The Seattle Condo Blog | Seattle Condos and Lofts

Trace Lofts (website) report they are down to their final 5 units. Four of the units are on the 4th level with the remaining unit on the 5th level. Prices range from $485,000 for a 703 sq ft loft to $850,000 for a 1,154 sq ft loft.

Next door at Trace North, construction is expected to be completed by June. About 30 of the 100 units have sold and the developer just released another 20 units. Current prices at Trace North range from $230,000 for a 474 sq ft studio to $525,000 for a 952 sq ft two-bedroom home.

Trace’s New Neighbors

1210 11th Avenue
Union & Madison LLC has proposed a 5-story 91-unit complex on the triangular block SW of Trace Lofts. The building is designed by Runberg Architecture Group whose other projects include The Crawford on Capitol Hill and the Selano in Lower Queen Anne.

1111 East Pike
Designed by Tom Kundig of Olson Sundberg Kundig Allen Architects, 1111 East Pike is just west of Trace North on E. Pike Street. The proposed 6-story project will feature 27 condominium homes. See also.

There’s been some shuffling going on with Stadium Lofts but things seems to be falling into place. Barrientos is now the sole developer of the project after spearheading a recent design change. Information about the new design will, hopefully, be announced in the next few months. Construction is now expected to begin late this year. On the other hand, the pre-sale / reservation time frame is still to be determined. I’m told it could begin as early as this Spring or as late as this Fall.

At any rate, I encourage people to register online at www.liveatstadiumlofts.com to be kept in the loop regarding pre-sales and project info.

Late last year Belltown welcomed the completion of two condominium projects – The Parc & Mosler Lofts. With resale units in both projects hitting the market, it’s as good a time as any to take a peek at what investors are looking to score.

The Parc
To date, there have been nine resales at The Parc; seven are active listings and two have sold. The two resales garnered a 12.4% & 13.9% increase in value over their pre-sale price, respectively. That’s a decent return given Belltown’s slowing appreciation rate which dipped into the single digits in 2007.

Here’s a look at the seven active resales (information subject to change). For the most part, the sellers are realistic. Though, I anticipate more resales popping up which will likely suppress values over the short term.

Mosler Lofts
As of today there are eight resale listings at Mosler Lofts (competing with eight developer listings), one pending transaction, and one sold resale unit. The owner of the unit that sold realized an 11.9% return on their pre-sale investment. I’d expect a higher rate of return, however, this was the first resale to sell and the seller was an agent.

Most of the owners actively flipping are hoping for higher returns. The list prices are not unreasonable for a new concrete & steel building in Belltown. Though, a few seem unrealistic given the current market conditions combined with the characteristics of their specific units.

Here’s a look at the eight active resales (information subject to change).

Stadium Lofts has delayed accepting reservations until early next year. Originally, reservations were to begin this month but it appears they are still finalizing interior finishes and pricing. There was also a hold up with permitting approval after the developer altered the original design with additional floors.

Latest rendering:

Previous rendering:

Gallery Belltown
Buyers speak with their pocketbooks. And, apparently buyers spoke loudly at Belltown’s Gallery Condominium project. When the Gallery project first came online it was touting its SkyLofts concept, true two-level loft homes with 18′ ceiling heights located on the upper floors that offered spectacular city and sound views. But, it seems buyers just weren’t ponying up the big bucks for these units and most of them are now history, replaced with 600 sq ft one-bedroom flats.

Stewart | Minor
The lack of loft living enthusiasts at Gallery hasn’t deterred the developers of the Stewart | Minor high-rise loft project in Denny Triangle. But, Stewart | Minor is somewhat unique. The concept is based on 600 sq ft cube units that’ll offer owners the opportunity to add a mezzanine/loft level, increasing livable space by nearly 50%. The homes feature 18′ ceiling heights that’ll provide ample head room on the mezzanine level, which buyers can add at the time of purchase or at a later date.

The idea behind these convertible homes is Move Up or Move Out. The most common reason people move is because they’ve outgrown their current space. When considering the cost of moving (selling costs, moving costs, time, etc) an average person might spend around $40,000. Stewart | Minor offers the option to finish the mezzanine level for about the same price. Though, to built-out the upper level fully (sleeping area, master bath and closet) may cost up to $100,000.

