South Lake Union condos

March 31, 2008

South Lake Union Park Grand Opening

Slu_park_2

South Lake Union Park phase 1 will be open to the public on April 30th, Wednesday from 11.00am-1.00pm. This 1.6 acre parcel of green space is part of a 12-acre waterfront park development plan. The Seattle Parks Foundation is completing its campaign to raise $20 million in private contributions to develop the SLU park. During the grand opening, the public can enjoy a free salmon bake, live music, boat rides, historic vessels, educational activities, demonstrations, and prizes. You will also be able to see the plans for the entire 12-acre park which will be open in 2010.

No doubt, this is an exciting development for South Lake Union. It's great to see more green space in the city especially with so many new construction projects coming up over the last few years and probably more developing moving forward. Retaining some land for green space will definitely enhance the area's appeal as it attempts to evolve from its more commerical vibe.

-Wendy

January 17, 2008

SLU Street Car

Img_1349_2The Streetcar has been up and running since last month and I have to say it looks really nice. Residents working in downtown and living in South Lake Union can enjoy the convenience of hopping on the nice shiny new streetcar for $1.50 or use a metro transfer or pass (thanks to reader MM for pointing this out). If you are tech savvy, you can even configure your phone to get actual arrival information. The ride stretches from Westlake Ave and Olive Way to Fairview Ave N (between Ward St and Yale Ave). Anyone buying in the neighborhood may want to give some preference to buildings along that green line below.

.Streetcar_2

-Wendy         

December 31, 2007

Where in Seattle will the investor money go in 2008?

December 22, 2007

South Lake Union Condos Just Went Up?

Up to 1.6M square feet of office space will soon be occupied by Amazon employees in South Lake Union.  Some of them gotta want to live in nice condos nearby; e.g., 2200 Westlake, Veer Lofts, Rollin, and Enso?

Read the details here.

-Wendy

Amazonmove

September 11, 2007

Seattle Condo Tour

Seattle_urban_condo_tourThis month, Fisher Broadcasting has organized a Condo tour for homebuyers to check out a list of participating new construction and conversion projects in several neighborhoods. If you have just started the search process, this may be a good chance to make use of their map to get around to check out the condos. (You may also find my SCR Map useful.)  Fisher Broadcasting is providing a complimentary shuttle service to cart you around from sales center to sales center.

One thing to keep in mind is that if you plan on using a Realtor to represent you if/when you buy, be mindful when you register at the sales centers. Just fill in your Realtor's name when they ask if you are working with a Realtor, otherwise you risk needing to pay more out of pocket or getting limited service should you retain the services of a Realtor later.   

When: September 22nd & September 23rd (Saturday & Sunday)

Where :Shuttle service starts at Fisher Plaza (11.00am)

List of condos : visit www.SeattleCondoTour.com

Related posts:

Do you really need a buyer's agent?
Pre-construction purchase
Picking and working with a Realtor

-About Wendy

September 06, 2007

1,400 Microsoft employees in Seattle

Happy news for condo owners: Microsoft announced today that they will be expanding its office space in Seattle, eventually adding almost 1,400 employees in the area. The expansion will include a lease of a 126,000 square foot office in the Westlake/Terry Building in the South Lake Union neighborhood and two other new locations in Pioneer Square and 505 Union Station. 

Microsoft_news

Related news:

Microsoft setting up new office sites in Seattle
Microsoft moving into Paul Allen project in Seattle
Microsoft plans expansion into Seattle

-About Wendy

June 24, 2007

2200 Westlake Flippers....Still Waiting to Flip

Img_0022_3I 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.

2200_westlake_chart

Continue reading "2200 Westlake Flippers....Still Waiting to Flip" »

February 24, 2007

Veer Lofts update

Please note that the Discovery Center is closed until Sunday, February 25th at 11 am. Veer homes will not be available for sale to the public until 2 pm on Sunday the 25th.  Units are still available.  Here's one of the available floorplans.

-Wendy

February 13, 2007

Carbon 56

Carbon_56_3 Designed for the hip and trendy, Carbon 56 (formerly known as Aristo Apartments) is located in the Denny Triangle neighborhood on 2015 Terry Ave. Capitalizing on the success and cache of 2200 and the new Whole Foods located a block away, Carbon 56 is aimed at the young professional urban dweller who can’t afford or doesn’t want to pay over $500,000 for a condo.

The building was originally constructed in 2003. Carbon 56 has fifty-six New York-style lofts with five different floor plans. Pricing starts in the low $300,000s and go to the high $500,000s. Most units are priced in the low to mid $300,000s. The condos range in size from 660 to almost 1,300 sq ft. and boast 13 feet high floor to ceiling windows and maple hardwood floors. Larger floor plans have elevated resting areas.

Carbon_56_living_room Carbon_56_elevated_resting_area

The building also has a common terrace and fitness center. Majority of lower floor east and west facing units either come with a private patio or/and private entrance. The units were first offered to tenants in the end of January and now are available to the public. Carbon 56 Price list.

Pros

- Tall ceilings and oversized windows
- One block away from Whole Foods Market
- Good price per square foot pricing

Cons

- The views are sparse

SCR Scorecard

Exterior            Average

Interior            Average

Location            Good

View           Below average

Amenities    Below average

Value                Good

Overall            Average

Final Thoughts:

You don't have to be a hotel/condo or pay the hefty vulcan premium for one to be next door to Whole Foods.  A very attractive choice for real urban professionals who don't have $600k plus to spend on a condo.

