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

In October, Seattle’s condo market reflected another month of strong sales velocity, constricting inventory and falling condo prices.

The median Seattle condo sales price in October fell to $226,000, a 9.6% drop from last October and a one-month slide of 5.8%. That’s the lowest point the median has been since March 2004…prior to the construction boom. Only West Seattle realized an increase in median price, up 12.8% over last year.

Whether that’s good or grim depends on whether you’re a condo owner or a buyer. We tend to think of declining home values as negative, and if you own a condo, it can be financially devastating. Yet, for those seeking homeownership, the current marketplace offers opportunity.

Seattle condo sales improved with the number of properties going under contract rising 56.3% over last October to 211 units, and a one-month gain of 4.5% over September. Pending transactions increased citywide with North Seattle (north of the ship canal) and West Seattle more than doubling the number of pendings in October.

The 137 closed condo transactions reflected a 10.5% increase from last October and were unchanged from September. With the exception of Capitol Hill, the number of closed sales increased citywide. Queen Anne / Magnolia reflected the biggest jump increasing 75% year-over-year.

The number of available Seattle condos for sale reduced significantly, down 32.5% to 911 units compared to the same period last year. That’s the fewest since February 2007. Active listings will continue to decline through the end of the year.

Seattle’s condominium inventory supply rate – a measure of how long the current inventory will take to sell based on recently sales volume – dropped to an 18-month low of 4.3 months based on pending transactions. The rate based on closed transactions also improved to 6.6 months.

The inventory supply rate suggests Seattle is in a neutral market, neither a buyer’s nor seller’s market. However, that’s not a completely accurate picture as Seattle’s real estate market is dependent on locality and price point. For example, Northwest Seattle and Belltown reflect a seller’s-to-neutral market while West Seattle is a buyer’s market. Properties under $250,000 represented 54% of closed sales last month but only 45% of the available inventory creating scarcity and competition among lower priced condos.

Through October 31, 2011 there were 1,459 closed condo sales in Seattle with a total dollar volume of $513,065,628 and a median sales price of $257,000, per recorded NWMLS sales (does not include foreclosure, auction and private sales). During the same period in 2010 there were 1,563 closed sales with a total dollar volume of $569,856,374 and a median sales price of $286,000. Through the first 10-months the citywide median sales price is off by 10.1% from the same period last year.

Source: NWMLS. Some statistics were independently calculated using NWMLS data.

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The Garden Court Condominium (1631 16th Avenue) is one of my favorite buildings on the tree-lined east side of Capitol Hill. Completed in 1929 the Garden Court oozes period charm and tons of character – coved ceilings, arches, mahogany picture rails and French doors. The Garden Court features a serene park-like garden…a rare hidden oasis on Capitol Hill.

Unit #316 is a 640 square foot one-bedroom + den home that is currently priced at $174,900. That’s 42% below its last sale price of $300,000 in 2007…a great opportunity to own a home at the Garden Court.

>>    View more info and photos of unit #316.    Inquire for a private tour or to learn more about this property.

>>    View other vintage Seattle condos listings for sale

Listing information and photos courtesy of the Kendra Todd Group, Keller Williams Greater Seattle

September’s Seattle condo market results continued the trend we’ve seen throughout the year – consistent sales volume from falling prices and low mortgage interest rates.

The median Seattle condo sales price took a big hit in September, dropping to $240,000, a decline of 19.19% compared the same period last year and 2.4% from August..the lowest point since October 2004. In spite of that, median condo prices rose in two areas last month – Queen Anne and Northeast Seattle. Although the year-over-year figures have shown considerable decline, citywide median prices have remained relatively flat over the past five months.

Seattle condo sales continued to do well reflected by a 34.7% year-over-year increase in pending transactions (202). Lower condo prices and historic low interest rates have created opportunities for home buyers and investors. Currently, 15% of the condos for sale in Seattle are priced less than $150,000 and 40 units are priced under $100,000.

The number of closed sales (137) reflected a 20.3% one-month drop, but still outpaced last September closings by 4.6%.

The number of active condo listings for sale continued to reduce, down to 983 properties last month, inching the market back to pre-boom inventory levels.

With fewer available condos and a stable sales volume, the Seattle condo inventory supply rate (absorption rate) dipped slightly to 4.9 months based on pendings, though it increased to 7.2 months based on closed sales. Both methods indicate the city continues to reflect neutral/balanced market conditions, presently.

Heading into fall, the seasonal market slow down will reflect fewer listings, reduced sales and likely lower prices, still. One thing I noticed in the past month is the increasing number of Fannie Mae foreclosed condos coming on the market. This will place even greater pressure on Seattle condo values.

