Vulcan is hosting their 2nd annual South Lake Union Block Party next Friday and Saturday (August 11 & 12), the event will feature movies, music, grilling competition, car show, and many more. Sounds like fun to me. Click here for more information.
Technorati Tags: South Lake Union, SLU, Vulcan's block party, Vulcan, South Lake Union block party
I got lots of feedback from my own clients regarding the South Lake Union projects. Below are some of the common questions that came up. Since I thought the best person to answer them would be someone from the Sales Center, I asked Jon Hunter, Assistant Branch Manager from John L. Scott (Seattle Center) working with Vulcan to give us his two cents. Here are the excerpts. For the full interview, click here.
1.) Many home buyers feel that they need to jump through hoops before they can have the chance to purchase one of Vulcan’s projects. How do you respond to that?
“I would say that there are no more ‘hoops’ to jump through than if you were to purchase any other new construction project downtown. Everyone wants information, and the best vehicle in which to give people the information in a manner that is both interesting and informative was to host these information sessions……What we wanted to create was a fair and just system, and part of that system is that everyone plays on the same playing field. With that in mind, everyone must attend the information session in order to ascertain a lottery card…..”
2.) When do you think that home buyers will be able to get more specific pricing information?
“We should have pricing narrowed down in mid to late August… as we get closer to actual home selection day, we will continue to refine our pricing. We know this is a crucial part of the selection process, and therefore we are spending a majority of our time solidifying these numbers. However, we do have some factors that are not in our control, and we ask for just a bit of patience.”
3.) What do you say to homebuyers who are concerned about the traffic flow in South Lake Union?
“The traffic flow in South Lake Union will be great once we get a few things resolved and the Streetcar will certainly help. Everyone moving into the South Lake Union will love the street car… only because it’s absolutely perfect to get downtown, to the airport (with the light rail in 2009) and really connects the neighborhood to downtown.”
4.) When is the Whole Foods market going to be opened?
“Whole Foods and the Pan Pacific Hotel are planned to open in the first weeks of October. The construction is progressing nicely on both amenities.”
5.) What advice would you give to someone who is interested in Vulcan’s SLU project and trying to determine which one will be the best fit for them?
“Excellent question… This question is all about lifestyle. If I were a creative minded individual looking to find a place to express myself, I would probably be lured by Veer… 9’, 13’ and 16’ ceilings, open spaces, a rooftop BOCCE BALL….., not to mention the finishes being hip and urban… just a block off the streetcar line and only three blocks to Lake Union, concrete floors, exposed wood ceilings, expansive glass, large decks, some units with pocket Zen gardens.”
“If I were looking for space, wide open spaces (average space is 1100 sq/ft), minimal walls, open loft living - like in NYC, with air conditioning, heat pumps with AC, two rooftop decks, and a guest suite… I would be interested in Rollin .”
“If I were looking for a sleek, modern, architecturally stunning building where sophistication wreaks havoc… well, I would be leaning towards Enso. Enso, which is a perfect circle in calligraphy and means balance and enlightenment, is the perfect place for someone who loves everything that an urban home can offer.”
6.) Is there anything else that you would want to share with the SCR readers?
I would say to your readers that we are extremely excited at offering these projects to the public. We are so excited we can’t help but want to stand on top of the Space Needle and tell everyone about them! The next best thing would be to hire the contractor who built the space needle and have them work on one of our projects… so we did that as well!
“No detail is overlooked in these condos… Please, if you are at all interested in purchasing a condominium over the next few years, please stop by our presentation showroom located at 101 Westlake Avenue North, kitty corner to the new Whole Foods and let us share with you why we are so proud to be a part of these projects!”
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Technorati Tags: Enso, Veer Lofts, Rollin, The Martin, South Lake Union condos, SLU condos, Vulcan's projects, Vulcan's condos, Discovery center, 2200 Westlake, Whole Foods
I was at the first informational overview appointment for Enso on Wednesday with one of my clients. There were about 7 groups of home buyers. Some of them even signed up for multiple project appointments. We were presented a 5 min neighborhood video. This is the same video you would have watched if it were your first visit to the Discovery center. We then moved on to the neighborhood map where the various developments in SLU planned over the next few years were neatly laid out. Some buyers were concerned about how well the view will be protected and the intensity of traffic flow around the gateway. It looks like the configurations of the roads are going to take probably 4-5 years to be fully optimized for all of the new buildings.
We were later shown video clips depicting the potential lifestyle around the neighborhood and a virtual view of Enso. This part of the presentation covers mostly the condo’s structure, amenities, floor plans, finishes, and upgrades. If you attended the June 17th event, you’ll have most of the information you need. Bottom line on everyone’s mind: what’s the price?
