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

AVA Update

AVA, a downtown hotel/condo project, has received their Master Use Development Permit and is anticipating construction to commerce this fall. The sales center, located at the corner of Olive Way and 8th Ave, will be open to homebuyers by appointment only beginning next month. A large scale model of the tower, interior model vignettes of the kitchen and bathroom, final floor plans, views, finishes and other exhibits will be available for homebuyers to preview as well. To make a reservation, a $10,000 refundable deposit will be required. The reservations provide homebuyers the first right of opportunity to purchase the home within a provided price range. If you are interested in my opinion on this project, check out my previous review here.

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8th and Pine
AVA Condos

-Wendy

1 Hotel Residences Redesign

Several projects in the Belltown and downtown area are either on hold or converted to apartments. 1 Hotel Residences on the other hand is undergoing a redesign. The proposed redesign will eliminate 132 of the project's 176 individually owned condo-hotel suites. They will be replaced with 192 smaller, conventional hotel rooms (level 9th-14th). The heavily marketed City suites units will be located on the 15th and 16th level. The residential condominium units on the higher floors will not be affected. Read more.

-Wendy

Olive 8 update- Price Guarantee

Olive 8, one of the Seattle hotel/condos combos has recently announced that they will be offering new buyers a price guarantee.  The developer feels so confident that their project is offering high quality and outstanding value in the market place, that they are prepared to back it up with a price guarantee to new buyers.  The agreement says that if the same floor plan within Olive 8's remaining inventory sells for less than the current price prior to closing, the buyers who contracted for a higher price home will benefit at closing with the equivalent discount to their price.  According to the developer, the low price guarantee assurance is offerred to help shore the confidence of those who are on-the-fence.

Seems like a great marketing strategy -- will be interesting to see whether other projects follow suit.

Construction for Olive 8 has been progressing nicely. The hotel floors have been poured and condominiums floors are being poured at the rate of one every seven days. 

Previous post

-Wendy

1913 Fifth Ave: Billion Dollar "Out There" Hotel Condo

It seems like yesterday that the hotel-condo concepts imported from more trend-setting condo cities were still testing the waters here in Seattle.  Based on the new 1.2M square foot project set to break ground next year, it would appear hotel condos are here to stay.

Some highlights from this new project:

• *Located across from Westin (current residents include the Icon Grill and Avis)
• *High-end hotel (185-200 rooms), retail, office, and 22 floors of condos (400-500 condos)

*Twin, 43 story towers (North Tower-Pagoda, South Tower-Heron)

*Wind and solar will provide 7% of the building's electricity

*7 underground floors of parking

*Design that says Seattle looks not toward Vancouver but toward Chicago and New York.  (Personally, I find it a lot to take in and a bit Robocop as far as first impressions goes but that may be due to the lack of color in the rendering.)

The project is still in the early design guidance phase. Additional information will be presented, and public comments taken, at 7 p.m. Tuesday in Room L280 at City Hall.

More info from the PI article here.

-Wendy

Seattle's Best Looking New project

Fifteen Twenty One               Escala                             AVA

        1 Hotel                        Olive 8                      Four Seasons

 

Hotel Condo Shoot Out

With many buyers deferring their purchases till next year, you'd think the condo-hotel projects would be slowing down a bit as well. As it turns out, buyers looking for this class of property seem to be fairly unaffected by the national market concerns. So far, the Seattle condo hotel market has proven quite resilient. Recently, I put together a table comparing each of the top Seattle condo-hotel projects for one of my clients and put an abridged version here as well as put a quick summary below for SCR readers. Hope it helps!

Olive 8

Olive 8, the fourth hotel/condo project in Seattle has a scheduled completion in late 2008/early 2009. Its reasonable pricing and modern design atop the Hyatt hotel has been receiving a great response from the public. Even though some of the west facing units’ views are blocked by Qwest Building, home buyers do not seem to mind. The developer added 3 more levels on top of the originally planned 36 story building. Since a lot of units are sold, there is not a whole lot of selection available except for the top 3 levels. Olive 8 probably has the best value compared to the rest of the condo/hotel projects.

