West Seattle’s Dakota Condominium recently reduced prices on most of its actively listed units, ranging from $5,000 to $25,000, though most units reflected a $10,000 adjustment. The Dakota has sold 26% of its 39 homes with prices now starting from $199,950.

The Dakota is in a great location near the Alaska Junction in West Seattle at 4116 California Ave SW, close to local businesses, restaurants, shops and is easily accessible to downtown Seattle.

Sample pricing (as of 5/22/10):
Unit #201: 520 sq ft studio reduced $10,000 to $199,950
Unit #311: 590 sq ft 1-bedroom reduced $10,000 to $249,950
Unit #413: 759 sq ft 1-bedroom reduced $10,000 to $339,950
Unit #210: 1,083 sq ft 2-bedroom reduced $15,000 to $384,950
Unit #206: 1,052 sq ft 2-bedroom reduced $25,000 to $399,950

View available Dakota condos for sale.

View property website: www.seattlecondos.info

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The WestWater hit the condo market nearly a year ago just after the market started to turn downward. And, even with other developers bailing out of conversion projects in West Seattle (the Strata and the Gables), the reduced competition wasn’t enough to boost sales activity at WestWater.

Rental prices at WestWater starts from $950 for a one-bedroom and $1,250 and up for a two-bedroom.

I can certainly see the decision on the developer’s part, to minimize the cost and drain on resources for carrying and marketing unsold products, as well as, trying to generate cash flow. But, the decision may adversely impact those buyers who purchased at WestWater. The rentals will affect potential resales as the property may not qualify for financing due to ownership level requirements. On the other hand, potential resales would have been tough anyway as owners would’ve been competing against the other 45% of the units that were still for sale.

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The WestWater came on the market last year and has sold about half of its inventory, not bad considering the present market environment.

The development features 55 one-bedroom units that range in size from 575 to 700 square feet and priced between $225,000 and $300,000. The 16 two-bedroom units are 900 sq ft in size and priced from $320,000 to $370,000. Currently, WestWater is offering one of the most progressive buyer incentives I’ve seen – 6 months of paid mortgage payments (check with the sales office for full details).

Inside, the units are nicely appointed with above average finishes, definitely higher quality compared to the developer’s other projects. Home features include:

• Hardwood, marble tile and carpet flooring
• Slab granite countertops in kitchen & bath
• Wood cabinets in kitchen
• Stainless steel appliances
• Baths with marble tiled surround & floors
• Front load Maytag washer and dryer
• Fireplace, in most homes
• Parking in controlled access garage
• Decks with Sound views
• Additional storage is optional
• Pet friendly

Most homes have West facing decks and/or windows that provide bright interiors and views of Puget Sound. If you visit, I suggest that you look past the staging decor which perpetuates the developer’s preference for Miami retirement chic. Fortunately, homeowners can apply their own design style.

Residential amenities include a community room & courtyard. The slate-tiled common courtyard offers a great place to hang out and is equipped with a fire pit, BBQ and water feature. It’s also situated above street level offering some privacy from passing pedestrian & vehicular traffic. The community room includes a wide-screen tv, card table, kitchen and fitness equipment.

WestWater is located in the Gatewood district of West Seattle, two blocks South of Morgan Junction. While that may seem far it’s only 6 miles from downtown, which is about the same distance between downtown and Greenwood.

The sales office is open daily from 10 am to 6 pm.

WestWater is developed by the Gamel/Mastro partnership whose other projects include Sapphire, Asia, Onyx, Athena and Epic. The project recently changed marketing firms, which is a good thing in my opinion. The new marketing team, CB Bain Builder Solutions, is comprised of seasoned condo marketers.

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There were 1,445 active listings in March, a 5.5% increase compared to February and a 52.4% jump over March 2007. The number of pending transactions (properties going under contract) continued to rise which reduced the inventory supply to 5.7 months.

With the exception of Capitol Hill, most neighborhoods reflect normal market conditions based on the absorption rate. The 8.6 month supply rate for Capitol Hill may be attributable to a number of Trace North listings being added to the MLS and new conversion projects.

The citywide month-over-month comparison shows improvement in the number of closings (solds), up 25.8%, as well as median price which is up 4.9%. As would be expected for month-over-month figures, most areas of the city reflected improving results.

