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June 2015

New Condos Coming to Phinney Ridge!

Hyde Condos
Updated: Hyde condominiums changed their name to Hendon Condominiums

With the limited options for condo inventory here in Seattle, I’m always excited to report new condo projects that are coming to our city.

Recently, the rumors have been confirmed that Isola Homes, a well-known local builder of single family as well as townhomes communities within Seattle, is now branching out and developing a condo building in the popular Phinney Ridge neighborhood that will be called Hendon Condominiums.

The site is located at the intersection of Greenwood Ave N and N 68th St just across the street from the current Fini Condos, Isola will be building a 32 unit condo building that is projected to be completed in late summer/early fall of 2016 which is about the same projected completion of both Luma on First Hill, and Insignia’s north tower in Belltown.

We did a brief interview with Isola this past week to learn a bit more specifics about the project:

The Building:

  • 32 units + 4 ground floor retail spaces
  • 4 stories plus a roof deck
  • Amenities will include a roof deck with lounge and bbq areas
  • Anticipated completion:  Late summer/early fall 2016
  • It is not yet known which utilities will be included in the HOA dues or the estimated amount for HOA dues

Condo Units:

  • There will be a mix of studio, 1 bedroom and 2 bedrooms condo units
  • Size of the homes will range from 613 sf – 1132 sf
  • Ceiling heights will range from 9’ to 11’
  • Finishes will be similar to most of Isola’s other recently built communities-  visit their website at www.isolahomes.com for photos of current and past projects
  • We asked about any unique features and in addition to the common roof deck/bbq area, select units will have large private roof decks!  We are excited to see those units for sure.
  • There will be two different color schemes options to chose from

Sales Process:

  • Specifics are not yet known but it will involve a reservation process followed by presales with a full purchase contract
  • The building itself will not have it’s own sales office or model home on site, but the new Isola Experience Center will be opening this Fall and will be located in Homeplate Center, which is near Safeco Field’s SW corner at 1st Ave and Edgar Martinez Way
  • Presale units will be available to purchase when they open their Isola Experience Center this fall
  • Price ranges for different layouts are not yet known
  • Upgrade and/or customization options are not yet known
  • Big customization options such as combining units is not an option at this time

Isola reports they will be releasing information as it becomes available, so we will keep in touch and provide periodic updates to our clients and readers as we learn more.  Special thanks to Noree at Isola for her time and information.

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


This Weeks 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 June 8th through the 14th.

The High:

#405 at Lakeside at Leschi – 121 Lakeside Ave in Leschi
High 6.8.15

  • List Price: $1,375,000
  • Sold Price: $1,370,000
  • 3bd 1.5ba
  • 1,861 square feet
  • Price/Sq Ft: $736.16
  • Built 1998
  • Days on market: 12

The Low:

#203 at Aspen Park - 7600 Greenwood Ave N in Greenwood
Low 6.8.15

  • List Price: $139,000
  • Sold Price: $142,000
  • Studio 1ba
  • 335 square feet
  • Price/Sq Ft: $423.88
  • Built 1988
  • Days on Market: 17

Everything in between:

  • 53 condos sold in Seattle
  • Average List Price: $418,041
  • Average Sold Price: $427,600
  • Average Square Footage: 893
  • Average Price/Sq Ft: $473.94
  • Average Days on Market: 16

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


Daola Seattle Condo Hotel Project is No More

Daola MapBack in September of last year, we wrote about Daola Seattle, a condo and hotel project that was planned for the corner of Stewart and Minor. We just learned today that Daola Seattle is no more.

The two companies that were working together to develop the project, RBF Property Group and GIS International, have parted ways in their partnership. According to PSBJ, a Florida hotel company is now eying the property.

Though we don't yet know what will be built on the site now, it sounds like a hotel is the most likely, making us think that another condo project has bit the dust.

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


Luma Sales Update

1597_0220_Luma_x01_D1
Luma, the new construction condominium tower on First Hill, had their opening sales event on June 1st and have now released the sales information from that event.

From the Sales Team:

  • Luma buyers purchased over $12,000,000 in homes on June 1st
  • “Buyers selected homes from all sizes and locations in the building which means we have all types and price ranges still available” - Julie McAvoy, Director of Sales at Luma
  • They sold out of the open one bedroom plans (there were 3) that were under $400k

From what we can gather from the website:

  • They had 16 sales during the sales event
  • 7 of those sales were on floors 2 through 5
  • No sales were on floors 6-15
  • The remaining 9 sales were on or above the 16th floor
  • 2 penthouses were sold - both north facing
  • 11 of the sales were 1 beds and 5 were 2 bedrooms
  • 3 of the units sold had the large patio spaces

Based on the information above, it seems like the smaller and likely more affordable one bedroom units on the lower floors were the most popular sell at the event. Then the rest of the sales were on the higher floors, likely due to buyers wanting to pick up views and overall outlook and light. All but one of the 2 bedrooms sold were on the higher floors.

