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February 17, 2019 - February 23, 2019

February 24, 2019 - March 2, 2019

Bellevue’s Newest Condominium Community Launching Sales This Week

I recently attended the press event for the new Avenue Condominiums, which is Bellevue’s newest luxury condominium community.

Starting this week, buyers and their brokers are able to schedule private appointments to tour the sales center, see the full size model unit that has been built out as well as make selections on floorplans and choose a unit to purchase. Buyers will be pleased to know that this developer has decided against any lotteries or grand opening events requiring interested parties to stand in long lines in order to purchase a unit.  This sales process is by private appointment only, and is refreshing to see.

Construction will start in June this year and PCL, who is the General Contractor, said they estimate about 33-36 month total construction time.  

What’s unique or interesting about this condominium community?

  • The condo community will live above the only Intercontinental Hotel in the Pacific Northwest and will sit amongst an open plaza loaded with high end shops and retail, several bar and restaurant options, including a new restaurant by 3 Michelin Star chef and restaurateur Joshua Skenes, known for Saison and Angler in San Francisco.
  • The developer, Fortress Development, who is led by its Founder and CEO, Andy Lakha, who himself is a long time resident of the Bellevue area for the past 20 years and who still lives in Meydenbauer Bay. He and his family have long local ties and connections to Bellevue and the Pacific Northwest and he calls this a legacy project for him and his family. 
  • The house cars, for the residents and hotel guests, will be Rolls Royce vehicles. That alone gives an indication of the level of luxury that is intended for this development and its residents.

The initial phase of sales will start with the 98 Estate residences in the south tower that will be built above the Intercontinental.  The second phase will be the 230 residences that will be built in the west tower of the property.

Specific price points will be released at the private appointments but general pricing will be:

  • 1 bedrooms starting at $1 Million
  • 2 bedrooms starting at $2 Million
  • 3 bedrooms starting at $3.9 Million
  • Penthouses starting at prices north of there

Sizes very greatly between the different homes and within the two towers, but average sizes in the Estate homes in the south tower fall around 1,500 sq ft, while the homes in the west tower will average around 800 sq ft. 

I will be forwarding on information on prices and specific floor plans as I learn more, so be sure to let me know if you feel this is a community you might want to be a part of.

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


Update on Mira Flats in Bellevue

RoofMira Flats, a new construction condominium building in Bellevue, sold last Wednesday but the new owners plan to continue with the current plan of selling the units as condominiums. There is a second phase to this project as well, which, as of now, will also be built as condominiums for sale. The second phase design is not final but is currently planned as a 17 story building with 150 condominium units and should start construction by the end of this year, 2019.

BASICS

  • 6 stories
  • 162 units
  • Studio, one, two and three bedroom homes
  • Prices starting in the $400,000s
  • Each condo has parking
  • Most homes have decks or patios

PRICING - 2nd RELEASE

  • Open 1 bedrooms: 524-629 sf from $399,000 to $550,000
  • 1 bed / 1 bath: 541-753 sf from $499,000 to $675,000
  • 1 bed / bath + den: 752 sf from $670,000 to $710,000
  • 2 bed / 1 bath: 965 sf from $799,000 to $934,000
  • 2 bed / 2 bath: 959-1064 sf from $918,000 to $1.1M

FEATURES & FINISHES

  • Roller shades included
  • Full size in-unit washer/dryers
  • Stainless GE appliances
  • Quartz countertops
  • Full height glass tile backsplash
  • Tiled bathroom shower surrounds
  • Plank flooring
  • Two color schemes

AMENITIES

  • Rooftop deck with views, lounge seating, dining tables, BBQ and firepit
  • Party room with kitchen
  • Conference room
  • Terrace

LOCATION

  • 1085 103rd Ave NE, Bellevue
  • Downtown Bellevue - only two blocks from Bellevue Square's shops, restaurants and entertainment
  • Near future light rail station
  • Easy access to 405, I90 and 520

SALES

  • Sales Gallery open 7 days a week from 11am to 5pm
  • Model homes available to view
  • Move-in ready

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


Update on Solis Condominiums in Capitol Hill

KitchenSolis Condominiums, located on Capitol Hill at 1300 E Pike St, is getting ready to resume their sales and marketing push later this week. We thought we would remind you about this project in advance of this relaunch.

CURRENT DETAILS (may update at relaunch later this week)

  • 45 units
  • 6 stories
  • Studios at 445 square feet
  • 1-bedrooms ranging from 489 to 674 square feet
  • 2-bedrooms at 878 square feet
  • Pricing from the $500,000s to high $900,000s
  • Parking: Certain homes will have option to purchase parking for a price range of $50,000 to $65,000
  • Finishes & Features: real wood floors, high 9 foot ceilings, induction cooking, optional upgrade to Bosch appliances, in-unit washer/dryer, and exterior automated shades on south and west facing units
  • Amenities: rooftop deck with lounge area, BBQ, views of Downtown and dog run, bike storage room
  • HOA Dues: estimated at $.70 to $.75 per square foot per month
  • Initial investor saturation will be limited but the Public Offering Statement does not include a rental cap
  • Built to Passive House Standards
    • Better air quality
    • Lower heating and cooling bills
    • Much smaller energy footprint
    • Each unit fully equipped with a state of the art advanced climate control Perfect Temp system with air-conditioning
  • Ground floor retail
  • Completion early 2020

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


Groundbreaking Ceremony at Koda is Tomorrow

RenderingThe Groundbreaking Ceremony for Koda Condominium Flats, in Japantown at the heart of the Chinatown-International District, will take place tomorrow Thursday February 28th from 10am to 12pm.

The event will feature members of the design, development, marketing and sales teams along with government officials. The Chairman of the Development group behind Koda will speak along with several special guests.

If you are attending this event and see me there, please come say hi, I love meeting Seattle Condo Review readers.

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


Condo Law Reform Might Be Coming Soon

Spire3The Washington State Condominium Act is a barrier to seeing more condominium buildings constructed in our region but also affects the prices of those that are being built.

Why is it a barrier? Well, simply put, it makes it easy for condo owners to sue condo building developers, even over minor construction defects. This litigation is costly, both in insurance and legal costs to the developers and in order to make the project profitable, if they do decide to take on the risk which most are not, the developers have to tack those costs into the cost of the units making condo units more and more expensive.

Over the years, there have been efforts to reform this liability law in Olympia with no success. However, several bills are currently gaining steam amid the shortage of affordable homeowner options in our state. One of those bills, which will make it harder for condo owners to sue developers, has passed unanimously through the state senate and is on its way to the House. The bill is being described as a compromise that will allow condo owners to still bring legitimate lawsuits if warranted, while protecting developers. It will raise the bar for what condo owners can sue over and any lawsuit brought will will need to prove the construction team violated state building codes and that not only does the defect exist but it would cause harm. This bill would also reduce the personal liability of the condo association officers by granting them immunity, as it stands under the current laws these officers could be forced to pay to repair defects in their building if they do not sue the builders, which further incentivizes HOA Boards to sue preemptively to protect themselves.

Two other bills currently on the floor would exempt condo buildings under seven units from some of the legal risks and another would require condo owners to secure a majority vote of the HOA members before they could move forward with suing.

Our state legislators admit that these changes won't suddenly spur a flood of new condo buildings being constructed around the region but believe that once the the real estate and insurance markets react that these changes will help encourage a more significant amount of condo development.

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