Capitol Hill condos Feed

The Shift from Building Apartments to Building Condos

Document1There have been several recent announcements about new condominium buildings being constructed in Seattle. For the last few years, the only residential developments being built in Seattle were apartments, minus a few outliers like Insignia and Gridiron, but we are starting to see a flood of new condominium projects hitting the scene again.
 
Why the switch from apartments to condos? Well, we think it is due to apartment buildings not being as profitable as they once were. Major investment groups who were once willing to buy apartment buildings at high price/unit price tags are not as bullish right due to the softening of the rental market. That softening is likely due to an oversupply of apartments entering the market, around 6600 rental units are coming just to the South Lake Union neighborhood by 2019. It is now more profitable to build and sell condos. Developers are very market driven so they will make these decisions based on what is happening right now in the apartment and condo markets, but it seems to us that they don’t put onus on the future market conditions that their developments might cause. For instance, if we had built a mix of condos and apartments over the last few years perhaps we wouldn’t have an apartment building glut right now and be starved for condos, we might just have balance. Instead it appears that their decisions are reactionary, if apartments are profitable then they build a ton of apartments, flood the market, the apartment market softens, then they switch to building condos and so forth and so on. Perhaps someday we will see a balance of what is being built, helping both the rental and real estate markets stay more stable over time.

Here are some recent articles on new and upcoming condo projects around Seattle:
2nd Avenue Condos in Downtown  
South Lake Union Condos
403 13th Condos in Capitol Hill
The Neighborhood Collection Condos in Capitol Hill & Wallingford
Spire Condos in Belltown
Solis Condos on Capitol Hill
Emerald Condos in Downtown
Condos in Bellevue

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


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.


Our New and Improved Seattle Condominium Building Map

Seattle Condo Map (2)Since our blog's inception back in 2006, our Seattle Condo Map has been a place where our readers could go to find information about the various buildings in and around the Downtown Seattle core.

We decided that it was time to revamp SCR's Seattle Condo Map, expanding it to include all buildings in Seattle, to include more detailed information about each building and to create it in a format that allows our readers to search it for information important to them that might not be readily available either online, or within other real estate sites that rely only on information from the MLS.

We are very proud to announce that our new and improved Seattle Condo Map has launched!!!

Our new map contains information about all condominium buildings in the city of Seattle! It is a constant work in progress as condo buildings go through updates, condo buildings become apartment buildings, apartment buildings become condo buildings, new condominium buildings are proposed and new construction buildings are completed. The information contained in our Seattle Condo Map will continue to be updated so please make sure you check back in with the map often. We intend to add links to our Condo Review articles to each building as we review them so our write ups with pros, cons and stats about the building will be available via one click from the map listings. This is something we are actively working on and think will be an amazing resource tool for those looking to buy or sell their condo. 

A couple things to know about our new map:

  • There is a directory of buildings that is organized by area - Downtown Area, Northeast Seattle, Northwest Seattle, Queen Anne & Magnolia, South Seattle, Central Seattle and West Seattle
  • The buildings are also color coded to denote the following categories - luxury, proposed, under construction, historic or co-op
  • You can search the map if you open it up - for example, you can search 'concierge' and see all of the buildings in Seattle with concierge services

Since this map will forever be dynamic, we encourage you, as our readers, to let us know if any buildings are missing or if any of our information is incorrect. We want to do our best to provide the most accurate information we can and we need you all to make that happen!

We hope you find the map interesting and helpful and we hope it is a tool you will bookmark and enjoy using for many years.

Check the map out here! Or from the navigation bar on our website.

Cheers-
Marco and Loren Kronen


Seattle Market Snapshot Editorial - Capitol Hill Condos

Condominium Stats May 2017 Area 390_Page_1This week as I was preparing my final pricing recommendations and offer review strategy for a condo in the pike-pine area of Capitol Hill, I continue to be amazed at the velocity of sales as well as the competitive nature of the Seattle condo market, even for higher-end condominiums in our city.

The condo I will be listing right after the 4th of July holiday for my clients is a nice modern 2 bedroom corner unit and in reviewing recent sales up on the Hill (area 390), it's amazing to me that we are now starting to see pricing falling at an average of $632 dollars per square foot this year for the month of May.

For this specific condo listing, my market value estimation for them last year in 2016 was approximately $580,000-$600,000, when the average pricing was falling at around $540/sqft for the same period last year. Well for this year, this market analysis I am preparing has me realistically thinking they may fetch nearly $675,000 to possibly even $700,000 if we are able to get multiple buyers competing for the condo.  That's about a 14% increase for this unit specifically.  Not bad.

Sales data from our Windermere Market Update report (linked below), is showing a 15% year-to-date appreciation in sales of condominiums in Capitol Hill (and the rest of area 390) and this is just astounding to me because last year at the same time we were surprised that we were seeing  $540 dollars per square foot for the average sale pricing.

With the recent announcement that Amazon is purchasing Whole Foods for $13.7 billion, I personally don't see any immediate slowing in our condo market as it appears our local online retailer isn't planning to slow down growth and likely this means they probably won't be light on the hiring either as they do whatever it is they plan to do with this new acquisition. Strong local economy and job growth often are key factors in our local real estate market's performance.

The included market update report is for the last full month of May 2017 for Capitol Hill and Central area condominiums only (area 390) , but we are seeing similar performance and market velocities in the downtown Seattle core as well.  Download Condominium Stats May 2017 Area 390

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


LUMA Sales Center Moves into Building

Sales Center Moving into BuildingIt is always great to hear that a new construction condominium building's sales center is moving into the building itself, as it indicates that the building is getting closer to be completed, allows potential buyers to see more of the final product and also means that buyer's who have already purchased will be moving into their new homes soon.

According to LUMA, the final construction details are being completed on the sales center and the furniture and art have started installation. The sales center will reopen on Saturday morning in the building!

Also, LUMA’s Rooftop Terrace is almost complete, including the fabulous looking soaking pool. The artwork install, including  lightbox photos that have been placed in the lobby and throughout the corridor levels, has also begun. The lobby and amenity floor, including the cozy fireplace lounge, library and private dining room, are being outfitted with their furnishings now as well.

For sales, LUMA is now 75% sold. If you are considering purchasing in LUMA, now would be the time to check it out since you can get into the building and really get a great feeling for what it will be like to live in First Hill's newest condo community.

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


Condo Review – Meridian in Downtown

Meridian in Downtown
1420 Terry Ave

MeridianMeridian 2

The Meridian Condominiums is a concrete and steel high rise sitting right between Downtown and Capitol Hill near the Convention Center. It was built in 2002 by Taliesen Corp. It has a dramatic 2 story lobby with a 24 hour concierge. It has a nice amenities package

The stats:

  • 158 units –one, two and three bedrooms ranging in size from 557 to 2,657 square feet
  • Built in 2002
  • 27 stories
  • Most units have 1 or 2 parking spaces
  • 7 units have sold in the last 6 months ranging in price from $330,000 to $1,100,000; at the time of this post there is 1 unit pending that is priced at $500,000 and there is 1 unit active that is priced at $500,000
  • HOA dues include: garbage, water, sewer, central hot water, building maintenance, concierge, professional property manager, earthquake insurance
  • Amenities: Party room, gym, guest suite, business center, sauna/hot tub and 24 hour concierge

 

Continue reading "Condo Review – Meridian in Downtown" »


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.


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.