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June 2015

May 2015

This Week's High and Low and Everything in Between

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for the week of May 11th through the 17th.

The High:

#2004 at Escala – 1920 4th Ave in Downtown Seattle
High 5.18.15

  • List Price: $1,200,000 
  • Sold Price: $1,200,000
  • 2bd 2ba
  • 1,607 square feet
  • Price/Sq Ft: $746.73
  • Built 2009
  • Days on market: 1

The Low:

#223 at Linden Park Condos - 13717 Linden Ave N in Bitter Lake
Low 5.18.15

  • List Price: $125,000
  • Sold Price: $125,000
  • 1bd 1ba
  • 654 square feet
  • Price/Sq Ft: $191.13
  • Built 1982
  • Days on Market: 26

Everything in between:

  • 55 condos sold in Seattle
  • Average List Price: $401,235
  • Average Sold Price: $403,044
  • Average Square Footage: 996
  • Average Price/Sq Ft: $427.90
  • Average Days on Market: 41

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Luma Sales Process Finalized for June 1st

Luma has officially finalized their sales process for June 1st and here are the details.

Sales Process:

  • 1425497665-1597_0228_Luma_i04_RoofdeckOffers will be accepted on June 1st before 6pm via Priority Unit Selection Agreement
  • The Agreement will allow buyers to select and submit an offer on their first and second choice homes
  • Buyers will be allowed to add an escalation clause to their offers
  • No offer under the listed price will be accepted
  • A $5000 Selection Deposit is required
  • Obtain a pre-approval letter from one of the preferred lenders
  • The Public Offering Statement and Purchase and Sale Agreements are available to view in advance
  • All of this will be delivered to the sales center by 6pm on June 1st

If you have interest in Luma and there is a particular unit you have your eye on, like a unit with a large patio or a certain view, you would likely want to particpate in the June 1st sales process. If you are open to multiple units you can participate but could also wait until the sales become first come first serve.

As always, if you have any questions or would like assistance through the process we are here to help.

By Marco Kronen with Seattle Condo Review: A guide to 
Seattle downtown condos.


This Week's High and Low and Everything in Between

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for the week of May 4th through the 10th.

The High:

#1602 at Madison Tower – 1000 1st Ave in Downtown Seattle
High 5.11.15

  • Original List Price: $1,000,000 
  • List Price When Sold: $925,885
  • Sold Price: $915,000
  • 2bd 2.5ba
  • 1,444 square feet
  • Price/Sq Ft: $633.66
  • Built 2006
  • Days on market: 302

The Low:

#7209 at Veridian Cove – 300 N 130th St in Bitter Lake
Low 5.11.15

  • List Price: $152,200
  • Sold Price: $152,200
  • 1bd 1ba
  • 646 square feet
  • Price/Sq Ft: $235.60
  • Built 1988 – converted to condos in 2008
  • Days on Market: 2

Everything in between:

  • 39 condos sold in Seattle
  • Average List Price: $347,619
  • Average Sold Price: $355,394
  • Average Square Footage: 957
  • Average Price/Sq Ft: $395.94
  • Average Days on Market: 39

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Luma Unit Specific Pricing Released and Other Details

RenderingLuma, the new construction condo building on First Hill, has released it's unit specific pricing. You can access those on their website, liveluma.com via the floor plan finder tool.

Below are some other details about Luma that we learned since visiting the sales center with our clients.

Sales Process:

  • On June 1st the sales process will start-  they will not be taking any reservations prior to that
  • They will have a one page form for buyers to indicate their top choice(s) for units and that form is due to the sales center by June 1st (they will be sealed and not until June 1st
  • If you’re the only one with interest in a specific unit, you will be notified of this and the unit will be yours to purchase and you will go directly to purchase and sale agreements (contracts) at that time
  • If there are multiple people interested in the exact same unit once they open up the sealed forms, there will be a process to resolve that though the sales center didn’t indicate what that exact process looks like quite yet
  • Those that come after June 1st,  it will be first come first serve and straight to purchase contract on the remaining units
  • 5% Earnest deposit will be required
  • Financing contingency for 30 days to allow buyers to confirm and secure their financing with a lender

 

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Distinctive Condo Alert- Capitol Hill Penthouse with Options to Grow

1111 E Pike Aerial
I love fun condos that are unique and depart from the ordinary so had to share this one.

Recently I took a look at the penthouse unit  at 1111 E Pike, the Tom Kundig designed building on Capitol Hill.

With a world class chef’s kitchen to die for, and huge open living and dining spaces, I thought it was very unique from the get go.  The other rare find for an in-city condo, is the large 400 square foot private roof top deck that I’d totally love to lounge on and sip some wine or enjoy a yummy summer Bloody Mary with friends.

And if it isn’t unique or rare enough for you, there’s more.  After meeting with the listing broker, Sam Cunningham from Realogics Sotheby’s International Realty, I learned the seller of this rare piece of Capitol Hill also owns the two adjacent one bedroom condos, which are soon to be available for sale as well.  Anyone interested in expanding the space and combining the units on this top floor could really have something special in this location right smack in the middle of the Pike Pine sub-neighborhood of Capitol Hill.  Thanks Sam for the tour and the information.

1111 E Pike Kitchen1111 E Pike Living1111 E Pike Living 21111 E Pike Patio
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Seattle Condo Stats First Quarter 2015

Heading full steam into spring, it’s time for a quick look at the stats and performance of our Seattle condo market for the first quarter.  Will it give us some clues as to what to expect for the summery and fall?  Maybe.  

We first take a look at the whole city of Seattle to get a general overview of our area’s condo market and then we drill down by neighborhood using the MLS areas focusing on the areas that have the largest concentration of condos here in our city.  Those areas we closely track are:

  • Capitol Hill/Central/Madison Valley (area 390)
  • Queen Anne/Magnolia (area 700)
  • Downtown/Belltown/SLU (area 701)
  • Ballard/Fremont/Wallingford/Phinney (area 705)

We then use this data and information to make forecasts and to help our buyers and sellers make decisions on their real estate needs.

First Quarter Recap- Seattle City In General

As in previous reports, in Seattle overall, we saw a decrease in the number of listings on the market compared to the same periods last year.  28.5% less in January, 26.4% less in February and 23.9% less in March.  This is substantial and is an obvious clue, to me, that our city as a whole is not bringing on more inventory to help ease the upward pressure on pricing, nor calm the incidences of buyers competing for very limited number of condo options. Curiously, the month-over-month median prices did take a small dip in January and February (-1.1% and -3.8%), but then shot up by 11.2% in March. My guess is that in January and February there were some sales of inventory that languished on the market over the holidays and finally sold at lower prices in the new year, starting the year off slow, but March neutralized that slow down just based of this median price increase in March.

SCR Market Chart (First Q 2015)_Page_1

Continue reading "Seattle Condo Stats First Quarter 2015" »