Estimated price ranges were given; however, they were not helpful enough for some potential home buyers to nail down the type of floor plan they should be focusing on. Since the ranges were so broad, questions like, “Should I go with a one bedroom or will I be able to afford one bedroom plus den?” I will have to wait for more specific price sheets.
At the end of the session, there was some Q&A and lottery forms were given out to home buyers. If you have just started looking at SLU, this session will be helpful. Home buyers have till Sept 1st to submit the lottery card and a pre-approval letter from their own lender. Vulcan has not appointed a perferred lender yet. If this sounds complicated, make sure you bring a Realtor who’s already been through the process :-)
Technorati Tags: South Lake Union condos, South lake union projects, Paul Allen, Enso, Veer Lofts, Rollin, The Martin, discovery center
The South Lake Union sneak preview took place last Saturday under a giant white tent next to the Discovery center. It was certainly one of the events that many prospective buyers have been waiting for with anticipation. DJ playing music, hors d'oeuvres served and a steady stream of Martinis from one of many drink stations. The sneak preview showcased the four condo projects that Vulcan has been planning over the last few years. It is evident that the market has a bigger appetite for more of Vulcan’s condos after the successful sell out of their units in the 2200 Westlake project. The four new condos will add approximately 596 units to the South Lake Union community.
This is going to be a 450,000-square-foot, mixed-use development with residential units occupying from 6 to18 stories in the South tower. It is going to be right across from 2200 Westlake on 9th and Denny Way. Vulcan is designing the development as a high performance "green" building and it will feature more natural daylight than traditional buildings, energy and water saving fixtures, and the use of environmentally sensitive building materials. It will also feature a garden terrace, an exercise facility and an entry atrium. This will be a glass building so it looks like Seattle is starting to catch up with Vancouver glass skyline (we can all thank our planning boards that 7 story earth-toned synthetic stucco projects are a thing of the past).
There will be four different standard color palette options for homebuyers. Acrylic door panels are available to separate the bedroom and living area. Other features include Bosch appliances, limestone, wood, and broadloom carpets. Their open one bedroom floor plan features a private entrance area, open living room, balcony and end to end windows from the bedroom to the living room.
My favorite 2 bedroom floor plan is their 05 series. Windows stretch all the way from the living room to the two bedrooms giving each room an expansive view of the neighborhood. One draw back of the 05 series is that it comes with a small balcony. Their biggest unit is approximately 2,300 square feet: a 2 bedroom plus den penthouse that comes with two separate balconies Most of the floor plans are nicely layed out and very functional.
This project is targeting first time home buyers. It will include 94 homes featuring a mix of flat lofts, full height lofts and flexi lofts. Veer Lofts is geared towards Manhattan loft style with exposed beam ceiling, concrete floor and open layout.
During the event, it seemed like most visitors preferred the flexi-lofts. I can see why. The flexi lofts are approximately 950 square feet with 635 square feet on the main level and 315 square feet on the loft level. Compared to the other floor plans, the flexi loft has a bigger bedroom space and definitely more room for furniture. SCR readers now know which floor plan will probably sell out first. [update: SCR readers aren't unanimous about this due to the lower ceiling height in the sleeping section...I guess we'll have to wait and see if the lower sleeping ceiling is a deal breaker for most buyers]
If you are thinking of investing in this condo, you may be in for a big disappointment. Sources from the sales center revealed that this condo is targeted more for buyers who are purchasing it as a primary residence. Unlike Enso and Rollin, Veer loft may not allow investment purchase or may come with a lower investor cap.
Right behind the Cinerama will be the new location for The Martin. This 24 story development will include 170 condominium unit and 4,000 square feet of retail space.
Homes feature open and efficient floor plans with gas fireplaces and expansive windows. Other features include a multi-level roof deck terrace with outdoor kitchen, grilling area and outdoor fire place. This project will appeal to young professionals who work in the downtown area. There is also a dog park on the sixth floor. I think it is great that developer is starting to include pet friendly amenities in their projects – I know my yellow lab is getting bored of the same crowd on Second and Bell.
The Martin is the only condo that doesn’t have any floor plans for review at the moment. Bright, clean and minimal is the way the condo is being described (perhaps it will be Lumen-esque).
Prices for one bedroom will start from Mid $400,000’s to $600,000 and two bedrooms will be around $600,000 to $800,000.
Rollin St is going to be an 11 story project which will feature 208 Soho style lofts and 25,000 square feet of retail space. This 414,000 square feet development will be located at the northeast corner of Westlake Ave North and Denny Way.
Rollin St homes will include features like high ceilings, walls of floor-to-ceiling windows, gourmet kitchens, hardwood floors, Zebra strip wood cabinets and fireplaces. Home buyers can either take out or add a different height sliding door. The theme at Rollin like Lumen and others is that you can create your own flexible living space. Some of the finishes displayed has a antique bronzed feel to it. It will be interesting to see how the final finishes combination will turn out.
