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The condo marketers version of musical chairs continues to go around as Williams Marketing takes over sales of Enso, and as of today, Veer Lofts. It had been rumored that Vulcan was considering handling sales in-house after the contract with John L. Scott expires this month. The Williams Marketing website also indicates they’ve taken over sales at The Pittsburgh.
Williams Marketing recently relinquished marketing and sales operations at Brix, Olive 8 and The Danielle.
Veer Lofts just announced special pricing on five homes for a limited time. Three of the units are top floor full-loft units while the other two are a flat and a flexi-loft unit.
The current pricing is available for homes that are purchased by July 1, 2009. In addition, Veer Lofts is providing a $500 California Closets credit and are waiving HOA dues till November 2010.
#317 – $270,000 flat, approximately 615 sq ft, previously offered at $275,000
#403 – $280,000 flexi-loft, approximately 635 sq ft, previously offered at $295,000
#606 – $465,000 full-loft, approximately 1,130 sq ft, previously offered at $485,000
#607 – $440,000 full-loft, approximately 957 sq ft, previously offered at $475,000
#617 – $395,000 full-loft, approximately 906 sq ft, previously offered at $399,000
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.
Veer Lofts – South Lake Union:
Offering special, limited time pricing on six units that closes by February 22, 2009. The units, two flats and four flexi-lofts, are being offered between $285,000 to $299,000. The flexi’s were priced in the high-$300,000’s, so good deals. The two flats are approximately 750 sq ft, one a corner unit with lake view and the other with city views. Two of the flexi’s have city views and two are on the back side with Space Needle views. www.veerlofts.com
Veer is offering other incentives as well:
Ruby – Eastlake:
A VIP grand opening is planned for the weekend of January 24th/25th from 11 am to 5 pm. Ruby is a new construction development by Barrientos whose other recent projects include The Pearl, Leona, The Bernard and The Packard. Homes at Ruby start from $269,990. www.rubycondos.com
Brix – Capitol Hill/Broadway:
Broadway-side building is complete with a grand opening scheduled for January 31st. They are offering a grand opening special — no HOA dues till 2011. See Matt’s post about mechanic’s lien and possible legal action involving the general contractor. www.brixcondos.com
Fini – Phinney Ridge:
Announced they are offering “close out” pricing on their final four units, all one-bedroom + dens that are priced from $399, 990 to $449,990. www.finicondos.com
Rollin Street Flats – Gateway / South Lake Union:
Vulcan announced that Rollin Street received a few awards from The Nationals sales and marketing competition, presented by a group that’s part of the National Association of Home Builders. Rollin’s received a Gold Award for Best Website for an urban community and two Silver Awards for best attached community and best brochure. www.rollinstreet.com
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.
Vulcan hosted a hard hat tour of Rollin Street Flats today, which provided a first glimpse of the project. Overall, the build quality and finishes met expectations, definitely an upgrade over Veer Lofts.
Based on the model unit at the Discovery Center and marketing materials I was anticipating the homes would be a bit more refined with large open layouts. With the exception of the two-bedrooms, the layouts were not too dissimilar from other recently completed condo developments. To me, the layout as well as the sterility of the exposed concrete walls and ceilings were quite reminiscent of Mosler Lofts. The decks seemed a bit too narrow, probably wide enough for potted plants and a bistro set, but not much else. The “shotgun” units on the alley side don’t seem receive a lot of ambient daylight, mostly due to the depth of the units, something to keep in mind if you like bright and airy living spaces.
Rollin Street’s common areas are impressive. On the lower level there’s fitness center and a full-sized basketball court that also serves as a volleyball and badminton court (Update: BB court is not regulation, it’s 24 x 80 ft with hoops on both ends). The second floor houses a huge community room and a large landscaped terrace that incorporates a fireplace feature and BBQ area. A second outside terrace is located on the penthouse level. One unique design feature that Vulcan included are the elevator lobbies on each level with floor-to-ceiling windows providing Westerly views. Upon arriving home and exiting the elevator the first thing you’ll see is the Space Needle.
One feature I wasn’t aware of is that every home at Rollin is air-conditioned, pretty sweet. Dues run about 52 cents per square foot, which on first glance seems high. But, it covers nearly everything except electricity, so it’s quite reasonable.
