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September 2010

Carrara Condos- Queen Anne

I always enjoy showing condos in Queen Anne.  Parking is easier to find and the neighborhood is pleasant.  One of the few condos that I show several times a year is the Carrara I & II Condos.   Carrara I is located on 123 Queen Anne Ave N, near Denny Way, the street separating Belltown and Queen Anne.  Carrara II is located right behind Carrara I on 120 1st Ave W.  Both buildings were built in 2000. 

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Olive 8 and Fifth & Madison Update

The Seattle Times covered the Olive 8 auction last weekend.  According to  David Thyer, president of developer R.C. Hedreen,  all but 4 homes (out of the 32 auction homes) were accepted by the seller last Sunday.  

"Before Sunday, Olive 8 closed deals for 74 of its 227 units, mostly on the building's lower portion between floors 18 and 26.  The 32 units auctioned off Sunday represent nearly all of the unsold inventory on that lower portion, so "we'll no longer have prospective buyers going through those floors," Thyer said last week.  Olive 8 still has a little more than 100 unsold units on the top floors, with price tags from $500,000 to $6.9 million."

5th and Madison Auction

This made me wonder if all the Fifth and Madison auctioned homes actually reached the closing table.  I managed to pull some information and put together this updated sheet.  Out of the 16 auction homes, 13 closed within 60 days.  The three homes (#1102, #1200 & #1805) that went back on the market after the auction were subsequently closed within the next five months (presumably, not to bidders).  Out of the 13 homes  that closed within 60 days, a few of them were sold at a higher price.  They are #1803, #2200, and #2202.  The average closed price is still about 66% of the original listing price.  So, in Fifth and Madison's case, they managed to close ~81% of their auction homes, not a bad way to unload a big chunk of unsold inventory in a day.  

Related posts: 

Seattle Condo Auction Roundup
Seattle Condo Auctions: Equivalent of the Nordstrom Anniversary Sales?
5th and Madison and Trace Lofts Update
Queen Anne Auction- By the numbers
Lumen Auction Results
Brix and Gallery Auction Results
Press Auction: Going once, Going twice, Gone!

 -Wendy 


Seattle Condo Projects Update

 1521 west view 2

Fifteen Twenty-One has reached their 100th closing with more scheduled and several new sales pending.   More homes over $1M have closed in Fifteen Twenty-One Second Avenue than any other new construction community in downtown Seattle combined during past development cycle. They have also launched a new testimonial campaign online with 18 residents and merchants from Pike Place Market.

  Decatur

The Decatur
on First Hill is now 70% sold and was recently featured in NHSMC "Fresh Ideas" Tour.  Financing for the home is now available from 2.25% with no closing costs. 

1111 East Pike

Eleven Eleven East Pike has 10 homes remaining (27 homes in total) and is having their new closeout pricing from $239,950.   Their new model home is now open.

  Hjarta exterior 
Hjarta condominiums is now 50% sold.  The new model homes are now open and the building is FHA financing approved (3.5% down payment options).

 

Related posts:

Fifteen Twenty-One Opening Ceremony
Bulk Buy Update
Eleven Eleven East Pike
Hjarta & Florence Condos Reintroduced through Bulk Sales

-Wendy 


Olive 8 Auction Results

Olive 8 auction

Olive 8's auction event was this afternoon.  Thirty two homes were auctioned off by Kennedy Wilson.  They initially had thirty-four homes for auction but two of them, #1902 and #2102 were removed from the list.  The homes were sold for an average of 66% of the previous listing price, which is very close to the average of the last few auctions (Queen Anne High School, Lumen, Brix, Gallery, and 5th and Madison) since 2009 at 67%.  The average price per square sold for the auction was $450.78.  This is by far the highest average price per square foot sold for all auction events. 

Olive 8 Auction Results

Here are some highlights of the event:

1.) One bedroom's were sold for an average $462.69/sq.ft. and the average winning bids were at 68% of the previous listing price.  Two bedroom's were sold for an average of $415.06/sq.ft and the average winning bids were at 60% of the previous listing price. 

 2.) One of the largest two bedroom homes sold for $625,000, 54% of the previous listing price.

3.) The lowest price one bedroom was sold for $297,000 (650 sq.ft.).  One couple won the bid for a two bedrooms, two bathrooms for $702,000 (1,586 sq.ft.).  It was the highest bid for the two bedroom homes but they were very pleased with the price.  It's going to be their 2nd home.  

Each home has an unpublished reserve price, which means that the seller has set a minimum selling price.  In the event the winning bid was lower than the reserve price, the winning bid is subject to acceptance by the seller.  It would be interesting to see how many of these homes will make it to closing.  

Related posts:

Seattle Condo Auction Roundup
Seattle Condo Auctions: Equivalent of the Nordstrom Anniversary Sales?
5th and Madison and Trace Lofts Update 
Queen Anne Auction- By the numbers
Lumen Auction Results
Brix and Gallery Auction Results
Press Auction: Going once, Going twice, Gone!

 -Wendy

 


Condo Nightmares

One of the biggest nightmares about living in a condo is when your homeowner association informs you that the building siding has water intrusion and they need to wrap the whole building to repair it. I have personally gone through that myself.  It lasted for more than a year and let me tell you, it wasn't pleasant, especially when the repair work occurs during the summer. The heat inside the building was unbearable and you can't open the windows because it was all wrapped up and dust starts making it's way to your home. So, I can really empathize with this couple going through a water intrusion problem. 

"Vijay Dusi is paying $2,450 a month to live in a condominium so riddled with toxic mold that his family has shuffled from room to room for three years to escape the health hazards that go with it."

Read more here.

- Wendy


Veer Lofts Update

Veer Lofts 5

Veer Lofts is down to only 5 remaining homes and they are having their close out sale which will expire end of this month.  Looking at the numbers, the price reduction is ~5% of the previous listing price.  Can't say that I'm terribly excited about this price drop.  I was expecting more like 10-15% for a closing out sale.  For those buyers looking for lofts, this building is FHA approved. 

Veer lofts close out pricing 

Related posts:

Bagley Lofts
Veer Lofts Update
Madison Lofts
19th Ave Lofts
Monique Lofts

-Wendy
 


Seattle Condo Market Update- August 2010

August's numbers are in from NWMLS.  It's not looking as gloomy as I thought it would be.  Here is a quick summary:

  • Total active inventory in August is 6.95% higher than twelve months ago but 4% lower than July 2010.
  • Pending sales were 6.03% lower than same period last year but 11% higher than previous month. 
  • Closed sales were ~10% lower than a year ago and 2% lower than July.
  • Median price for August was $297,000. Compared to a year ago, this is 5.97% higher and ~2.4% higher than previous month. 
  • We're seeing about 10 months of inventory on the market based on closed sales and ~8 months of inventory based on pending sales.

(Information from Northwest Multiple Listing Service and is deemed reliable but not guaranteed)

Condo stats 082010
 


Promenade- Magnolia

The Promenade, an eighteen-unit condo is the most recent conversion project in Magnolia.  The building is located one block away from Magnolia's Discovery Park (3855 34th Ave W) and features studios, one bedrooms, and two bedrooms with parking for each unit.  Prices range from $149,000 to $249,950.  The project team is counting on the low price point to draw buyers after the tax credit has expired.  The developer is also offering additional cash incentives ($5,000) to the first set of buyers as a way to extend the credit.

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