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December 2006

Noma/ Canal Station

NomaBallard, once a sleepy Scandanavian outpost, has become the hot neighborhood as young urbanites are lured there by thriving night life, trendy boutiques, proximity to downtown Seattle and more affordable housing prices. NOMA (located at 24th Ave NW & 56th St), an abbreviation of North of Market, is scheduled for occupancy in March 2007.

The 90 unit building targets the young and hip. Studios started at $180k while the remaining units include 1 bedroom plus den, 2 bedrooms and 2 bedrooms plus den begin in the low $400,000's.  Units range in size from slightly over 400 sq.ft. to 1,056 sq. ft. -- many with views of both the mountains and the water. So far, they have around 20 two bedroom units left.

The ground floor of the building will be occupied by 3 retail spaces including Ballard Eagle Club, the oringinal occupiers of the site.  The buidling has a secured entrance and parking, with one space allocated per unit.  The building also includes a fitness center, a library, a conference room and rooftop deck.

Individual units may be customized to include slab countertops as opposed to the standard granite tile, glass upper cabinets in the kitchen, full height tile backsplashes, and a natural stone fireplace surround and upgraded tile accents in the bathrooms. Standard features include the choice of two color palettes, bamboo hardwood floors in the entry and kitchen, boucle woven carpet in the living room, dinning room and bedrooms, tiled bathrooms and a deck or patio off of the living room.

Canal_station_2_2Canal station on Leary and 20th in Ballard is the third Ballard project for developer Claudio Guincher of Continental Properties. With and emphasis on contemporary, clean and sophisticated living, Canal Station will feature top of the line amenities including a fountain and sculpture filled courtyard, a spa, a fitness center and a concierge and business center.

Phase 1 broke ground in 2005 and is scheduled to begin occupancy in May and June of 2007. The new project will have 119 units ranging from the mid $200k to under $800k. The condos ranges from ~530 sq.ft. Jr. 1 bedroom to 1,242 sq.ft. 2 bedroom plus den.

Interiors will come outfitted with GE stainless steel appliances, a choice of Maple or Cherry cabinetry with either Shakers or flat style panel doors. Kitchen upgrades are available, including an undermounted sink and a high end appliances package. Phase 2 of Canal Station is expected to open for occupancy in 2008. They still have several one bedroom and two bedroom units left.

Overall, Canal Station has more comprehensive amenities than Noma Ballard. Both locations are comparable. The standard finishes in Canal Station seem to be higher quality than Noma, however the price per square foot is also higher.  If you are looking for something practical, Noma will fill those needs. If you don't mind spending more to get nicer interior finishes, check out Canal Station.

-Wendy

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8th and Pine- Planned

The block of Eighth and Pine in Seattle is soon to be home to two condo/hotel buildings. Joining the Olive 8 project, and towering over it on the South side, will be the new project Eighth and Pine. The new building is a joint venture between executive Hotel and Resorts of Vancouver and Fana Capitol Corp.

The building, which is not scheduled to be completed until 2009, is expected to be 45 stories high with 180 condominiums. The hotel portion of the building will be managed by Executive Hotel & Resorts as an independent (non-chained) hotel.

Condo/Hotel buidlings are becoming increasingly popular as a way for developers to minimize risk in the volatile hotel real estate market. Initially a reaction to the sudden decrease in room reservations after 9/11, the new condo/hotel format is being increasingly targeted at busy business executives and empty-nesters who want to have the luxuries of a hotel with the comfort of home, all in the middle of downtown.

Related posts:

Seattle Condo Construction Update
AVA Sneak Preview
AVA Update
AVA Condos
8th and Pine

-Wendy

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2200 Westlake

2200_westlake_22200 Westlake which is ready for occupancy starting this month includes the luxuries of the attached Pan Pacific Hotel -- including butler services, personal shopping,  limousine, in-home massage,  room service,  a beauty salon, and a day spa.  In addition, the development provides over 20 on-site retail shops and services. The recently opened Whole Foods Market is right below the hotel.

The three buildings designed by Northwest Architectural firm Collins Woerman extensively use floor-to-ceiling glass, architectural concrete, and brick and steel. The floor plans and interior decorating were done by Weber + Thompson.

Aria is an 18-story tower which also is home to the Pan Pacific Hotel. 33 Premium condominiums are located within this building.

Azur is a 12-story tower with 102 homes,

Arte is a 15-story tower with 126 units.

Top materials and appliances are used throughout the units. Floor plans include town homes, studios, lofts, one bedrooms, one bedroom +dens, two bedrooms & two bedroom plus dens. Homes range in size from 500 sf to 2,000 sf. While 2200 Westlake is currently sold out, the units originally ranged in price from $300K to over $2 MM. Ceilings are 9-10 ft tall with the exception of town homes where they soar to 18 feet. The condominiums boast air conditioning, central heating, and the luxury kitchens you would expect from a contemporary high end project.

Originally a joint venture between Vulcan Inc., Paul Allen's development group and Milliken Development Group, the latter was bought out by the former in 2005 after 95% of the condos had already been sold and the much of the retail space had been leased. Milliken Development already had had a number of Seattle based retail successes including the Marketplace at Queen Anne and The Harvard Market.

2200 Westlake is Vulcan's first hotel/condo development in the South Lake Union Neighborhood. Enso, Rollin and Veer Lofts, Vulcan's second round projects in SLU are going to start their home selection process in January 2007.

Pros

-Hotel amenities
-Whole Foods Market

Cons

-Heavy traffic flow along Denny Way

Summary Ratings:

Exterior:       Very good

Interior:       Very good

Location:        Good

Value:          Average

View:             Good

Amenities:     Excellent    

Overall:          Good

-Wendy

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Queen Anne HS Condos Buyer Bonuses

The marketing team at Queen Anne HS has been keeping busy.  They sent out an email survey asking  for feedback on what prospective buyers liked and didn't like about the property and now are offering buyer bonuses of $10k on "5 select loft homes for contracts written and closed on or before 12/31/06."

-Wendy

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