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February 2018

Coffee Table Chat Video Series - How do we compete as Buyers in this Highly Competitive Seller's Market? Lending Strategies.

Coffee Table Chat - Episode 7

Our video series addressing actual client questions and concerns in our current market. They will cover whatever issues our clients are experiencing and will typically feature a guest who also works in the industry such as a lender, an Escrow closer, a Title rep, etc.

Hopefully you find the videos informative and helpful!

Enjoy Episode 7! "How do we compete as Buyers in this Highly Competitive Seller's Market?" Lending Strategies.

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

Koda Condominiums Flats Will Be Taking Reservations This Saturday 2/24

RenderingKoda, the 17 story 97 unit condominium building planned for the International District, will be taking reservations this Saturday 2/24 at their Reservation Event in Belltown starting at 11am. A $5,000 deposit will secure a reservation. At the event, preliminary floorplans, specifications, amenities and price ranges will be shared with buyers however those offerings are only preliminary and will not be solidified until the summer of 2018 when reservations will convert to Purchase Contracts.

With plans to break ground this summer, the Koda project will be one of few new construction condo projects to hit Seattle since the recession and certainly the only new construction condo building to break ground in the International District in recent history. Though pricing isn't firmly set yet, they are estimating that the studios will start just under the low $400,000s and will go up to 2 bedrooms around $1.3M, not including parking. The units will be sized from around 435 square feet up to 1200square feet. The amenities are set to include a concierge, gym, yoga room, library, work lounge, conference room, 7th floor terrace, a party room with game tables, theater, kitchen and rooftop terrace.

Other features include mostly in-line kitchens, walls of windows, high ceilings, hardwood flooring, and high-gloss cabinetry. Buyers will be able to choose their color scheme and also opt in on other design upgrades such as natural stone counters, optional islands, window coverings, high-tech features (including audio/visual/security components) and customized closet systems.

The Developer of Koda, Da Li Development, has also mentioned that the company is also looking into purchasing apartment sites and developing them as condos instead. This is an interesting development that could mean more condominiums coming soon to Seattle.

We will be in attendance at the Reservation Event and look forward to learning more about this project and sharing that information with our readers and clients.

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

Florera - Green Lake Condominiums Coming Back to Market

FloreraSome of you might remember when Florera originally came to market back in 2008. It is a building  located at 413 NE 70th St in the heart of Green Lake. There are 59 condos built with sustainable materials ranging from 578 square foot studios to 1,215 square feet two bedrooms. The building is LEED certified and has amenities including a rooftop deck, courtyard and party room.

Unfortunately for Florera, it came to market right as the recession kicked in affecting real estate throughout Seattle and the country. The majority of the condominium units in Florera were rented out and remained that way until now. As renters vacate their condo units, those units are being offered for sale so this is a great opportunity to snag a condominium in desirable Green Lake. There are very few condo building in Green Lake and Florera's pricing is now starting in the low $400,000s so this will open up quite a few options for folks who love this location. They are also offering to sell units that are tenant occupied so if you are an investor you have the chance to purchase a condo unit that is already leased up, which is a nice bonus.

If you are thinking about purchasing at Florera let us know as we have been in close contact with the Seller's agent and have a lot of information that we are happy to share with you about the building, the purchase process and the current challenges with financing.

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


Sonata - New Construction Condominiums in Columbia City

SonataSonata is coming to Columbia City. With 96 condominium units plus live/work lofts, this new construction condo building will add more opportunities for home ownership to Columbia City. Sonata will be located at 3004 S Alaska St on the corner of Martin Luther King Jr Way S and S Alaska St, across the street from the Columbia City light rail station stop.

Sonata will have studio, urban one bedrooms, one and two bedroom condos ranging in price from $300,000 to $800,000+. They are offering financing options with just 3.5% down with ground breaking coming soon and occupancy in 2019. There will be building amenities and underground parking.

This is all of the information currently available on Sonata but we will keep you posted!

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

The Pinnacle at Alki - New Construction in West Seattle

If large spaces and water views are what you are looking for, the new construction condominium on Alki, The Pinnacle at Alki, might be the perfect fit for you. This condominium building is located at 1118 Alki Ave SW.

The Pinnacle at AlkiDetails:

  • 11 condominium homes
  • Views of the city skyline, Elliott Bay and the Olympic Mountains
  • Ten 3 bedroom 2.5 bathroom units, one 1 bedroom 1 bath unit
  • 3 bedrooms ranging from 1,806 to 2,128 square feet; 1 bedroom unit is 885 square feet
  • All with outdoor spaces
  • Floor-to-ceiling windows
  • Northwest Contemporary design
  • Finishes- Bosch stainless appliances, Bosch or Wolf gas ranges, wine refrigerator, fireplaces, option for two tone cabinets, Quartz countertops, hardwoods flooring in living space
  • Options/upgrades- a variety of personalization options including color schemes, updates for flooring and technology will be offered
  • Each unit will have one parking space, and certain units will have the opportunity to purchase an additional space (cost estimate of $100,000)
  • HOA Dues are estimated to be between $.35 and $.40 per square foot per month and it is estimated that they will cover water, sewer, garbage and hot water
  • Close to the West Seattle Water Tax
  • Currently under construction with completion set for fall 2018

The Reservation and Sales Process:

  • You can sign a reservation agreement on a unit prior to public sales debut with $5,000 refundable deposit
  • You can cancel the reservation at any time
  • You will be required to be pre-approved with the seller's preferred lender, Caliber Home Loans
  • A price range will be listed in the reservation as final pricing has yet to be determined
  • Once reservations are converted to Purchase and Sale Agreements, 5% earnest money will be required

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