Currently, Rollin Street is approximately 35% sold. They aren’t offering any incentives at this time (Vulcan is probably the one developer who can weather the downturn). Interestingly, they are using the low sales rate as an inducement. The development won’t be turned over to the association until it’s 75% sold, therefore, owners will not have to pay HOA dues in the interim (Vulcan covers in the meantime). So, they say, if you buy today you likely won’t have to pay any HOA dues for another 9 months. A nice way of saying they aren’t expecting to reach the 75% sold rate until well into 2009. And, no, they are not considering converting to apartments.
No word yet on the commercial/retail tenants slated for the building, other than for a high-end home furnishing store.
Unfortunately, Vulcan is the only developer to prohibit photography so no photos to share.
Veer Lofts (www.veerlofts.com), Vulcan’s first South Lake Union condominium/loft project to complete (technically the 2200 is not in SLU) received its temporary certificate of occupancy recently, and first move-in is expected shortly.
With Veer, Vulcan seeks to emulate a trendy industrial loft feel with open spaces accented with heavy timber beams, concrete and metal. The six-story building contains 99 homes with three distinct home plans – flats, lofts with a flexible space and two-level full lofts.
Prior to the TCO, our only glimpse of Veer was through the rather limited kitchen vignette at the SLU Discovery Center. And, honestly that single vignette provided an underwhelming impression of Veer, especially when compared to Vulcan’s other under-construction projects – Enso & Rollin Street.
I had the opportunity to tour Veer this week and I must say that it exceeded my expectations; partly because the finish materials are higher quality than originally sampled. And, also because the interior layouts exhibit an efficient use of space. Though, there were a couple of odd quirks. The in-unit exposed sprinkler pipes were not symmetrically installed. There may be a building code reason for this, but visually it was distracting. And, in the common stairwells, the sprinkler pipes hang below the ceiling decreasing overhead clearance, which is only an issue if you’re hauling large items up and down the stairs. At least in two flexi-lofts units I toured, the access point to the loft area was hindered by the ceiling beams that effectively decreased the height of the opening. I’d be hard press to visualize the flexi-loft space as anything other than storage. But, that’s fine. There’s more than ample living space on the main level.
Inside, the light colored concrete floors on the main level and over-sized windows provided more than ample ambient light. In the flats, a 3/4 height kitchen wall allows light to pass through to the sleeping alcove. The top-level full-loft homes are impressive with its soaring 16′ ceiling height, multiple decks and territorial city views. Curiously though, to access the private outdoor space (top-floor units) you’ll need to step out through a window opening, which is smaller than shown in renderings.
Veer Lofts has a number of units available offering an excellent array of home options, primarily flexi and full-lofts. There is only one flat still available, unit #207 that’s being offered at $404,950. This is a 751 square foot unit with windows on three sides offering views of downtown and Lake Union.
The flexi-lofts, located on the 4th and 5th floors, range in size from approximately 600 to 740 square feet and are being offered between the upper-$300,000s and upper-$400,000s. One note about the flexi’s, the stated square footage does not include the loft space, which would add an additional 250 to 350 square feet. The full-lofts, located on the 1st and 6th (top) floor, range in size from approximately 807 to 1,073 square feet. The 1st floor homes start from the upper-$400,000s while the top floor homes begin in the mid-$500,000s.
An on-site sales office and staged model homes will open to the public beginning Thursday, October 9th. The sales office hours are 11:00 AM to 6:00 PM.
Three other recently completed new construction developments provide homes with similar layouts to Veer. These include Madison Lofts, Gallery and Mosler Lofts. Here’s my impression on how they compare to Veer.
Madison Lofts
Madison Lofts is a much smaller building with only 20 loft homes compared to the much larger 99-unit Veer. All of Madison Lofts’ homes are multi-level full-lofts with 16′ ceiling height, on-par with Veer’s full-lofts. Homes at Madison Lofts essentially start from the upper-$400,000s, though two larger units with expansive outdoor space begin at just under $1 million.
With a few exceptions, the interior layout and square footage between the two projects are quite similar. But, Madison Lofts scores more points for better construction (concrete/steel vs. wood frame), a more polished interior with better quality finishes and more usable, larger exterior spaces. Veer gains points for its central location, in the middle of the yet to be fully realized SLU district and close to downtown. Madison Lofts, on the other hand, is tucked way next to the arboretum, a good 15-20 minutes from downtown.