Many of their two bedrooms have a long stretch of balcony. You will either find an L shaped balcony on the corner of the living area or end to end living room and bedroom balcony or balcony that wrapped around two side of the unit.
This sneak preview event only gives prospective buyers a sniff of the condo. The real bite is still far along. Vulcan is not using a traditional sales method for their three condos (Veer Lofts, Enso and Rollin St). Buyers who are interested in purchasing a unit have to go through a few hoops before becoming a true Vulcannaire.
1.) First, you will have to call up for an informational overview appointment on June 21st. During the informational overview appointment, you will be given more information on how to prepare yourself if you want to buy a unit in any of the three condos. You will look at floor plan and fill out a Homebuyer preference form. You will mostly likely be given information on how to get yourselves pre-approved by their preferred lender at that point.
2.) You will fill out a lottery card and submit your pre-approval for the drawing by Sept 1st. Existing 2200 Westlake homeowners can also enter the drawing. In fact, they will have a special 2200 Westlake box for each condo. Five 2200 Westlake homeowners will be randomly picked first for each project. After these five lottery cards have been chosen, the remaining 2200 Westlake buyer box will be merged into the larger project boxes and the random drawing will continue.
3.) The order in which the cards are drawn determines the order of the home selection. Once the drawing is complete, you will be contacted and given a day and time to select your home. Notification of this selection appointment will take place beginning the week of Sept 10 and ending Sept 24th. You will be given 8 hours to confirm if you would still like to keep the home selection appointment.
4.) Finally, around late Sept or early Oct you will attend the home selection appointment. During the appointment, you will need to sign a purchase and sale agreement and provide a 5% good faith deposit.
5.) The lottery card you enter for the drawing must match that of the name(s) on the purchase and sale agreement. If you are interested in two different condos, you are allowed to enter one lottery card in each condo that you are interested in.
A few tips:
1.) Organize your files and get your pre-approval by a lender. This helps you to focus on the price range that you should look at.
2.) Think about the condo that you are interested in. If you are buying as an investment and feel that Enso is your first choice and Rollin is your 2nd choice.You may want to enter both. Since Rollin has more units (208) than Enso. Your chances are higher with Rollin. If you don’t get Enso, you might get Rollin. If you only enter one, you might end up having none. If you are so lucky to have both, you can always have the option of dropping one.
3.) Look at the different floor plans and start stack ranking them in terms of the top five floor plans that you like. If someone before you picks the unit you like, you will know what your back up units are.
4.) Consider retaining an experienced Realtor (hint, hint). Read here for my post on why you should be wary of purchasing a condo naked.
So are you ready to become a Vulcannaire?
Click here to request for a detailed comparison of the 4 condos in SLU.
Technorati Tags: Enso, Rollin, The Martin, Veer lofts, South Lake Union condos, Rollin condo, Enso condo, Veer Lofts condo, The Martin condo, Discovery Center, Lumen
Many of you have asked me about Veer Lofts, the amount of information I have is the same as what is available on the website. I visited the sales center again last week, the sales representative was tight lipped about giving out any information on the prices but word on the grapevine is units will start in the mid 200's. We will be able to hear more about it in June. So, stay tuned : )
Construction starts Summer 2006
94 homes - mix mezzanine and full height lofts
Features: High ceilings, sleeping platforms, lofted bedrooms, exposed wood ceilings and concrete floors.
Technorati Tags: seattle condos, veer lofts, vulcan property, seattle lofts, seattle real estate, seattle realtor, South Lake union condos, discovery center, south lake union, Paul Allen
Since every condo project has it’s own personality and positioning in the market. I thought it would be fun to describe buying a condo like buying a car. Both are big purchases and can be highly emotional. Price, reliability, interior comfort and brand (image)are just some of the things that most people will look at before making their final purchase. If you are in the middle of a condo search, here is a list of cars that can be describe as close to the condos in Belltown/ downtown/ Queen Anne in Seattle. Keep in mind this is largely subjective and nothing beats seeing the condos yourself or having a good dialogue with a realtor who knows the area (hint, hint) but this should get you started.
