The Seattle Condo Blog | Seattle Condos and Lofts

Food.   Kids Activities.   Burgers.   Wine & Beer.   Movie.

It’s time for a neighborhood block party, South Lake Union style, this Friday, August 12th from noon to 11 PM.

The FREE event will feature a full day of outdoor summertime fun and entertainment for all ages. You’ll meet new and familiar faces from South Lake Union and beyond while enjoying music, mouth-watering food from local neighborhood eateries and a farmers market, a beer garden, wine tasting, kids activities/playground, grilling competition and an outdoor movie. www.SLUBlockParty.com

Schedule

• Noon – 11 PM on Friday, August 12: South Lake Union Block Party
• Noon – 7 PM: Kids area activities
• Noon – 8 PM: Food Sampling & Vendors
• Noon – 10 PM: Beer Garden featuring Pyramid Breweries
• 4 – 8 PM: Soul Wine Tasting
• 5 PM: Whole Food Market Burger Grilling Competition
• 9 PM: Cinema on the Lawn : Scott Pilgrim vs. the World

Kids Activities

• Carnival Games—Ring toss, Ladderball & Hi-Strike
• Bounce House with Slide and Basketball Hoops
• Center for Wooden Boats—Make your own Boat
• CleanScapes Recycle Truck to Explore with Give-a-ways
• Balloon Animals from 1-2 PM
• Face Painting from 2-5 PM
• Seattle Seahawks very own Blitz from 5-6 PM (photographs welcome)

Food & Drink

A number of SLU area restaurants will be serving up delicacies including 13 Coins, Buca di Beppo, Tutta Bella, Venik Lounge, Paddy Coyne’s and more. Food sampling tickets are $1 each or 6 for $5 with proceeds benefiting YouthCare and FareStart.

PLUS, a number of street food trucks will be on location – Pai’s Food, Maximus/Minimus, Molly Moon’s, Kaosamai Thai and others.

Pyramid Brewery is hosting the beer garden with Pyramid Hefeweisen, Curveball and Deschutes Black Porter on tap.

Soul Wine is hosting wine tasting at the Discovery Center from 4 pm to 8 pm. The $15 entry includes eight one-once pours with proceeds benefiting YouthCare and FareStart.

Cinema on the Lawn

The Cinema on the Lawn featured movie is Scott Pilgrim vs. the World.

A stunning two-level full-loft unit just came on the market at Veer Lofts in South Lake Union, providing a rare opportunity to own a top-floor home at Veer.

The loft’s soaring 18′ ceiling provides a dramatic wall of windows with Space Needle and mountain views. The unit features concrete floors, timber beamed interiors, a balcony and private upper deck, KitchenAid appliances, quartz counters, parking and extra storage. Building amenities include a roof terrace with a bocce ball court & BBQ and is pet-friendly. This home is offered at $419,950.

Veer Lofts is located one-block to the streetcar and is close to local businesses including Amazon, the Gates Foundation, renowned restaurants and shops in the desirable South Lake Union neighborhood.

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

Click to view larger photos:

View more info and photos about this home or SCL’s spotlight condo listings.

Listing and photos are courtesy of Joseph Hill, Keller Williams Greater Seattle

While most of the attention for downtown Seattle condominiums have focused on the new glitzy towers – Olive 8, Escala, 1521 2nd Ave – the unassuming Marselle Condominium has flown under the radar. With 13 homes sold or under contract this year, Marselle is nearly 70% sold per MLS records.

Part of its appeal to buyers is its location – Marselle is situated at the apex of Belltown, South Lake Union and Queen Anne. Residents have easy access to work downtown or SLU and to the numerous shopping, eating and entertainment venues in Belltown, nearby Capitol Hill and Queen Anne. It has a 97 WalkScore and a perfect 100 Transit Score.

On the other hand, conventional wisdom would question its allure considering it is right off Aurora Avenue and highway noise is discernible. Yet, most of the homes sold have been on the Aurora side of the building. Eventually, that portion of Aurora will be lowered and covered. Many of units currently available are on the west side of the building, a number of which face the Hyatt Place Hotel while others have great Space Needle views.

