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September 2018

August 2018

New Condo Tower Planned for 2nd Avenue in Downtown

MapThe site at 1516 2nd Ave, across the street from Fifteen Twenty-One condominiums, will soon be a new condo tower. The Chromer Building on the site will be torn down and replaced by a 45 story building containing 498 condo units and ground level retail.

The Developer is Pinnacle Plus is a joint venture of Plus Investment, who is also developing condo project in South Lake Union just announced.

The website for the new tower describes the tower this way, "Designed by the award-winning HEWITT team, the project demonstrates strength, femininity, and careful place-making. At once a destination and a gateway, it will join a family of historic and new buildings which nestle around the city’s heartbeat: Pike Place Market."

This building is across the street from Fifteen Twenty-one condos and across the alley from the Fischer Studio condominium building.

Map from Google Maps


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


Condo Project Coming to South Lake Union

1170 Republican4A new condominium building has been announced in South Lake Union. It will be a mid-rise building and will be located at 1170 Republican St, where the charming Row House Cafe is currently located.

This new building will contain 113 condominium units and should start construction in early 2019.

The developer for this new project is Plus Capital Partners, who recently sold their controlling interest in the Elev8 project n Bellevue.

Rendering from MZA Architecture.

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


403 13th Condominiums Coming Soon to Capitol Hill

403 Thirteenth403 13th is a new boutique condominium building coming soon to Capitol Hill.

Though their website has very little information, it does say that this building will be a collection of studio, 1, 2 and 3 bedroom condos. The building is being constructed by BrightWork Builders, who are known for building custom and floating homes. They are indicating that the building will be move in in winter of this year 2018.

The website describes the homes as "thoughtfully crafted with a focus on maximizing space and timeless, sophisticated finishes."

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

 


The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos

Wallingford 45, Edison and Atrium are the newest condominium projects to be announced. Previously planned as apartments, these three buildings will now be condominiums and comprise the Neighborhood Collection.

A three projects are mid-rise buildings and collectively will deliver 133 condo units to the market.

Atrium is located at 750 11th Ave E, Edison is located at 121 12th Ave E and Wallingford 45 is located at 1601 N 45th St. All three buildings are nearly complete and will be ready for occupancy this fall. They are targeting prices from below $400,000 to more than $800,000 for the units, which will be studios and one bedrooms.

A preview center will open in September at 1420 E Madison St. Homes can be reserved with a price range for a $5,000 deposit. Tours inside the buildings will open up in September as well.

WALLINGFORD 45:
W45-12 W45-10 W45-2 W45-6

EDISON:
Edison Edison5 Edison7Edison3

ATRIUM:
Atrium2 Atrium4 Atrium6 Atrium5
   


Spire Condominiums Renderings and Price Guidance Released

SPIRE Condominiums has released new rendering and pricing guidance.

Spire17Just for a reminder here is some information on SPIRE:

  • Located at 600 Wall St in Belltown
  • 350 units
  • 41 stories
  • 4 floors of common areas
  • Parking option included for some homes while others are optional for an additional $75,000
  • City Suites:
    • On floors 4-23
    • Ranging from open 1 bedroom/1 bath to 2 bedroom/2 bath
    • Approx 520sf to more than 1,170sf
    • Introductory pricing from below $450,000 to more than $1.6M
  • Tower Residences:
    • On floors 24-37
    • Ranging from 1 bedroom/1 bath to 3 bedroom/2 bath
    • Approx 550sf to more than 2,000sf
    • Introductory pricing from below $700,000 to more than $3.5M

Continue reading "Spire Condominiums Renderings and Price Guidance Released" »


Update on Koda Condominiums

Koda KitchenKoda Condominium Flats has announced their sales center, presale and ground breaking timeline. They also released new renderings and their future cityscape tours.

SALES CENTER, GROUND BREAKING & PRESALES
The Sales Center will be located at at 510 Occidental Ave S in Pioneer Square, just north of Century Link Field, and it will open in the fall of this year. The Ground Breaking will also be in fall 2018 and that is when the presales will begin. More information about the presale process will be released in the next few weeks. Occupancy is scheduled for fall 2020. 

CITYSCAPE TOURS
The newly released cityscape tours are a collection of dynamic interactive tours to provide potential buyers an immersive virtual environment showing the building orientation and digital model home walkthroughs. They are also working on developing a virtual reality tour, which will show the evolution of the surrounding neighborhood and Seattle waterfront  as it might look in 2020 when KODA is complete.

FINISHES
The condominium homes will have hardwood flooring in the living spaces, carpeting in the bedroom space, quartz countertops, thermofoil cabinets, glass backsplash and stainless appliances. There is a light, medium and dark color scheme for these finish packages.

AMENITIES
For amenities, KODA will have a voluminous lobby and co-working space. The 7th floor will have a library, business center and conference room with outdoor Zen garden, fitness center with outdoor stretching and yoga retreat. The 17th floor has a rooftop deck entertainment space. 