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AVA

Across from Olive 8, standing at about the same height is AVA. Most developers assign the higher floors for penthouse residential units to maximize as much revenue as possible. In AVA's case, they have chosen to allocate a portion of the space on the 38th level as their owners’ lounge and media room with an outdoor deck! Both AVA and Olive 8 enjoy close proximity to I5 and the transit Terminal making it easily accessible for out of town 2nd home owners. This makes for a great location to hop on to the soon to be opened light rail to get to the airport.

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Stewart & Minor

Many hotel/condo projects are focused on differentiating by their location or design (e.g., AVA & Olive 8) or brand name (Four Seasons) or one of a kind offering and world class amenities (1 Hotel & Residences City suite rental options).  Stewart and Minor, a new proposed hotel/condo project, focuses on their floor plan.

If approved, the hotel/ condominium project will break ground summer 2008 with estimated completion in 2010. 150 hotel rooms (operated by a private hotel management firm yet to be selected) will take up the first 14th stories of the building with 168 loft units starting from the 15th floor to 28th floor. The condominiums range between 500-1,900 square feet. Prices will start from Low $400,000 to over $1M.

So what is so different about this project over their competition? According to the developer:

5th Ave & Stewart, Heron Tower I

There seems to be no shortage of hotel/condo projects coming on the market. 2200 Westlake/Pan Pacific hotel and Madison tower have already been completed and a few others are in the works (Olive 8, 1 Hotel Residences, Four Seasons, and AVA) including the most recently talked about Stewart and Minor.

For those who didn't think that was enough of a selection, here is another proposed 45 story hotel/condo project on the corner of 5th Ave and Stewart St, Heron Tower I.  If approved, buyers who bought into the southeast corner units of Escala will probably have their views affected.

- About Wendy

[UPDATE 2/13/08: The Heron project has been re-designed to become twin towers.  For more info, see the latest post here.)

1 Hotel & Residences

With all the doomsday media coverage of the sub-prime credit market, many Seattle home buyers have been anxiously hoping for prices to drop considerably. So far, while $5-10k reductions are becoming more common, it doesn't look like the market is giving up too much of it's gains accumulated over the recent years.

How are the hotel/condo projects affected by this? Apparently, not too much. 1 Hotel, which will be launching their private purchase appointments next month, claims to have been receiving great interest in their units. So far, 70% of their 176 city suites and 50% of their residence units are reserved (reservations require a refundable $10k deposit).

 

City Suites: 9th-16th floors

While the sales center itself is still in the works, prospective buyers are eager to find out more about the City Suites, the first of its kind in our market offering homeowners fully furnished units and the ability to participate in a rental program. The City Suites model displays clean lines, neutral colors, and 5 star hotel like finishes. Unlike many other projects which have upgrades available for homebuyers, the City Suites and Residence units will each have their own fixed offerings with no upgrades.

What you can find in the these homes:

• Flat panel TVs
• Dual flush water closets
• 5 fixture bathroom with soaking tubs

   

2200 Westlake Flippers....Still Waiting to Flip

I was doing some research for one of my clients this week who is interested in getting into a pre-sale construction project for the purpose of selling the property shortly after the construction is complete next year. While this may have been a lucrative practice a couple of years ago, the current data for 2200 Westlake investors tells an interesting story.

Specifically, there are 31 Westlake condo units on the market as of this post. Morever, 12 of them have been on the market for over 90 days and 7 of those have reduced their initial asking prices (price drops ranged from $20,000-$485,000). Regardless of whether one thinks flippers ought to make outsized profits or not, it's interesting to try and figure out what's going on. What has led to this challenges of all those pre-construction buyers who snapped up vulcan units, descended on grand openings, and listed their units for sale moments after they got the keys?

The bar chart below shows flipped units on the market by days on market -- less 30, 31-90, more than 90.

AVA condos

Seattle's soon to be tallest residential tower (445 feet), AVA will break ground this fall. Local renowned architect Weber + Thompson and award winning interior designer Garret Cord Werner will be involved in this hotel/condo project on 8^th and Pine St.

