The Seattle Condo Blog

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Seattle’s luxury 1521 Condominium announced it has received LEED Silver certification. According to its news release:

…95 percent of construction and demolition waste was recycled. It also has energy efficiencies such as double-pane low-E glass windows and high-efficiency lighting in common areas; and water efficiencies such as dual-flush toilets, low-flow showerheads and limited landscaping that requires little irrigation.

To celebrate, OPUS Northwest, is giving away a Smart fortwo car with purchases that close by May 31, 2010.

The certification is well deserved and the homes are beautiful, but I just don’t think buyers will really care about smart cars cluttering up the garage. On the other hand, for many owners, 1521 is a second residence so it might be nice to have some wheels to scoot about town in.

www.1521second.com

The folks at Escala and TeamBuilder have been busy redefining the Escala experience during the past few weeks. Now, the $370 million condominium development is set to officially reopen its sales center on March 27th, though it sounds like they’ll soft open on March 15th according to rep with TeamBuilder.

Out of the 80 or so pre-sale buyers, 6 have closed and about 35 are expected to continue with their purchase at this writing…that’s around 15% of the units sold.

The most significant change to the project is pricing with homes now starting as low at $384,000 for a 952 square foot one-bedroom (B layout), $699,000 for a 2-bed + 2-bath home (C layout) and from $1,574,000 for a 3-bedroom 2,442 square foot home. I spoke with a pre-sale buyer who’s unit was reduced 28%, which is approximately the figure that’s been floating around from other buyers. However, I’m told the percentage will vary by layout/location.

In looking at Escala’s first release pricing sheet dated 7/2006, the “B” layout plan units ranged from about $500,000 to $800,000 (before they starting raising prices) and now they’re between $384,000 to $550,000. The “C” plan homes now range from $699,000 up to $999,000 for a 20th floor unit. Back in 8/2006 those homes were priced from $800,000 to $1,600,000. The prices today are well below those during the market’s peak in 2006/2007.

Pricing has dropped low enough that the project has applied for FHA approval. This is striking considering how the property was originally marketed – very upscale, a private social club with hugely expensive memberships, homes with private elevators and vestibules – to potentially being FHA eligible.

The other significant change to the project is Club Cielo, which will remain but in a far more limited form. Rather than a fully staffed and managed social club and restaurant with outside membership, the facilities remain (bar, kitchen, dining room, wine grotto and dining space, terrace, theatre and spa/fitness area) but only for use of residents on a pay-per-use system. Residents may schedule fitness trainers and masseuses or cater their own parties in the club’s dining room and bar. As a result, homeowner dues have been reduced from $.85 to $.58 per square foot.

There are eight levels of underground parking. All homes come with parking and there will be extra spaces available for purchase as well. The wine grotto has 271 storage lockers available with each locker holding two cases. I’ve heard conflicting info, but most likely they will be available to residents on a first-come, first-served basis.

The spa and fitness areas are spacious with professional quality equipment, two resistance lap pools, hot tub, 4 or 5 massage rooms and a yoga studio.

The building and homes are gorgeous. The amenities impeccable. The pricing, fairly attractive comparatively. Considering new construction condos offering homes at the similar price points – Enso, Olive 8, Volta – it’s hard to beat Escala for its overall quality, finishes, uniqueness, views and level of amenities.

Condominium websites:
Escala
Enso
Olive 8
Volta

A year over due, the last of Seattle’s new condominium developments is finally nearing completion. The boutique development at 1st Avenue & Bell Street, which was previously known as Alex, has been rebranded the Volta Condominium. I had an opportunity to tour the building and chat with the new marketing team recently.

When I last spoke to developer Gerry LaCaille in 2007, the original Alex concept reflected the booming condo market – upscale, customized and highly personalized catering to various buyer profiles. Today, it’s another story. The downtown condo market has struggled with the proliferation of high-end condo buildings creating a tough environment in which to bring a new development to market. Fortunately, like Enso and Escala, Volta has repositioned itself to appeal to a larger segment of buyers. Volta will still offer an array of layout and size options appealing to a wide range of buyers but with more standardized finishes allowing it to enter the market at reasonable price points.

