Seattle Condo Real Estate News Feed

Gridiron Condominiums Update - Remaining Units & Our Thoughts

Gridiron, the new construction condominium in Pioneer Square, has received it's certificate of occupancy and has started closing homes. Now that the building is mostly complete, we were able to walk through, tour the building and amenities, learn about the remaining available units and enjoy the actual views and finishes in person.

We summarized the basics and also added in some additional information along with our opinions. Additional photos are also below.

20180308_134000THE BASICS:

  • 27 condo units left available
    • 7 are 2 bedrooms and the rest are open one or one bedroom homes
  • Remaining open 1 bedrooms
    • 620 to 819 square feet
    • Priced from $606,900 to $786,900
    • HOA dues from $447 to $591
  • Remaining 1 bedrooms
    • 771 to 855 square feet
    • Priced from $721,900 to $811,900
    • HOA dues from $557 to $616
  • Remaining 2 bedrooms
    • 983 to 1,034 square feet
    • Prices from $881,900 to $1,056,900
    • HOA dues from $708 to $745
  • Parking: NOT included with any home; one space is available for purchase for an additional $50,000 for homes priced above $671,900
  • Storage: No storage units are remaining
  • HOA dues: calculated at around $.70/sqft; include garbage, gas, earthquake insurance, concierge and building maintenance
  • Amenities: rooftop deck with BBQs and seating areas, party room with kitchen, wine storage lockers, gym, dog run, concierge

Continue reading "Gridiron Condominiums Update - Remaining Units & Our Thoughts" »


Koda is 95% Reserved & One88 70% Sold

20180224_110105After the reservation event for Koda Condominium Flats in the International District, 95% of the 203 units have first position reservations and deposits in place and an additional 80 have second and third position reservations as well.  There was a large turnout for the event (photo) and, as usual, the more affordable units sold first.

As for One88, Bosa's new construction building in Bellevue, they have announced that they sold over 100 out of 143 units (70%) in their private sales events. Opening this weekend on Saturday 3/10 to the public, there is not a whole lot of inventory left to choose from and none under $2M. One88 did not take reservations, they went straight to purchase contracts.

Based on this data, there is high demand for new construction condominium inventory in Seattle and Bellevue. Perhaps this type of response to these condominium building offerings will encourage more developers to build condo instead of apartment in the next cycle or for those developers who already have building permits in place and have not yet decided what type of product to build, rent or own, perhaps this information might lead them to build condominium product and help release the log jam of buyers looking to buy condominiums in our regions biggest cities.

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

 


Koda Condominiums Flats Will Be Taking Reservations This Saturday 2/24

RenderingKoda, the 17 story 97 unit condominium building planned for the International District, will be taking reservations this Saturday 2/24 at their Reservation Event in Belltown starting at 11am. A $5,000 deposit will secure a reservation. At the event, preliminary floorplans, specifications, amenities and price ranges will be shared with buyers however those offerings are only preliminary and will not be solidified until the summer of 2018 when reservations will convert to Purchase Contracts.

With plans to break ground this summer, the Koda project will be one of few new construction condo projects to hit Seattle since the recession and certainly the only new construction condo building to break ground in the International District in recent history. Though pricing isn't firmly set yet, they are estimating that the studios will start just under the low $400,000s and will go up to 2 bedrooms around $1.3M, not including parking. The units will be sized from around 435 square feet up to 1200square feet. The amenities are set to include a concierge, gym, yoga room, library, work lounge, conference room, 7th floor terrace, a party room with game tables, theater, kitchen and rooftop terrace.

Other features include mostly in-line kitchens, walls of windows, high ceilings, hardwood flooring, and high-gloss cabinetry. Buyers will be able to choose their color scheme and also opt in on other design upgrades such as natural stone counters, optional islands, window coverings, high-tech features (including audio/visual/security components) and customized closet systems.