According to Blaine Weber, principal of Weber + Thompson, "AVA will be a graceful, tall and slender addition to the skyline." Ceiling heights for these homes will range from 9.5 to more than 12 feet, full height windows, air conditioning, and European inspired interiors will focus on entertainment spaces, spacious bathrooms and walk in closets and owner flexibility. Most homes will include either a balcony or a solarium (which can open to outdoors a large terrace or be enclosed to create a sunroom). Sound familiar? That's right, 1521, another W+T recent project has the window solarium feature as well.

The preview event will occur in July, home buyers will have the opportunity to view their offerings and to make a reservation prior to public release. Finishes and interior specification information will also be available during the event.

Other Weber + Thompson projects:

1521
Expo 62
Cristalla
Icon Tower
7th and Westlake

Previous post on AVA

Interested in working with a condo expert?  Contact Wendy

Technorati Tags: Eighth and Pine, 8th and Pine, downtown Seattle condos, Seattle condos, Seattle downtown condos, Olive 8, Urban condominiums, Ava condos, Live at Ava, Seattle real estate, Expo 62, 1521, Cristalla, 7th and Westlake, Icon Tower, Weber + Thompson, Weber Thompson, Garret Cord Werner

8th and Pine- AVA

8th and Pine has a new name. The new condo/hotel construction project set for completion in 2009 is now called AVA. With the new name, comes an apparent change in the project itself. Since I last reported, the tower seems have shrunk from 45 to 38 floors. The number of condos on the other hand seems to have grown from 180 to 211. "The Residences" (as the condos will be dubbed), are expected to range in size from 700 to over 2,000 square feet.

In addition there will be an 8,000+ sq ft penthouse. Prices for the units will range from the low $400K to $5MM. Condos will be graced with European inspired interiors, high ceilings, balconies and air-conditioning. At the same time, residents will be able to take advantage of the luxury hotel amenities which will include a heated outdoor swimming pool, a fitness club and a "signature" restaurant.

Those who want the luxuries of the hotel experience such as housekeeping, valet parking and in-suite catering will find it at AVA. Views from some of the units will be to the water, while others will be city views of adjacent buildings. The hotel itself will be run by Executive Hotels, a non-chain manager of luxury hotels.

Here are some questions that I asked Dean, President and CEO of Realogics, a marketing company for AVA and several other condos in Seattle.

2200 Westlake

2200 Westlake which is ready for occupancy starting this month includes the luxuries of the attached Pan Pacific Hotel -- including butler services, personal shopping,  limousine, in-home massage,  room service,  a beauty salon, and a day spa.  In addition, the development provides over 20 on-site retail shops and services. The recently opened Whole Foods Market is right below the hotel.

The three buildings designed by Northwest Architectural firm Collins Woerman extensively use floor-to-ceiling glass, architectural concrete, and brick and steel. The floor plans and interior decorating were done by Weber + Thompson.

Aria is an 18-story tower which also is home to the Pan Pacific Hotel. 33 Premium condominiums are located within this building.

Azur is a 12-story tower with 102 homes,

Arte is a 15-story tower with 126 units.

Top materials and appliances are used throughout the units. Floor plans include town homes, studios, lofts, one bedrooms, one bedroom +dens, two bedrooms & two bedroom plus dens. Homes range in size from 500 sf to 2,000 sf. While 2200 Westlake is currently sold out, the units originally ranged in price from $300K to over $2 MM. Ceilings are 9-10 ft tall with the exception of town homes where they soar to 18 feet. The condominiums boast air conditioning, central heating, and the luxury kitchens you would expect from a contemporary high end project.

Originally a joint venture between Vulcan Inc., Paul Allen's development group and Milliken Development Group, the latter was bought out by the former in 2005 after 95% of the condos had already been sold and the much of the retail space had been leased. Milliken Development already had had a number of Seattle based retail successes including the Marketplace at Queen Anne and The Harvard Market.

2200 Westlake is Vulcan's first hotel/condo development in the South Lake Union Neighborhood. Enso, Rollin and Veer Lofts, Vulcan's second round projects in SLU are going to start their home selection process in January 2007.