Why the name Volta, you ask? Two reasons. First, to provide a fresh start with a new marketing & sales team. Second, it’s a marketing play on the name. The building has been renamed in honor of Italian physicist Alessandro Volta, known for inventing the electric battery. Alessandro pays homage to the project’s original name, Alex. The building is situated just two blocks from the Battery Street tunnel and the center of Volta’s medallion logo bares a likeness of the top of a modern battery.

Volta Condominium features 34 home homes with 20 different floor plans within its compact 8-level design. The ground floor will contain a commercial space and a live/work loft with one-bedroom, one-bedroom + den and two-bedroom homes above ranging in size from 626 to 1,095 square feet. There are two penthouses that will offer soaring 15′ ceiling heights, skylights, spectacular views and large private roof top decks.

The one-bedrooms on the west side and the two-bedroom north facing homes appear to have the most appeal, offering good living space and views. The 4th floor north facing units also have private decks.

The building and home interior features include:

• Two color and finish schemes – Cognac (light) and Slate (dark)
• Quadruple glazed four layer windows for noise reduction
• Vast floor-to-ceiling windows providing ample light and views, in most units
• High ceiling heights, up to 15′ in the penthouses
• Oversized stained wood doors to individual units
• Hardwoods in the entry, hallways and kitchen; carpet in living and bedrooms
• Whirlpool Gold stainless appliances with Bosch and Viking upgrade options
• Custom Euro Concept kitchen cabinetry
• Slab silestone counters with under mount sinks

It’s unfortunate that the living area will be carpeted particularly when many of the homes have an open kitchen / living design. Having hardwoods throughout would provide a more seamless finish. Perhaps that will change as the floors are laid. In order to keep prices down several items are not included with purchase, namely washer and dryers and parking. Aside from the penthouses, which comes with two parking spaces each, parking is available on a first-come, first-served basis for $25,000. At this writing, storage is still being worked out. It may be included with every home or offered as an option.

Prices start from $299,950 for a one-bedroom and range up to $1,095,950 for a large west-facing penthouse shell. The project has applied for FHA approval as 28 of the homes are within FHA’s loan limit. More pricing info to come shortly.

Amenities are limited to the main lobby and a roof top deck, though that helps to keep HOA dues down which is expected to be around $.44 per square foot. The roof deck, located on the east side of the building will include a dog run area and green space.

The sales center is slated to open at the end of April / early May with first occupancy expected in July. Though only a handful of units are presently listed in the MLS, all homes are available for pre-sale purchase.

Website: www.VoltaOnBell.com

Kennedy Wilson has been tapped to conduct the auction for the remaining 18 units at 5th & Madison.

The minimum bid starts at $195,000 for 808 sq ft one-bedroom units on the 17th & 18th floors. Those were previously priced between $399,000 and $415,000. The highest starting bid is $995,000 for a 1,957 sq ft penthouse that was previously listed at $1,995,000.

The auction will be held on March 28, 2010 at the Grand Hyatt Seattle (721 Pine Street) starting at 1:00 PM. Homes can be viewed at 5th & Madison daily from 10:00 AM to 5:00 PM.

As with previous auctions, Kennedy Wilson will be hosting a “How to buy at auction” seminar the week prior on Sunday, March 21st. This is a great way to learn about the auction process and participate in a mock auction. I’ve been to a few of these and they’re sort of fun.

For more information, including units available, floor plans and auction documents, please visit: www.5thandMadisonAuction.com

If you need guidance through the auction process, we’re here to help.

Just reduced – one of the best luxury condo values in Belltown.

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For more information or to view the unit, please contact us.

Following on the footsteps of the successful Belltown condo open house event a couple of weeks ago, a similar event is taking place on Sunday 2/14 in downtown from 1 – 4 pm.

The tour covers over 15 units in 10 buildings – Continental Place, Market Court, One Pacific Tower, Newmark Tower, 98 Union, Colonial Grand Pacific, Watermark Tower, Waterfront Place, Royal Crest and Olive 8.

Additionally, I’ll be hosting an open house at Cristalla (2nd & Lenora) from 1-4 pm as well.

Click on image to download the map (PDF):

The following are upcoming land use review board meetings of new residential projects in the Seattle core districts, either planned as apartments or condos. Where applicable, I’ve noted existing condominiums located in the vicinity of the proposed structures.

