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January 2019

Additional Information on Spire Condominiums

We released details and information on amenities and price ranges for Spire back in October but have since visited the sales center and gathered some additional information you might find helpful in determining if Spire is the right fit for you.

Basics:

  • 41 stories
  • 370 units
  • Ceilings- 9ft up to 23rd floor, 9ft 6in from the 24th to 37th floors, 10ft ceilings on the penthouse levels
  • 80% of units have balconies or decks
  • Residents entrance is on the 6th Avenue side, which is much nice than having to enter from Denny Way
  • HOA Dues will be .75- .90 sqft  depending on whether or not you have parking

 Parking Information:

  • 266 parking spaces
  • Parking is available to purchase for $75,000 for units 700 square feet or larger one bedrooms
  • Parking is included in the list price for units that are one bedroom + den and larger
  • Some 2 bedroom and 3 bedroom units have the option to buy a 2nd parking spot
  • Parking is via an automated valet system-
    • It will take an average of 1-3 minutes to get your car
    • Sotefin is the Swiss company that made the parking system
    • There are limits on the size care you can have - no large pickup trucks or large SUV's
    • There are 9 levels of underground parking
    • There are 3 parking portals from which to drop your car off at or receive your car in
    • The system is on generators so will still function if there is a power outage
    • Here is a video link of how the system works, it's pretty amazing

Location and Lot:

  • Triangular shaped lot allows for expanded view angles for the units that have views
  • Full streets on all sides, no narrow alley width separations from other buildings
  • Easy access to new 99 tunnel
  • Current Battery Street tunnel getting filled in so Wall Street will be quieter and new streetscapes will be added
  • On the edge of the high rise zoning as across Denny to the north the zoning changes to only 85ft which leaves a lot of view opportunities to the north and west (assuming the zoning doesn't change in the future)

Standard Features and Options:

  • Standard features-
    • Pedini cabinets
    • Manual roller shades
    • Closet systems (not a wire shelf and hanging bar!)
    • Advanced light switches and dimmer panels
    • Bosch appliances
    • Nest thermostat
  • 3 bedroom and larger sized units get the penthouse higher level of finish package with waterfall edge countertops, SubZero and Wolf appliances, glass upper cabinets and more
  • A buyer can still choose their desired color palate - there are two options, Dusk and Dawn
  • Smart Home Option with WiPliance - controls nest with energy use monitoring, personalized and integrated audio visual, lighting, security, entertainment and window treatments

Floorplates and Floorplans:

  • Floor plans go clockwise through the building with A starting on the NW corner
  • 10 homes per floor up to the 32nd floor
  • Generally 2 bedrooms are on the corners
  • 33rd and 34th floors have 3bds
  • 35th to 38th floors have 4bds
  • 38th and 39th floors are the penthouse levels

 Amenities:

  • Level 1: retail, 24 hr concierge, coffee shop wine bar in lobby with public access
  • Level 3: co working lounge, yoga and spin studio, theater
  • Level 4: storage and guest suite
  • Level 40 (Spire Club): terrace, exhibition kitchen with dining room, billiards lounge, several terraces, lounge space with indoor outdoor fireplace
  • Level 41: fitness and dog run

 Sales and Completion:

  • Just over 20% sold
  • No reservations needed as buyers are now able to go straight to Purchase and Sale Contracts
  • 5% earnest money
  • Completion slated for the end of 2020 with move ins early 2021

 Team:

  • Developer- Laconia Development from Bay Area (they developed the Cielo Building on First Hill)
  • General Contractor- PCL Construction
  • Architect- VIA Architecture
  • Designer- Robin Chell Design

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


2019 Economic & Housing Forecast

Matthew Gardner 2019 Forecast (2)_Page_1Windermere Real Estate's Chief Economist, Matthew Gardner, has released his 2019 Economic and Housing Forecast. Although it is not specific to condos, we think the information is valuable for anyone who owns real estate, or is thinking about buying and/or selling real estate in 2019. Here are the highlights.