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, 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 June 1st through the 7th.

The High:

#101 at Harbour House – 302 Lakeside Ave S in Leschi
High 6.1.15

  • List Price: $1,695,000
  • Sold Price: $1,615,000
  • 2bd 2ba
  • 2,409 square feet
  • Price/Sq Ft: $670.40
  • Built 1986
  • Days on market: 86

The Low:

#111 at The Victorian - 2152 N 112th St in Northgate
Low 6.1.15

  • List Price: $125,000
  • Sold Price: $112,155
  • 1bd 1ba
  • 524 square feet
  • Price/Sq Ft: $214.04
  • Built 1988
  • Days on Market: 5

Everything in between:

  • 60 condos sold in Seattle
  • Average List Price: $444,452
  • Average Sold Price: $449,154
  • Average Square Footage: 1,029
  • Average Price/Sq Ft: $442.47
  • Average Days on Market: 29

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


Insignia Sales Update

InsigniaIt has been a while since we updated the sales figures for Insignia so here is a quick snapshot.

In the south tower, 264 units are in Escrow. After only 3 months on the market, 180 units in the North Tower are in Escrow.

  • 264 out of 350 units or 75% are sold in south tower
  • 180 out of 348 units or 52% are sold in the north tower

Overall, in both towers, Insignia is over 60% sold.

The first homeowners will be closing during July and the closings will continue through September.  The North Tower is projected to be completed in the Summer of 2016.

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, 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 25th through the 31st.

The High:

#1803 at Fifteen Twenty-One – 1521 2nd Ave in Downtown Seattle
High 5.25.15

  • List Price: $2,125,000
  • Sold Price: $2,075,000
  • 2bd 1.75ba
  • 1,650 square feet
  • Price/Sq Ft: $1,257.58
  • Built 2008
  • Days on market: 135

The Low:

#A302 at Seventy-O-One - 7001 Sand Point Way NE in Sand Point
Low 5.25.15

  • List Price: $165,000
  • Sold Price: $173,800
  • 1bd 1ba
  • 702 square feet
  • Price/Sq Ft: $247.58
  • Built 1970
  • Days on Market: 1

Everything in between:

  • 58 condos sold in Seattle
  • Average List Price: $433,263
  • Average Sold Price: $435,690
  • Average Square Footage: 931
  • Average Price/Sq Ft: $455.45
  • Average Days on Market: 24

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


Salt Condominiums will Now be Apartments

Salt
According to an article just posted by Matt at urbnlivn, Salt Condominiums will now be built as apartments.

Salt was intended to be a boutique condo building with just 38 units sitting in the heart of Ballard. The reason? Rising construction costs. With the construction around Seattle hitting a peak, construction costs are skyrocketing. And after seeing the plethora of condo building lawsuits between Home Owner Associations and the Builders of those condos in the last few years, construction companies are charging a premium to build condos based on the probability of lawsuits in the future, that premium doesn't get tacked on to build apartments. So that leads to the birth of Salt Apartments and the death of Salt Condos.

Following in the footsteps of Rollin Street, Equinox and many others during the recession, we are seeing our first condo to apartment use switch since the market rebounded. Instead of changing uses due to lack of demand as was the previous reason, as demand is something Seattle actually has a lot of right now, it is due to the rising costs to build. We knew that construction financing for building condos has been tight and tough to get for years preventing a glut of condo buildings from being built in the first place and leading to a lot more apartments under construction around the city. But I am not sure that we expected projects to be announced as condos and have to switch uses mid stream due to rising costs. It is an interesting development.

Thank you Matt for the heads up on this news.

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


Update on Tower to be Built to East of Escala

46 Story Tower on 5th AveAs we reported back in January, two new 50 story towers were planned for 5th Ave for the northwest corner of 5th Ave and Stewart and one on the southwest corner of 5th Ave and Virginia.

Today, PSBJ reported that the lot on the SW corner has been sold. The company now plans to scale back the size slightly, from 50 stories to 46 stories. The plan is to build a hotel and residential tower with 395 residential units and 151 hotel rooms. The building will replace the Icon Grill, which has been operating in that location for 17 years.  So not much in terms of updated news here, just a few more details to share. Still no word on whether the residential units will be apartments or condos.

As a recap, the other building on the block, Altitude Sky Tower, will also contain a mix of hotel rooms and residential units but will have both condos and apartments in the residential mix.

Both buildings will impact the views and outlooks in those units in Escala on the east side and potentially those on the south side as well.

Rendering courtesy of Perkins + Will

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