue development includes a 100 room hotel, 75 apartment units and 325 parking stalls. If built, it will replace a surface parking lot and would obscure lower level views from the proposed 1915 2nd Avenue condominium project.

Clise Properties has taken its 13-acres in Denny Triangle off the market due to the global credit market downturn. Clise received 15 offers and conducted 60 tours with the most serious offer coming from a Dubai-based real estate development company.

Clise is expected to put the properties back on the market once the financial markets improve.

More info: SeattlePI and Seattle Times

The Montage (website) is the newest condominium addition to the Pike/Pine corridor on Capitol Hill. The 6-story, 23-unit building is located at 1422 Boylston Avenue, just around the corner from the HoneyHole.

Montage includes a mix of open one-bedroom, one- and two-bedroom homes ranging in size from 661 to 1,121 square feet. Homes on the “Terrace” level have expansive decks that range up to 375 square feet, providing excellent outdoor living/entertainment space.

Home prices begin at $340,000 for one-bedrooms and range up to $690,000 for a two-bedroom penthouse unit.

Home features include:

• Stainless steel Bosch and Kenmore Pro appliances, gas range
• Cherry or walnut hardwoods and carpet flooring
• Slab quartz and granite countertops
• Gas fireplace
• Parking & storage
• Pet friendly
• Roof top deck
• BUILT Smart construction

Montage’s interior finishes appear above average for this price point on the Hill. Unlike larger developments, Montage does lack somewhat with common amenities. However, homeowners will be in the center of Capitol Hill’s urban flavor – restaurants, cafes, street side retail and boutique stores, pubs, a QFC a block away and close to major bus routes.

Also: Read Matt’s impression of the project.

Last month’s market performance figures reflected continued confidence in Seattle’s condo market. The city-wide condo median price rose to a high of $329,975, a 4.1% increase over the same period last year, reversing a two month slide. The condo inventory supply, or absorption rate, decreased for the second consecutive month while the number of sales continues to improve.

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As previously mentioned, there has been a few changes occurring with the Stadium Lofts project. Since its initial debut Stadium Lofts has been through a redesign and acquired a new lead developer, Barrientos, which has resulted in delays.

Recently, Stadium Lofts announced that they retained the architectural firm of Weinstein A|U to revisit every detail of the project. Weinstein’s other noted Seattle projects include the Banner Building, Agnes Lofts and the Bernard.

Stadium Lofts will be hosting a focus group event later this Spring to unveil its new design concept. More info to come.