Wendy Leung's Seattle Condo Blog

2010 Seattle Condo Market in Review

The Seattle condo market has definitely gone through a lot in the last few years.  Looking at 2010 as a whole, it did not preform as well as 2009 but it wasn't too far behind.

During the first 6 months of 2010, we saw a higher number of closed sales compared to first half of 2009.  This may have been due to the extension of the tax credit from October 2009 to April 30, 2010 which gave the market a boost in activity.  In addition to the original $8,000 first time home buyers' credit, a $6,500 tax credit was passed for repeat buyers as well.  Buyers had to be under contract by end of April, 2010 and closed by June 30 (the closing date was later extended to September 30, 2010) in order to qualify for this tax credit.

The strongest month was April; probably due to many buyers trying to meet the tax credit deadline closing date.  

Olive 8 and Fifth & Madison Update

The Seattle Times covered the Olive 8 auction last weekend.  According to  David Thyer, president of developer R.C. Hedreen,  all but 4 homes (out of the 32 auction homes) were accepted by the seller last Sunday.  

"Before Sunday, Olive 8 closed deals for 74 of its 227 units, mostly on the building's lower portion between floors 18 and 26.  The 32 units auctioned off Sunday represent nearly all of the unsold inventory on that lower portion, so "we'll no longer have prospective buyers going through those floors," Thyer said last week.  Olive 8 still has a little more than 100 unsold units on the top floors, with price tags from $500,000 to $6.9 million."

This made me wonder if all the Fifth and Madison auctioned homes actually reached the closing table.  I managed to pull some information and put together this updated sheet.  Out of the 16 auction homes, 13 closed within 60 days.  The three homes (#1102, #1200 & #1805) that went back on the market after the auction were subsequently closed within the next five months (presumably, not to bidders).  Out of the 13 homes  that closed within 60 days, a few of them were sold at a higher price.  They are #1803, #2200, and #2202.  The average closed price is still about 66% of the original listing price.  So, in Fifth and Madison's case, they managed to close ~81% of their auction homes, not a bad way to unload a big chunk of unsold inventory in a day.  

Related posts: 

Seattle Condo Auction Roundup
Seattle Condo Auctions: Equivalent of the Nordstrom Anniversary Sales?
5th and Madison and Trace Lofts Update
Queen Anne Auction- By the numbers
Lumen Auction Results
Brix and Gallery Auction Results
Press Auction: Going once, Going twice, Gone!

 -Wendy 

Olive 8 Auction Results

Olive 8's auction event was this afternoon.  Thirty two homes were auctioned off by Kennedy Wilson.  They initially had thirty-four homes for auction but two of them, #1902 and #2102 were removed from the list.  The homes were sold for an average of 66% of the previous listing price, which is very close to the average of the last few auctions (Queen Anne High School, Lumen, Brix, Gallery, and 5th and Madison) since 2009 at 67%.  The average price per square sold for the auction was $450.78.  This is by far the highest average price per square foot sold for all auction events. 

Olive 8 Auction Results

Here are some highlights of the event:

1.) One bedroom's were sold for an average $462.69/sq.ft. and the average winning bids were at 68% of the previous listing price.  Two bedroom's were sold for an average of $415.06/sq.ft and the average winning bids were at 60% of the previous listing price. 

 2.) One of the largest two bedroom homes sold for $625,000, 54% of the previous listing price.

3.) The lowest price one bedroom was sold for $297,000 (650 sq.ft.).  One couple won the bid for a two bedrooms, two bathrooms for $702,000 (1,586 sq.ft.).  It was the highest bid for the two bedroom homes but they were very pleased with the price.  It's going to be their 2nd home.  

Each home has an unpublished reserve price, which means that the seller has set a minimum selling price.  In the event the winning bid was lower than the reserve price, the winning bid is subject to acceptance by the seller.  It would be interesting to see how many of these homes will make it to closing.  

Related posts:

Seattle Condo Auction Roundup
Seattle Condo Auctions: Equivalent of the Nordstrom Anniversary Sales?
5th and Madison and Trace Lofts Update 
Queen Anne Auction- By the numbers
Lumen Auction Results
Brix and Gallery Auction Results
Press Auction: Going once, Going twice, Gone!

 -Wendy

 

Four Seasons Hotel/Condo New Prices

Four Seasons Private Residences announced this week that they are extending some special pricing on selected remaining homes.  22 out of the 25 sales have closed so far with 11 remaining.  The price drop for some of these homes varies from 15%-25%.   

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. 

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.

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.

