Update on Koda Condominium Flats in the International District

Rooftop deckKoda Condominium Flats, located at the corner of 5th Ave and South Main Street in the International District, have announced their official market debut and the grand opening of their Sales Gallery.

UPDATE OF THE DETAILS:

  • 17 story concrete and steel building
  • 203 units
  • Units: Studios, open 1 bedrooms, 1 bedrooms, 2 bedroom 1 bath, 2 bedroom 2 bath, 3 bedroom 2 bath and live/work lofts
  • Parking: 70+ parking spaces available to select units for $65,000 with optional electric charging stations; Building will have Tesla car share
  • Storage: 75+ storage lockers available for $10,000-$30,000 depending on size and location
  • Prices: starting in the mid $300,000s up to $1.4M
  • HOA Dues: $.79/foot
  • Features: walls of windows, central heat and air conditioning, ceiling heights from 8'10'' to 11'4'', solid core doors, engineered hardwood floors, smart thermostats, soft close cabinets with under cabinet lighting, Quartz counters, stainless appliances and back-lit bathroom mirrors
  • Custom options: light or dark color palettes, closet systems, Quartz backsplash, hardwoods throughout, kitchen island, roller shades and home automation for audio, visual, security, lighting and window coverings
  • Amenities:
    • Lobby level- concierge (8am-12am), dog lounge and run, co-working lounge
    • 5th floor- two guest suites
    • 7th floor- wellness center with gym, zen garden and yoga classroom, library and lounge and conference room
    • 17th floor- Club Koda with billiards table, bar and club room, fireside lounge, kitchen, theater room and private dining area
    • Rooftop- terrace with firepits, BBQs, dining tables, and lounge spaces in a park-like atmosphere
  • Completion in 2020 with closings in December

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


Wallingford 45 Condominiums Has Relaunched for Sale

Wallingford 45 - 4Once part of the Neighborhood Collection, three buildings being marketing and sold together, Wallingford 45 is now being relaunched and re-marketed and has hit the market.

DETAILS:

  • Located in the heart of Wallingford at 1601 N 45th St
  • 48 one bedroom condos
  • Lofts, open one bedrooms and traditional one bedrooms
  • Lofts starting at $659,950
  • Open one bedrooms starting at $464,950
  • One bedrooms starting $359,950
  • Some offer views of Seattle and Space Needle
  • Secured parking available
  • Short term rentals allowed and no rental cap
  • Rooftop deck
  • Move-ins in late March

Let us know if you want to set up a time to check out this new Wallingford condominium option.

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


Civic Square Condominium Project Delayed Again

Civic Square 2The Civic Square project in Downtown Seattle has been riddled with delays since the project began and it continues to be today.

A history lesson on this project:

  • 2005: the building that was once on the lot was demolished and the block walled off
  • 2007: Triad Capital Partners, a real estate developer, won the contract to develop the property
  • 2015: the original development company, Triad, was removed from the project
  • 2016: the city announced the deal with Bosa Development to take over development of the project
  • 2017: the city council approved the deal with Bosa Development
  • 2019: in April there will be a Downtown Design Review Board meeting to potentially approve the updated plans from Bosa
  • 2019-2020: this is when they are currently expecting the Master Use Permit to be issued

A quick update on the details:

  • Located at 601 4th Ave between Cherry and James streets and 3rd and 4th avenues
  • 58 stories
  • 423 condominium units
  • 3 levels of retail
  • Parking for 586 vehicles
  • 1 bedroom, 2 bedroom and 3 bedroom units
  • Amenities: bike storage, gym, outdoor terrace, and on the 57th floor there will be a lap pool, deck space, party room, dining area, and garden lounge
  • Bosa will pay $5.7M into Seattle's affordable housing fund and develop a public plaza on the 3rd Ave side of the project

And so we continue to wait. We look forward to seeing another Bosa project in Seattle.

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


Seattle's Most Expensive Condo Sale Ever - $12M Penthouse

GetMediaQGGH0X4VThe most expensive condo sale in Seattle has been recorded at $12 million dollars.

The spectacular penthouse is in Bay Vista in Belltown. At a staggering 5,732 square feet, this massive 3 bedroom 4 bathroom condominium is spread over two floors and has stunning views of the city, Puget Sound and the Space Needle. Designed by renowned architect Rick Sundberg and designer Gregory Carmichael, this home is truly one of a kind with its mix of unique and exotic metals, hardwoods and stone.  Spaces include a library, game room with wet bar, massage room with in your face Space Needle views and a theater room. Add to that several incredible outdoor terraces that you can enjoy and you have an unparalleled home in the sky.

