Seattle Condo Review: Blog with News & Advice about Seattle Condos

Condo Updates

I've been working OT on a few deals so have a lot of catching up to do for the blog.  Here is some of the latest Seattle condo market news:  

First off, The Schuster Group's proposed project on the corner of Elliott and Cedar St (previously named as Bellora 2 at UrbanCondominiums.com in 2007) is heading for Downtown Design Review Board on June 23rd.  The proposed project will housed 120 condos and may go as high as 14 stories.  The last time I spoke to the developer's office, they were waiting for the market to recover.  Construction may not start for a year or two.  So, it will be a few years before we see this project.  Read more here. 

Seattle Condo News: Backing Out of a Purchase

 

A client of mine sent this news article today that I thought is worth mentioning.  <Thanks Harold!>  It doesn't come as a surprise given the bubble's bursting last year to hear about some buyers backing out from new condo projects currently on the market.  From the condo projects I have reviewed over the years, I'm hearing of backouts of anywhere between 10%-15%. Of course some of those happened even when the market was doing well.  So in this slow market, how are these condos holding up? 

Here are some highlights from the article:

• At Olive 8, 180 of the 227 condos were presold, almost all by early 2007.  20% of those buyers have expressed concern about getting financing to close, and the developer is trying to help them.

• Fifteen Twenty-one presold 138 of its 143 units.  37 of those buyers have backed out.  75 units have already closed.

• Escala have sold 30% of their 270 homes. The developer hasn't heard from any buyers who want to back out.

• Vulcan Real Estate has pushed back the start of closings on its nearly finished Rollin Street Flats project (due to the new Fannie Mae guideline), where only one-quarter of the units have been sold.  Vulcan recently dropped prices on eight of the 133 units in its 19-story, almost-done Enso project, where about 60 percent of the condos are under contract.

Here is another related article written by an Olive 8 buyer.

Related posts:

Fifteen Twenty One Tour
Fifteen Twenty One Opening Ceremony
Escala Hard Hat Tour
Escala Update
Olive 8 Hard Hat Tour
Olive 8 Update- Price Guarantee
Rollin Hard Hat Tour

Escala Hard Hat Tour

I managed to take a hard hat tour of Escala yesterday.  We started the tour from the restaurants and proceeded to the lobby.  There will be two restaurants on both sides of the lobby.  It hasn't been determined what restaurants will be going into those spaces but we will probably find out in a few months.  The structure has reached its full height but construction is still ongoing for the interior.  They are expecting completion around this summer and first move-in in November.

As we went through the lobby, we saw the stairs that lead up to Club Cielo.  Residents will be greeted by a concierge stationed right below the stairs.  The fitness center is on the north end of the building.  Fitness equipment will be lined up along the windows and residents can get some city view while working out.  The indoor resistance pools (a rare treat for Seattle) and hot tub area will be separated by glass windows from the fitness center. 

Madison Tower / Hotel 1000

Madison Tower/ Hotel 1000 was Seattle's first hotel/condo project completed in 2006.  Fourty-seven homes sit above the Hotel from the 15th level to 24th floors.  The building is located between Pioneer Square and Pike Place Market on the corner of 1st Ave and Madison St and occupies a quarter block.

There are five homes on each floor with the exception of the penthouse.  The 00 and 01 floor plans are west facing and offer the most optimum water views. 

00 Floor plan         Two bedroom 1980-3,010 sqft.       NW 

01 Floor Plan         Two bedroom 1,562-3,740 sqf.       SW   

02 Floor plan         Two bedroom 1,444 sqft.               SE 

03 Floor Plan         One bedroom 805 sqft.                   E

04 floor plan          One bedroom  877 sqft.                 NE

Click here for the floor plans.

Cosmopolitan View

What happens when a tall building is constructed 18 feet from your window? This is how it looks. Needlesss to say, it's really unfortunate for owners living on the west side of the Cosmopolitan.

Lesson learned: always assume your view could go away unless it's truly protected.

Related posts:

Tower spacing news
Where is my view?
Cosmopolitan

98 Union- Market District

98 Union was one of the few buildings built in the 1980's in the Market District.  This twelve story condo offers 76 units.  12 of them are two-level homes at the atrium, 3rd, and 5th level.  Studio, one bedroom, two bedroom floor plans, and a whopping sized, 3,101 square foot four bedroom home also round out the layout offerings. 