The Developer of Koda, Da Li Development, has also mentioned that the company is also looking into purchasing apartment sites and developing them as condos instead. This is an interesting development that could mean more condominiums coming soon to Seattle.

We will be in attendance at the Reservation Event and look forward to learning more about this project and sharing that information with our readers and clients.

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


Florera - Green Lake Condominiums Coming Back to Market

FloreraSome of you might remember when Florera originally came to market back in 2008. It is a building  located at 413 NE 70th St in the heart of Green Lake. There are 59 condos built with sustainable materials ranging from 578 square foot studios to 1,215 square feet two bedrooms. The building is LEED certified and has amenities including a rooftop deck, courtyard and party room.

Unfortunately for Florera, it came to market right as the recession kicked in affecting real estate throughout Seattle and the country. The majority of the condominium units in Florera were rented out and remained that way until now. As renters vacate their condo units, those units are being offered for sale so this is a great opportunity to snag a condominium in desirable Green Lake. There are very few condo building in Green Lake and Florera's pricing is now starting in the low $400,000s so this will open up quite a few options for folks who love this location. They are also offering to sell units that are tenant occupied so if you are an investor you have the chance to purchase a condo unit that is already leased up, which is a nice bonus.

If you are thinking about purchasing at Florera let us know as we have been in close contact with the Seller's agent and have a lot of information that we are happy to share with you about the building, the purchase process and the current challenges with financing.

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


 


Sonata - New Construction Condominiums in Columbia City

SonataSonata is coming to Columbia City. With 96 condominium units plus live/work lofts, this new construction condo building will add more opportunities for home ownership to Columbia City. Sonata will be located at 3004 S Alaska St on the corner of Martin Luther King Jr Way S and S Alaska St, across the street from the Columbia City light rail station stop.

Sonata will have studio, urban one bedrooms, one and two bedroom condos ranging in price from $300,000 to $800,000+. They are offering financing options with just 3.5% down with ground breaking coming soon and occupancy in 2019. There will be building amenities and underground parking.

This is all of the information currently available on Sonata but we will keep you posted!

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


The Pinnacle at Alki - New Construction in West Seattle

If large spaces and water views are what you are looking for, the new construction condominium on Alki, The Pinnacle at Alki, might be the perfect fit for you. This condominium building is located at 1118 Alki Ave SW.

The Pinnacle at AlkiDetails:

  • 11 condominium homes
  • Views of the city skyline, Elliott Bay and the Olympic Mountains
  • Ten 3 bedroom 2.5 bathroom units, one 1 bedroom 1 bath unit
  • 3 bedrooms ranging from 1,806 to 2,128 square feet; 1 bedroom unit is 885 square feet
  • All with outdoor spaces
  • Floor-to-ceiling windows
  • Northwest Contemporary design
  • Finishes- Bosch stainless appliances, Bosch or Wolf gas ranges, wine refrigerator, fireplaces, option for two tone cabinets, Quartz countertops, hardwoods flooring in living space
  • Options/upgrades- a variety of personalization options including color schemes, updates for flooring and technology will be offered
  • Each unit will have one parking space, and certain units will have the opportunity to purchase an additional space (cost estimate of $100,000)
  • HOA Dues are estimated to be between $.35 and $.40 per square foot per month and it is estimated that they will cover water, sewer, garbage and hot water
  • Close to the West Seattle Water Tax
  • Currently under construction with completion set for fall 2018

The Reservation and Sales Process:

  • You can sign a reservation agreement on a unit prior to public sales debut with $5,000 refundable deposit
  • You can cancel the reservation at any time
  • You will be required to be pre-approved with the seller's preferred lender, Caliber Home Loans
  • A price range will be listed in the reservation as final pricing has yet to be determined
  • Once reservations are converted to Purchase and Sale Agreements, 5% earnest money will be required


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


2018 Housing Forecast by Matthew Gardner

Windermere's Chief Economist is the renowned Matthew Gardner. He put together his annual forecast of the real estate market for 2018 and we are summarizing what he sees in his crystal ball for the future of our market this year.

