After rolling out Queen's Court, the Pittsburgh, Nord and Betsy Ross, Live Historic launched their 5th conversion projects, the Marlborough yesterday. This time the project is on First Hill.
Earlier yesterday before the launch party, workers were busy cleaning up the place and finishing last minute touch ups to the lobby while stagers were prepping the model units. The vintage charms were evident from the Marlborough seals on the lobby windows, old school mail boxes, crown molding, original french doors, coffered ceilings, and arched windows.
According to Ben Rankin, Principal of Pioneer Property Group, a handful of the units are sold and they are retaining the rest of the inventory for the launch party. The building has been extensively remodeled including new wiring, plumbing, electrical, refinishing of hardwood floors, and replicating of some of the vintage details. The main envelope work includes the new roof, windows, and cleaning and repairing of the terra cotta carvings.
Fact Sheet Floor plans: Square footage: Pricing: Homeowner Dues: Completion date: Amenities: Sales center hour: I took the liberty of asking a few questions about the project. Here's what he said.
-22 studios
-50 one bedrooms
-6 two-bedrooms
-2 three-bedrooms
-2 large penthouse (with 900 square-foot private terraces and wood burning fireplaces)
516-2,184
-Studios $200,000's
-One bedrooms $300,000's to $500,000's
-Two bedrooms, three bedrooms and penthouse prices are not finalized yet
Parking:
-Two years free off-site parking for most homes
-54 covered spaces (upon request $35,000/spot)
Average $391/month
Approx. end of June
Concierge, garden deck, lobby, laundry room and guest suite
12.00pm-6.00pm (Thursday through Monday)
1224 Boren Ave (First Hill)
"How did the developer decide on picking the Marlborough House as its 5th conversion project?"
We have not done any projects in First Hill and the Marlborough House is one of the few high rises in the city that is not a condominium. We also pick buildings that we think needed some help with restorations. Marlborough was also picked for its solid structure, vintage charm, and great location.
"With high inventory and the tightening credit market, how are you going to convince buyers sitting on the fence to take the first step and consider the Marlborough House?"
We are still seeing a consistent stream of buyers interested in our project. They are taking a little bit longer to decide and there is not as much impulse buying as there used to be. Our project is also targeting a very niche market. Home buyers who are looking for a vintage condo, a place to live in without sacrificing comfort and convenience. Part of our mission is to restore buildings so that they can have longer use in the future. That is why we are spending a great amount of effort updating important systems and adding modern conveniences while retaining historic flair and character in this classic building. We hope that home buyers will see that and think of us when they are thinking of buying a vintage condo.
How is the Marlborough House different from Decatur?
The Marlborough has a nice contrast to the Decatur, its vintage architecture design, details and the amount of work we have done restoring the building is a big plus. In terms of price per square foot, we are a little higher than Decatur but we offer multiple color schemes, better amenities and more interior refurbishing.
Here are a few of my personal observations of the building:
- Pretty grand lobby for a conversion project
- Nice blend of vintage details with modern days finishes (stainless steel appliances, slab counter tops etc..).
- Small kitchen with 2-in-1 washer and dryer in some of the units. In some floor plans, smaller bedrooms may be a challenge to accommodate large furniture pieces.
- Great color schemes, however, they are pre-determined for each unit.