For more photos click here.


Bellevue’s Newest Condominium Community Launching Sales This Week

I recently attended the press event for the new Avenue Condominiums, which is Bellevue’s newest luxury condominium community.

Starting this week, buyers and their brokers are able to schedule private appointments to tour the sales center, see the full size model unit that has been built out as well as make selections on floorplans and choose a unit to purchase. Buyers will be pleased to know that this developer has decided against any lotteries or grand opening events requiring interested parties to stand in long lines in order to purchase a unit.  This sales process is by private appointment only, and is refreshing to see.

Construction will start in June this year and PCL, who is the General Contractor, said they estimate about 33-36 month total construction time.  

What’s unique or interesting about this condominium community?

  • The condo community will live above the only Intercontinental Hotel in the Pacific Northwest and will sit amongst an open plaza loaded with high end shops and retail, several bar and restaurant options, including a new restaurant by 3 Michelin Star chef and restaurateur Joshua Skenes, known for Saison and Angler in San Francisco.
  • The developer, Fortress Development, who is led by its Founder and CEO, Andy Lakha, who himself is a long time resident of the Bellevue area for the past 20 years and who still lives in Meydenbauer Bay. He and his family have long local ties and connections to Bellevue and the Pacific Northwest and he calls this a legacy project for him and his family. 
  • The house cars, for the residents and hotel guests, will be Rolls Royce vehicles. That alone gives an indication of the level of luxury that is intended for this development and its residents.

The initial phase of sales will start with the 98 Estate residences in the south tower that will be built above the Intercontinental.  The second phase will be the 230 residences that will be built in the west tower of the property.

Specific price points will be released at the private appointments but general pricing will be:

  • 1 bedrooms starting at $1 Million
  • 2 bedrooms starting at $2 Million
  • 3 bedrooms starting at $3.9 Million
  • Penthouses starting at prices north of there

Sizes very greatly between the different homes and within the two towers, but average sizes in the Estate homes in the south tower fall around 1,500 sq ft, while the homes in the west tower will average around 800 sq ft. 

I will be forwarding on information on prices and specific floor plans as I learn more, so be sure to let me know if you feel this is a community you might want to be a part of.

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


Update on Mira Flats in Bellevue

RoofMira Flats, a new construction condominium building in Bellevue, sold last Wednesday but the new owners plan to continue with the current plan of selling the units as condominiums. There is a second phase to this project as well, which, as of now, will also be built as condominiums for sale. The second phase design is not final but is currently planned as a 17 story building with 150 condominium units and should start construction by the end of this year, 2019.

BASICS

  • 6 stories
  • 162 units
  • Studio, one, two and three bedroom homes
  • Prices starting in the $400,000s
  • Each condo has parking
  • Most homes have decks or patios

PRICING - 2nd RELEASE

  • Open 1 bedrooms: 524-629 sf from $399,000 to $550,000
  • 1 bed / 1 bath: 541-753 sf from $499,000 to $675,000
  • 1 bed / bath + den: 752 sf from $670,000 to $710,000
  • 2 bed / 1 bath: 965 sf from $799,000 to $934,000
  • 2 bed / 2 bath: 959-1064 sf from $918,000 to $1.1M

FEATURES & FINISHES

  • Roller shades included
  • Full size in-unit washer/dryers
  • Stainless GE appliances
  • Quartz countertops
  • Full height glass tile backsplash
  • Tiled bathroom shower surrounds
  • Plank flooring
  • Two color schemes

AMENITIES

  • Rooftop deck with views, lounge seating, dining tables, BBQ and firepit
  • Party room with kitchen
  • Conference room
  • Terrace

LOCATION

  • 1085 103rd Ave NE, Bellevue
  • Downtown Bellevue - only two blocks from Bellevue Square's shops, restaurants and entertainment
  • Near future light rail station
  • Easy access to 405, I90 and 520

SALES

  • Sales Gallery open 7 days a week from 11am to 5pm
  • Model homes available to view
  • Move-in ready

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


Update on Solis Condominiums in Capitol Hill

KitchenSolis Condominiums, located on Capitol Hill at 1300 E Pike St, is getting ready to resume their sales and marketing push later this week. We thought we would remind you about this project in advance of this relaunch.