Unlike Gallery, Stewart | Minor is striving to offer a more affordable price point (starting at $400,000) and has been gaging interests and opinions through a series of design preview events. Construction is expected to begin late 2008/early 2009 with pre-sales beginning next Spring/Summer and occupancy in 2011.

1 Hotel & Residences
The Seattle Times report that New York-based Equinox Fitness will occupy 35,000 square feet of space at 1 Hotel & Residences. Equinox is an upscale fitness center known for its celebrity clientele. Monthly dues will likely start around $130, a premium compared to dues at nearby gyms. The gym, as well as the 5,000 square foot spa managed by Equinox, will occupy the 7th & 8th floors.

Took a short hard hat tour of Mosler Lofts this morning, mostly to view the penthouse and sneak a peek at townhouse 2 and #703. The place was a madhouse packed with construction crews and building inspectors. I snapped a few photos, but unfortunately, the TH and 703 were both in rough shape and they only had the studs up in the penthouse.

From what I did see, the TH and 703 have quality interior finishes and I liked the industrial feel with the exposed duct work, concrete walls and ceilings. The little coffee shop is a nice touch but a little too convenient being accessible from the lobby.

If you’ve been considering Mosler, you might just want to snatch up one of the three remaining units. Sources indicate the developer is likely to increase prices once the building is completed.

Though, buyers should do their due diligence in respects to new developments in the area and potential blocking of downtown views. A 13-story apartment building has been proposed at the SE corner of 3rd & Cedar.

Updated
The Stewart + Minor project (website), located on the edge of downtown in the Denny Triangle district, is anticipated to be one of Seattle’s most unique, sleek and customizable loft towers.

The 440 foot-tower will feature a hotel on the lower 14 levels and 168 loft homes on the upper 14 levels.

The concept is based on a 600 sq ft open one-bedroom design with an 18′ ceiling height. Buyers may elect to customize the base units with a 2nd mezzanine/loft-level that’ll reconfigure the unit to a formal one-bedroom plus den and two bathrooms. With the mezzanine/loft level, livable space is increased by nearly 50%. Buyers will also have the option to combine units creating larger living spaces. The mezzanine/loft level can either be included as an upgrade at purchase or added at a future date.

The main level layout is fairly similar to the 600 sq ft open one-bedroom units at The Gallery, except the kitchen does not extend as far into the living room area. All homes will come with an unfinished mezzanine level that covers the bath and part of the bedroom.

Interiors will feature floor-to-ceiling windows, exposed concrete columns, exposed metal ducts, solid surface floors and stainless steel appliances. The units are being designed to allow owners considerable interior personalization options. The building will be topped with a rooftop terrace and bar.

Homes are expected to start from the low-$400,000s to more than $1 million. The project is anticipating first occupancy in 2011 and expects to begin construction in late 2008 or early 2009. A sales presentation center will likely open by next summer.

Read the full story

Vulcan announced it will end its initial release phase on July 31st for its three South Lake Union area condo projects – Veer Lofts, Rollin Street Flats, and Enso. Currently, all homes are available at initial phase pricing.

On August 1st, Vulcan will enter its second phase, narrowing the selection of homes and increasing prices in the process, which is good news for those who purchased during the initial phase.

If you’ve been thinking about living in South Lake Union, this is an opportune time to select a home before prices increase next month.

Stadium Lofts

Stadium Lofts announced they’ve partnered with Williams-Marketing who will manage the marketing and sales of the 66-unit project next to Qwest Field. Ground breaking is scheduled for January 2008.

Townsend Townhomes

Townsend Townhomes report their model home is now open 11 AM to 6 PM daily except for Tuesday. Townsend is a 14-unit luxury condominium townhome project on Queen Anne. Prices range from low-$800,000s to $1.6 million.

Trace Lofts will be holding an informational forum for those interested in learning more about the project. There will be a short presentation followed by a Q&A session with the project team (developer, ek Group, architect, interior designer and the creator of the Gun Club.

When: Wednesday, March 28th
Time: 6:00 PM to 7:00 PM
Where: Fisher Plaza East Lobby (140 4th Ave N)