Press condos update

Press condos, an apartment conversion started selling their units last weekend and they have sold 12 units so far. Due to the good response, they have increased prices on some of their units by as much as $13,000. The developer is releasing the units in phases. Press condos will be having their grand opening this weekend.   

There are 141 units with 75 units in Press 1 (south bldg.), which was built in 2002.  The remaining units are in Press 2 (north bldg.), which was completed this year and has never been lived in. The exterior uses metal and brick materials, (good to hear that it is not the infamous EIFS material).

Amenities are in Press 1 building include a rooftop deck and fitness center.

There are four units in Press 2 building facing west that comes with a patio and street entrance. Units on the 4th or 5th level will get either neighborhood or city views and some come with both. 

Studio                             480-510sf.   

Open One Bedroom            550-730sf. 
One Bedroom

One Bedroom den              700-740sf.

2 Bedroom                       860-940sf.

Pros

+ Newer building
+ Close to Broadway and downtown Seattle

Cons

- Studios don’t come with parking
- Expensive storage unit (up to $15,000)

Exterior          Good

Interior          Average

Location         Good

View             Average

Amenities        Good

Value             Good

Overall           Good

-Wendy

7/1/08: I just listed a great unit at Press if you're interested.  Check out Press #309.

Technorati Tags: Press apartments, press condos, capitol hill condos, mcmcondos, Miller Marketing, Seattle condos, capitol hill conversions

Comments

One thing to keep in mind about Press: even though the one building is new, it was originally built as apartments. It's my experience that apartments aren't built as nice as condos.

And 12 units over the weekend? That isn't much...amazing how much the market is slowing down.

[seattle condos]

Although I agree with your comment on rental apartments vs. condos...we have seen some great conversions that have turned out better than some (no so) luxury condos!

oh yea? what are some of the good conversions?

What new projects are coming up that would be worth thinking about? Would the appreciation be better for new condos or condo conversions?

[Wendy]

Brix , Gallery and Stadium Lofts. As for appreciation of new condos and condo conversions, it depends on the price. In general, i would probably pick a fair market value conversion over a forward priced new condo because in a few years, both of them will be resales. It is easier when you have two specific units that you are comparing. This is analysis that your realtor should be able to perform for you.

I've bought twice in rental buildings that were later converted to condos. Yes, I'd agree you have to watch out for construction quality with the rentals vs the condos, but do not assume that a building built to be a condo is going to be superior to a rental.

There are some high-end rentals like the Harbor Steps and the McGuire that are nicer buildings than many condos out there. The Press I, while not as luxury as those buildings, was also a Harbor Properties building before the conversion.

Be sure to include whether windows are double paned, ceiling height, and wall thickness/sound insulation ability in your comparisons between any apartments. These comparisons should be more important than whether the unit was once a rental.

Also, with a conversion, building issues are identified and addressed, whereas you have to take new construction you'd have to rely on the warranty to deal with any major problems you may find out about after you buy.

[Brian]

McGuire is a great building and location but if they didin't convert last year they probably never will.

[Mike]

Press condo's are nice, price for the small storage is ridiculous at best, The great idea with the double parking is well worth the extra money and nice if you can get it thrown in for a full or close to it now days price offer. It depends on how well you can bargain I guess. Looking at some of the conversions like Vertigo, there is no comparision for a nice conversion to a ugly one like Vertigo. Look at the crazy parking, few rooms come with a view but also look at the so called craftmanship. Poor paint jobs, poor filling on the walls and the kitchen leaves something to be desired. While Press is not the best out there it is almost worth the money depending on what you can get thrown in with the offer.

[DO NOT BUY FROM THE WYSONG GROUP]

DO NOT BUY FROM THE WYSONG GROUP, www.wysonggroup.com. Owner, Jeff Wysong and his investment partner Granit Peak Partners LLC, www.granitepeakpartners.com, have a particular scheme and it's called buy failing apartments, "convert" them as cheaply as possible, promise in writing and verbally to finish major components of the building to buyers, sell the units, never finish the work, dissolve the LLC the condo was built under and run, leaving many first time home buyers with a hard legal battle. They often won't even take our insurance on their projects literally leaving buyers with no one to go after. Obvious fraud, but still a hard legal battle. A game they have learned to play well.

Jeff Wysong's latest statement is that because the market has turned so sour, he is millions of dollars in the hole and therefore can't afford to put money towards fixing major components of multiple buildings he's left in disrepair.

Worse even, he twists the knife a little more, after home buyers come forward to him and are willing to negotiate, he leads you on with seemingly kind and understanding statement that he didn't realize the buildings were as bad as they were and if he had the money he would help. THIS IS A LIE. Even after such statements he has continued to buy multi-million dollar buildings for his own financial gain while leaving his other projects sorely unfinished.

All the while living in a big, beautiful house on Bainbridge Island.

It is amazing that in today's day such loopholes exist that horrible developers like Jeff Wysong at the Wysong Group can get away with preying on first time home buyers who trust the product he's selling.

His current projects include: Tenzen, Tobira, Press and Mira.

DO NOT GIVE YOUR MONEY TO THIS MAN, likely before you know it, you’ll be shelling out thousands of dollars to fix your building in work that was supposed to be done by him.

Jeffrey Wysong
Wysong Capital Corporation
1411 4th Ave
Suite 850
Seattle, WA 98101
206-621-9300 X209
jeff.wysong@wysongcapital.com
www.wysonggroup.com