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February 2013

Demolition Yesterday on Amazon’s New Building Site in Denny Triangle

Downtown Seattle Condos
Yesterday on my morning walk I caught a glimpse of the demolition underway on the old hotel that sits on the site of what will be Amazon’s first new high-rise they will be constructing in the Denny Triangle.  It was quite a sight to see this 6 story hotel being reduced to nothing in no time flat to make way for the new skyscraper.

There are a lot of changes coming to this Seattle neighborhood and some will have an effect on the view outlooks of condos already in the area.  Condo buildings that I feel will be most affected by this new 425 foot tall office tower will be the west building of 2200 Westlake which will lose a bit of the city skyline outlook and Enso Condominiums south facing units which will see some reduction of skyline views to the SW.

Whether you are pro change, or resist the inevitable it’s good to know what’s going on around you.

                                                 Seattle Downtown Condos

                                                           View of demo with 2200 in the background

                                                 Downtown Seattle Condos

                                                            View of demo with Enso in the background

By Marco Kronen with Seattle Condo Review: A guide to Seattle Condos and Downtown Seattle Condos exclusively for buyers and sellers. - See more at:

Condo Review – Madison Tower in Downtown

33Madison Tower is a condominium community perched atop Hotel 1000 in Downtown. Built in 2006, this building has modern interiors, great amenities and many of the units boast lovely water and city views.

The stats:

  • 47 units
  • 25 stories
  • Built in 2006
  • Units range from 1-3 bedrooms and have 1.5 or 3.5 bathrooms
  • Range in size from 805 to 3,740 square feet
  • All have 1, 2 or 3 parking spaces in the Valet  run garage
  • 5 units sold in the last year ranging in price from $425,000 to $4,000,000
  • 1 condo is available at the time of this article – 1 2bd 2.5ba home listed for $899,000
  • Amenities: Rooftop deck with BBQ, fire pit, pet area and water views, gym, business center, priority for meeting room bookings and hotel restaurants reservations, 24 hour concierge (shared with hotel) and access to the hotel amenities (for a discounted fee) including virtual golf simulator, room service, in home catering, housekeeping, laundry and dry cleaning, in home massage, car wash and treatments at Spaahh in the hotel
  • HOA dues include: water, sewer, garbage, central hot water, cable TV, earthquake insurance, 24 hour concierge, master insurance policy

Continue reading "Condo Review – Madison Tower in Downtown" »

Seattle Bank Owned and Short Sales Update

Thanks Marco on the great wrap up for 2012 Seattle Condo Market!

For those of you who are still curious about distressed properties and their impact on the market (bank owned and short sale inventory), this is for you. More than 6 months ago, we pulled some data from NWMLS on bank owned and short sale condos. At that time, bank owned and short sale condos made up about 19% of the total listings. Last month's data shows that it was almost the same. However, if you compare that to almost 2 years ago, distressed assets as a percent of all on the market went down significantly.

In the first half of 2012, we had a total of 315 distressed condos, during the 2nd half, it went down to 259 sales. Interestingly, bank owned properties sales dropped from 186 to 93  in the 2nd half of last year while short sale condos went up by almost 30% from 129 to 166 sales perhaps an indication of banks starting to work with owners when a short sale is proposed.

In summary, we had fewer distressed condos coming on the market in 2012 than in 2011; so far we are not seeing any influx of bank owned properties coming on the market. I agree with Marco's prediction that we are not likely to see an increase in them in 2013; this will be a good news for sellers.  

( Data extracted from NWMLS on 01/29/2013 and are deemed reliable but not guaranteed. 

By Wendy Leung with Seattle Condo Review: A guide to Seattle Condos and Downtown Seattle Condos exclusively for buyers and sellers.

Related posts:

Seattle Bank Owned and Short Sale Properties July 2012

Seattle Bank Owned and Short Sales Properties April 2011