The Seattle Condo Blog

The next phase of construction at Sylvan Ridge Townhomes in West Seattle is under construction, with expected completion by mid-November. That would allow buyers to qualify for the $8,000 First-Time Buyers Tax Credit – but they have to act quickly.

“What people might not realize is that the first-time tax credit expiration date means that the deal must close by November 30th, 2009,” explains Michael Miller, CEO of local real estate marketing firm, MCM Group. “It’s taking 30 to 45 days for deals to close, so really the deadline for purchasers to qualify for this credit is right upon us. Buyers who want to take advantage of this should make their decisions and have their offers signed around by early next week at the very latest.”

Sylvan Ridge has just two available new townhomes that are complete and ready to move in today. Two buildings are currently under construction with seven new townhomes, two of which have already been purchased. Building 27 is due for completion in late October, and building 28 in early November. Buyers of the homes in building 28 who make a decision by next week will still have time to customize the features with optional upgrades such as slab granite countertops.

“We partnered with a local interior finishes firm, Super Floors,” says Tamea Duckworth, Sylvan Ridge Community Sales Manager. “They can provide the buyers with upgrade options and interior design consultation to upgrade or change several of our finishes at Sylvan Ridge. But once they start installing the interior finishes in building 28 next week, buyers will miss the chance to roll the upgrade costs into their purchase and their mortgage.”

All townhomes at Sylvan Ridge feature two bedrooms, two bathrooms, den, powder room and attached garage. These zero-lot line townhomes are approved for VA and FHA financing, so qualified buyers can put as little as 3.5% down. Homes are priced from $289,950.

Located in West Seattle, these homes are just east of the new High Point neighborhood, offering buyers an easy commute to downtown Seattle and a myriad of choices for shopping, dining, entertainments and outdoor recreation. Sylvan Ridge is now in its third phase of construction, with over 70 homes sold and closed. When the community is complete there will be 178 townhomes.

Sylvan Ridge is located at 2733 SW Sylvan Heights Drive in West Seattle.

Website: www.sylvan-ridge.com

Lakeview Lofts, a microcommunity of six townhomes located in the highly desirable Eastlake community (2350 Minor Ave E), received LEED Platinum certification under the U.S. Green Building Council’s LEED for homes certification program.

“We created homes that redefine urban living with a social conscience, and in the process, departed from many of Seattle city codes with regard to townhome development. Our hope is future developments will use our project as anexample for greater diversity and smart growth within the city limits of Seattle,” said Carsten Stinn, architect for Lakeview Lofts. “Today’s recognition from the U.S. Green Building Council enables us to showcase what we hope is the future of Seattle development, with a large focus on sustainability.”

LEED Platinum for this project is projected to save up to 80% in energy consumption over the standard code-built homes. Features include Vacuum solar tubes that heat water used for a hydronic in-floor heating system and domestic hot water, induction cook-tops (96% efficient compared to gas, which is 44% efficient), green rooftops, low VOC paint, cabinets made without formaldehyde, bamboo flooring, pervious pavement, indoor ventilation systems and the potential to add Photo-voltaic panels in association with the city’s ‘Net Metering Program’.

The project consists of 6 single family homes between 1816 – 2250 square feet in size. All homes are arranged around an open garden courtyard, which is shared by the entire micro community. Two homes are available, priced from $760,000.

Photo tour (courtesy of John L. Scott)

Website: www.eastlakeunionlofts.com

Recently, I stopped by two townhome projects that are rather atypical of what’s usually developed. Both of these projects offer different but equally appealing designs, incorporate higher quality materials and craftsmanship, yet are being offered at a mid-range price point.

Row 5 – Capitol Hill

Row 5’s classic brownstone inspired townhomes are built by one of the region’s most admired home builders, John F. Buchan’s Custom Home Division. Buchan homes are widely known for quality craftsmanship, which is evident with Row 5.

Of the 5 homes available, the interior three units share roughly the same floor plan with 1,539 square feet of living space including an open living/dining area, 2-bedrooms, a den and 2.5 baths. The far East end-unit incorporates the same floor plan but includes a 3rd wall of windows. The 15th Ave facing end-unit, at 1,677 square feet is the largest, with the extra space is most evident in the main living area, extra 1/2 bath and den, which is perfect for a home-based business.

