Just saw an ad on Seattle Magazine that Olive 8 is rolling out their new pricing in the new year. Following their auction event last September , 30 out of their 32 homes had closed successfully. Matt has more details. The building is now ~50% sold and remaining homes will start on the 27th floor. The developer will be reseting their prices on January 1st, 2011. They have a new website launched to announce their new pricing.
The November numbers for the Seattle condo market are looking better than the oh-so-gloomy October numbers.
The median price for Seattle condos in November was at $263,500, only 3.13% lower than a year ago and an improvement of ~5.5% from the all time low of October 2010's $250,000 median price.
The total active inventory in November dipped slightly by 2.68% from a year ago and dipped significantly by ~12% from the previous month with 1,349 homes. We had 151 homes went pending in November, this is 1.31% lower than same period last year (although it is 12% higher than October 2010).
Ninety eight homes closed in the month of November; this is 49.22% lower than a year ago and reflects the low number of pending deals that got inked in October.
Overall, the most important trend to note is October 2010's year-over-year pending sales were abysmal: 1/2 the pending sales of October 2009! Thankfully, November 2010's pending sales were only 1% lower than the pending sales of November 2009.
Sometimes, not crashing is the best gift of all. Ho, ho, ho.
Moving on to Queen Anne and Ballard, here are some updates on how the condos are doing:
Hjarta is 50% sold with 29 homes left. Prices for these homes have recently been reduced. One bedroom units start at $229,950 and range from 685 to 920 square feet. One bedroom plus den units start at $289,950 (two left) and are 794 square feet. Two bedroom units start at $379,950 and range from 1,037 to 1,576 square feet. So far, no buyers' incentives are offered, however the building is FHA approved.
Danielle, the new kid on the block in Ballard, is over 40% sold. Their one bedrooms start at low $200,000's to high $300,000's. Two bedrooms start at mid $400,000's. They have more information posted on the Facebook.
Here is a quick look on how things are looking for condos in Belltown, Downtown and South Lake Union:
Enso at South Lake Union has closed 98 homes with a few more pending. By the end of the year, they will probably have 80% of homes sold. According to the sales center, pricing has stayed stable and homes are closing for list price. If you're using their preferred lender, Bank of America, there is a $2,500 credit at closing and the seller will match that credit as well. However, they are not to be combined with other concessions.
Fifteen Twenty-One has sold 102 out of 143 homes with several more pending being scheduled. There has been quite a number of contingent buyers lately in this building. Read more here. Sales have started picking up as these folks successfully sell their single family homes. The website has also been using testimonials from current residents to promote the building. I have to say it's a pretty smart marketing move and it's surprising more projects don't do the same thing. Inventory for their more popular plans (at certain price points) are getting thin. Remaining homes range from $1M to $5.5M.
Escala has sold 82 homes, 77 of them since March 27, 2010. They closed 61 of them, nearly 25% of the building is closed as of last week. The building is averaging about 9 sales per month and the sales center is anticipating having 50% of the building sold by their one year anniversary on March 27, 2011. It would be interesting to see if they will make some price adjustments over the next few months to meet this goal.
Gallery in Belltown has sold 188 homes out of 233. The 45 remaining homes range from 571 square feet to 1,160 square feet. Prices start at $249,000 and go up to $465,000. As some of you might recall, they had their auction in September 2009 and sold around 40 homes. After the auction, they have lowered the prices for their remaining inventory based on the auction results and since then have sold over 120 condos in the last twelve months. Gallery is FHA and VA approved.