The citywide year-over-year figures reflected fewer sales overall, down 28.2%, with only downtown/Belltown and West Seattle showing increased sold transactions. Though, prices continue to rise with a citywide increase of 4.1%. For the most part, condo prices are up throughout the city.

Progressing towards Summer, we’ll see further increases in inventory levels, though that will be tempered with a corresponding rise in the number of sales. My outlook is for a sustained, stable condo market over the next several months.

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Previously the Riptide Apartments, Lighthouse Point offers 40 studio and one-bedroom homes starting from $195,000. The initial release of homes are located on the 1st and 2nd floors and range in price from $195,000 to $215,000.

The homes offer Sound views, bamboo flooring, stainless appliances including a cooktop with a separate convection microwave oven, European-styled refrigerators (smaller than regular refrigerators), walk-in tiled showers and storage. Parking is also available. Located at the tip of Alki Point, residents are just a few blocks from the many shops, eateries and businesses along Alki Beach Park.

Lighthouse is hosting a fully-catered community BBQ for West Seattle residents on Saturday, March 29th from Noon to 3:00 PM.

The grand opening is slated for the weekend of April 5th.

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seventeen07 - 1707 Boylston Ave

seventeen07 (website) is located in the mix of Capitol Hill’s vibrant Broadway & Pike/Pike districts, just west of Seattle Central at the corner of Boylston and E. Olive Street. The 3-story building features 36 studio, one- and two-bedroom homes, some with downtown views.

Studios come just under 400 sq ft in size and are priced from $180,000 to $205,000; one-bedrooms range in size from 471 to 742 sq ft with prices between $220,000 and $350,000; two-bedrooms range from $360,000 to $390,000 for homes between 814 and 849 sq ft.

Features and amenities include: cork flooring, granite slab countertops, stainless steel appliances, a community room, a fitness/yoga area, extra storage including bike storage and parking. Some homes come with balconies and washer and dryer.

seventeen07 is pet-friendly, gaining a 4-Paw rating on my pet condo list. The building features a pet lounge and play space plus a grooming area. Bonus: if you mention their Craigslist ad, they will donate $250 to the Seattle Animal Shelter at closing.

The Westland Manor – 220 16th Avenue E.

Originally constructed in 1928 Westland Manor (website) combines the charm and architectural highlights of yesteryear with modernity. Westland Manor features 17 one- and two-bedroom homes priced from the low-$300,000s into the $400,000s. Located behind Group Health at 16th and John, residents will enjoy being just a few blocks from 15th Avenue’s cafes, shops and restaurants.

Garage parking is offered as an option and are priced between $25,000 and $30,000.

Magnolia

Promenade on the Park – 3855 34th Avenue W.

Promenade on the Park (website) is a walk-up conversion ideally located two blocks from Discovery Park. The project features 19 studio, one- and two-bedroom homes starting at $200,000 for studios. Most one-bedrooms are around 550 sq ft and priced between $245,000 and $260,000. The two-bedrooms range from 879-962 sq ft and are priced from $385,000.

Home features and amenities include: cork or bamboo flooring, granite and limestone countertops, stainless steel appliances, in-unit washer/dryer, storage and BBQ area.

West Seattle

The Sidney – 2514 57th Avenue SW

The Sidney (website) is a small 9-unit complex located steps from Alki Beach at 57th Ave and Alki Ave. The one- and two-bedroom homes are fairly spacious ranging in size from 735 to 940 sq ft. The one-bedrooms are offered between $299,000 and $375,000 while the two-bedrooms range from $425,000 to $475,000. Recently, prices were reduced $50,000 for a number of the homes.

Updates include new cabinets, slab granite countertops, stainless steel appliances, windows, siding and finishes. Homes come with storage, parking and washer/dryer hookups.

Trenton Court – 8659 Delridge Way SW

Trenton Court isn’t new having been on the market since August and they’re nearly sold out with just three two-bedrooms units remaining. The units range in size from 742 to 784 and are priced at $235,000 and $245,000.

The homes feature bamboo flooring, updated kitchens with stainless appliances, private decks, storage and 2-car tandem parking.

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