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December 2014

November 2014

A New Building with Hotel, Apartment & Condo Units in Downtown is Announced

5th and StewartThe Seattle Times reported yesterday that a San Francisco hotel developer is planning to construct a 50 story building at 5th Avenue and Stewart St in Downtown Seattle that will contain a hotel, some apartments, some condominium units and street level retail.

The land was acquired last year and the permits reveal plans to build a tower containing 90 apartments, 133 condos, and a 284 room hotel. The Design Review will take place on December 16th. The project sits on the south end of the site of what was once going to be Heron and Pagoda condominium towers and is just east of Escala Condominiums.

This combination of hotel, rental and owned units is new to our city and with anything new comes potential problems with lending. Lenders already have rules limiting the % of commercial space allowed, which would include the hotel rooms in this case as well as the retail, and having the apartments thrown in as another use could be just another complication for buyers trying to obtain conventional financing.

Whether or not these units will be delivered as condos and apartments is up to time to tell but we will keep you posted.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

Condo Sales Spotlight – Escala in Downtown Seattle

Each month we try to give an update on a condo building that is showing some interesting activity.  Here is a highlight of the sales at Escala in Downtown Seattle’s Midtown neighborhood over the last 6 months.

HessThe breakdown of all the sold condos:

  • 11 condos sold in the last 180 days
  • Average sold price: $818,655
  • Average square footage: 1,329
  • Average price/square foot: $622.74
  • Average days on market: 53

Sold 1 bedroom breakdown

  • 6 one bedrooms were sold in the last 6 months
  • Average sold price: $617,533
  • Average square footage: 961
  • Average price/square foot: $644.02
  • Average days on market: 23

Sold 2 bedroom breakdown

  • 5 two bedroom sold in the last 6 months
  • Average sold price: $1,060,000
  • Average square footage: 1,770
  • Average price/square foot: $597.21
  • Average days on market: 88

Sales Spotlight Graphs Escala 11.21.14

Continue reading "Condo Sales Spotlight – Escala in Downtown Seattle" »

Salt Condominium Specifics

Kitchen in Dark Color SchemeWe met with the sales team for Salt, the new condominium building coming to Ballard, and here is an update on some of the specifics for the project that we learned during our meeting with Steven Snider.  Thanks for your time Steve! 

Construction Dates

  • Start construction by March of 2015 or sooner
  • Completion is planned for June 2016

Starting Prices

One Bedroom + 1 Bath:

  • ’01 Stack:  Start at $319,950 – 574-621 sqft (no parking included)

One Bedroom + 1 ½ Baths:

  • ’03 Stack: Start at $374,950 – 726-772 sqft
  • ’04 Stack: Start at $375,950 – 686-732 sqft
  • ’05 Stack: Start at $365,950 – 636-681 sqft
  • ’07 Stack: Start at $349,950 – 560 sqft

Two Bedroom + 1 Bath:

  • ’02 Stack: Start at $479,950 – 814-897 sqft

Three Bedroom + 2 Baths:

  • ’06 Stack: Start at $599,950 – 1031 sqft

Live/Work Ground Floor units- with 18’ Ceilings are One Bedrooms:

  • $499,950, $629,950 and $669,950 for 919sqft, 1,100sqft, and 1,428 sqft respectively


Continue reading "Salt Condominium Specifics" »

Condo Review – Veer Lofts in South Lake Union

Veer Lofts in South Lake Union
401 9th Ave N


Veer Lofts is one of Vulcan’s projects built in 2008 in South Lake Union. Veer is a 99 unit condominium building that consists of flats, flexi-lofts (or non-full height lofts) and full lofts.

The stats:

  • 99 residential units – one bedrooms and one bedrooms with dens ranging in size from 638 to 1333 square feet
  • Built in 2008
  • All units have 1 parking space
  • All units have 1 storage locker
  • 1 unit has sold in the last 6 months for $415,000; at the time of this post there are 2 pending units listed for $319,000 and $449,000 and 1 active unit listed for $509,950
  • HOA dues include: garbage, water, sewer, building maintenance, professional property management, earthquake insurance
  • Amenities: Community terrace with BBQs, tables and Bocce

Continue reading "Condo Review – Veer Lofts in South Lake Union" »