98 Union has some really basic amenities including a doorman, roof top deck and a fountain courtyard.  A fitness area is also available but it's in the same room as the club room and oddly located below ground level.  The club room looks like it needs some updating.

The main selling point for 98 Union is its location.  It is within walking distance to Pike Place Market, Pacific Place, SAM, and numerous restaurants.  The newly opened Four Seasons hotel right across the street has enhanced the general area as well.

Overall, 98 Union is a decent building with a great location.  Ironically, in light of its sparse amenities, 98 Union still has slightly higher homeowner dues for a building this age.  If you are not looking for something fancy and love the convenience of being close to Pike Place market, you may want to check it out.

Condos near to 98 Union:

Newmark
Four Seasons
Fifteen Twenty-One

Fifteen Twenty-One Tour

Alright, I know most of you are tired of hearing about 1521.  The water views, inviting lobby, and the lawsuit.  However, I couldn't resist not checking out the building.  So indulge me and I promise you this will probably be the last time you'll hear about this condo for a little while.  Here are some of my observations from the 1521 tour I took yesterday:

(Pictures provided by Realogics, archived at Seattle Condo Review Gallery)

Finishes
Finishes are better than Gallery, Mosler Lofts, Rollin, and the Parc.  One notch more modest than Four Seasons but the color schemes are well put together.  The appliances (microwave, refrigerator, and dishwasher) are nicely concealed behind the cabinets which give cleaner lines.

Newmark Condo- Market District

The Newmark might not be the most eye catching building but it's one of the few condos that has the best* locations in downtown and close to Pike Place Market.  (*Note: for those of you who are not comfortable with the gritty side of living downtown, you may want to check out the north end of Belltown for a more sedated feel). 

You'll find 192 homes in this 25 story condo which has limited floor plans comprised of only one bedroom's and two bedroom's.

1 Bedroom 506-713 sq.ft.

2 Bedroom 954-1078 sq.ft.

Homes in this building have pretty much cookie cutter layouts but the building does have alot of amenities including 24 hour concierge service, indoor pool, hot tub, sauna, fitness center, business center, and outdoor terrace.

Half block north of Newmark is the recently completed new construction, Fifteen Twenty-One.  Compared to this new building, Newmark does not have as much in the way of floor-to-ceiling windows or striking architecture.  However, if you can get into one of the west facing homes in Newmark, you probably won't be disappointed with the water view.  The price per square feet for Newmark is also significantly lower than Fifteen Twenty-One and since it's been around for a while, you won't have to deal with the typical lawsuits and special assessments that seem common with new construction.

If 1521's prices are out of your reach but you still want something with a good location and view, Newmark might be a good alternative.  Be prepared that some homes in this building might need a little bit of work if it hasn't been updated from the original finishes.  More pictures.

Feb 1 Seattle Condo Update

Well, it has only been a week since I was gone for my vacation but it seems like a number of condo projects have some news for us.

• Fifteen Twenty-One kicked off their grand opening event with a light show and tour of their model home. There are 11 homes remaining with the lowest price starting at $975,000.     

• Alex in Belltown announced that they are moving ahead in full speed as a condomium project. They will be selling their homes sometime in May. Completion for this condo building is going to be in late spring.  

• Market Street Landing, the condo project replacing the Denny's in Ballard is still under going design review. The 5 and 8 story buildings will house 330 homes. The design review board thinks that the design still needs a little bit of work. Read more here.  

• Equinox has updated their website. The construction progress is on track with windows installed and sheet rock started in the North Building. A model unit will be available for viewing in late March. Homeowners can be expected to move in in June.  

• Trace North is featuring 5 homes under $300k.    

• Ruby will be holding their grand opening on February 7th and 8th (Saturday & Sunday). Prices for their lake view homes start at $329,990 and bridge view homes start from $259,990. The project is also FHA approved. Read more on the hard hat tour.

Related Posts:

Alex Update
Equinox Update
Fifteen Twenty-One Opening Ceremony
Trace North Update
Ruby Condos Update

Olive 8- Green Roof

       

Last week, the Olive 8 hotel / condo installed one of downtown Seattle's largest green roofs. The 8,355 square foot green roof is on the fourth floor podium of the Hyatt at Olive 8 and is comprised of two parts. The first part of the installation was on top of the roof's mechanical system. The second installation was on the podium. Judging from the pictures, it's definitely a nice addition for the building and visually more pleasant than looking at the mechanical systems. I would imagine residents will get more enjoyment out of it if it is accessible from the building and they could pull out some chairs and relax on the roof. Read more on the green roof.

