Gridiron's Income Restricted Condo Prices Released

GridironGridiron Condominiums, the project constructed next to Century Link stadium in Pioneer Square, is rare in that it is offering 12 income restricted condo units for sale. Through a special arrangement with King County, these 12 homes will be available at a restricted price for modest-income households.

Details:

  • 12 income restricted units (1 is sold)
  • Prices range from $350,890 to $400,882
  • Studios and one bedrooms throughout the building
  • Sized from low 400 square feet to mid 500 square feet, with one over 600 square feet
  • Available to households earning less than 115% of area median income - individuals whose income doesn't exceed $86,000 and families making less than $98,440 qualify

This is a great opportunity to purchase a new construction condominium home if we meet the qualifications.

For those who do not meet the income restriction requirements, Daniels Real Estate (the Developer) and HomeStreet Bank (the preferred lender) are also offering a special financing offer on the 36 market-rate condo units that have not yet sold. The program allows for a 3.5 percent down payment option and mortgages starting at 2.5 percent, second year mortgages at 3.5 percent and then third year through remaining term at just 4.5 percent interest rates. In order to qualify for this special rate, a buyer has to live at Gridiron and they have to be in a contract to purchase by November 30th and closed by the end of the year.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

 


Avenue Bellevue Mixed-Use Condo & Hotel Project Redesigned

Avenue BellevueAt 10300 NE 8th St in Bellevue just north of Bellevue Square Mall, a two-tower condominium and hotel project will be built and will be called Avenue Bellevue.

The project will contain 251 luxury hotel rooms, a retail podium and 330 condominium residences. One tower will contain a mix of hotel rooms and residences and the second tower will have all condominiums.

Rendering by Weber Thompson

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Westbank's Skyscraper at 2000 3rd Ave Will Be Condos Called First Light

Original Design 6The 500 foot skyscraper planned for 2000 3rd Ave will be built as condominiums according to the project developer, Westbank of Vancouver, British Columbia.

The lot is currently a surface parking lot and a sales center pavilion is being constructed on the site at this time.

Some of the buildings proposed highlights:

  • 459 condominium units
  • Cantilevered rooftop swimming pool
  • Podium will have retail space
  • 6 floors of office space
  • 38 floors of residences
  • 3 floors of amenity space
  • Will be a luxury project

We will know more about this project once Marco returns from his trip this week to Vancouver to meet with the development and sales team and learn more about the developer, the architect and this new building, which will be called First Light.

Rendering from James KM Cheng Architects and MG2

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Fannie Mae Changes Lending Guidelines for Condos

Fannie Mae recently changed their condominium lending guidelines. These changes were meant to simplify policies and increase underwriting flexibility.

Here is a list of some of the most beneficial changes:

  • Waive the single-entity ownership percentage requirement when the purchase transaction will result in a reduction in the single-entity ownership concentration People Holding Moving Boxes
  • Not include units held by non-profits, affordable housing programs, or institutions of higher education in the percentage of single entity ownership calculation
  • Allow single-entity ownership in projects with 21 or more units to increase to 20%, up from 10%
  • Increase allowable commercial space to 35% of the projects total square footage, up from 25%
  • Exempt commercially owned or operated parking spaces from the project’s commercial space calculations
  • Allow a new condo project to be reviewed as an “established” project if requirements are met
  • Condo properties approved by FHA's HUD Review and Approval Process (HRAP) will only require a limited review
  • Waive project review requirements on smaller properties (two to four unit condo projects)

These updated guidelines better reflect current trends in condo development and provide additional flexibility for condominium lending reviews. The loosened requirements permit many condominium buildings which previously did not meet lending review criteria to qualify for conventional financing, creating additional inventory for home shoppers and a simplified financing process.

Specifically in Seattle, the commercial space percentage limits and calculation changes will be helpful for condo communities such as 2200 Westlake, Enso and Tribeca.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


The Shift from Building Apartments to Building Condos

Document1There have been several recent announcements about new condominium buildings being constructed in Seattle. For the last few years, the only residential developments being built in Seattle were apartments, minus a few outliers like Insignia and Gridiron, but we are starting to see a flood of new condominium projects hitting the scene again.
 