Related posts:

Olive 8 and 5th & Madison Update
Olive 8 Auction Results
Olive 8 Going Auction
Olive 8 Price Guarantee
Olive 8 Update
Olive 8 Hard Hat Tour
Hotel Condo Shoot Out 
Olive 8 

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. 

Olive 8 Update

(A close-up on the blue glass sheets that reflects the city below.)

Oilve 8 announced today that they have reached a new milestone in their construction: their exterior blue-glazed windows are now installed. The blue glass canopy is one of the several elements in architect Richard Gluckman's unique exterior design.

According to the marketers, "These ten-foot sheets of deep blue blend seamlessly into the (sometimes) blue sky above and in the evening – with the help of a continuous strip of up-lighting – will glow cool blue."   

Four Seasons Update

The exclusive high-end condos in the Four Seasons are scheduled for completion end of October this year. Twenty five of the thirty six homes are sold since they started marketing two years ago.  I took a hard hat tour yesterday and the weather was pretty damp. The pictures didn't turn out quite as what I wanted them but I've posted them nonetheless.

When asked about the thought that goes behind the architectural design, Molly Gleason, the sales manager pointed out that the architects wanted a more subtle design for the building that expressed a northwestern and natural feel that would blend in with the downtown neighborhood. They did not want a pop out design for the building. The interior of the hotel also uses earthy colored slate stones and marble. You can see that same northwestern, earthy feel extended throughout other parts of the hotel as well.

Seattle Condo Construction Update

A number of projects are either on hold or delayed -- while most are coming later, some of them will be bigger than originally planned when they do arrive. If you have been keeping your eyes on new construction, here are some updates:

AVA: Hotel/condo on 8th and Pine was originally scheduled to break ground in late 2007 but have delayed construction. They have received their Master Use permit and are in the final design process.  They are waiting for the final building permits from the City of Seattle which they expect to be around the end of this month. AVA will probably break ground in spring 2009 with estimated completion around 2011/2012. The sales center is opened by appointment only at 720 Olive Way. 

(June 2008 Update: AVA project is on hold.  Read more on PSBJ.)



 

1 Hotel Residences- Starwood has acquired 100% on the development site and is working on revising its design.  The sales center will be closed until early next year when they announce their new vision. Due to changes within the commercial guideline, City Suites may not be offered.

(October 2009 update: Starwood Capital Group was unable to obtain construction financing .  The construction site was a giant pit and it had been filled and turned into a parking lot. Read more on Seattle Times.)

 

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Heron and Pagoda: Plans for this twin tower, 43 story building will be delayed. Ground breaking was initially set for next year but the developer is now seeking partners for the project and also waiting for the market to turn around. Read more on Heron and Pagoda.

(Update:  The developer for this twin towers lost half the site to foreclosure to New York lender G4 Capital Partner.  The foreclosure ended the plan for this project  Read more on Seattle Times.)





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1915 2nd: Intracorp, the developer for 1951 2nd Ave is filing for a new application to go higher. The initial permit allows for a 240 foot building but they feel that it makes more sense to go taller. The new application calls for up to 400 feet. If approved, the new plan will house 432 condominium units. Read more on 1951 2nd Ave.

(Aug 2008 Update: Intracorp has put the property up for sale on Moran & Company's website) 

 


 
 

Related posts:

Top Seattle Market Developments and Trends 
1 Hotel Residences Update- 1 Hotel or None Hotel?

1 Hotel or None Hotel?

1 Hotel recently announced (news) that Portland developer, Paul Brenneke has sold his interest in the project to its partner, Starwood Capitol Group.  With 100% ownership in the development site, Starwood is working on revising the project.  Construction will be on hold and the sales center will be closed until early next year when they will announce their new vision.

This project seems to be taking years to develop.  Just a few months ago, we heard they were reducing the number of City Suites in the building.  Now, they are going to have another round of redesigns.  It looks like the City Suites may not even be offered -- partly due to changes within the commercial guidelines.  Frankly, I wonder how many current home buyers will stay with this project after this announcement.  Assuming some of them have a longer purchasing time frame, certain home buyers may welcome the delay.  For other who have been waiting to see some progress on the development, this may be testing their patience. 

Either way, Starwood will also face the challenge of coming up with a blow away idea to retain current purchasers and other home buyers waiting on the fence on this project and at the same time competing with other projects that are beginning construction soon in the downtown and Belltown areas.                      .

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.

Related posts:

Seattle Condo Construction Update
AVA Sneak Preview
AVA Condos
8th and Pine

-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