The Ellington | 2801 1st Avenue
For this week’s edition of the Spotlight, where we highlight available urban Seattle properties, we’re in the Belltown neighborhood.

Unit #608 is a quiet one-bedroom home at The Ellington featuring a bright and light-filled open floor-plan with hardwood floors, stainless appliances, a walk-in closet, balcony and in-unit washer and dryer. This unit also includes parking and extra storage.

The Ellington boasts numerous residential amenities – 24 hour concierge, community club room, fitness center, hot tub, outdoor terraces, guest suites, and a well-managed homeowners association.

The Ellington is conveniently located in Belltown, close to restaurants, bakeries, coffee houses, the Olympic Sculpture Park and entertainment venues that make this neighborhood a desirable place to live. It’s near the Belltown nightlife scene but far away enough to afford a bit more serenity and residential ambience. It’s a perfect locale for those who work and play in downtown and South Lake Union.

View additional information and photos

>    Contact us to inquire about this property or arrange a private showing.
>    View other Belltown condos and lofts for sale.

Listing information and photos are courtesy of Kirk Russell, John L. Scott Real Estate. For questions or comments about this posting, please contact us here.

Update 9/17/11: This edition of the featured spotlight property, Unit #401 at the Rowan, is now under contract.

The Rowan is a Capitol Hill classic originally built in 1927 and converted to a condominium in 2005. The conversion was beautifully done maintaining the building’s period details and charm while offering modern conveniences.

Unit #401 is a bright top-floor one-bedroom home featuring oak hardwood floors, coved ceilings, graceful archways, crystal door knobs, new windows and a tiled counter top. Other amenities include in-unit washer and dryer, extra storage and parking.

This is a short sale listing offered at $199,000.

The current offer price is 33% below its last sale price in 2005. An identical unit one floor below sold for $202,000 earlier this year making this a good value. Perfect as a starter home or investment property.

Situated on a tree-lined street just a block off of Capitol Hill’s 15th Avenue business district, the Rowan is exceptionally close to many local shops, cafe’s and businesses in the neighborhood.

View additional information and photos

> To inquire about this property or arrange a private showing, please contact us.

> View other Capitol Hill condos for sale.

Listing information and images courtesy of Kirk Russell, John L. Scott Real Estate.

The Absorption Rate (inventory supply) is a metric indicating the number of months that the current inventory will take to sell based on demand (sales) if no new listings come on the market. This is the barometer used to determine market condition – buyers market, sellers market, or a balanced market.

It’s calculated by dividing inventory by the monthly sales volume. For the figures below I used the average monthly sales (closings) for the year and am expressing the absorption rate in months of supply.

Absorption Rate by Price Tier

With the exception of high-end properties, the Seattle condo absorption rates have been fairly consistent across the price spectrum, within a 6-8 month supply based on closed sales.

The citywide rate was 7.5…no surprise, it’s still a buyer’s market. In comparison, Seattle’s single family market reflects a balanced to slight seller’s market with a 3.6 month absorption rate.

Surprisingly, the lower price tiers had high absorption rates, which is a somewhat counterintuitive considering that the majority of condo sales were priced under $300,000. Though, short sale and bank-owned properties account for nearly 38% of the inventory under $300,000, and short sales have a high non-closure rate.

Sales of $1 million-plus condos are up significantly compared to 2010, but there is still considerable inventory available. However, we’d expect they would take longer to sell so it’s not unreasonable for $1 million-plus properties to have a higher absorption rate.

Absorption Rate by Area

As with the pricing tiers, the Seattle condo absorption rate also varies by neighborhood areas.

The Seattle core neighborhoods (downtown, Belltown, Capitol Hill and Queen Anne) have the most inventory, approximately 59% of the city’s available condos. They also currently have the lowest absorption rates, reflecting a balanced to slight buyer’s market environment. Convenient access to work, entertainment and recreational amenities, and neighborhood businesses contribute to their desirability.

Moving out from the city core, the condo supply increases with the South and West Seattle areas exhibiting a strong buyer’s market climate.

Source: Data is from the NWMLS but calculated independently by SeattleCondosAndLofts.com. Note, the absorption rate was calculated using the number of NWMLS listed condos on August 25th, 2011 and is subject to change over time.

King5 News recently ran a report on Seattle’s declining new construction condo inventory.

Last year there were 550 new construction condos available on the market. This year there are only 300. That’s about a 40 percent absorbtion rate.

Not only have no new condo buildings sprouted up in Seattle since 2007, but there are no new condo construction or development projects currently in the works either.

I’m assuming the 2007 date is the last construction start since the the last downtown area condo development (excluding Volta) was delivered in 2009.