Other attractions are its value and availability. It is one the last remaining new construction condominiums in the city core offering spacious, yet affordable, quality finished homes. Its frame construction also helps to keep the price down.

Prices range from the low-$200,000’s for a 557 square foot open one-bedroom to the low-$500,000′s for a two-story, 1,284 square foot two-bedroom + den penthouse suite with a semi-private roof top deck. Additionally, all two-bedroom homes come with two parking spaces.

Home finishes include natural walnut flooring, slab granite counter tops, stainless steel appliances and in-unit washer and dryer. Building amenities feature a billiard/lounge room, fitness center with a yoga studio, an enclosed dog patch and a roof top deck offering spectacular city, Lake Union and Space Needle views.

For additional information about Marselle, please visit their website, Facebook page or contact us for a private showing. Disclaimer: Marselle is an advertiser of Seattle Condos and Lofts at the time of publication.

View current listings of Marselle condos for sale

Photos courtesy of Matrix Real Estate

When I first read the headline of the promo piece, my first impression was that I thought this a bit odd. Why would Vulcan run a rent to own program at Enso, its upscale South Lake Union condo development, which is over 70% sold? Then I read further.

This unique rent to own program is specifically geared towards Vulcan’s tenants who rent at one of their South Lake Union properties – Alley24, Rolling Street Flats, Borealis or Alcyone.

Renters can accrue a $1500 credit for every six months completed on their lease, up to a maximum of $10,000. The credit would be applied towards closing costs of a condo purchase at Enso. This is pretty good program that Vulcan is offering. They’re rewarding current tenants who are interested in owning their own home for their rental longevity while also encouraging condo sales at Enso.

Click image to download/view the PDF:

This weeks condo wire digest – Canal Station, Veer Lofts close out, Sylvan Ridge, Belltown land use update and happenings in South Lake Union.

Canal Station

Canal Station North Condominium in Ballard is down to its final home for sale…a 530 square foot one-bedroom priced at $179,950. This home includes slab granite counters, designer fixtures and parking.

Veer Lofts

Veer Lofts in South Lake Union is also in its final close out with just 4 homes available (unit #111 has sold), all available between $273,000 and $354,000. It sound like they’re offering additional buyer incentives, too. Gotta ask for them, though. Veer Lofts is FHA approved.

www.VeerLofts.com

Sylvan Ridge

This large townhome community in West Seattle recently reduced its prices. Home are now available from $274,950 for a 2-bedroom, 2.5 bath unit with over 1,400 square feet of living space. Sylvan Ridge has sold over 90 townhomes so far and are FHA & VA approved.

www.sylvan-ridge.com

Belltown Apartment Land Use

If you live/own in Seattle Heights or Mosler Lofts, the Seattle DPD is holding an Design Review Board meeting for the proposed 19-story apartment building at 3rd & Cedar (currently occupied by the American Lung Association).

September 28th at 5:30 PM
Seattle City Hall
Boards and Commission Room L280

South Lake Union news

A couple of noteworthy events are happening in South Lake Union.

For the pooches
A citizens’ committee for the creation of a new SLU dog play area is forming right now. Want in? Just come to Enso’s community room (820 Blanchard St.) on Thursday, September 23 from 6:30-8:00 p.m. (Via www.DiscoverSLU.com).

Lake Union Park finally opens
The Seattle Parks Foundation is celebrating the grand opening of Seattle’s newest park, the Lake Union Park, on Saturday, September 25th. The day long event (7 am to 7 pm) is filled with festivities – live music, model boat races, foods, canoe displays and more!

Veer Lofts, located in Seattle’s South Lake Union district, has reduced prices and is offering a limited time $8,000 seller credit on any purchases before December 1, 2009. It is timed with the November 30th expiration of the First Time Home Buyers Tax Credit. For purchases that close by November 30th, buyers will effectively receive $16,000 in savings ($8,000 seller credit and $8,000 tax credit).