Bentley-ultra high end
Mercedes S Class- Luxury condo with Hotel amenities
Madison Tower
5th and Madison
2200 Westlake
Second and Pine
BMW 3-Sporty and small
Lumen
BMW 5-Bigger, not sporty but more upscale
Cristalla
1521
Escala
Mercedes M Class-Good, solid all around and high end
Concord
Bellora
One Pacific Tower
2006 A4- Entry level luxury
The Parc
Avenue One
Mosler Loft
2004 Model Audi A4
The Vine
Trio
Watermark
2002 Saab
Ellington
Land Rover- Niche audience with very strong advocates but often overlooked in favor of mainstream choices
Austin Bell
Pomeroy
2003 Volvo- Nothing too fancy but reliable
Seattle Heights
2000 Saab- Not on top of people’s list but still have a lot to offer for the price
Arbor Place
Harbor Heights
Bay Vista
Grandview
Royal Crest
Newmark
98 Union
The Klee
2006 Honda Accord
Matae
2001 Honda Accord (getting new paint job)
Belltown Court
Volkwagen Jetta - fun, entry level Belltown condos
Moda Condo
Belltown Loft
Site 17
Montreux
<Technorati Tags: Madison Tower, 5th and Madison, 2200 Westlake, Lumen, Cristalla, Concord, Bellora, One Pacific Tower, The Parc, Avenue One, Mosler Loft, Vine, Ellington, Austin Bell, Pomeroy, Seattle Heights, Arbor Place, Harbor Heights, Bay Vista, Grandview, Royal Crest, Newmark, 98 Union, The Klee, Belltown Court, Site 17, Trio, seattle condos, seattle realtor, seattle condominiums, Matae, Four seasons, Olive 8, watermark condo, belltown lofts, belltown condos, downtown condos, midtown condos
I'll be out of town for about a week so probably won't be posting till I get back. When I do, I will be posting a review of the Trio.
UPDATE: I am also getting some readers asking for me to review the Veer Lofts project, one of the new Vulcan properties in the South Lake Union which I profiled in a previous post here. If there are specific questions people have about Trio or Veer, feel free to comment and I'll try to cover those areas too.
Technorati Tags: seattle condos, trio, seattle realtor, seattle condominiums, veer lofts, veer, vulcan, south lake union
South Lake Union has been the talk of the town ever since the announcement of Paul Allen’s plan to develop the 60 acres of land he owns. Is South Lake Union going to be the next Belltown or something bigger than that? With the current construction of the gateway project, 2200 Westlake, Pan Pacific Hotel and condominium, it has created quite a stir in the market when 95 percent of the 261 condominium homes sold within the first month of opening to the public. The excitement is building and some home buyers couldn’t wait to see what else is in store for this neighborhood.
I decided to make a trip to their sales center to get an update on their latest development. The sale center is definitely the most impressive one that I have ever seen. I was greeted by the friendly sale representative and ushered into a mini theater to watch a 5 min presentation on Vulcan’s plan for South Lake Union. The video presentation was really informative and gives you a very good idea of Paul Allen’s vision for South Lake Union over the next 10-20 years.
Vulcan latest projects are Enso, The Martin, Veer Loft and Rollin St which will start construction this year.
Enso
This is going to be a 450,000-square-foot, mixed-use development with residential unit occupying from 6 to 18 story in the south tower. It is going to be right across 2200 Westlake on 9th and Denny Way. Vulcan is designing the development as a high performance "green" building and it will feature more natural daylight than traditional buildings, energy and water saving fixtures and the use of environmentally sensitive building materials. It will also feature a garden terrace, an exercise facility and an entry atrium.
Veer Loft
This project is targeting at first time home buyer. It will include 94 homes featuring a mix of mezzanine and full height lofts. Veer Loft is geared towards Manhattan loft style with exposed beam ceiling, concrete floor and open layout.
The Martin
Right behind the Cinerama will be the location for The Martin. This 24 story development will include 170 condominium unit and 4,000 square feet of retail space.Homes feature open and efficient floor plans with gas fireplace and expansive windows. Multi-level roof deck terrace with outdoor kitchen, grilling area and outdoor fire place. This project will appeal to yuppies who work in the downtown area. There is possibly a dog walk area for this condo. It is about time for developer to start including pet friendly amenities in their project.
Rollin St
Rollin St is going to be a 11 story project which will feature 208 Soho style lofts and 25,000 square feet of retail space. This 414,000 square feet development will be located at the northeast corner of Westlake Ave North and Denny Way. This eco-friendly project will start construction in fall 2006. Rollin St homes will include features like high ceilings and large open spaces that can be sectioned off with stylish room dividers and sliding doors. Walls of floor-to-ceiling windows, gourmet kitchens, hardwood floors, roomy decks and fireplaces. Environmentally conscious buyer will like this project.
Vulcan is planning another 10-15 new projects for the next few years. If demand continues, they will start their third round of project.
This is no doubt Seattle's largest neighborhood development.
With all this new construction going on, the City of Seattle is working on an integrated transportation plan for South Lake Union. A two-way Mercer Boulevard and a narrowed Valley Street will be designed to reconnect Capitol Hill and South Lake Union to Queen Anne/Uptown and downtown Seattle.
Technorati Tags: South Lake Union, South Lake Union Condos, Paul Allen, Vulcan, Discovery center, South Lake Union Discovery center, Seattle condos, Seattle Realtor, Enso, Veer Lofts, The Martin, Rollin, 2200 Westlake, Pan Pacific hotel condo
