So much for that invisible hand, More conversion inventory on the way

   The Marlborough (First Hill)           De Lorges (Capitol Hill)

While some developers are seeing too much inventory on the market and doing reverse conversions (Expo 62) or partial conversions (Smith Tower), Pioneer Property Group has two conversion projects, the Marlborough and De Lorges in the works.  Pioneer specializes in vintage apartments converions and these two projects are currently going through conversion renovations. If you like what Pioneer has done with their other projects (e.g., Queen's Court, the Pittsburgh, the Nord and Betsy Ross) and you are looking a more old school charm, these projects may be worth a look.

-Wendy

Comments

[Stephanie]

Wendy,

Have the projects that Pioneer Property Group converted faired well above average than other conversions to warrant this?

[Wendy]

I wouldn't say they've been dramatically outselling other projects. They're targetting a niche market and aren't competing directly against the brand new construction projects. Pioneer focuses on pre-1940's buildings which are "creatively refreshed, gently priced, and thoughtfully sited in select urban neighborhoods." They're sort of like the refurbished old-school VW Beetles as opposed to the Audi's and BMW's.

[Nic]

As someone in the market presently that appreciates the style of older buildings, the refinishing in the Pittsburgh and Queen's Court buildings is excellent, however the layout of some of the units and the amenities level didn't seem to match up to my price point. Since they're older buildings, there weren't dedicated washer/dryer areas, so they redesigned the kitchen to fit an all-in-one, and the parking situation (only as optional extras with a unit, until the 8 spaces were sold out) wasn't optimal.

Granted I was looking at the higher end of their price range, at which point they competed with new buildings that are designed for laundry and have a parking space included.

At the low end of their range they do offer a lot of character for the money.

[I got a tip for you.]

This was confidential until today: Pioneer Properties has purchased all 6 of Historic Seattle's Bel-Boy houses. Building A will continue as affordable housing. The rest will get the Pioneer Properties treatment... supposedly they will be affordable to households earning 80% of area median income.

Some info:
http://www.historicseattle.org/projects/projectdetail.aspx?id=2

Approximate map:
http://maps.live.com/default.aspx?v=2&cp=ry20pr4t5p40&style=o&lvl=2&tilt=-90&dir=0&alt=-1000&scene=3695651&where1=1424%20Belmont%20Avenue%20seattle%2C%20wa&encType=1