THE US ECONOMY

  • He expects the US Economy to have one more year of relatively solid growth before we likely enter a recession in 2020
  • Any cyclical downturn will not be driven by housing
  • This cyclical downturn in 2020 (not 2019) will likely be caused by either the ongoing trade war, the Federal Reserve raising interest rates too quickly, or excessive corporate debt levels

THE US HOUSING MARKET

  • Existing Home Sales - In 2019, he anticipates that the number of home sales will rebound modestly and rise by 1.9%
  • Existing Home Prices - In 2019, he expects prices to continue rising, but at a slower rate as we move toward  a more balanced housing market and he forecasts the median home price to increase by 4.4%
  • New Home Sales - In 2019 he expects that sales of new homes will increase by 6.9%, the highest level since 2007, but this is still well below the long-term average and will likely be higher-priced homes being built which does little to meet the substantial demand by first-time buyers
  • Mortgage Rates - In 2019, he expects interest rates to continue to trend higher but we may see periods of leveling and will likely end the year with the 30-year fixed rate at around 5.7% and jumbo rates will remain competitive

CONCLUSION

  • He does not see this as a housing market bubble, just because a market might be overvalued does not mean a bubble is in place
  • The big story for 2019 will be the resurgence of first-time buyers - he believes those buyers will purchase more homes in 2019 than any other buyer demographic

Click this link to read the entire report: Matthew Gardner 2019 Economic & Housing Forecast.


Only Six Units Left at Hendon Condominiums in Phinney Ridge

Hendon Condominiums in Phinney Ridge is down to 6 units.

To hopefully sell out the remaining units, they are having a 72 hour sale from this Friday 1/11 through Sunday 1/13 with discounted prices on 5 of the 6 units still remaining. The one unit not included in the sale is #407, a 1 bedroom 1.5 bath 836sf top floor unit with a private roof top deck and parking.

Here are the 5 units Included in the 72-hour Sale:
Hendon 72 Hour Sale_Page_1

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


403 13th Condominiums in Capitol Hill Ready for Move-in March 2019

403 13th, a new construction condominium building in Capitol Hill on the corner of 13th Ave E and E Harrison St, has released their floorplans and will be ready for move in in March of 2019.

403 ThirteenthDetails:

  • Boutique building with only six condominium units
  • 4 stories tall - 2 units on floors 1 and 2, 1 unit on floors 3 and 4
  • Ground floor is the parking
  • Starting from low $500k's
  • Studio, 1 and 2 bedroom homes available
  • Central Capitol Hill location

Units:

  • Unit 1A- 1 bedroom, 1 bathroom, 394 square feet, deck
  • Unit 1B- 1 bedroom, 1 bathroom, 512 square feet
  • Unit 2A- 1 bedroom, 1 bathroom, 555 square feet, deck
  • Unit 2B- 1 bedroom, 1 bathroom, 518 square feet
  • Unit 3- 2 bedroom, 2 bathroom, 1,199 square feet, deck
  • Unit 4- 3 bedroom, 2 bathroom, 1,197 square feet, rooftop deck

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


Floorplans Released for The Emerald Condominiums in Seattle

EmeraldThe Emerald Condominiums in Downtown Seattle, located at 121 Stewart St, has released floorplans and views. They plan to begin sales in early 2019.

Basic Details:

  • 40 story tower
  • Studios on floors 4-16: range from 569-675 square feet
  • 1 bedrooms on floors 4-16: range from 579-791 square feet
  • 1 bedrooms (some with dens) on floors 17-33: range from 771-957 square feet
  • 2 bedroom with one bath on floors 4-16: range from 897-1,128 square feet
  • 2 bedroom 2 bathroom (some with dens) on floors 17-33: range from 1,041-1,189 square feet
  • Penthouse levels are from floor 34-38 and those floorplans were not released
  • One block from Pike Place Market
  • Many units have panoramic vies of Elliott Bay, mountains and/or the city

Amenities:

  • Full-floor rooftop amenity space with indoor/outdoor lounge
  • Media room with catering kitchen
  • Outdoor firepits, dining tables and grills
  • Guest suite
  • Fitness center with open-air terrace
  • Yoga studio
  • Lobby entrance
  • Electric vehicle charging stations
  • Outdoor pet run and spa
  • On-demand luxury electronic vehicle carshare

Finishes:

  • Floor to ceiling windows
  • Operable triple pane windows
  • Wide-plank European white oak hardwood flooring
  • Wood cabinetry in kitchen and bath(s)
  • Quartz countertops and backsplash in kitchen and bath(s)
  • Bosch stainless appliances - dishwasher and refrigerator with panelized door, gas cooktop
  • Kohler kitchen faucet
  • Chrome bath and shower fixtures
  • TOTO toilet with soft close seat
  • In-unit washer and dryers

Observations:

  • Most units do not have individual outdoor spaces - 2 stacks of units have decks on floors 4-13, only 1 stack of units have  a deck on floors 14-16 and there are no decks above floor 16
  • All of the kitchens are in-line style kitchens (no islands)
  • Most units have walk-in closets
  • No units have powder rooms so you either have one bath or two baths

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