Veer Lofts offer three styles of home layouts: flats, full 16′ two-level lofts and a hybrid flexi-loft layout. Flats start from $259,500, Flexi’s from $282,500 and the full-lofts from $379,500.

Website: www.veerlofts.com

Vulcan Real Estate and Williams Marketing hosting a preview event last night for Vulcan’s upscale South Lake Union development, Enso Condominium (website: www.ensoliving.com).

I’ve been anticipating the completion of this project, which is one of my favorites, and it did not disappoint. The craftsmanship and quality of finishes met expectations. With its aggression pricing, Enso fits into the the mid-level luxury niche nicely.

I noticed that one structure apparently disappeared. Early in the design phase the little triangular lot at the corner of Denny and Westlake was supposed to be a wine bar lounge. It’s now a small park.

View available Enso Condos for Sale.

Matt has a lot more photos and videos on his blog.

It had been anticipated given the low pre-sales rate that Rollin Street Flats would convert to apartments, especially in light of the new Fannie Mae condo guidelines. Here’s an excerpt of the letter that was sent to pre-sale buyers:

Unfortunately, pre-sales at Rollin Street are at approximately 25%, which is below the 50 – 70% threshold Fannie Mae and most mortgage lenders require for buyers to obtain financing.

Market conditions tell us we will not achieve the required minimum 50% pre?sales in a short timeframe.

As a result, we have decided to convert Rollin Street into a rental apartment building. We will refund your earnest money deposit (currently safely held in an escrowaccount) and any deposits you made for upgrade finish options.

We had expected to be able to communicate this decision earlier, but the process of getting permission from our construction lender took much longer than we had hoped.

Additionally, they are offering a credit to Rollin Street pre-sale buyers at Vulcan’s two other SLU properties – Veer Lofts and Enso.

We appreciate the commitment that you have made to the South Lake Union neighborhood.

Recognizing this, we will offer you a credit to apply toward a purchase at either Enso or Veer Lofts–our other two condominium projects in South Lake Union. You are also eligible for a lease credit to apply toward renting a home at Rollin Street.

I actually see this as good news for the condo market. The immediate effect is the reduction of 200+ condo units from the downtown market, which is significant, and should benefit existing properties (e.g. 2200, Cosmopolitan) as well as soon to be delivered properties (e.g. Enso, Escala, Alex, Olive 8). After 2009, there will be no new condo units delivered in the downtown area until 2012 at the earliest, providing much needed time to for the market to absorb the inventory and stabilize.

So what about the prospects of the other developments that’ll be delivered this year. I believe two are on thin ice – Marselle and Danielle -and both could do well as apartments. Currently, Schnizter is adamant that Equinox will remain condos, but given the poor sales activity at all three of their Seattle projects (Brix and Gallery being the other two), it’s hard to fathom they can keep all three as near empty condo buildings. On the other hand, we’re seeing a glut of new apartments complexes in the downtown area (Olivian, Aspira, Rollin Street, Taylor 28, Axis, Hyatt Place, Moda) so there will be stiff competition for any new entrants into the rental market.

DISCLAIMER: This information is presented to provide an overview of Fannie Mae’s condo guideline changes. For specific information and questions, please consult with your mortgage loan officer.

Recently, TSCB noted two new mortgage fees implemented by Fannie Mae affecting condo buyers — a .75% condo add on fee and a 1.75% additional fee for investors — both applicable to loans with a loan-to-value rate greater than 75%.

Well, there’s more. Effective March 1, 2009, Fannie Mae is implementing condo guideline changes “in light of the current condo market and the need to mitigate risk on condo loans”. Some of these changes may affect a buyer’s ability to obtain conventional condo loans for new and established condos.

A condo project is “established” if 90% of the units have been sold, is complete and the HOA has been turned over to the owners. A condo project is “new” if less than 90% have been sold, is not completed, is subject to phasing or if the HOA has not been turned over to unit owners.

