Capitol Hill condos Feed

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

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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.


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

 

Continue reading "Luma Unit Specific Pricing Released and Other Details" »


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.


Luma Pricing and Floor Plans Released

Luma Logo

Luma, the new construction condominium building in First Hill, has released their price ranges, interior finishes, amenity information and floor plans to the Broker community in advance of the public open house.

LUMA - 1321 SenecaPrice Ranges:

  • Open One Bedroom
    • 602-620 square feet
    • $350,000 to $400,000
  • One Bedroom
    • 648-1,012 square feet
    • $400,000 to $800,000
  • One Bedroom + Den
    • 847-858 square feet
    • $450,000 to $600,000
  • Two Bedroom
    • 1,181-1,356 square feet
    • $700,000 to $1,000,000
  • Two Bedroom + Den
    • 1,322-1,529 square feet
    • $800,000 to $1,000,000+
  • Live/Work
    • 1,233 square feet
    • $600,000 to $700,000
  • Penthouse
    • 1,586-1,721 square feet
    • pricing available upon request

Continue reading "Luma Pricing and Floor Plans Released" »