Why the switch from apartments to condos? Well, we think it is due to apartment buildings not being as profitable as they once were. Major investment groups who were once willing to buy apartment buildings at high price/unit price tags are not as bullish right due to the softening of the rental market. That softening is likely due to an oversupply of apartments entering the market, around 6600 rental units are coming just to the South Lake Union neighborhood by 2019. It is now more profitable to build and sell condos. Developers are very market driven so they will make these decisions based on what is happening right now in the apartment and condo markets, but it seems to us that they don’t put onus on the future market conditions that their developments might cause. For instance, if we had built a mix of condos and apartments over the last few years perhaps we wouldn’t have an apartment building glut right now and be starved for condos, we might just have balance. Instead it appears that their decisions are reactionary, if apartments are profitable then they build a ton of apartments, flood the market, the apartment market softens, then they switch to building condos and so forth and so on. Perhaps someday we will see a balance of what is being built, helping both the rental and real estate markets stay more stable over time.

Here are some recent articles on new and upcoming condo projects around Seattle:
2nd Avenue Condos in Downtown  
South Lake Union Condos
403 13th Condos in Capitol Hill
The Neighborhood Collection Condos in Capitol Hill & Wallingford
Spire Condos in Belltown
Solis Condos on Capitol Hill
Emerald Condos in Downtown
Condos in Bellevue

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


New Condo Tower Planned for 2nd Avenue in Downtown

MapThe site at 1516 2nd Ave, across the street from Fifteen Twenty-One condominiums, will soon be a new condo tower. The Chromer Building on the site will be torn down and replaced by a 45 story building containing 498 condo units and ground level retail.

The Developer is Pinnacle Plus is a joint venture of Plus Investment, who is also developing condo project in South Lake Union just announced.

The website for the new tower describes the tower this way, "Designed by the award-winning HEWITT team, the project demonstrates strength, femininity, and careful place-making. At once a destination and a gateway, it will join a family of historic and new buildings which nestle around the city’s heartbeat: Pike Place Market."

This building is across the street from Fifteen Twenty-one condos and across the alley from the Fischer Studio condominium building.

Map from Google Maps


By Marco Kronen with Seattle Condo Review: A guide to Seattle condos.


Condo Project Coming to South Lake Union

1170 Republican4A new condominium building has been announced in South Lake Union. It will be a mid-rise building and will be located at 1170 Republican St, where the charming Row House Cafe is currently located.

This new building will contain 113 condominium units and should start construction in early 2019.

The developer for this new project is Plus Capital Partners, who recently sold their controlling interest in the Elev8 project n Bellevue.

Rendering from MZA Architecture.

By Marco Kronen with Seattle Condo Review: A guide to Seattle condos.


403 13th Condominiums Coming Soon to Capitol Hill

403 Thirteenth403 13th is a new boutique condominium building coming soon to Capitol Hill.

Though their website has very little information, it does say that this building will be a collection of studio, 1, 2 and 3 bedroom condos. The building is being constructed by BrightWork Builders, who are known for building custom and floating homes. They are indicating that the building will be move in in winter of this year 2018.

The website describes the homes as "thoughtfully crafted with a focus on maximizing space and timeless, sophisticated finishes."

By Marco Kronen with Seattle Condo Review: A guide to Seattle condos.

 


The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos

Wallingford 45, Edison and Atrium are the newest condominium projects to be announced. Previously planned as apartments, these three buildings will now be condominiums and comprise the Neighborhood Collection.

A three projects are mid-rise buildings and collectively will deliver 133 condo units to the market.

Atrium is located at 750 11th Ave E, Edison is located at 121 12th Ave E and Wallingford 45 is located at 1601 N 45th St. All three buildings are nearly complete and will be ready for occupancy this fall. They are targeting prices from below $400,000 to more than $800,000 for the units, which will be studios and one bedrooms.

A preview center will open in September at 1420 E Madison St. Homes can be reserved with a price range for a $5,000 deposit. Tours inside the buildings will open up in September as well.

WALLINGFORD 45:
W45-12 W45-10 W45-2 W45-6

EDISON:
Edison Edison5 Edison7Edison3

ATRIUM:
Atrium2 Atrium4 Atrium6 Atrium5
   


Spire Condominiums Renderings and Price Guidance Released

SPIRE Condominiums has released new rendering and pricing guidance.

Spire17Just for a reminder here is some information on SPIRE:

  • Located at 600 Wall St in Belltown
  • 350 units
  • 41 stories
  • 4 floors of common areas
  • Parking option included for some homes while others are optional for an additional $75,000
  • City Suites:
    • On floors 4-23
    • Ranging from open 1 bedroom/1 bath to 2 bedroom/2 bath
    • Approx 520sf to more than 1,170sf
    • Introductory pricing from below $450,000 to more than $1.6M
  • Tower Residences:
    • On floors 24-37
    • Ranging from 1 bedroom/1 bath to 3 bedroom/2 bath
    • Approx 550sf to more than 2,000sf
    • Introductory pricing from below $700,000 to more than $3.5M

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