RESERVATIONS
There are still units available for reservations before the presales officially begin. There are studio, one and two bedrooms condos available from $400,000 to $1.5M. A $5,000 refundable deposit will be due at the time of the reservations and provide the reservation holders with the first right to enter into a Purchase and Sale Contract within the set price range.

Rooftop deck Koda Library

 

 

 

 

 

 

Koda Lobby Koda Gym


Solis Condos Coming to Capitol Hill

SolisSolis condominiums are coming to Capitol Hill. The building will be constructed at 1300 E Pike St and will be built using super-green "passive house" design and constructions methods.

Solis will be a 6 story building with 45 condominium homes. The units will be between 475sf and 850sf consisting of studios, one and two bedrooms. They will be priced from the mid $400,000s to just about $1 million.  Construction will begin in the next few months with completion set for early 2020 according to the Developer, SolTerra.

The contractor is Cascade Built, a leader on passive house projects, and the architect is Weber Thompson.

This building was originally planned as an apartment building but will now be the first condominium building to be constructed in Capitol Hill in ten years.

Weber Thompson Rendering

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


The Emerald Condominiums - Sales Early 2019

20180807_075325The tower you see rising up at 121 Stewart St right by the Pike Place Market in Downtown Seattle will be The Emerald condominiums.

Developed by Daniels Real Estate, the Emerald will contain 365 condominiums in 40 stories. The sales gallery will open for sales in early 2019.

Their website describes the tower as "bringing a new level of high-rise living to downtown Seattle. The tower's iconic, façeted-glass exterior houses a collection of 265 signature residences with unrivaled views and breathtaking amenity spaces." Based on the plans submitted to the city, the Emerald will have one, two and three bedroom condos ranging in size from 540 to 1,700 square feet. It will have retail on level one and amenities including a gym, yoga studio, pet area, guest suite and rooftop level party room and outdoor space.

We look forward to seeing the renderings, unit finishes and confirmed amenity offerings along with the price points.

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





Bosa Plans Second Condo Building in Bellevue

New Condo Tower - BosaAccording to the PSBJ, Bosa Development, the developer of Insignia in Seattle and One88 in Bellevue, is planning on building another condominium tower in Bellevue. It will be across the street from where One88 is currently under construction at 205 105th Ave NE, where Sushi Maru is currently located. The new tower, like One88, is also planned as a 21 story tower.

Also mentioned in the article is the possibility that more planned apartment buildings will instead be built as condos. This is interesting insight and with Spire in Seattle being switched from apartments to condominiums, we might indeed start seeing more of these switches of use coming down the pike.


What’s Happening in the Market? Shift, Change, Adjustment or What?

JUNE-SEATTLE-2018-MONTHLY-TALKING-POINTS_Page_2We have all seen the news media articles over the past few weeks reporting that there has been an over 70% increase in our current market inventory, that the market is slowing down or that there is another recession coming, and so on. If you are a seller, let’s not panic or get into modes of desperation just yet.

We have to keep in mind, we see a seasonal slow down every year in our market during mid-summer (due to factors such as buyers and their agents being on vacation and sellers putting their homes up for sale at a higher rate in order to move before the school year starts, etc. - see photo for seasonal trends), so I wanted to chime in and speak to what I am actually seeing out here.

We are seeing, what I would call, a shift in the mindset of buyers. There are less multiple offer scenarios on both condos and single family homes as well as a lot of buyers doing more of a wait see approach to the offer review dates. This is quite opposite of what we were seeing earlier in the spring, which was a very aggressive approach of doing pre-inspections, waiving all contingencies, and being willing escalate well above list price. Also, there is a significant increase in the inventory. Homes and condos are still selling, but they are going into contract slower than they were in the spring.  We are also seeing the percentage over list price not being as aggressive. This will apply to most neighborhoods of Seattle, and appears to happening in most price segments as well. 

Now, does this change how I, as a broker, might approach the market? Yes, of course, our strategies must change with adjustments in market conditions. But does this mean we are in a changing market or a just a slightly more aggressive seasonal slowdown? I’m not sure yet. But my sense is we have some slowing due to general buyer fatigue and frustration and increased summer market inventory from sellers who are trying to ride the coattails of the spring sales pricing. Sadly, we are also seeing a lot of homes that just aren’t presented well, such as not being in the best of condition, poor quality flips, or disadvantaged locations, etc. These condos and houses might be too aggressively priced by sellers and agents that are just too optimistic that the hot market will have buyers buying anything they can. The buyer fatigue is stalling sales on homes that simply aren’t properly prepped and priced for the summer market conditions. I do think that these factors are causing some lethargic market conditions right now that are affecting even those homes and condos that are spruced up and ready to sell as the mere fear of a slowing market will cause more slowing in the market.

I’m predicting that the market will absorb, although slowly, the summer inventory and we’ll see a bit more of the frenzy return in the fall when buyers and their brokers are returning from vacations and ready to be realistic and get back to the market.  

Timing is everything, and we might have missed a bit of a window for some sellers, so holding off until fall might be a new thing to consider. If you are thinking about selling, make sure you are realistic about how long it will take to sell your home and what price you are likely to get.