Overview of Fannie Mae condo guideline changes:

• For new construction and newly converted condo developments, 70% of the units must be pre-sold (closed or under contract). This is being increased from 51%.
• No more than 15% of a condo project units can be more than 30 days delinquent on HOA dues. This is an existing guideline that is now being applied to new condo projects. The calculation was also changed from being 15% of HOA fee payments to 15% of total units.
• Fidelity insurance will be required for condos with 20 or more units, ensuring that homeowner association funds are protected. Presently, this requirement applies to new projects and is now being extended to include established condos.
• A requirement that borrowers must now obtain a condo-owners insurance policy unless the master policy provides interior unit coverage; coverage may not be less than 20% of the assessed value. A condo-owners policy, known as an HO-6 policy, covers personal property, personal liability, and the physical unit from the studs and in. Many policies also include special assessment coverage or the option to include a special assessment coverage rider.
• No more than 10% of a project can be owned by a single entity.
• No more than 20% of a project can consist of non-residential space.
• The homeowners association must have at least 10% of its budgeted income designated for replacement reserves and adequate funds budgeted for the insurance deductible.

According to a Fannie Mae, the guidelines can be modified for condo projects on a case-by-case basis. Therefore, these guidelines may not apply to all condo projects.

What effect will the changes have?

The revised guidelines may affect a buyer’s ability to obtain a conventional loan for either a new or established condo if the project does not conform. Most notably, it’ll affect new developments and it’s already having an impact on at least two new projects. Vulcan recently sent a letter to buyers at its Rollin Street Flats project in South Lake Union notifying buyers of the new 70% pre-sold guideline and extending closing until April 15th at the earliest.

As it stands, Vulcan may be unable to close any of the units at Rollin Street unless (1) they continue to extend closing until 70% of the units are under contract, (2) seek modification under a Fannie Mae expedited review process, (3) find a lender willing to hold the loans in their portfolio, or (4) convert the use of the building.

Ruby Condominiums in Eastlake is holding off closings until there are enough sales to qualify under the guidelines…that could be awhile. Ruby is FHA approved so that offers qualified buyers an alternative, though Ruby must have 25 sales under contract before it can begin closing FHA buyers. Its developer, Barrientos, is a major apartment developer as well, so reuse may be an option. In both cases, buyers are left in limbo.

The new guidelines may also apply to other recently completed and/or soon to be completed projects including Enso, Veer Lofts, Equinox, Alex, Duncan Place, Leona, Lakeview Residences, Brix, Eleven Eleven, The Danielle, The Dakota and Marselle — that is unless they’ve been approved for a lower rate under a case-by-case expedited review process. Quite frankly, though, I expect a few of these won’t end up as condos.

If there is a silver lining, it’s for sellers at established condo developments who’ll have reduced competition from new construction developments.

Statement from Vulcan:
Vulcan has informed our buyers of the new Fannie Mae and Freddie Mac regulations because Rollin Street is at a level of pre-sales that is under what is mandated by the new guidelines. As these guidelines affect the ability of our buyers to obtain financing and close on their purchases, we felt it was important to communicate these challenges as soon as possible. We are working to understand the new guidelines and how they will ultimately affect the property and our buyers. We will be communicating what we know about these changes and their impact in the next 2 to 3 weeks.

Veer and Enso are at a higher level of sales and pre-sales respectively and our goal is to continue to close units in those buildings as buyers come to the closing table.

Response from Williams Marketing (per comment below)
As of today [2/20/09], Ruby has partnered with a local lender (Seattle Mortgage) looking to actually lend money! They have committed to close homes now, ie, we are move-in ready with no pre-sale requirement. We are also working with other regional lenders for additional commitments to close homes with no presale requirements. Ruby on Eastlake is both FHA and VA approved, so buyers can take advantage of every financial opportunity to get into new home ownership.

Posting has been revised.

Veer Lofts has adjusted prices of its full-loft homes located on the 1st and top floors. The full-loft homes have 16′ ceiling heights with either private patios or decks.

The first floor lofts that include interior as well as street-side entrances now start in the very low $400,000s while the top floor homes, depending on floor plan, now begin in the high-$400,000s to low-$500,000s.

The flexi-loft prices were not adjusted though I’m sure they’ll be flexible with those units as well.

www.VeerLofts.com