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June 2011
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August 2011

July 2011

No New Condos since 2007

Remember when there used to be a new condo announced every few days?  Well, the last condo built in downtown Seattle was way back in 2007.  Since then it's been all about apartments.  In fact, there may only be 12-18 months of new condo inventory left.

Check out this good summary from King5.  

 

By Wendy Leung with Seattle Condo Review. A guide to Seattle condos exclusively for buyers and sellers.


1521, Olive 8 & Four Seasons Update

Night shot 3 HeatMap

Fifteen Twenty-One has just reported selling 83% (115) of their inventory. There are some selected homes priced below $1M available but are not listed on the MLS and the highest priced penthouse is going for more than $4M.  Eighty three percent sold over the last 1 1/2 year in this market is a pretty good progress. I think one of the reasons is that there are few newers condos on the market right now with direct water views available giving 1521 a little bit more advantage over other newer condos. The website has a cool map showing the number of condos priced above $1M sold since 2000. I think it would be more interesting if they could add another heat map that shows sold inventory over the last 3 years. 

Olive 8 updated pic.

How did Olive 8 fair after the auction and "reset" this year? They have 33 sales since the first of the year and now are more than 60% sold.  Apparently, there was a big buyer who picked up 10 units as an investment. There is also a 5% down payment option available through their lender. The developer is working with Alchemy Collections to furnish their remaining open one bedrooms (for full price offers).

Four Seasons Private Residences  

The Four Seasons Private Residences has restructured their construction loan and is now back on path marketing the 11 remaining units. The building went through some financial difficulties over the last two years but fortunately was able to restructure the loan with the lender, Washington Real Estate Holdings. Read more here

One bedroom       1,328-1992 square feet------$1.475M-$2.555M

Two bedroom      1,850-4,132 square feet-----$2.44-$6.30M

Three bedroom   4,488 square feet-------------$7.15M

 

Hope this helps.  

 

By Wendy Leung with Seattle Condo Review. A guide to Seattle condos exclusively for buyers and sellers.

 


Seattle Condo Market Update: June 2011

The June numbers are in and here are some takeaways:

  • Prices and sales held steady from May to June.
  • Queen Anne/Magnolia and Belltown/Downtown saw major increases in sales versus May (up 42% and 22% respectively).
  • The only real concerning piece is pending sales from May to June were down about 10%.

Overall, one of those months where you're relieved things held up but nothing earth shattering in either direction.

  Seattle Condo Median Prices M-O-M

Continue reading "Seattle Condo Market Update: June 2011" »


The Sanctuary Update

First Church

Still remember The Sanctuary in Capitol Hill? It's a conversion project from the First Church of Christ the Scientist building to a 12-unit multi-level townhome. The developer had defaulted on the construction loan back in August 2010 and construction and marketing was on hold for more than a year.  The loan has been acquired by a new lender, PathFinder Pollin Sanctuary Holdings, LLC.

The Sanctuary will be available for sale through a receivership. The Court has appointed Resource Transition Consultants, LLC to oversee the completion of the construction and sales of the homes.

Prices for these homes are expected to be up to 40% lower than the original prices. The townhomes range from 1,278-2,438 square feet and will start at below $600,000. In additional to that, homeowners can expect a 10-year property tax abatement, with a special assessment designation for historic structure.  Units will be available for purchase by late summer once RTC finalizes on all the details (finish specifications, pricing, HOA budget, Public Offering Statement, etc.).

Press Release
FAQs on The Sanctuary's receivership sales

Related posts:

First Church Converting to Townhomes 
First Church Conversion Update
Lights, Camera, Action for First Church!
First Church Conversion
What is the difference between a condo and a townhome?

 

By Wendy Leung with Seattle Condo Review. A guide to Seattle condos exclusively for buyers and sellers.