2030 8th Avenue. 38-story 350-unit residential tower proposed in the Denny Triangle area. Located at 8th and Lenora, the building would be situated NW of the Cosmopolitan and SW of the 2200.

    Design Review Early Design Guidance Meeting
    February 9, 2010 at 5:30 PM
    Seattle City Hall
    Download the design proposal workbook (12 MB PDF)

2nd & Pike Tower (1430 2nd Ave). 35-story residential tower at the SE corner of 2nd & Pike. At one point the project was to include a hotel, Candela, which has since been removed from the proposal. The project is situated on the SE corner of the intersection, across from the Newmark Tower.

    Design Review Second Early Design Guidance Meeting
    February 9, 2010 at 7:00 PM
    Seattle City Hall
    Download the design proposal workbook (7MB PDF)

1200 Stewart. Twin 35-story towers proposed at the corner of Denny and Stewart to contain residential, hotel and retail space.

    Design Review Board Meeting
    February 23, 2010 at 5:30 pm
    Seattle City Hall

151 John Street. This is a 7-story residential building proposed at the corner of John Street and Warren Avenue next to the Seattle Center. This the lot adjacent to the north of Queen Court.

    Design Review Board Meeting
    March 3, 2010 at 6:30 PM
    Queen Anne Community Center

3031 Western Ave. This is Martin Selig’s 14-story 78-unit apartment proposal that’s situated at the north end of the Olympic Sculpture Park and west of the Alexandria.

    Design Review Board Meeting
    March 9, 2010 at 5:30 pm
    Seattle City Hall

Are you interested in condo living but hate the hassle of searching for open houses or scheduling tours with your agent?

Well, here’s your chance to tour over 40 condos units during a progressive Belltown Condo Open House event on Sunday, January 31st. The event runs from 1:00 pm to 4:00 pm.

These are individually owned resale units, representing condominiums throughout Belltown, not some big condo developer promotion. Come tour Studios, One-bedroom and Two-bedroom homes at your leisure. Just download a copy of the map and you’re on your way.

The tour features units at 17 Belltown condominiums including The Parc, Mosler Lofts, Cristalla, Austin Bell, Seattle Heights, Belltown Court, Avenue One, Arbor Place, The Vine, Royal Crest, The Ellington, The Concord and others!

Click image to download and print (PDF):

It seems like ancient history now. Back in the condo heyday that was 2006, Pioneer Properties undertook the renovation and conversion of the stately brick Queen’s Court building in lower Queen Anne. Pioneer Properties, which later morphed into Live Historic, was committed to preserving and rehabilitating Seattle’s vintage properties.

Originally constructed in 1930, the rejuvenated Queen’s Court was unveiled in early 2007. Though, it wasn’t alone as a number other developers rushed to bring new conversion projects to market. With its premium pricing, combined with stiff competition and the subsequent market collapse, Live Historic eventually found itself in financial turmoil.

Fast forward to 2009, under a new owner Queen’s Court received additional upgrades, its HOA budget fully funded and prices slashed. It also obtained FHA and VA financing approval. Led by the sales team at Developer Services Group, Queen’s Court has further restructured its pricing in order to be competitive in today’s market place.

Homes at Queen’s Court are now being offered from just $159,000 for studios and tops out at $210,000 for a one-bedroom. The homes retain its ’30’s architectural charm yet feature modern updates and conveniences including new cabinetry, fixtures, stainless appliances, granite countertops and in-unit washer/dryer combos.

Seventeen of the 34 homes are available, though pricing has only been publicly released for the units shown below.

So after its 3rd price cut in 6 months how does it stack up? For comparison, units #104 and #110 are now being offered at 29% and 38.5% below their 2007 prices, respectively. However, even at this pricing level, there’s still competition from other, newer properties in Belltown and Queen Anne. What’ll set Queen’s Court apart is its quieter location and 1930’s character.

The building doesn’t offer much in the way of amenities, but it does have a newly remodeled lobby, a library and green space. On the other hand, the limited amenities allow Queen’s Court to keep its homeowner dues fairly low.

Parking is available on a first-come, first-served basis. At this time there are only two spaces left, which I believe are available for $35,000 a piece. Fortunately, there are ample leasing options including the Bernard Apartment across the street for $125/mo as well as the nearby Seattle Center garage.

Queen’s Court is open weekends from 11:00 am to 3:00 pm.

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