CURRENT DETAILS (may update at relaunch later this week)

  • 45 units
  • 6 stories
  • Studios at 445 square feet
  • 1-bedrooms ranging from 489 to 674 square feet
  • 2-bedrooms at 878 square feet
  • Pricing from the $500,000s to high $900,000s
  • Parking: Certain homes will have option to purchase parking for a price range of $50,000 to $65,000
  • Finishes & Features: real wood floors, high 9 foot ceilings, induction cooking, optional upgrade to Bosch appliances, in-unit washer/dryer, and exterior automated shades on south and west facing units
  • Amenities: rooftop deck with lounge area, BBQ, views of Downtown and dog run, bike storage room
  • HOA Dues: estimated at $.70 to $.75 per square foot per month
  • Initial investor saturation will be limited but the Public Offering Statement does not include a rental cap
  • Built to Passive House Standards
    • Better air quality
    • Lower heating and cooling bills
    • Much smaller energy footprint
    • Each unit fully equipped with a state of the art advanced climate control Perfect Temp system with air-conditioning
  • Ground floor retail
  • Completion early 2020

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


Groundbreaking Ceremony at Koda is Tomorrow

RenderingThe Groundbreaking Ceremony for Koda Condominium Flats, in Japantown at the heart of the Chinatown-International District, will take place tomorrow Thursday February 28th from 10am to 12pm.

The event will feature members of the design, development, marketing and sales teams along with government officials. The Chairman of the Development group behind Koda will speak along with several special guests.

If you are attending this event and see me there, please come say hi, I love meeting Seattle Condo Review readers.

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


Condo Law Reform Might Be Coming Soon

Spire3The Washington State Condominium Act is a barrier to seeing more condominium buildings constructed in our region but also affects the prices of those that are being built.

Why is it a barrier? Well, simply put, it makes it easy for condo owners to sue condo building developers, even over minor construction defects. This litigation is costly, both in insurance and legal costs to the developers and in order to make the project profitable, if they do decide to take on the risk which most are not, the developers have to tack those costs into the cost of the units making condo units more and more expensive.

Over the years, there have been efforts to reform this liability law in Olympia with no success. However, several bills are currently gaining steam amid the shortage of affordable homeowner options in our state. One of those bills, which will make it harder for condo owners to sue developers, has passed unanimously through the state senate and is on its way to the House. The bill is being described as a compromise that will allow condo owners to still bring legitimate lawsuits if warranted, while protecting developers. It will raise the bar for what condo owners can sue over and any lawsuit brought will will need to prove the construction team violated state building codes and that not only does the defect exist but it would cause harm. This bill would also reduce the personal liability of the condo association officers by granting them immunity, as it stands under the current laws these officers could be forced to pay to repair defects in their building if they do not sue the builders, which further incentivizes HOA Boards to sue preemptively to protect themselves.

Two other bills currently on the floor would exempt condo buildings under seven units from some of the legal risks and another would require condo owners to secure a majority vote of the HOA members before they could move forward with suing.

Our state legislators admit that these changes won't suddenly spur a flood of new condo buildings being constructed around the region but believe that once the the real estate and insurance markets react that these changes will help encourage a more significant amount of condo development.

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


Relaunch: The Atrium Condos are Now Called 750 on the Hill


As we reported back in August, the Neighborhood Collection, a set of three buildings, switched use from apartments for rent to for sale condominiums. The three buildings were being marketing together and were known as the Neighborhood Collection, comprising of Atrium, Edison and Wallingford 45. The collection has been split up and each building is now being sold and marketed by separate sales teams.

This post will focus on Atrium, located on E Aloha Street and 11th Ave E in Capitol Hill, which has changed it's name to 750 on the Hill and relaunched it's marketing efforts.

DETAILS:

  • 34 units
  • 5 stories
  • Studios, open one bedrooms and one bedrooms
  • Pricing from the high $300,000's to the mid $600,000's
  • No parking in the building - zone parking in the neighborhood and option to rent parking in lot across the street for after hours and weekend parking only
  • Pet friendly
  • AirBnB friendly (a rarity in condo buildings)
  • Stainless appliances, quartz counters, luxury plank flooring
  • Some homes will come with Murphy beds installed
  • Some homes have outdoor spaces
  • Washer and dryers in-unit are included
  • Blinds included
  • Ports for portable A/C unit venting installed
  • HOA Dues: from low $300 to mid $500 per month
  • Location: quiet neighborhood feel, close to Volunteer Park, close to Broadway and 15th Ave districts and a half mile from the light rail station
  • Amenities: gym, terrace, rooftop deck with city, Sound, Needle and mountain views, BBQ and lounge space
  • Sales: building is complete, taking purchase and sale contracts now

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