Pros

-Hotel amenities
-Whole Foods Market

Cons

-Heavy traffic flow along Denny Way

Summary Ratings:

Exterior:       Very good

Interior:       Very good

Location:        Good

Value:          Average

View:             Good

Amenities:     Excellent    

Overall:          Good

-Wendy

Technorati Tags: 2200 Westlake, Pan Pacific hotel/condo, Enso, Veer, Rollin, Discovery center, Paul Allen, Azur, Aria, Arte, South Lake Union condos, SLU condos, Seattle Condos

Hotel/condo Hybrids

The Seattle Daily Journal of Commerce features an article by Blaine Weber, a principal at the influential Seattle architectural firm Weber + Thompson. The firm also designed Madison Tower, Cristalla, and the currently under construction 1521. Mr Weber talked about why it makes sense for hotel/condo hybrid, what motivates buyers to purchase and the driving trend for these types of developments. An interesting read for home buyers who are considering hotel/condo units as home.

-Wendy

Technorati Tags: Weber + Thompson, Blaine Weber, Madison Tower, Hotel 1000, Four Seasons, 2200 Westlake, Pan Pacific hotel, Hotel/condo hybrids, Hotel/condo combo, Second and Pine, 2nd and Pine, 8th and Pine, Eight and Pine, Seattle condos, Downtown Seattle condos

Second and Pine has a name

“1” will be the name for Second and Pine hotel/condo development. On top of being named “1”, 1% of their revenue is supposed to go to local environmental groups. The $210 million project is scheduled for opening by the end of 2008. Read more.

 

Read more on 2nd and Pine.

-Wendy

Technorati Tags: Second and Pine, 2nd and Pine, Downtown Seattle condos, Seattle condos, Seattle hotel/condo, windermere onsite, urban condominiums, realogics

Second and Pine Plus Seattle 7

Second + Pine project explores the boundaries of mixed use developments. Located between Pike Place Market and Downtown Seattle's retail core, Second + Pine will feature premium condos above a yet-to-be-named high-end hotel, a local grocer, a destination restaurant, a health club and day spa and boutique retailers. The hotel which is currently under development by Starwood Capital Group will be from a new class of hotels, "in-city resorts." The project is a joint venture of Avalon Holdings and Starwood Capital Group Global, LLC (AvStar Seattle, LLC).

Second + Pine has been holding a series of design preview events since April and response was so overwhelming that more than half of their units were reserved for priority presales with previews available by appointment only. The sales center is scheduled to open soon and reservation holders will be invited to make their interior design selections.

Developer, Paul Brenneke sought the design inspirations of seven of the area’s leading interior designers to focus on the seven exclusive town homes. Known as the “Seattle Seven,” this collection of interior designers include Steven Hansel of Steven Hensel Design Studio in collaboration with Eggleston Farkas Architects; Nancy Burfiend  of NB Design Group, Inc; Christian Grevstad of Christian Grevstad Inc; Rocky Rochon of Rocky Rochon Design; Dixie Stark of DA Stark Interiors; Garret Cord Werner of Garret Cord Werner, LLC: and Jeff Lamb of Sienna Architecture Company.

The Seattle Seven will present their creations as part of a private design showcase this fall for members of the media and registered home buyers interested in a presale opportunity. Prospective home buyers are welcome to adopt any of the interior design concepts created by the Seattle Seven or may introduce their own ideas.

Second + Pine has four different groups of homes available:

In City Suites

• Located on floors 9 through 13 and are located within the hotel
• Range in size from 700 sq. ft. to over 1,200 sq. ft.
• Priced from from the mid $500,000s to more than $1 million
• Fully furnished
• Owners can elect to rent them out through the hotel when not in use

Residences
• Located on floors 14 through 16
• Range in size from 880 sq.ft. to 1,700 sq.ft.
• Prices begin at below $600,000 and can reach to over $1.7 million

Premier Flats
• Located on levels 17 through 24
• Range in size from 1,300 sq.ft. to 3,800 sq. ft.
• Priced between low $800,000s to well over $4 million
• Feature outdoor patios, some with views of Elliott Bay and Downtown Seattle

Penthouses
• 7 individual residences on levels 24 to 26
• Fully customizable to owners specification
• Ceilings can reach 20 ft., with the option of large foyers and/or two level living
• Feature main level patios and private rooftop terraces
• Pricing is available upon request at sales center

Designed by interior design firm Yabu Pushelberg, a renowned Canadian firm that specializes in hospitality and retail environments, Second + Pine will include wide plank wood flooring, custom kitchens, premium appliances and original styling.