Interior finishes and other features include:

• Dens with french doors that open out to private patios
• Brazilian cherry floors
• Alder cabinets
• Slab granite countertops
• Generous use of porcelain tile and millwork, crown moulding and built-in cabinetry
• In-floor gas-fired radiant heat throughout
• Top of the line Bosch appliances
• Media wiring and security systems

If there’s one item that I thought was slightly awkward, it’s the large fireplace surround that overwhelms the living room; a gorgeous feature for Buchan’s Eastside estates, but somewhat out of place for an urban townhome where space is a premium. Other than that, the Buchan craftsmanship and attention to detail are readily apparent.

Adjacent to Row 5 are the First Church condo conversion project and Lambert House, which is getting a facelift. Nearby, future residents will enjoy the many cafes, restaurants and neighborhood shops and markets along 15th Avenue and East Madison.

The interior three homes are priced around $650,000 with the end-units homes expected to be offered between $675,000 and $730,000. View current MLS listings.

www.row5seattle.com

McGraw Street – Queen Anne

While Row 5 offers a classical architectural style, Howland’s McGraw Street townhomes exhibit a modern and sleek design. The Mcgraw townhomes were only recently completed and have been a hit with buyers with only three of the nine homes still available. The remaining units, at 1,686 and 1,714 square feet, feature 3-bedrooms and 3.5 baths.

Interior finishes and other features include:

• 10′ ceiling height and oversized windows
• Patios and roof top decks (decks are plumbed for gas)
• Views of Lake Union and Gas Works Park (though trees do obsure some of the views)
• Hanstone and concrete countertops in kitchen
• Jenn-Air stainless steel appliances
• Teragren strand bamboo floors
• A “floating” gas fireplace

Being close to Aurora Avenue would seem to be its biggest drawback, in respects to traffic, noise and the fact the homes can only be accessed via North-bound travel. However, they are set back from Aurora which helps to dissipate traffic noise. I visited during afternoon rush-hour and while I could hear ambient noise, it was fairly muted. As mentioned earlier, six of the nine homes sold quickly, impressive given the price points, location and current market environment.

The available three homes are being offered from $529,950 to $619,950.

Sylvan Ridge (website) is a large planned development of rowhouse-style townhomes in the High Point / Delridge area of West Seattle. The area has undergone significant redevelopment over the past several years making it an attractive, close-in, city neighborhood.

The Sylvan Ridge development will contain 178 townhomes in 2, 3 or 4-plex configurations. Each home consists of 2-bedrooms + den and 2.5 baths in a 3-level floor plan. Home sizes range from 1,413 to 1,546 square feet.

Interior home features include:

• Three designer color schemes
• Plank-style hardwood floors throughout the main level (Walnut, Oak or Bamboo)
• Mohawk carpeting on the upper level
• Slab granite topped kitchen counters and cooking island
• Solid alder custom cabinets in kitchen adn bath
• Higher end GE stainless steel appliances
• Double-sided gas fireplace with built-in shelving separating the living and dining rooms
• Two-car tandem garage

Currently, Phase II homes are for sale with prices between $349,950 and $379,950, and they are offering a $3,500 buyer bonus. Additionally, qualified buyers may also take advantage of the $7,500 first-time home buyers tax credit.

The Tribeca is an urban, stylish condominium complex in Lower Queen Anne at 17 W. Mercer Street. Completed in 2003, Tribeca is a great mixed-use concrete and steel low-rise. At street level are several businesses including a Safeway, Taco Del Mar and Subway. Above, are 51 swanky one-bedroom, two-bedroom and two- & three-bedroom townhomes. There aren’t many common amenities but the complex boasts a large roof-top deck with great territorial and Space Needle views.

Finishes & features differ from unit to unit, but many boasts:

• tall ceiling heights
• floor-to-ceiling windows
• granite or stone countertops
• stainless steel appliances w/gas ranges
• gas fireplaces
• hardwood and carpet flooring
• decks or juliet balconies
• great floor plans
• parking

Tribeca is in a great location, within just a couple of blocks of numerous restaurants, cafes, retail stores and nightspots, not to mention the Seattle Center.

How has values fared? For the most part, owners have enjoyed a healthy double-digit annualized return. The chart below show one year of sales between 3/27/06 to 3/27/07:

Current listings as of 3/27/07:

One of the homes currently available, #221, is a spacious unit with an open floor plan that’s perfect for entertaining. At 1,475 sq ft, SE corner-unit receives great natural lighting, has two large bedrooms including a hugh master bath and views of the Space Needle. View this listing.

Click here for available listings, if any.

Located on Queen Anne’s south slope, Leona is the newest and most luxurious conversion in Seattle (map). Originally constructed in 1909, the building was one among the first multi-family structures built on Queen Anne.