-Wendy

   

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December 07, 2006

2200 Westlake

2200_westlake_22200 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

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November 28, 2006

Enso breaks ground

Vulcan has started construction of 2201 Westlake, also known as Enso condominiums. The condo is scheduled for completion in early 2009. Read more.

-Wendy

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November 25, 2006

7th & Westlake

7th_and_westlake_1A new addition, 7th and Westlake, is coming soon to the Denny Triangle neighborhood revitalization project. The new neighborhood is designed to encourage a vibrant and diverse community with retail, office, residential life sciences research and public transportation.

Located near South Lake Union, the area was funded in part by a $10 million dollar donation from Paul Allen's Vulcan, Inc.  The new Whole Foods Market anchors the new neighborhood along with the condominiums of 2200, Enso, Escala Midtown and the Cosmopolitan.

The high rise on 7th and Westlake will include 184 units on 31 floors. The first 16 floors of the building will be reserved for office space and the remaining floors will be condominiums. Floors 17 through 30 will feature studios, 1 bedrooms, and 1 bedrooms plus den. The top floor will be reserved for the penthouse.

-Wendy

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November 24, 2006

2200 Grand community opening

2200_westlake2200 Westlake is having their Grand community opening Monday, Dec 4th for the public from 8.00am to 6.00pm (Westlake Ave & Denny Way).

Visitors will get to sample fresh foods in their Whole Foods Market, take a tour of their luxury hotel rooms, and enjoy special promotion offered by their merchants.

This is an event not to be missed if you are curious about Paul Allen's South Lake Union residential projects.

-Wendy

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November 17, 2006

Icon Tower

Icon_tower_1Icon Tower, a proposed 30 story condominium, will potentially be located on a triangle bound by Wall St, Denny Way and 6th Ave. If approved, construction will start late spring or early summer of 2007. The condo will feature 224 units ranging between 568 and 1,397 square feet. Icon Tower will rise up to 290 feet, will have 10 levels of underground parking, storefronts and two level of above ground parking. Read more.

-Wendy

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October 25, 2006

Vulcan's Disovery Center update

Discovery_center_lg_6Vulcan’s Discovery Center re-opened yesterday. This time, they have a more detailed presentation for their three South Lake Union projects. The three condos’ home selections day will start from Dec through February 2007 with Veer in December, Enso in January, and Rollin in February.

Update of the condos in the Discovery center:

Veer

• Kitchen model with flexi loft - the flexi space does not feature the actual height of the ceiling, only a representation of how it looks
• Scale model of the condo

Enso

• Kitchen and bathroom model (featuring cool color scheme with rustic bathroom granite countertop)
• Scale model of the condo
• More finish selections
• Doll house of the different floor plans
• Touchscreen presentation with floor plan selections and estimated views from different floors

From the floor plan selection, you can see that units on the 8th level onwards on the north side will have Lake Union view.

Rollin

• One bedroom model unit (the model home is a variation of their 03,07,09 floor plan)
• Scale model of the condo
• More finishes selections
• Touchscreen presentation with floor plan selections

Overall, the center has a much clearer presentation than their June event. So far, from the scale model of the three condos, Enso has the most impressive architectural design. If you feel that you have not gotten a full picture yet during your informational overview appointment, it is worth the trip. For buyers who can’t decide between Enso or Rollin and are looking for a view unit, this is a good time to do a comparison before your home selection appointments.

As for The Martin, it will have its own sales center. Currently, there are no dates yet on when they are opening.

-Wendy

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July 31, 2006

SLU Block Party

Discovery_center_lg_3Vulcan 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.

-Wendy

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July 26, 2006

Questions for the Vulcans

Slu_1 I received 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!”

-Wendy

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July 06, 2006

Vulcan's informational overview appointment

Discovery_center_lg 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 :-)

-Wendy

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June 20, 2006

2200 Westlake, Who wants to be a Vulcannaire?

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.

Enso

Slu_enzo_2_1 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.

Estimated Price range:

Open One Bedroom- 703 sq. ft.
Low $400,000s to high $500,000s

One Bedroom- 705-895 sq. ft.
Mid $400,000s to mid $700,000s

One Bedroom + Den- 877-977 sq. ft.
high $500,000s to low $800,000s

Two Bedroom- 1127-1375 sq. ft.
high $700,000s to over $1 million

Penthouses- 1559-2285 sq. ft.
Price over $1.6 million

Continue reading "2200 Westlake, Who wants to be a Vulcannaire?" »

May 05, 2006

Veer Lofts

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.

-Wendy

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May 02, 2006

Cars and Condos

Sedan_ext_4_main_1Since every condo project has its 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 described 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

Four Seasons

Mercedes S Class- Luxury condo with Hotel amenities

AVA
1 Hotel
Madison Tower
Olive 8

Mercedes E Class

2200 Westlake

BMW 3-Sporty and small

Lumen

BMW 5-Bigger, not sporty but more upscale

5th and Madison
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
Gallery

2004 Model Audi A4

The Vine
Watermark

2002 Saab

Ellington

Land Rover- Niche audience with very strong advocates but often overlooked in favor of mainstream choices

Austin Bell
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
Trio

2001 Honda Accord (getting new paint job)

Belltown Court

Volkwagen Jetta - fun, entry level Belltown condos

Moda Condo
Belltown Loft
Site 17
Montreux

-Wendy

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April 12, 2006

Out of town, see you in a week

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.

Veer_5      

-Wendy

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March 14, 2006

What's going on in South Lake Union?

Slu 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. 

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