Gallery Townhomes
The Gallery condominium in Belltown is in the final stages of completion with residents already moving-in. At one point Gallery offered “SkyLofts”, two-level loft units on the upper floors, but eventually replaced those with single-level flats. Fortunately, for those interested in loft living, Gallery did retain its ground floor loft-styled townhomes. Though, these are aimed towards a different demographic and are larger, ranging in size from 1,000 to 1,195 square feet. They’re also priced quite a bit higher, between $622,000 and $740,300.
Gallery is a concrete and steel building located within the established Belltown neighborhood, so it has an edge over Veer in that respect. With its refined interiors, it lacks the urban industrial character of Veer and Mosler. Gallery offers a greater variety of home options which will appeal to a more diverse homeowner base as well.
Mosler Lofts Townhomes
The concrete and steel constructed Mosler Lofts, also located in Belltown, offers similar ground floor loft-style townhome units. Mosler has a more industrial aesthetic compared to Veer, with exposed concrete walls and ceilings and exposed HVAC ducts, but does have higher quality finishes and more common amenities.
Presently, only one of the five loft-townhomes is available. It’s a 962 square foot home offered at $579,000, which competes directly with Veer’s top-floor lofts. Although, Mosler has a superior build quality, more amenities and located in an established area, on price, a top-level Veer unit is a compelling option. Veer’s top-floor lofts offer city or lake views, private decks and a greater sense of security.
Veer Lofts is located in Seattle’s most aggressive urban renewal and reinvention projects, South Lake Union. Led by Paul Allen’s vision, SLU is actually an amalgamation of numerous entities that represent diverse interests – educational and research institutions, market-rate and low-income residential development as well as commercial/office developments. Local companies setting-up shop in SLU include Group Health, UW Medicine, Rosetta, Tommy Bahama, Amazon, Microsoft, Weber Thompson and NBBJ. Additionally, Microsoft is expected to be the principal tenant of the 2201 Westlake office building (Enso).
Rollin Street Flats is an upscale condominium in South Lake Union. Links: Our review and Rollin Street website
The National Sales and Marketing Council announced its 2008 “The Nationals” Gold Award winners this past Wednesday in 59 categories. The awards honor new-home sales and marketing homebuilders, developers, associates, and consultants. From among the 1,400 entries, Seattle winners were represented by Escala and Veer Lofts (Vulcan):
Other awards include:
New Denny Way Tenant
Walgreens announced they will open a store within the historic Bank of America building (Seattle First National) at 6th and Denny Way. Walgreens will renovate the interior but will retain the exterior and drive-thru. The store is expected to open this Summer and will be flanked by the new Taylor 28 Apartments, Hyatt Place Hotel and Icon Tower developments.
On a side note, the crane for 115 Aurora condo project, located two blocks from the Bank of America building, went up on Tuesday.
New Retailers at SLU
Vulcan announced several new retailers in the SLU district. At 2200, Tutta Bella will officially open its doors on November 5th. Though pie cravers can dine at the restaurant during its soft opening this week. Tutta Bella is the area’s first pizzaria certified by the Associazione Verace Pizza Napoletana in Naples, Italy.
Joining Tutta Bella at 2200 are Clover House and Opal. Clover House offers an assortment of home accessories, houseplants, pottery, jewelry, bath & body products, stationery & cards and candles. Opal will offer a unique, one-of-a-kind selection of the finest fashions from Juicy Couture, True Religion, Michael Stars, William Rast, Velvet, Trina Turk, Iisli and Vince, among many others. Opal plans to open in December.
GolfTEC and Velocity Art & Design will occupy space at Alley24. GolfTEC offers instruction in golfing techniques, conditioning and equipment. Velocity features an elegant and curated collection of modern home furnishings and accessories from around the world.
Major Complex Planned at SLU / Westlake
Thanks to Rob at the CDS Blog for the update on CarrAmerica’s SLU area development, called Westlake Steps. I briefly mentioned it last February but there was very little information at that time. It looks like they are progressing on this project with construction expected to being in 2010.
Centered around the Casey Family Foundation building, Westlake Steps will comprise five 6-story mixed-use buildings that will add 850,000 square feet of office, retail and residential space. A public stairway/plaza will lead from Dexter Ave to Westlake Ave and will be flanked with retail space. CarrAmerica purchased the 4.5 acre Casey Family site two years ago.
Related articles of interest:
Denny Way Developments
Icon Tower
