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September 2009

Brix and Gallery Auction Events

Picture 009

Yesterday was an exciting day for some home buyers eagerly packed into the Grand Hyatt for Brix and Gallery auction events.  I just came back from vacation and missed the Brix event but managed to get in just in time for Gallery.  Probably 400-500 people were in the room with about 1/3 as bidders.  So how good of a deal did these home buyers get?  Here are some thoughts and observations:

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Decatur is Back

Decatur bulk sale

Decatur, the apartment conversion on First Hill is back on the market and will be releasing 63 remaining homes at a discount of 5% up to 35% off the original listing price. Here are some interesting details from the developer:

1.) Zero down financing on selected products.  Zero closing costs before November 30.

2.) 3 blocks of 21 homes will be released in phases. The first block will be released on September 27th.

3.) Decatur's preferred lender will be offering a "Payment Assurance Plan."

Learn more here.

1521 and Fine Art

The folks at 1521 are having an open house this weekend.  Even more interesting was last week's fancy pants art event where they had a private showing of 25 glass art pieces from local artist, Jean-Pierre Canlis.  Seems like a smart move on many levels: (1) It gets press and blogger attention on 1521; (2) it gets well-heeled potential buyers into the building; (3) it burnishes the 1521 brand.

Below is a neat video of the art show.  If you're interested in buying a unit at 1521, there's a public open house this weekend.


Seattle Condo Auctions, Equivalent of the Nordstrom Anniversary Sale?

With all these condo auctions recently closing and a few more coming up soon (Brix and Gallery), I was curious if looking back at a few, how good the getting was.  I crunched some numbers using the auction results for Press Condos, Queen Anne High School Condos, and Lumen.  Some of the summary stats worth noting are at the end of this post.  A few takeaways:

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Seattle Condo Market Update (August 2009 date)

So the August numbers are in and the L-shaped recovery continues.  It's not exactly time to bust out the Dom Perignon but I think most people would agree they can put away the hemlock as well.

Here are some of the highlights based on my reading of the data.  I'm sure others will differ and some will predict double dip recessions or great depressions.  

Without further adieu:

Continue reading "Seattle Condo Market Update (August 2009 date)" »

Jenga-Like Condo Design

Check out this neat project, the Interlace, in Singapore.  Not something you see everyday.

Rooftops offer a place for communal gathering, covered in landscaped gardens where vegetation cascades over the sides and down balconies and decks. Residential amenities are interwoven into the complex to encourage social interaction, leisure, and recreation.

Condo design 

Can't say we have too many striking designs here in Seattle.  Maybe Escala and 1521 but most are pretty similar.  On the other hand, today's "striking" may be tomorrow's "EMP" so maybe it's not such a bad thing our condo designs aren't all that cutting edge...