As part of the conversion, the interiors are being rebuilt, parking will be moved underground, new townhomes will be built on the current parking lot and two penthouses will be added on top of the current structure.

There will be 18 homes that’ll feature 9 to 11 foot ceilings, open floor plans, hardwood flooring, pure wool carpets, stone slab kitchen countertops with undermount sinks and Viking and Bosch appliances.

Prices will range from the $400,000s to over $2 million.

VIP Preview Event

Leona is hosting a VIP preview event on March 24th from 4:00 11:00 AM to 6:00 PM. To register and RSVP visit the Leona website.

Update 3/13: Leona extended the preview event on the 24th, now starts at 11 AM.

This past summer I wrote about the Brix Condos on Capitol Hill. Brix is the Hill’s newest development located at the old Safeway lot on Broadway.

Brix homes feature:

• High ceilings (flats up to 9′, lofts up to 15′6″)
• Townhomes with exposed timber ceilings
• Balconies (many with Juliet balconies)
• Frigidaire washer/dryer
• Frigidaire gas range
• Fisher & Paykel refrigerators
• Bosch diswashers
• Hardwood & carpet flooring
• Slab milk glass or granite countertops

Options/Upgrades include:

• Hardwood throughout
• Air conditioning
• Frigidaire Microhood (microwave mounted over range – I would think this should be a standard feature)
• Stainless steel mobile kitchen cart
• Electronic shades

Though not slated to open its Presentation Center (700 Broadway Ave E) to the public until October 21st, Brix will begin accepting reservations on Saturday, October 7th for those who pre-registered on their website. (Editor’s note, anyone can make a reservation or purchase prior to the official grand opening.)

• Reservations start October 7th with a $5000 deposit.

• Purchase and Sales will begin the week of October 16th. A down payment of 5% of the purchase price and a Countrywide pre-qualification letter are required. Buyers may select any mortgage lender, but for the purchase and sale, Brix requires buyers to be pre-qualified through Countrywide.

• Purchase appointments will be made on October 17th through October 20th.

• Unit price ranges will be available on the 7th, currently Brix only has preliminary price ranges for model types.

Click here to see if any units are currently available.

The Brix presentation center will officially open to the public on October 7th at which time Brix will be accepting reservations. Purchase conversions of those reservations will begin on October 16th.

The Presentation Center, located at 700 Broadway Avenue E, will showcase kitchen and bath vignettes, sample finishes, a scale model of the development, a virtual tour and sample floor plans.

Townsend Townhomes is a new condominium project on Queen Anne. Unlike many of the new projects around downtown, Townsend is a small community of 14 luxury townhomes on the Queen Anne’s south slope.

Homes feature 2 and 3 bedroom foor plans ranging from 1,463 to 2,322 sq ft on 4-levels of living space. Interior features include:

• glass tile
• granite slab countertops
• Ash hardwood floors
• gas fireplaces
• radiant heating
• gourmet kitchens with Viking or Kitchen Aid appliances
• sweeping downtown views
• view floor plans

Homes start from the low $800,000s to over $1,600,000.

A new condo project in the heart of Capitol Hill, the Brix condos, will certainly add vitality back to “the Hill”. Brix is planned for the old Safeway site on the north-end of Broadway. If anyone has been to Broadway lately, it has lost its luster with many of the long-time and quaint business closing or moving. Combined with other new residential/retail projects on Broadway, Brix will infuse a bit of life back to Broadway.

Brix will be concrete, glass and steel featuring 140 one & two bedroom flats, lofts, 16′ ceiling SkyLofts and two-level townhomes. The taller modern Broadway facing wing will house the flats & SkyLofts while the brick-facade 10th Avenue wing will be home to the townhouses and lofts.

Building & unit features include:

• hardwood floors
• custom cabinetry
• stainless steel appliances
• upscale plumbing and lighting fixtures
• Option Entertainment centers and kitchens with floating islands
• Courtyard & roof top deck
• 7,700 square of retail space at ground level, no doubt housing a coffee place or two

Looking at preliminary renderings I’m a little disappointed. Don’t get me wrong, it’s great looking building, very modern with clean lines. But, it would be more appropriate in Belltown, Lower Queen Anne or South Lake Union; a little out of character for Broadway.

Nevertheless, over 600 people, including myself, have registered online. The developer is planning to break ground this summer with occupancy in the 1st quarter of 2008.
The sales office is scheduled to open September 16th. Prices will range from $200,000 to $700,000, with an average price in the $300,000’s. Brix website.

Updated 7/30/06; 8/31/06 (revising completion date)