The Main Takeaways from Matthew Gardner's 2018 Housing Forecast:

  • The number of millennial home buyers will expand and they will be big influencers in the market
  • Interest rates will rise modestly to an average of 4.4%
  • New home sales will rise by 8%
  • Existing home sales will increase by 3.7% and this modest increase will take some heat off of the market meaning home prices will rise by 4.4%
  • We are not in a housing bubble but he is concerned about affordability as it relates to the long-term health of the housing market but he thinks that price growth will begin to taper and provide some relief

Much of Mr. Gardner’s numbers in his annual forecast are based on regional and national numbers, so I do predict that Seattle will see slightly higher price growth and less new home sales than these national numbers.

Matthew Gardner 2018 Forecast

 

 


One88 - First New Condo in Downtown Bellevue in Nearly a Decade

20180111_140516Bosa Development has done it again. Their condominium project in Bellevue will be the first building coming out of the ground in Bellevue in a nearly a decade. They did the same with their Seattle project, Insignia, which was the first new construction condo tower to be built after the recession.

One88 had a Broker Preview Event yesterday at which we learned more about the unit makeup, design, amenities and basic price ranges.

Our Insights:

  • The pricing is not for the faint of heart but based on demand and the lack of available options in Downtown Bellevue, the developer feels that the price point will be well received. We had this same sentiment when the Insignia pricing was released but those units were well received and sold fairly quickly leaving the buyers who purchased as pre-sales with a ton of equity once the building closed.
  • One main benefit is that all of the units have outdoor space. There are several units with large patios and due to the design of the building some decks are more exposed and some more private so buyers will have options when it comes to the level of privacy/openness when it comes to deck spaces.
  • All of the floorplans we have seen so far have interesting angles and layouts that are not typical to other projects we have seen.
  • Another uniqueness is that overall most of the homes are larger floorplans with only 20% of homes being 1 bedrooms with the remainder being larger 2 and 3 bedroom floorplans.

The Basics of One88:

  • The price ranges start in the low $800’s and of course go up from there (there are very few homes below $1M)
  • HOA Dues will range from approximately $600/month up to $2,450/month
  • The building is mostly 2 and 3 bedroom homes with only 20% being 1 bedroom homes
  • 143 units on 21 floors
  • There are two color/finish palettes to choose from (they are not allowing customization)
  • Units finishes/features: 9.3 foot ceilings, solid core doors, hardwood flooring, Caesarstone countertops with angular waterfall edge, high-performance Gaggenau stainless appliances, gas cooking, Nest thermostats, built-in USB ports in kitchen and master bedrooms, Kohler fixtures
  • Amenities: 24 hour concierge, lounge with kitchen and outdoor terrace area, yoga studio, fitness center, golf simulator, pet retreat, and indoor pool with steam room and sauna
  • Earnest Money deposit will be 5% of the purchase price at signing and 5% of the purchase price on August 31st

Continue reading "One88 - First New Condo in Downtown Bellevue in Nearly a Decade " »


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


Trinity Parish Tower in First Hill Will be Condos

Trinity Church Residential TowerAs we announced back in August, Trinity Parish on First Hill sold the development air rights to the north half of their lot to Caydon Property Group of Australia for the development of a residential tower. According to PSBJ, the tower will be condominiums and will contain 204 units in a 28 story 300 foot tower with 220 parking spaces if the preferred design is approved by the city.

The tower will be located at 615 8th Ave, on the corner of 8th and Cherry. Trinity Church will remain on the site but the ancillary buildings will be demolished to make room for the tower. The pedestal of the tower will contain the residential lobby along with a retail space and the parish hall and meeting and support spaces for the church. Units will consist of studio, 1 bedroom and 2 bedroom units. There will be a roof deck and amenities on the top floor.

There is no development timeline yet but we will continue to keep you posted.