Overall, Seattle’s available for-sale condo inventory has decreased approximately 30% from last year’s level.

2552 14th Ave W #401, Seattle

Gorgeous west Queen Anne condo with a $50,000 high-end remodel. The large 1,104 square foot top-floor two-bedroom condo features dark hardwoods, chef’s kitchen, a spa-like bathroom with double vanity and heated marble floors, and a large private balcony.

The homes comes with extra storage and a one-car garage. Residents will enjoy easy access to the top of Queen Anne, downtown and Ballard.

This home is presently offered at $310,000, MLS #207018.

View more details and photos or inquire about touring the property.

Click to view larger photos:

1730 Taylor Ave N #404, Seattle

Great Queen Anne location – close to Seattle Center, Key Arena and neighborhood market & restaurants.

This one-bedroom home features an updated kitchen, hardwood and carpet flooring, open living space and a private balcony. The south facing windows provide light throughout the day and the beautiful Trolley Hill Park is a greenbelt that runs along the back of the building creating privacy, quiet & a great place for people and dogs. Condo includes secure parking space and large storage unit. The building is FHA approved.

This home is presently offered at $247,000, MLS #220892.

View more details and photos or inquire about touring the property.

Click to view larger photos:

Listings and photos are courtesy of Paris Piersson, Keller Williams Greater Seattle

One Main Street – Downtown Bellevue

The Bellevue condo market is starting to heat up with One Main Street reporting an additional 3 home sales. The boutique development, conveniently located near the Downtown Bellevue Park, is now 56% sold.

One Main Street offers a variety of home plans to choose from, ranging from a $329,900 open one-bedroom to a $1,609,900 spacious three-bedroom penthouse suite.

Visit the One Main Street website and blog
View One Main Street condos for sale

Bellevue Towers – Downtown Bellevue

Bellevue Towers continue to do exceptionally well, recording another 35 closed sales since May 1st…24 of those in May alone. That might be the highest single month closings for a new condo development we’ve seen in years.

Apparently, at least in the minds of the owners, sales are going so well that they’ve actually increased prices. The increases ranged from $3,000 to $25,000. While they may have sold over 100 homes this year alone, they still have approximately 400 more units to go. New home prices currently range from $316,000 to $5,499,000.

Visit the Bellevue Towers website
View Bellevue Towers condos for sale

Harvard & Highland – the Harvard Belmont District

The classical Harvard & Highland Condominium, nestled in Capitol Hill’s historict Harvard Belmont neighborhood, also reported three sales in May. These beautifully appointed homes are available from $995,000 to $2,350,000.

View the Harvard & Highland website
View Harvard & Highland homes for sale

Fairview Condos – Mukilteo

Following the Fairview condo auction in November, Matrix took over sales of the remaining twelve unsold units in February. Now, they’re down to the final three homes: 2 two-bedrooms priced at $354,500 & $364,500 and a three-bedroom penthouse that’s offered at $1,115,500.

Visit the Fairview Condos website
View Fairview condos for sale

The Enclave at Lake Union – Eastlake

The Enclave at Lake Union is re-awakening since we last heard from the marketing team last autumn. The developer is repositioning the project targeting homeowners seeking larger in-city waterfront homes.

“We’ve been patiently waiting for the market fundamentals to improve allowing construction to begin. We see an emerging opportunity to target those accustomed to the waterfront lifestyle but preferring to simplify their domestic responsibilities. The Enclave at Lake Union will deliver on all counts,” says Mike Yukevich, Investment Manager and partner at Trinity Real Estate, the developer of The Enclave at Lake Union.

The individual two-bedroom townhomes range in size from 2,500 to 3,000 square feet and are being presold from $1.3 million. The larger 5,200+ square foot, three bedroom “combined” residence is being offered from $2.995 million in an improved “vanilla shell” condition, meaning all the building systems (including elevators) and interior demising is constructed but the prospective homebuyer has the flexibility to specify the interior finishes. Alternatively, a fully finished home to the same luxury specification as the other homes is available turnkey at $3.395 million.

Visit the Enclave website
View Enclave homes for sale (presale)

Olive 8 Sky Suites – Downtown Seattle

Realizing an emerging market of out-of-towners looking for a second in-city Seattle home with resort amenities, Olive 8 is offering its remaining open one-bedroom condo homes (the ‘xx09′ and ‘xx10′ stack) fully furnished.

The turnkey furniture packages from Alchemy Collections is available with full price offers on the newly named open one-bedroom “Sky Suite Collection” homes, which start from $370,000.

Visit the Olive 8 website
View Olive 8 condos for sale

Disclaimer: At time of publication, Olive 8 is an advertiser of Seattle Condos and Lofts.