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May 2010
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July 2010

June 2010

19th Ave Lofts


19th Ave Lofts is one of the few newer loft buildings in Capitol Hill (1812 19th Ave).  The condo is situated on the east edge of the neighborhood and was built in 2003.  It was designed by Val Thomas, who also developed Eastlake Lofts which has a similar look.  This 3-story condominium complex is a concrete and brick construction with 45 residential units. 

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Watermark Condo Merger Example


Check out this great article in the ST about combining adjoining condos.  This is clearly not for the low-involvement, short-term investor but then again, those folks no longer exist.

Watermark condo

When Dave Roberts got a chance to buy the adjoining condo to his in downtown Seattle's Watermark Tower, he jumped at it. The result is a long, clean-lined home with views all around. Architect Tyler Engle started at the entry with a brazilian-cherry wall that invites you into the living area while hiding a bathroom and offering storage space. 

Full article on ST here.



Queen Anne- Victoria Condo


Victoria Condo is a 4 story vintage building perched on the south slope of Queen Ann Hill (100 W Highland) steps from Kerry Park.  It was built in 1921 and converted to a condo in 1998.  If you're a big fan of vintage brick building, this is one of the condos in Queen Anne that you don't want to miss checking out.  

The building has 64 units in the east, west and the central wings and they're pretty big.  There are three different entrances to the building.  Step right out of this condo, you will see a large landscaped garden. This is a building that you could find an abundance of classic vintage elements : crown moldings, french doors, wood burning fireplace (in some), octagon / hexagon tile flooring, and hardwood floors.  The Victoria Condo amenities include an exercise room and a laundry room. 

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May 2010 Seattle Condo Stats

May numbers are in and the credits get buyers a movin'.

As many of you know, the government's $8,000 tax credit was for deals under contract by the end of April 2010.  So what happened to May 2010's numbers?   

Some relevant highlights for May 2010:

  • Pending sales were down 40% versus May 2009.
  • Closed sales were up 40% versus May 2009.
  • Median prices were down slightly, off by 6% versus May 2009.

Should we be crying our eyes out?  Probably not.  That tax credit potentially stimulated a bunch of activity that may not have even happened later in the year. 

Even if all it did was pull sales in earlier, most condo buyers are not nearly as frightened of the market as they were a year ago.  It's very possible some of that cautious optimism will persist even in the tax-credit free world (so long as prices and some baseline of activity hold up).  

As a recap, closed sales versus the previous year have been up every month in 2010. March, April, and May beat their 2009 numbers by 50%, 80%, and 40%, respectively. For those who were watching the condo trends in 2009, closed sales in April 2009 were 50% lower than the previous year so we've made a ton of progress in the past year.

It will be interesting to see if that tax credit momentum comes back organically or if all of that accelerated activity in the last 6 months takes the next 6 months to smooth out.    


200 West Highland Update

200 W Highland

Just a few weeks ago, it was reported on Seattle Times that the 200 West Highland Condo project was facing foreclosure and Bank of America had intentions to auction off the remaining homes.  As it turns out, it looks like they are not going to sell them through auction.  Here is a full message from Bruce Lorig, the founding partner of Lorig Management Services regarding the latest status on the building.  Below are the highlights of the message:


As you may know, on May 5, 2010, Bank of America served us with a foreclosure notice on the remaining unsold homes at 200 West Highland.  Rumors abound.  Here are the facts, as we know them.

  • The building is complete.

  • Since the first of this year, we have closed 7 condominium homes, all owner occupied, and will be closing our 8th on June 25.  We are 32% sold.

  • Bank of America intends to take title to the unsold units on August 6.

  • We have been told by Bank of America that they will NOT be auctioning units, but rather will continue to sell them one by one.

  • We also have been told by Bank of America that they will be holding the current pricing.  There will be no major price reductions.

  • We have been instructed to continue our sales activity.



Seattle Condo Update

Queen's Court  
Queen's Court

Queen's Court has reduced prices for their remaining home by $9,000-$25,000  Latest price sheet

Marselle condo exterior
The Marselle

Marselle has just received Fannie Mae approval.  The project is also FHA and VA approved.  The building is 52% sold with 57 homes closed and 12 pending.  Many homes are still available with studios priced at $189k & $199k, Open one bedrooms starting at $229k, One bedrooms with den at $284k, Two bedrooms at $379k.  All the homes include parking as well as storage.  The two bedroom homes come with two parking spots.