In Belltown on 4th Ave and Bell St, where Mary's Place currently operates a shelter, there are plans to construct a new residential tower. It will be 29 stories and will contain 212 residential units, which will include a full floor of 3 bedroom homes, with office space and retail space that will wrap around the building including the alley. They hope to start construction in 18 months and complete the build 2 years following that.
The Developer, Security Properties, has not decided whether they will build the project as apartments to condos so we might have another condo building coming to Belltown.
Washington State lawmakers passed a bill that will implement a graduated Real Estate Excise Tax (REET), which will go into effect on January 1, 2020. What does that new graduated REET mean to you?
Currently, the state taxes property sales at a single rate of 1.28%, which is typically accompanied by an additional county tax. In King, Pierce and Snohomish counties, the additional county tax is 0.5%, making the total excise tax owed on a property sale in those counties 1.78%. Now the state REET will be progressive and based on the sales price of your property. Real Estate excise taxes are paid by the seller of a property in our state.
Here is how the current real estate excise tax compares to what is coming:
Here are some examples of what tax amounts would be due at the current vs. the new tax rates at the different price breaks:
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
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
The 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.
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.
Mira 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.
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
Full height glass tile backsplash
Tiled bathroom shower surrounds
Two color schemes
Rooftop deck with views, lounge seating, dining tables, BBQ and firepit
Party room with kitchen
1085 103rd Ave NE, Bellevue
Downtown Bellevue - only two blocks from Bellevue Square's shops, restaurants and entertainment