Elektra Update: Short Term Rentals OK

Owners of vacation rental units in Elektra appealed the initial decision against the practice of renting out units for short stays last month.  The hearing examiner ruled that the city could not enforce a 30-day minimal stay and VRUs owners won the appeal. This decision will probably upset some owners in the building who are concerned with alleged risks they believe are associated with temporary visitors. 

Read all the legalese on the hearing examiner's decisions here. 

(Update 03/02/09: I received an email from a resident in Elektra regarding the status of the appeal.

"The VRU owners had two current appeals and one was "thrown out of court" for essentially being frivolous. The other one is still going through the process but it doesn't look good for them. Many have either sold or converted to long term rentals. Our board attorney has been trying to keep us up to date of the situation, of course, at the end of the "findings and decisions" from the city it states

"...THE DIRECTOR'S CONCLUSION THAT SHORT TERM RENTAL OF THE ELEKTRA CONDOMINIUM UNITS IS NOT A PERMITTED ACCESSORY USE..."

Patrick downs, the city attorney connected to this case and also our lawyer and board all agree that it is illegal to rent for less than 30 days in the Elektra. after that they just become "rentals". The three main VRU companies:

www.seatoskyrentals.com
www.seattlesuite.com
www.pikeplacesuites.com

They now say on their sites that their elektra properties have a 30 day minimum")

 

Related post:

Elektra: Does your condo building come with VRUs?

 

My thoughts on Four Seasons

(Photos from Nyhus Communications, LLC.)

Four Seasons's open house took place on last Thursday. I was curious if the completed project would really live up to the Four Seasons brand and whopping price tags so I decided to check out their open house. I drove up to the entrance and was greeted by courteous hotel staff dressed in finely pressed Four Seasons attire ready to park the car, open the front doors, and provide you with the courtesy they would any hotel guest. 

Escala Update

Since we won't be hearing of new projects breaking ground anytime soon. I thought I would focus on condos completing next year.

Let's start in Midtown. Escala (currently, Seattle's largest condominium project under construction) rolled out their launch of Club Cielo a few weeks ago. What's the big deal with Club Cielo? For one thing, the 25,000 square foot club will be managed by Columbia Hospitality, which manages Salish Lodge in Snoqualmie and will also be running the soon to be opened Four Seasons.

The Club also takes up the entire 2nd floor of the building and includes a private dinning area, spa and fitness center (exercise classes, pedicure, manicure, 2 resistant lap pools, massages, steam room), 18 seat wine cave, theater for screenings/meetings, business center, cocktail lounge, dog run, and full service outdoor terrace with menu. 

Future Pipeline for Downtown Projects Slows to a Trickle

There was a good article in the Seattle Times today about how after the existing projects get finished, there's unlikely to be many more commenced for a few years. Aside from the obvious concerns about credit and demand, I actually find these stories partially heartening since the last thing we need is any more inventory on the market.

"Brokers and developers agree that few, if any, proposed office buildings will start construction soon. So many condo projects in downtown Seattle's core have been postponed that there could be nothing new on the market until 2012 once the crop now under construction is completed next year."

Full Article

Inhabit Modular Homes for sale

I came across this interesting property listed by Moira Holley. On the outside, it certainly doesn't look like your typical condo or townhome.  In fact, these are actually modular homes designed by Mithun and Hybrid sitting on top of the outdoor terrace of Rainier Tower on 5th and Seneca. It was toured by 1,200 visitors in September 2007.

The two built green homes are approx 1,155 square feet. Each home comes with a one bedroom and one bathroom. Asking price is $300,000. They can be stacked vertically, separated into two cottages, or reconfigured to form a single home. The units were built in a modular factory, transformed in Burlington, and had their interiors designed by Seattle's Art Vision. According to Unico Properties, who commissioned the architect firms to design these homes, it’s a plug-and-play solution for a vacation cottage, guest house, artist studio, or building addition. Unico Properties has also recently received approval for a 66 unit modular apartment complex on Dexter Ave North.