How does Second and Pine compare to Olive 8 ? Both have comparable amenities. Olive 8’s architectural design is simple and clean with blue-tinted glazing and the use of vertical glass fins to catch light. Second and Pine’s exterior will use a mix of contemporary and traditional materials including glass curtain walls and limestone for the residential levels. Unlike Olive 8, which is located on the east end of downtown Seattle, Second + Pine is in a more central location in downtown between the retail core and Pike Market. The renovation of the Macy’s garage will also enhance the curb appeal. Second and Pine is scheduled to break ground this winter for completion in 2008.

Pros

- Location, location,location
- Rental service for their City Suites

Cons

Updated on 12/31/07

- No parking for City Suites
- No washer and dryer in the City Suites

-Wendy

Technorati Tags: Steven Hansel of Steven, Hensel Design Studio, Eggleston Farkas Architects, Nancy Burfiend, NB Design, Christian Grevstad, Rocky Rochon, Rocky Rochon Design, Dixie Stark, DA Stark Interiors, Garret Cord Werner, Jeff Lamb, Sienna Architecture 2nd and Pine, Second and Pine, Olive 8, Paul Benneke, Windermere Onsite, Urban condominiums, downtown condos, Seattle hotel condos, Seattle condos

Olive 8

If you like the hotel-condo combo concept, Seattle will soon have a wide variety available for you.  Olive Way and 8th Ave.  The higher priced Madison Tower on 1000 1st Ave was recently completed with some owners closing (and probably some reselling) their units this month.  There’s also the soon to be opened sales center for Second and Pine in central downtown priced similarly to Olive 8.  The king of all hotel/condo combos, Four Seasons, rolls in at a ceiling bursting price of $2,100/ square feet (see my previous post about Four Seasons here).  There’s no doubt that these new hotel/condo combos will enable cash flush downsizers, in-city retreat buyers, and other buyers of means to experience urban living with truly world-class amenities.

Of all hotel-condo combos, Olive 8 is probably the best value (Second and Pine may be similar but the details are thin about that project at the moment).  Olive 8 will have 350 hotel suites on the lower 17 levels and 198 condominiums units from the 18th to the 36th level. The hotel/condo is being co-designed by renowned New York architect, Gluckman Mayner and local architect MulvannyG2.

(Update: 10/05/2006- The developer has recently announced that they will be adding three condo floors to the project. Pending final city approval, the tower will be built to 455 feet and 39 stories bringing it to a total of 231 condominium units.)

All units come with a balcony and amenities include a lounge, game room, terrace with gas barbeques, and pet exercise/shower area. Just like any other hotel/condo combo, residences have the convenience of using the hotel services.  Having trouble imagining why you’d need any services in your condo?  Imagine this:

Olive 8 hotel services include:

• Hotel lobby with concierge, dining, lounge and bar

• Business center, dry cleaning, and room service

• Health club, spa and pool facilities

• Huge meeting rooms with event catering

For a reasonable monthly fee, residents get to enjoy their health club and spa facility, take a yoga class, swim in the lap pool, or pamper themselves with a manicure.

Prices (note, all units less than $950k are sold out)

Open one bedroom            665-682       Low $400’s to Mid $500’s

1 bedroom and 1 bath       685-814        Mid $400’s to Mid $600’s

1 bedroom and 1.5 bath    825-1072       Low $500’s to Mid $700’s

2 bedroom and 2 bath       1,339            Mid $800’s to $1M+

2 bedroom+den, 2 batth    1,538-1,586   Mid $900’s to 1 M+

Penthouse   1833-2552                         Not available